Loading...
HomeMy WebLinkAbout0947 . ' t ~ CONDOMINIUM RIDER ! . ; THI3 CONDOIKINIUM R1DSR 18 ri18d@ ~118 . . . . . . . . . . . . . . . . . . . . . . . . . . day of . . . . . . . . . . . . . . . . . . . . . . . . . ~ 19 and is inwrporated into and shall be deemed to amend and suppleraent a Mortgage, Deed of ltust or Deed to Secure Debt (herein "eecurity inetrument") dated of even date herewith. given by the undersigned (herein "Borrower") to eecur~ Borrower's Note to . . . . . . . C.ITY. .FF.AERAL. .SAY.ING~S . AND.I.OAN . ASSQCIATIi1H. . . . . . . . . . (herein "I.ender") and covering the Property described in the security inatrument and located at . 2400 . SOUTH _ OCEAN . ~LVD. , FORT PIERCE,. .FI.ORIDA 33450 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~Prooertr Aaare..? 'l~e Property comprisea a unit in, together with an individed interest in the common elements of. a condominium project known ae ....:CATAMABAN .LI (Nuc of Coedo~iuir~ Projettl . . . . . . . . . . . . . (herein "Condominium Project"). ~ut~~ni[~jtv[u1~ i;uv~Nwt~. In addition to the covenants and agreements made in the aecurity instrument, Borrower and Lender further covenant and agree as followa: A. Assesaments. Borrower shall promptly pay. when due, a?! assessments imposed by the Owners Association or other governing body of the Condominium Project (herein "Owners Association") purauant to the provisions of the declaration. by-lawa, oode of regulationa or other constituent document of the Condominium Project. B. Hazard Ineurance. So long se the Owners Aasociation maintains a"master" or "blanket" policy on the Condominium Project which pmvides inaurance coverage against fire. hazards included within the term "extended coverage." and auch other hazards as Lender may require, and in such amounts and for auch periods as Lender may require, then: (i) Lender waivea the pmvision in Uniform Covenant 2 for the monthly payment to Lender of one-twelfth j of the premium instailments for hazard insurance on the Property; (ri) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemed satiafied; and (iii) the provisione in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be superseded by any provisiona of the declaration, by-lawa, code of regulations or other conatituent document of the Condominium Project or of applicable law to the extent neceasary to avoid a conflict between such provisions and I the provisions of LTniform Covenant 5. For any period of time during which such hazard insurancE coverage is not maintained, the immediately preceding sentence ahall be deemed to have no force or effect. Bornower ahall give 'f Lender prompt notice of any lapse in auch hazard inaurance coverage. ; In the event of a diatribution of hazard insurance proceeds in lieu of restoration or repair following a loss to { the Property, whether to the unit or to rnmmon elements, any such proceeds payable to Borrower aze hereby asaigned j and ahall be paid to Lender for application to the sums aecured by the security instrument, with the excesa, if any, i paid to Borrower. ~ C. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written ~ consent, partition or subdivide the Property or consent to: s ( (i) the abandonment or termination of the Condominium Ptoject, except for abandonment or termination pmvided by law in the case of aubatantial deatruction by fire or other casualty or in the case of taking by condemnation ! or eminent domain; ; (u) any material amendment to the declaration, by-laws or code of regulations of the Owners Aasociation, ~ or equivalent conatituent docament of the Condominium Project, including, but not limited to, any amendment which a would change the percentage intereats of the unit owners in the Condominium Project; or € (ui) the effectuation of any decision by the Owners Association to terminate profesaional management and , ~ asaume self-management of the Condominium Project. ~ D. Remedies. If Bonower breaches Borrower'e covenants and agreemente hereunder, includingthe ~ covenant to pay w6en due condominium assesements, then Lender may invoke any remediea provided ~ under the security inetrument, including, but not limited to, those provided under Uniform Covenant 7. x - IN WITNESS WHEREOF. Box~owEx haa esecuted the Condominium Rider. S ' I963 ~:P L7 ~ = r ~ ~ ~ ~ ~ , i ~ ' " - ARTH . EVANS -Borrower r: . . . ;4!~.~; • E A. EVANS -Borrower - ~?~S253 ~ ~ CONDOMINIUM RIDER-~ w~ F.may-~YA/PHLIlC UNIPORY INgI'RUMewr 3~ Z PA6E 944 FORM-ITl ~ . r _ .