HomeMy WebLinkAbout0675 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PtERCE
CONDOMINIUM RIDER
THIS CONDOMINIUM RIDER is made this . . . 15~h. . . . . . . . . . . . day of . . . . ~'!~?_rCh . . . _ . . . ,
19 ..79 , and is incorporated into and shali be deemed to amend and supplement a Mortgage, Deed of Trust
or Deed to Secure Debt (he~ein "securiry inshument") dated of even date herewith, given by the undersigned
(herein "Borrowei'? to secure Borrower's Note to FlRST FEDERAL SAVINGS AND LOAN ASSOClAT10N OF
FORT PIERCE (herein "Lender") and coverin the Property described in the securi~y inshument and
located at . . . . . . . . . . . . . . . . . 116. 6 .l,a~es. ~n~ Drjv.e, . Ft,. Pierce,. Fla.. 33450 -
tPropMy AGanu)
The Property comprises a unit in, together with an undivided interest in the o elements of. a condominium
project known as . . . . . . . . . . . HI6,H, POINT .OF_ FORT_ PI_ERCE SEC~I~~ ~ I . _ . . _ _ . .
~Nan+s o~ conocm+~wn+ PrWKn
. . . . . . . . . . (herein "Condominium F'roject").
CONDOMINIUM COVENAIVTS. ln addi6on 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 declaration, by-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" policy on the
Condominium Project which provides insurance coverage against fire, hazards induded within the term "extended
coverage." and such other hazards as Lender may require, and in such amounts and for such f
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 Properry:
(ii) Bonower'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shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent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
; 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 shal) be deemed to have
i no force or eff¢ct. Borrower shall give Lender prompt notice of any lapse in such hazard insurance coverage.
; In the event of a distribution of hazard insurance prceeeds 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 applicafion to the sums secured by the securiry instrument, •with the
t
~ excess, if any, paid to Borrower.
~ C. Lender`s Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior
g written consent, partition or subdivide the Property or consent to:
~ (i) 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 casualty or in the case of a
~ taking by condemnation or eminent domain;
~ t~~) any materiai amendment to the 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 professional management
~ and assume self-management of the Condominium Project.
~ D. Remedies. If Borrower breaches Bonow¢r's covenants and agreements hereunder. including the
~ covenant to pay when due condominium assessments. then Lender may invoke any remedies provided
~ under the security instrument. including. but not limited to. those provided under Uniform Covenant 7.
~
- IN WITNESS WHEREOF. Borrower has executed this Condominium Rider.
- . .
r~ - ~
. . .
5 43`~603 ~y~'
~ ~ 1 u .~i c. ,i 3 ~-~N 1 i am H. Mey
~
~ ~ . ~
~ ~ Cora J. er -B«.~m
~
~ CONDOMINIUM RIDER-~~to 4 Family-6i75-fNMA/FHLMC UNiFORM INSTRUTAENT
~
~
~ 3CGr 3U5 Y1LF ~ 1~
~ Form 250
~