HomeMy WebLinkAbout2198 FIRST FEDERAL SAYINGS AND LOAN ASSOCIATION
OF FORT PIERCE
COND0I~ZINIUM RIDER
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Tots Co~nortthtt!st Rtnfx is made this........18~ ...............da}• ot.)!~reh....................,
19 ?9 ,and is inrnrporated into and shall 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 • (herzin
"Borrower'") to tccure Borrower's Note to...... FIRST .FEDERAL .SA~rIIQGS. AND .LOAN. ASSOCIATIAII .OF . .
.....FORT.
,~'$~E.. . (herein "Lender") and covenn the Pro rt}° described in the security instrument and
located at....... , Qhore Lrivet Ft._ Pieree~,~a....~Q
(Property Adoress)
The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium
project known as.~lotm64a@$
(Name of Condom~niurn Project)
(herein "Condominium Project").
Co~t~ostttatt~t~t COVET~AtJTS. in addition to the covenants and agreements made in the security instrument,
Borrower and Linder further covenant and agree as follows: ~ -
A. Assessments. Borrower shall promptl}• pa}•, when due, all assessments imposed b}• the Owners Association
ur other governing bod~• of the Condominium Project (herein "Owners Association") pursuant to the provisions of the
declaration, b}~-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" police on the
Condominium Project which provides insurance coverage against fire, hazards included within the term "extended
~c+~~era~e; 'and such other hazards as Lender ma}• require, and in such amounts and for such periods as Lender ma~•
r. quire, then:
(i) Lender waives the provision in Uniform Covenant 2 for the monthl}' pa~~ment to Lender of one-twelfth
of the premium installments for hazard insurance on the Property:
(ii) Borrowei s obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the
Propert}' is deemed satisfied; and '
(iii) the provisions in Uniform Covenant 5 regarding :tppiication of hazard insurance proceeds shall he
.upc:rseded b}• an}' provisions of the declaration, b}~-laws, code of regulations or other constituent document of the
Condominium Project or of applicable law to the extent necessan• to avoid a conflict between such provisions aril
;he provisions of Uniform Covenant 5. For an}' period of time during which such hazard insurance coverage is not
nr~intained, the immediatcl}• preceding sentence shall be deemed to have no force or effect. Borrower shall give
Lender prompt notice of an}~ 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
i the Property, whether to the unit or to common elements, arn• such proceeds payable to Borrower are hereby as~i~ned
and shall be paid to Lender for application to the sums secured by the security instrument, with the excess, if am'.
~ paid to Borrower.
C. Cinder's Prior Content. Borrower shall not. except after notice to Lender and with Lendei s prior written
consent, partition or subdivide the Proprm• or consent to:
(i) the abandonment or termination of the Condominium Project. except for abandonment or term nation
provided b} taw in the case of substantial destruction by fire or other casualty or in the case of a.taking b}~ condemnation
or eminent domain;
(ii) an}~ material amendment to the declaration, b~~-la~~s or rode of regulations of the Owners Association.
o; rqui~~alrnt c~+rttitu~nt document of the Condominium Project. including. but not limited to. arty amendmem which
would chsme the percentage interests of the unit owners in the C~nd~~mir~ium Project; or
~ (iii) the effectuation of am decision b}• the Owners A~socration to terminate professional management and
~ zslimc self-management of the Condominium Project.
D. Remedies. If Be?rrower breaches Bnrro~+er't co.enent~ and agrreme•nts hereunder. including fhe co•enant
tr. pe} when due cund.+mirrium a~cr~>me•nts, then Linder ma. imuke any rernc•dirs provided under the trcurih
instrument, inclorting, but not limited to, thole prc+.idrd under t nifurm Covenant 7.
l'• V1•Ii~t.S~ V~~NtREOr, Borrower has executed this Condominium Rider.
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