HomeMy WebLinkAbout0698 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE "
CONDOMINIUM RIDER ~1 _23'~~~H6o
THIS CONDOMINIUM RIDER is made thls . . . . . . . .3r~' . . . . . . . . day of . . . .'~~ctober_ . _
I9 ?8. and is incorporated into a~d shati be deemed to amend and suppleme~t a Mortgage, Deed of Trust
or Deed to Secure Debt (herein "security instrnmeni") dat¢d of even date herewith, given by the undersigned
(herein "Borrower") to secure Borrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF
FORT PlERCE (herein "Lender"j and covering the Property described in the security inshument an~
located at . 6~~ . ~xoX~~ .t~v,. ~ . F~rt. ~'~46rce, . F~a... . ~~45~ . . . . . . . . . . . . . . . . . . . . . . ~ -
~~r ~aar.sa?
The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium
project known as . . . TX!~R,I~. CQX.DO;.rT~YI.,;~t_ APART?:ENfS . . . . . . . . . . . . . . . . . . . . . . . . . .
nran+. o~ Coneorn~n4,m v.o~seq
. . . . . . . . . . (herein "Condominium E'roject"~.
CONDOMINIUM COVENANTS. tn ~addition to th¢ covenants and ageements made in the security instrument,
Borrower and Lender further covenant a~d agree as follows:
A. Assessments. Borrower shall promptly 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 declaration, by-laws, code of regulations or other constituent document of the Condominium
Proiect.
8. Hazard Insurance. So long as the Own¢rs Association maintains a"master" or "blanket" policy on the
Condominium Project which provides :.*uurance coverage against fire, haza~ds induded within the term "extended
coverage," and such other hazards as Lender may requ'ue, and in such amounts and for such
periods as Lender may require, then:
1~) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one-
twelfth of the premium instaqments for hazard insurance on the Property;
(ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance cove~age on the
Properiy is deemed satisfied; and ~
(iii) the provisions in Uniform Covenant 5 regarding appiication of haaard insurance proceeds
shall be superseded by any provisions ot the declaration, by-laws, code of regula6ons or other constEtuent
document of the Condorninium Project or of applicable law to the extent necessary to avoid a conflict beiween
such provisions and the provisi~ns of Uniform Covenant 5. For any period of time during which such hazard
insurance coverage is not maintained, the immediately preceding sentence shall ~.+e deemed to have
no force or effect. Borrow¢r sha0 give Lender prompt notice of any lapse in such• hazard insurance coverage.
In the event of a distribution of hazard insuranc¢ proceecis in lieu of restoration or repair following a loss to
the Property, whether to the unit or to common elements, any such proceeds payabte to Borrower are hereby
assigned and shalt be paid to Lend¢r for appiication to the sums secured by the security instrument. •with the
excess, if any, paid to Borrower.
C. Lender`s Prlor Consent. Borrower shall not, except aher no6ce to Lender and with Lender's prior
written consent, partition or subdivide the Property or consent to: -
li) the abandonment or t¢rmination of the Condominium Project, except for abandonment or
termination provided by law in the case of substantia) destruction by fire or other casualry 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, inctuding, but not limited to, any
amendment which would change th¢ percentage interests of the unit owners in the Condominium Projed: or
(iii) the eHectuation ot any decision by the Owners Associafion to terminate professiona! management
and assume self-management of the Condominium Project.
D. Remedies. If Borrower breaches Borrower
s covenants and agreements hereunder. lncluding the
covenant to pay when due condominium assessments. lhen Lender rinay invoke any remedies provided
under the security instrument, including, but not limited to, those provided under U~iform Covenant 7.
!N WiTNESS WHEREOF. Borrower has executed this Condominium Rider.
FiLEO ANO RECORDEO
ST ~UC~f C~uNtr Fl~.
Ff•~ER ?pITR4S '
' ~t R GI~ZGUIT CO ~RT
~ ~ritD
Jo R. Rea, a narrie~ a~3ult 'BO"O'MQ'
OcT 18 12 Z9 PN'18
4+`d06'~5
CONDOMINIUM RIDER-1 to 4 FamiYy-6/75-FNMA/FHLMC UNIFORM INSTRUMENT
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