HomeMy WebLinkAbout0471FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF F~ORT PIERCE
CONDOMINIUM RIDER o2-23085507
13th Februa ry
THIS CONDUMINIUM RIDER is made this . . . . . . . . . . . . . . day of . .
19 .81 .., and is incorporated into and shall be deemed to ame~d and supplement a Mortgage. Deed of Trust
or Deed to Secure Debt lherein "seturity instrument") dated of even date herewith, given by the undersiqned
(herein "Borrower"- to secure Borrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF
FORT PIERCE Iherein "Lender") and covering the Pro ert described i the rity instrument and
. . . . . _ 8~4-A,Timberview Lane,.Fpor~.Pierce,. F~a. 3~4~0
located at . . - . . . . . . . . . . . .
~Prope.ty Aoe~essl
The Property ~omprises a unit in. together with an undivided interest in the common elements of a condominium
project known as ~......Ni.gh.Po.int of.Fort Pierce. Condominium, Section II~.
~Na~ne of CorWoemmum Prqettl . . . . .
. . . . . . . . . . (herein "Condominium f'roject"1.
CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security instrument.
Borrower and Lender further covenant and agree as tollows:
A. Assessments. Borrower shall promptly pay, when due, all assessments imposed by the Owners
Association or other gov¢rning 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 Condominium
Proiect.
B. Hazard Insurance. So long as the Owners Association maintains a"master" or "blanket" policy on the
Condominium Ptoject which provides insurance coverage against fire, hazards included within the term "extendecf
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 ot the premium installments for hazard insurance on the Property.
(ii) Borrower's obligation under Uniform -Covenant 5 to maintain hazard insura~ce coverage on the
Property is deemed satisfied; and
(iii) the provisions in Uniform Covenant 5 regarding application o( hazard insurance proceeds
shal! be superseded by any provisions of the declaratiori. by-laws. code of regulations or other constituent
document of the Condominium Project or of applicable law to the extent necessary to avuid a conflict between
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 haza:d insurance coverage.
In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to
the Property, whether to the unit or to common etements. any such proceeds payable to Borrower are hereby
assigned and shall be paid to Lender for application to the sums secured by the security inshument. •with the
excess, if any. paid to Borrower.
C. Lender`s Prior Consent. SoTrower shal) 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 Project. except for abandonment or
termination provided by law in the case of substantial deshuction by tire or other casualty or in the case of a
taking by condemnation or eminent domain:
(ii) any material amendment to the declaratian, by-laws or code of regulations of the Owners
Association. or equivalent constituent document of the Condominium Project, including. but not iimited 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 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 Unitorm Covenant 7.
IN WITNESS WHEREOF. Borrower has executed this Condominium Rider.
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