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Home My WebLink About0062 ~ ~ • ~ i - Z F~IR8T F~EDERAL SAVINGS AND LOAN A830CIATION ~ ; ~ OF FORT PIERCE ' ~ E . 4 CONDOMINIUM RIDER ' ~ . , - . ~ THIS CONDOMINIUM RIDER is made thls . . . . _ .16th _ , , , . , _ day of . . . . . . .Jdnudry . . . . ~ 19 .79. and is incorporated into and shaq be deemed to amend and supplement a Mortgage, Deed of Trust ~ or Deed to Secure Debt (hereifi "security instrument'~ dated of even dat¢ herewith, given by the undersigned ~ (herein "Borrower") to secure Borrower s Note to FlRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF . i FORT PIERCE (herein "Lender') and covering the pro~e~~ described in t e sec ri instrutnent and t located at . . . . . . . . . . . . . 240R .O~e~n p.rive, Ft: ,Pierce,, Flor~da, 33~5~ . . . . . . . . _ . ~ ~aoo.rty naan.s? ` - The Prop¢riy comprises a unit in, tog¢ther with ari urtdivided interest in the common elements of, a condom[nium project known as . . . . . . . . . . . . . . . . . . OCEAN. VILI.I~GE. . . . _ . . . _ . . . . . . . . . . . . . . . . - p++~» a Ca,eo~wnw,m ao~ea . . . . . . . . . . (herein "Condominium Project"). _ CONDOMIMUM COVENANTS. In addition to the covenants and agreements made in the security tnstrument, Borrower and Lender fucther covenant and agree as foqows: A. Assessments. Borrower shap prompdy pay, when due, all assessments imposed by the Owners 4 Association or other goveming body of the Condominium Project (herein "Ouvn¢rs Association") pursuant to the provistons of the declaration, by-laws, code of regulations or other constituent docum¢nt of the Condominium Proiect. ~ B. Hazard Insurance. So bng as the Owners Association maintains a"master" or "blanket" polky on the CondomWum Project whkh provides insurance coverage against Ehe. hazards inciuded within the term "exteoded coverag¢," and such other hazards as Lender may require, and in such amounts and for such peTiods as Lender may require, then: ~ (i) Lender waives the provision in UnifoTm Covenant 2 for the . monthly payment to Lender of one- ' twelfth of the premium installments for hazard insurance on the Property; ~ (ii) Borrower's obligation under UniEorm Covenant 5 to maintain hazard insurance cqverage on the Prop¢rty is deemed satisfied: and - ~ (iii) the provisions fn Uniform Covenant 5 regarding applkation of hazard insurance proceeds shall be superseded by any provisions of the d¢claration, by-laws, code of regulations or other constituent document of the Condominium Proj¢ct or of applicable law to the extent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 time during which such hazard insurance cov¢rage is not maintained, the immediately preceding sentence shap be deemed to have + no force or effect. Borrower shaU give Lender prompt notice of any lapse in such f~azard insurance coverage. In the event~ of a distributlon of hazard insurance prceeeds in lieu of restoration or repair folbwing a loss to ! the P+roperty, wheth2r to the unit or to common elements, any such proceeds payable to Borrower are hereby assigned and shall be paid to Lender for appiication to the sums secured by the security instrument, •with the exc¢ss, if any, paid to Borrower. ' C. Lende~'s Prior Consent. Borrower shall not, except aher notke to Lender and with Lender's prior ~ written consent, parMion 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 casuahy or in the case of a taking by condemnation. or eminent domain: • i ~ (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 whkh would change the percentage interests of the unit owners in the Condominium Projed; or ` (iii) the effectuation of any decision by the Owners Association to terminate prof¢ssional 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 assessment~. tfien Lender may invoke any remedies provided under the security instrument. including. but not limited to. those provided under Uniform Covenant 7. tN WCENESS WHEREOF, Borrower has executed thfs Condomin[um ider. ~ ; N:~ F~FCOR~ED ~ - " ' Jo Sc u t orrower ~ _ ~ . U ; v ~ - . ~ ~ q,3~584 3 ~ t 3:00 . ~ '79 22 P~~1 ~ - ~ F ~ °1' C~ '~r'o~„-.~.- ~ CONDOMINIUM RIDER-~ ao.4 ~ryr=$/75-FNMA~FHLMC UNIfORM INSTRU vonne @Y'S .~Borrower ~ ~ t _ : _ . : - ~ ' ~r, t ~ 800K e~~ PACE ~ ~ r-o~ zso ,z~~a~ ~ _ - - - ~ ~ ; s ~ - 4_ r< ~