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FIR8T FEDERAL SAVINGS AND LOAN A880CIATION
OIL FORT PIERCE }
CONDOMINIUM RIDER
THIS CONDOMIMUM RIDER is made this .....6~b ...........day of Feb>ryary , , , , , , , ,
19.79 and tr incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust ,
or Deed to Secure Debt (herein "security fnstrument'~ dated of even date herewith, given by the undersigned
(herein "Borrower's to secure Borrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF t=
FORT PIERCE (herein "Lender's v~ring the d bed i the instrument and
located at 2~~ , ocean Dr.
v~ .:~erce, ~1 a . 3 .
tooo•~r wasr
The Property comprises a unN in, together with ~~di ~i~ in the common elements of, a condominium
project known as u. .
aw~» a co~ao~++nwin Ra.co . j
(herein "Condominium Project"). = F
CONDOMINIUM COVENANTS. In additbn to -the covenants and agreements made in the security instrument,
Borrower and Lender further covenant and agree as follows:
A. Assessments. Borrower shall promptly pay, when due, all assessments imposed by the Owners
Association or other. governing body of the Condominium Project (herein "Owners- Association h pursuant to the
provisions of the declarat[on, by-laws, code of regulations or other constdueni document of -the Condominium
Protect. - -
B. Hazard. Insurance. So long as the Owners Associatbn maintains a "master" or "blanket" polky on the
CondomWum Project which provides insruance coverage agatr>et fire. hazards inducted wither 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 for the monthly payment to Lender of one-
twetfth of the premium installments for hazard insurance on the Property;
(U) . Borrower's obpgation under Uniform Covenant 5 to maintain hazard insurance coverage on .the
Property is deemed satisfied: and -
(iii) the provisions fn Uniform Covenant 5 regarding application of hazard insurance proceeds
shall be superseded by any provisions of the declaration, by-laws; code of iegulatbns or other constituent ~
document of the Condominium Project or of apptkab!¢ law to the extent necessary to avoid a conflict between }
such provisions and the provisions of Uniform Covenant 5. For any period of time during whkh such hazard #
f insurance coverage is not maintained, the immediately preceding sentence shall be deemed to have i
no force or effect. Borrower shall give Lender prompt notke 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, any such proceeds payable to Borrower are hereby }
assigned and shop be paid to Lender for applkation to the sums secured by the security instrument, -with the t
excess. if any, paid to Borrower.
C. Lenders Prior Consent. Borrower shop not, except after notice to Lender and with Lender's prior
j written consent, partition or subdivide the Property or consent to: -
(i) the abandonment or termination of the Condominium Project, except for abandonment or
termination provided by law in the case of substantial destruction by fire or other casuaky or in the case of a
F taking by condemnation or eminent domain,
~ (ii) any material amendment to the declaration, by-laws or code of regulations of the Owners
Association, or equivalent constituent document of the Condominium Project, including, but not limited to, any
t amendment which would change the percentage interests of the unit owners in the Condominium Project; or _
(ui) the effectuation of any decision by the Owners Association to terminate professional management
~ and assume self-management of the Condominium Project.
D. Remedies. 1! Borrower breaches Borrowers covenants and agreements hereunder. Including the
covenant to pay .when due condominium assessments, then Lender may invoke any remedies provided
under the security Instrument. including, _ but not Ilmlted to. those provided under Uniform Covenant 7.
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M WITNESS WHEREOF gg~~ fias executed this Condominium Rider.
FIl.EO ANd R~CO~
~ S-, ";CIE COUNT
t - ~ 434945
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~Zg FEg 22 PM 3 ; 22 arles t_. Hunsberger, Jr.
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CONDOMINIUM IQDa~~+ roI~,T-~ig5 ~NMivfHLMC UNIFORM INSTRUMENT
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~QOK Wt~ PACE~~
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form 250 -
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