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HomeMy WebLinkAbout2618 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE CONDOMINIUM RIDER ~0~-23084211 THIS CONDOMINIUM RIDER is made this . . . . . . . . . 9 .th . . . . . . day of . . ~cember 19 .~_ ., and is incorporated into and shall be deemed to amend and supplement a Mo~tgage, Deed of Trust or Deed to Secure Debt (herein "security instrument") dated of even date herewith, given by the undersigned (herein "Borrowei') to secure Borrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE (herein "Lender") and covering, the prope describe~. in, he ity inshument and located ac ......... 2400 _ South Ocean. Dri ve; F.ort ~'i erce , Fl ori ~a 3~`~ ............................ IPropMy AOM~ssl The Property comprises a u~it in, t ther with ~ u divided ' t st in the common elements of, a condominium project known as . . . . . . . . . . Seascape_ ~ _-. ~cean 1~i ~age INams nl CpWwnin~um Prq~ctl . . . . . . . . . _ (herein "Condominium F'roject"). CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security inshument, Borrow¢r 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 goveming body of the Condominium Project (herein "Ownen Association") pursuant to the provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium Proiect. B. Hazard Insurance. So long as the Owners Association maintains a"master" or "blanket" policy on the Condominium Project which provides insurance coverage against fire, hazards included within the term "extended covezage." and such other hazards as Lender may require, and in such amounts and for such periods as Lender may require, then: (i) Le~der 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) 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satisfied: and (iii) _ the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium Project or of applicable law to the extent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 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 sente~ce shall be deemed to have no force or eHect. Borrower shall give Lender prompt notice of any lapse in such hazard insurance coverage. In the event 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 aher notice to Lender and with Lender's prior written consent, partition or subdivide the Property or consent to: (i) the abandonment _ or termination ot the Condominium Project. except for abandonment or termination provided by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnat:on or eminent domain: -(ii) any material amendment to the dedaration, by-laws or codP of regulations of the Owners Association, or equivalent 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 Project: or (iii) the effectuation of any decision by the O~,uners Association to terminate professional management and assume self-management of the Condominium Project. D. Remedies. 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 securiry instrument. including. but not limited to. those provided under Uniform Covenant 7. IN WiTNESS WHEREOF, Borrower has executed this Condominium Rider_ ~~ ~1~~ i / ~3~~ a~~ ~ ~ ~~~ ~ ~ . ~~G~~ ~Nf` a~~! ~OFUf p , RAG~RCF'QITPl1~ A. CIERK C:RCU~1 C~U T~ ~ rc . •;.n,= ~ ~ CONOOMINIUM RIOER-t to 4 Famity-6/75-FNMA/FHLMC UNfFORM INSiHUMENT ~ F~ z~ ~ ~~K345 Pd~r2~~,T ~ _. ._ ~~