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FIRST FEDERAL SAYINGS AND LOAN ASSOCIATION
OF FORT PIERCE
• • ~ CONDOMINIU'VI RIDER o4-23046517
THtsCoxnoattxtutN RIDER is made this .....................~~h ..day ot..FebrUer~r.....•...........,
19...., and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust or Deed
to Secure Debt (herein "security instrument") dated of even date herewith, given by the undersigned (herein
''Borrower") to secure Borrowei s Note to... ,...FIRST .FEDERAL .SAVINGS. ARID .LOAN. ASSOCIATIDH .0):. .
.FORT. Pa;ERGE. (herein "Lender' ark coverin the Pr rt c gibed in the security instrument and
2400 South Qcean Drive,.F~. P~erce~fFlori~~ ~3~~~i
located at.
tP~ove+tr Address)
The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium
project known as Q~~4~.V~llage............
(Namt of Condominium Project)
. . . . . . . (herein "Condominium Project").
Co~:oo~tlxtutt COVENAtCTS. In addition to the covenants and agreements made in the security instrument,
13orrowcr and Lender further covenant and agree as follows:
A: Assessments. Borrower shall promptl}• pay, when due, all assessments imposed by the Owners Association
or other governing body of the Condominium Project (herein "Owners AS_COCIatIOn") pursuant to the provisions of the
declaration, by-laws, cede of regulations or other constituent document of the Condaminium Project.
B. Nazard Insurance. So long as the Owners Association maintains a "master" or "blanket" polic}° on the
Condominium Project which pro~•ides insurance coverage against fire, hazards included within the term "extended
coverage: 'and such other hazards as Lender may require, and in such amounts and for such periods as Lender. may
require, then: -
(i) Lender waives the provision in Uniform Covenant 2 fur the monihl}~ pa}'ment to Lender of one-tw•eifth
of the premium installments for hazard insurance on the Property;
(ii) Borrower's obligation under Uniform Co~•enant 5 to maintain hazard insurance co~•erage on the
Pmperty is deemed satisfied; and
(iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be
superseded by an}' prQVisions of the declaration, b}•-laws, code of regulations or other constituent document of the
Condominium Project or of applicable law' to the extent necessary' to avoid a conflict between such provisions anti
the provisions of Uniform Covenant 5. For any period of time during which such hazard insurance coverage is not
maintained, the immediately preceding sentence shall be deemed to have no force or effect. Borrower shat) give
Lender prompt notice of any lapse in such hazard insurance coverage.
In the event of a distribution of hazard insurance proceeds in Lieu of restoration or repair following a loss to .
the Property, whether to the unit or to common elements, an}• such proceeds payable to Borrower are hereby assigned ,
and shall be paid to Lender for application to the sums secured by the securit} instrument, with the excess, if am•, E
paid to Borrower.
C. Lender's Prior Consent. Borrower shall not, except after notice to Lender end with Lender's prior written t
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consent, partition or subdivide the Property or consent to:
(i) the abandonment or termination of the Condominium Project, except for abandonment or termination
provid~d b}' law in the case of substantial destruction b}' fire or other casualty or in the case of a taking by condemnation
or eminent domain;
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(ii) am• material amendment to the declaration. by-laws or cede of regulations of the Owners As~octatron,
or equit•alent constituent document of the Condominium Project, including, but not limited to, am amendment which
would change the percentage interests of the unit owners in the Condominium Project; or
(iii) the e8ectuation of an}• decision by the Owners Association to terminate professional management and
j assume self-management of the Condominium Project.
D. Remedies. If Borrower breaches Bnrro~er
s rn~rnant~ and agreements hereunder. including the co~•enant
to pa} when due rnndc~minium assessments. then lender ma} in.uke an} remedies pro~-ided under the crcurih
in•trunrent, including: but not timilyd to, those prop idrd under Uniform Covenant ~
[ I.
Iti ~=ITxESS WHEREOF, Borrower has executed this Candominium Rider.
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