HomeMy WebLinkAbout0606 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE
CONDOMINIUII~I RIDER
THIS CONDOMINIUM RIDER is made this . . . . . . . 9th . . . . . . . . . day of . . . ,Apri 1 .
19 7.9 and i~ incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust
or Deed to Secure Debt (herein "security instrument") dated of even date h¢rewith, given by the undersigned
(herein "Borrower") to seture Borrower s Note to FlRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF
FORT PIERCE (herein "Lender") and covering the Pro rty d¢scribed in the urity instrume~t and
located at . . . . . . . . . . . . .2400,5.. Ocean.Driye,. Ft.. Pierce~ Fla.. 334~0
cv~oo.ny ~?da...s?
The Property compr~ses a unit in, together ~h OCEA
VILLA~E ~n the common elements of, a condominium
project known as . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
p+an» a ca~oom+~wm P.a.~n
. . . . . . . . _ . (herein "Condominium F'roject"1.
CONDOMINIUM COVENAIVTS. In addition to the cuvanants and agreements made in the security inshument,
Borrower and Lender further cov¢nant and agree as follows:
A. Assessments. Borrower shal) prompdy pay, when due, all assessments~ imposed by the Ownen
Association or other gov¢ming body of the Condominium Project (herein "Owners Association") pursuant to the
provisions of the dedaration, 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 Ptoject wtiich provides insurance mverage against f've, harards 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 instaliments for hazard insurance on the Property;
(ii) Borrower s obiigation under Uniform Covenant 5 to maintain hazard insurance eoverage 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shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent
document of the Condominium Project or of applicable law to the extent necessary to avoid a conflkt between
such provisions and the provisions of Uniform Covenant 5. For any period of time during whkh such hazard
insurance coverag¢ 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 hatard 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 payahle to Borrower are ~er~by
i assigned and shall be 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 aft¢r notice to Lender and with Lender's prior
~ written consent, partition or subdivide the Property or consent to:
(i) the abandonment or t¢rmination of the Condominium Project, except for abandonment or
termination provided by law [n the case of substantia) 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 the Owners
Association, or equival¢nt 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 Bonower'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 7.
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~ IN WITNESS WHEFi~9F, Borrower has executed this Condominium Rider.
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