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FIRST FEDER~?L SAVINGS AND LOAN ASSOCIATION `
OR FORT PIERCE
CONDOMINIUM RIDER .
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THIS CONDOMIMUM RIDER ts made th~s . . . . 9th . . . . . . . . . . . day of . . . Apri 1. . . . . . . . ,
19 .79. and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust
or Deed to S¢cure Debt (herein "security instrument~'} dated of even date herek~ith, given by the undersgned ~
(herein "BoROwer") to secure Borrower's Note to FlRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF
FORT PIERCE iherein ."Lendei') and ~ cover[ng the Pro rty describec~ in th uriry inshument and
located at . . . . . . . . . . . . .?400_S.. Ocean.Drive,, F~t._ Pierce, Fla. 3~34~
1v.coa+y Ader~s)
The Ptoperty comprises a unit in, together with an undivided interest in the common elements of, a condominium j
project knoum as . . ~ . . . . . . . . . . . . . OC EAN Y I LL14GE . . . . . . . . . - . - . . . _ . . . . . . . . . . . . ~
Mams a Ca~aonwnwm PrW~c» '
i
. , . . . . . . . . (herein "Condominium Project"). ~ +
CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the securiry instrument,
Borrower and Lender further covenant and agree as follows:
A. Assessments. Borrower shall prompdy pay, ' when due, all assessments imposed by the Ownen
Association or other goveming body of the Condominium Projed (herein "Owners Association") pursuant to the
provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium
Proiect. '
B. Harard insurance. So long as the Owners Association maintains a"master" or "blanket" policy on the
Condominium Project whkh provides insurance coverage again~ fire. hazards included within the term "ext¢nded F
coverag¢," and such other hazards as L.ender may require, and in such amounts and for such s
periods as Lender may requ've, then: }
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(i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one- f
twelkh of the premium instaUm¢nts for hazard insurance on the Property:
(ii) Borrower's obligation und¢r Uniform Covenant 5 to maintain hazard insurance coverage on the
Property is d¢emed sati~ied: and
(iii) the provisions in Uniform Covenant 5 regarding application 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shall be- superseded by any provisions of the declaration, by-laws, code of regulations or other constituent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 conflict between
such provisions and the provisions of Uniform Covenant 5. For any period of time during which such hazard
insurance coverag¢ is not maintained, the immediately preceding sentence ~shall be deemed to have
no force or ¢ffect. Borrower shall give Lender prompt notke of any lapse in such hazard insurance coverage.
In the event of a distribution of hazard insurance proce¢ds in lieu of restoration or repair following a loss to i
i the Property, whether to the unit or to comnon elements, any such prceeeds payable to Borrower are hereby ;
; assigned and shalt be paid to Lend¢r for application to the sums secured by the securiry inshument, •with the +
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excess, if any, paid to Borrower_ }
~ C. Lender`s Prior Consent. Borrower shap not, except after notice to Lender and with Lender's prior f
( written consent, partition or subdivide the Property or consent ta
~ (i) the abandonment or t¢rmination of the Condominium Project, except for abandonment or
termination provided by law in the case of substantial destruction by fir¢ or other casualty or in the case 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 consfituent document of the Condominium Ptoject, including, but not limited to, any
amendment which would change the percentage interests of the unit owners in the Condominium Proj¢ct; or
(iii) the effectuation of any decision by the Ownen Association to terminate professiona) management
and assume self-management of ihe 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 prov[ded under Uniform Covenant 7.
IN WT~'NESS WHEREOF, $orrower has executed this Condominium Rider.
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~ CONDOMINIUM RID~R-i tn { F~ si~s-FNM~ NLMC NIFORM iNSTRUMENT ~
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OR
~ Form 250 `
~ ~07 Q~F 404
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