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HomeMy WebLinkAbout0686 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE CONDOMINIUM RIDER THIS CONDOMINIUM RIDER is made this . . _ . . . 5 . . . . . . . . . . . day of . January 19 79 and is incorporated into and shali be deemed to amend and supplement a Mortgage, Deed of Trust or Deed to Secure Debt (herein "secu~ity instrument") dated of even date herewith. given by the undersigned ~ (herein "Borrower"1 to secure Borrowei s Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE (herein "Lender") and covering~ the Prop erty dg~c~d in the security instrument and located at . 116 _D Lakes . D1d _ Drive,. Fort Pierce, Fla. 33 _ (PrOpMty AAAtlssl - The Properry compcises a unit in, together with an undivided interest in the common elements of, a condominium project known as . . . . . . . . . . . High. Point .of. Fort. Pierce . . . _ _ _ _ . . . . _ , _ _ . ~?~ame a co~oom~~wm wo~cn . . . . . . . . . . (herein "Condominium E'roject"). CONDOMINIUM COVENAIVTS. [n addition to the covenants and agreements made in the security inshument, Borrower and Lender further covenant and agree as follows: A. Assessments. Borrower shall promptly pay, when due, all assessments imposed by the Owners Assoc4ation 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 consrituent document of the Condominium Proiect. . - B. Hazard Insurance. So long as the Owners AssociaNon maintains a"master" or "blankef' policy on the Condominium Project whkh provides insurance coverage against fire, hazards included within the temi "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 t~ Lender of one- twelfth of the premium installments 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satisfied; and (iii) the provisions i~ Unitorm Covenant 5 regarding application of hazard insurance proceeds shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium Project or of applicable law to the extent necessary to avoid a conflict between . such pravisions and the provisions of Uniform Covenant 5. For any period of time during which .such hazard insurance ~overage is not maintained, the immediately preceding sentence shall be deemed to have no force or effect. Borrower 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 instrument, •with the excess, if any, paid to Borrower. ' C. Lender`s Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior ; 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 !aw in 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 code of regulations of the Owners ~ Association, or equivalent constituent document of the Condominium Project. including, but~ not limited to, any t ~ amendment which would change the percentage interesis of the unit owners in the Condominium Project; or ~ (iii) the effectuation of any decision by the Ownen 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 ~ under the security instrument. including. but not limited to. those provided under Uniform Covenant 7. ~ IN WITNESS WHEREOF. Borrower has executed this Condominium Rider. ~ r-;± ,,;;u t~ECORDED ~ ~ _ , ~~J"~T~!. ~1-~- /j ; ~1 / ' _ ~.-.c~r_ ~~J(~l-~~ ~ ' ~ ~ _ .c-" d ~ ~.z GZu- ~-~2, ~ ~30~ paula Bliss Saunders -~~°w~ ~ !79 Jr.'' ~ PM 3: f Z ~ ~,Z_ x~ ~t ~ CONDOMINIUM R DE~3 l t0.4-FamUy~ 617,5•-fNMA/FNtMC UNIFORM INSTRUMENT ~ ~ ' ' . ~ ~ ~ ~ ~ ~ g~oK 301 f~~~ 686 ~ ~ Form 250 . ~ - - - _ _ _ ' ~ ~~~~'ry~ ~ ~ `y~.'fi, ' 3,~ ~ '.s~ ~ ~ ~~~y i .,z _ _ ..uK~ ~w.~ y . . . . ~.~'.1.,.