HomeMy WebLinkAbout0820 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATtON
OF FORT PIERCE
CONDOMINIUM RIDER .
THIS CONDOMtNIUM RIDER is made this . . . . . 6~ . . . . . . . . . . day of . . . .
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 "security Instrument") dated of even date herewith. given by the undersigned
(herein "Borrower") to secure Borrower's Note to FlRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF
FORT PIERCE ~herein "Lender") and covering the Property describ¢d in the security instrument and
located at . . . 2 OQ . QC~eW Jh'. F't. PS.9r.c9~ .I~'].~t. . 331UQ . - • . . . . . . . . . . . . . . . . . . . .
~aoo«~r ~ee.«u
The Property com~rtses a unit in, together with an undivided interest in thE common elements of, a condominium
project knouun as . . . OC~N . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
n+.T. a coiwa,w~+w~ P~o1~cn .
. . . . . _ . . . . (herein "Condominium Project"1. ~
CONDOMINIUM COVENAIYTS. In additbn to the covenants and agreements made in the security instrument,
Borrow¢r and Lender funher covenant and agree as follows: ~
A. Assessments. Borrower shall prompdy pay, when due, all assessments imposed by the Owners
Association or other goveming body of the Condominium Project (herein "Owners Associatio~") pursuant to the
provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium '
Proiect.
B. Hazard lnsurance. So long as th¢ Owners Association maintains a"master" br "blanket" polky on the
Condominium Project which provide.s insurance coverage against fire, hazards included within the term "extended -
coverag¢," 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 Eor hazard insurance on the Properiy;
(ii) Borrower's obligation und¢r Uniform . Covenant 5 to maintain hazard insurance coverage on the
Piroperry is deemed satisfied: and ~
(iii) the provisions in Uniform Covena~t 5 regarding . application of hazard insurance prceeeds
. shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent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 extent necessary to avoid a coreflict 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 precedir,g sentence shaH be deemed to have
no forc¢ or effect. Borrower shall give Lender prompt notice of any lapse in such hazard insurance coverage_
tn the event of a dishibution 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 shap be paid to Lender for application to the sums secured by the security instrument. •with the
excess, if any, paid to Borrower.
C. Lenders Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior
~ written consent, partition or ~ubdivid¢ the Property or consent to:
~ (i) the abandonm¢nt or termination of the Condominium Project, except for abandonment or
E termination provided by law in the case of substantial destruction by fire or other casualry or in the case of a
` taking by condemnation os eminent domain:
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a (ii) any materia) amendment to the declaration, by-laws or codp of regulations of the ~wners
~ Association, or equivalent constitu¢nt document of the Condominium Project, including, but not limited to, any
~ amendment which would change the percentage int¢rests of the unit owners in the Condominium Projed; or
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~ (iii) the eHectuation of any decision by the Own¢rs Association to terminate proiessional management
~ and assume self-management of the Condominium Projed_
~ D. Remedies. lf Borrower .breaches Bonower
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, inciudi~g, but not limited to, those provided under Uniform Covenant.7.
~ IN WITNESS WHEREOF. Borrower has executed this Condominium Rider_
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~ CONDOMINIUM RIDER-~ to 4 famdy-6/75-fNMA/FH~MC UN~FORM INSTRUMENT
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~ B~p~ 238 - ~20
' Form 250
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