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HomeMy WebLinkAbout1674~ CONDOMINIUM RIDER /~ ~' ~~~ Ru~(R Tfiis Coynor~itiiv~~ R~~f:R is mac;c thi,. .i~ . . . . . . . ~~. . . . . . . . . . ~1ay uf . . . `! . T.G . . . . _ . . . . . . . ., ort a e Deed of Trust~Deed 19 $~ ., and is incorporatcd into and shall tx decmed t~ :-mrn~i and suppicm~nt a M g g. to S~:rure D~bt (hcr~in "securit~~ instrum=•nt" 1:fate~~ t~f evcn t!~-c hcrcwith, gi~~cn h~• thc unders:encd (herein "Borrow~cr") tu cccure Borrow•~r'~ Notc t~~. .FIRST. .FEA.~RAL . SAVINGS..ANII .LDAN..ASS.OCIATi0~1. Q~„l,,~KF, WQRTH. .,,.(hcrein "Lender") ar~d cc~~•cring the Pru~n~~ ~ie~crihrd in the :ecurity instrument and located at. . _5155 North State. Road _AlA,. Fort ,Pierce,, _F~qr~da _3~g~0 . . . . . . . . . . . . . . . . . . . . . . .. ~Prooe.~y ada.e~s~ The Propertr rnmprius a unit in, t~~gcthcr ~•ith an undi~~idca intrrest in thr c~~mm~~n elcmcnts of, a condominium pmject kn~wn as . . G(:EF~N _ HARHOUB . ~ONDC~FIIN IUM. C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (~lam~ of Contlom~n~um Pro~lc!) . . . . . . . . . . . . . . . . ( hcrcin "C'ondominium'Projrct" I - Cov[~oHi~iu!-~ Co~'f~.a-nrs. ln addition ta the cu~~rnant, an~i agrermcnts madr in the sccurity instniment, Borrowrr and Lcndcr further a~~~~nant and agrc~ as follo~~~: A. Assessments. B~~rm~~cr shall prom~tl~ pa~, when duc, all a~.~ssrr:cnts im~sed by the OwnerS Association or other governing hcxiy of thc C~~ndominium Pr~ject (htrein "Ow•ncr~ Association") pursuant to the pro~~isions of the dcclaration, by-law~s, ccxic of ru;ulationti or ~~thcr c~~mtitu~nt d~~cumcnt ~f thc ('~ndc~minium Project. B. Hazard Insurance. S~~ I~:nk as the n~~nrn ASS~l~11U(lfl maintains a"master" or "blanket" poiicy an the Condominium Projcct N•hich prrn•ides in~urancc c~~~~~raze ag:,inst fim, hazsrds included w~ithin the term "extended cover:~ge.'~ and wch othrr h~zar~i. as Len~i~r ma~ r~quir~, :~n~1 in ~u~h amounts and for such pericxls as Lender may rcquire, thcn: (i1 Lender wai~~es thc pn~~•isie~n in L!ni[urm (~c~cen~nt ~ f~~r the munthl~ pa~ment to Lender of c~ne-twelfth of the premium installments fc~r hazar~; insuranre un th~ Pr~~pertc: (ii) Borm~cr't ohlicati~~n under l'nifurm (~~~~•~nant ~ tc~ maintain haz3rd inturance co~~eragr on the Propert~~ is de~med satisficd: and (iii) the pr~~~•isic,ns in Unif~~rm ('~~~rnan: S regaruing applir:,ti~m ~~f h~zard insurance proceeds shall be superseded b~~ any prc~~~isic,n. ~~f the d~rlarstie~r., b~-law~, ec~cle c~f rrcul.-tiunc or ~ther rnnstituent ~ocument of the Conduminium Project ~r c~f applic:,hle la~ t~, the extent necrs~an t~~ a~~.~id a rnnflict betw~een such pro~~isions and the pmvisions of l'nifc~rm C'c~vrnan: 5_ F~,r an~ ~ri~xl c~f tim~ duri~g w~hicn wch hazard in~urance eoverage is not maintained, the imm:diatcl~ ~~r~ceding srntrnc< <hall he dremc~i ~~, ha~~e nc~ f~~r~c c~r efiect. Borrower shall gi~~e Lcndcr prc-mpt n~~tice c~f an~ lap~c in wch h.+r.ird im--r:irnr r~+~~ra,~r. In thc event i~f a distrihuti~~n i~f hanirel inwranc~ ~n*c~r~1~ in li,u c~f re~t~~ratii~n c-r re~::i~ follow~i:~~ a loss to the Propert~, ~hether to the unit ~~r tt~ c~~mmcm rlrm;nt~. :-n~ ~U111 F1~~~lC'l\~1 ~~~ahle t~ Borrow~~r a~e hereb~• assigned and shall be p~i~1 t~~ [_end~r fc~r a~nli~atiun t~~ th~ ~um~ u.urr~i h~ th~ .ecurit~ instrument. v-~ith thc excess, if am•. paid t~~ B~~rrc~wer. C. Lender's Prior Consenl. Bt~rr~~~+er ~hall m~t. rx.cpt aftrr n~~tirc t~~ Lcndcr and w~ith Lcnd~r'~ pric~r w•ritten consent, partiticm nr tiuhdi~ i~e the Prc~~rrt~ ur r~tin~ent tu: (i) the aband~-~ntn~nt or terminati~m iTf thc (~~mcl~~minium Pre~jcct, exce~t f~~r ~hanu~nment c~r terminadon pro~'ided b}' law in the ca~e c~f suh.tantial ei~struct~~~n h~ tire c~r ~~th~ r ~a.~alt~ ~~r ir. the ~asr ~f a taking b~ condemnation or cminent d~-main; (ii) an~ material amrn~lment ,c~ th~ ~leclarati~~n. h~-~aw~ ~~r rc~.ie c~f regulati:ms c~f the Ow•ners Associetion, or cquivalcnt cc~nstiturnt d~xument <~f th~ :~~nJ„minium Pr~~jcct. inclu~iinc, hut nc~+, limitcd tc~, an}~ amen~imcnt w~hich w~uld change the percentaee inter«t. uf thr unii ~~~+n,r. in thr ('<m~ic~minium Prc~jrct c~r iiii) Ihe efTrctuatic-n ~~f ~m ~eci.i~~n h~ thr O~+nrr~ .4•«~:iati:m ti~ termin~te professi~nal manaeement and acsume ~elf-management of th~ C~c~nelc~minium P:uj~ct. D. Remedies. If BorroN~er breaches Rorr~wer's co~•enants aod a~r~ements hereunder. including the covenant to pa~~ when due condominium assessments. then Lender ma~ in~•oke an~ remedies pro~~ided under the security instrumenf, includin~, but not limited fo, those pro~~ided unde~ l`niform Co~~enant ~. ~\ WITtiF:St WHFRf (~F, B~~l~~+~~'i f Ita~ ex~•.ute~i thi~ ('c~n~f~~minium Rid~r. / ~~ / _ - _ ~~3L - -- Charles W. Woodison so..owe- , ~ ~ , i ~ :- ~ - i ~ 1 Z 1 .- : ~~ / / ~ - -__1-t--= -L- --------t- . . _: tdaxine ~.. woodi~n -eor.owe. RRNi L#215860 ''" 351 16 ` CONDOMINIUM RIDER-~ to4 Farr~~ly-6 7s--fNMA/iMIMC UNIFORM IMSTBUMENT '' ~~~X' ~~UE ~O ; ; ~ ~_ , _ ._. : _ .. __ _;._;,