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HomeMy WebLinkAbout2193 - - , F RIRST FEDERAL SAVINGS AND LOAN AS80CIATION \ OR ROR'1` PIERCE - - CONDOMINIUM RIDER Loan ~ 02-2306080 THIS CONDOMINIUM RIDER is made this , Cth day ~ September 19..7.9., and is incorporated into and shag be deemed to amend and supplement a Mortgage, Deed of Trust - or Deed to Secure Debt (herein "securityr instrument's dated of even date herewith, given by the undersigned (herein "Borrower's to secure Borrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF - FORT PIERCE Ihoein "I o„a~*"1 and covering the Property described in the security instrument and kxated at ARC . 6,-Buildiog 318,. HIGH. ~QINT, SECTION .II. - Fort Pierce, Florida :33450 The Property comprises a unit in. together with an undivided interest in the common elements of, a condominium project known as ...HIGN .PDINT. OF .FDRI: PIERCE, .SECTIAN . II . a coeaomrwr~ woMeq (herein "Condominium Project'') CONDOMINIUM COVENANTS: In 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, all assessments imposed by the Owners Association or other governing body of the Condominium Project (herein "Owners Association's- pursuant- to the prav~ions of the declaration, by-laws, code of regulations or other constituent document of the Condominium _ Project. ~ , . B. Hazard Insurance. So long as the Owners Association maintains a "master" or "blanket" policy on the + Condominium which ins<uance fire. hazards inducted within the term extended } Project provides coverage agahut . " 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; (ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemed satisfied: and _ - (iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be superseded by any provisions of the declaration.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 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 shah 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 following a loss 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 application to the sums secured by the security instrument, --with the excess, if any, paid to Borrower. C. Ixnder`s Prior Consent. Borrower shag not, except after notice to Lender. and with Lender's prior written consent, partition or subdivide the Prop¢rty? 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 casuahy or in the case of a - taking by condemnation or eminent domain; - (ii) any material amendment !o the declaration, by-laws or code of regulations of the Uwners Assaiation. or equivalent constitue ~t 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 decision by the Owners Association to terminate professional management and assume self-management of the Condominium Project. - , D. Remedies. H Borrower breaches Borrower's covenants and agreements hereunder, includtng the covenant to pay when due condominium assessments, then Lender may invoke arty remedies provided under the security instrument, including, but not limfted to. those provided under Uniform Covenant 7. _ IN WITNESS WHEREOF, Borrower has executed this Condominium Rider. 1919 OCT -2 Pk 3 ~ 2 ~ ~57.09~ il:o AKO ai:copl?ro Th as A. 0' Aqua i - I.UCtE COWItY.FtA. ROGER POITRAS Q CLERK CIRI:UtT CWfltT izECOeovEall-tt:o-G~?~~- ~o ephine A. D'Aquanni -s°"°""' CONDOMINIUM RIDER--t to 4Family-n/75-FNMA/FHLIreC UNIFORM INSTRUMENT ~ ~ ~ B(f~K3i7 PAGE.