HomeMy WebLinkAbout0627FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE
CONDOMINIUM RIDER
THIS CONDOMINIUM RIDER is made this ..._ ~ 6th day ot January
19 .$~. ., and is incorporated into and shail be deemed to amend and supplement a Mortgage, Deed of Trust
or Deed to Secure Debt (herein "security inshument") dated of even date herewith. given by the undersigned
(herein "Borrower") to secure Borrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF
FORT PIERCE (herein "Lender") and covering the Property de bed in ~h curity instrument and
located at . . . . . . 2516. $outh _"19th Street, . Fort .Pierce., ~~or~da 3~45~
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IPropMfY AOOrosSI
The Properry comprises a unit in t ther with an undivided interest in the common elements of. a condominium
project known as .. The. Wood~dn~Condominium Apartments
~ , INan+e oi ConOomimum Pro~etq
. . . . . - . . . . (herein "Condominium F'roject"1.
CONDOMINIUM COVENANTS. !n addition to the covenants and agreements made in the security instrument,
Borrower and Lender further covenant and agree as follows:
A. Assessments. Borrower shall promptiy pay, when due, all assessments imposed by the Owners
Association or other goveming body of the Condominium Project (herein "Owners Association") pursuant to the
pro,visions 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 Proj¢ct which provides insurance coverage against fire, hazards included 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:
(i1 Lender waives the provision in Uniform Covenant 2 for the monthly paymen~ to Lender of one-
twelkh of the premium installments for hazard insurance on the Property;
(ii) Bonowe'.r'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 ins~~rance proceeds
shall be superseded by any provisions ot the declaration, by-laws, code of regulations or other constituent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 mainta4ned. the immediately preceding sentence shall be deemed to have
no force or effect. Borrower shall give Lender prompt notice of any lapse in such hazard insurance coverage
!n 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 shal! be paid to Lender for application to the sums secured by the secority inshument. •with the
excess. if any, paid to Borrower. '
C. Lender`s Prior Co~sent. Borrower shall not, except aher notice to Lender and with Lender's prior
written c~nsent, partition or subdivide 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 deshuction by tire or other casualty 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 o( 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 professional managemeni
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 nof limited to, those provided under Unitorm Covenant 7.
IN WITNESS WHEREOF. Borrower has executed this Condominium Rider.
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COND~MINIUM RIDER-t to 4 Fam~ly-6/75-FNS~A/FNLMC UNtFORM INSTRUMENT
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