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HomeMy WebLinkAbout0825 FIRST FEDERAL SAViNGS AND LOAN ASSOCIATION OF FORT PIERCE CONDOMINIUM RIDER TNIS CONDOMINIUM RIDER is made this . 26th day ot FebrUel^y 19 ..79., and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed ot Trust or Deed to Secure Debt (herein "security inshument") 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 "Lend~~JOU ~cea"ngDriV@~~~~ described th~ rity inshument and located at . . . . . . . . . . . . . . . . . . . . . . . . . . - - - °r _ Pi erce ~ . a. • - 3~~ . . . . . . . . ~P.ower ~oa,sss~ The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium project known as . . . . . . . . . . . . . . . . . 4CEAN . ~IIILAGE. . . . . . . . . . . . . . . . - - - . . . INaine ot Caaamnwn+ wq~cq . . . . . . . . . (herein "Condominium Project"). CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security instrument. Borrower and Lender further covenant and agree as follows: ' A. Assessments. BorTOwer shall prompily pay, when due, all assessments imposed by the Owners Association or other goveming body of 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. Hazard Insurance. So long as 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 L¢nder 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 ot one- twelhh 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satisfied: and (iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium Project or of applicable law to the extent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 E such provisions and the provisions of Uniform Covenant 5. For any perod of time during which such hazard ` insurance coverage is not maintained, the immediately preceding sentence shall be deemed to have i no force or effed. Borrower shail 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 shall not, except after notice to Lender and with Lender's prior € ~ written consent, partition or subdivide the Property or consent to: ~ Ii) the abandonment or termination of the Condominium Project, except for abandonment or ~ termination provided by law in the case of substantial destruction by fire or other casualry 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 oE 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; 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 Borrower breaches Borrower's covenants and agreements hereunder, including the - covenant to pay when due condominium assessments. then lxnder may invoke any remedies provided ~ under the security instrument. including, but not limited to, those provided under Uniform Covenant 7. ~ IN WITNESS'WH~~O,~~,~~fj has executed this Condominium Rider. ` _ r, , , . . r . r ~ , p~ 435f~4~ ~ ~ ' ^ . - '7t~ ~ I Pi~l 5 3 ~ R~ c ard J. Ze~rm : -8~..~w~. - _s ~ .~-c.~....~'~_t y ' ~'r-.. ~-~-~t. _ , Shirley M. Z er . - ~ . ~ CONDOMINiUM f#tDER-i to 4 family-6%75-FNMA%fHl~dC UNIFORM 1NS~AUMENT ~ ~ ~ ~ I ~..Y : gooK 3U4 ~~~E 825 r= Fam 250 ~ ~ , - - - - _ .