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Home My WebLink About0621 • i • s • . FIRST FEDERAL S~IVINGS AND LOAN ASSOCIATION OR ~ FORT PIERCE . S CONDOMINIUM RIDER ~ . f i ~ { THI$,~ONDOMIMUM RID~R is made this . : . .?Ttb . . . . . . . . . . day of . . . ~!eaber i 19 and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust ~ or Deed to Secure Debt (herein "security instrum¢nt") dat¢d of even date herewith, given by the undersigned ; ' (herein "BoROwer") to secure Borrower's Note to FlRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF ' FORT PIERCE (heTein "Lender" and cov ring the Pro de~ d the rity inshument and ' located at . . . . . . .~4~ .Sou~ Ocean. ~rive,. Fot~t.~ierce, Flor~c~a 33~~. . . . . . . . . . . . . . . . . . . . ~a~ The Property comprises a un[t in, together with an undivided interest in the common elements of, a condominium pro)ect known as . . . . . . . . . . Ocean. Village-Cspstan .I_ . . a c~+eo~w~+ v~a.~n . . _ . . . . . . . (herein "Condominium F'toject"). CONDOMINIUM COVENANTS. ~ In addiHan to the covenants and agreements made in the securiry instrument, Borrower and Lender further covenant and agr¢e as follows: ~ A. Assessments. Borrower shall promptly pay, when due, all assessments imposed by the Owners Associatton or other goveming body of the Condominium Project (herein "Owners AssociaHon") 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 the Ownen Associarion maintains a"master" or "blanket" policy on the Condominium Project which provides insurance rnverage against fire, hamrds included within the term "extended coverage." . and such other hazards as Lender may requhe, and in such amounts ~ and for such periods as Lender may require, then: (i) Lender waiv¢s. the provision in Uniform Covenant 2 for the monthly payment to Lender of one- ~ f twelfth of the premium instaliments for hazard insurance on the Property: _ ~ (ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the ; Property is deemed sa6sfied: and (iii) the provisions in Uniform Co"venant 5 regarding application of hazard insurance proc¢eds shall be superseded by any provisions ot the d¢claration, by-laws, code of regulations or other consMue~t document of the Condominium Pro~ect or ot appticable law to the extent necessary to avoid a conflict between such provisions and the provislons of Uniform Covenant 5. For any period of time during which such hazard - insurance cov¢rage is not maintained, the immediately preceding sentence shall be deemed to have j - no force or ~effect_ Borrower shall give Lender prompt notice of any lapse in such hazard insurance coverage. In the event of a distribu6on of hazard insurance proceeds in lieu of restoration or repair folbwing a loss to the Property, whether ~to the unit or to common elements, any such proceeds payable to Borrower are hereby. assigned and shall be paid to Lender for application to the sums secured by the security instrument, •with the excess, if any, pald to Borrower. . - C. Lender`s Prior Consent. Borrow¢r shaU not, except aher notice to ' Lender and with Lender's prior written consent, partition~or subdivide the Property or consent b: . (i) the abandonment or termination of the Condominium Project, except for abandonment or termination provided by law in the case of substantia) destruction by fire or other casuahy or in the case of a taking by condemnation or eminent domain: ~ (ii) any material am¢ndment to the declaration, by-laws or code of regulations of the Owners Association, or equivalent constituent document of the Condominium Project, including, but not limited to, any amendment which would change ihe percer~iag¢ int¢rests of the unit owners in the Condominium Project; or (iii) the effectuation of any decision by the Owners Association to terminate professional management and assume self-management of the Condominium Project_ D. Remedies. lf Borrower breaches Borrower's covenants and agreemer.ls hereunder. including the covenant to pay when due condominium acsessmeotc, then Lender- may tnvoke any remedies provided under the security instrument. including, but not limited to, those provided under Uniform Covenant 7. IN WITNESS WHEREOF, Bonower has executed this Condominium Rider. - !-._CCSi;~E:J . _ . - ; .i1~T~•^~'~ ~ . _ : • / ~ p , p~ -~..o.~. 4~~21 ` ~ _ 5 ~ : yp . f _ ; ng CONDOMINIUM RIDER=i fQ a.,FamU~r-6i75;-GNMAifHLMC UNIFORM INSTRUMEHT - 1 BOi~ ~99 PACE 621 ~ Fo~„ 2so ~~a . . - - - - _ ~ ~ _ __v ~ . ~ °