HomeMy WebLinkAbout1702CONDOMINIUM RIDER
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~THIS CONDOMINIUSt RIDER IS I113cIC [Iliti. . !' . . . . . . . . . . . : . :.. . . . . . . . .t~a)~ of .- . . . .: . . . . . . . . . . . .': : ,
19 $~. .. and is incorporate~ into and shatl ~ deta~cd tc~ .~mtnd and supplemrnt a Mortgage, Dced of Tru~or Deed
to Secure Debt (herrin "securitv instrumcnt") datrd of c~~~n datc herrwith, given by the undersigned (hercin
"Borrower") to secure Borrow~r's No-e to. .FIRST. .~EA.~RAL . SAVINGS. .ANIl . LDAN. .ASS.OCIATI.a~I.
Q~ _j.~l~~, WQRTH, .__.(herein "Lender") and cov~ring the Pm~xrt~~ descrihe~i in the sccurity instrument and
lacated at. ~i 55 North State Road A1A~. Fort .Pierce,. .Florida. 33450 . . . . . . . . . . . . . . . . . . . . . . . ..
(Property Atldress)
The Property comprisrs a unit in, togethrr w~ith an undivided int~rest in th~ common elements of, a candominium
project knawn as. . .QCEAN. Ht1R~QUR. CONJ~QM?HIIJM L . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(-~am! Ot ConCOm~mum Pro~lCt;
.. . . . . . . . . . . . . . . . ( hcrein "Condominium Proj~ct" ).
Co!v~o~uNw!-t Co~•t.n,~~~s. In addition to the cocrnants and agre~ments madc in the securi~y instrument,
Borrower and Lender further cuvenant anJ agrer as follcnvs:
A. Assessments. Borrowcr shall promptl~• pa~~, whcn duc, :~ll a~scssmcnts imposed by the Owner~ Association
or other goveming boeiy of thr Condominium Project (hcrein "Ow•ners As«~ciation") pursuant to the provisions of the
declaration, b}'-laas, ccx9e of reeutations or other constiwent do.:ument of the Condaminium Project.
B. Hazard lacurance. So Icmg ss thi Ov-•nen Assuciation maintains a"master" ~or "blanket" policy on the
Condominium Praject Hhich pmvid~s insuranee: c~~~crage agsinst hr~, haz~rds included w~ithin the term "extended
coverage," and such other h~zards ac Lcr-dcr ma~~ reyuire, and in such amounts and for such periocls as Lender may
requirc, thcn:
(i) Lender w~ai~~s thc pru~~isiun in Uniform Cc~vcnam 2 for the monthl~~ ps~ment to Lender of one-tw•elfth
of the premium installments for hazard insurance c~n the Pre~pert~;
(ii) Barrow~cr's obligatian under Uniform C~n•enant S to msintain haz~rd insurance coverage on the
Propert~~ is deemed satisfied; and
(iii) the provisions in l,'nife~rm Cu~•~nant S rs~_ar~iing ~pplicatie-n of h:szard inwrance proceeds shall be
superseded b~~ an}~ pro~~isi~-ns of the decl.uatic-n, b~-I;~~s. ccxic of rcculatic-ns or other constituent dc~:ument of the
Condominium Project or of applicablc la~~ t<~ the ::xtent necetisan~ t~i a~~vid a co~~lict betw•een such provisions and
the pzovisions of L'nifo: m Co~~rnant 5. Fe~r anc ~: ~~:.ci ~~ timr during «•hicF such hazard insurance coverage is not
maintained, the immediatel~• precedine sentrnrr ~h:ill tk ~ie~me~i te~ ha~~~ n~~ f~~rc~ c~r efiect. Borrower shall give
Lender prompt notice of :~n~ l~pk in ~uch ha-rat~1 ~muranr~ cc~~•cra~,~.
In the event of a dititributi~m i~f h~zard insurance ~r~xec~i~ in liru ~~f n~turah~m or repair foHow•ing a loss to
the Fropcrt~~. whcther t~ the unit ~~r t~~ a~mm~in ~lements. ;,n~ ~u~h ~~r~K~r~1s pa~ablc to Borrower are hereby assigned
anrl chall }-~ ~.iic1 tn 1 c~n~1~~r f~~r ;~nnlir_itinn tn th~ ~~~mc ci~~•~_ir~•~1 ht th~~ ~~~ci~rit~ inctr~~m~-nt, u•ith thc cxcecc if an~,
paid to Borrower.
C. Lender's Prior Consent. Be~rretiwcr ~hall nnt. rx~r~t ~ittr n~uicr t~~ Lcnii~r and ~•ith Lender~s prior writt~n
consent, partition c~r ~ubd:~•ic:° the Pmp~rt~ or c~~nunt ti~-
(i) the aband~mment ~r t~rminatic~n of th~ CunJ~~minium Pn,j~ct. rxce~t fc~r abandonment or termination
provided b~~ law in the case of sub~tant:a'. ~~structiim h~ fir~ c~r ~~thrr raw~it~~ or in ttie cas~ of a taking b~~ condemnation
or emincnt domain;
(ii) am~ materia) amrn~iment tc~ thr eirclsraticm, h~-lawt ~r ccxie of recul3ti:~ns of the Ow~ners Association,
or equivalent ccrostituent dc~cument c~f the C'~m:i~~minium Prnjrct, ~ncludin~, hut not limited to. anc amendment ufiich
would changc the pcrcentaec intcretit, c,f thc unit uwn~r. in th~ (-c~n~f~~miniuin Pr~~jcct: c~:
Iiii) the efiec.uaiion ~~f an~ dreitiicm h~ thr O~tiners Ass~kiatiem t<~ t~rminatc profestii~nal management and
assume self-management of thr Ce~nd~~minium Prc-jrct.
D. Remedies. If Borrow~er breaches Borrower's co~enants and aRreements hereunder. including Ihe ~ovenant
to pa~ when due condominium assessments, then I.ender ma~ in~~oke am~ remedies pro.ided under the securet3~
instrument. including. but not limited to, those pro:ided under l'niform Covenant 7.
1-t VVtT~E_SS N'HE.rtF:ot . B~~rr<~N~~r has c~ecu;ccl thi~ Cc~n~lc~minium Rid~r.
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Donald I.. Donovan -Bor.o„~e-
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!Hary Elizabeth Dor.ovan -eor~o,~er
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CONDOMIMIUM RIDER-~ to4 Fami~r-6 ~5-cHM~/iHIMC UNIFORM INSTRUMENT