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HomeMy WebLinkAbout0424 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE CONDOMINIUM RIDER THIS CON[?OMINIUM RIDER is made this . . ?nd. . . . . day of . . . .~y . . , 19 .79. , and is incorporated into and shall be deemed to amend and supplement a Mortgage, need of Trust or Decd to Secure Debt (herein "security instrument") dated o( even date herewith. given by the undersigned Iherein "Borrower"1 to secure Borrower's Note to F1RST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE (herein "Lender") and covering the Pro erty described in the security instrument and ~a~ted at . . . . . . . . . . .2400 _S.. _ Ocean .Drive,. Fpt.. Pierce,. F1.. 33450 _ . _ IWOperty AAOrEall The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium projec~ known as . . . . . . . . . . OCEAN.VI~I.AGE . . _ . . . _ . INarrM o! ConAanmwm Pro~ectl . . . (herein "Condominium Projecf'1 CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security instrument. Borrower and Lender further covenant and agree as follows: A. Assessments. Borrower shall promptly pay, when due, all assessments imposed by the Owners Association or other governing body of the Condominium Project (herein "Owners Association"1 pursuant to the provisions of the declaration, by-laws. code of regulations or other constituent document of the Condominium Proiect. B. Hatard lnsurance. So long as the Owners Association maintains a"master" or "blankef' policy on the Condominium Project which provides insurance coverage against fire, haaards 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 Unif~rm 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 Covenar,t 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satisfied: and (iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shal) be superseded by any provisions of the declaration.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 contlict 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 l.ender prompt notice of any lapse in such hazard insurance coverage. ln the event of a distribution of hazard insurance proceeds in lieu of restoration or repair tollowing 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 aba~donment or termination of the Condominium Project, except for abandonment or = termination provided by law in the case of substantial destruction by (ire or other casualty or in the case ~f a ; taking by condemnation or eminent domain: ~ (~ii any material amendment to the declaration, by-laws or cod~ of regulations of the Owners ~ Association. or equivalent 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 professional management ~ and assume self-management of the Condominium Project. ~ D. Remedies. It 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 securiry instrument. including, but not limited to, those provided under Uniform Covenant 7. ~ ~ 1N WITNESS WHEREOF. Borrower has executed this Condominium Rider. ~ ~ s i '979 ~'t'.Y 21 PM4 ~ 28 ; FILEO ANL F._COr:atu - SLLUCIE COJNTY.FU. Norman P. Bergl und R^•.^«r ~ CLERK C1RCU 7 COUS ?'~l 1~ ~ ~ ~ r-~ ' ~ ^--9~ ar ara~ . -~er~nd--~---•`_- _-~;...,wr ~ aECCpn :Er~- E § ~ ~ CONDOMINIUM RIDER-~ ro a FaT,'y-6i75-FNMA%FNIMC UN~FORM I~JSTRUMFNT ~ ~ ~ a ~ ~ 300r 3U9 424 ~ Form p5r~ a ~ i 1 = ~ > M.-~~~ ~~,rF~ u~ ~ - 3~` - ::i . . . . - . ~ -.~vT:~,-r~~; . . .