HomeMy WebLinkAbout0673 FIRST FEDERAL SAVINGS AND L~OAN ASSOCIATION
~F FORT PIERCE
CONDOMINIUM RIDER o~ -2~a3s~o~
THIS CONDOMINIUM RIDER is made this . . . . . . .~9t•~? . . . . . . . . day of . . .~P~~r- .
197tS. and is incorporated into and shaU be deemed to amend and supplement a Mortgage, Deed ot Trust
or Deed to 5ecure Debt (herein "securiry inshument") dated of even date herewith, given by the undersig~ed
'(herein "Borrower") to secure BorTOw¢~'s Note to FlRST FEDERA[. SAVINGS AND LOAN ASSOClATION OF
, FORT PIERCE (herein "l.ender") and covering the Property described in the securiry inshument and
located at . .51?.7XO21a Av8Tiu0, FQrt PiQr.ce, .F~. .33~~4 . . . . . . . . . . . . . . . . . . . . . . .
(VPCPMfY AOd/~si) .
The Ptoperty comprises a unit in, toge
ther with an undivided interat in the common elements of, a condominium
project known as . . . . _ L~0?T11 CO:~Q-S~;ItJEi. APA.~tTS . . . . . . . . . . . . . . . . . . . . . . . . . . .
~N,~+s w co~aw,~i~wm v.q.~n .
. . . . . . . . . . (herein "Condominium F'roject"1.
CONDOMINIUM COVENANTS. I~ additio~ to the covenants and aqreements made in the security instrument,
Borrower and Lender further covenant and agree as follows:
A. Assessments. Borrower shal) promptly pay, when due, al) assessments imposed by the Owners
Association or other govemi~g body of ihe Condominium Project (herein "Owners Association") pursuant to the
provisions af the declaration, by-laws. code ot regulations or other constituent document of the Condominium
Proiect.
B. Hazard Insurance. So long as the Owners Association maintains a"master" or "blankeP' policy on the
Condominium Ptoject which provides insurance rnverage against fire, 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 r¢quire, ihen:
f~) Lend¢r waives the provision in Unitorm Covenant 2 for the monthly payment to Lender of one-
twelfth of the premium installments for hazard insurance on the Property;
(ij) Borrower's obligati~n under Uniform Covenant 5 to maintain hazard insurance coverage on the
Property is deem¢d sarisfied; and
(iii) the provisions in Unifotm Covenant 5 regarding application of hazard insurance proce¢ds
shall be superseded by any provisions of the dedaration, by-laws, code of regutations or other . constituent
document of the Condominium Project or of applicable iaw to the extent necessary to avoid a conflict between
such provisions and the provisions of Uniform Covenant 5. For ar~y period of time during which such hazard
insurance coverage is not rrtaintained, 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.
ln the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to
the Property, whether to the unit or to common elements, any such proceeds payable to Borrower are hereby
assigned and shall be paid to Lender for ap~lication to the sums secured by the security instrument, •with tf~e
excess, if any, paid to Borrower. -
C. Lender`s Prior Consent. Borrower shali not, except aker notice to L¢nder and with Lender s prior
written consent, partition or subdivide the Property or consent to:
(i) the abandonment or termination~ of the Condominium Project, except for abandonment or
termination provided by law in the case of substantia) destruction 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 code of regula6ons 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 own¢rs in the Condominium Projed; or
iiii) the eHectuation of any decision by the Ownen Association to terminate professionat management
and assume self-management of th¢ Condominium Project.
D. Remedies. 1( 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. including. bet not limited to. those provlded under Uniform Covenant 7. '
~ IN WITNESS WHEREOF, Borrower has executed this Condominium Rider.
t~~`-~ RECORpED
ST. LUCJE Cc?UNTY fl~.
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F.~K C~nCU1T C~URT
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"~i~QV"~O ~ -Bo.,o.e,
CONOOMINIUM RIDER-t to 4 Famity-6/75-fNMA/FHLMC UNIfORM INSTRUMENT
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