HomeMy WebLinkAbout0787FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE
CONDOMINIUM RIDER o~-23087701
THIS CONDOMINIUM RIDER is madp this . .. 20th day of .. February
19 . 81 ., and is incorporated into and shal) be deemed to amend and supplement a Mortgage, Deed of Trust
or Deed to Secure Debt (herein "security instrument") dated of even date herewith, given by the undersigned
(herein "Borrower"1 to secure Borrowei s Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF
FORT PiERCE (herein "Lender"1 and covering the Property described in the security instrument and
Io~aced at .. 240Q Sputh. pcean .Driye,. Fort. Pierce, FL 33450.
. .. ...... ..
IROpenr Acfd~essl
The f'coperty comprises a unit in, t~ether with an undivided interest in the common elements of, a co~dominium
project known as ...... Seascape I- Ocean Village
iName ol Co~dom~nwm Pro~ect)
. . . . . (herein "Condominium Project")
CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security instrument,
Borrower and Lender further covenant and agree as follows:
A. Assessments. Borrower shall promptly pay, when due. all assessments imposed by the Owners
Associa!ion or other governing 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 lnsurance. So long as the Owners Associat~un maintains a"master" or "blanket" policy on the
Condominium Project 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~
!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 Cove~iant 5 to maintain hazard insurance coverage on the
Property is deemed satisfied: and
(iii- the provisions in Uniform Covenant 5 regarding apptication of hazard insurance proceeds
shall be superseded hy any provisions of tt~e declaration, by-laws, code of regulations or other constituent
document o( the -Condominium Project or of applicable law to the extent necessary to avoid a contlict between
such ~rovisions and the pravisions of Uniform Covenant 5 For any period of time during which such hazard
insurance coverage is not maintained. the immediateiy preceding sentence shall be deemed to have
no force or effect. Borrower shall give LPnder prompt notice af any iapse in such hazard insurance coverage.
In the event of a d:stnbution of hazard insurance proceeds in lieu of restoration or repair following a loss to
the Property, ~vhether to the uni! or to common elemer.ts. any ~uch proceeds payable to Borrower are hereby
assigned and shal) be paid to Lender for application t~ the sums secured by the security instrument. •with the
excess, if anv. paid to Borrower
C. Lender's Prior Consent. t3orrou:er 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
termination provided by 1aw in the case of substantial deshuction by fire or other casualty or in the case of a
taking by condemnation or eminent domain:
(ii1 any material amendment to the declaration, by-laws or cod~ of regulations ot 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 o( any decision by the Owners Association to terminate professional management
and assume self-management of the Condominium Project.
D. Remedies. I( Borrower breaches Borrower's covenants and agreements hereunder, including the
covenant to pay when due condominium assessments, then Lende.r may invoke any remedies provided
under the securiry instrument, including, but not limited to, those provided under Uniform Covenant 7.
~ IN WITNESS WHEREOF. Borrower has executed this Condominium Rider '
$ MANAGEME I~CONSULTANTS R SENATIVES ~
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