HomeMy WebLinkAbout1484FIRST FEDER/4L SAVINGS AND LOAN a3SOC1AT10N
OF FORT PIERCE
CONDOMINIUM RIDER ~0~-23084468
THIS CONDOMIMUM RIDER is made this . . . . . . . ??nd . . . . . . day of . . December
19 -. .8~., and is incorporated into and shal) be deemed to amend and supplement a Mortgage, Deed of Trust
or Deed to 5ecure Debt (herein "secudty instrument") dated of even date he~ewith, given by the undersigned
(herein "Borrower") to secure Borrower's Note to FlRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF
FORT PIERCE (herein "L¢nder") and covering the PrQperty d~ bgd i th~~ security instrument and
located at . . . . _ . . . . South, 19th_ St~^eet,, Fort. P~erce,. Florida ~33450
. . . ... .........
lP~co«hr ~adr~sa ~
The Properry comprises a unit in, together with an undivfded interest in the oommon elements of, a condominium
pro~ect known as . . . .The.Wondland.~ondQm.in~u~n. Apar~nents . . . . . . . . . . . . . . . . . . . .
a~a~n. a conoonw~+w~ wq.a,
. . . . . . . . . . (herein "Condomtnium ProjecP').
CONDOMINIUM COVENAIVTS. ln addition to the covenants and agreements made in the security instrument.
Borrow¢r and Lender furth¢~ covenant and agree as foUows:
A. Assessments. Borrower shal! promptly pay, when due, all assessments imposed by the Ownen
Association or other goveming body of the Condominium Ptroject (herein "Own¢rs Association') pursuant to the
provisions of the declaration, by-laws, cod¢ of r¢gulations or other constitu¢nt document of the Condomini~m
Project.
B. Hazard Insurance. So long as the Owners Assoctation maintains a"master" or "blanket" policy on the
Condominium Proj¢ct which provides inwrance coverage agair-st fire. hamrds included wfthin the t¢rm "extended
coverage," and such other hazards as Lender may requir¢, and in such amounts and for such
periods as L¢nder may require, then:
(i) Leqder waiv¢s the provision in Uniform Covenant 2 for the monthly payment to I.ender ot one-
twelfth of the premium instaUments for hazard insurance on the Property;
(ii) Borrower'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 supersed¢d by any provi~ons of the dedaration, by-laws, code ~ot regulations or other constituent
document of the Condominium Project or of appNcable law to the extent necessary to avoid a conflict betwe¢n
such provisions and the provisions of Uniform Covenant 5_ For any period of tlme during which such hazard
insurance coverage is not maintained, the imm¢diately preceding sentence shall be deemed to have
no force or effect. Borrower shall give L¢nder prompt notke of any lapse in such hazard insurance coverage_
In the event of a dishibution of hazard insurance proceeds in lieu of r¢storation or repair following a loss to
the Prop¢rty; whether to the unit or to common elements, any such proce¢ds payable to Borrower are hereby
assgned and shall be paid to Lender for application to the sums secured by the security instrument, •with the
excess, if any, paid to Borrower.
C. Lender`s Prior Cons¢nt. Borrower sha0 not, except after notice to Lender and with Lender's prior
written consent, partitlon or subdivide the Prop¢rty or consent to:
(i) the abandonment or termination of the Condominium Proj¢ct, except for abandonment or
termination provided by law in the case of substant~al destruct3on by fire or other casuahy or in the case of a
taking by condemnation or ¢min¢nt domain;
(ii) any mat¢ria) amendm¢nt 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 which would chang¢ the perc¢ntage interests of the unit owners in the Condominium Ptoject; or
(iii) the eHectuaHon of any decision by the Owners Association to termtnat¢ professional managem¢nt
and assume self-management of the Condominium Pro)ect.
D. Remedies. lf Borrower breaches Borrower's covenants and agreements hereunder, including the
covenant to pay when due condominium assessmenb, then Lender may invoke any remedies provided
under the security instrument. including, but not limited to. those provided under Uniform Covenant 7.
(N WITNESS WHEREOF, ~rio~~O¢xecuted this Condom ium Rider. ~
1
t9~ DEC 23 IIM ~ 53 ~
fa~o - F cToROEO Wal er Warren -e«.o.,e.
s RO~GE~~O~TRASA~ 4. ~ \
Ct.Ewc ClRCUIT COt1R'T kc:• ~ C.' .`_~-~ R ••.~~
~ Grace G. Warren _~a...
p~tr.Fn ~~~R~~iF~ ~_ ~ ----
CONDOMINIUM RIOER-1 to 4 famiy-6/75-FNMA/FHLMC UNIFORM INSTRU~IENT
F~, 2~ a~345 P~1482