HomeMy WebLinkAbout2410CONDOMINIUM RIDER
THIS CONDOMINIUM RIDER IS IriBd@ thlS. . . . . . . ~".~ . . . . . . . . . . . . . . . day of . . ~~.~~ . . . . . . . . .,
19.81., and is incorporated into and shall be decmed to amcnd and supplement a Mbctgage. Dctd of Trust or
to Securc Debi (herein "security instrument") dated of cven datc herewith~ given by the undersigned (herein
"Borrower') to securc Borrowers Note to. .FIRST:.FEA.ERAL . SAVINGS..AND .LAAIi..ASS.OCUTiaDI.
0~ .i~AK~. ~I4~~~.....(herein "l.ender") and covcring thc Propcrty describcd in the security instrument and
located at. , ,5155 N. State Road AlA, Fort Pierce, Florida . .33450 . . . . . . . . .. . . . . . . . : . . . . . ..
. . .. . .... . ........ ......
(PropKty Addnss)
The Property eomprises a unit in, tngether with an undivided interest in the common elements of. a condominium
project known as . . OCEAN. HARBOUR . CONDOMIN IUM. C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(Nsmt OI Contlominium Project)
. . . . . . . . . . . . . . . . (herein "Condominium Project").
CONDOMINIUM COVENANTS. Itl 8ddltlOtl to the covenants and agreements made in the security instrument.
Bonower and Lender further covenant and agree as fallows:
A. Assess~neats. Borrower shall promptly pay, when due, all assessments imposed by the Owaets Association
or other governing body of the Condominium Project (hcrein "Owncrs Association") pursuant to the provisions of the
declaration, by-laws. code of regulations or other constituent document of the Condominium Project.
B. Hazard Iffiurance. So long as the Owners Association maintains a"master' or "blanket" policy on th~
Condominium Project which provides insurance coverage against fire, hazards included within the term "eatended
coverage; ' and such other hazards as Lender may require, and in such amounts and for such periods as Lender may
require. then: ~
(i) l.ender waives the provision in Uniform Covenant 2 for the monthly payment to I.ender of one-twelfth
of the premium installments for hazard insurance an the Property;
(ii) Borrower's obligation undcr Uniform Covcnant 5 to maintain hazard insurance coverage on • the
Property is deemed satisfied; and
(iii) the provisions in Un'iform 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superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the
Condominidm Project or of applicable law to the extent necessary to avoid a conflict between such provisions and
the provisions of Uniform Covenant 5. For any period of timc during which such hazard insurance coverage is not
maintained. the immediately preceding sentence shall be deemed to have no force or eRect. Borrower shall give
[.ender prompt notice of any lapse in such hazard insurance coverage.
In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to
the Property, whether to the unit or to common clements, any such ~pr«eeds payable to Borrower are hereby assigned
and shall be paid to Lender for application to the sums secured by the security instrument, with the excess, if any,
paid to Borrower.
C. Lende~'s Prior Consent. Borrower shail not, except after notice to Lender and with Lender's prior written
consent. partition or subdivide the Property or consent to:
(i) the abandanment or termination of th~ Condominium Praject, except for abandonment or termination
provided by law in the case of substantial d~struction by fire or other casualty or in the case of a taking by condemnation
or eminent domain;
(ii~ any material amendment to the declaration, by-laws or code of regulations of the Owners Association,
or equivalent constituent document of the Condominium Project, including, but not limited to, any amendment which
would change the percentage interests of the unit owners in the Condominium Project; or
(iii) th~ ef~ectuation of any decision by the Owners Association to terminate professional management and
assume self-management of the Condominium Project.
~ D. Remediec. It Borrower breaches Borrower's covenants and sgreements bereuoder, inclndjag 16e covenaet
to pay w6ee dne condomiaium ass~ssments, then Lender may inyoke any remedies provided nader the aecarity
instrnmeat, incloding, but not limited to, those pmvided under Uniform Covenaat 7.
IN WITNESS WHEREOF, Borrower has exccuted this Condominium Rider.
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i CONDOMINIUM RIDER-~ to4 Family-6,75-FNMA1fNlMC UNIFOIIM INSTRUMENT
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