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HomeMy WebLinkAbout0352 ~ 3 . ; F~IRST I=BDERAL BAVINCiS AND L,OAN ASSOCtAT10N - O~' FORT PIERCE t ~ i CONDaMINIUM RIDER ~ ~ ~ THIS CONDOMtNtUM R1DER is made thts . . . 21it. . . . . . . . . . . . day of _ . ~~r ~ 19 T~ and is incocporated into and shall be deemed to amend and supplem¢nt a Mortgage, Deed ot Trust or Deed to Secure Debt (herein "security instrument'7 dated of even date herewith, given by the undersigned (her¢?n "Borrower') to secure Borrower's Note to F1RST FEDERAL SAVINGS AND LOAN ASSOCIATION OF ' FORT PIERCE (herein "Le~d¢r'7 an cov ng the ptoperty ~escr~¢ed in tllg sec~~i~y instrument and locat¢d at . . . . . . . . . . . . . . . . . ~ ~7iCND . $'i~s . t. ria~a~, irl~a. j45o . . . . . . . . . ~aeo«M ~een.a The Propetty comprises a unit in, tog¢ther with an undivMed interest in the common elements of, a condominium ~ project known as . . . . . . . . . . . . . .~.~AN YI~Q~ . . . . . . . : . . . . . . . . . . . . . . . . . . _ . . . ` . a co~ao~w~? wo~.~o i . . . . . . . . . . (herein "Condominium ProjecPl. ~ ~ CONDOMINIUM COVENANTS. In additbn to the covenants and agreements made i~ the security instrument. ~ Borrower and Lender furth¢r covenant and agree as folbws: - A. Assessments. Borrower - shall prompUy pay, when due, all assessments imposed by the Owners t 1 Association or other goveming body of the Condominlum Project (herein "Ownen Associatbn") pursuant to the ~ provisbns of the declaration, by-laws, code of regulations or other constituent document of the Condominium Proiect. ~ ~ B. Hazard rnsurance. So bng as the Owners Association maintains a"mast¢r" or "blank¢t" polky on th¢ Condominium Project which pmvides inwrance coverage against fire, ha¢ards tncluded withfn the_ term "extended coverage." and such other ha~ards as Lender may r¢qutre, and in such amounts and for such periods as Lender may require, then: . (i) [.end¢r waives the provision in Uniform Covenant 2_.for the monthly payment to [.ender of one- tw¢Ihh o( the premium instaqments for hazard insurance on the Property: ~ (ii) Borrower's obligation under Uniform Covenant 5 te maintain hazard insuranc¢ coverage on the Property is deemed satisfied: and . (iii) the provisions in Uniform Cov¢nant 5 regarding applicatlon of hazard_ lnsurance .proceeds shaU be supeneded by any provisions ot the declaration, by-laurs, code of regulations or other constituent document of the Condominium Ptofect or of applkable law to the extent necessary to avoid a conflict between such provisions and the provisiona of Uniform Covenant 5. For any period of time .during whkh such hazard insuranc¢ coverage is not maintained, the immediately preceding s¢ntenc¢ shall be deemed to have no force or effect. Borrower shatl give Lender prompt notke of any lapse in such hazard insurance coverage_ In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair follawing a loss to ` the Property, whether to the unit or to common elements, any such proceeds payable to Borrower are hereby ; E assigned and shall be paid to Lender for appliwtion to the sums secured by the security instrument. •with the ' ~ excess, if any, pald to Borrower. C. Lende~`s _Prior Consent. Borrower shall not, except after notice to Lender and with Lender s prior ; written consent, partition or subdivide tfie Property or consent to: - ' ~ (i) th¢ abandonment or ~termination ot the Condominium Pro)ect, except for abandonmeht or i ~ termination provided by law in the case of substnntial destruction by fire or otF~¢r casuahy or in the case of a _ taking by cond¢mnation or ¢minent domain; ~ (ii) any materfa) amendment to the declaration, by-laws or code of regulations of the Owners Association, or equivalent constituent document of the Condominium Project, including, but not Ifmited to, any amendment whkh would change the percentage interests of the unit owners in the Condominium Project; or (iiiy the eff¢ctuation of any decision by the Ownen Associatbn to terminate prof¢ssiona) management and assume self-management of the Condominium Project. . , D. Remedies. lf Bonower breaches Bonower's covenanb and agreements hereunder, inciuding the ~ covenant to pay when due condominfum assessments, then Lender may invoke any remedies provlded ~ under the security instrument. including. but not limited to, those provided under UnNorm Covenant 7. ~ iN WITNESS WHEREOF, Borro~wer has executed this Condominium Rider. - - ~ ~ F~t ED n~l~ RECORDEO~ ` LU C~ E~~ dU;JYY, FLA. . . ~ ~ - . -1-'~:) ~-h ~ ' '4rL612~ ,.y~lohn.H. c1,qt.on - -e«•~••. ~ '18 QEC 4 PM ~t : 04 ~ ~B~.t~rsae too t~ _~«,o.,. . ~ _ 9 ~ CONDOMINIUM RIqEH~7 ~o ~ Eerr6M-j8/75-FNMA/FHLMC UNIfORM iNSTRUhtENT c~~~-r: ~.~c.;~- ~ ; - ~ i , ~ ~k ~ . 299 `A~E 352 ~ ~ Fotm 2 ~ ~ _ . ~ _ _ _ _ ~ ~ ~~.:K ~ ~ , ~ ~ : ~ sk^~r ~ c~ : ":,-.tt*-r; ~ "x~-~::~Y`S ~a ~ ~.S~.F.~...~_ _ y . _ .a.