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Home My WebLink About2627 FIRST FEDERAL SAVINa3 AND LOAN ASSOCIATION OF FORT PIERCE CONDOMINIUM RIDER THIS CONDOMINIUM R1DER is made ~his . . . . . 19th. _ _ . . . . . . . day of . . . December . . . . . . . 19 .$~. ., and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust or Deed to Secure Debt (he~ein "security inshument") dated ot even date herewith, given by the undersigned (herein "Bo~rower") to secure Borrowei s Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIAT[ON OF FORT PIERCE (herein "l.ender") and coverin the Property described in the securiry inshument and locaced ac . . . . ?4Q0 Sp~th _ Ocean Dri ve., _ ~ort . Pi erce., . FL_ . 33450 _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ laoputy Adonssl The Property comprises a unit in, t ther with an undivided interest in the common elements of, a condominium proiect known as . . . . . . . OCEA~VILLAGE .................................... ~N.m. M conaoin+nwin Pro~.cn . . . . . . . . . . (herein "Condominium F'roject"). CONDOMINIUM COVENAIV'fS. In addition to the covenants and agreements made in the security instrument, Borrower and l.ender further covenant and agree as fotbws: . A. Assessme~ts. 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 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 Ptoject which provides insuranc¢ coverac;e against fire, hazards included within the term "extended cov¢rage," and such other hazards as Lender may require, and in such amounts and for such periods as Lender may require, ih¢n: (i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one- twelfth of the premium instaliments for hazard insurance on the Property; (ii) Borrower's obligafion under Uniform Covenant 5 to maintain hazard insurance coverage on the Properry 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satisfied; and (iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be superseded by any provisions of the declaration, by-laws, code of regulations or other consfituent document of the Condominium Project or of applicable law to the extent necessary to avoid a conflid 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 giv¢ Lender prompt notice of any lapse in such hazard insurance coverage. In th¢ event of a dishibution of hazard insurance proceeds in iieu of restoratlon or repair following a loss to the Property, whether to the unit or to common elements, any such proceeds payable to Borrower are hereby assgned and shall be paid to Lender for appiication to the sums secured by the security instrument, •with the excess, if any, paid to Borrower. C. Lender`s Prior Conse~t. Borrower shall not, except after notice to Lender and with Lender s prior written consent, partition or subdivide the Property or consent to: (i) the abandonment or termination of the Condominium Project, except for abandonment or t¢rmination provided by law in the cas¢ of substantial deshuction by fire or other casualry or in the case of a taking by condemnation or eminent domain; (ii) any material amendment to the declaration, by-laws or code of r¢gulations of th¢ 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 f iii) the effectuation of any decision by the Ownen Association to terminate professional management and assum'e self-management of the Condominium Project. D. Remedies. If Borrower breaches Borrower's covenants and agreements hereunder~ tncluding 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 WiTNESS WHEREOF, Borrower has 19~0 QEC 3 i P~ 4~ ~ 6 S~ ~151 F~~EC a-+c F~co~a~n S1.LUCIE CQUYIY.FIa. R06ER POITRAS CIERM CIFCU!T C~URi q( ~f.9;1 \'~ i.:~ !~ r _~" !r ~ - executed this Condominium Rid¢r. , i ~ ~~,,~ Huw G. Th as ~ ' ~ ~ " -~~ . ~ ~ C~ rl C - e ia Ft':~homas, ~iis wi~e CONDOMINIUM RIDER-t to ~ Fam}ly-6/75-FliMA/FNIMC UNIFORM INSTRUMENT i i ~ ~.u,..~.,. ~ ~,.m.~-~_~.,:~. _~ = r $o~x345 PAGt2626 -~.~a -F. . K ~t ~ ~ _ . _..,v . ~_:~S .;aw~