HomeMy WebLinkAbout0683 F~IR3T FEDERAL SAVINC~iS AND LOAN ASSOCIATION
OF FORT PIERCE ~
CONDOMINIUM RIDER o~-23038753
THIS CONDOMINIUM RIDER is mad¢ thls . . . 2nd . . . . . . . . . . . . day of . . . OCtObe1" _ . , . . _ . ,
19 . I8 and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust
or Deed to Secure Debt (herein "security instrument") dated of even date herewith, given by the undersigned
(herein "BOROW6~~~) to secure Borrower's Note to FlRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF
FORT PIERCE (herein "Lender") and covering the Pro rry described in the security instrument and
located at . .60$ .Ixprid. Av..,. Ft., Pierce,, Fla., 334~0 . . . . . . . . . . . . . . . . . . . . . . .
t~.oo.~r noen.s~ .
The Property comprises a unit in, together with an undivid¢d interest in the common elements of, a condominium
Pro~ect known as . . .I.XARIA CONDQM.IINIUM APARTMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
n+.m. a cwww~+nium P?a.~n
. . . . . . . . . . (herein "Condominium F'roject").
CONDOMINIUM COVENAIVTS. In addition to the covenants and agreem¢nts made in the security instrument,
Borrower and Lender 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 Association") pursuant to the
provisions of the declaraHon, by-laws, cod¢ of regulations or other ~ constituent document of the Condominium
Proiect.
B. Hazard Insurance. So long as the Ownen Association maintains a"master" or "blanket" policy on the
Condominium Proj¢ct which provides insurance coverage against fire. hazards inciuded within the term -"extended
coverage," and such other hazards as [.ender 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
(iii) the provisions in Uniform Cov¢nant 5 regarding application of hazard insurance prceeeds
shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent
document of th¢ 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 coverage is not maintained, the immediately preceding sentence shall be de¢med to have
~ n~ force or effed. 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
I the Property, whether to the unit or to common elements, any such proceeds payable to Borrower are hereby
~ assigned and shail be paid to Lender for application to the sums s¢cured by the security instrument, •with the
~ excess, ii 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 w subdivide the Prop¢rty or consent to:
~ (i) 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 casuahy or in the case of a
taking by condemnation or eminent domain;
(ii) any materia! 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 un~t owners in the Condominium Project; or
(iii) the eHectuation of any decision by the Owners Association to terminate protessional management
and assume self-management of the Condominium Project.
~
D. Remedies. If Borrower breaches Borrower's cov¢nants and agreements hereunder. including the
covenant to pay when due condominium assessmenta. then Lender may invoke any remedies provided
~ under the security instrument. Including. but not limited to. those provided under Uniform Covenant 7.
~ IN WITNESS WHEREOF. Borrower has executed this Condominium Rider_
~ f~~EO ANO FtECORDEG
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~ CONDOMINIUM RIDER-t to ~ Family-6/75-FNMA/fHIMC UNIFORM INSTRUMENT
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Form 250
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