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HomeMy WebLinkAbout0048 Devivo 05-2j03899? FIR3T FEDERAL SAVINGS AND LOAN ASSOCIATION ~ ~ OF FORT PIERCE CONDOMINIUM RIDER TNI~ CONDOMINIUM RIDER is made this ~9th day ot S~'P~~r 19? . , and is incorporated into and shall be cieemed to amend and suppiement a Mortgage, Deed of Trust or Deed to Secure Debt Iherein "security instrument") dated of even date herewith. given by the undersigned (he?ein "Borrower"1 to secure Borrower's Note to FIRST FEDERAL SAVINGS AND LOA~I ASSOCIATION OF FORT PI~RCE (herein "Lender"1 and covering the Property described in the security instrument and located ar . . . 1001~1a. S.. AIA~. Apt.. ~19H~ . Jenaen Beach~ Fl. . . . . . . . . . ~ laoplrty AOOn3f1 ~ The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium project known as . . . . . . . . . . . .At.lslit~ie . . . ~ IName Of COnOOrn~eium Dro~ettl . . . . . . . . (herein "Condominium Project") . , CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security instrument. Borrower and Lender tu~ther 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 the Condominium Project (herein "Owners Asscxiation") pursuant to the provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium Proiect. B. Hazard Insurance. So lor,g as the Owners Association maintains a"master" or "blanket" policy on the Condominium Project which pro~~des insurance coverage against tire, halards 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 llnif~rm Covenant 2 for the monthly payment to Lender of one- twelfth of the premium installments for hazard insurance on the Property: (ii) Borrower's obligation under Uniform Covenam 5 to maintairr hazard insurance coverage on the Property is deemed satisfied; and (iii) the provisions in Uni{orm Covenant 5 regarding application of hazard insurance proceeds shall be superseded by any provisions of the declaration, by-laws, code of regulatior~s or other constituent document of the Condominium Project or of applicable !aw to the extent necessary to avoid a conflict between such provisions and tfie 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 shal! give Lender prompt notice of any lapse in such hazard insurance coverage ~ In the event o( a distnbution 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 security instrument. •with the f excess. if any. paid to Borrower ' ; C. Lender's Prior Consent. F3orrower shall not, except after 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, excopt (or abandonment or ~ termination provided by law in the case of suhstantia) destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain: ~ (ii) any material amendment to the declaration, by-laws or cod~ 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 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-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 provided ~ under the security instrument, including, but not limited to, those provided under Unitorm Covenant 7. IN WITNESS WHEREOF. Bonower has executed this Condominium Rider ~ ~ - ; / ' / u J G ? ~~l-l YY'Yf 7 =G tJ~ ~C: !.,t.-? - ~ r. w , Th e G. De iv~o ~•,~w~, a ~ ; ry ~ Jos vo -~„owr ~ ~ ~ , .r~;;'=_~-~. ~ CONDOMINIUM RIDER-~ i~ 4 fa^ ~~i -~'~5 -~~:MA •FN~ Mr U~+~~ORM ~NSTRUMENr ~ • , ~ ~ ~ ~ . n~~149 ~ • ~+~i~ ~ i' ~0 ~ . UR _ . + I5 ~ ~ ' Fam 250 a0~7''~~'~" ~ ~ ~ y ' _ ~ ~ . . ` ~ ~ ~ - • ~ = - z,~'~'ma"~=` ~ ` ~`v ..=.",'Fr~ . ; - i a r t i, . _ . ._;r~:~'"'"~_., . _