HomeMy WebLinkAbout0593 FIR3T FEDERAL SAVINGS AND LOAN ASSOCIATION
~ OF FORT PIERCE
CONDOMINIUM RIDER ~ No, os-23037276
THIS CONDOMINIUM RIDER is made this . . . . . . 8l.b . . . . . . . . . day of . . $BP~~r . . . . . . - .
19 and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust
or Deed to Secure Debt (herein "security inshument") dated of even date herewith, given by th¢ undersigned
(herein "Borrower") to secure Borrower's Note to FlRST FEDERAL S~tVINGS AND LOAN ASSOCIATION OF
FORT PIERCE lherein "l.ender") and tovering the Property described in the secu~iry inshument and
located at ~ ~t~Chi~lspp .Is1sAd Apt~. • 319• BldB. .",B!~ . . . . . . - - • • - - - • . . . . . . . . . . . . . .
caco«~r ~~e..ss~ ~
Th¢ Properly comprises a un[t in, together with an undivided interest in the common elements of, a condominium
project known as . . . . . . . . _ . . . . Atl.~tis Condootinitt~ . . . . . . . . . . . . . . . . . . . . . . . . .
p+.~„e w c«wo~n~„~+ v.q.~n .
. . . . . . . . . . (herein "Condominium Project").
CONDOMINIUM COVENAIVTS. In addition. to the covenants and agreements made in the securitq inshument,
Borrow¢r and L¢nder further covenant and agree as follows:
A. Assessments. Borrower shall prompdy pay, when due, all assessments imposed by the Owners
Association or other goveming body of the Condominium Project (herein "Owners Associatlon") pursuant to the
provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium
Proiect.
B. Hasard Insurance. So long as the Owners Associat~on maintains a"master" or "blanket" policy on the
Condominium Project whkh provides insurance coverage against fire, hazards included urithin 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 Unfform Covenant 5 to maintain hazard insurance coverage on the
Property is deemed satisfied: and
(iii) the provisions in Uniform Covenant 5 regarding application 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shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent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 .
insurance cov~rage is not maintained, the immediately preceding sentence shall be deemed to have
~ no force or effect. Borrower shaU give Lender prompt notice of any lapse in such h~zard ~ sn
urance coverage.
~ In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to
{ the Property, wheth¢r to the unit or to common elements, any such proceeds payab{e to Borrower are hereby
~ assign¢d and shali be paid to Lender for application to the sums secured by the securiry instrument, •with the
~ excess, if any, paid to Borrower.
F C. Lender`s Prior Consent. Borrower shall not, except aher notice to Lender and with Lender s prior
~ written cons¢nt, partition or subdivide the Property or consent to:
(i) the abandonment or termination of the Condominium Project, except for abandonment or
t¢rmination provided by law in the case of substantial destruction by fire or other casualry or in the case of a
taking by condemnation or eminent domain:
- (ii) any material amendment to the declaration, by-laws or code of regulations of the Owners
Association, or equivalent constituent document of the Condominium Project, including, but not limited to, any ~
amendment which would change the percentage interests of the unit owners in the Condominium Proj¢ct; or
(iii) the effectuation of any decision by the Owners Association to terminate professional management
and assume seN-management of the Condominium Project.
D. Remedies. If Borrower breaches Borrower's covenants and agreements hereunder. including the
covenant to pay when due condominium assessments, then Lender may invoke any remedies provided
under the security instrument, includtng, but not limited to, those provided under Uniform Covenant
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IN WITNESS WHEREOF, Bonow¢r has executed this Condominium Rider.
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