HomeMy WebLinkAbout2065 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE
CONDOMINIUM RIDER Loan ~ 02-?.3069410
THIS CONDOMINIUM RIDER is made this .25th .day of j~arch . .
19 . $0. 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
( L ~~ee
FORT PIERCE her in "ender") a d c vexing th Pro rty de d in the security instrument and
located at 100-A .Pheasant ~un 8rive - ,~ort ~erce,~lorida.. X450_
fP/opMtY . Addnat)
The Property comprises a unit in, t ~ethen with an undivided interest in the common elements of, a condominium
project known as .....NIGH PQI_N7.OF_ FORT, PIERfE CpNDOM~NI~1M,. SECTION .II .
(Name d Ca~daMnWm Prolsnl
(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 ivliuiivs:
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
Protect.
B. Ha:ard Insurance. So long as the Owner 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 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shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent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 !o avoid a conflict between
such provisions and the provisions of Uniform Covenant 5. Fc,r 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 insurarce rnveraoe_ i
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 shall be paid to Le:.der for aYr!ica!ion to tho c~~mc cpcured 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 oz termination of the Condominium Project, except for abandonment or
termination provided by law in thc~ case of substantial deshuction 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 int~arests of the unit owners in the Condominium Project; or
(iii) the effectuation of any decision by th.e Owners Association to terminate professional management _
and assume self-management of the Condominium Project.
D. Remedies. If Borrower breaches Borra~ aier
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.
!N WITNESS WHEREOF, Borrower has exec~~ted this Condominium Rider.
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CON[30 INIUM RIDER-t to ~ Fam;iy-6175-fNMA/FHLMC UNtfORM INSTRUMENT
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