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FIR3T FEDERAL~ SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE
CONDOMINIUM RIDER
THIS CONDOMINIUM RIDER is made this . . . . .3rd. . , . . . . . . . . day of . . . . . . Jul.y. _ . . . . . ,
19 . I9 and is incorporat¢d into and shall i~e deemed to amend and supplement a Mortgage, Deed of Trust
or Deed to Secure Debt (herein "securtty instrument") dated ot even date herewith, give~ by the undersigned
(herein "Borrower") to secur¢ Borrower's Note to FlRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF
FORT PIERCE (herein "Lend¢r") and coverin the Property described in the securiry instrument and
located at . . . . . 970Q A. l A~ . ~e1?S~R ~~~l~~ ~ .Flpri d~ - - 33Q57 . . . . . . . . . . . . . . . . . . . . . .
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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 . . . . . pCE~ANA ~OCEA~dFROHT- CONDOMINIlJF1 OME ~ - ~ ~ ~ ~ - - ~ ~ ~ - ~ - - ~ - ~ - ~
(Nams of CondonuRwm ProHcq
. . . . . . . . . . (herein "Condominium Project").
CONDOMINIUM COVENATVTS. In addition to the covenants and agreem¢nts made in the security instrument,
Borrower and Lender further covenant and agree as foUows:
A. Assessme~ts. Borrower shall prompdy pay, when due, all assessments imposed by the Owners
Association or other goveming body of the Condominium Project (herein "Ownen Association") pursuant to the
provisions ~of the dectaration, by-laws, code of regulations or other consfituent document oE th¢ Condominium
Proiect.
B. Hazard lnsurance. So long as the Owners Association maintains a"master" or "blankeY' policy on the ~
Condomtnium Project whkh provides insurance coverage against fire, ha7ards 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-
twetfth of the premium installments for hazard insurance on the Property;
(ii) Borrower's obligation under Unitorm Covenant 5 to maintain hazard insurance coverage on the
Property is deeme~ 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shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent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 af 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
i insurance coverage is not maintained, the immediately preceding sentence shall be deemed to have
no force or effect. Borrower shail 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
the Property, whether to the unit or to common elements, any such proceeds payable to Borrower are hereby
f assigned and shall be paid to Lender for applicafion to the sums secured by the securiry inshument. •with the
~ excess, if any, paid to Borrower.
~ C. Lende~'s Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior -
E 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 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 Projed; or
(iii) the effectuafion 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 and agreements hereunder. including the
covenant to pay when due condominium assessments. th¢n 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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CONDOMINIUM RIDE~i~~1 ~0 4 Family-6i75-FNMA/fHLMC UNiFORM iNSTRUMENT
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Form 250