HomeMy WebLinkAbout2617 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE
CONDOMINIUM RIDER
THIS CONDOMINIUM RIDER is made this . . . . . . .211d . . . . . . . . . day of . . . JUIy. . . . . . . . . . ,
19 .79 and is incorporated into and shall be deemed to amend and suppiement a Mortgage, Deed of Trust
or Deed to Secure Debt (herein "security instrument") dated of even date her¢with, given by the undersigned
(herein "Borrower") to secur¢ Borrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF
FORT PIERCE (herein "Lender") and covering the Property described in the securiry instrument a~d
iocaced at . 2400. Sauth .Ocean Dr, i.ve, .FArt Paer.ce, .F.l orida . _334~0
. . . . . . . . . . . . . . . . . . .
~PropMy A0drq3?
, The Ptoperty comprises a unit in, together with - an undivided interest in the common elements of, a condominium
project k~own as . . . . . . . . . . . . . . .O~ean yi 1.1 age . - - - - . . . . . . . . . . . . _ . . . . . . . . . . . .
(r+.ine ot conawMmum woj.cn .
. . . . . . . . . . (herein "Condominium Project").
CONDOMINIUM COVENANTS. in addition to the covenants and agreements made in the sec~~~ity inshument,
Borrower and Lender turther covenant and agree as foUows:
A. Assessments. Borrower shall promptly pay, when due, all assessments imposed by the Ownen
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 lnsurance. 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 Covenant 2 for the monthly payment to Lender of one-
twelfth of the premium instaliments for hazard insurance on the Property:
(ii) Borrower's obiigation 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shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent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 hazard
insurance coverage is not maintained, the immediately preceding sentence shall be deemed to have
no force or effect. Borrower shall give Lender prompt notiee of any lapse in such hazard insurance coverage.
; !n the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to
j the Property, whether to the unit or to common elements. any such proceeds payable to Borrower are hereby
~ assigned and shall be paid to L.ender for application to the sums secured by the security instrument, •with the
~ excess, if any, paid to Borrower.
i C. Lender`s Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior
f written consent; pafition or subdivide the Property or consent to:
~ (i) the abandonment or termination of the Condominium Project, except for abandonment or
terminarion provided by law in the case of substantia) destruction tsy 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 whtch would change the percentage interests of the unit owners in the Condominium Project: ~r
~ (iii) the effectuation of any decision by the Owners Association to terminate professional management
s and assume setf-management of the Condominium Project.
~ D. Remedies. lf Borrower breaches Bortower's covenants and agre¢ments 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.
g 450054 ~
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~ !919 JL! -3 ~ 2 ~ ~2CC~ ~
~ f,~~~ ~~,e ~tco~otio Charles W. Pistole, rrie u t-~..owr
SLLt1C?E COUHTY.fIA•
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CONdOMINlUM RIDER-~ to 4 Fam~ly-6/75-FNMA/FNLMC UNIfJRM INSTRUMENT
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