The URL can be used to link to this page

Home My WebLink About1364 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE CONDOMINIUM RIDER THIS CONDOMINIUM RIDER is made this . . . _25th , . . . . . . . . . . day of . . _ .~une 19 . 7.9. and is incorporated into and sfiail be deemed to amend and 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 BoROwer's Note to FlRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE {herein "Lender") and covering the Property described in the security inshument and I«a~ed at . . . .1.772 Gul f.stream. Av.e~ue,. Fort. Pi erce,. Fl ori da _ 33450 . . . . . . . . . . . . . _ . ~P.ocenY ~wa.sss~ The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium project known as . . . . . . . . . . . . . . . .GULFSTREAM. _ . _ _ . _ _ ~tJa.~e or C«w«n~mum vro~ecr? . . . . . . . . . - (herein "Condominium F'roject") - . . . . . . C(~iVUVrii~vi'viri t.vvuvr~~~ ~ in auUlllvn to i(ie Cc~vri~a~~i~ ah~i ay~re~Yiriii~ tiiaur iii iiir ~C:iiiiiy ~i?aiiuiiiril~. Borrower and Lender further covenant and agree as follows: _ A. Assessments. Borrower shall promptly pay, whe~ due, aq assessments imposed by the Owners Association or other goveming body of the Gondominium 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 lnsurance. So long as the Owners Association maintains a"master" or "blanket" policy on the Condominium Project which provides insurance coverage aga;nst 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 Covenant 2 for ihe monthly payment to Lender of one- twelhh of the premium installments for hatard insurance on the Property: (ii) Borrower's obl'gation under 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satisfied; and (iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium Project or of applicable law to the extent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 ha2ard ~ 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. j ln 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 assigned and shall be paid to Lender for application to the sums secured by the s~curity instrument. •with the ~ excess, if any, paid to Borrower. C. Lender's Prior Consent. Berrower shal) not, except aher 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 deshucfion by fire or other casualty or in the case of a ~ taking by condemnaNon 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 Project: or ~ ~ (iii) the effectua6on of any decision by the Owners Association to terminate professiona) management ~ and assume self-management of the Condominium 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 security instrument, including, but not limited to, those provided under Uniform Covenant 7. ~ IN WITNESS WHEREOF. Borrower has executed this Condominium Rider. v ~ .~49412 ~ ,"~27 ~i:3~l:2 t~ ^ ~ 3 i 9 , ~ ~ ~ ~ ~ ~ ` - - ~ F;,.~o r.:.: ``~~~"`U Pedro Irazabal ~ - ST.LUC!E `~PQItRAS~ ~ ° a' ROGER • , ; ' CLEkK CiRC~{j ' - c~ ' . ~ ~ ~ _ ~ ~resa Ma~~ raza a _~,.ow., ~ -~c?:, ; _ . ~ - CONDOMINIUM RIOER-1 to 4 fam~ly-5/?5-FNMAlFNIMC UNIFORM INSTRUMENT ~ ~ ~ ~ 3~kK 311 ~A~F 1363 " Form 250 ~ ~ r