Loading...
HomeMy WebLinkAbout0217 ~ ~ FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION .~s' ; OF FORT PIERCE CONDOMINIUM RIDER THIS CONDOMINIUM RIDER is made this . . . . . . . ?3rd. . . . . . . . day of . . . . . . Mdy 1979. and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust or Deed to Secure Debt (herein "security instrumenY') dat¢d of even date herewith, given by the unders'~gned (herein "Borrower") to secure Borrower's Note to FlRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE (herein "Lender") and• cov¢ring the Property described in the security inshument and located at . . . _ 1~51.~a,ySbQ1'~.Rr.iy@, ~Ort. Pierc~,_ Florida . . . . . . . . . . . . . . ~r~...? The Property comprises a unit In, together with an undivided interest in the common elements of, a condominium project known as . . . . . . . . . . . . . . . . ~OLONNADES M«~. a cawo~»~~,~n, wq.e„ . . _ . . . . . . . (herein "Condominium Project"). CONDOMINIUM COVENANTS. In addition to ihe covenants and agreements made in the security instrument, Borrower and Lender further covenant and agree as follows: A. Assecsments. Borrower shall prompdy pay, when due, all assessments imposed by the Owners Association or other goveming body of the Condominium Project (herein "Owners Association") pursuarft to the provisions of the declaratlon, by-laws, code of regulations or other constituent document of the Condominium Proiect. B. Hazard Ins~rance. So long 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 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 Cov¢nant 2 for the monthly payment to Lender of one- twetfth ot the pr¢mium 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satisfied; and (iii) the prov+sions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be superseded by any provisions of the declaration, by-laws, code of regulations or other conshtuent document of the Condominium Project or of applisable law to the extent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 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. ~ ]n the event of a dishibution 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 appticarion to the sums secured by the securiry instrument, •with the ; excess, if any, paid to Borrower. ~ C. Lender`s Prior Consent. Botrower 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 t¢rmination of the Condominium Project, except for abandonment or s 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 ~ amendm¢nt which would change ihe 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. lf 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. ~ IN WITNESS WHEREOF. Borrower has executed this dominium Rider. ~ ~ 9?9 J'J't -S ~I 1= 53 ..C'.~~~ 446780 ~ ~v erne . pee -~..owr ~ ~ ~ ~ Q j an . r on 4- i•'F~•':'~-- ~.r~ _ ~ ~i 'f ~ ~ CONDOMWIUM RIDER-t to 4 Famlly-6/75-FNMA/FHLMC UNIFORM INSTHUMENT ~ ~ ~ - i BOUK J~O PAGE ~1~ form 250 ~ ' - ~ r~ .