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HomeMy WebLinkAbout0814 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE CONDOMiNIUM RIDER THIS CONDOMINIUM R1DER is made this . . . 1St. . . _ . , . . . . day of . . . . Md1^Ch . _ . 19 1~ and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust or Deed to Secure Debt (herein "security inscrument") 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 "Lender"1 and covering the Property described in the securiry inshument and io~ated at . . .1351 . B.ayshore _Dr. , .Fort Pi er.ce, .F.l or. i da . . . . . . . . . . . . . . . . . . . . . . . . . ~propsrty AOCr~3l1 The Property comprises a unit in. toge ther with an undivided interest in the common elements of, a condominium project known as . . . . . . . . . . GQLONNADES :CONDOMINIUN! . . . . . . . . . . . . . . . . . . . . . . . . . . (Nams o1 CondonN~win Prol~~l . (herein "Condominium F'roject"). ~ CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security instrument. Borrower and Lender further covenant and agree as follows: A. Assessme~ts. Borrower shai) promptly pay, when due, all assessments imposed by the Owners Association or other goveming body of the Condominium Project lherein "Owners Association") pursuant to the provisions of the declaration. by-laws, code of regutations or other constituent document of the Condominium Proiect. B. Hazard Insurance. So long as the Owners Association maintains a"master" or "blanket" policy on the Condominium Project which provides insuranc¢ coverage against fire. hazards i~cluded within the term "extended coverage." and such other ha2ards 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; lii) 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satisfied; and (iii) the provisions in Uniform Covenant 5 regarding application of ha2ard insurance proceeds shall be superseded by any provisions of the declaration, by-laws.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 i 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. ~ ln the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to a the Property. whether to the unit or to common elements, any such proceeds payable to Borrower are hereby ~ assigned and shall be paid t~ 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 C.ender's prior ~ wrinen consent, pamt~on or subdivide. the Property or consent to: ~ (i) the abandonment or termination of the Condominium Project. except for aban onment or ~ termination provided by law in the case of substantial destruction by fire or other casualty or in the case of a ~ taking by cond¢mnation or eminent domain; (ii) any material amendment to the declaration, ~y-laws or codp of regulations of the Owners Association, or equivalent constituent document of the Condominium Project. inciuding, but not limited to. any ~ amendment which 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 self-management of the Condominium Project. ~ D. Remedies. If Bonower 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 securiry instrument, including, but not limited to. those provided under Uniform Covenant 7. , FV; IN WITNESS V111-~ER~,OF,. ~ vyt,e as executed this Condominium Rider. - . , - 1 = - . ~:~s~~~ ' r - Bo•rowe~ ,:3 , ~ ! P~~ 3 : u6 - ~r ~ Q' ~ -Bonowe~ ~a:; • . %a? • CONDOMINtUM RIDER-~ to 4 Famdy-6!75-FNMA!FNLMC UNiFORM ~NSTRUMENT ~ ;~s k 1 SG~K ~ J4 ~4~~ 814 = Fotm 250 k..~ ~F:~ ~'^•a ~^')e . . _ . . . - - . ' . . .