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FIRST FEDERAL SAVINGS AND LOAN A880CIATION
OF FORT PIERCE
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CONDOMINIUM RIDER
THIS CONDOMIMUM RIDER b made this .......22nd , , , , , , _ ,day of , , , ,June . , , , _
19 .7.g.., and is incorporated into and shag be deemed to amend and supplement a Mortgage, Dees! of Trust
or Deed to Secure Debt (herein "security instrument's 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's and covert the Propeirty described in the security instrument and
boated at ...........2400 .S... Ocean .Dr~ ~t~, . Ft.. Pte1"Ce,. Fl X3450 .
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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. VIL~.AG~ .
tr+.~ a co"ao~w~ ww.ca
(herein "Condominium Project'.
CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security instrument,
Borrower and Lender further covenant and agree as follows:
A. Assessments. Borrower shag promptly ~ pay, when due, aq assessments ~ imposed by the Owners
Associatbn or other governing body of the Condominium Project (herein "Owners Association's pursuant to the _
provisions of the declaratbn, by-laws, code of regulations or other constituent document of the Condominium
Protect.
8. Hazard lnsucance. So bng as the Owners Assodatbn maintains a "master" or "blanket" polky on the 1`
Condominium Project which provides insruance coverage against fire. hazards 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- -
twelfth of the premium installments for hazard insurance on the Property;
(ii) Borrower's obNgatbn under Uniform Covenant 5 to maintain hazard insurance coverage on the
Property is deemed satisfied; and
(iii) -the provisbns in Uniform Covenant 5 regarding applkatton of_ hazard insurance proceeds
shag be superseded by any provisions of the declaratbn, by-laws, code of .regulations or other constituent
document of the Condominium Project or of appikable law to the extent necessary to avoid a conflkt 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 shad give Lender prompt notice of any lapse in such hazard insurance coverage.
. in the event of a disMbution of_ hazard insurance proceeds in lieu of restoration or repair folbwing a loss to
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 security instrument. •with the !
excess, if any, paid to Borrower. i
C. Lenders Prior Consent. Borrower shag not, except after notke 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 fi<e or other casuahy or in the case of a
.taking by condemnation or eminent domain;
~ ~ (ii) any material amendment to the declaration, by-taws or code of regulations of the Owners
Association, or equivalent constituent document of the Condominium Project, including, but not limited to, any t=
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 professbnal management I
and assume self-management of the Condominium Project.
D. Remedies. if Borrower breaches Borrowers covenants and agreements hereunder, including, the
i covenant to pay when due condominium assessments, then Lender may invoke any remedies provided
~ under the security instrument. including, but not timfted to, those provided under Uniform Covenant 7.
~N WITNESS WHEREOF, Borrower has executed this Condominium Rider.
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1919 At,u 21 AN ~ 09 U
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CUNt)OMINIUM RIDER-1 to 4Family-ti/75-FNMA/FHLMC UNIFORM INSTRUMENT
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Form 250