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HomeMy WebLinkAbout2748 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE CONDOMINIUM RIDER THIS CONDOMINIUM RIDER is made this . 28 . .day of February 19 .80. 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 FlRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE (herein "Lender") and coverng the Pr rty de bed in the security instrument and I«ated at .......2400 South, Ocean .Drive,- Fort ~ierce, t~oo~r ~adnaa! The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium project known as ............OCEAN. VILLAGE . IName o1.CorWOmimum Wojectl . (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 follows: A. Assessments. Borrower shalt promptly pay, when due, all assessments imposed by the Owners Association or other governing body of the Condominium Project (herein "Owners Association") pursuant to the provisions 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 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 oblgation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemed satisfied; and (iii) the provisions in Uniform Covenant S regarding application of hazard insurance proceeds shall be superseded by any provisions of 'the declaration, by-laws, code of regulations or other constituent document of the Condominium Project or of applicable law to the extent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 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 proceeds in lieu of restoration or repair following a loss to the Property, whether to tF:e unit or to common elements, any such proceeds 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. C. Lender`s Prior Consent. Borrower shall not, except after notice to Lender and with Lendei 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 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 decision by the Association to terminate professional management and assume self-management of the Condominium Pro" ct. D. Remedies. If Borrower breaches Borrow s cov n is and agreements hereunder, including the covenant to pay when due condominium assess ents. Lender may invoke any remedies provided under the security instrument. including, but not imited those provided under Uniform Covenant 7. I IN WITNESS WHEREOF. Borrower has exec t ~ d this ndominium Rider. 4bi031~ _ 1980 MAR 20 P~+ ~ ~ ~ 1 : ^ ~ ~ f lE0 /~h0 p~~°,~~i?. n urray up ~~~„~~e, S ItOGE~CP lI RAS _ ~ • ElER1t CINCUIT C4tIR~ ~i ~ f ~~~~vtatrtl:o---- ~ Nestor Lunardelii Sozio CONDOMINIUM RIDER-t to ~ Famdy 675-FNMA/FNLMC UNIFORM INSTRUMENT s a E F~ z~ ~i~.~327 P~~2746 a .~s.