HomeMy WebLinkAbout0925 FIRST FEDERAL SAVINGS AND LOAN AS~OCIA7ic~N
OF FORT PiERCE
CO~TDO~~I'\IU1'I RIDFR
Tti~s Co~txi~~i!.i~•~t R~t,~x is made this. . . . . . . . . . . . . . . . . . . . . .da~~ of . . . : .l~arCh . . . . . . . . . . . . . .
19T~. and is inc~r~ urated into an~+ ~hall h, de~mc•d to amend and ct~ppkm.•nt a'~t~rt~•age, Deed of 7'rust s~r D:ed
to Secuce D:bt (hercin "~rcurit~~ in~trurnrnt'~) dated of rien date hrrc~~•ith, ci.~rn b~' the undersigned (hcr~in
'~B~rro~~~er" ) tr. ~rcure Rorrowri s ?~'ote to. . . . _ . F'IRST .FEDERAL .SAVINGS. ANA .LCAN. ASSOCIATIDId OF . _
_FORT. P~~RCE_ .(herein "Lendei') and covcring the Propert~~ describcd in tne ~ecurit}~ inctrument and '
1«atcd at. . 516~ D _t~ooked I.ake .Le~us~. Ft. .Pieresi. Fls. . . . . 33~50! . . . . . . . . . . . . . . . . . . . . . . . . . . ~
t
(ProplAy Atldres5)
7~c Pro~ert~~ eomprises a unit in, to~~ethct w•ith an undi~~ided interect in the common el~ment~c of, a condc~m;nium
project kn~~~n ~t . . . ~,~1 .~O~I1~_ .F.~Q~'ti . ~~I'.~4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(Aame ot Condom~~~um Pre~ect;
. . . _ . . - • - - - • . . . . (hrrein "Cc~nd.~minium Projcct"). >
Co~ao~~~~~v~t CO~'F!~~~TS. In addition 1~~ the co~~~nants and a~~rr~menls n~ade ir. the cecurih• instrvm~nt,
Aorr~w~r and LenJer further covenant and a~_rec as folio~~s: ~
A. :~.cecsments. B~~rro~~er ~hal! prc~mpth pa~, H~hcn due, all as~:;siments im~c~~ed h~~ th: OHnerS As~ik~iatian
cir c~th.:r go.~erning ho:i~~ of thr Condc~n;inium Projeet (herein "O~t ners Ascc+ciatic~n"? ~ur>~ant t~ ihe ~ro~ i~ic~ns c,f the
decla,-aticm. h~~-la~~s. c~~: of re~uiations or other conctituent document af ihe Cond~~minium Project_
B. Naeard Incuranee. Sc~ 1o~R ac the O~n~rs Assckiatiun maintains a"ma~ter" or "blanL,et" polic~ c:n the
Condc?minium Projcct H'rtich pro~•idrs incur:~nrc crn~craac a~ainst firc. ri3"L3fCjS includcd ~~ithin thc trrm "extend:d
cove~agr." and wch other hazardc as Lender mac require, and in such amt~unts and for such peric~ds as L~n,1r; ma~~
rcauirc, thcn: -
(i) Lender ~~ai.~es the prm~ision in L~nif~rm C~~enant 2 for the monthl~- pa~mcnt t~ l.rnder ~f c~n~~-:~~~cifth
of thc prcmium installments for hazard incurancc on thc Propert~•:
(ii) Bc~rrower's obligation under Uniform Ce>~enant 5 to m:~in~ain ha-rard in~urance crnerage on the
Pr~pert~ i~ decrnc~ saticfied: and
(iii) the pro~•itiicros i~ L•nif~rm Cc+~rnan! S rc;ardin~ a~~li~ation ~f h~::ard ir.~ur3nc~ pnkecds ~halt he
cu~er~e~ed b~ am pro~ssions of the d:~ciaratiort. h~-l~HS. code of rr~ala2ic~ns or o:her cc~ncti;uent dchum,nt c?i th:
Ccindc~;ninium Project or of :,p~)icabl; lau to th: extent necessan• to avoid a cc~nflict bc;~.een such prrn~i~iuns an~
ihe pro.°i~ions of l:niinrm Cov~nant S. For am peric~ of time durin~ .~hich s:~ch hazard in~urance co~~erage is not
m.+intai~ed. the immediat~l~ Prece~ine s_•n;ence ~hall he deemed t~~harc no l~rce or et~ect. Ac~rroW~er shall ;i~~e
L~nder ps~mpt nnti:e of c~m l:ipse in tti:h harard incuran~e r~~~~~r~~e_
ln the e.ent c~f a distribution ot h:~~ard insurance pre~eedc in ]ieu of rr~t~ration or rc•~~ir foN.~u~in~ a 1c~ss to
th. Pro~rt~, ~cheih:r to the unit ~r ta c~mm:~~ elements. an} ~uch proceeds pa~ahle to Barmuer are hereh~ a~.~i ~ned
and tih:~ll he paid to Lender f~r applicatic?n tc~ the sums cccured bc the ~ecuriit instrumcnt, tr~!h tne ~ ~cess_ if am-.
paid to Borrower.
C. Lendrrs Prie?r Con~ent. Borrc*uer ~hall not. racept ~fter noticc to Lender and «~i~h Lendrt~~ ~rn~r ~~ritt~n
runs~nt, partitian or ~uhdi~•;de the Pr~~~m or a~nsent to_
(i) .he vhar,dc~nment or t~rmir.~tion of thc C~»idc~minium Pmjcct. c~c~p~ ic~r ah::nc3c~nmcnt or t~rmir.~+Hn
pro~~ided b~' lav?• in the ca~e of sUhs;antial dzstruc~ii>n b~~ firr ~r t>th~ r c::~i,alt~ or in the c~.e of a takinr hti con :-~::~'ic•n
or:mincn! dnr.sain:
~II) :rh\ ,^.luTCTi3i clfl~ri:~:Tlt'f1I 1(~ i}1C (j.:j::":!'!(~R. r~ I:ti»~ t~: Ct~t~l (~f i:~ll?.=?~i~!!C p{ t}1: ~~~fl°tS .~~cii,I;:'KTR.
(~i C:~U".':~tcnt Cu!;(iIIU::I: d~~;~:m_nt it~ th~ (~~~:~..1.+1~:~P.il:IT1 ~t(~J:Ci. ?i1CiU~;d'.~'. [~il~ Fl(~', 1;'T•i<<v i~. ~n~ :~!r~:;i:~~7.'.'2' :ah:C}3
~+t~U~i} Cf::ifl,'C I}lt' ~.r:en:e;_c iTlicrrsts of thC Ullli E~~ifI;;F} !fl 1!1C C~~Ilil~~?!]FlllijfTl P~~•ifCi: pf
liii) the cfi~ctuation of am dr:~~ion b~ :hc Ounrrs A«<xiatiun tc> ter:r.in~tc pm,`cssionel n:a~a«rmcn; and
::«::me s,if-mar:s~•.r:ienc c~f tne C~~c~dc,;niniu~ Pr<~icci.
D. P.rmcd~e~S. If Rt~n~~»er hrr.~che~ R~~rinNrr'~ co~rn;+rtt~ and a~_~rrmrntc hrreunder, incluclin~ the c~nrn:~nt
tt, i a~ N hrn rjur c~~nd~,rn:nium n~~c~~rnrnt~. fhen t.rnder n:a~ in.~?{.e :~m rrmt•dir~ p~r~~ id~•d under Ihe ~rcurih
in,trutnrnl. includirnr. t~ut nut limi~rd ta, tho~e prc~~icicd uudrr l nif~~rm Co~tnant 7. ~
~1 IT~ES~ ~~~Hf REOF, Bnrmu~; hns c~r:uicd this Cn~dc+minium Ridcr.
- • _~OR~:E~
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~3'7'752 ~ ~
• V• Kl g 5~18 $LLMi Y- SO~rCwtt
,7~ 1 ° r;~ 3 : 45
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gooK 3U5 FA~~ 924
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