HomeMy WebLinkAbout1688 CONDOMINIUM RIDER
Tats CONDOMINIUM RIDER is made this.......... .day oi, v
. . .
19 80., and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust or Deed
to Secure Debt (heron "security instrument") dated of even date herewith, given by the undersigned (herein
"Borrower") to secure Borrower's Note to. .FIRST. .FBD.BRAL. SAVINGS..ANII .LQAN..ASS.OCI.ATI.OIA.
4~? .I.AK$. ~i4R?~H . (herein "Lender') and covering the Pro rty described in the security instrument and
located at. 5151. State .Road AlA, .Fort .Pierce t _ ~lorida .33450 . . . ,
. . . .
(Property Address)
The Property comprises a unit in toggether with an undivided interest in the common elements of, a condominium
project known as.. ,OCEAN .H~IRBOUR CONDOMINIUM. B . . . . . . . .
(Name of Condominium Pro)eet)
• (herein "Condominium Project").
CONDOMINIUM COVENANTS. In addltlon to the covenants and agreements made in the security instrument,
Borrower and Lender further covenant and agree as follows:
A. Assessments. Borrower shall promptly pay, when due, all assessments imposed by the Owner$ 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 obligation under Uniform Covenant S 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superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the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 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 fallowing a loss to
the Properly, 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 casualty or in the case of a taking by condemnation
or eminent domain;
(ii) any material amendment to the declaration, by-taws 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 Condominium Project.
D. Remedies. If Borrower breaches Borrower's covenants and agreements hereunder, including the covenant
to pay wbea doe condominium assessments, then Lender may invoke aay remedies provided ender the security
iastrament, including, but not limited to, those provided under Uniform Covenant 7.
IN WITNESS WHEREOF, Borrower has exrcuted this Condominium Rider.
19c0 GCT I O A~; 9.08 a
r~L~c ztir ct,:.;,; ~ Robert Kilpa tick -eorrowe?
SLIUCIf CCU,YiY.fIA.
ROGER Y0ITRAS '
CLEAK CIRCUIT CG 'R ~~d6tQ KI ~ Y~~
Barbara• W. Kilpat ick -.-eorrorrer
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L #198777 ~~??QQ
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