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HomeMy WebLinkAbout1536F'IR3T FEDERAL SAVINGS AND LOAN ASSOCIATION OF F'ORT PI ERCE CONDOMINIUM RIDER o~-23085218 THIS CONDOMINIUM RIDER is made this . . . . . . . . . . . . . . . . day o! . . . . . . . . . . . . , 19 ...., and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed ot Trust or Deed to Secure Debt ~herein "security inshument") dated of even date herewith, given by the undersigned (herein "Borrower") to secure Borrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCF (herein "l.ender") and coverin the Propert dexribed in the security inshument and located at ..3411. N. .A-1-A, Fort. Pierce,. ~l.orida. _ 33~50 . ...................... (~oDSrty AOOrrssl The Property comprises a unit in, to~ether with an undivided interest in the common elements of, a condominium pro~ect known as ...... CA~ I FORN I A_ EAST . CON DOM I N I UM . .. ~r+ame ot Co.won,~~~„~, vro~s~n . . . . . . . . . . (herein "Condominium Project"). CONDOMINIUM COVENANTS. In addition to the covenants and ag~eements made in the security instrument. Borrower and Lender further covenant and agree as foilows: A. Assessments. Borrower shall promptly pay, when due, a!I assessments imposed by the Owr~ers Association or other goveming body of the Condominium Project (herein "Owners Association"1 pursuant to the PlOL'lStOl15 of the declaration, by-laws, code of regulations or other constituent dcxument of the Condominium PfOjeC1. B. Hazard Insurance. So (ong as the Owners Association maintains a"master" or "blanket" policy on the Condominium Project which provides insurance coverage against fire, ha7ards included within the terrn "extended coverage," and such other hazards as Lender may require, and in such amounts an~i for such periods as Lender may require, then: - (i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender oi one- twelhh of the premium installments for hazard insurance oh the Property: (ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard ~nsurance coverage on the Property is deemed satisfied; and (iii} the provisions in Uniform Covenant 5 regarding application of hatard insurance oroceeds shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium Project or of applicable law to the extent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 Uniform Covenant 5 For any period of fime during which such hazard insurance coverage is not maintained. the immediately preceding sentence shall be deemed to have no force or effect. Borruwer shall give Lender prompt notice of any lapse in such hazard insurance coveraoe In the event of a distribution of hazard insurance proceeds in lieu ot resiorahon or repair following a loss ic~ the Property, whether to the unit or to common elements. any such proceeds payable to Borrower are hereby assigned and shall be paEd 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 r.otice to Lender and with Lender's prior written consent, partition or subdivide the Property or consent to~ (i) the abandonment or terminaiion of the Condominium Pruject, except for abandonment or termination provided by law in the case of substantial destruction by fire or other casualty or in the case o( a taking by condemnation or eminent domain: (ii) any material amendment to the declaration, by-laws or codp of regulations of the Gwners AssociatEon, or equi~alent constituent document of the Condominium Project, inctuding, but not limited to, any amendment which would change the percentage interests of the unit owners in the Condominium Project: or (iii) the effectuation ot any decision by the Owners Association to terminate professional management and assume sei(-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 Le~der may invoke any remedies provided under the security instrument. including. but not limited to, those provided under Uni(orm Covenant 7. IN WITNESS WHEREOF, Borrower has executed this CondominiUm Rider ~ ,,,.3.~J 193i ~-. 2~ . 51b~45U :~ ::t t~: ~,: .. ~?~ ~r ~3iEir i'C.,~ ~;,r.. _ _ ~~~f i -• `~ , I ' r ~' ,/. ? . -' . i.~ .:..,.-Gt:,< !'-± ~~ ~,Z.-/~_ Bart3ett M~ H ckley r. ~ - (~. ~~ [' i i ~ ` ~~~~ C ~ ~ ~~ ~ AudreyfT. Hackley, his wife CONOOMINIUM RIDEH-~ to 4 family-6j75-FNMA/fMLMC liN!fORM INSTRUMEYT ~ , ~_.J='"f: M r N ~ A K ti . . : _ -y~ - ~ , ~ --. . .~'~~: "- ~ ~ - . ,, .. i • - ar. --= •fJlrN'•.~ _-~~~~~ I { ~. ~ ~ ~ r - . ~ ~ ~ ~ - - - ~~:_ ~ $~~x 349 FM~,E 1536 fam psq i - Bo..owe. - Beno l ~ - ,~ :a ~: ~~:.~...- . _ . _ - _ -. ' ___. .. : .