HomeMy WebLinkAbout0972 CO~TI)OMIt~,'IU:~~i RID~.R
Tf~is Cu~~x~~~~~~t ~t Rint k ~ti ma~ir this 24 ~h ~iay ~~f JULY , 1~+ 86 .
~nd is inrorp:~rated into and shail be ~iermed to amrnd a~id ~upplement thc'N~,rtg~gr. Drrcl oil ru•t ur Sr~unt~ l~rr~i lthr
..Secuntj~ Incirumec~t") of the same date gi~en by thr under~igi:ed (the "f3or: uNer") tu ~rcurr Borrowrr', tiutr
First Citizens Federal Savings ~ Loan A~sociation (;hr "l.rncirr")
of the same clate and co~ering the Properiy desrribed in the Seru~ity lnstrument <ind tu.;ated at:
2517 So. 17th St. Apt.#11~3 Ft. Pierce, Florida 33450
(Froperty AdOressJ
The Pro~rty includes a unit in, togetner with an undivicied interest in the conimon riemrn~s of, a cun~lenn~>>ium ~ru~e~t
known as:
h~00DT.~AND CbNDOMINIIr~t, BUILDING III
~Name of ~onc~rnn~urn ProiectJ
{the "Condominium Projet;t"). If thr owners association ar other entity v?~hich acts for the Condomin~um Nrojc.;t (the
"Owners Association") hofdc title t~ proRerty for the t~enefit or use of its members or shareholders, the Property :~iso
includes Borrower's interest in the Owners Association and the u~es, ~roceeds and benefits o1 Borrowrr's interest.
Co~~O+tttit~~~t Co~'F~~rrrs. In addition ta the covenants ~nd agreements made in the Secunt}• fnstrumcnt,
Borrower and Lender further covenant and agree as follaws~ ~
A. Condominium Qbligstions. Borrower shall perform all af Sorrower's obligations uiider the Conduminium
Project's Constiwent Documents. The "Con~r~tuent UQCUments" are ihe: (i) Declaration or any other d~ument whirh
creates the Condominium Project; (ii) by-laws; (iii) cocle of reguiations; and (iv) other equivalent dcnuments. Horrower,hal!
promptly pay, w hen due, all daes and assessments imposed pursuant to the Constituent Documents. j
B. Haaard Insuranee. S~i long as the Owners Association maintains, w~ith a generally accepted insurance carrier, a
"master" or "blanket" ~licY on the Condominium Project which is satisfactory to Lender ~nd whirh pr~~vides insur~ncr
coverage in the amounts, fot the periods, and aga?nst the hazards l.ender requires, including fire and hazards inctuded
wit7in the term "extended coverage," then:
(i) Lender waives the provision in Uniform Covenant 2 tor the rriontFil~~ ~ay~ment to t.ender t~f on~-taeltth of ~
the yearly premium installment~ for ha-tard insurance on the Property; and
(ii) Borrow~er"s obligation under Unii'orm Covenant 5 ro maintain hazard insuranre r~n~erage on the !'rc~~xrt}~
is deeu~ed satisfied to the extent that the reyuired coverage is provided by the Owners Ass~xiation poliry.
Borrower shall gi~•e Lender prompt notire of any lapse in required hazard insurance co~erage.
In the e~ent of a distribution of hazard insurance proceeds in lieu of restoration or re~air following a l~~sti te~ the
Property, whether to the unit or to common elements, any proceeds payable to Borrower are hrreby a~ligned and ~hail b~
paid to Lender for ap~lication to the sums secured by the Security Instrument, with any excc~s paid to ~3orrower.
C. Public Liability Insurance. Borrower sh311 take such actions as may be reasonable to insure thai the Ou•ners
Association maiatains a public liability insurance poticy acceptabte in form, amount, and extent of ro~erage co l.rn~er.
D. Condemnation. The proceeds of any award or claim for damages, direct or conseyuential. pa}°able to 8orro~~er in
connection with any condemnation or other taking of all or any part of the Property, whether uf the unit or of the commc~n
elements, or for any conve~~anee in lieu of condemnation, are hereby assigned and shall be paid to Lentier. Such pra-eeds
shall be appliea by Lender to the sums serured by the Security Instrument as prov~ded in Uniturm Co~ enan[ 9.
E. Lender's Prior Cansent. Borrc~wer shall not, except after notice to Lender and w~ith Lender's prior w~ritten
consent, either partition or subdivide the Property or consent to:
(i) the abandonment or termination of the Condominium Proje.:t, except for abandonment or termination
required by law in the ca~e of substantial destruction by hre or other casualty or in the rase of a taking b}~ condemnati~n or ~
eminent doma~n;
(ii j any amendment to any provision of the Constituent Documents if the provision i~ for the express benetit of
Lender,
(iii) terrnination of professional managemer~t and assumption of ~elf-management of the Ow~ners Asticxiation;
or
(iv) any action which would have the efTect of rendering the public liability insurance coverage maintained by
the Owners Association unacceptabte to Lender.
F. Remedies. If Borrower does not pay condominium dues and assessments when due, then Lender ma}~ pay them.
Any amounts disbursed by Lender under this paragraph F shali Uecome additional debt of Borrower secured b~~ the Security
Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear intere~t fmm thr dat< <~f
distsursement at the Note rate and shall be payabte, with interest, upon notice from Lender Borrower reyue~nng ~a}~meni.
BY StG~1~vG BECOw', Borroµ~er arcepts and agrees to the terms and provisions contained in this Condam~nium Ridcr.
1
~i' ,
~•~t_~' :E~ ii~. , _lseal)
Charles J. A per ~°"O6"
. _ ~ r =q.
. _ i h,;:,. SIe. [OQ .
F~:rr 33~~0 ~
i+:;32 (Seai)
Barbara D. Hopper ~O"O"e'
i;..._.,;d dy:
'7`7 t513
'~6 ,~L. 25 A9 :16
F~~ee : = : ~ 1
ROGER PO1; "~y; 3Q0~ P~Gf ~
ST. LI~C~: -
MULTISTATE CONDOMINiIlM RIDER-single Fam~ly-fNAiA/FHLMC UNIFORM INSfRUMfNT form 3140 12/83
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