HomeMy WebLinkAbout0907 .
v Af
` t"
FIRBT FEDERAL BAVINGB AND LOAN A880CIATION
OF FORT PIERCE
t
CONDOMINIUM RIDER
THiS CONDOMIMUM RIDER is made this .......13~h . , , , , . , , ~y of , , , .August . .
19 7.9..., and tr incorporated into and shag 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 Borrowers Note to F1RST FEDERAL SAVINGS AND LOAN ASSOCIATION OF
FORT PIERCE (herein "Lender") and covering the pro~e~, de~ibed in the security instrument and
located at , . , , , , , . ~Q310,South AlA,, Jensen ,Beach,,"Florida . . . . . . . . .
r
The Property comprises a unit in, together wkh an undivided interest in the common elements of, a condominium
project known as ..............OC.EANRIS~ .
Q+.n~. a condoewnlwn woy.ea
(herein "Condominium Project").
CONDOMIMIJM COVENANTS. In addition to the covenants and agreements made in the security instrument,
Borrower and Lender further covenant and agree as follows:
A. Assesamenb. Borrower shall promptly pay, when due, all assessments imposed by the Owners
Association or other governing body of the Condominium Project (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 bng as the Owners Association maintains a "master" or "blanket" polky on the
CondomWum Project which provides 6wuanoe 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-
twelfth of the premium installments for hazard insurance on the Property;
(h) Borrower's obligatbn under Uniform Covenant 5 to maintain hazard insurance coverage on the
Property is deemed satisfied; and '
(iii) the provisions in Unfrorm Covenant 5 regarding appikation 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shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent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 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 shad 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 folbwing a loss to
the Property, whether to the unit or to common elements, any such proceeds payable to Borrower are hereby
assigned and shalrbe paid - to -Lender for appt'ication to the sums secured by-the security-instrument,- •with- the:-
j excess, if any, paid to Borrower. _
C. Lender's Prior Consent. Borrower shall not, except after notke to Lender and with Lender's prior
written consent, partition or subdivide the Property or consent to:
(ij the abandonment or termination of the Condominium Project, except for abandonment or
~ termination provided by law in the case of wbstantial destruction by fire or other casualty or in the case of a
taking by condemnatbn or eminent domain; tt
(ii) any material amendment to the declaration, by-laws or code of regulations of the Owners i
Association, or equivalent constituent document of the Condominium Project, including, but not limited to, any j
I amendment whkh would 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 assume self-management of the Condominium Project. ~
D. Remedies. If Borrower breaches Bonrower's covenant and agreement hereunder, including the (
covenant to paq when due condominium 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 WEfERF~F ~.RgTrower has executed this Con minium Rimer. ~
( !
1919 AUG 27 PN ~ 33 '
I
~45~410 ~ R ~ ~ ~
~t~ r-- -
~T T
-
CONDOMINIUM RIDER-1 i0 1 fanw1it-6/T5-FNMA/fHLMI: UNIFORM INST U ENT
i,R 15 P?~GE
i-arm 2so aooK3
~ ~