HomeMy WebLinkAbout2143CONDOMINIUM RIDER
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71iis CoNOO1-t~N~uM R~~Ett is madc this . . . . . . . . . ~~.} . . . . . . . . . . . . . . day of . . u~:`/:~ • • • • • • •,
19 81 ., and is i~icor}wrated into and shali bc decmcd to amcnd and supplem~nt a Mortgage, Dced oVf ~ or Deed
to Sccure Debt (hercin "security instrumcnt") dated of c~~en datc hcrcwith, given by the undersigned (herein
"Borrower") to secure Borrower's Note to. .EIRST_ .FEA.~RAL . SAVINGS..ANI~ .LA.AN..ASS.OCIATI.a~I.
Q~ .1rAK$. .~I9~:~H. ....(herein "Lender' ) and covering the Proprrty descrilxd in the security instrument and
located at. 5155 North State Road AlA, Fort Pierce,_ .Florida .33450, , , , , , , , , , , , , , , , , , , , , , , ,,
. .... . ..... ..... ... ..... ....... .. ..
(P~operty Address)
The Property compriscs a unit in, togethcr with an undivided interest in th~ common elements of, a condominium
pmjcct known as.. OCEAN HARBOUR.CONDOMINIUM.C ..............................................
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(Nsme of Condom~nium Projcct)
. . . . . . . . . . . . . . . . ( hcrein "Condominium Projcct" ) _
CONDOMINIUM COVENANTS. In addition to the covrnants and agreements made in the security instrument,
Borrower and Lender further covenant and agree as f~llows: .
A. Assessmeats. Borrower shall promptly pay, when ciuc, all assessments impnsed 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 Cundominium Project.
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, hazards included within the term "extended
coverage; ' and such other hazards as Lender ma~~ require, anJ in such amounts and for such periods as Lender may
require, then:
(i) Lender waives the pro~~ision in Uniform Co~•enant 2 for the monthl} pa~~ment to Lender of one-twelfth
of the premium instaiiments iur hazurJ insurancr un the Pruprrty;
(ii) Borrower's obligation under Uni[orm Cu~enant 5 to maintain hazard insurance coverage on the
Property is deemed satisfied; and
(iii) the provisions in Uniform Covenant 5 regarding applicatic~n of hazard insurance proceeds shall be
superseded hy~ any provisions af the declaration, b~~-lawc, ccxle of regulations or other constituent document of the
Condominium Project or of applic:~blc law tei the e~tent necessan~ to avoid a canflict between such provisions and
the ~mvisions of Uniform Covenant S_ For anv c~ricxi of timc durinR ~•hich such hazard insurance co~erage is not
maintained, the immediatel~• prcceding sentence shall bc deemed to have no force or efTect. Borrower shall give
Lcnder prompt noticc of an~~ lapsc in such haz:~rJ insurance covcragc.
ln thc cvcnt of a distribution of hazard insurancr pmc~cds in li~u «f restoration or repair following a loss to
the Property, w•hether to thc unit or t~~ rnmmun clcmcnts, an~• wch prcxe~ds pa~•able to Borrower are hereby assigned
and shall be paid to Lender for application t~~ the sums secured b~~ the security instrument, with the excess, if any,
paid to Borrower.
C. Lender's Prior Consent. Borrow•er ~hall not, rxccpt after noticr tu Lender and with Lender's prior written
conscnt, partition or sutxlividc thc Propcrt~~ or consent to:
fi) the abandonment or termination of the Cond~~minium Pmject, except for abandonment or termination
provided by law in the case of substantial destruction by fire or other casualt~~ or in the case of a taking bp condemnation
or cmincnt domain;
(ii) any material amendment to the declaration. b~~-laws or ccxie c~f regulations af the O~~vners Assoeiation,
or equivalent constiwent documcnt of the Conde~minium Project, including, but not limited to, any amendment which
would change ihe percentage interests c~f the unit ow~ners in thc Cond~~minium f'roject; ar
(iii) the effectuation of any decision b} thr Ow~ners Association to terminate professional management and
a~sume scif-managemeni of the Cundominium Prc~}rct.
D. Remedies. If Borrower breaches Borrow•er's covenants and agreements hereunder, including the covenaat
to pa~ when due.condominium assessments, then Lender ma~• in~oke am~ remedies provided under the security
instrument, including. but not limiled to, lhose provided under Uniform Covenant 7.
~N WITNESS WHEREOF. Bormµ~cr has cx~cutcd this Concl~minium Ridcr.
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19EI M~~ -4 A.K ~ 28 ''
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~~,E~ ~h~ ;~ ~~;,~~p Harold A. Collins -eoioi"~'
SLI~UE CGL"+f ~.FI A. '
R[c1GrR F'GITi/R..1tin• ~^' ^~- ~ /~ ~Q
C~~fG~: C{ha.V~! I.JUTII~ ~,~ `~r~~~.
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`" - , : `•~. ' ._'1'~-' ----- Marjorj' M. Coll' -so.rowe-
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Greg L%~llins
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RRM L#215365
CONDOMINIUM RIDER-1 to 4 family-6!75-FNIAA/fHIMC UNIFORM INSTRUMENT
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