HomeMy WebLinkAbout0423FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE
CONDOMINIUM RIDER Loan No. 0~-23085028
THIS CONDOMINIUM RIDER is made this ... 5th. . . day of .... February
19 $1 .., and is incorporated into and shall be deemed to amend and supplement a Mortgage. Deed of Trust
or Deed to Secure Debt (herein "security inshumenY') dated of even date herewith, given by the undersigned
(herein "BorrowPr") to secure Borrower's Note to FIRST FEDERAI SAVINGS AND LOAN ASSOCIATION OF
FORT PIERCE (herein "Lender") and covering the Property described in the security inshument and
located at . . . . . ?400_ South . Ocean Dri ve., . Fort . Pierce., _ Fl ori da_ . 334~0 . . _ . _ . . .
~ao~.nr ~oorsss~
The Property comprises a nit in, t ther with an undivided interest in tfie common elements of. a condominium
uroject known as . SE~SCAPE I~ ___ . . OCEAN_ V I LLAGE _. .
IName ol Condammum woyecn
. . . . . . . . . (herein "Condominium F'roject")
CONDOMINIUM COVENANTS. In addi6on to the covenants and agreements made in the security inshument.
Borrower and Lender further covenant and agree as foilows:
A. Assessments. Borrower shall promptiy pay, when due, all assessments imposed by the Owners
Association or other goveming body of the Condominium Project (herein "Owners Association") pursuant to the
provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium
Proiect.
B. Hazard I~t$urance. Se long as the Owners Association maintains a"master" or "btankeY' policy on the
Condominium Project which provides insurance coverage against fire, hazards inciuded within the term "extended
coverage." and such other hazards as Lender may require. and in such amounts ar.d for such
periods as Lender may require, then-
1i) 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
Property is deemed satisfied: and
(iii) the provisions in Uniform Cove~ant 5 regarding appiication of hazard insurance proceeds
shall be superseded by 3ny provisions of the declaration. by-laws, code of regulations or other constituent
document of the Condominium Project or of applicable law ta 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 disfibution 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 applicalion to the sums secured by the security instrument. •with the
excess, if any. paid to Borrower .
C. Lender's Prior Consent. Borrower shall ~ot. except aher 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 substantia) destruction by fire or other casualty or in ihe case of a
taking bv condemnation or eminent domain:
fii) 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
amer.~ment which would change the percentage interests o( the unit owners in the Condominium Projec:: or
(iii) the effectuation of an~ 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 Covenant 7.
IN WITNESS WHEREOF. Borrower i~~as executed this Condominium Rider.
~, -- --------- '
51'78U~ ~981 F.: i 24 ''` ~ 1~ _ .
~ .,-
E~~t~f Rh~~ `~ ~-°`"•' ~' r a. orr- g n, a married ad~b~w~•
SLLIf.~~ t.:,:;W't'.f.
R(;G~f~ i GlSHA~~ ~
.~', f;:l~ C: .. . ~ `~~ -eonowe.
CONDOMINtUM RIDER-~ te d Fam~iy-6~75-FNMA~FHLMC UN~FORM iNSTRUMENT
fam zso
~
~,
~~~ _ -
"a~?' * ,y
Ca€`i-7. ,~ .,~~^/w-t;c ~:. r,.r r. ._s. ~~>. ~ . . ,~r
a~~x 349 ~~~E 424
.-
~
~ ' ..,,--.+r.° N..sw~:.~