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FIRST FEDERAL $AVINGS~ AND LOAN ASSOCIATION
OF FORT PIERCE
05-23049815
CONDOMINIUM RIDER
THIS ~ONDOMIMUM RIDER is made this , 4th _ _ . , , ,day of . , Apri 1 _ ,
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 Borrowers NoQte to FIRST FpEDERAL dSAVINGS AND LOAN ASSOCIATION OF
FORT PIERCE . (he~iso "~epd~r 7JE~`ENc~, ~OR 33~ in the security instrument and
located at . ..l .A . . . . . . . . . .
~aoo«hr Aaa~nasl
The Property .comprises ~ uric ~p~ 1Qg~d ,interest in the common elements of, a condominium
project known as _ ~ . .
w cawomtniwn v~opeq
(herein "Condominium Project'.
CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security Instrument,
Borrower and Lender further covenant and agree as foflows:
A. Assessments. Borrower shag promptly pay, when due, ali assessments imposed by the Owners
Association or other governing body of the Condominium Project (herein "Owners Association") pursuant to the
provisions of the declaratbn, by-laws, code of regulations or other constituent document of the Condominium
Project.
B. Hazard Insurance. So bng as the Owners Association maintains a "master" or "blanket" policy on the
Condominium Project whkh provides ins~uance coverage agahut fire. hazards inducted 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 for the monthly payment to Lender of one-
twelfth of the premium installments for hazard insurance on the Property;
(ii) Borrowers obligation under Uniform Covenant 5 to maintain hazard tnsurance coverage on the
Property is deemed satisfied; and
(iii) the provisions in Uniform Covenant 5 regarding applkation 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shall be superseded by any provisions of the declaration, by-laws, code of regulations _or other constituent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 necessary to avoid a conflkt between
such provisions and the provisions of Uniform Covenant 5. For any period of time during whkh such hazard
insurance coverage is not maintained, the immediately preceding sentence shall be deemed to have
no force or effect. Borrower shall give Lender prompt notke of any lapse in such hazard insurance coverage.
In the event of a distributbn of hazard insurance proceeds in lieu of restoration or repair following a bss to
the Property, whether to the unit or to common elements, any such proceeds payable to Borrower are hereby
f assigned and shall be paid to Lender for application to the sums secured by the security instrument, •with the
f excess, if any, paid to Borrower.
C. Lender`s Prior Consent. Borrower shag not, except after notice to Lender and with Lenders prior
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 casuahy or in the case of a
taking by condemnation or eminent domain;
! lii) any material amendment to the declaration, by-laws or code of regulations of the Owners
E Association, or equivalent constituent document of the Condominium Project, including, but not limited to, any
€ amendment whkh 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. 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.
IN WITNESS WHEREOF, Borrower has executed this Condominium Rider.
s FL~
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` ~ ~~919 Ed he Farley, a singl dult
`79 GF~ 17 A~1 9 ~ D I
CON[)OMINiUM RIDER-i,~ tFatrYfy 6175=F~IM~i1FHLM_ UNIFORM INSTRUMENT
Form 25o Boac 306 X2925
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