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HomeMy WebLinkAbout0304 FIRST FEDERAL SAVING3 AND LOAN ASSOCIATION OF FORT PIERCE CONDOMINIUM RIDER THIS CONDOMINIUM RIDER is mad¢ this . . . 9th _ _ . _ . . . . . . . . day of . . . . . . Ma1^Ch . . . . . . . 19 .79 and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of 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 FlRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE (herein "Lender") and covering the Property describe~d in th secu hument and . . _ . 2400_ South Ocean. Drive, _Ft. Pierce, ~la. ~34~ located at . . . . . . . . . . . IP?oOMV AOOnss! The Property comprises a unit in, to~e~her with an unc~ivided interest in the common elements of, a condominium project known as . . . . . Ocean_ Yi.l 1 age Condomi n~ um . _ _ . . . . . _ . _ . . . . . . . _ . (Nsm. a co~dwni~~w,+ wo~scu . . . . . . . . . . (herein "Condominium F'roject"1. CONDOMINIUM COVENANTS. ln addition to the covenants and agreements made in the security inshument. Borrower and Lender further covenant and agree as follows: ' A. Assessments. Borrower shall promptly 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 dectaration, 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 Ptoject which provides inwrance coverage against fire, hazards induded within the term "e~ctended coverage," and such other hazards as Lender may require, and in such amounts and tor such periods as Lender may r¢quire. then: (i) Lender waives the provision in Uniform Covenant 2 for the _monthly payment to Lender of 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satisfied: and (iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium Project or ot. ~pplicable 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 suth hazard ~ insurance coverage is not maintained, the immediately pteceding sentence shall be deemed to have i 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 etements. any such proceeds payable to Borrower are hereby ' assigned and shali be paid to ~ender for application to the sums secured by the security instrument, •with the ~ excess, if any, paid to Borrower. ? C. Le~der's Prior Consent. Borrower shall not, except aher notice to Lender and with Lender's prior ~ ~ written consent, parti6on or subdivide the Property or consent to: (i1 the abandonment or termination of the Condominium Project, except for abandonment or ~ termination provided by law in the cas~ of substantial destruction by fire or other casuatty or in the case of a taking by condemnafion or eminent domain; (ii) any material . amendment to tfie declaration, by-laws or code of regulations of 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 proiessional 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 Lender may invoke any remedies provided ~ under the securiry instrument. including, but not limited to, those provided under Uniform Covenant 7. ~ ~ IN WITNESS WHE$~QF~,~rower has exeeuted this Condominium Rider. - • . _ ~ , . ~ / r ~ , 4.3'732 ~ _ ~ _'S G,,~ ~;~3 ~ Will~am L. Gsan , a married adult -~~~~~r ~ 9 ' ~ - - o~ ~ CONDOMINwM RIDER-T fo 4 fa^~dy-6/75-FNMAIFNLMC UNIFpRM INSTRUMENT ~ ~ ; ~ ~ 3C'~~ J~t~ ~ a~;c ~~•J ~ Form 250 "