HomeMy WebLinkAbout0703 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
. OF FORT PIERCE ; ~
CONDOMINIUM RIDER o,-ZSO~S
THIS CONDOMtNIUM RIDER is made ~his . . . . 3rd.. . . . . . . . . . . day of . . . . OCtober . . . . . . ,
19?8~ and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust
or Deed to Secure Debt (herein "securiry inshument") dated of even date her¢with, given by the undersigned
(herein "Borrower") to secure Borrower's Note to F1RST FEDERAL SAVINGS AND LOAN ASSOC1AT10N OF
FORT PIERCE (herein "Lender") and cove~ing the Property described in the security inshument and
located at . . . . 608 Ixor.ia . Av . , . F.t.. . Pieres, . F].a.. . . 3345Q . . . . . . . . . . . . . . . . . . . . . . . . ~
lo.op.rty Add~sf)
The Properry comprises a unit in, together with an undivided interest in the common elements of, a condominium ~
project known as . . . . IXORIA :CONDOMINI~JM . APART[~NTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . '
- ~r~. a c~~+ v.a.~n
. . . . _ . . . . . (herein "Condominium F'roject"). -
CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security instrument,
Borrower and Lender further cover~ant and agree as follows:
A.. Assessments. Borrower shall promptly pay, when due, all assessments imposed by the Owners
Association or other goveming body of the Condom?~~~.~n? Project (herein "Owners Association") pursuant to the
provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium
Proiect.
B. Hazard Insurance. So long as the Oumen Association maintains a"master" or "blanket" policy on the ;
Condominium Project which p~ovides insurance coverage against fire, hazards included within the temi "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 Properry:
(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 insur,ance proceeds
shall be superseded by any provisions of the declara6on, by-laws, code of regulations or other constituent
document of the 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 deemed to have
no force or effect. Borrower shall give Lender prompt notice of any lapse in such hazard insurance coverage_ ~
i ln the event of a distribution of hazard insurance proceeds in lieu of restoratlon 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 application to the sums secured by the security instrument. •with the
~ excess, if any, paid to Borrower_
~ C. 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 cas¢ of substantial 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 Projed, including, but not limited to, any
amendment which would change the percentage interests- of the unit owners in th¢ Condominium Project; or
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 the
covenant to pay when due condominium assessments, then Lender may invoke any remedies proyided :
under the security instrument, including, but not limited to, those grovided under Uniform Covenant 7. '
~
~ IN WITNESS WHEREOF, Borrower has executed this Condominium Rider. ;
i1~E0 AN~ NECORDEO
~s ST WCIE COUMt~ FIA. `
F:iC~F. P~iTRAS ~
Y C ~~I:U{T'~d~'~.'1
~ ~ ~ •;:'•~F~ED
~
~ OCT ~Z 29 111 ~Tp R. Rea, a married adult
~ :
~ . :
~ 4206'76
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~ CONDOMINIUM RIDER-t to 4 Fam+ry-6/75-FNMAlFHIMC UNIFORM INSTRUMENT ~
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~ ~~OROIEIG~7V PACE 701
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