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FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION ~
OF ~ORT PIERCE
CONDOMINIUM RIDER •
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THIS CONDOMIMUM RIDER is made this . ,6th , _ ...day of . , AUgUSt
19 79 and is Incorporated Into and shall be deemed to amend 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 FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF
FORT PIERCE (herein "Lender") and covering the pro~~, descritZe3as7 the security instrument and
located at ......~03~Q South, AlA,,Jensen Beach, Florida, „ , , , ,
to!roo•nr Aaa...t
The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium F
project known as OQF~N~tISE..................................
Rwe. a Cw~ao~InMrn veoMeq
...:......(herein "Condominium Projed'~.
CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security instrument,
Borrower and Lender further covenant and agree as follows: f
- A. Assessments. Borrower shall prompdy pay, when due, -all assessments imposed by the Owners
Associaton or other governing body of the Condominium Project (herein "Owners Association") pursuant to the
provisions of the declaration, by-laws, code of regulations or other constltuent document ~ of the Condominium
Protect.
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B. Hazard Insurance. So bng as the Owners Assodation maintains a "master' or "blanket" polky on the
Condominium Project whkh provides ir?sruance coverage against fire. hazards included wittihin the term "extended l
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 instapments for hazard insurance on the Property;
(ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard. insurance coverage on the f
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shall be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent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 law to the extent necessary to avoid a conflict between i
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 shop give Lender prompt notice of any lapse in such hazard insurance coverage. j
In 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
assigned and shag be paid to Lender for application to the sums secured by the security instrument, •with the {
~ excess, if any, paid to Borrower. ?
e C. Lender`s Prior 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 destruction by ~ fire or other casuahy or in the case of a
taking by condemnation or eminent domain;
E (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 whkh 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 self-management, of the Condominium Project.
D. Remedies. if BotRower breaches Borrower's covenants and agreements hereunder, including the z
covenant to pay when due condominium assessments, then Lender may. invoke any remedies provided
under the security instrument, irr>cluding, but not limited to, those provided under Uniform Covenant 7.
® 1N WITNESS WHEREOF, Bostower has executed t Condominium Rider. .
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CONDOMINIUM RIDER-t to 1 family-6/75-FNMA/FHLMC UNIFORM INSTRUMENT
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z~ BOOKJ~4 PAGE 589
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