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Home My WebLink About0712 FIRST FEDERAL SAVI-NGS AND LOAN ASSOCIATION OF FORT PIERCE ~ CONDOMINIUM RIDER THIS CONDOMINIUM RIDER is made this . . . . . . $th. . . . . . . . . . day of . . February 19 . 79 and is incorporated into and shall be deemed to amend and supplement a Mo~tgage, Deed of Trust or De¢d to Secure Debt (herein "securiry i~shument") dated of~ ev¢n date herewith, given by the undersgned : (herein "Borrower") to secure Borrowei s Note to~ FIRST FEDERAL SAVINGS AND LOAN ASSOCIAT[ON OF 4 FORT PIERCE (heretn "Lender") and covering the Property described in the security instrument and located at . . . . . . . . . . . . . .2400 .S. . Qcean .Dri v.e., . Fo.rt . Pi erce., . Fl a . , 33450 . . . . . . . _ . . , 1ProvMr Ade.~ss) The Piroperty compcises a unit in, together with an undivided interest in the common elem¢nts of. a rnndominium project k~oum as . . . . . . . . . . . . . . . . . OCEAN . VIL.LAG~E. . . . . . . . . . . . . . . . . . . . . . ~r~am. o~ Gonoan~n~wn proNen . . . . . . . . . . (h¢rein "Condominium Project"). CANDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security instrument. Borrow¢r and Lender further covenant and agree as follows: ~ A. Assessments. Borrower shall prompdy pay, when due, all assessments imposed by the Owners Association or other goveming body af the Condominium Project (herein "Owners Association") pursuant to the : provisions of the declaration, by-laws, code of regulations or other_ constituent document of the Condominium Proiect. . . B. Ha=ard Insurance. So long as the Oum¢rs 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 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and • ~ (iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium Project or of applicable .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 coverage is not maintained, the immediately preceding sentence 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 j 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 notice to Lender and with Lender's prior written consent, pa~rtifion 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 th¢ case of substantial destruction by fire or other casualry or in the case of a ~ taking by condemnafion or eminent domain; . 4 (ii) any material amendment to the declaration, by-laws or code of regulations of the Owners ~ Associarion, or equivalent constituent document of the Condominium Projed; including. but not limited to, any amendment which would change the percentage interests of the unit owners in the Condominium Project; or (iii) th¢ eHectuation of any decision by the Owners Association to terminate professional management and assume self-management of the' Condominium Project. ~ D. Remedies. .If Borrower breaches Borrower's covenants and agreements 6ereunder. including the 3 covenant to pay when due condominium assessments, then Lender may invoke any remedies provided ~ under the security instniment, including, but not limited to, those provided under Uniform Covenant 7. ' ~ ~ ~ IN WITNESS WHEREOF, Borrower has executed this Condominium Rider. ~ F.~~~ R£tC~OROED ~ i 1.~~~ ~~U~1TV' F!-~'_ ' w ~ ~ . ~ :>.89~ . ~ 4~ ~~o : = James . ri e ° '79 FEQ ~ 3 P~ 2 : 37 % ~ ~ ~ ~~i~ Virgin a McBride ~ - . . : _ - . ~ CONDOMINIUM~lp~.-~-~IO:~;Fj~Y~61Z5R-~NMA/FH~MC UNIFORM INSTRUMENT ~ ~ ~ ' ~ ~ ri ~ 8001( W~ PACE 71~ ~ F«~o ~ , ,z~~ ~ ~ ~ ~ ~ ~ . _ _ _ . _ . _ ~ ~ ~ ~ ~ ~w :