HomeMy WebLinkAbout1630 FIRST FEDERAL SAVINtt~S AND LOAN ASSOCIATION
OF FORT PIERCE
No. O1-23081100
CONDOMINIUM RIDER
THIS CONDOMINIUM RIDER is made this ??4d .........day of . October
l9 $0 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 "Borrower") to secure Borrowers Note to FlRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF
FORT PIERCE (herein "Lender') and covering the Property described in the security instrum nt and
located at ..gpdr~n>ent 4]34,. $~a~Cape. I,. 2400, Ocean. Drive, Fort. Pierce,. F!. 3340. . .
laoo•ar ~wan.q
The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium
project known as DCEAN. VI.LLAGE.............................. .
a+.~. a cw~ao.w~w~ pollen
(herein "Condominium Project'7.
CONDOMINIUM COVENANTS. In additbn 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 declaration, by-laws, code of regulations or other constituent document of the Condominium
Protect.
B. Hazard Insurance. So bng as the Owners Associatbn maintains a "master" or "blanket" polky on the
Condominium Project whkh provides insurance coverage ac,~am'
st fire, hazards included within the term "extended
coverage," and such other hazards as Lender may requ[re, 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) 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shall be superseded by any provisions 'of the declaration, by-laws, code of regulations or other constituent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 applicable law to the extent necessary to avoid a conflkt between
such provisions and the provisions 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 shall 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
E excess, if any, paid to Borrower.
i
' C. Lenders 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 casuahy 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 assume self-management of the Condominium Project:
D. Remedies. If Borrower breaches Borrowers covenants and agreements hereunder, including the
covenant !o pay when due condominium asseasments, then Lender may invoke any remedies provided
under the security instrument, including, but not limited to. those provided under.Uniform Covenant 7.
1N WITNESS WHEREOF, Borrower has executed this Condominium Rider.
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~0 rl~ ~ 19 p,:, 2: 50 ?
f NNETH D KE -8«?a-«
. ELI ETH L. KEEG -s«ro.«
CONDOMINIUM RIDER-1 l0 1 Fartrry-6/75-FNMA/FHLMf. UNIFORM INSTRUMENT
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