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HomeMy WebLinkAbout0136 RIR3T FEDERAL SAVINGS AND LOAN ASSO~IATION . OF FORT PIERCE CONDOMINIUM RIDER THIS .CONDOMINtUM RIDER is made this . . . . .~3~ . . . . . . . . . . day of . . . . ~~~r. . . . . . . 19 ?8 and is Incorporated Into and shall be d¢em¢d to ame~d and supplement a Mortgage, Deed of- Trust ; or Deed to S¢cure Debt (herefn "security instrument") dated oi even date herewith, glven by the undersigned (herein "Borrower') to secure Borrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIAT[ON OF ~ FORT PIERCE (herein "L~~n~1gr'~• apd covgrirLq th~~pp¢ny~rd~escr~d ~ ir~_t~ securlty instrument and I«a~ed at . . . . . . . . . . . 4W, . . u~eari L~riYS, L~ Pi ~ Fta 334 ~.co.nr ~aa«.? . . . . . . . . . . . . . . . . . . . . , The Property comprises a unit in, together with an undivided interest in the common elements ot, a condominium project known as . . . . . . . . . OCBAIiI. 1RLUIQS . . . . . . . . . p+.m. a Co~oo~rw~?,M+ n.c,.n? . . . . . . . . . . (herein "Condominium F'roject"?. CONDOMlNIUM COVENAIVTS. In addition to the covenants and agreements made in the security instrument, ~ Borrow¢r and Lender further covenant and agree as follows: ; A. Assessments. Borrower shall promptly pay, when due, all assessments imposed by the Owners Association or other governing body of ihe Condominium Project (herein "Ownen Association") pursuant to the provisions of the declaration, by-laws, code of r¢gu{atbns or other constituent document of the Condominium Proiect. ~ i B. Hazard lnsura~ce. So lon3 as the Owners Associatlon maintains a"master" or "blanket" polky on the . Condominium Project which provides inwranc¢ coverage against fire, hazards included within the term "extended ~ coverage," and such other hazards . as Lender may requfre, and in such amounts and for such ~ periods as Lender may require, then: i (i) Lender waives the provision in Unitorm Covenant 2 for the monthly payment to Lender of one- ~ ~ twelfth of th.e premium installments for hazard insurance on the Propeity; ' (ii) Borrower's obligatlon under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemed satisfied: and , j (iff) the provislons in Uniform Covenant 5 regarding applkatlon of hazard insurance proce¢ds ' shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent ' document af the Condominium Project or of applkable law to the ¢xtent necessary to avoid a conflkt between such provisions and, the provisions of Uniform Covenant 5. For any period of time during which such hazard ~ insuranc¢ 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. . !n the event of a distribution of hazard insuranc¢ proceeds in lieu of restoration or r¢pair 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 th¢ security inshument, •with the i excess, if any, patd to Borrower. ! C. LendeY's Prior Consent. Borrower shall not, except after notk¢ to Lend¢r and with Lender's prior ~ written consent, partition or subdivide ihe Property or cons¢nt to: (i) the abandonment or t¢rmination 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 ¢minent domain: i ~ (ii) any materia) amendment to the declaration, by-laws or code of regulations of the Owners ' Association, or equivalent constituent document of the Condominlum Project, including, but not limited to, any ~ amendment whkh would change the percentage interests of the unit owners in the Condominium Proj¢ct: or (iii) the effectuation of any decision by the Owners Association to terminate professional management and assume seN-management of th¢ Corsdominium Project. D. Remedles. If Bonower breaches Borrower's covenants and agreemenb hereunder, including the ~ covenant to pay when due condominium assessments, then Lender may invoke any remedies provided ~ under the security instrument, Including, but not limtted to, those provided under Unlform Covenant 7. ~ IN WITNESS WHEREOF, Borrower has executed this Condominium Rider. } ~ Nov 1 l I 4s AH ' 18 ~ ' ii~ EO ~?NO RtC~R0E0 a St.~ut~E LCUtitr.F~~. ~ Pocea Po+rPas a . uec -~,~~N ~ CLERK ;IRCUIT COUIIT ~ ~ ~ECORO'~Ep~I~EO c,Y~l~ ~ 4 j~~ a . _~~o..a ~ ' ~ ~ CONDOMINIUM RIDER-1 to 1 F~mrfy-6~15-fNMA/FHIMC UNIFORM INSTRUMENT ~ • 11 3 ~ ~ g~~K~y~ F~ 1~s6 fam z~o ; ~ r . ~ . . ~ _ _ . _ - l' - .