HomeMy WebLinkAbout1135F`IRST FEDERAL SAVING3 AND LOAN A5SOCIATION
OF FORT PIERCE
CONDOMINIUM RIDER 01-2308a369
THIS CONDOMIP?IUM,RIDER is made th~s . . . . . . _ _1.lth day ot . .~cember
19 80 .., and is incotporated into and shal) be deemed to amend and supplement a Mortgaye. Deed of Trust
or Deed to Secure Debt (herein "security inshument") dated of even date herewith, given by the undersigned
Iherein "Borrower") to secure Borrower's Note to FIRST FEDERAL SAVINGS AND l.OAN ASSOCIATION OF
FORT PIERCE (herein "Lender") and coverin the Property descnbed in the security instrument and
tocated at . . . . . . . . _ 341.3. North.A~l~A ~ort Pierce, Flor~da . 33450
...................
~orop~rey ~aarysi
The Property comprises a unit in. together with an undivided interest in the common elements of, a condominium
pro~ect icnown as . . . . . . . CRL ~ i ~R~: i n _ ERST . . . . . . . . . . . . . . . . . . . . . . . . . . .
~MSme o+ corwormn~~m P.oiecn
. . . . . . . (herein "Condominium f'roject"1.
CONDOMINIUM COVENANTS. ln addition to the covenants and agreements made in the security inshument.
Borrower and Lender further covenant and agree as follows~
A. Assessments. Borrower shall promptiy pay, when due, all assessments imposed by the Owners
Association or other governing body of the Condominium Project (herei~ "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 fue, hazards included withi~ 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 Covenant 5 to maintain hazard insurance coverage on the
Property is deemed satisfied; and
(iii) the provisions in Unitorm 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shall be superseded by any provisions of the declaration.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 URiform Covenant 5. For any period of time duri~g wh~ch 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.
ln the event of a dist*ibuNon of hazard insurance proceeds ir~ 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 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 Lender's prior
wntten consent, partition or subdivide the Property or consent to:
(i) the abandonment or terminatio~ of the Condominium Project, except for abandonment or
termination prov9ded by law in the Case of substantial deshuc!ion by fire or other casualty or in the case of a
taking by condemnation or eminent domain: •
(ii) any material amendment to the dedaration, by-laws or codP of regulations of the Owners
Association, o~ 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 of 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 Lender may invoke any remedies provided
under the security instrument, including. but not limited to. those provided ur~der Uiil~Oii~i C~v¢:ar~t ?.
IN WITNESS WHEREO~, Borrower has execu~ed this Condominium Rider.
1991 {`: 2 6~~~ 3~ 1~
s~~~~~ r~.~ [_ G\f F' LJr~ :~ ~~~_c ~a~--.-._r
-' ~~~~~ `~ ` `'' i.f ` • Wal-ter B. Kramne
r•c.GE:trc~~~;.,~,~ ~G~- ~~-~/`« ~ -~.,~w~.
c:.~ ;~_ c:' _ _ . . '+ ~
~ ' `r Oda Bess Kramme, his wife -~~°~
CON[?OMINIUM RIDER-~ to 4 Famiiy-6/75-FNMA/fHtMC UNIFORM ~NSTRUMENT
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Form 250 `~~349 F~~E~.1:36
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