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FIRST FEDERAL SAVINGS AND LOAN AS30CIATION '
OR FORT PIERCE '
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CONDOMINIUM RIDER '
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THIS CONDOMINIUM RIDER is made this . . . . . . . .29th . : . . . . . day ot . . . . ~Une . #
19 79. and is incorporated into and shal! be deemed to amend and supplement a Mortgage, Deed of Trust '
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or Deed to Secure Debt (herein "security instrument") dated of even date herewith, giv¢n by the undersigned ~
(herein "Borrower") to secure Borrower's Note to FlRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF j
FORT PIERCE (herein "Lender'~ and covering the Pro~e~r des~bed in he security instrument and
located at . . . . . . . . . . .2400 S,.Ocean Drive,.Ft...Pierce, Fla. 334~0
. " IProva+y Acoru.?
The Property comprises a unR in, together .with an undivided interest in the common elements of, a condominium
project known as . . . . . . . . . . . . . . OCfAN.VILLAGE. . . _ . . . . . . . . . . . . . . . . . - - - . . . . . . .
Mam~ M ConAornY+Np~ ProNctl
. . . . . . . . . . (herein "Condominium Project"). `
CONDOMtNIUM COVENAM'S. In addition to the covenants and agreements made in the security instrument,
Borrower and Lend¢r further covenant and agree as topows: ~
A. Assessments. Botrower shall promptly pay, when due, ail assessments imposed by the Owners
Association or other goveming body of the Condominium Project (herein "Owners Association") pursuant to the
provisions of the dectaration, by-laws, code of regulations or other constituent document of the Condominium
Ptoj¢ct.
B. Ha=ard lnsurance. So long as the Ownen Associaeon maintains a"master" or "blanket" policy on the
Condominium Project which provides inwrance coverage against fire, hazards included wtthin 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 tor the monthly payment to Lender of one- ~
twelfth of the premium installments for hazard insurance on the Properry;
(ii) Botrower's obligatinn under Uniform Covenant 5 to maintain hazard insurance coverage on the
Property is deemed sarisfied: and . €
(iii) the provisions in Uniform Covenant 5 regarding applicaHon of hazard insurance proceeds ~
shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent 2
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
I insurance coverage is not maintained. the immediately preceding sentence shall be deemed to have
f no force or eHect. Borrower shall give Lender prompt notice of any lapse in such hazard insurance coverage.
~ In the event of a dishibution of hazard insurance proceeds in lieu of restoration or repa'u following a loss to
~ the Property, wh¢ther to the unit or to common elements, any such proce¢ds payable to Borrowsr are hereby
~ assigned and shall be paid to Lender for application to the sums secured by the securiry instrument, •with the
excess, if any, paid to Borrower.
f C. Lender`s Prior Consent. Borrower shall not, exc¢pt after notice to Lender and with Lender's prior f
~ written consent, partition or subdivide the Property or cons¢nt to:
~ (i) the abandonment or termination of the Condo~rinium Proj¢ct, except for abandonment or ;
termination provided by law i~ the case of substantial destruction by fire or other casualty or in the case of a i
~ 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, inciuding, but not limited to, any
amendment which would change the percentage interests of the unit owners in the Condominium Project: or `
(iii) the ¢ffectuation of any d¢cision by the Owners Association to terminate professional management
and assume self-management of the Condominium Project.
D. Remedles. It Borrower breaches Borrower's covenants and agreements hereunder. including the
covenant to pay when due condominfum 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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s 1N WITNESS WHEREOF. Borrower has executed this Condominium Rider.
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CONDOMINIUM RIDER-t to ~ fam~ly-6/75-FNMA/FHLMC UNIFORM INST ENT
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