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FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION ~
OF FORT PIERCE
C4NDOMINIUM RIDER ~
TH{S CONDOMINIUM R1DER is made this . . . . . . . _ . , .12th . _ , , day of . . _ _~rCh
19 74, and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed o! Trust
or Deed to Secure Debt (herein "security instrumenY') dat¢d of even date herewith, given by the undersigned
(herein "Borrower") to secure Borrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF
FORT PIERCE (herein "Lender") and covering the Property described in the security inshument and
Iocaced at . . . . . . . . . . . . . . . . .2400 ~S-. ~ Ocean ~Drive-, - Ft.. Pierce,. Fla. . 3~450 . . . . . . . . .
~Prop~rty AdOr~sa)
The Properiy comprises a unit in, together with an undivided interest in the common elements of, a condominium
project known as . . . . . . . . . . . . . . . .O~EAN YILLAGE . . . . . . .
~H.~+~. o~ co~wo~a~wm wa.en
. . . . . . . . . . (herein "Condominium ProjecY'1.
CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security inshument,
Borrower and Lender tu~ther covenant and agree as follows:
A. Assessments. Borrower shall promptly pay; when due, al) assessments imposed by the Owners
Association or other goveming body of the Condominium Project (herein "Owners Association") pursuant to the
provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium
Proiect.
B. Hazard lnsurance. So long as the Owners Association maintains a"master" or "blanket" policy on the
Condominium Project which provides insurance cov¢rag¢ 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 L¢nder may require, then:
(i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one-
twelfth. of the premium installments for hazard insurance on the Property:
(ii) Borrower's obligation und¢r Uniform Covenant 5 to maintain hazard insurance coverage on the
Property is deemed sa6sfied: and
(iii? the provisions in Uniform Covenant 5 regarding appiication of hazard insurance proceeds
shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent
document of the Condominium Project or of applicable law to the extent n¢cessary to avoid a conflict between
; such provisions and the provisions of Uniform Covenant 5. For any period of time during which such hazard
insurance coverage is not maintained, the immediat¢ly preceding sentence shall be deemed to have
~ no force or effect. Borrower- shall give Lend¢r prompt notice of any lapse in such hazard insuranc¢ coverage.
` In the event of a distribution of hazard i~surance proceeds in lieu of restoration or repair following a loss to
~ the Prop¢rty, whether to the unit or to cornmon elements, any such nroceeds payabl¢ to Borrower are hereby
~ assigned and shall be paid to Lender for application to the sums secured by the securiry instrument, •with the
~ ¢xcess, if any, paid to Borrower. _
~ C. Lendet`s Prior Consent. Borrower shall not, except aker notice to Lender and with Lender's prior
`s
~ written consent, pafition 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 casualry or in the cas¢ of a -
~ 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
~ amendment which would change the percentage interests of the unit owners in the Condominium Project: or
~ (iii) the effectuation of any decision by the Owners Association to terminate professional management
~ and assume self-management of the Condominium Project.
~ D. Remedies. it Borrower breaches Borrower's covenants and agreements hereund¢r. including the
~
~ covenant to pay when due condominium assessments. then Lender may inwke any remedies provided
~ under the secqrity instrument. including, but not limited to. those provided u~der Unitorm Covenant 7.
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IN WITNESS WHEREOF, Borrower has executed this Condominium Rider.
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`~b~-~ Al l e . Tucker -~.owe~
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Ruth A. Tucker
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~ CONDOM1NtUM •RIDER-~ to 4 FamOy-6/75-fNMAlFH~MC UNIFORM INSTRUMENT 4~
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' 30GX W V ra~,~ V~ 1 ;
~ form 250
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