HomeMy WebLinkAbout0719 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE
CONDOMINIUM RIDER
THIS CONDOMINIUM RIDER is made this . . . . . ~9t1? . . . . . . . . . day of . . . . ~C~~r '
197. and is incorporated into and shal) be deemed to amend and supplement a Mortgage, Deed of Trust ~
or Deed to Secure Debt (herein "securiry instrument") dated of even date herewith, given by the undersigned
(herein "Borrower") to secure Borrower's Note to FlRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF +
FORT PIERCE (herein "Lender") and covering the Property described in the cu~ity ent and
located at . . . . . . . . . . . . . :L400. .QGea4n Drive, .Ft._ _Pierce~ F~la. 3~~~
. (P?GON1Y AdOrqf) . . . . . . . . . .
The Properiy comprises a unit in, together with an undivided interest in the common elements of„ a condominium
project knoum as . . . . . . . . . . . . . . .O~N VILIAG'~.'s . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(Nams W CoMOnun~um Projsct?
. . . . . . . . . . (herein "Condominium Project").
CONDOMINIUM COVENANfS. ln addition to the covenants and agreements made in the security instrument,
Borrower and Lender further covenant and agree as follows:
A. Assessments. Borrower shall promptly pay, when due, al{ assessments imposed by the Owners
Association or other goveming body of the Condominium Project (hereir. "Ownen Association") pursuant to the
provisions of the declaration, by-laws, code of regulations or other constituent document 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 tecm "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 ta Lender of one- ~
tweihh of the premium installments for hazard insurance on the Property;
(ii) Borrower's obtigafion under Uniform Covenant 5 to maintain hazard insurance coverage on the
Properry is deemed satisfied; and
(iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds
shali be superseded by any provisions of the declarafion, by-laws, code of regulations or other constituent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 Uniform Covenant 5_ For any period of fime during which such hazard
insurance coverage is not maintained, the immediately preceding sentence shall be ~ deemed to have
no force or effect. Borrower shal) give Lender prompt notice of any lapse in such hazard insurance coverage.
In the event of a disfibution 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 shaU be paid to Lender for application to the sums secured by the security inshument, •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:
t (i) the abandonment or termination of the Condominium Project, except for abandonment or
~ termination provided by law in the case of substan6al destrucfion 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
~ amendment which would change the percentage interests of the unit owners in the Condominium Project: or
~ (iii) the effectuatio~ of any decision by the Owners Association to terminate professional management
~ and assume self-management of the Condominium Project. ~
= D. Remedies. [f Borrower breaches Borrower
s covenants and agreements hereunder, inctuding the
~ covenant to pay when due condominium assessments. then Lender may invoke any remedies provided
E under the security instrument, including. but not limited to. those provided under Uniform Covenant 7.
~
~ 1N WI7NESS WHEREOF. Borrower has executed this Condominiurrt Rider.
.
~ ~i~ED l-*1C~ RECORO~[3
~ `.,~=r r~Ul:TY. FLf:.
_ _ ~ ~ i
s , ~ ~_1~ .~1 • Y .
RU E. MUNRO I and as Tr .
• 9 PM 3• 24 dated August 30, 1973~ as amended, F/B/O
r T9
_ Geoxge t~. ~unro and Emery w. Mu~«
~ CONDOMINIUM ~fU,~~.. j ;t¢-4 :f~ly~~/75-FNMAlfNLMC UNIFORM INSTRUMENT
~ r~~t;1'. ..tt'~i~
,r
,
~ ~ ~
: E~R~ ~301 ~;~G~ 7
~9
' ~ Fo~? zso
~
~
~
~
_ ~
~ _ _ - - : _
_ ~
~ = ~r „~;G~ ~
~
~ : -
_ , _ , .~.~,-s`` -