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HomeMy WebLinkAbout0053FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE CONDOMINIUM RIDER 01-23088477 THIS CONDOMINlUM RIDER is made this . 16th day of Mdr'Ch l9 .81 .., and is incorporated into and shall be deemed to amend and supplement a Mortgage. Deed of Trust or Deed to Secure Debt (herein "security instrument") dated of even date herewith, given by the undersiyned (herein "BoROwer"1 to secure F3orrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE (herein "Lender"1 and coverin the Propertv c~e ribed - the security instrument and Ioca~ed ac .. 2400 South Ocea.n_ Drive, For~ Pierce, Florida 3345~ ...... ~WOplrty AOOre~3~ The Property comprises a unit in, logether with an undivic~ d inte.rest in the common e!zments of. a condominium project known as . Seascape I- Ocean V~~f 1 age ' 1Name ol Condommwm Fro;e.:ll . . . therei~ "Condominium Projett"1. CONDOMINIUM COVENANTS. !n addition to the covenants and agreements made in the security instrument. Rnrr~wer and Lender further covenant and aaree as follows: 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 Assxiation") pursuant to the provisions ot the declaration, by-laws. code of regulations or other constituent document of the Condominium Pro~ect. B. Hazard Insurance. So long as the Owners Association maintainc a"master" or "blanket" policy on the Condominium Project which provides insurance coverage against fire, hazards inclucied within the term "extended coverage." and such other hazards as Lender may require. and in such amaunts and for such periods as Lender may require, then~ i~) Lender ~+vaives the provision in Uniform Covenant 2 for the monthly payment to Lender of one- tweifth of the premium instailments for hazard insurance on the Property; {ii) Borrower's obligation under Uniform Co!~enant 5 to mainta~n haza~d insurance coverage on the Property is deemed satisfied: and (iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be superseded by any provisions of the declaration, by-laws, code of regulations or ether const~tuent document of the Condominium Project or of applicable law to the extent necessary to avoid a confli~t between such provisions and the provisions oi Uniform Covenant 5 For any period of time du~ng which such hazard insurance coverage is not maintained. the immediately preceding sentence shall be deemed to have no force or efiect. Borrower shail give Lender prompt notice of any lapse in such hazard insurance coverage. In the event of a distribution of hazard :nsurar~ce proceeds in lieu of restoration or repair following a loss to the Property. whether to the urit or to c~mmon elements, any such pr~,: eeds payable to B~nower are hereby assigned and shall be paid to Lender for appiication to the sums secured by the security instrument. •with the excess. if any. paid to Borrower. C. Lender`s Prior Consent. Borrower shal) not. except after notice to I_ender and with Lender's prior - written consent, partition or subdivide the Property or consent to: (i) the abandonment or termination of the Condominium Pro~ect. except for abandonment or termination provided by law in the case of substantia) destruction by fir~ or other casualty or in the case ~f a taking by condemnation or eminent domain: fii) any material amendment to the declaration. by-laws or cod~ of regulations of the O~~ners Association, or_ equivalent constituent document of the Condominium Project. including, but not limited to. any amendmen~ which would change the percentage ~nterests of the unit owners ~n the Condominium Project: or (iii) the effectuation of any decision by the_ Ownerc Asscxiation to terminate professional management and assume self-management of the Condominium Project. D. Remedies. I( Borrower breaches Borrower's covenants and agreements hereunder, including the covenant to pay when due condominium assessments, then Lender may invoke any remedies provide8 under the securiry instrument, including, but not limited to, those provided under Uniform Covenant 7. IN WITNESS WNEhEOF. Bonower has executed this Condominium Rider 521026 v. ,.. - . . ~ 1981 ~AR 19 P" 3~ 33 ~ ;~- ~: ! ,:-r«_c_<. -. ~- < ~- _ , ~ : RDf~C I . ~fiZ ~ R- ,,... F,~c~. •!.[ `-: CL°•: ~ . ~' IUC~f Crs~~~Y.f:;• ~ ~ ~ RCGFf~ i C~~~~••`' ''~ ~~~_~~_.__L`.s! ` ~/ - ` - ^LEW'f. C;~.: ~~i ';iJi~." ~ . B~KKUWITZ _Bo„~.~~ L ~'~ • .. . . ~ . , J' . CONOOMINIUM RiDER-~ t~~ a F,T~i~-5%?5-FhMA!FNL-~IC U~~!FORM iNSTHOMEN? frxm 250 - - _? ' G :: ~;.-.::~ _ _ ..... . . .. .. . __. t ..' ' ' _ a-~~x 351,~~~t 53 i - .i_ ~_ ,~.v. ~.