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HomeMy WebLinkAbout0838 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION . OF FORT PIERCE ~K' 2~372'~ C~NDOMINIUM RIDER THIS CONDOMINIUM RIDER is made this . . . . . ?th . . . . . . . . day of . . . ti tember . . . . _ . 19 ?F. and is incorporated into and shail be deemed to amend and supplement a Mortgage, Deed ot Trust or Deed to Secure Debt (herein "security instrument") dated of even date herewith, given by the undersigned Iherein "Borrower") to secure Borrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF . FORT PIERCE (herein "Lender") and covering the Property dexribed in the security inshument and iocated at . 7.CCTt1~. Scuth .A~E?~ .~'cr~ i ~erce, _Fl~rida. .3??~5e. . . . . . . . . . . . . . . . . : IPropartY Addnssl The Property comprises ~a unit in, together with an undivided interest in the common elements of, a condominium project known as . . ~tl~.t~3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - ~ IName of Contlominwm Pro~ecb . . . . . . . . . . . (herein "Condominium F'roject"). CONDOMINIUM COVENANTS_ In addition to the covenants and agreements made in the security instrument. Borrower and Lender further covenant and agree as follows: ~ A. Assessments. Bortower shall promptly pay, when due, all assessments imposed by the Owners Association or oiher go~erning body of the Condominium Project (herein "Owners Association") pursuant to the provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium Project. B. Hazard Insurance. So long as the Owners Association maintains a"master" or "blanket" policy on the Condominium Project which provides insurance coverac;e against (ire, hazards included within the term "extended coverage." and such other hazards as Lender may require, and in such amounts and for such periods as Lender may require, then: (i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one- twelfth of the premium installments for hazard insurance on the Property; ~ (ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemed satisfied; and , (ui) the provisions in Uniform Covenant 5 regarding app!ication of hazard insurance proceeds ` shall be superseded by any provisions of the declaration. by-laws, code of regulations or other constituent document of the Condominium Project or of applicable law to the extent necessary to avoid a- conflict between such provisions and the provisions of Uniform Covenant 5. For any period of time during which such hazard s insurance coverage. is not maintained, the immediately preceding sentence shall be deemed . to have ; no force or effect. Borrower shall give Lender prompt notice of any lapse in such hazard insurance coverage. + In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to ; the Property, whether t~ the unit ar to common elements. any such proceeds payable to Borrower are hereby s assigned and shall be paid to Lender for application to the sums secured by the security inshument. •with the excess. if any, paid to Borrower. ~ C. Lender s Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior ~ written consent, partition or subdivide the Property or consent to: j 1i) the abandonment or termination of the Condominium Project, except for abar.donment or ~ terminafion provided by law in the case of substantial destrucfion by fire or other casualty or in the case of a ~ taking by condemnation or eminent domain; _ (ii) any material amendment to the declaration, by-laws or cod~ of regulations of the Owners ' Association, or equivalent constituent document of the Condominium Project, induding, but not~ limited to, any ~ amendment which would change the percentage interests of the unit owners in the Condominium Project: or 3 (iii) the effectuation of any decision by the Owners Association to terminate professional management and assume self-management of the Condominium Project. G: D. Remedies. tf Borrower breaches Borrower's covenants and agreements hereunder. including the a covenant to pay when due condominium assessments, then Lender may invoke any remedies provided under the security instrument, inctuding, but not limited to, those provided under Uniform Covenant 7. = IN WITNESS WHEREOF, Borrower has executed this Condominium Rider. y ~ ft~EO AND RECOFtDEp _ S1'. ~UCIE COt1MTY P~R. / ' ~ 41`~135 ~~-FR r"~y p° r~~` _ ' - _ ~ _ - - . - ~ ' C .r ~ ~ ena a / - .rowe• - ~ - - ~ , , , = S:F ~ ~ 3 4 ~ ~ = ur1 e . c._ att, .i ~rife -Bo.~owN 8 PM CONDOMINIUM RtDER-~ to 4 famdy-6/75-FNMAiFHLMC UHtFORM INSTRUMEYT re ~ ~ = Fo?m ~so BO~I( PAG~ Ot~ . - _ r _ . - - ; _ ~ _ ~~~~~s3~.~"'[~ , .+s. a.,~-~.'~ _ _ `i s~s.~a, 9,...~ .