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HomeMy WebLinkAbout0458FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE CONDOMINIUM RIDER ~~0~-23084302 THI CONDOMINlUM RiDER is made this . . . . . .15th . . , . . . . . . day of . . December 19 ~0. ., and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust or Deed to Secure Debt (herein "securiry inshument") dated of even date herewith, given by the undersigned (herein "Borrower") to secure Borrower's Note to FlRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE (herein "L¢n er") a d, cove ' t Pro e desc~ibec~ the security instrument and located at ...?400_ South _~cean ~ri ve, ~o~t ~i erc~',`~l ori a 3~0 ................................~-----...-- ~ao~.~,,, ~ea.,~- The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium pro~ect known as . . . . Seascape I _ - Ocean. Vi 11 age Condani n i ums . . . . . . . . . . . . . . . . . . . ~N,m. a cwwom~~wm Pro~Cn . . . . . . . . . . (herein "Condominium F'rojecP'). CONDOMiN1UM COVENAIV7'S. In addition to the covenants a~d agreements made in the security instrument, Borrower and Lender further covenant and agree as follows: A. Assessments. BoTrower shall prompdy pay, when due, alt assessme~ts imposed by the Owners Associafion or other goveming body of the Condominium Project (herein "Ownen Association") pursuant to the provisions of the declaration, by-laws, code of regulations or oth¢r constitu¢nt document of the Condominium Project. B. Hazard lnsurance. So long as the Owners Association maintains a"master" or "blanket" policy on the Condominium Project whkh provides insurance coverage against fire, hazards included within the term "entended 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) Borrow¢r's 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 supers¢ded 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 th¢ 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_ Bonower shall give Lender prompt notice of any lapse in such hazard insurance coverage. In the ev~nt of a dishibution of hazard insurance proceeds in lieu of restoration or repair following 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 application to the sums secured by the securiry 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, partiNon 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 deshuction 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 Ownen Associarion, or equivalent constituent document of the Condominium Proj2ct, including, but not limited to, any amendment which would change the percentage interests of the unit owners in the Condominium Projed: or (iii) the effectuation of any decision by the Ownen Association to terminate prof¢ssional management and assume self-management of the Condominium Project_ D. Remedies. lt Borrower breaches Borrower's covenants and agreements hereunder. including the covenant to pay when due condominium assessments, then l.ender may invoke any remedies provided under the security instrument, including. but not limited to. those provided under Uniform Covenant 7. IN WITNESS WHEREOF, Borrower has executed this Condominium Rider. 51089'7 ~°80 D~C 17 P~: ~ 36 ~n.-_c ~N[ ~_ co-z~: n s Rt GEft POITRet t~a CLERK CIRCUtT CO'JF. ~ ,~~„ ,,; F.,r. , v~~~ ~ ~ ' ~ ~~ Ma ~ e Vigil . ~ ~ Li.,~.v~~u,v~ ~ , ~---~ ~ Kathleen Vigil v COND~MINIUM RIOER-1 to , Fam~1y-6i75-FNMA/FHLMC UNIfORM INSTRUMENT ~ form 250 - ~ ,. - r F~~~,~~:" ~.~~-f~~.z : ~ g~ 345 ~d~E 457 - ea.o..~. -ea.o.« - - ~~-~ ~~ .