HomeMy WebLinkAbout1028
FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE
CONDOMINIUM RIDER Ol-23Q8$899
THI~iCONDOMINIUM RIDFR is made this .. 16th _... .. day of .. P1drCh
19 ...., and is incorporated into and shall be deemed to amend and suppiement a Mortgage, Deed of Trust
or Deed to Secure Debt (herein "security inshumenY') 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 PIERCE2~t~,e~e~~OUthn~ceanaUriveVer~orth~ierceer~ descnbed n the security inshument and
located at . . . . . ~ , ~lorida 3~3450
.. ... .. .....+ ... ......... ........... ..
~wopsny ~odr~sa~ ~
The Property compnses a unit in t ther h a undivid~d i terest in the common ~lements of, a condominium
project known a5 . Sea~cape"~ -`~cean Vi 1~age
INams ot Cawan~mum Wo~sctl .
. . . . . . . .. . . ~herein "Condominium Project").
CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security instrument,
~---.. ~ ~ ~__ ~.:~-.__ ~ ~_~~_..._.
Ln/tiVWC'~ Qii LCIS:iCi iLiii[Ci LIJVCi:Oiii ~itU ay1C'C' O~ ilJ7tVw~.
A. Assessments. Borrower shall promptly pay, when due, all assessments imposed by the Owners
Association or other governing body ot 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
Condaminium Pro~ect which p~c~vides insurance coverage aga~nst fire, h~zards includec~ within the term "extended
coverage." and such other hazards as Lender may req~ire, and in such amounts and for such
periods as Lender may require. then:
(i) L¢nder waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one-
twelfth of the premium installments for hazard insurance on the Property:
(ii) Borrower'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
shall be superseded by ar.y provisions of the declaration. by-laws, code of regutations or other constituent
document of the Condominium Project or of applicable !aw to the extent necessary to avoid a conflict between
such provisions and the Qrovisions of Uniform Covenant 5 For any period of time during which such hazard
insurance coverage is not maintained, the immediately preceding sente~ce shall be deemed to have
no force or effec4. Borrower shal! give Lender prompt notice of any lapse in such hazard insurance coverage.
In the event of a dishibution of hazard insurance proceeds in tieu o! restoration or repair following a toss to
the Property, whether to the unit o~ to common elements. any such proceeds payable to Borrower are hereby
ass~gned and shall be paid to Lender tor app:ication to the sums secured by the security inshument. •with the
excess, if any, paid to Borrower
C. Lender's Prior Consent. Borrower shall not, except aher notice ta Lender and with Lender's prior
written consent. partition or subciivide the Property or consent to
(i) the abandonment or termination of the Condominium Project. except for abandonment or
terminahon provided by law in the case of substantial destruction by fire or other casuatty or in the case of a
taking by condemnation or eminent domain: .
(iil any material amPn~lmont tn tho rivrl3.atinn. hu-13y,c .;..-..~io nf .a~uiatinnc ~f thv (?wnorc
~ _1 ~ _J~_
Association, or equivalent constituent document of the Condominium Project, induding, but not limited to, any
amendment which would change the perceniage 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 Uniform Covenant 7.
IN WITNESS WHEREOF. Borrower has executed this Condominium Rider.
521640 f
3: 03 ~' ~
1~~1 ~-1Z ZS ~'~ , ~ ~~yl ~ ''~'~l ~.~~~J-,,- _
. era. . c ean, a a era c eaA~.,o.r
~, ,~rtf' ~,iy..t'~`(', ~ ~ j~,~, ~
`~ ~L E~f'F Cl:~i~-~' " I i ~~7 ~ /, ,;~ >~ ~
y! ~ G ~I `~ ~~~ ~ . - , d]jc~~^i3on"na c ean
~,` } }~ e ~ ~T -ea.~«
CONDOMINIUM' RIDER-~ '0 4 F~*.ly-giTS-F-,MA'FH_MC UY+FQRM INSTRUME!VT
~~ x351 Y~~f10~7
- ~