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HomeMy WebLinkAbout0927 FIRST FEDERAL. SAVINGS AND LOAN ASSOCIATION OR FORT PIERCE CONDOMINIUM RIDER THl CONDOMINIUM RIDER is made this , 10th , , , ,day of , , ,August 19 ~9.., and is inc orporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust or D¢ed to Secure Debt (herein "security instrument") dated of even date herewith, given by the undersigned (herein "Borrower") to secure Borrower's Note~to FIRST FpED~ER~AL SAVINGS AND ~ LOAN ASSOCIATION OF FORT PIERCE (herei~,03~nSou~h~~A;°Jen~Senh~each, Fi rldabed in the security instrument and located at ~oo•Nr ~.t The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium . project known as UCEANRISE . tN.~r a Co~OomMNwn woNe» (herein "Condominium Project'. CONDOMINIUM COVENANTS. In additlon to the covenants and agreements made to the security instrument, Borrower and Lender further covenant and agree as follows: A. Assessmenb. Borrower shall promptly -pay. when due. all assessments imposed by the Owners Association or other governing body of the Condominium Project (herein "Owners Association ~ purwant to the provWons of the dedaration, by-taws, code of regulations or other constituent document of the Condominium Protect. B. Hazard Insurance. So bng as the Owners Assodation maintains a "master" or "blanket" policy on the Condominum Project whkh provides insurance coverage 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 provisbn in Uniform Covenant 2 for the monthly payment to Lender of one- twelfth of the premium installments for hazard insurance on the Property; (ii) Borrowers obligation u_ nder Uniform .Covenant 5 to maintain hazard inwrance coverage on the Property is deemed satisfied; and (iii) the provisions in Uniform Covenant 5 regarding applkation of hazard inwrance proceeds shall be superseded by any provisions of the declaration, by-laws, code of regulatbns or other constituent document of the Condominium Project or of applicable law to the extent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 S=-For-any-period of-time-during-which-such-hazard inwrance 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. I'' In the event of a disMbutlon 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 wch proceeds payable to Borrower are hereby ~ assigned and shall- be -paid to -Lender for application to the wms secured by-the security- instrument, -with- the - excess, H any, paid to Borrower. C. Lenders Prior Consent. Borrower shall 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 casualty 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 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 Condorr~nium Project. D. Remedies. if Borrower breaches Borrower's covenanb and agreements hereunder, including the covenant to~ pay when due condominium assessments. then Lender may invoke arty remedies provided under the securfty instrument, including, but not limited to, those provided under Uniform Covenant 7. IN WITNESS WHEREOF, Borrower has executed this Condo um Rider. ~r ~ ~ ?9T9 37 ~ orge s 456414 ~ ~ s,t~pt>~D nna r s CONDOMINIUM HIDER-1 to 4 Fartaly-6/75-FNMA/FNLMC UNIFORM INSTRUfriENT B~°x3.5 ~~~f 925