HomeMy WebLinkAbout0599 FIRST Ftt~tRAL SAVtNGS AND LOAN ASSOCIATt~N
OF FORT PI ERCE
- OS-Z3038522
CO\'DO~ViI1IU~'I RID~JR
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HISCO\DOAIINIUA! RIDER IS ITledz tI11S . . . . . . . . . . . . . . . . . . . . . . . . . .ua} u?. . . . _ . . . . . . . . . . . . . . . . . .
I9 and is incorpc?rated ima and shal! tx decmed to amend and supplement a Mortgage. Deed of Trust or Dr.ed
to Sc:ure D~bt (her~in "~~curit~• instrument") dated of e.en date herrwith. ~iven b~• the undcrsi~ned (herein
"Bc~rro~tier"1 to srcure Borrower's'vote to. . . . . . FIRST .F£PERAL .SAVINGS. AMA .LC~At1. ASSOCIATIAh .0~. .
.FORT_ P.~",RCE. .(herein "Lend;i') and cov~ring the Pr~~-?c.rt}• de~crithd in the crcurit~~ instrument and
1o:.ated at. . . .~OOl.a4 ~~~.A-I:~~. s~~~.801~?~hj. F.lQi~d~. ..3~1a57'
(ProPe?ty AdoresS)
The Pro~:rt~• comprisec a unit in, toeethcr w•ith an undi~~ided intrrest in thc common elemcnts of, a rnndominium
project kno~~n as. . . . . . . . .a~$ .QQ~~D1'~ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(hsm! o~ Co~oomi~ium G~o~ecq
. . . . . . . . . . . . . . . . (herein "Condominium Proj~ct").
CO~(~!~iltill'M Co~~et~ar:TS. la addition to the co~~~nan~t and o~_re~mcnts made in the ~eturit~~ imtrument,
Borro~•cr and Lendcr further cover~anl and a~rec •n~ fc~liows:
A. :~s~rccmenls. BorroWCr shall pr~mpth p~~. ~h:n due. all .us~scments imp~~~ed b~ the O~~ner$ A«cxiation
or other goccrning tx~dy of the C~nd~~minium Projrct (h~ rein "O~ ncrs Ati.~: istion") ~?urwant to the pro~~i~ion~ ~f the
deciaration, b}-1aws. code oi regulatiun~ or ather e<m,tiwcnt d~~xument of the Condc~minium Projeet_
B. Nazard insursnce. So lon~ as the O~~•ners~ Ascc~ciation main.ains a"macter" or "b~anket" ~lic}~ or, the
C~ndominium Project ~~hich provides incurance cc?vera~e a~ainst fire, hazardc included within the term "extended
c~~~erage;' and surh oth~r hazardc as Lender ma~- reyuire, end in cuch amounts and for ~uch peric~dc as 1_~;ide~ ma~~
require, then:
(i) Lender Waives the provision in L'niform Co~cnant 2 for thc monthh pa~~rncnt to Lender oi o,~e-t~~~lfth
of the pr~mium installments for hazard insurance on ihe Pruperiy:
(ii) Borroµ~er's abli;ation under L'niform Covenant 5 to m3intain hsz:~rd insurance co~erace on the
Property i~ decme~ satisficd; and
(iii) the prori~ions in Uniform Covenant 5 re~ardin~ application of hazard ir.wrance prc~ceeds shall be
~ suE er~rded b~ an~~ pro~~isic?nc of the declareti~n, b~~-laws. cc~de ot re~u;ations or other constituent d~~: ument of th:
Cc~nd~minium Prc~ject or of applicable law~ to the rxtent necessan to a~oid a c~rtfliet b~tween such provisions and
the pro~~isions oi Lniform Co~•rnent 5. For an~ ;kricxi of ;ime duTin~ which such hazard inwrance co~-craee is not
i m~intained, the immediatel~~ pr~cedin~ sentence ~h~ll h~: dtcmed to ha~•e no for:e or efiect. Borrower shall git•e
i Lrnder prompt notice of any I.i7[C IR ~U~h haz~rd incurance co~~eraoe.
~ In the cvent af a distribution of hazard insur~nrc proceeds in licu of restoration or repair follo~ing a loss to
i the Propem-, Whether to the unit or to commcm elements. anv such proceeds pa~~able to Barrower are hcreb~' asci~ned
~ and shall be paid Io Lenckr for application to the sums se.cured b~- the lecurit~~ inctrument, w~ith thc excecs. ii an~-.
~ paid t~ Borrower.
~ C. Lender s Preur Cun.rnl. Borrow~er shall nni. e~cept after n~tic: to L~nder and w~ith Lender's pnor W ritten
con>ent, partiti~zn or ~ubdividc the Pro~x:rt~ or c~nsent to:
(ij the abandonmrnt or terminatic~n ~~i the C<~n.i~~minium Project, c~ccpt for abandonment or t~rmination
pro~~ided b~~ law in thc cace of substamial destruLtion b~~ fire or oth: r cas~aatc or in the ca~e of a takine b~~ cc~ndemnation
or rmincn: domain:
(ii) an~ mat;rial amcrdmcnt to thc d~clarati~m. h~-!a~+s c~r :o~c o,` re~•ulatio~s of th: O•aners A«o:iati.~n.
or eyui.a~ent constitucnt do:umcnt of the C~~nJ,-:rnini~m F:uj~ct. in:ludin~, hut no? limi~rd to, an~ am.n:~mcnt ~hich
Nc~uld chsn~e thc percenta~c interests of the unit c~u ners in the Cundaar:inium Projc.ct; or
(iii) thc efiectuation oi am- d~ci~ic~n b~• the O+~~ners .4s~ociation to terminate professional menaeement and
~ a~wm: ~clf-rnanagemrnt of the Ce~ndc~mini~m Prc~icct. .
D. Rrmrdirs. If RurruNer t?rcaches RorroNCrc cm-enantti and s+grrcmEntc here~nder, including the co•rnent
to pa~ Mhe•n due condominiu~n a~•r..mtNt, thrn Lrndrr ma~ io~uke am remcdirc pro~~ided undrr Ihe ~rcurit~
imlrumcnt, includin~, hut not Iimilyd In. tho~e pr~n idrd undcr t-niform Co~enant 7.
~ I~ ~~17KESS V1'HERFOF, Rorrowrr has executed thic Condaminium Rider. '
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