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Home My WebLink About0633 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION ~ OF FORT PIERCE ~ CONDOMINIUM RIDER THIS CONDOMINIUM RIDER is made this . . . . . 23rd . . . . . . . . . . day of . . . ~rCh 19 79 and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust or D¢ed to Secur¢ Debt (herein "security instrument'~ dated of even date h¢rewith, given by the undersigned , (herein "Borrower') to secure Borrower s Note to FlRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF FORT PIERCE (herein "Lendei') and coverin the Pro described in the inshument and located at . . . . . . . . . . . . .240Q S, _Ocean ~rive, . .Ft ~ierce,. Florida. 3~~ The Property comprises a unit in, together with an undivided interest in the common e{ements of, a condominium , project knouvn as . . . . . . . : . . . . . . . . . . i~~~Ai~_ . . . . . . . . . . . : . . . . . . . . o+.~. a cw+ao~ P.a.rn . . . . . . . . . . (herein "Condominium Project'1. i CONDOMINIUM COVENAIVTS. ln addition to the cov¢nants and agreements made in the securiry instrument. ~ Borrower and Lender further covenant and agree as follows: A. Assessments. BorroweT shall prompdy pay, when du¢, all assessments imposed by the Owners Association or other goveming body of the Condominium Project (herein "Own¢rs Association") pursuant to the provisions of the declaration, by-laws, code of regulations or other cons6tuent document of the Condominium Proiect. B. Hazard Insurance. So long as the Owners Association maintains a"master" or "blanket" policy on the Condominium Project which provides 'uuuranoe coverage against fire. hazards induded within the term "extended coverag¢." and suc~ other hazards as Lender may require, and in such amounts and for such . periods as ~.ender may require, th¢n: . (i) Lender waives the provision in Uniform Covenant 2 for the monthly paym¢nt to Lender of one- tweifth of the premium installments for hazard insurance on the Property; ' ' (ii) Borrower s obiigation under Uniform Covenant 5 to maintain hazard insurance coverage on the ~ Property is deemed satisfied: and ; (iii) the provisions in Uniform Covenant 5 r¢garding application of hazard insurance proceeds ~ shall be supers¢ded b~? any provisions of the deciaration, by-laws, code of regulations or other constituent docum¢nt of the Condominium Proj¢ct or of applicable 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 which such hazard insurance coverage is not maintained, the immediately pr¢ceding sentence shaU be deemed to have no force or effect. Bonower shall give L¢nder prompt notice of any lapse in such hazard insurance coverage. ln the event of a distribu6on of hazard insurance proceeds in lieu of restoratlon or repair following a loss to ~ the Property, wheth¢r to the unit or to common elements. any such proceeds payable to Borrower are hereby i assigned and shaN be paid to Lender for application to the sums secured by the securiry instrument. •with the i excess, if any, paid to Borrower_ ~ C. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior ~ written consent, pafition or subdivide the Ptoperty 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 case of a j taking by condemnation or eminent domain; _ F (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 ot the Condominium Project_ ~ ' ~ D. Remedies. If Borrower breaches Borrower's 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 limited to, those provided under Uniform Covenant 7. r ` IN WITNESS WHER~OF, Borrower has executed this Condominium Rider. ~ , = aN~ RECORQEO - ' . _ : r ~ U.~ ; F ± 7 d--~c~ ~ . . . =J O , } ' • ~ 439441 Gerardo F. Fundora ~ ~ ~ ~ ~ c°~ ~.~v ~ '79 APR Z PM Z: 45 ~-~c ~c. ~ ~ ~ . _ Syl i a C . Fundora -e«.~.a. ~ . _ _ : a CONDOMINIUM RIDE C`~R~f~ 't ~pl~SZF~~ILMC UNIfORM INSTRUMENT ~ ~ ~ ~ ~ ~ UR ~ F~ 2~ SJCK 306 ~~f:f 632 ~ r. ~ _n _ _ - _