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HomeMy WebLinkAbout1769 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE CONDOMINIUM RIDER - ` THIS CON~JOMINIUM RIDER is made this . . . . 21.St. . . . . . . . . . . day of . . . . .J.une . . . . . . . . , 19 79 and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust or Deed to Secure Debt (herein "secu~ity inshument") dated of even date herewith, giv¢n by the undersigned (herein "Borrower") to secure BoTrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF ~ FORT PIERCE (herein "Lender"} and covering the Property described in the security instrument and I«ated at . . Apt.. .40t,. 10410.A1A, .J,ensen. Bea~ch, Flor.ida . .33457 . . . . . . . . . . . . . . . . . . . ; ~ - 3 The Prop¢riy comprises a unit in, together w~th an undivided interest in the common elements of, a condominium i project known as . . . . . . . . . . . . . . . . . . . . . .ISI.AND . ~Ll16 . . . . . . . . . nra~+s M coweomimum Wo~sCn . . . . . . . . . . (herein "Condominium Project"). CONDOMINIUM COVENAW'fS. {n addition to the covenants and agre¢ments made in the security inshument. Borrow¢r and Lender furlher covenant and agree as tollows: A. Assessments. Borrower shal) promptly pay, when due, all assessments imposed by the Owners Association or ot~ier goveming body of the Condominium Project (herein "Owners Association") pursuant to the provisions of the deciaration, by-laws, code of regulations or other constituent document of the Condominium Pro~ecL - B. H~ard Insurance. 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 reguire, 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 installments for hazard insurance on the Property: (ii) BOROWeT 5 obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemed satisfied: and (iiij the provisions in Uniform Cavenant 5 regarding application of hazard insurance proceeds shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium Proj¢ct or of applicable law to the extent necessary to avoid a conflict betw¢en 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 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 i the Property, whether to the unit or to common elements. any such proceeds payable to F3orrower 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. Lend¢r`s Prior Consent. Bonower shall not. except after notice to tender 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 casualry or in the case of a taking by condemnation or eminent domain: (ii) any materia! 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 effectuation of bny decision by the Owners Association to terminate professional management and assume self-managem¢nt of the Condominium Project. ~ D. Remedies. If Borrower breache's 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 Iimited to, those provided under Uniform Covenant 7. ~ 1N WITNESS WHEREOF, Borro er has executed this Condominium Rider. ~ ~5132~ ~ :~?9 ~ 2 ~`f ~ i ` ` ~ ~ ~ . ~ ,~~iEO a~,_ ~_!:ur:,.L Mi el F. K ch Ck ~ ST. LUCt~ +.OUi• ~ Y. f ~A. . ~ ROGcR Y011RA5 ~ ~ ~ ~ CLERKCtk'-`~~~ ~~'~jl ^ Ji Kavolc yck 4 't'~'~p ~ ~_~~,,n,~~.. : _ ~ CONDOMINIUM RIDER-s to 4 Famdy-S/IS-FlIMA/FHLMC UNiFORM INSTRUMENT ~ ~ I ~ Fa~ 2~ ~_.~'K 31~ P~~,~ 1767 .