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FIRST FEDERAL SAVING3 AND LOAN ASSOCIATION
OF F~ORT PIERCE ~
CONDOMINIUM RIDER
THIS CONDOMINIUM RIDER is made this . . . . . . _ 6th . . _ . , day of . . . . . . ~une . . : . . . . ,
19 ?9 and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust
or Deed to Secure Debt (herein "secur~ry i~strument") dated of even date hereurith, given by the undersigned
(herein "Borrower") to secure Borrower's Note to FlRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF
FORT PlERCE (herein "Lender") and covering the Property described in the security inshument and
located at . . . . . . . . . . . . . . 2.400 S. .Qcean Arive, .Ft.Pi.er~~,. Fla... 33450 ~
~oo.m we~...~ • - - . . . . . . . . . .
The Property comprises a unit in, together wid~ an undivided interest in the common elements of, a condominium
project known as . . . . . . . . . . . . . . . .OCEpN ~I4~AG~ _ . . . _ . . . . . . . . . . . . . . _ . . . . . . . . .
n+.~~. w ca+e~,~ ~,.n,
. . . . . . . . . . (h¢rein "Condominium Projed").
CONDOMINIUM COVENAIVTS. In addition to the covenants and agreemenis made in the securiry instrument.
Borrower and Lender further covenant and agree as follows:
A. AssessmeMa. Borrower shall promptly pay, when due, all ass¢ssments imposed by the Owners
Association or other goveming b~dy of the Condominium Project (herein "Owners Association") pursuant to the
provisions of the declaration, by-laws, cod¢ of regulations or other constituent document of the Condominium
Proiect.
B. Hazard Insurance. So long as the Owners Association maintains a"master" or "blankeY' polky on the
Condominium Project which provides insurance caverage against fire, hazards included within the term "extended
coverage." and such other hazards as Lender may require, and in such amounts and for such
~ p¢riods as Lender may require, then:
~ (i) lender waives the provision in Uniform Covenant 2 for the monthly paym¢nt to Lender of one-
twelfth of the premium installments for hazard insurance on the Prop¢rty;
(ii) Borrower's obligation 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shall be superseded by any provisions of the. declaration, by-laws, code of regulations or other constituent
document of the Condominium Project or of applicable (aw 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 shaU be deemed to have
; ~o force or effect. Borrower shail give Lender prompt notice of any lapse in such hazard insurance coverage.
i ln the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to
I the Property, whether to the unit or to common elements, any such proceeds payable to Borrower are hereby
i assigned and shall be paid to Lender for application to the sums secured by the securiry inshument, •with the
; excess, if any, paid to Borrower.
~
f C. Lender`s Prior Consent. Borrower shal) not, except aher 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 casualry or in the case of a
taking by condemnation or eminent domain;
~ (ii) any material amendment to the declaration, by-laws or code of regutations of the Owners-
~ Association, or equivalent constituent document of the Condominium Project, including, but not limit¢d to, any
~ amendment which wouid change the percentage interests of the unit owners in the Condominium Project; or
~ (iii) the effectuation of any decision by th¢ Owners AssociaHon to terminate professional management
~ and assume self-management of the Condominium Project.
~ D. Remedies. lf Borrower breaches Borrowers covenants and agreements hereunder. including the
4
covenant to pay when due condominium assessments. then Lender may invoke any remedies provided
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~ under the securiry instrument. including. but not limited to. those provided under Uniform Covenant 7.
'
~ (N WITNESS WHEREOF. Borrower has executed this Condominium Rider.
~ -
~ ~919 Ji!!~ 25 PN ~ 2
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~ ~ROGER
P~ TRAS
J mes R. Crowe, a single a
~ CLERK C1R ~UIT CO'J ~ (j_ ' .
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~ CONDOMINtUM RIDER-t to 4 Fami~y-6/75-FNMA/FHLMC UNIFORM INSTRUMEHT
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