HomeMy WebLinkAbout0714 ,1,~1 - w,
, ~ '
1=IRST FEDERAL SAVINGS AND LOAN ASSOCIATION
f
OR FORT PIERCE
.CONDOMINIUM RIDER -
THIS CONDOMtNR3M RIDER is made this ,13th , _ , , , ,day of ...August
19 79 . , and is incorporated -into and shag bs 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 Borrower's Note to FIRST FEDERAL SAVQVGS AND LOAN ASSOCIATION OF
FORT PIERCE (herein "Lender's and covering the pprrooms~ described in the security instrument and
located at ~Q3~0 Sough ~lA~. Jensen Be~Ich,,,Flo~`ida„ . . . . . . . .
s~~o«a ~ea..q
The Property comprises a unit in, together with ar+ undivided interest M the common elements of, a condominium
project known as Q~E~INRIS~.................... .
A+•~ a Goneo_ n wol.cq
(herein "Condominium Project's.
CONDOMINNM COVENANTS. In addition to the covenants and agreements made in the security instrument,
Borrower and Lender further covenant and agree as follows:
A. Assessments. 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 dedaratbn, by-laws, code of regulatbns or other constituent document of the Condominium
Protect.
8. Hazard-lrrsrrrance. So bng as the Owners Association- maintains a _"master:'-or "blanket" polky on the
CondomWum Project which provkles insruanoe 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) 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 applkation 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"shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent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 appliccable law to the extent necessary to avoid a conflict between
such prov[sions and the provisbns of Uniform Covenant 5. For any period of time during whkh 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 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 bss to
the Property, whether to the unit or to common elements, any such proceeds payable to Borrower are hereby
f assigned and shall be paid to Lender for application to the sums secured by the security instrument, •with the
excess, if any. paid to Borrower.
C. benders Prbr 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 E
termination provided bit !aw in the case of substantial destruction by fire or other casuaky or in the case of a
F
taking by condemnatbn or eminent domain;
(ii) any material amendment to the declaration, by-laws or code of regulations of the Owners
Associatbn, 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 ~
(iil) the effectuatbn of any decision by the Owners Association to terminate professional management
and assume self-management of the Condominium Project.
D. Remedies. if Borrower breaches Borrowers 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 limked to. those provided under\Uniform nt 7.
tN uVffNESS WHEREOF, Borrower has executed this Condo inium der.
?S
3 54
x}58162 ~3~9 s~ ~ ~ ~
u
~ ~a~~fi?. N chol s . Muel l -e«.a...
au~ ~
>sE~~F~a r~ a ue er _8«,~... i
CONDOMINIUM RIDER-1 to 4 Fartuly-6/75-FNAAA/FHLAAC UNIFORM INSTRUMENT
~3~.6 P
~ ~ z~ ~E 714