HomeMy WebLinkAbout0693 FIRST FEDERAL SAVING~ AND LOAN ASSOCfAT10N
OF FORT PIERCE ~
.
CONDOIVIINIUM RIDER o,-23038803
THIS CONDOMINIUM RIDER is made this . . . . ~ra. . . . . . . . . . . . day of . . . . .October . . . . . . ,
19 .7.8. and is incorporated into and shall be deemed to am~r~d o~~~ ~uppler~ant a~1~3ag¢, Dee~ :,f TsLSi
or Deed to S¢cure Debt 1~`~~°~n "security 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") ond covering the Property described in the secu~iry instrument and
located at . . . . fi08 . Ix~oria Av. For-t. Pierce,Flor.ida - 33450. - ~ • • - • ~ • ~ ~ • - • • • - - - - - ~ - '
~P.co«n ~oo~ssi .
The Properiy comprises a unit in, together with an undivided int¢rest in the common elements of, a condominium
project knawn as . . . . . . . . . . . . . . IXQRZ~ .CONDCIMINIUM. APARTN~NTS . . - - - . . . . . . . . . . . . :
~Nam. a cwww~Miu~++ wo~ecn
. , . . . . . . . . (herein "Condominium F'rojecY').
CONDOMINIUM COVENAIV7'S. In addition to 'the covenants and agreements made ~n the security instrument,
Bocrower and Lender further covenant and agree as foUows:
A. Assessments. Borrower shall promptly pay, when due, al1 assessments imposed by the Owners
Association or other goveming body of the Condominium Project (herein "Owners Association") pursuant to the
provisions of the declaration, by-laws, code of reguiations or other constituent document of the Condominium
Project. ~
B. Ha2ard insurance. So long as the Ownen Association maintains a"master" or "blanket" policy on the
Condominium Ptoject which provides insurance coverage a~ainst 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 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 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shall be superseded by- any provisions of the declaration, by-laws, code of regulations or other constituent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 th¢ extent necessary to avoid a conflict between
such provisions and the provisions ot Uniform Covenant 5. For any period of time during which such hazard
insurance coverage is not maintained, the immediately preceding sentence shall be deemed to have
n~ f~rce 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 foflowing a loss to S
j the Property, whether to the unit or to common elements, any such proceeds payable to Borrower are hereby
~ assigned and shaU be paid to Lender for application to the sums secured by the security instrument, •with the
~ excess, if any, paid to Borrower. ~
, G Lender's Prior Consent. Borrower shall not, except aher notice- to Lender 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 substantial deshuction 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 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 int¢rests 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 Banower breaches Borrower's covenants and agreements hereunder. including the
covenant to pay when due condominium assessments, then Lender may invoke any r¢medies provided s
'f
under the security instrument. including. but not limited to. ihose provided under Uniform Covenant 7. ~
t
~ IN WITNESS WHEREOF, Borrower has executed this Condominium Rider.
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~ Jo . Rea, a married adult -eono~' '
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~ COND~MINIUM RIDER-t to 1 Family-6iT5-FNMA/fHLMC UNIFORM INSTRUMEkf 1
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