HomeMy WebLinkAbout2764 Zaptrowski 04-23054065
FIRST FEDERAL SAYINGS AND LOAN •ASSOCIATIt7N •
OF FORT PIERCE
GO~TL~OMII~IUI~'i RIDER
TNIS Co~tx,att~tust RIt,CR is made this......... l$.th ............day ot..........Mdy
19.7.9. „and is inrnrporated into and shall lx deemed to :+mc•ncl :uul supplement a Mortgage, Deed of Trust or Deed
to Secure Dcbt (herein "srcurih• instrument") doled of even date herewith, given by the undersigned (herein
"Borrov?•cr") to secure Borrower s Vote to...... FIRST .FEDERAL .SAVINGS. ANA .LOAN. ASSOCIATiDJ1 .Ol:. .
.....FORT. P.IERCE..... (herein "Lender) and coserinc the Property described in the security instrument and
located at ..................2400, South Ocean, Drive, _Ft; _ Piet^eQ, _F~._ X34.5.0.... , . , . ,
(PropeAy AdGiess)
The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium
project known as ................................Ocean.Vil.lage......................_..........
(Nam! of Co~AOminlum ProjecU
(herein "Condominium Project").
COKt>OllINIUM CO\'ENANTS. In addition to the cov.:nants and agreements made in the security instrument,
Borrov?•cr and Lender further covenant and agree as follows: _
A. As•escments. Born,wer shall prompth• pay, when due, all assessments imposed by the Owners Association
or other governing 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 Project. -
B. 1lazard lncurence. So lone as the Owners Association maintains a "master" or "blanket" policy on the
Condominium Project which provides insurance coverage against fire, hazards included within the term "extended
co~crage;'and such other hazards as Lcndcr may require, and in such amounts and for such periods as Lcndcr may
rcyuire, then:
(i) Lend+:r waives the provision in Uniform Covenant 2 for the monthly pa~•ment to Under of one-twelfth
of the premium installments for hazard insurance on the Property;
(ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the
Property is deemed satisfied; and
(iii) the provisions in UnTorm Covenant 5 regarding application of haz:,rd insurance proceeds shall be
superseded by any provisions of the declaration, by-laws, code o[ regulations or other constituent. document of the
Cc,nduminium Project or of applicable law to the extent necessary to avoid a conflict between such provisions and
the pro~•isions of Uniform Covenant 5. For am period of time during which such hazard insurance coti•craee is not
maintained, the immediatels• preceding sentence shall be deemed to have no force or effect. Burrower shall give
1_ender prompt notice of am• 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 assitined
and shall be paid to Lcndcr for application to the sums secured h~• the security instrument, with the c,?cess, if am•.
E paid to Borrower.
C. Lcndrr s Prior Content. Burrower shall not, except after nrnice to (..ender and with Lcndcr's prior written
~ consent, partition or subdivide the Pmprny or concern to:
~ (i) the abandonn,cnt or termination of the Condominium Project, except for abandonment ur terminatiom
pro.•ided bylaw in the case o[ substantial destruction by fire or other casualty or in the case of a taking b~~ condemnation
or eminent domain;
i (ii) am- material amendment to the declaration. by-lass or cede of rr~ulations of the Owners Asociat~un.
ur rquis•alent constituent document of the Condominium Proicet. including. but not limited to, any arncndm:•nt sshich
~ :+ould change the percentage interests of the unit owners in the ('undominium Project; or
1 (iii) the effectuation of any decision by the Owners Association to terminate professional management and
ascumc self-management of the Condominium Project. -
D. Remedies. It ItorruNCr breeches RorroNrrs cu.rnents and agmemrnts hereunder. including the cos~enenl
to peg v?hrn due condominium a.~rccmrntc. then Lcndrr mad invoke am' remedies prusidrd under fhe security
in~tnumrnl, including, but oat (trotted to, Ihuse pros idrd under l'nifurm Cus•enant 7.
I
lt: V1'1T!~ESS WHEREOF, B.~rrower has executed this Condominium Rider.
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(9T9 JUN -4 11(6 3~ 55 _ _li~. _
a ~ o~in A. Zaprowski -ecr?wYe.
• F11.E0 ANO RECOKOEO
s SL WCtE COtIliT Y. FLA. _ ,
R06ER POITRA
CLERK CIRCUIT COUR~ _ ~
RECORO Vti1;IF~£C-- Marjori~~ WS 1• -eo~ro«e?
~ 446503
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