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HomeMy WebLinkAbout0676 F1RST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE ~ CONDOMINIUM RIDER ~ ; THIS CONDOMINIUM RIDER is made this . . . _ 29th . . _ . . . . . . . day of . . . N.Id.I"Ch . . . _ _ . . . . , ~ ; 19 .7.9. and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust ~ or Deed to Secur¢ Debt (herein "security instrument") dat¢d of even date h¢rewith, given by the undersigned ' (herein "Borrower') to secure Borrower's Note to FlRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF j FORT PIERCE (herein "Lender") and covering the Property described in the secu~ity ins~trument and located at . . . . . . . . . . . ?~OO S, Ocean Dri ve , _Ft, . P~ erce, . Fl a . .33450 . . . . . . . . . . . . . . ~ The Property comprises a unit in, together with n nterest in the common elements of, a co~dominium i project known as . . . . . . . . . . . . . . . . O~~A~V.~ILLA~iE . . . . . . . . . . . . . . - - - - - - - . . . . . . . ~ (Nann o1 Ca~dom+nlum PrW~cn i i . . . . . . . . . . (herein "Condominium Project"1. ~ } CONDOMIMUM COVENANTS. In addition to the covenants and agreements made in the security instrument. ~ Bonower and Lender further covenant and agree as fotlows: } A. Assessments. Borrower shall promp~ly pay, when due, all assessments imposed by the Owners ~ Associafion or other governing 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 t Project. ~ B. Hazard Inaurance. So long as the Owners Association maintains a"master" or "blanket" policy on the Condominium Project which provides insurance coverage agafnst fire. harards induded within the term "e~ended ~ coverage," and such other hazards as Lender may require, and in such amounts and for such periods as~ Lender may require, then: ~ (i) Lender waiv¢s the provision in Uniform Covenant 2 for the monthly payment to Lender of one- j twelfth of the premium instaUments for hazard insuranc¢ on the Property; i (ii) Borrower s obligatian 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satisfied; and ~ (iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance prceeeds shall be superseded by any provisions of the declaration, by-laws, code of r¢gulations or other constituent document of the Condominium Project or of applicable law to the extent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 shall be deemed to have no force or effed_ 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 r¢pair following a loss to ; the Property, whether to the unit or to common elements, any such proceeds payabl¢ to Borrower are hereby assigned and shall be paid to Lender for application to the sums secured by the security instrument, •with the ' k excess, if any, paid to Borrower. - C. Lender`s Ptior Consent. Borrower shall not, except after notice to Lender and with Lender's prior ~ written consenl, partition or subdivide the Property or consent to: i (i) the abandonment or terminafion , 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 ot a ~ taking by condemnation or eminent domain; p {ii) any material amendment to the declaration, by-laws or code of regulations of the Ownen ~ Association, or equivalent constituent document of the Condominium Project, including, but not limited to, any ~ amendment which would change the percentage int¢rests of the unit owners in the Condominium Project: or ~ (iii) the effectuation of any decision by the Ownen Association to terminate professional management ; ~ and assume self-management of the Condominium Project. ' ~ ~ D. Remedies. If Borrower breaches Borrower'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 ~ „ tN WITNESS WHEREOF. Borrower has executed this Condominium Rid¢r_ 3 ; = FILED AN~ RECORDED=_ s ~T. L~C~E COUNTY. FLA.~ ~ ~ ~p!rr; 'IER~FIttl C ; 4~/~ 1 I1~ J G. n -6MrOwl~ ~ ~ ~~l '79 APR 2 PM 2: 35 ~ ; ~ Agne . Evelyn ~ -8«?~,. = q _ ~ CONDOMINIUM RIDER-1 to 4 F(d/~9i~-~6/t~}+f.ti~lfHLMC UNIFORM INSTRUMENT ~ CL.~.RK CIR:.J17 ~OURT ~ Ya E s a~"K 306 675 Farm 250 ~ ~ F l ~"Y _ ~ .