Loading...
HomeMy WebLinkAbout0678 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT~ PIERCE ~ CONDOMINIUM RIDER o~ -23U38613 THIS CONDOi~iINIUM RIDER is made this . . . . . 29th. . . . . . . . . . day of . . . ~.ptemher. . . _ _ _ , 19 and is incorporated Into and shall be deemed to amend and supplement a Mortgage, Deed of Trust or Deed to Secure Debt (herein "secu~iry instrument") dated of even date herewith, given by the undersigned (herein "Borrower") to secure Borrower's Note to FlRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE (herein "Lender") and covering the Property described in the security inshument and located at . . 408 .I.xQri~ ~vepue,. `rort P~erc~,. Plo~i.~la . . . . . . . . . . . . . . . . . . . . . . . . ' ,v.oo«n ndens.l The Property comprtses a unit in, together with an undivided interest in the common elements of, a condominium project known as . .IxoX~.~. ~ondo.mip~urt AparL~en~s . . . . . . . . . . . . . . . • - • - - - - - . . . . . . p+am. a Caaominwin v.wsen . . . . . . . . . . (herein "Condominium Project'1. ~ CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security instrument. Borrower and Lender f~rther 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 Association"1 pursuant to the provisions of the dedaration, by-laws, code of regulations o~ other constituent document of the Condominium Proiect. B. Hazard lnsurance. So long as the Owners Association maontains a"master" or "blanket" policy on the Condominium Project which provides insurance coverage against fire. hazards included within the term "extended coverage," and such other hazards as L¢nder may require, and in such amounts and for such periods as Lender may require, then: (i) Lender waives the pTOVtsion in Uniform Covenant 2 for the monthty payment to Lender of one- twelfth of the premium installments for hazard insurance on th¢ Property: (ii) Borrower s obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemed saY~sfied: and (iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be superseded by any provisions of the declaration, by-laws, code of regulations or other cQnstituent document of th¢ Condominium Project or of applicable law to th¢ extent necessary to avoid a conflict between such provisions and the provisions of Uniform Covenant 5_ For any period of time during whkh such hazard 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 th¢ event of a distribution of hauud 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 ~f assigned and shall be paid to Lender for application to the sums secured by the security instrument, •with the ! excess, it any, paid to Borrower. t C. Lender`s Priar Consent. Bonower shall not, except after notice to Lender and with Lender's prior ~ written consent, partition or subdivide the Property or consent to: € Ii) the abandonment or t¢rmination of the Condominium Project, except for abandonment or ~ termination provided by law in the case of substantial destruction by fire or other casualty os 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 Condomiaium Projed, including, but not limited to, any amendment which would change the percentage interests of the unit owners in the Condominium Project; or (iii) the effectuation of any decision by the Owners Association to terminate professional management and assume self-management of the Condominium Project. D. Remedies. If Borrower breaches Borrower's covenants and agreements hereunder. including th¢ covenant to pay when due condominium assessments, then Lender may invoke any remedies provided ~ under ~the security instrument. including, but not Iimited to, those provided under Uniform Covenant 7. ~ IN WiTNESS WHEREOF, Borrow¢r has executed this Condominium Rider. ~ F~l'0 ehC RECORDEO ~ S~ LUC1~ COUNTr FLA. ~ F•^,Cc:• :'OtTNAS ~ • ~ r C4~±CUli COURT _ - =1FD~ ~ • ~ ?oh R. Rea, a~natr ie~' a~u lt -8oroi"~` ~ o~T ia lI s2 AN 18 . ~ ~~os~1 ~ ~ CONDOMINIUM RIDER-t to 4 family-6/75-FNMA/FHLMC UNIFORM INSTRUMENT ~ 1 ~ 1 ~ f OCl12~71! PACE S~ ~ < ~ Fam 250 ~ ~ : _ - • - - _ K,. ~ , x ~~~`~r.~..;,,..~-> s., .