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HomeMy WebLinkAbout0665 ; FIRST FEDERAL SAVINGS AND L.OAN ASSOCIATION OF FORT PIEl2CE . CONDOMINIUM RIDER s THIS CONDOMINIUM RIDER is made this . . . . . 2Zpd . . . . . . . . . day ot . . h~a.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 (herein "securiry instrument") dated of ¢ven date herewith, given by the undersigned S (herein "Borrower") to seture Borrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE (herein "Lender") and covering the Prope~y described in the security inshument and loca:ed at . . . . . . . . . . . . . . .Z4Q0 S. . Qcear~ Driv.e., _ Ft. . Pi erce,. Fl.a.. . 33450 . . . . . _ . . _ . _ The Property comprises a unit in, together with an undi ' m in the common elements of, a condominium project known as . . . . . . . . . . . . . . . . . . OCEAN~LI.I~~ . . . , n+,m. a cwwa~w,+wn vro~.cn , . . . . . . . . . . (herein "Condominium Froject"). CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security instrument, Borrower and Lender further covenant and agree as foqows: A. Assessments. Borrower shall prompdy pay, when due, al) assessments imposed by the Owners Association or oth¢r 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 Proiect. ~ B. Hazard lnsurance. So long as the Owners Association maintains a"master" or "blanket" policy on the Condominium Project which provides ins~uance 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- twelhh of the premium installments Eor hazard insurance on the Property: (ii) Borrower's obligatian under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemed satisfied; and (iii) ihe provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shal) be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium Project or of applicable law to the extent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. Far any period of time during which such hazard insurance coverage is not maintained. the immediately preceding sentence shal! be deemed to have , no force or effect. Borrower shal) give Lender prompt notice of any lapse in such hazard insurance coverage. i ln 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 shall b¢ paid to Lender for application to the sums~ secured by the security instrument, •with the ~ excess, if any, paid to Borrower. C. Lender's Prior Consent. Borrower shall not. except aher notice to l.ender and with Lender's prior i 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 deshuction by fire or other casualty or in the case of a ! taking by condemnation or eminent domain: ' € (ii) any material amendment to the declaration, by-laws or code of regulations of tfie Owners ~ Association, or equivalent constituent document of the Condominium Project, including, but not limited to, any ~ amendment which would change the perc¢ntage interests of the unit owners in the Condominium Project; or (iii) the effeduation of any decision by ihe Owners Association to terminate professiona) management ~ and assume self-management of the Condominium Project_ ~ g ~ D. Remedies. lf Borrower breaches Borrower's covenants and agreements hereunder, includfng 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=~~~0 :.z~~ itcCOR~EQ ' _~C~F ~'~UhTY. FL: i • - 439459 ~ i ames J. Bro , '79 AP~? 2 PH 2: 3 Z ~ 7 ~ - - , l [ ~ -e°,.°." ; Gf a'~ \ ~ CONDOMINI ~ / ~,-FNMA/FHLMC UNIFORM iNSTRUMENT ~ ~C ~~~~~~"L~"~c~~, ~ ~ f s ~ ~ 8~ R~ ~U6 ~.az,E 664 7 Form ~ ~ ~ i ~ = - ~ - . . . .