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HomeMy WebLinkAbout2056 FIR3T FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE CONDOMINIUM RIDER i riiS i,uNui~k3i-vili~i RiDER -s r~iau~ iiiis . . _ . . ~t-, . _ . . . . . . . . . ciay oi . . . . . co~,-tnmF~nr ' 19 $Q .., and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust or Deed to Secure Debt (herein "security instrumenf') dated of even date herewith, given by the undersigned (herein "Borrower") to secure Borrower's Note to FlRST FEDERAI. SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE (herein "Lender") and covering the Property described in the security instrument and located at ....._9940 S.. AlA, _Jensen_ Beach, F1 ori da .............................. .. ~propMy AdM~ss) The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium project knoum as . . . . . . . . . . . . . . . ~GEA(VA . - - . . - . - - - - - • ...................... n~.~» a cawo~+~~~ v.o~.~n . . . . . . . . . . (herein "Condominiurr- F'roject"1. CONDOMINIUM COVENANTS. In addition to the covenants and agreements rnade in the sec~rity i~strument, Borrower and Lender further covenant and agree as follows: A. Assessments. Borrower shall promptly pay, when due, all assessments imposed by the Owners Association or other goveming body ot the Condominium Piroject (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 th¢ term "extended coverage." and such other hazards as Lender may require, and in such amounts and for such p¢riods as Lender may require, then: (i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one- twelfth of the premium instaliments for hazard insurance on the Property; (iiy Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemed satisfied: and (iii) the provisions in Unitarrn Covenant 5 regasding application of haza:d insusance psoceeds shall be supers¢ded by any provisions of the ~declaration, by-laws, cod¢ of regulations or other constituent document of the Condominium Project or of applicable law to the extent necessary to avoid a conflict betureen such provisions and the provisions of Uniform Covenant 5. For any period flf fime during which such hazard insurance coverage is not maintained, the immediately preceding sentence shal) be deemed to have no force or effect. Borrower shall give Lender prompt notice of any lapse in such hazard 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 elements, any such proceeds payable to Borrower ar~ hereby assigned and shal) be paid to Lender for application to the sums secured by the security instrument. •with th¢ excess, if any, paid to Borrower. C. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior writter, consent, partition or subdivide the Property or consent to: (i) the abandonment o~ termination of the Condominium Project, except for aband~nment or t¢rmination provided by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; (ii) any material amendment to the declaTation, by-laws or code of regulations of the Owners Association, or equivalent constituent document of the Condominium Project, including, but not limited to, any amendment which would change the percentage interests of the unit owners in the Condominium Projed: or (iii) the effectuation of any decision by the Owners Association to terminate professional management and assume self-management of the Condominium Proj¢ct. 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 Hmited to. those provided under Uniform Covenant 7. IN WI7NESS WHEREOF, Borrower has executed this Condominium Rider. 5~0491 1981 MAR 16 P~~ x 35 ~ Fc~[C RNf ~~~:~pC~i-~ Theodore N. Knopf -e«•~...• 5l.LUCIE fU Y,f` A ROGER FG111~I.f~ ~ c~~..- ct-i ~ ~ CLEP.K Cif'CU~T c~~.r..; ~ Mary ne f ~ -e«.a.« _-f rp^ Yc F . y'~- ~ ~1 CONDOMINIUM RIOER-1 to ~ farrury-6/~5-fNMA~FHLMC UNIfORM INSTRUMENT ao x 35U Y~~ 2Q54 ..~ .