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HomeMy WebLinkAbout0244 F~IRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF F~ORT PIERCE ~ ~+DNI)~MINIUM ~,IDER ~ - THI CONDOMINIUM R1DER is made this . . . . . .7~? : . . . . . . . . . day of : . Nove~ber 19 ~8 and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust or Deed to Secure Debt (herein "secu~ity inshumenY') dated of even date herewith, given by the undersigned (herein "Borrow¢r') to secure Borrower's Note to FlRST FEDERAL SAVINGS AND LOAN ASSOCIA110N OF FORT PIERCE (herein "Lender") and covering the Properr~ described in the se r~y inshument and located at . . . . . . . . . . . . . . ?l?00 S. .Ocean Drive~ Ft.. Pierce,. Fla. _3~~i5o . - - - . . . . . . ~vroo~ny ~aew.sl • i The Property comprises a~unit in, together with an undivided interest M the common elements of, a condominium i project known as . . . . . . . . . . . . . O(~N. Y~LIJlQ~B (70ND0!lINIUM . . . . . ~ ; p+sm. a conoonwWwn P.o~cn . . . . . . . . . . . (herein "Condominium Project"1. ` CONDOM[NlUM COVENAM'S. ln addition to the covenants and agreements made in the security instrument. ~ Borrower and Lender further cov¢nant .and agree as follows: ~ A. Assessments. Borrower shall promptly pay, when due, all assessments imposed by the Ownen S s Association or other goveming body of the Condominium Project (herein "Owners Association") pursuant to the ; provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium ' Project. i B. Hazard Insurance. So long as the .Owners Association maintains a"master' or "blanket" policy on the ~ Condomtnium 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 one- twelfth of the premium installments for hazard insurance on the Property: ' ~ s (ii) BorTOwer's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the ~ Property is deemed satisfi¢d: and (tii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds f shall be supersed¢d by any provisions of the declaration, by-laws, code of regulations or other constituent f s document of the Condominium Project or of applicable law to the extent 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 shal) be deemed to have ~ no force or eNect. Borrower shall give L:ender prompt notice of any lapse in such hazard insurance coverage. _ In the event of a distiibution of hazard insurance proceeds in lieu of restoration or repair following a loss to ~ the Property, whether to the unit or to common el¢ments, any such proceeds payable to Borrow¢r are hereby ~ assigned and shall be paid to Lender for application to the sums secured by the security instrument. •with the ~ excess, if any, paid to Borrower_ ~ C. Lender`s Prior Consent. Borrower shall not, except after notice to Leoder and with Lender's prior ~ ~ written consent, partition or subdivide the Property or consent to: y ; (i) the abandonment or termination of the Condominium Project, except for abandonment or ~ ~ termination provided by law in the case of substantial_ deshudion by fire or other casualry or in the case of a r taking by condemnation or eminent domain; ` ~ (ii) any material amendment to the declaration, by-laws or code of regulations of the Owners ~ Associatiorr, or equivalent constituent document of the Condominium Project, including, but not limited to, any } amendmerit which would change the percentage interests of the unit owners in the Condominium Project: or (rii) the effectuation of any d¢cision by the Owners Association to terminate professional management and assume self-management of the Condominium Proj¢ct. D. Remedies. If Borrower breaches Borrowe~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. ' t IN WITNESS WHEREOF, Borrower has executed this Condominium Rider. ; i ~ t s e i-1LEC t+t~iG KECORDED ~ ; f ' ~GUN7Y r? : . on . so . -e°'.°«~, ~ ~ - 4;~4159~ ' ' f oan . ~evi ol -B°"°'" ~ '78 h0il i~ A~1 9: 34 CQNDOMINiUM RIDER-t to 1 family-6/75-FNMA/FHLMC UNIFORM INSTRUMENT _ - _ : - ~ . ~ ~ ~ C i~ C ! i- ~ ~ . ~ • ~ ~.W ~ ~ Fam 250 ° ~ ~ e ~ _ - ~S, F;;:= w ; ~ - - - ~ _ y y~~ ~r~ _ ~ ~ ~ ~ ; - ~ : ~ _ . ~ .