HomeMy WebLinkAbout1502FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE
CONDOMINIUM RIDER
THlS CONOOMINRIM RIDER is made this . . . . . 1$th . . . . . . . . . . day of . . . ~Cember
19 8(1 .-. and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust
or Deed to Secure Debt (herein "s¢curity instrument") dated of even date herewith, given by the undersigned
therein "Borrower"1 to secure Borrower's Note to FlRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF
FORT PIERCE (herein "L.endei 7 and coverin the Property described in the security instrument and
ioca:ed at _ . . . _ _ 121-U Lake Eod Drj v.e., . Fg.ort . Pi erce, . Fl a . _ 33450 . . . . . . . . . . . . .
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The Property cws~prises a unit in, tc,~ect,e~ with an undivided interest sn the common elements of, a condominium
~xo~ecc known as . _N.igh Point_ .~ond.omi.niun _ . . _
........................~------~
n~. a ~ aro;.~n
- • - - - • - - - - (herein "Condominium Project").
CQNDOMINIUM COVENANTS_ In addition to the covenants and agreements made in the security instrument,
Borrower and Lender further covenant and agree as fdbws: _
A- Assessments• Borrower shal! prompdy pay, when due, all assessments imposed by the Owners
Association or other goveming body of the Condominium Project (herein "Owners Association") pursuant to the
provisions of the dedaration. by-laws. code of regulations or other constituent document of the Condominium
Proiect.
B. Hazard lnsurance. So bng as the Owners Association maintains a"master" or "blanket" policy on the
Coodominium Pb~ect whid~ Provides insurance coverag¢ 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:
(!) Lender w~ives the provision in Uniform Covenant 2 for the monthly payment to Lender of one-
tw~elfth of the premium installments for hazard insurance o~ the Property:
(n) Borrower s obligation under Unitorm Covenant 5 to maintain hazard insurance coverage on the
Ptoperty is deemed saesfi¢d: and
(ui) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds
shaD be superseded by any provisions of th¢ declarafion, by-laurs, code of regulations or other constituent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 the provisions of Undorm Covenant 5. For any period of fime during which such hazard
insurance coverage is not mainWined, the immediately preceding sentence shall be deemed to have
no force or effect. Borrower shall give Lender prompt notice of any lapse in such hazard insurance coverage.
In the event of a distribution of hazard insurance proceeds in fieu of restoration or repair following a loss to
the Ptoperty, whether to the unit or to common elements, any such proceeds payable to Borrower are hereby
assigned and shal) be paid to Lender for application to the sums secured by the securib,~ instrument, •with the
excess, if any, paid to Borrower.
C. ixnder's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior
wsitten consent. partition or wbdivide the Property or consent to:
(i) the abandonment or termination of the Condominium Project, except for abandonment or
termination ~rov_ided by law in the wse of substantial destruction by fire or other casualty or in the case of a
taking by condemnation or eminent domain:
(ri) any material amendment to the declaration, by-laws or code of regulations of the Owners
As.sociation. or equivaler.t constituent document of the Condominium Project, including, but not limited to, any
amendment which would change the percentage interests of the unit owners in the Condominium Projed; or
(m) the efEectuation of any decision by the Owners Associafion to terminate professional management
and aswme self-management of th¢ Condominium Ptoject.
D. Rewedies. If Borrower breaches Borrower's covenants and agreements hereunder, including the
covenant to pay when due condominium assessments, then Lender may invoke any remedies provided
under the security instrument. including, but not limited to, those provided under Uniform Covenant 7.
IN Wf~NESS WHEREOF. Borrower has executed this Condominium Rider.
t9~ DEC 23 A~ ~ 54 ~~, i ~ ; ~
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