HomeMy WebLinkAbout1787CONDOMINIUM RIDER
THiSCONDOMiN1UM RIDER IS fI18(IC lhls . . . . . . . . . . . . .~~. . . . . .(~ay Of. . . .o`. . .. . . . . .. . . . . . . .,
19.81., anJ is incorporated into and shail tx decmed to amend and supplemcnt a M~rtgage; Dced of T. or Deed
to Secure Debt (hercin "security instrumcnt") dated of cvcn datc hemwith, given by the undersigned (hercin
"Borrowcr") to sccurc Borrowcr's i~iotc to. .EIRST. .~EDERAL . SAVIIdGS..ANIl .L4AN. .ASS.OCIATL~N.
q~; ,j./~K$, WQ~i~H, ,_._(herein "Lender') and covering the Prop~ rty described in the security instrument and
located at..,5155 South State AlA, Fort Pierce, Florida,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
. ...... ...... ... .. ......... .......
(Property Address)
The Property comprises a unit in, together with an undivided intcrest in thc rnmmon elrments of, a condomin"sum
projcct known as . . . . . . . . . . . . . .OCEAN. HARBOUR, CONDOM~N~U}~l C . . _ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(Name ot Condominium Project)
. . . . . . . . . . . . . . . . (hcrcin "Condominium ProjccC').
CONDOMINWM COVENANTS. IO addition to the cov~nan~~ and agrcements madc in the srcurity instrument,
Borrower and Lender funher covcnant and agrer as follaws:
A. ~Assessmeats. Borrowcr shall promptl~~ pay, whcn duc, alt asscssmcnts imposed by the Owne~ Association
or othrr govcrning body of thc Condominium Project (hercin "Owncrs Accociation") pursuant to the provisions of the
declaration, by-lav-s, ccxle of regulations or ather constitucnt document of the Condominium Project.
B. Hazard Insuraace. So long as thc nwncrs Association maintains a"mastcr" or "blanket" policy on the
Conduminium Project which provides insurance co~~erage againsi fire, hazards included within the term "extended
coverage; ' and such othcr hazarJs as Lcnder ma~• reyuirc, and in cuch amounts and for such periods as Lender may
rcquire, then:
(i) Lender waives thc provision in Unif~~rm Cc~vcnant 2 for the monthly payment to Lender of one-twelfth
of the prcmium installmcnts for hazarJ insurancc on thc Pr~pcrty;
(ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the
Property is deemed satisfied; and ,
(iii) the provisions in Uniform Covenant 5 rrgarding application of hazard insurance proceeds shall be
superseded b~~ any provisions of the declaration, by-laws, ccxle af regulations or other constituent document of the
Condominium Projcct or of applicablc law to the extent neces.~ary.to avoid a conflict between such provisions and
th~ provisions of Uniform Covrnant 5. For an~~ pcricxl of tim~ during which such hazard i~surance covcragc is not
maintained, the immediatel~~ precedine sentence shall tx: deemed to have no force or ef~ect. Borrower shall give
Lender prampt notice of any lapse in such harard insurance co~~eragc_ - .
In the e~•ent of a distribution of hazard insurance procecds in li~u e-f re.tor~tion or repair following a loss to
the Propcrty, K~hethcr to ihc unit or tu c<~mm~n clcments, any tiuch prcxccds pa~•ablc to Borrower are hereby assigned
and shall bc paid to Lcndcr for applicati~~n to thc sums sccurcd b~- thc sccurity instrumcni, with thc cxcess, if any,
paid to Borrowcr.
C. Lender's Prior Consent. Borrower ~hall nat, cxccpt after notice to Le~der and with Lender's prior written
conscnt, partition or sulxiividc thc Propcrt~~ or rnnscnt t~:
(i) thc aband~-nmcnt or tcrmination ~-f thc C~mduminium Projcct, cxccpt for abandonmcnt or tcrmination
provided by law in the case of substantial d~struction b~~ fire or ~ther casualty ~r in the cau of a taking by condemnation
or emincnt dcimain;
(ii) any material amcn~ment ro the Jeclaration, by-laws or ccxie of regulations of the O~+~ners Association.
or cquivalcnt constitucnt documrnt of thc Condominium Pruject, including, but nc~t limitcd to, any amcndmcnt which
would changc thc perccntagc intcrests uf thc unit c-~vncn in thc Cond~~minium Projcct; or
(iii) the eHectuation of any~ decision b~• the Owners Assc~ciation to terminate professional management and
assumc sclf-managemcnt of thc Condominium Projcct.
D. Remedies. If Borrower breaches Borrower's covenants and a~;reements bereunder, including the covenant
to psy wben due condominium assessments, then I.ender may invoke any remedies provided under the secarity
instrumeat, including, but not limited to, those provided under lJniform Covenant 7.
IN WITNESS WHERE01=. Borrow•rr has rx~cutcd this ConJ~minium Ridcr.
1981 FE$ l 3 AN il~ 17
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5 CONDOM~NIUM RIDER-1 to4 Family-6175-F!lMA/fNIMC UNIFORM INSTRUMENT
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