HomeMy WebLinkAbout0365 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OR FORT PIERCE
CONDOMINIUM RIDER o~-zsosos2i
THIS CONDOMIMUM RIDER is made this l5tb .......day of ..October......... ~
19 .80... and is incorporated Into and shall be deemed to amend and supplement a Mortgage, Deed of Trust
or Deed to Secure Debt (herein "security instrument") dated of even date herewith, given by the undersigned
(herein "Borrowers to secure Borrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF
FORT PIERCE (herein "Lender') and covering the Property described in the security instrument and
located at A-9. ~ 300. $~aWay. Ari ve, ,Fort Pierce, . FL, _ 33450 . . . . . . .
tP•oo.nr ~aa.w
The Property comprises a unit 6n, toget A E
TRADA DEL
MAR the common elements of, a condominium
project known as .
Meer or Ca~do~Mnlw~ Prol~n
(herein "Condominium Project'7.
CONDOMINIUM COVENANTS. In addition 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 Owners
Association or other governing body of the Condominium Project (herein "Owners Association pursuant . to the
provisions of the declaratbn, by-laws, code of regulations or other constituent document of the Condominium
Protect.
B. Harard Insurance. So long as the Owners Association maintains a "master" or "blanket" polky on the
Condominum Project whkh provides insurance coverage agaMst fire. hazards inducted 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-
tweffth of the premium insta0ments for hazard insurance ot, the Property; - -
(ii) Borrowers obligation under Uniform Covenant 5 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shall be superseded by any provisions of the declaration, by-laws, code of regulations ~ or other constituent .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 applkable law'to the extent necessary to avoid a conflkt between
'i such provisions and the provisions, of Uniform Covenant 5. For any period of time during whkh such hazard .
j insurance coverage is not maintained, the immediately preceding sentence shalt be deemed to have
j no force or effect. Borrower shat give Lender prompt notke of any lapse in such hazard insurance coverage.
In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair folbwing a loss to
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 applkation to the sums secured by the security instrument, •with the `
f excess. if any, paid to Borrower.
C. Lender`s Prior Consent. Borrower shall not, except after notke 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
i
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-laws or code of regulations of the Owners
Association, or equivalent constituent document of the Condominium Project, including, 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 Association to terminate professional management
and aswme self-management of the Condominium Project.
D. Remedies. if Borrower breaches Borrower's covenants and agreements hereunder, including the
covenant to pay when due condominium assessments, then Lender may invoice any remedies provided
under the security instrument, including, but -not limited to. those provided under Uniform Covenant 7.
M WITNESS WHEREOF, Borrower has executed this Condominium Rider.
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eli.ct; RHC wk~r c SAMUEL ALSOP
I ~ st~ucl!•: ceutit•r.c? A. C I
~ R09ER POITRAS i
- - CLERK CI4CUIT r.`.+.R
CONDOMINIUM RIDER-1 to 4 Family-6/75-FNMA/FHLMC UNIFORM INSTRUMENT
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X341 PAGE 365
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