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Home My WebLink About0520 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE CONDOMI~TIUM RIDER THIS CONDOMINIUM RIDER is made this . . . . . .Z1 st. . . . . . . day of . . . . ~Ce~~Y . . . , 19 78 and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust or Deed to Secure Debt (herein "secu~ity inshument") dated of even date herewith. given by the undersigned (herein "Borrower") to secure Borrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE (herein "Lender") and coverir?g the Property described in the ~i: ritY~S~~ment and locaced a~ . . . . . . . . . . . . . .240.0 S... OC~an .Drive.,. Ft. .Pierce.,. . 3 s . ~crop.ny ~wa~•.a? The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium ptoject known as . . . . . . . . . . . . . . O~1!1.1~LIAGS. . . . : . . . . . . . . . . . . . . . . . . . . ~Ham. o~ caw«mnwm Pro~ecn . . . . . . . . . . (herein "Condominium Project"1. CONDOMINIUM COVENANTS. In addition ta the cavenanis and agreements made in the security instrument, Borrower and Lender further covenant and agree as follows: . A. Assessments. Borrower shall promptly pay, when due, all assessments imposed by the Owners Association or other governing body o( the Condominium Project (herein "Owners Association") pursuant to the provisions of the declaration, by-laws, code of regulations or other constituent docume~t 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, ha7ards 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 ot one- twelfih 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satisfied; and (iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium Project or of applicable law to ihe extent necessary to avoid a conflict between such provisions and the provisions of Uniform 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 no force or effect. Bonower shall give Lender prompt notice of any lapse in such hazard insurance coverage. In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following 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 +nstrument. •with the i excess, if any, paid to Borrower. - ! C. Lender's Prior Consent. Borrower shal! not. except after notice to Lender and with Lender's prior written consent, partition or subdivide the Property or consent to~ i (i) the abandonment or termination of the Condominium Project, except for abandonment or ~ termination provided by law 'sn the case of substantial destruction 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 codn_ . of regulations of the Owners ' Association, or equivalent constituent document of the Condominium Project, including, but not limited to. any s amendment which would change the percentage interests of the unit owners in the Condom9nium Project: or q (iii) the eHectuation of any decision by the Owners Association to terminate professional management ~ and assume self-management of the Condominium Project. ~ D. Remedies. lf Borrower breaches Bonower's covenants and agreements hereunder. including the € ~ covenant to pay when due condominium assessments. then Lender may invoke any remedies provided ~ under the security instrument. including, but not limited to. those provided under Uniform Covenant 7. IN W11TiESS WHEREOF, Borrower has executed this Condominium Rider. ~ ~=~_tU :?=COr~GFC ~ ~ ~ ; - - _~S J - --U?~TV r ~ ~ • / ` ~ • . ~ . _ N ~ ~ ~l. / ~ ~ , ~ 0`rJ~ ~ _ - 43U w~. a?m . e A~.,~WP J:;.. ~ ~ ; ~ .~t '79 j`' 8 pM 3 ' ~s t _ ~ . ~2,,Z~.~ _ ~ ~ Virgin a ;~i. t~lee -~.~aw~~ ~ CONDOMINIHMrf~lRER ; ~'~a;4-~am~q-;6~~-FNMa; FHLMC UNiFORM INSTRUA~ENT ~ ~ ~ e Form 2501 _ BOOK Jo', ?','.~E ~20 ~ ~ ~ - - - ~ ~ : ~ ~ ~ , ~ ~ y_, : - x_~ ' ' . 1 . , r ~ . t . a' ~ ~`;y~~_"'-~°'i`~~ _ ~ _ mmr _3