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HomeMy WebLinkAbout0881 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE ~ CONDOMINIUM RIDER . TH1~8CONDOMINIUM RIDER is made this . . . . . .~a . . . . . . . . . . day of . . _ . .November 19 and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust or Deed to Secure Debt (herein "securiry instrument") 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 PIERCE (herein "Lender") and covering the Properry dexribed in the security instrument and located at . . . . . . . . . . . . . . . . 21tQ0. S. Oce~tn. Ik'ive~ .FL. .Pieres~ .F`la. 334~0. . . . . . . . . . ~aco.~r nae..ss? The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium project known as . . . . . . . . . . . . . .~CEArI VII,I.AG$ .COHD.OMIN~ . . . . . . . . . . . . . . ~Nam~ 01 Ca+danu+wm ProNt/? . . . . . . . . . . (herein "Condominium F'roject"). CONDOMINIUM COVENANTS. In addition to the cnvenants and agreements made in the security inshument. Borrower and Lender turther covenant and agree as follows: A. Assessments. Borrower shall promptly pay, when due, aq assessments imposed by the Owners Association or other goveming body of the Condominium Project (herein "Ownen 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 Owners Association maintains a"master" or "blanket" policy on the Condominium Project which provides insurance coverage against fire, hazards included u?~thin the term "eztended 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 Unitorm Covenant 2 for the monthly payment to Lender of one- twelhh of the premium installments for hazard insurance on the Property: (ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemed sa6sfied: and (iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shail be supers¢ded by any provisions of the declaration, by-laws, code of regulations or other constituent ~ document of the Condominium Project or of applicable law to the extent necessary to avoid a conilict 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. Borrow¢r sha~) give Lender prompt notice ot any lapse in such fiazard insurance coverage. ~ In the event of a dishibution of hazard insurance proceeds in lieu of restoration or repair following a loss to ttie Property, whether to the unit or to common elements, bny 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 Borrow¢r. C. Lender`s Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written consent, partifion 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 case 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 Project, including, but not limited to, any amendment which would change the perce~tage interests of the unit owners in the Condominium Project: or ~ (iii) the effectuation of any decision by the Owners Association to terminate professional management ~ and assume self-manag¢ment of the Condominium Project. ~ D. Remedies. If Borrower breaches Bonower's covenants and agreements hereunder. including the i covenant to pay when due condominium assessments, then [.ender may tnvoke any remedies provided under the security instrument. Including. but not Iimited to, those provided under Uniform Covenant 7. ~ IN WITNESS WHEREOF. Borrower has executed this Condominium Rider. ~ i~w~~ J• ~ -BMrOwN ttz.~ s ~ (x ~ ti ~ ~ /1 ~ r ~ ~ ,ti- ~F c o -B«.~. ~ - • - ~ CONDOMINlUM RIDER-: to 4 Famdy-6~75-FNMA!FNLMC UNIFORM INSTRUMENj ~Y ~ ~ 3~.~ PH ~ ~G~ ii~_EO ~M~ REC~RdEO ~ Sy fT.LUf,IE COUMTT.F~A. BpGER PCITRAS v CLERK C~R~WTCO ~ R[CMO vERIFtEO ~ ~ D 29? ~ 8~8 : Fam 2~ BOCK ~ ~ - ~ ~1•'7t1~ ~ ' " " ~U= ~ ~ . . . . _ ` ~ . ~ ~;_.r~ ~