HomeMy WebLinkAbout1927 • RIRBT REDERAL BAViN~iB AND LOAN A88OCIATION.
O!~ FORT PIERCE
CONDOMINIUM RIDER
THIS CONDOMIMUM RIDER is made thb 7th , , , , , , , day ~ , . , , , ,June , , , , , , ,
19 $0 and is incorporated into and~shaU be deemed to amend and supplement a Mortgage, Deed of Trust
or Deed to Secure Debt (herein "security instrument's dated of evan date her¢wkli, given by the undersigned
(herein "Borrower") to secure Borrowers Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF I
FORT PIERCE ((hherein "Lender") and covering the Pro de ~ lid In the security instrument ~ and
bated at 994 N ; E . ,Ocean , Bl yd Jensen Beach ~ i34~57, , , , , , , , , , , , , , , , , , , ,
rrroo«b ~aanul -
The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium
project known as ~CCANA .
tr+•~• or ConOonMnhrn w~oNeq .
(herein "Condominium Project'. .
CONDOMMIUM COVENANTS. In addition to the covenants and agreements made in the security instrument,
Borrower and Lender further covenant and agree as follows:
A. Assessment. Borrower shall promptly pay, when due. all assessments imposed by the -Owners
Association or other governing body of the Condominium Project (herein "Owners Association's pursuant to the -
provisions of the declaration, by-laws, code of regulatbns or other constituent document of the Condominium
Protect.
B. Hazard Insurance. So bng as the Owners Association maintains a "master" . or "blanket" policy on the
Condominium Project which provides h>surance coverage against fire, hamrds inducted withh the term "e~dended
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 provisbn in .Uniform Covenant 2 for the monthly payment to Lender of one-
twelfth of the premium instapments for hazard insurance on the Property;
(ii) Borrower's oblisgation under Uniform Covenant 5 to maintain hazard insurance coverage on the
Property is deemed satisfied; and
(iii) the provisions in Uniform Covenant 5 regarding applkation of hazard insurance proceeds
shop be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent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 provisbns and the provisbns of Uniform Covenant- 5. For any period of t[me 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 notke of any lapse in such hazard insurance coverage.
M the event of a distribution of hazard insurance proceeds in lieu of restoratbn or repatr following a bss. to
E 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. i,endelr`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, inducting, -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 decision 'by the Owners Associaton to terminate professional management
and assume sell-management of the Condominium Project.
D. Remedies. If Borrower breaches Borrower's covenant and agreeitaent hereunder, including the
covenant to pay when due condominium assessment. then Lender ~ may invoke any remedies provided
under the security instrument, inducting, but not limited to, those provided under UnNorm Covenant 7.
IN WETNESS WHEREOF, Borrower has executed this Condomtn Rider.
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CONODMINIUM RIDER-t to 4 Family-6/75-FNMA/FHLMC UNIFORM INSTRUMENT
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