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HomeMy WebLinkAbout0097 _ O1-23080805/GILLENGERTEN t FIRST FEDERAL SAVIN~is AND LOAN ASSOCIATION - O!~ PORT PIERCE CONDOMINIUM RIDER No. O1-23080805 THIS CONDOMINIUM RIDER tt made this ~ 4th ....day of October 19 $0.., and h incorporated into and shall be deemed to amend and supplement a Mortgage. Deed of Taut or Deed to Secure Debt (herein "security instrument") dated of even date herewith, given. by the undersigned (herein "Borrower's to secure Borrower s -Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE hherein "Lender ~ and covering the Pr My described In the security instrument and located at .Apt,. ,x192, 24Q0 S, .Oee4n pFive, ,Fo>~~~rce, .FL..3.345Q , , , , , , , , , , , , , laap«q, noan.y The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium project known as . . . .OCEAN .VILLAGE M~ a GondanM~ ?ro~eq (herein "Condominium Project'1. CONDOMINIUM COVENANTS. In additbn to the covenants and agreements made in the security instrument, Borrower end Lender further covenant and agree as fogows: A. Assessments. Borrower shall promptly pay, when due, all assessments imposed by the Owners Associatbn or other governing body of the Condominium Project (herein "Owners Associatbn'7 pursuant to the provisions of the dedaratbn, by-laws. code of- regulations or other constituent document of the Condominium Protect. B. Hazard Insurance. So bng as the Owners Assodatk+n 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: ~ ~ 1 (i) Lender waives the provision in Unif~m Covenant 2 for the monthly payment to Lender of one- ' twelkh of the premium installments for hazard insurance on the Property; (ii) Borrower's obNgatton under Uniform Covenant 5 to maintain hazard insurance coverage on the Property LS deemed satisfied; and (iii) the provisions in Unifomn -Covenant 5 regarding application d hazard insurance proceeds shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium Project or of applkabie law to the extent necessary to avoid a eonflkt between . such provisions and the provi~ons of Uniform Covenant 5. For any period of time during whkh such hazard insurance coverage is not maintained, the immediately preceding sentence shall be deemed to have .no force or effect. Borrower shah 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 fogowing a loss fo 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 appNcation ~ to the sums secured by the security Instrument, .with the exce_ ss, if any, paid to Borrower. _ C. Lenders Prior Consent. Borrower shap_ not, except after notke to Lender and with Lender's prior written consent, partition or subdivide the Property or consent to: (q the abandonment or termination of the Condominium Project, except for abandonment or termination provided by law in the case of substantial destructlon by fire or other casuahy or in the case of a taking by condemnation or eminent domain; (ii) any material amendment to the declaratbn, by-laws or code of regulations of the Owners Associatbn, or equivalent constituent document of the Condominium Project. including, but not Hmited 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 Assodatbn to terminate professional management and assume self•management of the Condominium Project. - D. Remedies. if Borrower breaches Borrorve~s covenants and agreemenb hereunder, inducting the ~ covenant to pay when due condominium asseasmenb, then Lender may invoice ar~~ remedies provided under the security instrument, including, but not limited to. those provided under UnHorm Covenant 7. M WITNESS WHEREOF, Borrower has executed this Condominium Rider. - ~ - 1960 OCI 17 A!I ~ 26 - P 503824 fILEO Ric u:co~ol-0 - f SROGERP01TRl1SA' LLIAM P. GILLENGE TE -sa?o.s. CLERK CIRCUIT CO Tj~ - szccr~~•rQlr;rr.- _ _ Y N ERTEN -sw+o.« B CONDOMINIUM RIDER-t to ~ Family-6/75-FNMA/FHLM% UNIFORM INSTRUt1ENT t - s~x341 PEE 9T 3 , ~ , ~ f ~ -..~~~u _ _ - - - - . 1.