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FIR3T FEDERAL SAVINGS AND LOAN A830CIATION
OF FORT PIERCE
CONDOMINIUM RIDER i
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THIS CONDOMlN1UM RIDER is made this . . . 19th . . , . . , . . . . , day of . . . ~Une
197.9. and is incorporated into and shaU be deemed to am¢nd and supplement a Mortgage, Deed of Trust
or Deed to Secure Debt (herein "security instrument") dated of even date herewith, given by the undersigned
(herein "Borrower") to secure Borrower s Note to FlRST FEDERAL SAVINGS AND LQAN ASSOCIATION OF ;
FORT PIERCE (herein "[.ender') and coverin the Property described in the security instrument and
locaced ac . . . . . : . . ~40Q. $ouLb .OCean. Or.~v~, .Fpr~ Pi~rce, ,Florida . 33450. . . _ . _ _ . . _ . _ ?
mrov.m ~aon.s,
The Propecty comprises a unit in t ther with an undivided interest in the common elements of, a condominium ;
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project known as . . . .Ocean ~li l~as _ I I I . . . . . . . . . . . . . ~
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p+.n+e a c«wwnl~lum P.oi~n ~
. . . . . . . _ (herein "Condominium Project").
CONDOMINIUM COVENAM'S. In addition to the covenants and agreements made in the securiry instrument, ~
Borrower and Lender turther covenant and agree as fotlows:
A. Assessments. Borrower shall promptly pay, when due, all assessments imposed by the Owners
Association or other goveming body of the Condominium Project (herein "Owners Association") pursuant to the
provisions of the declaratlon, 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 Ptoj¢ct which provides insurance cove#a~ge against fire, hazards included within the t¢rm "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; i
(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 ~
shail be superseded by any provisions of the deciaration, by-laws, code of regulations or other constituent ;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 haaa~d
insurance coverage is not maintained, the immediately preceding sentence shaU be deemed to have
no force or eH¢ct. Borrowe~ shap give Lender prompt notice of any lapse in such hazard insurance coverage.
ln the event of a distribu6on 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
~ assigned and shall be paid to Lender for application to the sums secured by the securiry i~strum¢nt. •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
l written consent, partition or subdivide the Property or consent to:
S (i) the abandonment or t¢rminatlon of the Condominium Project, excepf 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 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 owners in the Condominium Project: or
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~ (iii) the effectuation of any decision by the Owners Association to terminate professional management
and assume self-management of the Condominium Project.
D. - Remedies. If Borrower breaches Borrower's covenants a agreements hereunder. including the
covenant to pay when due condominium assessments. then r may invoke any remedies provided
under the security instrument, including. but not limited to. th rovided un r Uniform Covenant 7.
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- IN W1TNE5S WHEREOF. Borrower has executed this Cond mirii Rider.
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~ CONDOMINIUM RIDER-~ to 4 fam~fy-6175-fNMA/FHLMC UNIFORNt INSTRUMENT
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