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HomeMy WebLinkAbout0319 . ~ . IxIRST FEDERAL SAVINGS AND LOAN ASSOCIATION O1~ FORT PIERCE . CONDOMINIUM RIDER ~ THIS ~ONDOMINIUM RIDER is made th?s . . . . . . . . . . . . . . day of . . . . . . . . . 19 : 7. and is incorporated into and shal) be deemed to amend and supplement a Mortgage, Deed of Trust or Deed to Secure Debt iherein "secudty Instrument") dated af even date hereurlth, given by the undersigned (herein "BoROwei') to secure Borrower s Note to FlRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE (herein "Lender'~ ~p~c$~er~i ~theDP~o~e~rty~,tdes~ b~d in the security instrument and located at . . . . . . . . . . . . . . . . . _ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - - - . . . . . I~roo«b ~d~sl The Property comprises a unit in, together wlth an~nd~ivide i t~ in the oommon elements ot, a condominium pro)ect knoum as . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~ n+.~. a co~e~~ v~o . . . . . . . . . . (herein "Condominium Pro)ect"). •CONDOMIN[UM COVENAIVTS. In addition to the covenants and agreements made in the securi:y inshument, Borrower and Lender further covenant and agree as follows: ~ ~ A. Assessments. Borrower shaQ prompdy pay, when due, all assessments imposed by- the Owners Associatbn or other goveming body of the Condominium Project (herein "Owners Association"1 pursuant to the provisions of the declaration, by-laws, code of regulations or oth¢r constituent document of the Condominium Proied. ~ B. Hazard Insurance. So bng as the Owners Association maintains a"master" or "blanket" policy dn the Condominium Project whkh provides insurance coverage agaln~ fire, hazards induded within the term "ext¢nded coverage," and such other hazards as Lender may require, and in such amounts and for such periods as Lender may require, then: (i) L¢nder 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) Bw*nw~r's obligation under Unifornn Covenant 5 to maintain hazard insusance coverage on the Property is deemed sati~ied; and (iif) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds ' shall be superseded by any provisions of th¢ declaration, by-laws, code of regulations or other constituent docum¢nt of the Condominium Project or of appikable law to the extent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 whkh wch hazard insurance coverag¢ is not maintained, the immediately pr¢ceding sentence shall be deemed to have no torce or effect. Borrower shan giv¢ Lender prompt notk¢ of any lapse in such hazard insurance coverage. In the event of a distribution of hazard inswance ~oceeds in lieu of restoratlon or repair following a loss to I the Property, whether to th¢ unit or to common elements, any such procaeds payable to Borrower are hereby assigned and shall be paid to Lender for applicatbn to th¢ sums secured by the s¢curity instrument, •with th¢ excess.' if any. pafd to Borrower. C. Lender`s Prior Cansent. Borrower shaU not, except after notice to Lend¢r and with Lender's prior written consent, partition or subdivid¢ the Property or consent to: (i) the abandonment or term[natlon of the Condominium Project, except for abandonment or termination provided by law in the case of substantial destructbn 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 code of regulations of the Own¢rs Association, ar equivalent con~ituent document of the Condominium Proj¢ct, including, but not fimited to, any amendment whkh would change the percentag¢ interests of th¢ unit own¢rs in the Condominium Project; or (iii) the eHectuation ot any decision by the Own¢rs Association to t¢rminate professional management and assume self-management of the Condominium Ptoject. - D. Remed~es. If Borrower bresches Borrowers covenants and agreements hereunder. including the covenant to pay when due condominium accessments, then Lender may invoke any remedies provided under the secutity instrument, including, but not limited to, those provided under Uniform Covenant 7. tN WiTNESS WHEREOF, Borrower has executed thts Condomtnium Rider_ • ' _C[i :.t::± r!~COr~DEO . . , _ F~ : 4;Z6118 ~ e~ven -e«.o... ~ y P~~ ~;SZ ' ~ ~ ena ~ea -e«.o... ~ ~ CONDOMIN1UM. RIQEP ~-1,ro 4, famiy-6/.IS-FNMA/fHLAAC UNIFORIN INSTRUMENT ~ 2~9 ~acE 319 Form 2S0 . _ _ . _ e .