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Home My WebLink About2582 FIRST FEDERAL SAVINGS AND LOAN ASSOCIA-TION OF FORT PIERCE CONDOMINIUM RIDER THIS CONDOMINIUM RiDER is made this 30th day of ~1drCh 19 .g.l .., and is incorporated into and shali be deemed to amend and supplement a Mortgage, Deed of Trust or Deed to Secure Debt (herein "security instrument") dated of even date herewith, given by the undersigned (herein "Borrower"i to secure Borrower's Note ro F1RST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE (herein "l_ender") and covering the Property described in the security inshument and loca~ed a~ .. 2400 South _Ocean Dr~ ve, Fort Pi err.e, .Fl ori da 33450 . . . ~P.opMV AAOre~sl . . The Property comprises a~it in. t et r w an u di ed interest in the common elements of, a condominium project known a; eatca~ ~- l~'cPan qi 1"~age . ~Nsme ot ConOOmmwm Dro~6c11 ~ . . . . . . (herein "Condominium F'roject"!. COf~DOMINIUM COVENANTS. In addition to the covenants and agreements made in the security instrument, Borrower and Lender further covenant and agree as fo!lows: A. Assessments. Borrower shall promptly pay. when due, all assessments imposed by the Owners Association or other governing body of the Condominium Project (herein "Owners Association") pursuant to the provisions of the declaration. by-1aws, code o( reg~lations ~r other constituent document of the Condomini~m Project. B. Hazard Insurance. So Iong as the Owners Assxiation maintains a"master" or "blanket" policy o~ the Condominium Proiect which prov,des insurance ~overage against fire. hazards included within the term "extended coverage." and such other hazards as Lender ma~ require, and in such amounts and fnr such periods as Lender may require, then (i) Lender waives the pTOVision 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 cov¢rage on the Property 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satisfied: and (iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent documeqt of the Cond~minium Project or of applicable law to the extent necessary to avoid a conflict between such provisions and the provisions of Uniforr» Covenant 5 For any period ot time during which such hazard insurance coverage is not maintained, the immediately prececling sentence shall be deemed to have no Eorce or effect. Borrower shali give Lender prompt notice of any lapse in such hazard insurance coverage In the event of a distr;bution of hazard insurance prM-eeds :n lieu of restoration or repair following a loss to the Property, whether to the unit or ro common elements, any such proceeds payable to Borrower are hereby assigned and shall be paid to Lender for applicat~on to the sums secured by the security inshument. •with the excess, if any. paid to Borrower. C. Lender`s Prior Consent. Borrou~er shall not, except after notce to Lender and with Lender's prior written cansent. partition or subdivide the Property or consent to (i) the abandonment or termination of the Condominium Proje~t. excep! for abandonment or termination provided by law in the case of substantial destruction by fire or other casualty or in the case of a taking hy co~demnation or eminent domain: ~ (ii) any rr,aterial amendment to the declaration. by-laws or code of regulations of the Ow~ers Assoc?ation, or eq~ivalent constituent document of the Condominium Project, induding, but not limited to. any amendment which would change the percentage interests of the unit owr.e;s in the Condominium Project: or (iii) the effectuation of any decision by the Owners Association to !ermina:e professional management and assume self-management of the Condominium Project D. Remedies. If Borrower breaches Borrower's covenants and agreements hereundvr, 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 Unitorm Covenant 7. (N WITNESS WHEREOF. Borrower F~as executed this Cundomin~um Rider 5~3'C~'J 1- :3?~ ~!;~- 3 ~ ; ~~ 3~ ~ 2 .~ ' _ { , ~ ~ ~~ (t ~.i ~-~_~ G:.l ~ Robert p. Hal verstacit ~..~»~. G ~t~[ ~~ Ct,h: :, . ~1~' ~,f !'C.t.'1'Y.i~: ;, - .'i ;;.` H i'Cli (t ::i ~ _ : ' , ,~-.~ ~~ ~_„ ~ ~. ..:• ~r ::~ Maryelia Halversta t _~„ows, . ~ CONDOM{NlUM RIDER-+ !o s FaT: y--~: ~5-Fr.MA ~H: ~,~~ ~~'.~iFflp-y/ ~ye-R~,y~Ey= _ ~~.t';K~351 ~~~f?,5 n 78 ~. , _ _ . : .- .- -