HomeMy WebLinkAbout1145FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE
CONDOMINIUM RIDER o,-23084344
lOth December
THI CONDOMINIUM RIDER is made this ... .. . day of ..
19 ~~ .., and is incorporated into and shall be deemed ta amend and supplement a Mortgage, Deed of Trust
o~ Deed to Secure Debt (herein "secu~iry instrument") dated of even date herewith, g~ven by the undersigned
Ihecein "BoROwer"? to secure Eiorrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION nF
FORT PIERCE (here~P41~7 IVOte^Lh ~n~_~overj~g ttty~~ e C~ert~l ori c~a d 3~5~1e seeurity inshument and
located at . . : . . . . s . . . . . . . . . . . . ~ t01". .r . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
IProp~try A6WSif1
The Property comprises a unit in, together with an undivided interest in the common elements o1, a condominium
project known as . . . : . . GAI. I f.ORN IA EA~T. . _ _ . . . _ . _ . _
~-+ams o~ c«wa~~~wm waecn . . . .
. . . . . . . . (herzin "Condominium F'roject").
CONDOMINIUM COVENANTS. 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 prcmptly 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 ot 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, harards 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-
twelhh of the premium installments for hazard insurance on the Property;
(ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance covera~e on ttie
Property is deemed satisfied: and
(iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds
shall be supe:seded by any provisions of the 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 conflict between
such provisions and the provisions of Uniform Covenant 5. For any period of time during which such hazard
insurance coverage is no! maintaEned. t!:c imme~i3te!t ~rece~~ng ;entrncz shali be deei~ied tu have
no force or effect_ Borrower shall give Lender prompt notice of any lapse in such hazard insurance coverage.
~n the event of a distribution of hazard insurance proceeds in lieu of restoration or repair (ollowing 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 'oy the security inshument. •with the
excess. if any, paid to Borrower.
C. Lender`s Prior Consent. Borrower shall not, except after notice to Lender and with Lendei s prior
written consent, partition or subdivide the Property or consent to:
(ii the abandonment or termination of the Condominium Proiect, except for abandonment or
termination provided by law in the cas¢ of substantial deshuction by fire or other casualty or in the case of a
taking by condemnation or eminent domain:
Iii) any material amendment to the declaration. by-laws Qr code of regulations of the Owners
Association. or equivalent consti~ue4t document of the Condominium Pro~ect, including, but not limited to. any
amendment which would change !he percentage interests of the unit owners in the Condominium Project: or
(iii) the eHectuation of any decision by the Owners Association to terminate professional management
and assume self-management ot the Condominium Project.
D. Remedies. 1t 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 has executed this Condomini~m Rider
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