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HomeMy WebLinkAbout1013 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE i , . ~ , CONDOMINIUM RIDER ' 01-23053802 THIS ONDOMINIUM R1DER is made this . . . . 15th : . . . day of . . . ~y. . . . . . . . . . . , ' 19 and is incorporated into and shall be deemed to amend an~ supplement a Mortgage, Deed of Trust or Deed to Secure Debt (herein "security instrument") 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 Property described in the security inshument and located ac . . .2400 .S.. _ Ocean .Dri~ce,. Et.. Pierce> Fla.. . 334~Q _ _ . . . _ _ . . . . . . . . . . . . . ' ~~oo«+. ~aa..~? The Property comprises a unit in, together with an undivided int¢rest in the common elements of, a condominium project known as . . . .OCEAN .VILLAGE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~N.me a c«w«~~~~w++ rrc~.~n . . . . . . _ . . . (herein "Condominium F'roject"1. CONDOMINIUM COVENA[VTS_ In addition to the covenants and agreements made in the security instrument, Borrower and L¢nder ~urther covenant and agsee as follaws: A. Assessments. Borrower shall promptty 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-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 Condominium Ptoject which prov"sdes insurance coverage against fire, hazards induded 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 Covenant 2 for the monthly payment to Lender of one- twelfth of the premium ~nstaUments for hazard insurance on the Property: . (ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemed sa6sfied: and {iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be superseded , by any provisions of the declaraHon, by-laws, code of regulations or other constituent document of the Condominium Project or of applicable law to the extent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 Nme 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. . In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to ' the Property, wheth¢r to the unit or to common el¢ments, any such proceeds payable to Borrower are hereby ~ assigned and shaU be paid to Lender for application to the sums secured by the securiry instrument. •with the ~ excess. if any, paid to Borrower. C. Lender's Prior Consent. Borrower shall not, except aher notice to Lender and with Lender's prior " written consent, partirion or 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 Qwners Association, or equivalent constituent document of the Condominium Project, including, but not timited to. any amendment which would change the percentage interests of the unit owners in the Condominium Project: or !iii) the effeduation of any decision by the Owners Association to t¢rminate professional management ~ and ass~~me self-managem¢nt of the Condominium Project. ~ D. Remedies. If Borrower breaches gorrower's covenants and agreements hereunder. including the ~ covenant to pay when due condominium assessments, then Lender may invoke any remedies provided under the security instrument. including. but not limited to. those provided under Uniform Covenant 7. ~ IN WITNESS WHEREOF. Borrower has executed this Condominium Rider. . ~ ~ ~ 1919 ,J~~,y -a P~, ~ 38 G~~~~~' x~~'~'~ ~ r/s~~ F~~cc nhe ~tL~ON~cO I IGrv4 ST.LUCIE COUNSY.FLA. DOn3 e y -so,•oW~. . j ROGER PO1IRAST ? i CLERK CIRGUiS CO~~ . ~ ~3. . ~ R. Itara Shel by -8oro"`°' aECORC vc•. . ' ~ COND~MINIUM RIDER-! to 4 Family-6/75-F!1MA/fH~MC UNtFORM INSTRUMENT 4X- 2 ~ ~ ~ ~5y ~ ~ ~ Form 250 bUGX ~~O r~!~E ~0~~ ~ r ~ - .