HomeMy WebLinkAbout2465 FIRST FEDERAL SAVINGS AND 1..OAN ASSOCIATION
OF FORT PIERCE
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CONDOMINIUM RIDER . Loan ~ 02-23058496
7~'Hts Corr~os+trtvst Rtn>at is made this....... 9~ AUguSt..........
. day of
I9... and is incorporated into and shall be deemed to amend and supplement a Mortgagt, Deed of Trust or Deed
to Secure Debt (herein "security instrument") dated of even date herewith, given by the undersigned (herein ~
"Borrower") to secure Borrower's ;\ote to...... FIRST .FEDERAL .SAVINGS. AND .LOAN. ASSOCIATIOAI.4E {
_ . _ _ _FORT. PIERCE. _ . (herein "L.ender'") and covering the Property described in the security instrument and
Iocaced~P.~C•.~~4-Pa. ~RIQ+IY.4dR~.~. +:art.kiel'~>.Fiorioa...3.i45u....
IPropertr Address)
The Property comprises a unit in to ether with an undivided interest in the common elements oi, a condominium
project known as.... ,HIGH POYN~ OF.FORT PIERC~,QQ~p0~1,NIUM,. SI=.C.T.IQN .II
(NSme M Cpndpminium PrOjeCt)
(herein "Condominiutti Project"). ~ ,
Coxnoa~t~xtuM COVENAtaTS. In addition to the covenants and agreements made in the security instrument, }
Borrower and Lender further covenant and agree as lollows: •
A. Assessments. Borrower shall promptly pay, when due, all assessments imposed by the Owner$ Association
or other go~•erning 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 Project.
B. Hazard lncurance. 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 ma}' require, and in such amounts end 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) Borrower's obligation under Uniform Covenant S to maintain hazard insurance coverage on the .
Property is deemed satisfied; and _
(iii) the provisions in Un7orm Covenant 5 retarding 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superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the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 ant;
the provisions of Uniform Covenant S. For any period of Ume during which such hazard insurance coverage is not
maintained, the immediately preceding sentence shat) 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 lc?ss to
the Propert}•, 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 security instrument, with the excess, if any,
paid to Borrower.
C. Lender
s Prior Content. Borrower shall not. except after notice to Lender and with Lender's prior written
consent, partition or subdivide` the Property or consent to:
(i) the abandonment or terminatian of the Condominium Project. except for abandonment or termination
provided by taw in the case of substantial destruction by fire or other casualty or in the case of a taking b}' condemnat"son
or eminent domainL
(ii) any material amendment to the declaration, b}•-laws or code of regulations of the Owners Association.
or equivalent constituent document of the Condominium Project, including. but not limited to, an~• amendment which .
would change the percentage interests of the unit owners in the Condominium Project; or
(iii) the effectuation of any decision by the OK•ners Association to terminate professional management end -
assume self-management of the Condominium Project.
D. Remedies. If Borrower breaches Borrower's covenants and agreements hereunder, including [he covenant
to p>i~ when due condominium assessments, then Lender mad invoke and remedies provided under the securih
instrument, including, but not limited to, those prop ided under Uniform Co•~enant 7.
In V1'J7!~:FSS N~Nt k[:OF. Borrower has executed this Condominium Rider. '
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omas .Ryan -6orrowe.
,di,~ AID 17 ~ ~ ~0 .7 t~~,..J _
1919 Helen R. Ryan -sflr?~er `
F EO NO Rft; ~ f A•
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• ~ BOOK 3~.4 PAGE 24~
CONOO~AINIUM RIDER ~ Fam;ly ~6 ?`_-iNMlA;FNIMt UMIFppM IN:SRUMENT
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