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Home My WebLink About1896 CO1~iDOMINIUM RIDER ' TN[S CONDOMINIUM RIDER is made thia 18th day of January , 1990 , and is incorporated iato and shall be cieanod to amend aad ~t the Mort~a,ge, Deed of ?ruat or Socurity Deed (the ••Sacurity Instrument") of the same date givw by the undasi,~aod (the••Borrower") to secure BorroMer'a Note to tbe "I.rnder") Fidelity Pederal Savin¢a Bank o! Floridn ~ of tho same date and oovering the Property deecribed in t1~e SecuritY Instcumeat and locsted at: 3120 NORTN AlA. UNIT 202S. FT. PIERCE. PL. 34949 . [~y ~sl The Property includes a unit in~ togethu with an undivided intereat in the common elama~ts of. a oondominium projoct ~o~? T I ARA TONBRS [Nsrt» d CondoeNnMxn Pro~tt] (the "Condominium ProjocY'). If the owners as.socistion or other estity ahich acts for the Condominium Projoct (the "Owners Association") holds title to property~ for the ba~eSt or use of its members or ahueholders, the Property also includes Borrower's interest in tho Owners Associatioa and the uses. procads u?d benr8ts of Bornower's interat. CONDOMINIUM CbVENAM'S. It1 additioa to the oova~ents and ~gre~.ments made in the Security Iastrumcnt. Borrower and Lender further covenant and agra as followa: p, Condomininm Obilgstions. Borrower sha11 perform all of Borroaer's obligations undcr the Condominium Project's Constituent Documents. The "Constituent Documents" are the: (i) Declacatioa or any other document which creates the Condominium Projoct; (ii) by-laws; (iu) code of regulations; and (iv) other equivalent documents. Borrower shall promptly pay. when due. all dues and as.sessments imposod pursuant to the Constituent Documents. B. Haurd insurance. So long as the Owners Association maintains. with a generally accepted insurance carrier, a "master" or "blanket" policy on the Condominium Project which is satisfactory to Lender and whicb provides insurance coverage in the amounts, for the periods, and against the hazards I.ender roquire.s~ including fire and hazards included within the ternn "eatendod coverage," then: (i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Ltnder of one-twelfth of the yearly premium installments for hazard insurance on the Property; and (ii) Borrower's obligation under Uniform Covcnsnt S to maintain hazard insurance coverage on the Property is deemed satisfied to the extent that the requirod coverage is provided by the Owners Association policy. Borrower shall give Lender prompt notice of any lapse in requirod hazard insurance coverage. In the event of a distribution of hazard insurance procoods in lieu of restoration or repair following a loss to the Property, whether to the unit or to common elements. any procoeds payable to Borrower are hereby assigned and shall be paid to Lender for application to the sums securod by the Stcurity Instrument. with any eacess paid to Borrower. C. Public I.iability Insur~nce. Borrower shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form. amount, and axtent of coverage to I.ender. D. Condemnation. 'fhe procecds of any award or claim for damages, direct or consequential, payable to Borrower in connection with any condemnation or other taking of all or any part of the Property, whether of th~ unit or of the common elements, or for any conveyance in lieu of condemnation, are hereby assigned and shal! be paid to Lender. Such proceeds shali be applied by Lender to the sums secured by the Securi.y Instrument as provided in Uniform Covenant 9. E. Lender's Prior Conseat. Bonower shall not, excxpt after notice to Lender and aith Lender's prior written consent, either partition or subdivide the Property or coasent to: (i) the abandonment or termination of the Condominium Project. eacept for abandonment or termination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; ~ (ii) any amendment to any provision of the Constituent Documents if the provision is for the express benafit of ~ L,ender, ! (iii) termination of professional management and assumptian of self-management of the Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by ; the Owners Association unacceptable to Lender. i F. Remedjes. If Borrower does not pay condominium dues and assessments when due. then I.ender may pay them. ~ Any amounts disbursed by Lender under this paragraph F shaU bocome additional debt of Borrower secured by the Security ~ Instrument. Unless Bonower and Lender agroe W other terms of payment, these amounts shall bear interest from the date of ` disbursemcnt at the Not~ rate and shall be payable, with interest, upon noticx from Lender to Borrower requesting payment. ~ i BY SIGNING BELOW, Bonower acccpts and agrees to the terms and provisions contained in this Condominium Rider. i 6 ~ '90 JAN 24 P 2 :26 , ~ . ? / ~ ~ . ./..til sea~ ~ 1421133 8 ~ ~ FiLEL ANf.' Rt~l~". NICHOLAS P01L~ ~ flOUGL:~S ~~XON C' j : S1. lUt,;: ~:f?JN i i. G' BLEANOR POLLARO . . . . . . :e3rro.:d. r ~ € ~ r ~ .itlOf?O~Y~ ~ 292-47584/PVC ~ MULTISTATE COMDOMINIUM RI~ER-~~ Farrwy-fNMAlfHIYC 1JlNFORM iNSTRUMEMT ~o.m aiso izia~ Form 1623 ce~os) 6?~ ~~1$~ R. . . _ _ ' . _ . . . 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