HomeMy WebLinkAbout0794 FIR3T ~EDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE
CONDOMINIUM RIDER ~ ~ ~
THIS CONDOMINIUM RIDER is made this . . . . .~5~ . . . . . . . . . . day of . . . . ~~~r. . . . . . ,
19 78 and is incorporat¢d tnto and shall be deemed to amend and supplement a Mortgage, Deed of Trust
or Deed to Secure Debt (herein "security instrumenY') dated of even date herewith, given by the undersigned
(herein "Bonower") to secure Borrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOClAT10N OE
FORT PIERCE (herein "Lender") and coverin the Property described in th security instrument and
located at . . . . . . . . . . . ~ . 21.tQ~ $ • .~8~1. ~i,t~ ~ P't? . Pi4rce, . F'la. .33~i~.,0
. . . . . . . . . . . . . .
~woo«M ~ons.~
The Property comprises a unit in, together with an~unNivid~~tgest in the common elements of, a condominium
project known as . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
p1an+. 01 coneaninium PmNcn
. . . . . . . . . . (herein "Condominium Project").
CONDOMINIUM COVENAIYTS. In addition to the covenants and agreements made in the security instrument,
Borrower and Lender further covenant and agree as follows:
A. Assessments. Borrower shal) promptly pay, when due, all assessments imposed by the Owners
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
Prolect.
B. Hazard Insurance. So long as the Owners Associatlon maintains a"master" or "blanket" policy on the
Condominium 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;
(ii) Borrower's obligatian under Uniform Covenant 5 to maintain hazard insurance coverage on the
Prop¢rty is deem¢d satisfied; and
(iii) the provisions in Uniform Cov¢nant 5 regarding application of hazard insurance proceeds
shal) be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent
document of th¢ Candominium Proj¢ct 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 s¢ntence 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 of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to
i the Properry, whether to the unit or ta common elements, any such proceeds payable to Borrower are hereby
~ assigned and shal) 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 ~ot, except aheT notice to Lender and with Lender's prior
written consent, partition or subdivide the Property or consent to:
(i) the abandonment or terminarion of the Condominium Project, except for abandonment or
~ termination provided by law in.,the case of substantial destruction by fire or other casuahy or in the case of a
taking by condemnation or eminent domain:
~ (ii1 any material amendm¢nt to the declaration, by-laws or code of regularions of the Owners
Association, or equivalent constituent docum¢nt. of the Condominium Project, including, but not limited to, any
~ amendment which wou{d change the percentage int¢rests of the unit owners in the Condominium Project; or
~ (iii) the effectuaHon 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
a covenant to pay when due condominium assessments. then Lender may fnvoke any remedies provided
under the security instrument, including, but not limited to, those provided under Uniform Covenant 7.
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~ IN WITNESS WHEREOF, Bonower has executed this on ominium Rid
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~ CONDOMINIUM RIOtK 1~~~1 Famdy-6/75-fNMA~/FRL~C UNtFORM IN . RUMENT SUa8r1 • ~ Y`~
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~ CLEP.F: C~R~~LiT ::G~1::' (I k f t V~
~ 60i:R ~c70 PAGE
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- Form 250
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