HomeMy WebLinkAbout0961 FIRST FE~ERAL SAVINGS AND I.OAN ASSOGIATION
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OF FORT PIERCE
CONDOMINIUM RIDER
THIS CONDOMINIUM RIDER is made this . . . . . 5th . . . _ , , , . . . day o( . . . .~rCh
19 .79. and is incorporated into and shali be deemed to amend and supplement a Mortgage, Deed of T~:.~ct
or Deed to Secur¢ 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 ASSOCtATlON OF
FORT PIERCE (herein "Lender") and cov¢ring the Proper~ described in the secun instrument and
. . . . . 2400. S.. O~~an. Qriv~, Fort Pierce, F1. 3345~ _ _ . . . . . .
located at . . . . . . . . . . .
~a.ov«e~r ~aer.sai
The Property comprises a unit in, together with an un i~ nterest in the common elements of, a condominium
project known as . _ . . . . . _ .OCEAN. ~ILL~E~
~Nams oe conoom~nwm wo?.cn
_ . . . . : . . . . (herein "Condominium F'rojecY').
CONDOMINIUM COVENANTS. !n 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 "Owners Association") pursuant to the
provisions ot the declaration, by-laws, code of regulations or other constituent document of the Condominium
Proiect.
B. Hazard lnsurance. So long as the Owners Association maintains a"master" or "blanket" policy on the
Condominium Project which provides insurance coverage against fire, haaards included within the term "extended
cove~age," and such other hazards as Lender may requ've, and in such amounts and for such s
periods as Lender may require, then:
(i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one- !
twelhh of the premium installm¢nts 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
shail be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent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 suzh haza:d
insurance coverage is not maintained, the immediately preceding sentence shall be deemed to have
no force or effect. Borrower shall give Lender prompt notice of any lapse in such hazard insurance coverage.
! In the event of a dishibution 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 shall be paid to Lender for application to the sums secured by the security inshument. •with the
; excess, if any, pald to Borrower.
~ C. Lender`s Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior
i written consent, partition or subdivide the Property or consent to:
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F (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 casualry or in the case of a
taking by condemnation or eminent domain;
~ (ii) any materia! amendment to the declarafion. by-laws or code of regulations of the Owners
~ Association, or equivalent constituent document ot 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.
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~ D. Remedies. If Borrower breaches Borrower's covenants and agreements hereunder. including the
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_ 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.
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~ IN WTTNESS WHEREOF. Borrower has executed this Condominium Rider.
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~ 43'7~7s5 - ~
~ Rober E. Hardi g
: ~ ? R . l. 6 i ! ~ ~ ~'~.F ~ ` ,
~ ~ Rosemarie E. Harding
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~ CONOOMINIUM RIOER-t to 4 Family-6l75-FNMA/FH~MC !1'JIfORM INSTRUMENT
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, 30GK ~3U5 ~AGE ~U~
Form 250
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