HomeMy WebLinkAbout0859FIRST FEDERAL SA~JINGS AND L.OAN ASSO~IATION
OF FORT PIERCE
#07-23088340
CONDOMINIUM RIDER
THIS CONDOMINIUM RIDER i; m~cie !h;1 18th ~~,y. ~f MdrCh
19 81 .. and is incorpc>rated intu and shall he dei~med tu a!nend and supplemc ni ~ Mor;~a_y~ ,(~eeci ot 1 ru,t
or Deed to ~cure nebt (herein "security instrument'~) ciated of evEn date herewith. ;st~e~ by the undersiyned
Iherein "Borrotti~er"} to secure Borrotver's N~te t~ FIRST FEDERA[_ SAVINGS AND t_OAN ASSOCIATION c~F
FORT PIFRCE (herein "Lender'~} and c~~~Eriny ;he Property described in the seruritv ;~s'.-ar*~ent and
located ~c. 1031Q Sou~h AIA, Apartment ~506, Jensen.Bea~h,_Fl.orida 33457
:~,-_ .. a;».~•,t,
The Propemi comprisk:~ a unit in, tc~ethe- with an undiv;de~ i?itert~st in the comm~,n eiement~ of. a cor:dominit~r~
proiect known as OCEANRISE GONpOMINjUM
!Na'n.~ or C'.)...'1~,~. . ,:~^~ Vrp;e~ri _ . . . . . . .
{hrrein "Condom+.nium F'r~~ect")
CONDOMINIUM COVENANTS In adc~ition to the covenants and agreernents made in the security instr~ment,
Borrower and Lender further covenant and agree as follo«~s
A. Assessments. Borrower shali promptl;; pay, u,•hen d~e, all assFSSments i!nposed by the ~~v~~ers
Association or other governing bodv ~f the Condominium Proiect {herein "Owners Assaci~2+~n") pursuant to the
provisions of the declaration, by-laws. codt: of regulations or other cons2ituent ciacumeni of the Condum~nium
Project.
B. Hazard Insurance. S~, iong as the nwners Associatio:i maintains a"master" er "blanket" policy cn the
Condominium Project which provides insurance c~~•erage against (ire. hazards ind~ded with~n the term "extended
coverage." and such othes hazards as f_erder mati• require. ar.d ~n such 3zi~~~~~ts and for such
periods ac i_ender may require. then
li) Lender waives the provisi~n ~n Unif~rm Cov~r.ant 2 for t~e monthly pa:;ment to' Lender of onP-
twelfth Clf f~1P nrvminm inctall.,,n.,~o f... F.»-..,J .~ _ n
_._.....~ ._, . .. ........... ...,.......`. .-~„ ,~,r . ...Nrtc,,•.
(iiy Borrower~s ohligati~n ur~der U~~~iform C~venant 5 to rnaintain ha2ard ir.surance co~tragv c:r~ the
Property is deemed sat~sfiec',: an~~
{iii) the provisions in Uniform Covenant ti reqarding app#ication of hazar~? insurance pr~ceeds
shall be superseded by any provisions of the declaration. , by-Iaws. code of regi~la~;~;;; ~r c>ther constituent
document of the Condominium Pro}ect ~r ~f applicable law to the extent necessar;; t~~ a~otid a ronflict between
such provis+ons an~± the provisions of Un~form Cnvenant 5 F~~ a;~ ~,~riod of time du:;n:~ which such hazard
insurance coverage is not maintainec~. the imr,:ediately preceding ~entenco sh3ll be cieemed to have
no force or effect. Borr~u~er shal) gi:;e Lenc~er prr,mpt notice ef any lapse in s~c!: !:~?~-:_'. ;rs~rance coverage.
In the event of a distributir,n of hazard insurance proceec~s in lieu ~,f rest~rztion ~r repa~~ fofEowing a loss to
the Property. ~~hether to the unit ~r t~, cornm~,n elemerih. an~ such pmceeds payable to r'3~rrcwer are herebv
assigned and shall be paid to l.er.der for an~!:catic>n t~~ ttie sums secured by the securt~ ir:s'r!ament. •with the
excess. if any. paid to BeRO~ti~er
C. Lender's Prior Consent. Borr~>we~ ~hal! not. c:xcep! after notice to !_~neiFr a~~d :ti•iti; f_:~r~~ier~s pn~>r
utfiitten consent, partlhnr, ~r suhdi~•t~;e thc~ Prnperty ~~r c~n~eni to ; ,
(i} the aband~nment or te-mination ot the C~ndommium Pmject: excepi f=~r a'~ai~donqient or
termination pravided by law in the case c' :ub;tantial de~truction by fire nr ~ther cas~att~~ or in tl;e ,_ase ~f a
taking by condemnation or eminent dnma:n. ~
(ii1 any material amendmen± tn tne declarati~~n. bU la~ti•s rr c~d~~ ni reGuia`~.~,~s of the Ou~ners
Association. ~r equivalent const;tuent document of the Cnnd~minium Project. ~ncluding. ~,;~t ~~± Iimite.-~ to. any
amendment urhich v~~,,uld chanye ti~e percer.tage fnterests of the unit r,u~~ers ir: the Condoniir:~~~r Pro;~ct. c:r
(11:) ~}1Q Qf(eC'!id:iqTl Of d~4 CjeCiSlnft hy the n~vners A65~>Cidtlnfl 20 t2f^?!!??t~ r*O*f'~~i~~!~a~ managernent
and assume self-management of the Condomir.iurn Projeci
D_ Remedies. If Borrower breaches Borrower's covenants and agreements hp•~u~der, including the
covenant to pay when due candominium a~cPCSmPnts, th_~ t e~~~~ sr.a;; :ss:,o~e 3z;; ; rrr~edies provided
under the security instrumeni, ir:cluding, bu: nat limited to, those provided under 1;niiorm Covenant 1_
!N WITNESS LVHEREOF. Bnrrnwer has executed thi~ Co~aom:~ium•Rider
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