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FIRST FEDERAL SAVINGS AND LOA1V ASSOCIATION
,
OF FORT PIERCE
CONDOMINIUM RIDER
THIS CONDOMINIUM RIDER is made this . _ . . . . 29th . . . . . . . . . day of . _ . .~y . . . . . . . . _ . ,
19 .7.9. and is incorporated into and shall bc deemed to amend and supplement a Mortgag¢, Deed ot Trust
or Deed to Secure Debt 1h¢rein "securiry instrument") dated of even date h¢rewith, given by the undersigned
(herein "Borrower") to secure BoROwer's Note to FlRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF
FORT PIERCE (herein "Lender") and covering the Property described in the s~uritY 3ip~t~ument and
located at . . . . . . . . . . . . . . . . . . .2400 .S.. Ocean _Drive,. Ft._ Pierce,. t l 3 4 0
~•oo«+y wam~s~
The Ptoperty comprises a unit in, together with a~ undivided interest in the common elements of, a condominium
project known as . . . . . . . . . . . . . . OGEAN . V I I.IAG~ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Ma~+~. a ca~eom~na,m Pra.cn
. _ . . . . . . . . (herein "Condominium Project"1.
CONDOMINIUNf COVENAM'S. In addifion to the covenants and agre¢ments made in the security instrument,
Borrower and Lender further covenant and agree as follows: -
A. Assessments. Borrower shall prompdy pay, when due, all assessments imposed by the Owners
Association or other goveming body of the Condominium Project (herein "Oumers Association") pursuant to the
provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium
Proiect- -
B. Hazard Insurance. So long as the Owners Association maintains a"master or "blanket" policy on the
Condominium Project whkh provides inswance coverag¢ against fire, hazards induded 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 manthly payment to Le~der of one-
twelfth of the premium installments for hazard insurance on the Property; .
(ii) Borrower's obligatian under Uniform 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 supers¢ded _ 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 haaard
~ insurance coverage is not maintained, the immediately preceding sentence shall be deemed to have
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i 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 insuranc¢ proceeds in lieu of restoration or repair following a loss to
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~ the Property, whether to the unit or to common elements, any such proceeds payable to Borrow¢r are hereby
E assgned and shall b¢ paid to Lender for application to the sums secured by the securiry instrument, •with the
~ 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, partition or subdivid~ the Properry 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:
~ (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 own¢rs 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 Pro)ect.
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 remedles provided
~ under the security instrument. including, but not limited to, those provided under Uniform Covenant 7.
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IN WITNESS WHEREOF. Borrower has executed this Condominium Rider.
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~ ~979 J!!=120 PN ~ 3 ~ ~ ~ 1~,~
~ f(LEO ~NU ~'ECGNi1iU ? Josep ep rone -e«~owr
~ ST LUCIE CCl3N1 Y. Ft A.
~ l~OGER POlTRAS
CLERK CtRCU1T COIS~G~~ An i na Peperone -s«.a..?
~ ~fco~fl~~_^~fi~o_S~~ _ ~
CONDOMINIUM RIDER-~ ~0 4 Fam+ry-~i75-FNMAiFHLMC UNiFORM 1NSTRUMENT
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~ aooK 31~ oacE `72
~ Form 250 ;
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