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F1RST ~EDERAL ~SAVINGS. AND LOAN ASSOCIATION ;
~ OF FORT PI ERCE
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COND0~1'II1~'IU~VI RIDER . ;
, . Loan 02-23028754
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7~i1SCOhDOMtNICM RlDfR is madt thi5. . 24th . . . . . . . . : : . . . . . . .da~~ of. . : . ~1pF~.~. . . . . . . . . . . . . . `
- l9. 7g, and is incorporated into and shall be Jecmed to amcnd and supplemcnt a Mortgage, Dctd of Trust or Ihed
to Secure Debt (herein "security ins,rument") dated of ever. date herewith, gven b~• ihe undersigned (hercin ~
"Borrower") to secure Borraw~r's Note to. . . . . . FIRST .FEDERAL .SAVII3GS. AND . LOAN. ASS~CIATIOAI .OF . .
.FORT, P~RCE. ..(herein "Lendei') and covering tbe Property detcribed in the secu:it~• instrument and
located ac. 9700 AlA, , AP.t:. .k46.~ . ~~~~~~~.~24. .~S~..dnd. - . Jensan . &ch..r . R].a.. . .33~457 -
lProperty A4aress)
The Property comprisec a unit in, together with an undi~ided interest in the common elements ot, a condomin;um
project known as. r . .4C1~L~1A .OCRAI~FROI~IT .~NDQMIN.IUM. .ONB . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(Name of GonOOminium Pro~ect)
• . . • . . . . . . . . . . . . (herein "Condominium Project"). .
CONDO~i1NiUM C01'E1~ANT5. ~fl 8adlltOp to the covenants and agreements made in the security instrument,
Borrower and lxnder further covenant and agrec as faliovvs:
A. Assessments. Borrower shall promptl~ pa~. when due, all ascessments impc~sed b~' the Owners Asccxia:ioa
or other go~~etning bod}~ of ihe Condominium Project (herein "Owncrs A~.a~ciation") pursuant to the provisions of ihe '
declaration, by-laws, code of re~ulations or other constituent document of'the Condominium Project.
B. Hazard tr~curance. So iono as the Owners Association maintains a"master" or "blanket" palicy on the
Condominium Projeet K•hich provides insurance co~~erage against fire, hazards included within the term "extended
caverage." and such oiher hazards as L.ender map require, and in such amounts and for ~uch periods as Lender ma~~
require, then: _ ~
(i) Lender K•aives thc provision in Uniform Covenant 2 for the_monthh~ pa~•ment to L.ender of onc-twelfth
of the premium installmcnts for hazard insurance on 1he Propertp;
(ii) BorroWer's obligation under Uniform Covenant 5 to ma;ntain hazard incnrance coveraee on the
Propert~ is deemed satisfied; and . . - ~
(iii) the pr~visions in UnTorm Cavenant S re~arding application of hazard insurance proceeds sha11 be
superseded b) any pro.~isions of the declaration, by-laws, code af re~u~ations or other consE~tnent ~ocvment of the
Condominium Project or of applicable law to the extent necessan~ io avoid a eonfliei betw~een such pro~~isions and
the provisions oF liniform Cc~i°~nant S. For ~n}' ~cric~ of time ~~rin~ ~•rich such hnzard incurance co~craec ic not
maintained, the immediatel~° precedinr sentence shall be deemed to have na force or eHect. Borrov?•er shall give
Lender prompt notice of an~~ lapse in wch hazard insuranre cove~age.
ln thc event of a distribution of hazard insurance proceeds in lieu ot restoratian or repair following a loss to
the Propert}, v?htther to the unit or to common elements, am• such prc~ceeds pa~~able to Borrow•er are hercby assigned
and shall be paid to I.ender for application to the sums securcd b~ the cecurit~~ instrument, with ihe exces.c, if an~.
paid to Borrower.
C. Lender
s Prior Consent. Borrower shatt not, except after notice to l.ender and with Lender's prior W ritttn
consent, partitiun or subdivide the Propem or consent to: - •
(i) - the abandonment or terminativn of the Condominium Project, except for abandonment or terminatinn
proti~ided by law in tt?e case of substanual destruction b~~ fire ar othcr ca~ualty or in the case of a taking br condemnati~n
or cmincnt domain; •
(ii) an~' matcrial amendm~nt to the declaration, b~-taws or cc?de of regulations of the Ownecs .~sc~~iation.
or equivalent constituent document oi the Condc~minium Pmject, in;}uding. hut not limited to, an~~ amendrnent hich
would change the percentage interests of the unit ow~ner~ in the Cvndominium Project: or
(iii) the cf~ectuation of any decision b~• the Ow~ners Astciciation ta terminate professionai managemen: and
ascume sclf-management oi the Condominium Project. ~
D. Remedies. If Burrower breachcs BorruM~er's co~enants and arreeme~ts hereunder, including the co~rr~aaf
fo pa~ Nfirn due cooduminium a~.eccments, thrn i,ender ma~ en~oke an~ remedies pru+idrd under the •rcurit~
inctrument~ includinh, but noi limited to, those pra.idrd under I:niturm Co~rnan! 7..•.
WtTNFSS V1'HfREOF, Borrowcr has caccutcd this Condomininm Rid=r.
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fi~p ~p ~ECpa~EO Thomas M. Vanderbilt , a single adul~°"~"~'
iT, {,1lC~E C4UMTr
aocFR Po~Ta~s
C~ERR ~!~CUIT CCU
, _ - ~~rc::=~ED - _ - - ~ - -
g 02 AH'i$ - _eo~~,«
Mar 16
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