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FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OR FORT PIERCE . '
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CONDOMINIUM RIDER `
THIS CONDOMINIUM RIDER is made this . . . . 25.th . . . . . . . . . day ot . . . June . , . _ . _ . . . . ,
19 .79. and is incotporated into and shal) be deemed to amend and supplement a Mortgage, Deed of Trust
or Deed to Secure Debt (h¢rein "security instrument") dated of even d~te herewith, given by the undersigned
~(herein "Borrower") to secure Borrower's Note to FiRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF
FORT PIERCE (herein "Lender") and covering the Prop~rty dexribed in the security instrument and
I«ated at . . . . . . . . . . . . 24Q0. St.. Oceap.DriV~,. F~•. Pierce, Fl. 33450. . . . . . . . . . . _
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The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium
project known as . . . . . . . . . . . . . . . .OCEAN YILLAGE . . . . . . w
IName o1 cwwwn~n~um v~o{ec~~
. . _ . . . . . . . ~ (herein "Condominium Project"). '
CONDOMINIUM COVENANTS_ In addition to the covenants and agreements made ~n the security instrument,
Borrower and Lender further covenant and agree as (ollows:
A. Assessments. Borrower shall promptly pay, whe~ due, all assessments imposed by the Owners
Association or othet goveming body of the Condominium Project (herein "Owners Association"? pursuant to the
provisions of the deciaration, by-laws. code of regulations or other constituent document of the Condominium
Proiect.
B. Hazard lnsurance. So long as the Owners Association maintains a"master" or "blanket" poiicy on the
Condominium Project which provides insurance coverage against tire, 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) Le~der waives the provision in Uniform Covenant 2 for the monthly payment to Lznder of one-
twelfth of the premium installments for hazard insurance on the Property;
(ii) Borrower's obligation under Uniform Co~ena~t 5 to maintain hazard insurance coverage on the
Property is deemed satisfied: and .
(iii) the provisions in ~Jniform Covenant 5 r¢garding application of hazard insurance proceeds
shalf be superseded by any provisions of the dedaration, by-laws, code of tegulatioRS or other constituent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 (apse in such hazard insurance coverage.
! In the ¢vent of a distribution of hazard insurance proceeds in lieu of restoration or repair following a toss b
s the Property, whether to the unit or to common elements, any such proceeds payable to Borrower are hereby
~ assigned and shall be paid to Lender tor application to the sums secured by the security inshument. •with the
excess, if any, paid to Borrower.
~ C. Lender's PNor 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 desh~ction by fire 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 constituent docurnent 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 sel(-management of the Condominium Project.
D. Remedies. lf Borrower breaches Bonower'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 provided under Uniform Covenant 7.
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~ IN WITNESS WHEREOF, Borrower has executed this Condominium Rider.
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