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HomeMy WebLinkAbout0083 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION ~ , ~ - OR FORT PIERCE ~ , 1{ • t ; ~ CONDOMINIUM RIDER ~ ~ ~ ; ~ THIS CONDOMINIUM RIDER is made this- . . . . . ~ . . . . . . . . . day of . . . . . sT4~~~ . . . . ; 19 ZQ and is incorporated into and shaQ be deemed to amend and supplement a Mortgage, Deed of Trust ~ or Deed to S~cure Debt lherein "security instrument") dated of even date herewith, given b~,r the undersigned . (he~ein "Borrower ~ to secure Borrower's Note to FlRST FEDERAL SAV(NGS AND LOAN ASSOCIATION OF ~ FORT PlERCE~ (herein "Lender") and coveri the Ptroperty described in the urity inshument and ~ ~ t located at : . . 2400 . .O.a:sJ~l~. A1`~.YA s .~1~.o1!t. ~~eroe, .~o~id~. . 33~0 . . . . . . . . . ' . - The Ptoperty comprises a unit in, together with an undivided interest in the oommon elements of, a condominium pro~ect known as . . . . . . . . . OCBAIt VILLA(38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~ ~'N~n. w co~oo~wiwm P?q«a . . . . . . . . . . (herein "Condomtnium ProjecPy. . ; CONDQMINIUM COVENANTS. In addition to the cov¢nants and agreements made in the security instrument, j Borrower and Lender further cov¢nant and a~ree as follows: ~ A. Assessmenb, Borrower shall prompdy pay, when due, all assessments impos¢d by the Own¢rs ` Association or other goveming body of the Condominium Project (herein "Own¢rs Association"1 pursuaM to the ~ provisions of the declaratfon, by-laws, code of regulations or other constituent document of the Condominium Ptoiect. B. Hazard Insurance. So long as the Owners Association maintains a"master" or "blank¢t" polky on the Condominium Pmject whkh provides insurance coverage against fire, hazards induded 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, th¢n: (i) Lender waives the provision in Uniform 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 Uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemed satisfied: and ~ (iii) the proviseons in Uniform Covenant 5 regarding applkation of hazard insurance proceeds shall be sup¢rsed¢d by any provisions of the declaration, by-laws, code of reguiations or other constituent dceument of the Condominium Project or of applicable law to the extent necessary to avoid a conflkt between such provisions and the provisions of Uniform Cov¢nant 5. For any period of time during whkh such hazard insurance coverage is not maint~ined, the imm¢diately preceding sent¢nce shaU be deemed ~ to have no force or ¢ffect. Borrower shap give Lender prompt notice of any lapse in such hazard insurance coverage. : In the event of a disMbutlon of hazard insurance prceeeds in lieu of restoration or repair following a bss to ~ the Prop¢rty, whether to the unit or to common elements, any such proc¢eds payable to Borrower are h¢reby { ~i assigned and shall be paid to Lender for application to the sums secured by th¢ security instrument, •with the ~ excess. if any, paid to Borrower. ' C. Lenders Prior Consent. Borrower shall not, except aker notice to Lender and with Lender's prior ~ writt¢n cons¢nt, partition 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 substan6al destruction by fire or other casualty or in the case of a ` g 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 whkh would change the percentage interests of the unit owners in the Condominium Proj¢ct: or (iii) the. eNectuation of any decision by the Owners Association to terminate professional management and assume seN-management of the Condominium Project. D. Remedles. If Borrower breaches Bonower's covenants and -agreements hereunder, including the covenant to pay when due condominium assessments. then L.ender may invoke any remedies provided ~ under the security instrument, including, but not limited to. those provided under Uniform Covenant 7. ; ~ IN WITNESS WHEREOF, Borrow¢r has executed this Condominium Rider. ~ FiLED AND RECORb~O'. ~ ~ LUC~E COUN ~ Y, FL"A.' ~ ~~f`i'~ . ~.i~=:t? . ~ ~ ; ~ 431S92 ora ~as ro, mar e a ulte«•o..~? ` ~ ~ '79 JA"J 22 PM 3: I7 ~ ~ ~ g? ~ ' :s°"°'" ~ - ~ CONDOMINIUM R{[~EQF-~} iP:~~~i= 6~~-~IIA/FHIMC UNIFORM INSTRU~IENT ~ ` J tS 1 ~ ~ ~ ° ~ QU~?K ~~IV~ir (nCE ~ ~ ~ 2so ~ -r*.~ ~ ~ ; - _ . ' . - ,'F - ~'•x"GV : . . r ~ s,~;..~:~ r.c x'~ ~ ' ~ ,c ~ ~ ~s . . _ .