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FtRST FEDERAL SAVINCi3 AND LOAN ASSOCIATI~N
OF' FORT PIERCE
CONDOMINIUM RIDER
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THIS CONDOMINtUM RIDER is made this . . . . . ?3rd . . . , . . . , day of . . . ("~rCh
19 .7.9. and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust
or Deed to Secure Debt (herein "s¢cu~ity instrume~t'1 dated of even date herewith, given by the undersigned
(herein "Borrower") to secure Borrower s Note to FlRST FEDERAL SAVINGS AND LOAN ASSOClAT10N OF
FORT PIERCE (herein "Lender") and covering the Propetty described !n the secudty inshument and
located at . . . . . . . . . . . . . . . . . .2A00 S. .Ocean .Dr.i~e, • Ft. . Pi.erce,• Fl.a. . 33450 . . . . . . . . '
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The Property comprises a unit in, together with a~ undivlded interat in the common elements of, a condominium 4
project known as . . . . . . . . . . . . . . . .O.C~AN VII.I.A~E . : . . . . . . . . . . . . . . . . . . . . . . . . . . .
{H.m. a Conooewrun+ P.o1.cn E
. . . . . . . . . . (herein "Condominium F'roject"?. . ~
CONDOMINIUM COVENAIVTS. In addition to the covenants and agreements made in the security instrument, .
Borrower and Lender further covenant and agree as tolbws: _
A. Assessments. Borrower shall promptly pay, when due, all assessments imposed by the Ownen '
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Association or other goveming body of the Condominium Project (herein "Owners Association") pursuant to the
provisions of the declaratlon, by-laws, code of regulations or other constituent document ot the Condominium
Proiect.
B. Haiard lnsurance. So long as the Ownen Association maintains a"master" or "blanket" policy on the
Condominium Proj¢ct whkh provMes insurance coverage against fir¢. hazards induded within the term "extended
coverage," and such other hazards as ~Lender may requhe, and in such amounts and for such
periods as Lender may requir¢, then: ~
(i) Lender waives the provision, in Uniform Covenant 2 for the monthly payment to Lender of one-
twelfth of the premium installments tor hazard insu~ance on th¢ Prop¢rty;
(ii) Borrowei s o,bllgatlon under Uniform Covenant 5 to maintain hazard insurance coverage on the ,
Property is deemed sat~sfied; and
- -.IWl __the_ provisions in Uniform Covenant 5 regaiding application of hazard insurance proceeds
shall be supeneded by any provisions of th¢ 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 which such hazard
j insurance coverage is not maintained, the immediately preceding sentence shail b¢ deemed to have
no force or effect. Borrower shaU gi~~e Lender prompt notice of any lapse in such hazard insurance coverage.
In the event of a dis~ribution of hazard insurance prceeeds in lieu of restoration or repair following a loss to
! the Property, whether to the unit or to common ¢!¢ments, any such proceeds payable to Borrower are hereby
assigned and shall be paid to Lender for application to the sums secured by the- security instrument, •with the
; excess, if any, paid to Borrower_
' C. Lender`s Prlor Consent. Borrower shaq not, except aker notice to Lender and with Lender's prior
E written cons¢nt, partition or subdivide the Property or consent to:
f (i) the abandonment or termination of the Condominium Project, except for abandonment or
~ termination provided by,,~aw in the case of substantial destruction by fire or other casualry or in the case of a
~ taking by condemnation or eminent domain;
~ (ii) any material amendment to the dedaration, by-laws or code of regulations of the Owners i
~ 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 own¢rs in the Condominium Project; or
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~ (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 agr¢ements hereunder. including ihe ~
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~ covenant to pay virhen due condominium assessments. then Lender may invoke any r¢medies provided
~ under the- security instrument, including, but not Ilmited to, those prov[ded under Uniform Covenant 7.
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~ IN WI'fNESS WHEREOF. Borrower has executed this Condominium Rider. ~
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~ ~cG :.!ti) i?ECORDEQ
- . _ - J.:--ti:_ _ . / ~ ~
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~096~J Csordon L. Harnum, a married adult ~
'79 I 7 Qt~t 9: 5 9
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~ CONDOMINIUM RIDER-1~t0 f f~r=-6/75-FNMA/fHLMC UNIFORM INSTRUMENT
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BOOK JV ~ PAGf
Form 250 ,
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