HomeMy WebLinkAbout0956 HARBOR FEDERAL SI~VINGS AND LOAN ASSOCIATION
CONDOMINIUM RIDER
23139972
TN1S CONDOhtINILI~t RIDF R i~ made this. . . . 8th . . . . . . . . da~ „t. . . . . . . August . . . . . . . . . .
19 8~and is inc~~rpurated into and shall be deemed tu am~nd and supplement a Aturtgage, Deed of Trust or Dee~ to Secure Debt
(herein "security instrument"? dated of e~en daic hereH ~th, gi~ en b} the under,igned ( herein "Borrower" 1 to secure Borrower's Not to
HARBOR FEDERAL SAVINGS AND LOAti ASSOCIATION I her~m "Lender"? and cu~cring the Property described in the
security instrumen~ and located at... 35-A. RrEd~il. CpUrt,..Th.~. Grove..Got~.domini.~m, . Fort .Pi_erc~,. _F~..... _
~PrJperty ;.dtlie5s;
The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium
project known as THE GROVE . . . . . . . . . . .
INa~*+e O~ COnBomin~um Pro~ltt)
. . . . . . . (herein "Condominium Pro~ect")
CONDOMINIUM COVENANTS ln addition to the covenants and agreements made in the security instrument,
Borrower and Lender further covenant and agree as follows:
A. Assessments. Borrower shall promptly pay, when due, al) assessments imposed by the Owners
Association or other governing body ot the Condominium Project {herein "Ou~ners Association") pursuant to the
provisions of the declaration, by-laws. code of regulations or other constituent document of the Condominium
Proiect.
B. Hatard Insurance. So long as the Owners Association maintains a"master" or "blanket" policy on the
Condominium Projed which piovides insurance coverage against fire, hazards included within the term "extended
coverage." 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-
twelhh 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 satisfied: and
(iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds
shali be superseded by any provisions of the declaration.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 and the provisions of Uniform Covenant 5 For any period of time during which such hazard
insurance coverage is not maintained. the immediately preceding sente~ce shall be deemed to have
no force or effect. Borrower shall give Lender 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 elements. any such proceeds payable to Borrower are hereby
; assigned and shall be paid to Lender for application to the sums secured by the security instrument. •witn the
excess, if any, paid to Borrower.
C. Lender's Prior Consent. Borro~~er shall not, except aher notice to Lender and with Lender's prior
written consent. partition or subdivide the Property or consent to:
~ (i) ;he abandonment or termination of the Condominium Project, except for abandonment or
~ termination provided by law in the case of substantiat destruction by fire or other casualty or in the case of a
~ taking by condemnation or er*ii~ent ciomain:
~ (ii1 any materiai 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
~E amendment which would change the percentage interests of the unit owners in the Condominium Project: or
i
~ 4iii) the effectuation of any decision by the Owners Association to terminate professional management
and assume self-management of the Condominium Project.
~ D. Remedies. If Borrower breaches Borrower's covenants and agreements hereunder, including the
; covenani to pay when due condominium assessments, then Lender may invoke any remedies provided
$ under the security instrument, including, but not limited to, th~se provided under Uniform Covenant 7.
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~ IN WITNESS WHEREOF. Borrower has executed this Condominium Rider.
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