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HomeMy WebLinkAbout0732FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION~ OF FORT PIERCE CONDOMINIUM RIDER Loan #01-23083692 TH1S8~ONDOMINIUM RIDER is made this . 17th . day of .. December 19 ...., and is incorporated into and shall be deemed to amend and suppiement a Mortgage, Deed o~ Trust or Deed to Secure Debt (herein "security inshument") dated of even date herewith, given by the undersigned (herein "Borrower"1 to secure Borrower's Note to FlRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE (herein "Lender") and covering the Piroperty _ described in the security instrument and located a~ . . ?400 _ South Oc~an. Qri ve , qpt .. .42$2., . Fort . Pi er. ce., . Fl ori.da . .33450. . . . . . . . . IPropMy AdOr~sa1 The Ptoperty comprises a unit in, together with an undivided interest in the common elements of, a condominium project known as . . Ocean Vil lage. _ _ . . ($easCdpe.I) . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~N,~» o~ cw,ewMaum wa«n . . _ . . . _ . . (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 promptfy 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 consHtuent dacument 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 inwrance coverage against fire, hazards included within the term "extended coverage." and such other hazards as Lender may require, and in such amounts and f~r such periods as Lender may require, then: (i) Lender waives the provision in Uniform Covenant 2 for the manthly payment to Lender of one- twelfth of the premium installments for hazard insurance on the Property: (ii) Borrower's obligation under Unitorm 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satisfied; and (iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be superseded by any provisions of the deciaration, by-laws, code ot regulations or other constituent document of the Condominium Project or of applicable law to the extent necessary to a~~oid 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 eHect. 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 lieu of restoration or repair following a loss to the Properry, whether to the unit or to common elements, any such pr«eeds payable to Borrower are hereby assigned 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 Consent_ Borrower shali noi, except aher notice to Lender and with Lender's prior written consent. partition or subdivid~ the Property or consent to- (i) the abandonment or termination of the Condominwm Project, except for abandonment or termination provided by law in the case of substantial destruction 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 o( 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 effectua6on of any decision by the Owners Association to terminate professiona) management and assume self-management of the Condominium Project. D. Remedies. If BorrQvq4f breaches Borrower's covenants and agreements hereunder, including the covenant to pay when due condominiunn assessments. then Ixnder 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 executed this Condaminium Rider. S ) ~826 19BI ,la1~ -8 P~' ~ 38 -V n Garvey - ,o„N .~ i1L~G ~hL -: CCk::i :: . %: ST. L~CtF GG:;.r' "Y. f ~ ;. -~ ~ : . -i.c_c.u (. ~-•Z~~ ~ Rc:GER PGr ~ r?:.; A. Luci l le Garve ; ~<<~ ~c c:~ r.~~ * r- ~- y % -e«.a... CONDOMINIUM RIDER-~i to a Fam~~y 6~~MA.'FNiMC UNIFORM INSTRUMENT 8n~x,J~6 FecE ~ c ~ ~ } (- ~ ~~ ~ ~~~•!'.~.~~ -_ _ ..~r - c __ ;; ~.., ~ - ' :-~- h ~ ~ _...... _ s -'~`'~"'3'