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HomeMy WebLinkAbout1637 • - - i FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE CONDOMINIUM RIDER Loan ~ 02-23068099 THI~ CONDOMINIUM RIDER is made this , _ _ 13th . -day of _ _ March - . ig oi~~ is iui:~rNuiatzd rota ar~3 si~~aii ba deemed to amend and supplement 3 Mortgags•, Deed Qf Trost 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 Property described in the security instrument and located at 1Q05-Q High POtnt. -fort Pierce Floridd . 33450 . . . . . . . . ~...r - The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium project known as ..HIGH POI.NT,QF, FART, PIERCE CONDOMINIUM . . . . . . . . . . . . . . aam. a Condominh~n+ vioi.en . . . . . . . . (herein "Condominium Project"1. CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security instrument, Borrower and Lender further covenant and agree as fo!laa~s: ' 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") pursuant to the provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium Project. B. Hazard insurance. So bng as the Owners Assodation maintains a "master" or "blanket" policy on the , Condominium Project which provides insurance rnverage 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- i 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satisfied; and (iii) the -provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium Project or of applicable law to the extent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 shag 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 ~ I the Property, whether to the 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 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 casuahy 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 Owners Association to terminate professional management and assume self-management of the Condominlum 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. sea -i ~ ~ Zo ~r P ~ 481449 s o REr~, Andrew P. Callahan, Jr. 3 ~yERiFIEtT_ Eleanore M. Callahan CONDOMINIUM RIDER-t to 4 Family-6/75-FNMA/FHLMC UNIFORM INSTRUMENT I e ~~~~QQ ~ Form 250 BUOK•,~.0 PAGE~,~~