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HomeMy WebLinkAbout1130oi-2sosa35i FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF F'ORT PIERCE CONDOMINIUM RIDER TH1S CONDOMINIUM RIDER is made this . . . , llth . . . . _ . day oi . _ .~cember 19 .$Q ., and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust or Deed to Secure Debt (herein "secu~ity instrument") dated of even date herewith, given by the undersigned (herem "eiorrower") to secure Borrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE (herein "Lender") and covering the Prope describg,~ in the security instrument and located at . . . . . . . . . . . . . 3501, North _ A-1-A,_ Fort. ~ierce, r- ori da , ............... IPropNty AdM~fl1 The Properry comprises a unit in, together with an undivided interest in the common elements of, a condominium project known as . . - - - - - ~al j forni d Edst . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~Wams o~ cortaom~n~um w~:.cn . . . . . . . . . _ (herein "Condominium F'roject"1. CONDOMINIUM COVENAIVTS. In addition to the covenants and agreements made in the security inshument, Borrower and Lender further covenant and agree as follows: A. Assessments. Borrower shall promptly pay, when due, all assessments imposed by the Owners Association 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 Insurance. So long as the Owners Association maintains a"master" or "blanket" policy on the Condominium Project which provides insurance coverage against fire, haTards 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 Uniforn- Covenant 2 for the monthly payment to Lender of one- iwelhh of the premium installments for fiazard 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 Covenant 5 regarding application of hazard insurance proceeds shal! be superseded by any pro~7sions of the declaration, by-laws, code of regulations or other constituent document of the Condominium Psoject or of applicable law to the ext¢nt 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 eHect. Borrower shall give Lender prompt notice of any lapse in such hazard insurance coverage. In the event of a distribution of hazard insurance proceeds in lieu o( 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 securiry instrument. •wiih the excess, if any, paid to Borrower. C. Lender's Prior Consent. Borrower 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 law in the case of substantia) destructlon by fire 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 of- the Ourners Association, or equivalent con~tituent document of the Condominium Project, including, but not limited to, any amendment which would change the percentage interests ot the unit owners in the Condominium Proj¢ct; or (iii) the effectuation of any decision by the Owners Associafion to terminate professiona) management and assume self-management of the Condominium Project. " D. Remedies. If Borrower breaches Bonower's covenants and agreements hereunder. including the covenant to pay when due condominium assessments, th¢n 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 has executed this Condominium Rider. ~9ar ~~~. Zs a~~ ~- ~$ ~ <<:cc ~rit -~ ~ ~~ :: ~~~~ -~:~;~~ 51~~1U 5~.~~r,E cL~,,: Y.~ ;';, Edwa~ M. Sheri dan ~ ~ j -~*~oMre~ Po~~ ~~ ~ c~r~: ~ C:EF~ ~:F:C;:~" :''.~: ~•- ~~/ ' ~, _,.~ _ . . , .. ~'"° ` o emary . e i a~r . -- _~.~o.«~ CONDOMINIUM RIOER-~ to 4 fam~iy-6/75-FNMA/fHLMC UNIFORM INSTRUMENT ~ ~ f~ 2~ ~; ~K349 e~~E11~1 ~ _ ~ a . ~ ~ ~~ . - _ - _ -- - ~~~:~. ~r ~: __ ~_. ~ . , . - : _ - =.:~~. ~~ -