HomeMy WebLinkAbout1099 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE
CONDOMINIUM RIDER
THIS CONDOMINIUM RIDER is made this ..11th . .day of . ~anitdrY...
19 .7.9. and is incorporated into and shalt be deemed to amend and supplement a Mortgage, Deed of Trust
or Deed to. Secure Debt (herein "security instrument") dated of even date herewith. given by the undersigned
(herein "Borrower") to secure Borrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF
FORT PIERCE (herein "Lgggqdc~eZZ") a d coven the Pro descri in security instrument and
located at - .L40U S. ~cean ~r~ve, Forierce, ~a. 3~~~50 - - - -
~P.ao«M ~waNn
The Property comprises a unit in, together w~tt~, p ~pd~¢~ Brest in the common elements of, a condominium
project known as - - _ U~tAIV Y 1 LLA~ > . _ - .
1Narne of ConComin?um ~qKq
. - - (herein "Condominium Project").
CONDOMIMUM COVENANTS. In 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, all assessments imposed by the Owners
Association or other governing body of the Condominium Project (herein "Owners Association") pursµant to the -
provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium ,
Project.
B. Hazard Insurance. So long as the Owners Association maintains a "master" or "blanket" policy on the
Condominium Project whkh provides insurance coverage against fire. hazards included within the term "extended
coverage," and such other hazards as Lender may require, and in such amounts ana for such
periods as Lender may require, then
(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 ~rop_ erry: .
(ii) Borrower's obligation 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
shall be s perseded by any provisions of the declaration, by-laws, code of regulations or other• constituent -
docum f~of the Condominium Project or of applicable law to the extent necessary to avoid a conflict between
suc rovisions and the provisions of Uniform -Covenant 5. For any period of time during which such hazard
i ranee coverage is not maintained, 'the immediately preceding senterice 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 sha{I not, • except after notice to lender and with Lender's prior
written consent, pa>Stition 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 destructron 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; 8r
(iii) the effectuation of any decision by the Owners Association to terminate ~professionai 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
IN WITNESS.yVf-(I.~F.QF ~ Qr has executed this Condominium Rider.
- ~ f 1 L.Y.
432219. N~'~ j d'l/''"~~
- Bor.owe.
'79 . ~ °'i ~ y t'i•1 L 3 9 Ever t J . ~ Roi~ , .
Dorothy' A. R wan La°'~'v"" i
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CONDOMfN1UM RIDER-t to I Famly-6~~5-FNMA/fHLMC UNIFORM INSTRUMENT f
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_ ~ sooK 302 Fa~E 1099
form 250
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