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Home My WebLink About1143 FIRST FEDERAL SAVINGS AND LOAN A530CIATION OR FORT PIERCE - CONDOMINIUM RIDER TH1S CONDOMINIUM R1DER is made this . . . . . . . ,14th . . . _ . , , day of . . . ,~Une . . _ _ . . . . . 19 .7.9. and is incorporated into and shall be d¢emed to amend and supplement a Mortgage, Deed of Trust or Deed to S¢cur¢ Debt (herein "security inshument'`) dated of even date h¢rewith, given by the undersgn¢d (herein "Borrower') to secure E3orrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATtON OF FORT PIERCE (herein "Lender') and covering the Property described in fhe security inshument and located at . . . . . . . . . . . . . .2.4U0 S - . Q~ed?1 .Drl ~e.~ . Ft.. . Pi el"Ge Fl. . _ ~3450 . . . . . . . _ . . . . . ~vruoa+,~ ~aa«.? ~ The Ptoperty comprises a unit in, together with an undivided interest in the common elements of, a condominium project known as . . . . . . . . . . . . . . . . . . . .OCEAN. VILLAGE . . . . . . . . . . . . . - - - . . . . . . . . . ' (Nam. o~ conaoen+n+wn vro~scn . . . . . . . . . _ (herein "Condominium F'roject"1. ~ CONDOMINIUM COVENANTS. Ih addition to the covenants and agreements made in the security instrument. Borrower and Lender further covenant and agree as follows: A. Assessments. Borrower shall promptly 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. Haznrd Insurance. So long as the Owners Association maintains a"master" or "blank¢t" policy on the Condominium Ptoiect whkh provides insurance coverage against fire, hazards ir.cluded within the term "extended coverage," and such other hazards as Lend¢r may require, and in such amounts and for such p¢riods as Lender may require, then: (i) Lender waiv¢s the provision in Unitorm Covenant 2 for the monthly payment to Lender of one- tweffth of the premium installments for hazard insurance on the Properry; (ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemed satisfied; and (iii) the provisions in Uniform Covenant 5 regarding applkation of hazard insurance proceeds shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium Project or of applicable law to the extent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 ' insuranc¢ coverage is not maintained, the immediately preceding sentence shall be deemed to have ~ no force or effect. Borrower shal) give Lender prompt notice of any lapse in such hazard insurance coverage. ; In the event ot a dishibution of hazard insurance proceeds in lieu of restoration or repair foUowing a loss to ; the Property, whether to the unit or to common elements, any such proceeds payable to Borrower are hereby i assigned and shall be paid to Lender for application to the sums secured by the security instrument, •with the ~ excess, if any, paid to Borrower. P C. Lender`s Prior Consent. Borrower shall 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 terminafion provided by law in the case of substantial deshuction 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 Projed, including, but not limited to. any amendment which would change the percentage interests of the unit awners in the Condominium Project: or (iii) the effectua6on of any decision by the Owners Associafion to terminate professional management and assume self-manag¢ment 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 UniEorm Covenant 7. ~ IN WITNESS WHEREOF. Borrower has executed this Condominium Rider. C a ~ ~ ~A ~ ~~V V ~ + / ~ ' t- 2 j v~" :~.k~Q , " ~ jj9 ~ ~ P~ 3' 2~ Larry . Bearden , a marri ed adul t-B°n°-~ ~ 3 ~ fltf0 PAG k:,(:uNUtG ~ ST.WCIECOU~TY.F~ti. Phill i R. ~ ~ RGGER POITRAS p Bradl ey, a si ngl e adu t~~„~, ~ CLERK CIFCUIT COJPi`.~ C~ /S ,[.~ti'-~ CONDOMINIUM RI~~RO v~W~ty-s<75-fiFhM/f}ILMC UNIFGRM INSTRUMlENT ~ ~ ~ ~ form 250 ~;;rIK /J~~ f'aliE 1141 , ~ ~ . - _ . . - _ _n_ ~