HomeMy WebLinkAbout0941 COND~MINIUM RID~ER
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^ THIS CONDOMINIUM RIDER iS IlladC thiS 25th ~y p[ Md~l .
19 84 , and is incorporatcd into and shall bc dccmcd to amcnd and supple~acet a Mortgage. Dced ot 'T~ust o~ Deed
to Secure Dcbt (hcrcin "security inst~umcnt") dated of cven datc hercwith. given by tbc undenigned (hercin
~~Borrowcr") co sccure Bor~owcr's No~a ~o All iance Mortgage CompaRy, a Florida Corporation
(hcnin "l.ender") and ooverin~ the PropchY dacribed in the security instrument and ' -
~ocaced ac 943-D Savannas Point Drive, Ft. Pierce, Flor~da 33450 _
cr?oo.~sr ~ae.~ .
Thc Property compriscs a unit in~ together with an undivided interat in thc commoo elements of, a condominium ~
projcct k~own u HIGN POINT OF FORT PIERCE CONDOMINIUN! SECTION III
` tN~ a CaWonwniwn iroj~ctl ~
(hcrcin "Condominium Projcct"). ~
CoNOOhtirtwNt CovEH~NYS. In adci+tion to thc covcnants s?nd agrecments madc in the ucurity instrument,
Borrowcr and Lendcr furthcr covcnant and agrec u lollows: ~
A. Assessmeots. Borrowcr shall promptly pay, whcn due. all asscssmcnts imposcd by the Owr~erS Atsociation
or othrr govcrning body of thc Condominium Project (hcrein "Owncrs Association") pursua~t to the pcovisioas of the .
derlaration. by-laws. code ot regulations or other constitue~t document ot the Condominiuan Project. ~
B. Hazard lasurance. So long as the Owners Association maintains a"master" or "blanket" policy on the
Condomioium Project which provides insurance eoverage ~against 6re, hazuds includ~:d within the ternn "extended
covcr:~c;' and sucfi dficr hazards as Lendcr may rcquire~ and in such amounts and for such periods as I.e~der may
requirc. then:
(i) l.e~dcr waivcs ehc provisian ia Uniform Covcnant 2 for ~he monthly pdyment to Lcnder ot one-twelith
of the premium installmcnts for hazard ic?su~ance on the Property;
(ii) Borrower's obligation under Unifertn Covenant S to maintain hazard insurance cowerage on the -
Property is decmcd satisficd; and
(iii) ~he provisiwis in Uniform Covenant S regarciing application of ha2ard insurance proceeds shal! be '
supcrscded by any pn~visions uf thc dcclaration. by-laws. codc of regulations or othcr constituent document of the
Conduminium Proj~~ct or o[ applicable law to the extent necessary to avoid a conflict between such provisions and
thc provisions of Uniform Covcnant S. For any period of time during which such hazard insurance coverage is not
maintaincd. the immcdiatcfy prcccding scntence shaU be dcemcd to have ao force or eBect. Borrower shall givc
l.cnder prompt noticc ot~any lapse in such hazard inwrance cuveragc.
!n thc cvcnt of a distribution ot hazard insurance procetds in {ieu of restoration or repair following a lou to -
the Propeny. whethcr to the unit or tu common eleme~ts. any such proceeds psyable to Botrower are hcreby assign~d
and shall bc psid to l..endcr for application ta the sums securcd by the security inslrumeat, with the excxss, if any. "
paid to Borrowcr.
C. Lender's Priur Consent. Bc~rrowcr shall not, cxccpt after notice to Lender and with Ltnder's prior writtea
consent, partition or s~pdividc the Propeny or consent to:
(i) thc abandunmcnt or termination of thc Cundominium Project. except for abandonment or termination .
p~ovided by law in tfic casc oi substantiat dcstruction by fire or otlx:r casualty or in the casc of a taking by condemnation
ertincnt domain;
(ii) an~ matccial amc~dment to the dectaration. by-{aws or codc of tegulations of the Owners Association.
or cquivalent cons~icurnt dorument of the Condominium Projcct. including, but na limited to. any amendmcnt which
wuuld changc thr pcrccnt;~gc intcrcsts uf thc unit owncrs in thc Condominium Project; or
(iii) thr rtTrctuatiun ~?f any d~~cision by the bwners Association to terminate profeuion:?1 manageme~t and
assumc srlf-manag~mcnt ut thr Cun~ic~minium Prujcct.
D. Remedies. If lbrruwcr bre~ches Borrower's covtaants and agreeweols bereuader, iacludi~ t6t toveaa~t '
to p~y wben due coadominium a.csessraeals, Ibep Leader o~ay ia~oke say remedia prorided wder ibe setYrity
inslrument~ including, but aot Gmited to, tlase provided ~aikr Uoiton~ Coreoaat 7.
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f IN WlTNkSS WHEREOF-. Burrowcr has exccutcd this Condominium Ridcr.
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~ ~ , ~ • o8a ~ G . '64 MAY 30 P 1 :21
CONDOMINiUM RIDER- t o 4 famar-6/75-FNMA/FNINC YMIFORM INSTRYMENT ~
; COwtO~~o~*c0 ~ws~~[ss rpl~rs. ~MC.
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s ST. LUC~E CO~ti; Y. FL.
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