HomeMy WebLinkAbout1712CONDOMINIUM RIDER
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TtiisCoNno~t~Niu~t R~oeR is madc this. `'. . . . . . . . II . . . . . . . . . . . . . .~:~~~ of. }: . . . . . /..A~... . . . . . . . . . . .,
19 81. ., and is incorporated into and shall br dermed tu amrnJ and ~upplemrnt a Mortgage, [ked of Trust or Deed
to Secure Ih;bt (hercin "security instrumcnt") daie~ ~~f cven J:~t~ herrwith, ~i~~en by thc undersigned (herein
"Borrower") to s~cure Borrow~r's Notc to. .EIRST..FEA.~RAI.. SAViNCS..ANIl .LDAN..ASS.OC.LATLa~T.
Q~: ~.AK~. WQR.'~H. ..,.(h~rein "Ler~Jer") and cov~ring the Pro~xrty~ descritxd in the s~curity instrument and
located at. , 5155 North State_ Road .AIA,. Fort ,Pierce,,, _F~Q~~da_ .3~4~0 . . . . . . . . . . . . . . . . . . . . . . ..
(Property Address)
The Property comprises a unit in, t~gether with an undi~~ided intrretit in thr common el~ments of, a condomi~ium
projcct known as. . ~EAN HARBOUR CONDOMINIUM C . .. . . . . . . . . . .
.......•••• ...............•••...................
~Name o~ Condom~~~um Project)
. . . . . . . . . . . . . . . . (hcrein "Cnnd~minium Projrct" ~.
Cotvnort~t~~u~t Co~~t:v,~tv-rs. In addition t~~ th~ co~•enant~ anJ sgrerments Rla(~C in the security instrument,
Borrow~cr and Lendcr furthcr covcnant anJ agrer as fulluws:
A. Assessments. Borrowcr shall pr<-mptl~~ pa~~, N•hen duc, ~11 asscssments im~scd by the Owner$ Association
or other governing txx.i~• of the Ctmdominium Projec: Ih~rein "O.en~rs A;sociatian") pursuant to the provisions of the
dcclaration, by-laws, ccxic of rcgulations ~~r othrr c~~nst~w~nt d~~cumcnt c~f thc C~ndominium Project.
B. Hazard l~uurance. S~~ Ic~ng a~ the nwncrs A.s~xiati~~n m.~int~ins a"master" or "blanket" policy on the
Condominium Project w~hich provides insurance cu~•cragr :~gain.t fire, hazards included ~•ithin the term "extended
coverage." and such othrr hazards a~ Len~ir ma~ r~yuire, and in ~uch .~mr~unts and for sueh pericxis as Lender may
rcquirc, thcn:
(i) Lcnder w~ai~~es the pn-visi~m in l!nifurm C'~n•rnant 2 fc~r thc mcmthl} pa~~ment to [.ender of one-twelfth
of the prcmium installmcnts f~~r h~zard insurancr ~m thr Pm~xrt;~:
(ii) Burrowrr's ubligatic-n under Unif~:rm ('u~~enant 5~~- m;~intain h~rard insurance coverage on the
Property is decmed satisficd; and
(iii) the pro~•isic~ns in Unif~~rm (~~-~~nant S reLar~ing applicati~~n c~f h~zard insuranee proceeds shall be
superseded by an~ pru~~isic~m e-f the Jeclarati~~n, b~-la~~ti, c~xie ~~f rrkulations ur other constituent document of the
Conduminium Project or ~~f ~pplicablc la~~~ t~~ the ~xtcnt nrcrssar} tu a~~ui~f a conflict betu•een such pravisions and
the provisi~~~s of Uniform C'o~~~nant $. E=ur an~• ~xricxi e~f timr during uhich such hazard insurance c~verage is not
maintained, th~ immrdiatcl~• prece~lint ~entrnc~ .h.ill br d:rm~~i tu ha~~r n~~ f~~rc~ c~r efiect. Iiorrower shal) give
Lender prompt n~~tice ~-f am~ lapse in wch hai~n) imur:~nrr c~~~~er.~LC.
In thc c~•cnt ~-[ a dititrihuti~m e~f ha~;~r~ inwranc~_ rnxrr~ti in liru uf rttit~~ra,ieen ~-r rcpair follow~ing a loss to
the Proncrty~, W~hethcr to the unit ~-r t~~ c~~mmnn rlrm~nt>. an~ tiuch ~nx~~~~i~ p::;ahlc t~ B~rrow•cr are hereby~ assigncd
and shall be p~id to LrnJ~r f~~r applicati~m t~~ th~ `umti srcur~~i h~• the ~rrurit~• instrument, w~ith ihe exeess, if ar.y.
paid to Borrow~er.
C. Lender's PriorConsenL Rurr~~wrr ~hc+ll nut, rxrc~t aft~r m~tic~ t~~ Lcndcr and with Lcndcr's p~ior writtert
conscni, partition or subJi~~i:~c thc Prcip~rt} ~~r c~msrnt tc~:
(i) the abandemment c~r t~rminati~m ~~f the (~un~i~~minium Yruject. rxc~pt f~~r ahand<~nment or !ermination
rrovided b~- law in th~ catic c,f.ub.tantial d~ti~ructi~~zi b~ firc ~~r c~thrr catiualt} ~~r in thc rasr ~f a takin~ b~~ condertination
or cmincnt domain;
(ii) an~• material ~~mrn~iment tc~ thr ~fcclarati~m, h}-Ic-w~ ~r cexfc <~f rcgulations of the Owners Association,
or cquivalcnt c~mstiwrnt dc.cument uf thr ('~~n~li~minium i~u~j~rt, inclildin~, hut not limitcd t~~, any amcndmcnt w•hich
would changc thc perccntagc intrrrst~ ~~f thc unit ~~~~ ncr~ in thr (~<m~i~mz:n~.~m arc-jrct; or
(iii) the efiectuation ~~f an~ ~i~ci~iun h~ thr Ch~ners A~sexiati~m t~~ terminat~ professional management and
assumc sclf-managcmcnt c~f the (~und~~minium Prujrrt.
D. Remedies. If Borrower brcacl~es Rorrow~er'c c~-~•enants and aRreemenfs hereunder~ including the covenant
fo pa}~ w~hen due condominium assessments, then Lender ma~ im~oke am~ remedies pro~•ided under Ihe securit}'
iasfrument, includinR. but not limiled to, those pro~ided under L'niform Covenant 7.
I:Y WITtit[ti5 WHi:RCnl . I31/(f~l~\'~~ h,~~ ~r«.iic,t thiti ('c,ncl~nni~ium Rider. n~ ~~
~ ~..clr~n rA ,~ l~.~GttiS..%t / j~~~U.~C.~ ~.-
Francis Karl Maggia~omo ~}~
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Katlhle~n Marie' Maqqiac mw ; -eor.or.e.
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rank Paul aggiacom -eo..owe.
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GeraCdin~ Dorot!:y Ar.^ ..agqiaco
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CONOOMINIUM RIDER-~ to 4 famity-6 75-FMMA/iNIMC UNIFORM INSTRUMENT ~. . ~~~~E