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Home My WebLink About0133 FIR3T FEDERAL SAVINGS AND LOAN ASSOCIATIC3N OF FOf2T PIERCE CONDOMINIUM RIDER THIS CONDOMINIUM RIDER is made this .. 13th. , . day of .. F'arch .. 19 . 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 undersigned (herein "Borrower"): to secure Borrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF . FORT PIERCE (h rein "Len er and covering the property e ribed in th security inshument and located at .....~400 Sout ~cean Dr~ve, Fort Pierce, ~~orida 334~0 .......... .... ................................. . ~aope„Y ,-dA,.»~ ~ The Property compnses a unit in, together with an undivided interest in the common elements of, a condominium pro~ect known as .. SeascaFe. I- Ocean Village_ .. . ....................... INams o1 ConOOT~n~u+n V~oNctl IhvrPin "( nnd~m~n~~~m Pr~iP~t"1 CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security instrument, Borrower and Lender further covenant and agree as foilows: ' A. Assessments. Borrower shall promptly pay, when due, ali assessments imposed by the Owners Association or other governing body of the Condominium Project (herein "Owners Association") pursuant to the provisions of the declaration, by-la~vs. 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 tfie Condominium Projed which provides insurance coverage against fire, ha7ards included ;uithin the term "extended coverage," and such other hazards as Lender may require. and in such amounts ar.d for such periods as Lender may require, then: ~~i Lender waives the provision in Uniform Covenant 2 for the monthly pay~rent to Lender of one- twelfth of the premium instaliments for hazard insurance on the Property; (ii) BorTOwer's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemed satisfied: and (iii) the provisions in Uniform Covenant 5 regarding application of . hazard insurance proceeds shal! be superseded by any provisions ot the cieclaration, by-laws, code ot regulations or other constituent document of the Condominium Project or of applicabl~ law to the extent necessary to avoid a con0ict 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 :n such hazard insurance coverage. In the event oi 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 are hereby assigned and shall be paid to Lender for application to the sums secured by the securit~ instrument, •with the excess, if any, paid to Borrower. C. Lender's Prior Consent. Borrower shall not, except aher notice to _l.ender and with Lender's prior written consent, partition or subdivide the Property or consent to: 1~) the abandonment or termination of the Condominium Project, except tor abandonment or termination provided by law in the case of substantia) deshuction by (ire or other casualty or in the case ot a taking by condemnation or eminent domain: 1ii) any material amendment to the declaration, by-:aws or codP of regulations of the Owners Association, or eguivalent constituent document of the Condominium Project, including, but not limited to, any 3iiic''fiu~Tici~i 'vtii:ifi: 'vtivuiv C~i~i~~2 iii2 ~ciCPi~idyc'' iiliQic~iS vi i~i2 iliil~ owners in ine Condominium ~fO~f_t; Oi (iii) the effectuation of any decision by the Owners Assxiation to terminate professional management and assume self-management of the Condominium Project. D. Remedies. lt 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 securiry instrument, including, but not limited to, those provlded under Uniform Covenant 7. IN WITNFSS WNEREOF. Borrower has executed this Condominium Rider 52106i3 1981 ~1AR 20 A~ 3~ t~ 0 ' -- C ~~ =l . ,, i~'~ - ~ ~%- ~~. .. v ,,. . . - - ~ cli ~[ Rh[ F! C~~~[:: ' Si. L(J~IE CC~~y- r. f:~ ~ c r . - -- ,e er -~:.ow~. ~ ' f "~ PGGEN 1':;I i f?.".`i . , ' :.l~F'Y, ClF~'J:- ~rrct`f ' ~' ~ ~1 ~' J ,• - !-',L / ; . , , . ~ ~- ar ara .~ ei s er _~„oW« L" CONDOMiN1UM RIDER-~ So 4 Fam~ly-6~75 -fNMkifHIMC UNIFORM INSTRUME~~T a~:'~~ 351 Pa~E ~.32