HomeMy WebLinkAbout0922 FIR8T FEDERAL oSAViNG$ AND LOAN A88OCIATION
OF FORT PIERCE
CONDOMINIUM RIDER
THIS CONDOMiMUM RIDER h made this ........13th, , , , , , ,day of . , , ,August
19 79 and is incorporated into and shop be deemed to amend and supplement a Mortgage, Deed of Trust
or Deed to Secure -Debt (herein "security instrument's dated of even date herewtth, given by the undersigned
(herein "Borrower 7 to secure Borrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF
FORT PIERCE (herein "Lender's and coverin the Property in the security instrument and
located at ..........1030. $Qt~t~t , AlA, ,3~ensen, Beach r ~ f or~a , , , , , , , , , , , , , , , ,
p?oany ~oan.q
The Property comprises a unit in, together with aa~~?? interest in the common elements of, a condominium
project known as OCEAIUR~ .
lNa~n. a ConeominNrn wq.ea
(herein "Condominium Project's.
CONDOMIMUM COVENANTS. !n addition 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, ad assessments imposed by the Owners
Association or other governing 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 Inwrance. So long as-the Owners Association maintains a "master' or ~IankeP' policy on -the -
Condominium Project whkh provides instuanoe mverage against fire. 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-
tweHth of the premium installments for hazard insurance on the Property;
(ii) Borrower's obligatbn under Uniform Covenant 5 to maintain hazard insurance coverage on the
Property is deemed satisfied; and
(iii) the provt~ons 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shall be superseded by any provisions of the declaration, by-laws.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 appikable law to the extent necessary to avoid a conflict between
such provisions and the-provisions of Uniform Covenant a.-For any period of-time during-which-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 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 folbwing a bss to
the Property, whether to the unit or to common elements, any such proceeds payable to Borrower are hereby
assigned and sha8 be paid to Lender for apptication to-the- sums- secured by the security instrument, wuith the
excess. if any, paid to Borrower.
C. Lenders Prior Consent. Borrower shall not, except after notice 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 casuaky 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 Owner
Association, or equivalent constituent document of the Condominium Project, including, but not limited to, any
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 Borrower's covenants and agreements hereunder, including the
covenant to pay when due condominium assessments. then Lender may invoke any remedies provided
under the security instrument, including, but not Umited to, those provided under Uniform. Covenant 7.
t IN WETNESS WHEREOF, Borrower has executed this Condominium Rider.
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CONDOMINIUM RIDER-1 to ~ Family-6/75-FNMA/FHLMIC UNIFORM INSTRUMENT
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