HomeMy WebLinkAbout0136 CONDOMINIUM RIDER ~
THISCONDOMINIUMRIDERISIIII(1Ctllls...... 1~th,,,,,,,,,,,,,,,d3yOf....:Tuly,..,,,,,,.,......,
19 ..7.9 , and is incorporated into and shall bc decmed to amend and supplemcnt a Mortgage, Deed of Trust or Deed
to Secure Debt (herein "security instrumcnt") datcd of even datc hcrcwith, given by thc undersigned (herein
"Borrower" ) to secure Bonower's Note to . . . . . . . Sun_ Bank . of . S t Lucie. County , , , , , , , , , , , , , , , , , , , ,
.(herein "Lender") and covering the Property described in the security instrument and
locatedat..621D,Pines Kno1l.Driqe,,Ft,_Pierce,,FL„33450,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
(Property Address) "
The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium
project known as, . High. Point of Fort Pierce. Condominium, .Section II . . . . . . . . . . . . . . . . . . . . .
. .
(Name o/ Co~Aominium Projeet)
. . . . . . . . . . . . . . . . (hcrcin "Condominium Project").
CONDOMINIUM COVENANTS. IIl addition to the covenants and agrecmcnts made in the security instrument,
Borrower and Lender further covenant and agree as follows:
A. Assessments. Borrowcr shall promptly pay, when due, all asscssmcnts imposed by the Owner$ Association
or otlx.r governing body of the Condominium Project (herein "Owners Association") pursuant to the provisions of thc
declaration, by-laws, code of regulations or other constituent dceument of the Condominium Project.
B. Hazard Insuraace. So long as the Owners Association maintains a"master" or "blanket" policy on the
Condominium Project which provides insurance coveragc against fire, hazards included within the term "extended
coverage " and such other hazards as Lcnder may require, and in such amounts and for such periods as Lender may
rcquire, thcn:
(i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one-twelfth
of the premium installments for hazard insurancc on the Property;
(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 application of hazard insurance proceeds shall be
superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of thc
' Condominium Project or of applicable law to the extent necessary to avoid a conflict between such provisions an~l
the pro~isions of Uniform Covenant 5_ For any pericxi 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
Lcnder 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
' the Propcrty, whether to the unit or to common elements, an~~ such proceeds payable to Borrower are hereby assigne:l
~ and shall be paid to Lender for application to thc sums sccured by thc security instrumcnt, with thc excess, if any.
' paid to Borrowcr.
; C. Lender's Preor Consenl. Borrowcr ~hall not, cxcept after notice to Lcndcr and with Lcndcr'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
s provided by law in the case of substantial destruction b~• fire or other casualty or in the case of a taking b~~ condemnatio~
~ or eminent domain;
~ (ii) any material amendment to the declaration, by-laws or code of regulations of the Owners Association,
~ or equivalent cc~nstituent document of the Condominium Project including, but not limited to, any amendmcnt v?~hich
~ wuuld change the percentage interests of the unit owners in the Condominium Project; or
~ .
~ (iii) the effectuation of any decision by the Owners Association to terminate professional management and
~ assumc xlf-managcment of thc Condominium Projcct.
N D. Remedies. If Borrower breaches Borrower's covenants and agreemeots hereunder, including the covenant
~ to pa~~ whe~ due condominium assessments, then Ixnder may invoke any remedies provided under the security~
~ iadrument. including. but not limited to, those provided under tlnitorm Covenant 7.
~
_ I:~ WITNEtiS WHEREOF, Borrowcr has exccutcd this Condominium Ridcr.
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' ~F i.2t, f ~~l~ =~...c~. ~a , BUELL L. $ROWN -eorrower
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S~ ; - " ' ~ -Borrower
~ CLARA V. BROWN
~
~ 45~224
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~1`3 ~~Uf 136
4-0438-000-8 N2-79
CONOOM~NIUM RIDER-~ to 4 Family-6i75-fNMAIiHIMC UMIFORM IMSTNUMEIIT SOUTHIAND CRIN11N6 CO
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