HomeMy WebLinkAbout1289FIRST F'EDERAL $AVINGS AND LOAN ASSOCIATION
OF FORT PIERCE
CONDOMINIUM RIDER 01-230882~2
THIS CONDOMINIUM RIDER is made ch~s 9th day of March
l9 81 and is incorporated into and shal~ be deemed to amend and supplement a Mortgaye. need of Trust
or Deed t~ Secu:e Debt (herein "security instrument") dated of even date herewith. given by the undersiyned
Iherein "Borrower") to ~ecure Borrawer's Note to FIRST FEDERAL SAVINCS AND LOAN ASSOCIATIQN OF
FORT PIFRCE (herein "Lender") and covering the Property dexribed in the security instrument and
locared ar .. 2400 .South. Ocean Qrive, Ft. Pi~rce, F~ 334~0
~P.openy •oa~esa~
The Nrope*t}; cnmprises a unit in, together with an undivided interest in the common elements of. a c~>nduminium
projecs known aS Seas.caPe I- Ocean_ Vi 11 ~ge
INunn ot Co~dom~n~..m Protech .
fherein "Condominium Pro~ect"!
CONDOMINIUM COVENANTS tn addition to the covenants and agreements made in the security instrument.
; Borrower and ~ender further covenant and agree as follows
A. Assessments. Borrower shall promptly pay, when due. all assessmer.ts imposed by the Ou~ners
Assoc~ation or other governing body of the Condomin~um Project Iherein "Owners Associatio~") pursuant to the
provisior.s 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 ma~ntains a"master" or "blankef' policy on the
Condominium Project which provides insurance coverage against fire, hazards incl~ded u~ithin the term "extended
coverage," and such other hazards as Lender may require, ano in such amounts and for such
periods as L2nder may require. then:
~(i- Lender waives the provision in Umform Co.•enant 2 for the monthly pavment to Lender of one
twelhh of the premium in~allments for hazard insurance on the ~roperty:
(ii1. Borrower's ohligati~n under lJniform Covenant 5 to ma~ntain hazard ins~rance coverage ~n the
~roperty 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shall be superseded by any provisions of the dec~aration. by-faws, cade of regulations or other consti!uent
document of the Condominium Project or of applicable law to the extent necessary to avoid a conflict between
such ~-ovisions and the provisions of Uniform Covenant 5. For any period of time during which such hazard
insurance coverage is not maintained. the immediate{y preceding sentence shall be deemed to have
no force or effect. Borrower sha!! oive Lender prompt notice of ar.S~ Iapse in such hazard ~nsurance coverage
In the event of a distribution of hazard insurar~ce proceeds ;n lieu nf restoration or repair following a loss to
. the Property, whether to the urnt or to common elements. any such pr~ceeds payable to Borrower are hereby
assigned and shall be paid io Lender for application to the sums cecured b~ the security instrument. •~~ith the
excess. if any. paid to Borrower
C. Lender's Prior Consent_ B~rrower shall not. except after n~t~ce to Lender and with Lender's prior
uTitten consent, partition or subdivide the Property or consent to
!i) the abandonment or termination ot the C~ndomin~um Proiect. except for abandonment or
termination provided by law in the case of substanhal de~truction by fire ar other c_asualty or in the case ~f a
taking by condemnation or eminent domain:
fii) any material amendment to the dedaration. by-laws or cod~ oi regulations of the Owners
Assxiation. or equivalent constituent dozument ~f the Condominium Project. incl~ding. but not limited to, anv
amendment which wouid change the percentage interests of the unit owners in the Condomin~um Prc,iect: or
li~i} the effectuation of any decision by the Owr~ers Association to terminate professional management
and assume sei~-management c~t the Condorninium Project.
D. Remedies. It Borrower breaches Borrower's covenanis 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 provided under Uniform Covenant 7.
iN U~ITNESS WHEREOF. Borrower has executed this Condominium Rider
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