HomeMy WebLinkAbout1886FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF F'ORT PIERCE 05-23082512
CONDOMINIUM RIDER
TNIS CONDOMINIUM RIDER is made ehis . . . 16th. . _ . _ . . _ . . . day of . . . December ,
19 .$~. ., and is incorporated into and shall be deemed to amend and supplement a Mortgage. Deed of Trust
or Deed to Secure Debt (herein "security inshument") date~d• of even date he~ewith, given by the undersigned
Iherein "Bo-rower"- to secure Borrower's Note to F1RST FEDERAL SAVINGS AND LOAN ASSOCIATION OF
FORT PIERCE (herein "Lender") and coverin the Propert described in the security inshument and
lo~ated at . . . 10310. Qce~n .Boplevard . ~ensen 8e~c~i_, _ Florida. . 33457 _ _ . . _ _ .
~P.opsrtY ~aersu~
The Ptoperty comprises a unit in, to~etfier with an undivided interest in the common elements ot. a condominium
pro~ect known as . . .OCEANRIS~ _CONDOMINIUM . . . . . . . . . . . . . . . . . . . . . . . . . . .
~ fName o1 Condpm~mum Wqectl
. . . . . . . . . . (herein "Condominium F'roject").
CONDOMINIUM COVENANTS. In addition to the covenants and ag~eements made in the security instrument.
Borrower and Lender further covenant and agree as fo!lows:
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 Associat~on") pursuant to the
provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium
Proiect.
B. Hazard Iasurance. So long as the Owners Association maintains a"master" or "blanket" poticy on the
Condominium Project which provides insuraace covecage against fire, hazards +nctuded within the term "extended
coverage." and such other hazards as Lender may require. and in such amounts and for such
peric,ds as Lender may require, then:
(i) Lender waives ihe provision in Uniform Covenant 2 for the monthly payment to Lender of one-
tweifth of the premium installments for hazard insurance on the Property:
(ii~ Borrower s obtigation under Unitorm Covenant 5 to maintain hazard insurance coverage on the
Property is deemed satisfied: and
(iii) the provisions in Uniform Covena~it 5 regarding app{ication of hazard insurance proceeds
shal) be superseded by any provisEens of the declarativn. 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 betw¢en
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 effect. Borrower shall give Lender prompt notice of any lapse in such hazard insurance coverage
In ~he event of a dishibution of hazard insurance proceeds in lieu of restoration or repair following a loss to
the Property, whetheT to the unit or to common elements. any such proceeds payable to Borrower are hereby
assigned and shatl be paid to Lender tor a~-plication 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
written consent, partition or subdivide the Property or consent to:
(i) the abandonment or termination of the Condominium Proj,ect, 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 materiat amendment to the declaration, by-law~ or code of regutations of the Owners
Association. or equivalent constituent document oE the Condominium Project, inc{uding. bu1 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. If Borrower breaches Borrower's covena~ts and agreements hereunder, incluaing 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 Uni(orm Covenant ~.
IN WITNESS WHEREOF. Borrower has executed this Condqmfiium Rider.
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CONDOMINIUM RiDfR-i !0 4 Famdy-6~75-FNMA/fHLMC UNIFORM INS~RUMENT
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Form 250
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