HomeMy WebLinkAbout1978 \_.,f ~ 1
RIR8T R~DERAL SAVINGS AND LOAN A880CIATION
Ot: PORT PIeRCB
CONDOMINIUM RIDER
THIS CONDOMINIUM RIDER is made this .....qth ...........day of AUgUSt .
19 79 and is incorporated into and shop be deemed to amend and supplement a Mortgage, Deed of Trust
a Deed to Secure Debt (herein "security instrument's dated of -even date herewith, given by the- undersigned
(herein "Borrowers to secure Borrower's Note to t?IRST FF.DERAI. SAVMGS AND LOAN ASSOCIATION OF
FORT PIERCE (herein "Lender's and covering the Property described in the security instrument and
located at iQ3.10 .S.outh A1A,. Jensen .6!each,. Florida . 3347 .
The Property comprises a unit in. with an undivided interest in the common elements of, a condominium
Project known as OG RISC.~~I~~(N') .
• pain. a co~eo~rwr~ aoMKo
(herein "Condomintum Project's. ,
CONDOMIMUM COVENANTS. In addition to the covenants and agreements made in the security instrument,
Borrower and Lender further covenant and agree as fopows:
A. Assessment. Borrower chap promptly pay, when due, alt assessments imposed by the Owners
Association or other governing body of the Condominium Project (herein "Owners Association's pursuant to the
provWons of the dedaratton, 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"
Condominium ProjeQ which provides insurance policy on the
coverage agahut fine, hazards indrxfed w~}dn the term extended
coverage." and -such other hazards as Lender may requtre, and in such amounts and for such
perk~ds as Lender may requtre. then:
(i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one-
tweNth of the premium instapments for hazard insurance on the Property;
(ip Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the
Property is deemed satisfied; and
(iii) the provWons in Uniform Covenant 5 regarding appNcatbn of hazard insurance proceeds
chap be superseded by any provisbns of the declaratbn, by-laws, code of regulations or other constituent
document of the Condominium Project or of applkable 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 which such hazard
insurance coverage is not maintained, the immediately preceding sentence shall be deemed to have
no force or effect. Borrower snap 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 restoratbn or repair fopowing a bss to
the Property, whether to the unit or to common elements, any such proceeds payable to Borrower are hereby
assigned and shop be paid to Lender for applkation to the sums secured by the security instrument, •with the
excess, if any, paid to Borrower.
C. lendef`s Prior Consent. Borrower shop not, except after notice to Lender and with Lenders prior
written consent, partition or subd[vide 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 substantial destructbn by fire or other casuaky or in the case of a
taking by condemnation or eminent domain;
lit) any material amendment to the declaratbn, 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 derision by the Owners Association to terminate professional management
and aswme self-management of the Condominium Project.
D. Remedies. N Borrower breaches Borrowers covenants and agreement hereunder. including the
covenant to pay when due condominium assessment. then Lender may imolce any remedies provided
under the securky instrument, including, but not Umked to, those provided under Uniform Covenant 7.
IN WITNESS WHEREOF, Borrower has executed this Condominium
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CONDUMINIUM RIDER-t to ~ Fartriy-ti/75-FNNWFHLMC UNIFORM INSTRUMENT
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