HomeMy WebLinkAbout1537 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE
CONDOMINIUM RIDER t_oan ~ 02-23065772
THIS CONDOMINIUM RIDER is made this . .7th . .day of . December
19 .79. . , and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust
or Deed to Secure Debt (herein "security instrument") dated of even date herewith, given by the undersigned
(herein "Borrower") to secure Borrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF
FORT PIERCE (herein "Lender") and covering the, Propert de;c 'bed. ihe security instrument and
I«ated at . .1.19-C High Point_ - .Fort Pierce. •~l;,ri~a 3~a5U
IProDertr AACnsa1
The Property comprises a unit in, t then with an undivided interest in the co eek~e nts of. a condominium
project known as . . HIGH_ PORT .OF. FORT.PIERCE CONDOMINIUM. S~~~ON
fNarne o! Con~ovninewn Prcyetl;
. (herein "Condominium Project") .
CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security instrument.
R.........n. an.l 1 ondo? F..r1t.o? ~n.,onanf and anroo ae fnllntuc•
A. Assessments. Borrower shall promptly pay, when due. all assessments imposed by the Owners
Ass«iation or other governing body of the Condominium Project (herein "Owners Ass«iation") pursuant to the
provisions of the declaration, by-laws. code of regulations or other constituent d«ument of the Condominium
Protect.
B. Hazard Insurance. So long as the Owners Ass«iation maintains a "master" or "blanket ' policy on the
Condominium Project which 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 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 pr«eeds
shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent "
d«umenf of the Condominium Project or of applicable 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 shall give Lender prompt notice of any lapse in such hazard insurance coverage.
In the event of a distribution of hazard insurance pr«eeds in lieu of restoration or repair following a loss to
the Property, whether to the unit or to common elements. any such pr«eeds payable to Borrower are hereby
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.
E C. Lender`s Prior Consent. Borrower shall not, except after notice to Lender and with Lender's 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
~ Ass«iation. or equivalent constituent d«ument of the Condominium Project. including. but not limited to. any
amendment which would change the percentage interests of the unit owners in the Cor+.dominium Project: or
(iii) the effectuation of any decision by the Owners Ass«iation 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 limited to, those provided under Uniform Covenant 7.
IN WITNESS WHEREOF. Borrower has executed this Condominium Rider.
1980 JAw -9 PFI ~ I S 4'~21nU
FIlEO Rht?F~CURUEU is-
~-k=
l % ~i ~~C
3 ST.IUCIE C0UN1Y.flA. ~ • y~ A. K~ al~ _ -ao~rowe~
ROGER POITRAS ~ • _ i
CLERK CIRCUIT COU C ~ i' l~~
RICA"9 YEP!F!E~? GI
d~K. K I a(flbt -ao,rower
CONDOMINIUM RIDER-r to 4 Family-6/75-FNMA~FNCMC UNIFORM !NSTRUMERT
et~lai 323 PacE x.528
Form p$p