HomeMy WebLinkAbout0070 . ~
~ ~iRST FEDEitAL SAVINGS AND LOAN ASSOCIATION '
. i
OF FORT PIERCE ~
?
CONDQ~VIINIUM R~IDER ~
04-23039215
~~s CotinorNin~vt?t R~nFR is made this . . . . . . . . . . . . . . . . . . 2ITH . .day ot. . : ~G~MB~.R . . . . . . . . . . . ~
197 and is inc~rporated into and shall bc deemed to amend and supplemcnt a Mortgage, Dccd of Trust or Dced
to Secure D~:bt (hercin "cecurit} ~^;:rument") dated o[ even date hercwtith, given by the undersigned (herein ;
"B~rro~~er') to ceeure Bon~wer's Note to. . . . . . FIRST .EEDERAL .SAVINGS. AND .LOAN. ASSOCISTIAId .OE . .
.FpRT. P~~ACE. . .(herein "Lender') a~d covering the Property descrihed in the securit? in5trument and
lceated at. . 2400 .~~..OC~A?N..~1 VE~..QCEAN..Y~ 4~-~?G~ s. APT,.,~.1 ~~3~. .FT... P~.~R~E i..FL
(PropeRY Add?ess)
'The Propeny comprises a unit in, togethet w7th an undivided interest in the c~mmon el~menu ot, a condaminium
_ project known az . . . . . . . . . . . . . . . . . . . . . . . . . . . . .QCeBi~. Y~1~.~8e . . . . . . . - - - . . . . . . . . . . . . . - - - . . . . . . -
(Aame of Condom~nium Proiect) -
. . . . . . . . . . . . . . . (herein "Condominium Project").
('ohno!?t~rtvr~ CovEH~xTS. In addition to the covcnants and agreements made in the securit?• inctrument,
Borrowcr and Lender further cavena~t and agree as follows:
A. ascessments. Borrower shall promptl~• pa~, H•hen due. all assessments imposed by the OKnerS Association
or other ~overning bodc of the Condominium Project (herein "Owners As~cociation") pursuant to the pro~•isions of the
declaratian, by-laws, ccxfe of re~ulat;ons or other constituent document oi the Condomini~m Project.
B. Hazard l~curanee. So long as the Owners Assciciation maintains a"master" or "blanket" polic} on the
Condominium Project which provides insurance coverage a~ainst fire, hazards included within the term "eztended
co~:erage," and such other hazards as Lender may require, and in such amounls and for such periods as Lender ma~
rcquire, then: - _
(i) Len3er w•aives the provision ia Uniform Coti•enant 2 for the mnnthl~• payment to I.ender oi one-twclfth -
of the premium installments for hazard insurance on the Property:
~(ii) Borrov?•er's obligation under Uniform Co~~enant 5 to maintain hazard insurance coverage on the
Praperty ic deemed satisfied; and
(iiij the provisions in UnTorm Co~enant 5 regarding application of hazard insurance proceeds shall t~e
superseded_ b} an} pro~~isions of the dedaration. by-laws. code of regulations or other constituent document of the
Conduminium Project or of applicable law to tht extent nuessary to avoid a conflict betH~een such provisions and
the provisions of linifarm Covenant S. For any period of fime durine Which such ~hazard insurance covrrage is not
maintained, the immediately preceding untence shall be deemed to have no force or eftect. Borrower shall givc
' l,ender prompt notice of any lapse in such hazard insorance coverag~.
ln the event d a distribution of hazard insurance proceeds in lieu of restoration or repair follou•ing a los~ to
j the Property, whether to the unit ar to common elements, any such prciceeds payable to Borrawer are hereb} assigned -
j and shall be paid to Lender for application to the sums secured b~• 1he securit~ inswment, w~ith ihe e~cess, if am•,
~ paid to Borrow•er. _ ~ _
C. Lender
s Priur Cuncent. Borro~~er sha11 not, ezrept after notice ~o Lrnder and w•ith Lender's prior wntien
~
~ conscnt, partition or subdivide the Property or consent to:
~ (i) the abandanmcnt or termination of the Condominium Project, eacept for abandonmenr or termination
~ - pravided b~ law in the case of substantial destruction by fire or other casualty or in the case of a iaking b~~ condemnation
; or cminent domain;
~ (ii) anr material amendment to the declaration, b~~-laws or eode of re€ulations ot the Ow•ners Ascociation,
~ or equi. alent eonstituent documrnt of the Cond~min"sum Project, including, but n~t limited ta, an~ amen~ment ~fiich
would changc the pcrcentage interests of the unit ow~ners in the Condominium Project; or -
(iii) thc eRectuation of aoy decision b)• the Owners Association to terminate professional management and
a~sume setF-managemcnt of the tondominium Project.
D. Remrdies. If Rurrower ~breaches Borrower s co~~enants and agrrements herrunder, including the co~enant
~u pa~ •+hcn due cundominium ascessments, then Lender ma~ im~o~,e am remrdies pro~~idrd under the securit~
~ in~tn~m.-nt, including, but not limited to, tho~t pro~ ided onder l'niform Co~-enaot 7.
~ . l~: V~'I7NE~5 V~'HEREOF, Borrov~cr has executed this Condominium Rider. _ ~
~ /
t=!LcC H~:D ~:ECORD'ED~ ~ i
~ r~~"JTY. ~Ll,. _
....~,~f . .iF`••',~ ~ / _
; ~31~8 AMES KO L ~ . -ewro..er .
~ '79 Jt;~3 22 PM 3: I I
- - ~ - - -
~ LY M. AKOTAL -Bo.~o«~r
. .
~ :!_Ef?K i'Cv f ..;::1i~-
~
4
g ~
~ ~r,
QOf~,K JV~ PACE
rr•; t - ••'1 ~ :~1 ~~~~fR : I: ~ sr- f ~3 -ihh!t :N:M,r, U\~`'~kV ltiSTRUM.EN1
.y'"._,~.,.'~a ,_sr ~ .=.a~....._..~. ~
'"~-s _ ~ ta
1 ~"~w'~`~~~:~
_ . - . _ .