HomeMy WebLinkAbout0091 of -230801 aS~scHOOLS ~
FIRST FEDERAL $AVIN~iB- AND LOAN ASSOCIATION
OF FORT PIERCE
CONDOMINIUM RIDER
No. O1-23080185 / _
THIS CONDOMINIUM RIDER is made this ~ 4~... day of . ~F.
19 .8A.., and b incorporated into and shag be deemed to amend and supplement a Mortgage, Deed of Trust
a 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 "Leander") and covering the p~perty described in the security instrument and _
located at . 2400 . S.. Ocean . Qri ve,. Apartn>ertL . 36z~ . Fort. Pierce Florida 3345D...... . .
. c?roo~+r ~aaw.a
The Property compti9es a unit in. together with an undivided interest in the common elements of. a condominium
project known as ACean. Yi.liege ~
pw~. a conaoeWNwn vopeq
(herein- "Condominium Projed'~.
CONDOMIMUM COVENANTS. In add_ itbn to the covenants and agreements made in the security Instrument,
Borrower and Lender further covenant and agree as follows:
A. Assessmenb. Borrower shag prompdy pay, when due, all assessments imposed by the Owners
Associatbn or other governing body of the Condominium Project (herein "Owners Associaton'') pursuant to the
provisbns of the declaration, by-laws, code of regulatbns or other constituent document of the Condominium
Proied.
B. Hazard Insurance. So bag as the Owners Assodation maintains a "master" or "blanket" polky on the
Condominium Project whkh 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:
(t) Lender waives the provision in Unfform Covenant 2 for the monthly payment to Lender of one-
twelfth of the premium instalments for hazard insurance on the Property;
(ii) Borrower's obtigatbn under Uniform Covenant 5 to .maintain hazard Insurance coverage on the
Property is deemed satisfied; and
(iN) the provisbns in Uniform Covenant 5 regarding applkation of hazard insurance proceeds 1
shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent ~
document of the Condominium Project or of applkable law to the extent necessary to avoid a confUct between
wch provisbns and the provisions of Unfforra Covenant 5. For any period of time during whkh such hazard '
insurance coverage is not maintained, the immediately preceding sentence shag be deemed to have ~
no force or effect. Borrower shall give Lender prompt notke of any lapse in such hazard insurance coverage. i
In the event of a distributlon of hazard insurance proceeds in lieu of restoratbn or repair folbwir?g a bss to
the Property, whether to the unit or to common elements, any such proceeds payable to Borrower are hereby
assigned and shop be paid to Lender for applkation to the sums secured by the security instrument, -with the
~ excess. if any. paid to Borrower.
f C. Lender's Prior Consent. Borrower shag not, except after notke to Lender and with Lenders prior
written consent. partltion 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 condemnatbn or eminent domain;
(ii) any material amendment to the declaratbn, by-laws or code of regulatbns of the Owners
Association, or equivalent constituent document of the Condominium Project, including, but not Nmited to, any
amendment whkh would change the percentage interests of the unk owners in the Condominium Project: or
(iii) the effectuatbn of any decWon by the Owners Assoctatbn to terminate prof¢ssbnal management
and assume seH-management. of the Condominium Project. ~
D. Remedies. If Borrower breaches Borrowers covenanb and agreemenb hereunder. Including the
covenant to pay when due condominium attsesstnenb, then hander may invoke any remedies provided
under the security instrument, including, but not Umked to. those provided under UnNorm Covenant 7. ~
IN WITNESS WHEREOF, Borrower has executed this Condominium Rider.
~szo act i 7 a~ ~ .2 s
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I FIIEG AN[ ~i%rfa e:
st.LUCteccuttTYftA. CHARLES H. SCHOOLS, a single adul-t°or~
~ ROtiER POITRAS
CLERK CIRCUIT CO' T
tifiCOl?il YERtFI£!~ . -saro..r
CONDOMINIUM RIDER-1 to 4 fartMit-6/75-(NINA/FNLMC UNIFOR141 INSTRULIENT
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