HomeMy WebLinkAbout2218 . 04-23047622 i
FIr~ST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE
CO~DO~ZI~IUNI RIDER t
,
TttIS CO~iDOMINII:\i RIDER 15 made lhi5 ....................22ad..day of FeGr:uary..............,
19 and is incorporated into and shall be deemed to amend and supplement a :vlortgage, Deed of Trust or Deed
to Secure Debt (herein ''security instrument") dated of even date herewith, given by the undersigned (herein
"Borrower") to secure Borrower's Note to...... FIRST .FEDERAL .SAVINGS. AND .LOAN. ASSOCIaTIAAt .OF
.FORT. P.I1~RCE.... (herein nder'") and covcri th ro A}' sc d i ecurity instrument and
' ' ' 1300 Seaway' Drive, .Apartment D-8, ~~~er~e, h`~or~~a n35~ . . . . . . „ t
located at.
(Property Address)
The Property comprises a unit in, togziher with an ndi ' d d in er t 'n he common elements of, a condominium
project known as ~:a ~n~tra~a ~e~ .r~latr.............................. .
(Name o1 Condom,mum Project)
. . . . . (herein "Condominium Project").
COtiDO~it!~11~M CO\'F~Ai`TS. ]n addition to the covenants and agreements made in the sccurih• instrument,
Borrower and Lender further rnvcnant and agree as follows:
A. .~c.essmenls. Borrower shall promptl}• pay, when due, all assessments impcned by the Owners Asscwiatio:r
or other _overning body of the Condominium Project (hereto "Owners Association") pursuant to the provisions of the
declaration, be-laws. code of regulations or other constituent document of the Condominium Project.
B. Hazard insurance. So sang as the Owners Association maintains a "master" or "blanket" polio' on the
Condominium Project which pro>•ides insurance coverage against fire, hazards included within the term "extended
cc?.erage:' and such other hazards as Lender ma}' require, and in such amounts and for such periods as Lender ma~•
require, then: ~
(i) Lender waives the provision in uniform Covenant 2 for the monthlc pacment to Lender of one-twelfth
of the premium installments for hazard insurance on the Propem•;
(ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance rn~crage on the
Property is deemed satisfied; and
(iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be
super>eded by an}' provisions of the declaration, b}'-laws, code of regulations or other corstituent document of th^
Conde~minium'Project or of applicable law to the extent necessan' to avoid a conflict between such provisions and
the provisions of Uniform Covenant 5. For anc period of time during which such hazard insurance rnveraee is not
maintained. the immediately' preceding sentence shall be deemed to have no force or effect. Borrower shall give
Lender prompt notice of an}• lapse in such hazard insurance rnverage. +
]n 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, anp such proceeds payable to Borrower are hereb}• assigned -
and shall be paid to Lender for application to the sums secured by the security instrument, with the excess, if amp.
paid to Borrower.
C. Lender's Prior Concrnt. Borrower shall not, except after notice to Lender and with Lender's prior u ritten
consent, partition or subdivide the Property or consent to:
G (i) the abandonment or termination of the Condominium Project, except for abandonment or termination
t provided b.' law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation
~ ur eminent domain:
(ii) am material amendment to the dr:iaratinn. b}'-laws or seise of regulations of the Oun:rs Ascc?~iation.
or couivalent constituent document of the Condominium Project, including. but not limited ro. anti a*.nen~ment uhi;h
uouid change the percentaee interests of the unit ow Hers in the Condominium Project; or ~
(iii) the effectuation of any decision bti' the Owners Association to terminate professional rtanagemcnt and ;
assum: setf-management of the Condominium Protect. i
D. Remedies. if RorroNer breaches RurroNer's covenants and agreements hereunder, including the covenant
to pad Mhrn due cundumirium aae~s+nents, then Lender ma. imr~{,e am remedies pru~ided under the •e•curih
in~lnrrn. nt. lost: ding, but not timitrd to. those pro~idcd under C~nifurm Co•cnant 7.
~ ]ti V?'13!?ESS V1`NEREOF, Borrou•cr has executed this Condominium Rider.
F;LE~ AND RECOROED~ Terri L. owar
• ~ G~orga a owar -eo~.owe.
43665'7 ,
79 ~ __~---~i~:~~,------- -
h'~'~Z 9 P~ 3 ~ 23
~ Larry LeG a lFrench -bor.""°~
•
i,;. ~ Carolyn June Fr ch
F
BooK~~4 ~ac~2215
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