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HomeMy WebLinkAbout0686 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE ~ CONDOMINIUM RIDER ; 23rd February THIS CONDOMINIUM RIDER is mad¢ this . . . . . . . . . . . . . . . . . . day of . . . . . . . . . . . . . . . 19 . 79., and is incorporated into and shall be deemed to amend and suppiement a Mortgage, Deed of Trust or Deed to S¢cure 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 "Lender") and covering , the Property described in tt~e security inshument and located at . . . . . . . . . _ . ?4Q0 $ _ .Ocean Dri ve, . Ft. . Pi erce_, . F1 a . _ 33450 _ . . . . . _ . . . _ _ . ~a~ ~ The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium project known as . . . . . . . . . . . . . OCEAN. VIl1.AGE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mame m Conooi+++n~w~ P.o{sen . . . . . . . . . . . (herein "Condominium Project"1. CONDOM1NtUM COVENANTS. In addition to the covenants and agreements made in the security instrument. 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 "Ow~lers Association") pursuant to the provisions of the declaratlon, by-laws, code of regulations or other . constituent document of the Condominium Proiect. B. Hazard lnsurance. So long as the Owners Associafion 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 Lender 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 of one- twelfth 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satisfied: and (iii) the provisions in Uniform Covenant 5 regarding application of haurd insurance proceeds shall be superseded by any provisions of the declaracion, by-laws, code of regulations or other constituent document of the Condominium Project or of appiicable law to the extent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 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 elements, any such proceeds payable to Borrower are hereby ~ assigned and shal] be paid to Lender for application to the sums secured by the security instrument. •with the ° exc¢ss, if any, paic' to Borrower. . € C. Lender`s Prior Consent. BoTrower shall not, except aher notice to Lender and with Lender's prior _ ~ 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 substantiai destruc6on by fire or other casualty or in the. case of a ~ ~ taking by condemnafion or eminent domain: r ~ 1ii) any material amendment to the declaration, by-laws or code of regulations of the Owners ~ Association, or equivalent constituent document of the Condominium Project, inciuding. 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 professionat management ~ and assume self-management of the Condominium Project. ~ D. Remedies. If Borrower breaches Borrawers 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. rq : ' ~`rOi.r.`~ ~ ~ - _ - - 4; ' - . • = t~ ~ - _ ao„ewe~ 4.~~{jh H b rt Gol t'n z 5~ J l'.. r ~ tl ~~~y J C'1^~ ~ ~ Dona. o ~ ~ ~ ° G~ ° CONDOMINIUM RI(3ER--t,to d family-6l75-FNMA/FHLMC UNIFOR QmdS A. Ferrante ~ _ _ - -Borrower ~~S ~ ~ ~ 90GK 3U5 ?AGE ~~5 ~ fam 250 s~ :a;