HomeMy WebLinkAbout0394FIRST FEDERAL SAVING3 AND LOAN ASSOCIATION
OF FORT PIERCE
CONDOMINIUM RIDER ~0~-23085432
THIS CONDOMINIUM RIDER is made ~his . . . . . 27th. . . . . . . . . . day of .~.anuary
14 .$1. ., and is incorporated into and shall be deemed to amend and supplement a Mortgage. Deed ot Trust
or Deed to Secure Debt (herein "security inshument") dated of even date herewith, given by the undersigned
(he~ein "Borrower") to secure Borrower's Note to FlRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF
FORT PIERCE (herein "Lender") and coverin the Propert described in the security inshument and
~ocaced ac . . 2400. $outh .Ocean Dri.ve, . For~ .Pierce, . F~ori.da _ 33450 . . _ . _ . _ . . _ . _ .
IPropwty A6orusl
The Property comprises a unit in, together with an undivided inter t in the common elements of, a condominium
project known a5 . . . . . . . . . Seasca.pe _ I - . Ocean Vi ~ l.age _ .
...... .....
IN,me o~ cenao~+lnwm Rqecr,
. . . . . . . . . (herein "Condominium Project"1.
CUNDOMINIUM COVENANTS. In addition to the covenants and a~reements made in the security inshument.
Borrower and Lender furthcr covenant and agree as follows:
A. Assessments. Borrower shail promptly pay, when due, all assessments imposed by the Owners
Association or other goveming body of the Condominium Ptoject (herein "Owners Association") pursuant to the
provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium
Project. ' ~
B. Hazard Insurance. So long as the Owners Association maintains a"master" or "blanket" policy on the
Condominium Projec: which provides inwrance coverage against fire, harards included within the term "extended
coverage," and such other hazards as Lender may require, and in such amounts and tor such
periods as Lender may require, then:
(i) Lender waives the provision in Uni4orm Covenant 2 for the monthly payment to Lender of one-
twelfth of the premium installments for hazard insurance on the Property:
(i9) Borrower'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 insurance proceeds
shal) be superseded by any provisions of the declaration, by-laws. code of regulations or other const~tuent
document ot 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, ttie immediately preceding sentence shall be deemed to have
no force or effect. Borrower shall r~s've Lender prompt notice of any lapse m such hazard insurance coverage.
In the event of a distribution ot 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 t~e paid to Lender for application to the sums secured by the security instrument. •with the
excess. if any. paid to Borrower.
C. Le~der's Prior Consent. Borrower shalf 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
termination provided by law in the case of substantial deshuctio~ by tire or other casualty or in the case of a
taking by condemnation or er-~inent domain:
Iii) 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
amendmer.t which would change the percentage interests of the unit owners in the Condominium Project: or
(iiil the effectuation of any decision by the Owners Association to terminate professional management
and assume self-management of the Condomin~um Project.
D. Remedies. If Borrower breaches Borrower's covenants and agreements hereunder. including the
covenant ta pay when due condomintum assessments, then Lender may invoke any remedies provided
under the security instrument. including. but not limited to. those provided under Uniform Covenant 7.
IN WtTNESS WHFREOF. Borrower has executed this Condominium Rider.
1981 ~"-.. 2~ ~~~ ~: ~3
Si`~'798 ~~:<< <:,~ ~.~~ .,.,. .
S? Lt' .E I C"~ rY.f .~N
R(ZC:~ H f'G~ i F~:.'~~~
CL1.i~r _ ..'~~/~
. ,~
,~
•~ ~- ~~'1~~~ ~''h-~~
- 6orrowe•
kEE ~ _{~ETMO E L <~~.~~;-~~ c~
/ ~~~
~~ I TN ANN WETMORE -8«~~~.
CONDOMiNIUM RIDER-~ to 4 famdy-6i75-fNMA/FHLMC UNIfORM ~NSTRUMENT
F~„ z~
~
~
~
~:~.
~ ~ _~ :
%~-~~:~~.~ ~ -~ ~~
~~'~ 349 j~~~~ 395
~
_ .. ~~
~ ~~