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Home My WebLink About0687 ( FfR3T FEDERAL SAVINGS AND LOAN ASSOCIATION ~ ~ ~ OR FORT PIERCE i CONDOMINIUM RIDER t , ~ ; THIS CONDOMlNIUM R1DER is made this . . . . . . 28th. . . . . . . . . day of . . . .~!"Ch ~ 19 .7.9. and ts incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of T~ust or Deed to Secure Debt (herein "securiry inshument") dated of even date herewith, given by the undersigned (herein "Borrower") to secure Borrower s Note to FlRST FEDERAL SAVINGS AND l.OAN ASSOCIATiON OF FORT PIERCE (herein "l.ender") and covering t1~ ~ope~ deXrib¢d3~~52he security instrument and 2400_ S.. Ocean. Drive, Ft. ier e, r ~ u , locatedat.......... ~woo.ny ~aehss? The Ptoperty comprises a unit in, ~~h~*CEAN 1~LY.~E ~ interest in the common elements of, a condominium project known as . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • - - - . . . . _ . . . . (Nam. ol conaomwwn v.oi.en ' . . . . _ . . . . _ (herein "Condominium Project"). CONDOMlN1UM COVENANTS. ln addition to the covenants and agreements made in the securiry instrument, Botrow¢r and Lender further covenant and agree as follows: A. Assessments. Bonower shall prompdy pay, when due, all assessments imposed by the Own¢n Associafion or other 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 Proied. B. Hazard Insurance. So long as th¢ Ow~ers Association maintains a"master' or "blankef' policy on the Condominium Project which provides insurance covsrage 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 hatard insurance coverage on the Property is deemed satisfied; and (iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds ~ shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent i document of the Condom[nium Ptoject or of applicable law to the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 effect. Borrower shall give Lender prompt notice of any lapse in such hazard insurance coverage. In the event of a distribuNon 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 shaq be paid to Lender for application to the sums secured by the securiry instrument. •with the j excess, if any, paid to Borrower. ~ C. Lender`s Prlor Consent. Borrower 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 substantial destruction by fire or oth¢r casualty or in the case of a ~ taking by condemnation or eminent domain: ~ (ii) any material amendment to the declaration, by-laws or codP of regulations of the Owners Association, or ¢quivalent constituent document of 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 professiona) management and assume self-management of the Condominium Project. - D. Remedies. If Borrower breaches Bonowei s covenants and agreements hereunder, including the ~ covenant to pay when due condominium assessments, then Lender may invoke any remedies provided t under the security instrum¢nt. including. but not limited to. those provided under Uniform Covenant 7. ~ ~ lN WITNESS WHEREOF, Borrower has executed this Condominium Rider. ~ ` 'FtLED AND RECQFcDC~1D~Af~ • ~r ~ q F `M.~` ~ ST. LUC!E COUNTaf.- s -~.i,~'i 7 VER1~lED ~ /L`~ - 4~~~5 Fred W. Busc , a marrie a u -e«~~r ; ` '79 APR 2 PM 2: 3 8 / ~ k ~ L ` CONDOMINIUM RIDER-t~~xf~m~~f~¢!-~NMA/fHLMC UNIFORM INSTRUMENT ~ CLERK CiRCU1T COtlRT, $ ~ ~ s i Q ~ Rr JV~ ~'A~~ "U` ~ Form 250 DC i Z ~ . . , , . _ .,_W.:~