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HomeMy WebLinkAbout0147 ~ ' FIR3T FEDERAL SAVINGS ANb LOAN ASSOCIATION OF FORT PIERCE CONDOMINIUM RIDER THIS~NDOMINIUM RIDER is made this . . . .2Qt~h . . . . . . . . . . . day of . ~CtAbOfi . . . . . . . . . 19 and is incorporated into and shalt be deemed to amend and supplem¢nt a Mortgage, Deed .of Trust or Deed to Secure Debt (herein "securiry instrument") dated o! 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 "Lendei') and cove~ing the Prop scrib¢d n the ty inshument and 1«ated at . . . . . . . . . . . . . . 2lt00 S. Ocean, nrivs: ~t~. ~erce~ 3~i~ . . . . . _ . . . . . tP.oo«~r ~aa..u The Properry comprises a unk in, together with ~~diyj~~ iRt~rest in the common elements of, a condominium pTOject knoum as . . . . . . . . . . . . . . . . . . . . . . vt1.u~(~S . . - - ~ - - - - ~ ~ - - - - - ~ - - - - . . . . ~.m. a cora«~N~a?~ wq.~n . . . . . . . . . . (herein "Condominium Project"). CONDOMINIUM COVENAMS. In addition to the covenants and agreements made in the securiry inshument. Borrow¢r and Lender (urther covenant and agree as tollows: _ A. Assessments. Borrow¢r shall promptly pay, when due, al) assessments imposed by the Owners Association or other goveming body of the Condominium Project (herein "Owners AssociaNon") pursuant to the provisions of the declaration, by-laws, code of regulations or other constituent document oi the Condominium Proiect. B. ~lazard Insurance. So long as the Ownen Association maintains a"master" or "blanket" policy on the Condominium Project whkh provides insurance coverage against fire. hazards included within the term "extended coverage." and such other hazards as Lend¢r 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 pr¢mium installments for hazard insurance on the Property; (ii) Borrower's obligation und¢r 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 insurance proceeds ; shalt be superseded by any provisions of the declaration, by-laws, code of regutations or other constituent ~ document of the Condominium Project or of applicable law to the extent necessary to avoid a conflkt between such provisions and the provisions of Uniform Covenant 5. For any period of tim¢ during which such hazard insurance coverage is not maintained, the immediately preceding sentence shall be deem¢d to have ; no force or eHect. Borrower shall giv¢ 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 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 applicarion to th¢ sums secured by the security instrument, •with the excess, if any, paid to Borrower. ' C. Lender's Prior Cons¢nt. Borrower shall not, except . after notice to Lender and with Lender's prior ~ written consent, partition or subdivide the Property or consent to: i [ (i) the abandonment or termination of th¢ Condominium Project, except for abandonment or ' termination provided by law in the case of substantial destruction by fire or oth¢r casualty or in the case of a ; taking by condemnatbn 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 th¢ Owners Associatlon to terminate professional management and assume s¢If-management of the Condominium Project. D. Remedies. If Borrower breaches Borrower's covenants and agreements hereunder, including the covenant to pay when due condominium a~sessments. 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 Rid¢r. NoY I i I so AH '16 it! EO ~?N~ REC9ROf~ ~ ST.tuC~E touNTr~F~A, 1~06ER tGt1Ra; CLERI( CINCUlT COURT B • Ctl :i ~.v , -so.,o,~e. REC0110 vfAlilED ~ ; , 4~~2g;Z ~ c. ~~h CONDOMINIUM RIOER-t to 4 Famity-6/75-FNMA/fHLMC UNIFORM INSTRUMENT g~K2~7 PAGE 147 ; Form 250 ' ~ : ~ - _ x ~ ~ _ . ~ . - _ . . .