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HomeMy WebLinkAbout0233 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE COND ~ OMINIUM RIDER t ~ A , TH1S ONDOMINtUM R1DER is made this . . . . . 3~ . . , . . . . . . : day of . N~!°`~r , 19 . 7~ and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed ot Trust ' ~ or Deed to Secure Debt (hereln "secudty instrument") dated of even date herewith, given by the undersigned ~ (herein. "Borrower") to secure Borrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOClAT10N OF # FORT PIERCE (herein "[.ender") and coverin the Pr rty dexribed in the security inshument and ~ 1«ated at . . . . . . . . . . . . . . . . ?4~ . S ~e~?4 . ~'~o'e Ftr•. ~erce x Fla 3~1V 0 _ . . _ . . - ~ . ~~roo«~r naerasl ; The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium ~ project knoum as . . . . . . : . . . . . . . OCF.AN. QII.IAG~S. . . . . . . . . . . _ . , ~ rt+.~+. a corwwnN,+w~ P.q~cn " ~ . . . . . . . . . . (herein "Condominium Pro)ect"). . CONDOMINiUM COVENANTS. !r~ addition to the covenants and agreements made in the securiry instrument, . Borrower and Lender further covenant and agree as follows: - A. Assessments. Borrower shall prompd~ pay, when du¢, ap assessments imposed by the Ownen Association or other goveming body of the Condominium Project (herein "Own¢rs 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 "bla~ket" policy on the Condominium Proj¢ct whkh provides insurance coverage against {ire. t~azards induded within the term "extended coverage," and such other hazards as Lender may require, and in such amounts and tor such periods as Lender may require, then: - (i) Lender waives the provision in UnHorm Covenant 2 for the monthly payment to Lender of one- twelhh of the .premium instailments for hazard insurance on the Property; (ia Borrower s obigatian under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemed satisfied; and ~ (iii) the provisions in Uniform Covenant 5 regardtng application of hazard insurance proceeds shal) be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium Project or of applicable law to the ext¢nt necessary to avoid a conflict 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. Borrower shaq give Lender prompt notke o~ any lapse in such hazard insurance coverage. ~ In the event of a distribution of hazard insurance proceeds iri lieu of restoration or repair foUowing a loss to the Property, whether to the unit or to common el¢m¢nts, any such proc~eds payable to Borrower are hereby i assign¢d and shap be paid to Lender for application to the sums secured by the security instrament. •with the ~ excess, if any, paid to Borrower. i 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: ~ (i) the abandonment or termination of the Condominium Project, except for abandonment or termination provided by law [n th¢ case of substantial destruction by fire or other casualty or in the case of a ~ 4 taking by condemnation or emin¢nt domain; ~ (ii) any material amendment to the declaration, by-laws or code of regulations of the Owners Association, or equivalent ~~::~tuent document of the Condominium Project, including, but not limited to, any ame~dment which would change the percentage int¢rests of the unit owners in the Condominium Project; or (iii) the effectuation of any deciseon by the Owners Association to terminate professional management and assume seN-management of the Condominium Project. D. Remedies. If Bonower breacfies 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, includtng, but not limited to, those provided under UnNorm Covenant 7- ~ ~ ~ IN WITNESS WHEREOF, Borrower has executed this Condominium Rider. ~ ~ t ' RcCOROED', f . a4~ D } F~~EDr E~, ~ UNTv FLA• : I x ~ ~ . - ~ a i ~ ~ E C . Net~t~asn - e«*o.« ~ ; ' ~ ~ ~ ~ ~ g; 34 . e~ ~ ~ CO~~MINIUM RIDER-1 to, Famiiy-6/75-FNMA/fHLMC UNiFORM INSTRUMENT ~ K C;i~.C~%~T~~OU ~ ; CLER ~ 5 FOfRi ~•i{7 ~{~T. ~ V ~ ~ 1 ~ ~ ~ ~ • ~ 1 . = . . ~ - a:'_'~ +-v -'~3,~' ~+.~~y'"`~` x ~w- c~ ~ i ,s°°.S'a' 'S~y ~s ~ ~~"x. . ~fi F„~'^ ~y . _ . . . . ~-~`x ~ ~ _ . .