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Home My WebLink About0530 V 4 • • RIR8T FQD~RAL SAVINGS AND LOAN A88OCIATION Off' FORT PIERCQ CONDOMINIUM RIDER THj,~ CONDOMINIUM RIDER b made thin 13th.......... day of August 19 and b incorporated into and shalt be deemed to amend and supplement a~ Mortgage, Deed of Trust or Deed to Secure Debt (herein "security instrument'? dated of even date herewith, given by the undersigned (htarein "Borrower'? to secure Borrower's Note to FIRST FEDERAL. SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE (herein "Lender's and covering the ~ did M the security instrument and located at ...........10320. South .AlA, .Jep~~n, ach, Flgrida . a?roo«~? ~..a The Property composes a unR in, together with an undhdded interest ~ the common elements of, a condomh~ium Protect known as ~C~ANRISE....................... . awn. w ooesa~ aq.eo . (herein "Condominium Protect"1 CONDOMINIUM COVENANT'S. In addition to the covenants and agreements made in the security instrument, Borrower and Lender further .covenant and agree as fopows: A. Assessmeab. Borrower shag promptly pay, when due. all assessments imposed by the Owners Association or other governing body of the Condominium Protect (herein "Owners A~ociation") pursuant to the provisions of the dedaratbn, by-laws. code of regulatbns a other constituent document of the Condominium Pwlect. - B. Ha:acd Insurance. So long as the Owners Assodation maintains a "master" or "blanket" policy on the CondomiNum Protect whkh provides 6~aanoe coverage against free. hazards k~duded wifhm 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 wolves 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: (N) Borrower's obNgatbn under Uniform Covenant 5 to maintain hazard insurance rnverage on the Property is deemed satisfied; and (W) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be superseded by any provisbns of the declaration, by-laws, code of regulations or other constituent document of the Condominium Protect or of applicable Law to the extent necessary to avoid a eonfNct between - such provisions and the provisions of Uniform Covenant 5.. Fa any period of time during which such hazard insurance coverage is not maintained, the immediately preceding sentence shop be deemed to have no force or effect. Borrower shall give Lender prompt notbe of any lapse in such hazard insurance coverage. In the event of a disMbution of hazard insurance proceeds in Neu of restoration or repair fopowing a loss to the properly. whether to the unit or to common elements, any such proceeds payable to Borrower are hereby i assigned and shay be paid to I~nder for appNcation to the sums secured by the security instrument, -with the excess, if any, paid to Borrower. ~ C. I.er~der"s Prior Consent. Borrower shay 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 termination of the Condominium Protect, except for abandonment or termination provided by law in the case of substantial destruction by ftre or other casuahy or in the case of a taking by condemnation or eminent domain; (ii) any material amendment to the dedaration, by-laws or code of regulatbns of the Owners Astociation, or equivalent constituent document of the Condominium Protect, including, but not Nmited to, any ~ amendment whkh wouk! change the percentage interests of the unit owners in the Condominium Prated; or (iii) the effectuation of any derision by the Owners Association ~to terminate professional management and assume seg-management of the CondomiNum Protect. D. Remedies. U Borrower breaches Borrower's covenants and agreemenb hereunder, indtding the covenant to pay when due coadorainium assesemtab. then Lender may invoke any remedies Provided under the :eciuity instrument. including. but not limited to, those provided under UNform Covenant M WITNESS WHEREOF, Borrower has executed this Cond turn Rider. - ' AU6 24 ~ 11: 06 ~9~9 . , - ~ ~ ~°i. ? are ~t 4 , t M~f ~t~ite vea~fiEO t 9 Y CQNDOMINIUM RIDER-t w { Famihl-6/75-FNMA/FHIMC UNIFORM INSTRUiAENT err ene art g(ttplK315 P~~E 529 z~