HomeMy WebLinkAbout2646 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OR FORT PIERCE
CONDOMINIUM RIDER
THIS CONDOMINIUM RIDER is made this ?6th day ~ ...January
19 and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust
or Deed to Secure Debt (herein "security instrument's dated of even -date herewith, given by the undersigned
(herein "Borrower') to secure Borrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF_
~r~ L ,
FORT. PIERCE (here en ~ nd co Bring the Pro escribed in the security instrument and
located at Vi S`~a _ ~alm . bane, Metro Beach, ~ori. a _ _ ,
~o•ra ~aa•.a
The Property comprises a unit in, t~~ with an undivided interest in the common elements of, a condominium
project known as ? 1 A ~QY~-~ .
pam. a conoonNn+wn RoMca
(herein "Condominium Project") .
CONDOMIMUM COVE~IANTS..ln addition to the covenants and agreements made in the security inshvment, .
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 ~ pursuant to~ the
provisions of the declaration, by-laws, code of 7egulations or other constituent document of the Condominium
Protect.
B. Hazard Insurance. So long a; the Owners Association maintains a "master" or "blanket" policy on the
Condominium Project. which provides insurance coverage against fire, hazards included 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, then: -
(i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one-
twelfth of the premium instagments 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 provisions in Uniform Covenant 5 regarding application of hazard 'insurance proceeds
shall be superseded by any provisions. of the declaration,. by-laws, code of regulations or other constituent
document of the Condominium Project or of applkable 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 whkh such hazard
insurance coverage is not maintained, the immediately preceding sentence shall be deemed to have
no force or effect. Borrower shall give Lender prompt notke ~of any lapse in such hazard insurance coverage.
In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair folbwing 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 shall not, except after notke to Lender and with Lenders prior
~ written consent, 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 substantial destruction by fue or other casuahy 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 whkh would change the percentage interests of the unit owners in the Condominium Project; or
(iii) the effectuation of any decision by the Owners Association to terminate professional management
and assume seN-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 imroke any remedies provided
under the security instrument, including, but not limited to, those provMed under Uniform Covenant 7.
IN WITNESS WHEREOF, Borrower has executed this Condominium Rider.
FitEO~ AND RECORbED
! UCiE COUNTY. FLA.
~t?P~ VERiF!EC -
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CUNDOMINIUM~I~~~IR~~jI?!h°~~TNMA/FHLMC UNIFORM INSTRUMENT
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600K~~ PAGEfLV~
Form 250
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