HomeMy WebLinkAbout2479 FIRST FEDERAi. SAVINGS AND LOAN ASSOCIATION
O!r FORT PIERCE
CONDOMINIUM RIDER
THIS CONDOMINIUM RIDER is made this 10th......... day of .....August , , , , , ,
19 7~ and is 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
(herein "Borrower") to secure Borrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF
FORT PIERCE (herein "Lender's and covering the Property described in the security instrument and
kxated at ......1Q310.SoUth AlA,. JeRS~n BeatTh,, Florida, , , , , , , , , , , , , , , , ; , , , , , , ,
~oo.ra nean.a
The Property comprises a untt in, together with an undivided interest in the common elements of, a condominium
protect known as OCEANRIS~ .
a+.m. ~ conao~w~wrn aa.~n
(herein "Condominium Protect"?.
CONDOMINIUM COVENANTS. In additbn to the covenants and agreements made in the security instrument, _
Borrower and Lender further covenant and agree as folbws:
A. Assessments. Borrower shall promptly pay, when due, as assessments imposed by the Owners
Association or other governing body of the Condominium Protect (herein "Owners Association's pursuant" to the
provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium
Protect. ~ .
~B. Hazard insurance. So long as the Owners Association maintains a "master" or "blanket" polky on the
Condominium protect which provides iruruanoe coverage against fke, hazards. 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-
tweifth of the premium installments for hazard insurance on the Property;
(ii) Borrowers 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shall be superseded- by any provi~ons of the dedaration, f+y-taws, code of regulations or other constituent
document of the Condominium Protect 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 whkh 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 notke 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
` excess, fl any, paid to Borrower.
C. L.ender"s Pdor Consent. Borrower shag not, except after notke to Lender and with .Lenders 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 casuahy 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 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 any decWon by the Owners Assodation to terminate professional management
and assume self-management of the Condominium Project.
D. Remedies. If Borrower breaches Borrowers covenants and agreements hereunder. including the
covenant to pay when due condominium assessments, then Lender may invoke any remedies provfded
under the security instrument, including, but not limited to. those provided under Uniform Covenant 7.
IN WITNESS WHEREOF, Borrower has executed this Condominium Rider.
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CONpOMINIUM RIDER-t ro ~ family-6/75-FkMA/FHLMC UNIFORM INSTRUMENT 1919 ~ 7
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