HomeMy WebLinkAbout1656FIRST FEDERAL SAVING3 AND LOAN ASSOCIATION
OF FORT PIERCE
CONDOMINIUM RIDER ~0~-23084229
THIS CONDOMINIUM RIDER is made this . . . . . . 19th. . . . . . . . day of . . Re~@mb~r . .
19 $~ .., and is incorporated into and shap be deemed to amend and supplement a Mortgage. Deed of Trust
or Deed to Secure Debt (herein "secudty instrument") dated of even date herewith, given by the undersgned
(herein "Borrower') to secure Borrower's Note to FIRST FEDERAL SAVINGS AtiD LOAN ASSOCIATION OF
FORT PIERCE (herein "Lend r") and gov,ering Ihe P~c~pertv d~br~idan3~~~Osecuncy instrument and
locaced at ......2400.Sout~ Ocean. urive, Fort r~erCe,
_.. ........ .... .
~r ~a
The Property comprises a unit in, together with an ~divided interest in the common elements ot, a condominium
project known as ..G01 f V11 l,aS, - Ocean_ Vi 1~1 age .____._
INam. o~ Coneom~uT Pro~eo
. . . . . . . . . _ (herein "Condominium Projed").
CONDOMINIUM COVENAT~fS. In addition to the covenants and agreements made in the securiry instrument,
Borrower and Lender further covenant and agree as folbws:
A. Assessments. Borrower shap promptly 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 declaration, by-laws, code of regulations or other constituent document of the Condominium
Project.
B. Hazard insurance. So long as the Owners Association maintains a"master" or "blanket" policy on the
Condominium Project whkh provides insurance coverage against fire, hazards indud¢d 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-
twethh of the premium instaqments for hazard insurance on the Property;
(ii) Borrower's obligation under Unitorm 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shall be superseded by any provisions of ihe declaration, by-laws, code of regulations or other constituent
document of the Condominium Project or ot applicable law to the extent necessary to avoid a conflict between
such provisions and the 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. Borrow¢r shall give Lender prompt notice of any lapse in such hazard insurance coverage.
In the event of a distribution 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 security inshvment, •with the
excess, if any. paid to Borrower.
C. Lender`s Prior Consent. Borrower shall not, except aher notice to l.ender and with Lender's prior
written consent, partition or subdivid¢ 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 equival¢nt constituent document of the Condominium Ptoject, including, but not limited to, any
amendment which would change the percentage interests of th¢ unit owners in the Condominium Project: or
(iii) the effectuation of any decision by the Owners Association to terminate professional management
and assume self-manag¢ment of th¢ Condominium Project.
D. Remedies. If Borrower breaches Borrowers covenants and agreements hereunder. including the
covenant to pay when due condominium assessments, then Lender may invoke any remedies provided
under the securtty instrument. including. but not limited to. those provided under UnNorm Covenant 7.
IN WtTNESS WHEREOF, Borrower has executed this Condominium Rider.
1980 OEC 23 PM ~ 00
S~~S~~ ST L~IE COlA1~Y FtA.
ROGER POITRAS
CIERK CIRCUIT CQU~TjJ
FEC08~ :'ECl~ :" . ~~------
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Catheri ne J. Davi s, ~ s i gl e dul t -B°"°"~'
~~-G~rf '~~~-ca ~~~~~~E~
Cl arence H. Hohner, a marri ed adul t-e«-~...
CONDOMINIUM RIDER-1 to 4 Family-6/75-FNMA/FHLMC UliifORM INSTRUMEN7
Form 250
g~ 3~ p~i654