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CONDOMINIUM RIDER ,
Tttts CONDOMINIUM RIDER is made this...... , 14th , • _ , , , . ,day of.. , ,June
19. 79 ,and is incorporated into and shall be deemed to amend and supplement a Mortgage, Dced of Trust or Deed
to Secure Debt (herein "security instrument") dated of even date herewith, given by the undersigned (herein i
"Borrower") to secure Borrower's Note to. , Sun.Bank of St; Lucie County
(herein "Lender') and covering the Pro n described in the ty instrument and
located at. , 2050.Oleander Blvd. , Apt. 103, Bldg. 4, l~tir~ Pierce, FL 33~t~v
(Property Address) F
The Property comprises a unit in together w'th an undivided toter tin the common elements of, a condominium
project known as. , , ,Island douse Con~otniniums, Phased
(Nsme of Condominium Project)
(herein "Condominium Project").
CONDOMINIUM COVENANTS. In addltiOn to the covenants and agreements made in the security instrument,
Borrower and Lender further covenant and agree as follows:
A. Assessments. Borrower shall promptly pay, when due, all assessments imposed by the Owners Association
or other governing 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 Project. -
B. Hazard Itr`surance. So long as the Owners Association maintains a "master" or "blanket" policy on the
Condominium Project which provides insurance coverage 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 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) Borrower's obligation under Unifoan Covenant 5 to maintain hazard insurance coverage on the
Property is deemed satisfied; 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superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the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 coverage is not
maintained, the immediately preceding sentence shall be deemed to have no force or effect. Borrower shall give
Lender prompt notice of any lapse in such hazard insurance coverage.
In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to
E the Property, whether to the unit or to common elements, any such proceeds payable to Borrower arc hereby assigned
E and shall be aid to Lender fora location to the sums secured b the securit instrument, with the excess, if an
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paid to Borrower.
j C. Lender's'Ptior Consent. Borrower shall not, except after notice to lender and with Lender's 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 casualty or in the case of a taking by condemnation
a ur eminent domain;
j (ii) any material amendment to the declaration, by-laws or code of regulations of the Owners Association,
or equivalent constituent dxument 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 Condorltinium Project.
D. Remedies. if Borrower breaches Borrower's covenants and agreements hereunder, itt~{riding the covenant
to pay when due condominium assessments, then Lender may inrolce any remedies provided under the secnrify
insttvmenl. including, but not limited to, those provided under Uniform Covenant 7.
I:Y WITNESS WHEREOF. Borrower has executed this Condominium Rider.
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FERDINAND F CCHIARO -Borrower
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~ VIRGIN A FINOCCHIARO -Borrower
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4-0438-000.8 N2.79
CONDOMINIUM RIDER-l to4Family-6175-FNMA/FIIIMC UNIFORM IItSTRUMENT SOUTHlANO 7RlNTIN6 CO