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Home My WebLink About0168 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION ~ ' FORT PIERCE CONDOMINIUM RIDER THIS CONDOMINIUM RIDER is made this . . . . . .14th . _ _ . . . day oi . . . . . . .Deceiaber . , 19 . 78., and is incorporated into and shail be deemed to amend and supplement a Mortgage, Deed of Trust or Deed to Secure Debt (he~ein "security instrument") dated of even date herewith. given by the undersign¢d • (herein "Borrowei') to secure Borrower's Note to FlRST FEDERAL SAVINGS AND LOAN ASSOC1ATlON OF FORT PIERCE (herein "Lender") and covering the Property described in tlie security inshument. and located at . . . . . . . . . . . . . . . 240U .3.: Ocean .Drive,• Ft. • Pie•~ce,• ~'la. - 3345Q • • - ~ tP.operty Addr~ss) . The Property comprises a unit in, fogether with an undivided interest in the common elements of, a condominium project known as . . . . . . . . . . . . . . . . . . . OCEAN .V.ILI,IIGE . - - - - . . . . . . . . . _ . . . . . . . _ . ~NSms o~ cw~aom+mw~ P.aieca . . . . . . . . . (herein "Condominium F'roject"). . CONDOMINIUM COVENAIVTS. In addition to the covenants and agreements made in the security instrument. Borrower and Lender further covenant and agree as follows: ~ A. Assessments. Botrower shall promptly pay, when due, al) assessments imposed by the Owners Association or other goveming body of the Condominium Project (herein "Owner~ Association") pursuant to the provisions of the declaration, by-laws, code of regulations or other constituent dceument of the Condominium Proiect. ~ B. Hazard Insurance. So long as the Owners Association maintains a"master" or "blanket" policy on the Condominium Project which 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: . (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 the Property is deemed satisfied; and (iii) the provisions in . Uniform Covenant 5 regarding appiication of hazard insurance proceeds shall be superseded by any provisions of the declaration.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 conflici between such provisions and the provisions of Uniform Covenant 5. For any period of time during which such hatard insurance coverage is not maintained, the _ immediately preceding sentence shall be deemed to fiave no force or effect. Borrower shall give L¢nder prompt notice of any lapse in such hazard insurance coverage. ; ~I In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to t 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, paid to Bonower. i C. Lender`s Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior ~ E written consent, partition or subdivide the Property or consent to: € (i) the abandonment or termination of the Condominium Project, except for abandonment or ~ termination provided by law in the case of substantial destruction by fire or other casualry-or in the case of a taking by condemnation or eminent domain; s (ii) any material 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 limited to, any ~ amendment which would change the perceMag¢ interests of the unit owners in the Condominium Project; or e (iii) the effectuation of any decision by the Owners Association to terminate professional management ~ and assume self-management of the Condominium Project. ~ D. Remedies. If Borrower breaches Borrower's covenants and agreements hereunder. including the ~ covenant to pay when due condominium assessments, then Lender may invoke any remedies provided ~ und¢r the security instrument; including. but not limited to. those provided under Uniform Covenant 7. ~ ~ IN WITNESS WHEREOF. Borrower has executed this Co miniu ' er. ~ c~ ~~COr~~~ ~ J ~~,Lt ~ ~ - _ . - "?U':'`' r' ~ J es P. Soresi - -Borrower _ . - • - ~ 1~ri~9~1-n s h G, soresi 55 ~ 'Zg S P~1 2 ~ - . L~• ~ ae oresi = ~ • c~' CON~OMINIUM f~16ER~-~1 to 4~mify-~~75-FNMA/FHLMC UNIfORM INSTHUMENT r,~;_:. K. . ~ - - . N`-3 ~t. p'y's G~s~ BGGxJU~ ~~4GE ~6S ~ Fo~m 2so z~ 3 ~ ~ - - - - t~,~•~ x~ - ~s'` ~ ~h . _ . . ~~N ~ • _