HomeMy WebLinkAbout0909 FIRST FEDERAL SAVINGS AND ~LOAN ASSOCIATION
OF FORT PIERCE
_ CONDOMINIUM RIDER
THIS CONDOMINIUM R1DER is made this _ . . . . . . . . . . . . . day of . . . . . . . . . .
19 .~8. and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust
oT Deed to Secure Deb't (herein "securiry inshument") dated of even date herewith; given by the undersigned
lherein "BOROWCi') to secure Borrower's Note to FIRST FEDERAL-SAVINGS AND LOAN ASSOCIATION OF ;
FORT PIERCE (herein "Lender") and covering the Properry described In the sec n_ jy inshvment and ~
located at . . . . . . . . . . . . . _ 2400. 3. O~Qqn. Ddcive ~ Foort Fisrce, Fla.. ~3450 . . . . . . . . ~
~Vroppty AdOnssi ~
The Property comprises a unit in, together with an undivided interest in the common elements of, a mndominium
project knoum as . . . . . . . . . . . . . . . . .OC$Al~ YI7aI~a$ . . . . . . . . . . . . . . . . . . . . . . . . . ~
tNarrw.ol ConeonWnwin Prq~eq
. . . . . . . . . (herein "Condominium F'roject"1.
CONDOMINIUM COVENAIVTS. In addition to the covenants and agreements made in the security instrument,
Borrower and Lender turther cavenant and agree as follows: -
A. Assessments. Borrower shall promptly pay, when due, al) assessments imposed by ihe 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
Project.
B. Hazard Insurance. So long as the Owners Association maintains a"master" or "blankeY' policy on the ;
Condominium Project whkh 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: , j
(i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one- ~
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 ihe
Property is deemed sa2isfied: and .
(iii) the provisions in Unifornn Cove~ant 5 regarding application of hazard insurance proceeds ~
shall be sup¢rseded 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 conflict between :
such provisions and the provisions of Uni(orm Covenant 5. For any period of time during which such hazard ~
insurance coverage is not maintained, the ~ immediately preceding sentence shall be deemed to have
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no force or effect. Borrower shall give Lender prompt notice of any lapse in such hazard insurance coverage. ~
In the ev¢nt of a distribution of hazard insurance proce¢ds in lieu of restoration or repair following a loss to '
~ the Property, whether to th¢ unit or to common el¢ments, any such proceeds payable to Borrower are hereby ~
~ assigned and shall be paid to Lender for application to the sums s¢cured by the security inshument. •unth the '
~ excess, if any, paid to Borrower. '
C. Lender`s Prior Consent. Borrower shalt not, except aft¢r notice to Lender and with Lender's prior
~ written consent, pafition or subdivide the Property or consent to:
(i) the abandonment or termination of the Condominium Project, except for abandonment or i
termination provided by law in the case of substantial destruction by ~ fire or other casualty or in the case of a ~
taking by condemnation or ¢minent domain;
(ii) any material amendment to th¢ declaration, by-laws or code of regulations of th¢ Owners
Association, or equivalent constituent document of the Condominium Proj¢ct, including, but not limited to, any ~
amendment which would change the percentage interests of the unit owners in the Condominium Praject; or '
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(iii) the effeduation of any d¢cision by the Owners Association to terminate professional- management ;
,
and assume seif-management of the Condominium Project.
D. Remedies. If Borrower breaches Borrower's covenants and agreements her¢under. including the !
covenant to pay when due condominium assessments. then Ixnder may invoke any remedies provided ;
under the security instrument, including, but not limited to, those provided under Uniform Covenant 7.
~ ~ IN WITNESS WHEREOF. Borrower has executed this Condominium Rider.
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