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HomeMy WebLinkAbout0207 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE ~ CONDOMINIUM RIDER THtS CONDOMINIUM RIDER is made this . . . . lst, . . . . . . , , . . . day of . . . , , , June , 19 79 and is incorporated into and shaq be deemed to ame~d and supptement a Mortgage, Deed of Trust or Deed to Secure Debt (hereln "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 coveri th Pro rty ~ie bed in the security instrument and locaced at . . _ . . . 1351_ Bayshore. Drive, ~ort ~Pier~e, Flor~da ~.oo.m ~car..s? The Ptoperty comprises a unit in, together wid~ an undivided interest in the common elements of, a condominium . Project known as . . . . . . . . . .CO~.onNAO~s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (Nanw ol CoMornlnh~m ProNeq . _ . . . . . . . . (herein "Condominium Project"). CONDOMINIUM COVENAIVTS. 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 goveming body of the Condominium Project (herein "Owners Association") pursuant to the provisions of the declaration, by-taws, 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 whkh provides in.wrance coverage against fire. hazards includ¢d with[n 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) Lend¢r waives the provision in UniEorm Covenant 2 for the monthly payment to Lender of one- twelfth of the premium instaUments for hazard insurance on the Property; ~ (ii) Borrower's obligation und¢r Uniform Covenant 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satisfied; and (iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium Project or of applicable law to the extent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 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 prec¢ding 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 disfibution of hazard insurance proceeds in lieu of restoration or repair following a loss to ~ the Property, whether to tF~e unit or to common elements, any such proceeds payable to Borrower are hereby ~ auigned and shal) be paid to Lender for appiication to the sums secured by the security inshument, •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 Qr subdivide the Property or consent to: ' (i) the abandonment or termination of the Condominium Project, except for abandonment or ~ termination provided by law in the case of substantial destruction 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 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 Projed; or ~ (iii) the effectuation of any decision by the Owners Association to terminate pTOfessional management ~ and assume self-management of the Condominium Project_ ~ D. Remedies. lf Borrower breaches Borrower's covenants and agreements hereunder. including the s covenant to pay when due condominium assessments. then Lender may invoke any remedies provided ~ under the security fnsirument. including. but not limited to. those provided under Uniform Covenant 7. ~ ~ ' IN WITNESS WHEREOF, Borrower has executed this Condominium Rider. ~ 19i9 JUN 'S PM 1~ ~8 ;a t ~kff C K f~ A. ~ ` d • ~ ~ ~T ~WtG CY~~Y 4 -BWrOwN - ~ RpGER POITRAS - ~fRK CiIlCU1T C01i ~ \£Pt'ILo _4~~-1~~`l een . E' -ea.owe. ~ RECORC ~ CONDdMINIUM RIDER-t to 4 Family-6i75-fNMA/FHLMC UNIFORM INSTRUMENT ~ ~ ~ ' ~uaK 31U ~aet z~? ? Fo??„ 2so F ~ ~