HomeMy WebLinkAbout1445 v
P~IRST REDERAL SAVINGS AND LOAN ASSOCIATION
O1~ FORT PIERCE
CONDOMINIUM RIDER
THIS ~ONDOMlIV1UM RIDER is made this li:h ...........day of t3~cgtit~ir? .
19 and is incorporated into and sha0 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 LOAD ASSOCIATION OF
located atERCE (herein qpt d11~-A,aHigh
Point, PftaI~I' ton~I purity instrument and
Rroo«~r wan.sl
The Property comprises a unit in. together with an undivided interest in oom ominium
project known as ~f~CtN, PQINT,OF. FORT, PIERCE~OND~'fl~l UI M~ S~~I~.... .
Mss w C.ondonw~ aoNeq
(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. Asseasments. Borrower shall promptly pay, when due, aq assessments imposed by the Owners
Association or other governing body of the Condominium Project (herein "Owners Association") pursuant to the
provisions of the declaratbn, 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 Project which provides insurance coverage against fire. hazards inducted 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 instanments for hazard insurance on the Property;
(ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the
Property ~ deemed ~tsfied; aid
(W) 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shall be superseded by any provisions of the declaration, by-laws.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 applicable law to the extent necessary to avoid a conflkt between
such provisions and the provisions of Unfrorm Covenant 5. For any period of time during whkh such hazard
j insurance coverage is not maintained, the immediately preceding sentence shall be deemed to have
no force or effect. Borrower shalt 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 fogowing a loss to
the Property, whether to the unit or to common elements, any such proceeds payable to Borrower are hereby
j 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. Lenders Prior Consent. Borrower sha0 not, except after notice to Lender and with Lender's prior
4 written consent, partition or subdivide the Property or consent to: ,
~ (i) the abandonment or term[natlon 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 decWon by the Owners Association to terminate professional management
and assume self-management of the Condominium Project.
D. Remedies. It 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 Uniiform Covenant 7.
r IN WITNESS WHEREOF, Borrower has executed this Condominium Rider.
.30 ~
~
19~ f t 1 ~ ~ 4'75'734
v ,
~slio ,>fc .
stA~
~jw?st` J ~iie yfe -
~ ~ ~ _
6 tiw.~_ ~ v ~ I;
~~tr. ~ Hele G. Fyfe
CONDOMINIUM RIDER-t to , Fartu'fp-6/75-FNMA/FHLMC UNIFORM INSTRUMENT
s3Z5 P~r~1439
z~
~