HomeMy WebLinkAbout0381FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE
CONDOMINIUM RIDER o~-23087602
THIS CONDOMINIUM RIDER is made this .... 20th ._.. day ot ..February
19 .$1. ., and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust
or Deed to Secure Debt (herein "security instrumeM"1 dated of even date herewith, glven by the undersigned
(herein "Borrower") to secure Borrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATtON OF
FORT PIERCE (herein "Lender") and covering ihe Property described in the security inshument and
located a~ . . . . . . . . . . . 2400. South . Ocean Dri ve., . Fort . Pi erce., . FL. 334.50 . . . . . . . . . . . . .
IP~OpMfy AOOr~la1
The Propert~~ comprises a unit in. together with an undivided interest in the common elements of, a condomin6um
pro;ect k~own as . - - - .S~aSC.apE .I . - .Q~Cd1~. yl l.l dgE . . . . . . . . . . . . . . . . . . . . . . . . .
INams o1 CorWp~~mum Wqetty ~
. . . . . . . . . (herein "Condominium F'roject").
CONDOMINIUM COVENANTS. In addition to the co~~enants and agreements made in the security instrument.
Borrower and Lender further covenant and agree as follows:
A. Assessments. Borrower shail promptly pay, when due, all assessments imposed by the Owners
Association or other governing body of the Condominium Project (herein "Owners Association"1 pursuant to the
provisions of the declaration, by-laws, code of regulations or other constituent document ot the Condominium
Proiect.
B. Hazard Insurance. So long as the Owners Association maintains a"master" or "blanket ' policy on the
Condominium Ptoject which provides insurance coverage against fire, hazards induded within the term "extended
coverage," and such other hazards as Lendet may ' require, and in such amounts and tor 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 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shall be superseded by any provisions of the declaration, by-laws.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 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 sentence shall be deemed to have
no force or effect. , Borrower shall give Lender prompt notice of any lapse in such hazard insurance coverage.
In the event of a distribution of hazard insurance prceeeds 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 instrument. •with the
excess, if any, paid to Borrower. ~
C. Lender`s Prior Consent. Borrower shall not, except after notice to Lender and with Lende.•'~ prior
written consent, partition or subdivide the Property or consent to:
(i) the abandonment or termination of the Condominium Project. except 4or abandonment or
termination provided by 1aw in the case of substantial deshuction by fire or other casualty or in the case oi a
taking by condemnation or eminent domain:
(ii) ariy material amendment to the declarat~on. 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 owr~ers in the Condominium Project: or
(iii) the eHectuation of any decision by the Owners 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 security instrument. including. but not limited to, those provided under Uniform Covena~t 7.
IN WITNESS WHEREOF. Bonower has executed this Condominium Rider.
1981 f~~.s 24 '': ~ `~2
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C~ R H 6. h
CONDOMINIUM RIOER-~ to 4 Family-6/75-FNMA~FHLMC UNIFORM INSTRUMENi
Form 250
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BOOK 349 PAGE •.~0~
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