HomeMy WebLinkAbout0009 CONDOMINIUM RIDER
THIS CONDIMINtUM RIDER is made this • - 3 ~ 7>4 day of • ~V L J
8U ,and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust or Deed
to Secure Oebt (hereiq "security instrumenY~ dated of even date herewith, given by the undersigned (herein "Borrower')
to secure Borrowers N ote to First Federal Savings and Loan Association of Martin County (herein ° Lender') a nd covering
the Property described in the security instrument and located at
3266 S. FEDERAL HIGHWAY. FT. FIERCE. FLORIDA 33450
The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium
project know as
HIGH POINT OF FORT FIERCE (herein "CondominiumProject'7
CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security instrument, Bor-
rower and Lender further covenant and agree as follows:
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 declara-
lion, by-laws, code of regulations or other constituent document of the Condominium Project.
B. Hazard Inwrance. So long as the Owners Association maintains a "master' or "blanket" policy on the Condo
minium 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:
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) Borrowers obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property
is deemed satisfied; and
(ii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be super-
seded byanyprovisions ofthe declaration, by-laws, code of regulations orotherconstituent document of the Condominium
Project or of applicable law to the extent necessary to avoid conflict between such provisions arid the provisions of Uniform
Covenants. Foranyperiod of timeduring which such hazard insurance coverage is not maintained, the immediately preced-
ing 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 orrepair following a loss to the Proper-
, ty,.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. Lenders Prlor Consent. Borrower shall not except after notice to lender and with Lenders prior written con-
I~ sent, partition or subdivide the Property or consent to: ,
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 casually or in the case of taking by condemnation or
eminent domain:
(i) 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
~ (ii) the effectuation of any decision by the Owners Association to terminate professional management and
assume self-management of the Condominium Project.
~ D. Remedies. Ii Borrovwr breaches eomower's covenants and agreements herounder, including the
covenantto paywhen due condominium assessments, then Lenchr may Invoke, any romedles proWded underths
security Instrument, including, but not limited to, those provided under Unfform Covenant 7.
IN WITNESS WHEREOF, Borrower has executed this Condominium Rider.
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~ CHARLES F. BOYLE
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ROGl~RPOITRAS . ~~L. -(Z~ BORROWER
CLERK CIRCUIT C ~j
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BORROWER
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BORROWER
CONDOMINIUM RIDER- 1 too Family- 6/75 - FNMA/FHLMC UNIFORM INSTRUMENT A-302 6179
X337 P~ 9