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HomeMy WebLinkAbout0023 . , . FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE CONDOMINIUM RIDER THlS CONDOMINIUM RIDER is made this . . . . . _ 16th . . . . _ . . day oE . . Apri 1 19 and is incorporated into and shall be deemed to amend and-supptement 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 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE (herein "Lender") and covering the Piro erty described in the security instrument and located at . . . . . . . . . . . . . 2400, Ocean, Driye, ~t. Pierce, .Fla. 33450_ . . . . _ . _ _ , . . _ ~PropM~ AdMsssl The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium project known as . . . . . . . . . . . . . . . flCEAN _VILLAGE. . _ : . . _ _ . ~Nan,e oe conaominw~n Prqecn . . . . . . : . . . (herein "Condominium. F'roject"?. CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security instrument, Bonower and Lender further covenant and agree as follows: A. Assessments. Borrower shali promptly pay, when due, all ass¢ssments imposed by the Owners Association or other goveming body of the Condominium Piroject (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 Condorininium Ptoject which provides insurance 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 l,ender may require, then: (i) Lender waives the provision in Uniform Covenent 2 for the monthly payment to Lender of one- twelfth of the premium instaqments for hazard insurance on the Property; (ii) Borrower's obligation under Uniform Covenant 5 to maintain hazatd insurance coverage on the Property is deemed satisfied: and - (iii) the provisions in Uniform Covenant 5 regarding applicatiori of hazard insurance pTOCeeds shal) be sup¢rseded 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. For any period of time during which such hazard insurance coverage is not maintained, the immediately preced'ing sentence shall be deemed to have no Eorce 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 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 after 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 E terminatio~ provided by law in the case of substantial destruction by fire or other casualry 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 equivalent constituen4 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 eHectuation of any decision by the Owners Association to terminate professional management ~ and assume self-management of the Condominium Project. ; D. Remedies. If BorTwver breaches Borrower's covenants and agreements hereunder, induding the ~ covenant to pay when due condominium assessments. the~ Lender may invoke any remedies provided ~ uoder the security instrument, including, but not limited to. those provided under Uniform Covenant 7. ' IN WITNESS WHEREOF, Borrov~~er has executed this Condominium Rider. = 442~8~ ~ : : „ ~ = I9T9 ~1c -2 P!~ 12~ 41 ,~'~.~y~~: g ~~q k~tco,~io~. Lloyd J Rosel~- ~ -~~„~W~, ~ ~ _ / POI7.RAS .;L ' . ; 4'~ ~ ~ ~ Ma ry . R~ -Borrower ~ RECpR'8 ~PfRtF#ED_ ~ CONDOMINIUM RIDER-1 to 4 Fam~ly-6175-FNMAJFHLMC UNIFQRM INSTRUMENT ~ - ' ~ ~ ~ 9 ~ 8o~x3o~ 23 ' Fam 250 ~ ~ ~ ~ ; - _ , ~ ~ ,.r.:,-~.. ~ . . _ . i