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HomeMy WebLinkAbout1338 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE CONDOMINIUM RIDER TH1S CONDOMINIUM RIDER is made this . . . . . . 12th . . . . . . . . . day of . . . .JuO@ . . . . . . . . , 19 . 7.9. and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust or Deed to Secure Debt lherein "securiry instrument") dated of even date herewith, given by the undersigned (herein "Borrowei') to seture Borrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE (herein "Lender") and covering the Property described in the security instrument and located at . . . . . . . . . . . . . . . . . . 2400. Oc~a~n. Qriv~, .Ftf .Pi~rce, .Fl . _33450 . _ . . . . _ . (PropwiY AOdr~a31 The Property compnses a unit in, together with an undivided interest in the common eiements oi, a condominium pro)ect known as . . . . . . . . . . . . . . . .OCEAN VILLAGE - - ~ - ~ ~ - (Nams ol Condqm~wm P~qecq . . . . . . . . . . (herein "Condominium Project"). CONDOMINIUM COVENAMS. in addition to the covenants and agreements made in the security instrument, Borrower and Lender further covenant and agree as follows: A. Assessments. Borrower shal) promptly pay, when due, all assessments imposed by the Owners Association or other goveming body of the Condominium Project (herein "Owners Associafion") pursuant to the provisions of the declaration, by-laws. code of regulations or nther constituent document of the Condominsum . Proiect. B. Hazard Insurance. So long as the Owners Association maintains a"master" or "blanket" policy on the Condominium Project which provides insurance coverage against fire, hazards inciuded 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 premiurri installments for hazard insurance on the Property: (ii) Borrower's obligation under U~iEorm Covenant 5 to maintain hazard insurance coverage on the Property is deemed satisfied; and (iii) the provisions in Uniform Covenant 5 regarding application of hatard insurance proceeds shal) be superseded by any provisions of the declaration, by-laws, code of regulafions or _ other constit~ent document of the Condominium Project or of applicable law to the extent necessary to avoid a conflict between i such pro~~sions and the provisions of Uniform Covenant 5. For any period of time during which such -hazard ~ i~surance cov¢rage is not maintained. the immediately preceding sentence shali be deemed to have ; no force or eHect. Borrower shaU give Lender prompt notice of any (apse 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 elemenis, any such proceeds payable to Borrower are hereby assigned and shall 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, ~xcept after notice to Lender and with Lender's prior € written consent, partition 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 casuatty or in the case of a taking by condemnation or eminent domain; ~ (ii) any material amendment to the declaration. by-laws or code of regu:ations of the Owners Association. or equivalent constituent document ot the Condominium Projec!, including, but not limited to, any amendment which would change the percentage interests of the unit owners in the Condominium Project: or ~ (iiil the effectuation of any decision by the Ovimers Association to terminate professional management ~ and assume self-management of the Candominium Project D. Remedies. If 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 Condominium Rider. ~ ~ ~ r!'9 27 f~l• ..S - ~ ^ ~ /~QA , s~:f~~~c.? -_~~,~~c„ rkan - ~~!J`3o~ SI.Li~~ tGl7N1 Y. E L A ~ -e.~•,owe, f~ ~ ROGER P017RA5 ~ ~ GtRCU1i C~U~~~~ (~j~ , , ?cT~ ~ san Amerkan ~ n~~i.~3`'E~' " ~ f - ~ r.nNrx~MiNiuM RiDER-, to 4 Familv-5i75-fNMAiFNIMC U~iIfORM INSTRUMENT ~ ~ ~ ~ ; g~~`K 311 ~a~E ~7 ~ fo?r?~ 2so