HomeMy WebLinkAbout0963 , ~ 22068959
CONDOMINIUM RIDER
gth April
~j11SCONDOMINIUM RIDER IS fi13(IC (flls. . . . . . . . . . . . . . . . . . . . . . . .t~3y Of. . . . . . . . . . . . . . . . . . . . . . .
19. ..3, and is incorporated into and shall bc decmed to amcnd and supplement a Mortgage, DceJ of Trust or Deed
to Secure Debt (herrin "security instrument") dated of even date herewith, given by the undersigned (herein
"Borrower" ) to secure Borrawer's Note to. . . . . . ~~TIZENS FEDERAI, SAVIN~S, AJ~{D ,l,OAN, qS.S.QC1AT10Pl . . . . . . .
OF ST, IUCIE COUNTY ,,.(hcrein "Lender") and covering the Properiy described in the security instrument and
located at . . .1630, Seaway , Drive,, Ft. . Pierce . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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(Property Addnss)
The Property comprises a unit in, togethcr with an undivided interest in the common elements of, a condominium
projcct known as...Seatern
(NSrn! 01 Condomin~um Projlcq
. . . . . . . . . . . . . . . . (hcrein "Condominium Projec:").
COND0~11NIUM COVf.NANTS. I11 addition to the covcnants and agreements made in the security instrument,
Borrowrr and Lender further covenant and agree as follows:
A. Assessments. Borrowcr shall promptly pay, when due, all assessments imposed by the Owners Association
or othrr gover~ing bociy of the Condominium Project (herein "Owners Association") pursuant to the provisions of thc
declaration, by-laws, cocfe of regulations or other constituent document of the Condominium Project.
8. Hazard Insurance. So long as the Owners Association maintains a"master" or "blanket" policy on the
Condominium Project which provides insurance coverage against fire, hazards included w~ithin the term "eztended
covcrage; ' and such other hazards as Lender may require, and in such amounts and for such periods as Lender may
require, then:
(i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one-twelith
of the premium installments for hazard insurance on the Property;
(ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the
Property is deemed satisficd; 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superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the
Condominium Project or of applicable law to the extent necessary to avoid a conflict between such provisions ancl
the provisions of Uniform Covrnant 5. For any perioci of time during which such hazard insurance coverage is not
maintained, the immediately preceding sentence shall be deemed to have no force or ef~ect. Borrower shall gi~~e
; Lender prompt notice of any lapse in such hazard insurance coverage.
I In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss tc~ ;
i the Propcrty, w hether to the unit or to cammon elcments, any such proceeds payable to Borrow~er are hcreby assigned
~ and shall be paid to Lender for application to the sums secured by the security instrument, with the excess, if am•.
paid tu B~~rrowcr.
~ C. I.ender's Prior Consent. Borrow•er shall not, cxcept after notice to Lender and with Lender's prior written
consent, partition or sutxli~•ide the Property or consent to:
~ (i) the abandonment or termination of the Condominium Project, except for abandonment or termination
provided by law in the case of substantial destructian by fire or other casualty or in the case of a taking b}' condemnation
~ir cmincnt domain;
(ii) any material amendment to the declaration, by-laws or code of regulations of the Owners Association,
or equi~~alent cc~nstituent document of the Condominium Project, including, but not limited to, an~• amen~lment Khich
would change the percentage interests of the unit owners in the Condominium Proje~r, or
(iii) the effectuatian of any decision by the Owners Association to termir.ate professional management and
~ssumr sclf-managrmcnt of the Condominium Projcct.
D. Remedies. IE Borrower breaches BorroNer's covensnts and agreements 6ereunder~ including the covenant
to pa~ v+hen due condominium assessments. Ihen Lender may invoke any remedies provided under the security~
instrument. including, but not limiled to, those pTOVided under Uniform Coveaant 7.
~ fy V~'IT1f ~5 WHFREOF, Borrower has exe~uted this Condominium Rider.
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