HomeMy WebLinkAbout0340 FIRST FEDERAL SAVINGS AND LOAN ASSOCfATION
,
OF FORT PIERCE
CONDOMINIUM RIDER
THtS CONDOMINIUM RIDER is made this . . . . . .31s~ . . . . . . . . . day of . . . . ~.tober ~
19 . 78 and is incorporated into and shall be deemed to amend and supplement a Mortgage. Deed of Trust
or Deed to Secure Debt (herein "security inshument") 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") and covering the Properry described in the security inshument and
located at . . . . . . . . . . . . . . .21~DO.S... OceBn .Ih'iQe~~. Ft.. Pierca,. Fla.. 33450 . . . . . . . . . . .
~PrOpNry AdO~bq
The Ptoperty comprises a unit in, together with an undivided interest in the common elements of, a condominium
project known as . . . . . . . . . . . . . . . . . . . OCEAN VILLIGE . . . . . . . . . . . . . . . . - - - . . . . .
(Nams w ca~aom~nwm ProNen
. . . . . . . . . . (herein "Condominium F'roject") .
CONDOMINIUM COVENANTS. ln addition to the covenants and agreements made in the security instrument.
Borrower and Lender further covenant and agree as follows:
A. Assessme~ts. Borrower shall promptly pay, when due, all assessments imposed by the Owners
Association or other governing body of th¢ Condominium Project (herein "Owners Association") pursuant to the
provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium
Proieci. '
B. Hazard Insurance. So tong as the Owners Associatlon maintains a"master" or "blanket" policy on the
Cortdominium Project which provides insurance coverage against 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 une-
twelfth of the premium instaUments for hazard insurance on the Property:
(ii) Borrower's obligati~n 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
shal{ be superseded by any provisions of the declaration, by-laws, code of reguiations or other constituent
document of the Condominium Project or oi applicable law to the extent necessary to avoid a conflict between
such provisions and the provisions of Uniform Covenant 5. For any period of fime during which such hazard .
insurance coverage is not maintained, the immediately pr¢ceding sent¢nce shall be deemed to have
no force or effect. 13orrower shall give Lender prompt notice of any lapse in such hazard insurance coverage.
! In the event of a disfibution 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 application to the sums secured by the securiry instrument, •with the
; excess, if any, paid to Borrower.
~ C. Lender's Prior ConSent. Borrower shall not, except after notice to Lender and with Lender's prior
~ written consent, partition or subdivide the Property or consent to:
r (i) the abandonment or termination of the Condominium Pybject, except for abandonment or
< termination provided by law ~ in the cas¢ of substantial destruction by fire or other casLalry 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 th¢ Condominium Project, including, but not limited io, any
P amendment which would change the percentage interests of the unit own¢rs in the Condominium Project; or
~ (iii) the effectuation of any decision by the Owners Association to terminate professiona) management
~ and assume self-management of th¢ 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 rem¢dies provided
~ uoder the security instrument, including, but not limited to, those provided under Uniform Covenant 7.
~
1N WITNESS WHEREOF. Borrower has executed this Condominium Rider.
~ Nov 1 !0 ~o AN'i8
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" ;OGER PUITRIIS O _ern.owe,
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i 42.~?At34 -~a.e.
~ CON~MINI~M RIDER-t ro 4 Family-6/75-FNMA/FHLMC UNIFORM INSTRUMENT
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ao~K ~~7 ~~E 340 ~
~ Form 250
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