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HomeMy WebLinkAbout1777 FIRST F~,EGERAL SAVINGS AND LOAN ASSOCIATION OF FORT PiERCE CONDOMINIUM RIDER THIS$~ONDOMINIUM RIDER is made this .... 9th ~ . day of .. ~dnudr'y 19 ...., and is incorporated into and shall be deemed to amend and suppiement a Mortgage, Deed of Trust or Deed to Secure Debt (herein "security instrument") dated of even date herewith, given by the undersigned (herein "Borrower") to secure BorTOwer's Note to FIRST FEDERAL SAViNGS AND LOAN ASSOCIATION OF FORT PIERCE (herein "Lender") and covering the Property described in the security instrument and 1«ated at . . . . . . _ 2516. South l~~h S~reet, .For~ Pi ~rce, .Fl ~. 33450. . . . . . . , I~opMtY Addr~ssl . . . . . . . . The__Ptoperiy comprises a unit in, together with an undivided interest in the common elements of, a condominium Pro~ecc k~own as ... The . Woodl and . Condomi ni um_ Apartments _....- IName or Cwwan~owm Pro,~act- . . . . . . . • • - • - - . . . . . . . . . . . . . . t'herein "Condominium F'roject"1. CONDOMINIUM COVENANTS. !n addiNon to the covenants and agreements made in the security instrument, Borrower and LendQr fu-ther c.~venant 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 "Owners Association") pursuant to the provisions of the declaration, by-laws, code of regulations or other consfituent document of the Condominium Proiect. B. Nazard lnsurance. So long as the Owners Association maintains a"master" or "btanket" poticy on the Condominium Project which provides insurance coverage against fire, hazards induded 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- twelfth of the premium installments for hazard insurance on the Property; (ii) Borrower's obligation under Uniform Covenant 5 To maintafn 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satisfied; and - (iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be superseded by any provisions of the declaration, - by-laws, code of regulations or other constituent document of the Condominium Project or of applicable law to the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 sucfi hazard insurance coverage is not maintained. the immediately preceding sentence shall be deemed to have no force or effect. Boirower 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 inshs~ment, •with the excess, if any, paid to Borrower. C. Lender`s Prior Consent. 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 terminarion 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 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 Owners Association to terminate professiunal management and assume self-managem¢nt 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 security instrument. including. but not Iimited to. those provided under Uniform Covenant 7. lN WITNESS WHEREOF, Borrowet has executed this Condominium Rider. S~_.3391 - ~~ J~t~ t 3 P~ 2 58 ~ F~LEC tHC F:CGNi~i 0 /~ ~ - S1.LUCIE CCUV1Y.f_:.. er . 5 OIl RGGER POITRAS CLE9K CIRCI:iT COURi , ~'~1 ~;~,c~Q./ /~l ~~.i 4~ ; ~.;, ., ~:~ :.• ~._ Marjori;~ M. E1 ston - (~ CONDOMINIUM RIDER-~ to 4 Family-6/75-FNMA/fHLMC UNIFORM INSTRUMENT ' Fo-m 250 BOOK346 FA~E1773 -- BOrrfiwN -e. .