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HomeMy WebLinkAbout0591 , . . , , , ? FIRST FEDERAL SAVINGS AND ~.OAN ASSOCIATION OF ~ORT PIERCE 05-23049859 CONDOMINIUM RIDER ~ 3rd APri~ THIS CONDOMINIUM RIDER is made this . . . . . . . . . . . . . . . . day of . . . . . . . . . . . . . . . . , 19 .~9. and is incorperated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust ~ or Deed to Secure Debt (herein "security instrumenY') dated of even date herewith, given by the undersigned (herein "Borrower") to secure Borrower's Note to FlRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE (herein "Lender") and covering the Property d¢sccibed in the security inshument and , located at . . . . .9710 South. A-I.-A, .Jensen. Bea~b, Flor.i~~ . . . ~34~7 . . . . . . . . . . . . . . . . . i {P~op~rty Addr~sq The Property comprises a unit in, to~ether with an undivided interest in the common elements of, a condominium ~ project known as . OCEANA .OCEANFRQNT. ~ONDOMINI~IM ONE . . . . . . . . . . . . . . . . . . . . . . . . . . . . ; n+.m. a co~ewnM+um Prw.on . . . . . . . . . . (herein "Condominium Project"). CONDOMINIUM COVENAM'S. In addition to the covenants and agreem~nts made in the securiry inshument, Borrower and Lender further -covenant and agree as follows: A. Assessments. Borrower shall promptly pay, when due, all asseuments imposed by the Owners Association 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 Proiect. B. Hazard Insurance. So long as the Owners Association maintains a"master" or "blanket" policy on the Condominium Project whkh provides inwrance coverage against fire. hazards included within the term "excended cov¢rage," and such other hazards as Lender may require, and in such amounts and for such periods as Lender may require, the~: (i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one- twelfth of the premium instaUments for hazard insuranc¢ on the Property: _ (n) Borrowei s obligation under Uniform Covenant 5 to maintain hatard insuranc¢ coverage on the Property is deemed satisfied: and (iii) the prov3sions in Uniform Covenant 5 regarding application of hazard insurance proceeds ; shall be sup¢rseded by any provisions of the decluation, by-laws, code of regulations or other constituent ; document of the Condominium Project or of appficable law to the extent necessary to avoid a conflict between ; i such provi~ons and the provisions of Uniform Covenant 5. For any period of fime 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 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 shaq be paid to Lender for application to the sums secured by the securiry instrument, •with the y ~ excess, if any, paid to Borrower. C, Lender`s Prior Consent. Borrower shall not, except ah¢r notice to Lender and with Lender's prior ~ written consent, pafition or subdivide the Property or consent to: (i) the abandonment or termination of the Condominium Project, except for abandonment or termination provid¢d 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; (fi) any material am¢ndment to the declaration, by-laws or code of regulations of the Owners Association, or equivalent constituent dceument of the Condominium Projed, including, but not iimited to, any amendment which would change the percentage interests of th¢ unit owners in the Condominium Project; or (iii) the effectuafion of any decision by the Owners Association to terminate professional management ~ and assume self-manag¢ment of the Condominium Project. D. Remedles. If Barrower breaches Borrower s covenants and agreements hereunder, ineluding the ~ covenant to pay when due condominium assessments, then Lender may invoke any rem¢dies provided i under the security instrument, including, but not limited to, those provided under Uniform Covenant 7. ~ IN WITNESS WHEREOF, Borrower has executed this Condominium Rider. c ~ , = PECORDED~ r . . ~ . _ ~ . : U':TY. F?_Q. ~ ~ . ~ ~ . ~ 441342 Roy H. , tn ~ r~ ~ '79 AF? I 8 PM 3 : 2 ' ; ~ ~ ~1 ~ Jeanne M. Smith COND~MINIUM RIDER-1 to 4 FarnilY-6/75-FN1~A/.EHLIAC UNIfURM INSTRUMENT ~ CL~ ~ - _ , ~ _ ; , , U R ~ ~ 9~~1~ 307 ~a~E 591 _ Form 250 ; - ~ _ .