HomeMy WebLinkAbout2470 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE
CONDOMINIUM RIDER ~
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THIS CONDOMINIUM RIDER is made this ...7.th .day of AU9!'JSt
19 .79... and b incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust
or Deed to Secure Debt (herein "security instrument's dated of even date herewith, given by the undersigned
(hereto "Borrower'? to secure Borrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF
FORT PIERCE (herein "Lender 7 and covAri the Property described in the security instn~ment and
located at ...1041Q H~9hw~y AIA, Jgnsen~ea~h,. Flod~ . 3457. , . , , .
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The Property comprises a unit in t~~ with an undivided interest in the common elements of, a condominium
protect known as .....HUT<iNYNSON. ISLAND .CLUB .
(Nanr W CondanNwwn wopcR
..........(herein "Condominium Project'1.
CONDOMINIUM COVENANTS. (n addition to the covenants and agreements made in the security instrument,
Borrower and Lender further covenant and agree as follows:
A. Assessment. Borrower shag prompdy pay, when due, all assessments imposed by the Owners
Association or other governing body of the Condominium Project (herein "Owners Association") pursuant to the
provWons of the declaratk~n, by-laws, code of regulations or other constituent document of the Condominium
Project.
B. Hazard Insurance. So long as the Owners Association maintains a "master' or "blanket" policy on the
Condominium Project which provides irutuance coverage against fire. hamrds 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-
tweHth of the premium installments for hamrd insurance 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 provisbns 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shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent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 conflkt between
such provi~ons and the provisions of Uniform Covenant 5. For any period of time during whkh such hazard
insurance coverage is not maintained, the immediately preceding sentence shall be deemed to ~ have t
no force or eNect. Borrower shag 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
the Property, 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
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` excess, if any, paid to Borrower.
C. Lender`s Prior Consent. Borrower shall not. except after notce to Lender and with Lender's prior
` written consent, partition br subdivide the Property or consent to:
(i) the abandonment or termination of the Condominium Project, except for abandonment or
termination provided by law in thg case of substantial destruction by fire or other casuahy or in the case of a
taking by condemnation or eminent domain:
(ii) any material amendment to the declaration, by-Mws 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 un~t~ owners in the Condominium Project; or
(iii) the effectuation of any decision by the Owners Association to terminate professional management
and assume self-management of the Condominium Ptojed. c~
D. Remedies. if Borrower breaches Borrowers covenants and agreement herepnder, including the
covenant to pay when due condominlum assessment, then, `Lender may invoke any remedies provided
under the security instrument, including, but not limited to, those provided under Uniform Covenant 7.
IN WITNESS WHEREOF, Borrower has executed this Condominium Rider.
/
Martha Mead Beebe -8oro"f°'
CONDOMINIUM RIDER-t to ~ Family-6/75-FNMA/FHIMC l1NIfORM INSTRUMENT 1919 AU6 17
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