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RIR8T REDERAL BAVIN~iB AND LOAN A88OCIATION
O1~ PORT PIERCE
CONDOMINIUM RIDER
THIS CONDOMINIUM RIDER b made this .......13~ti , ,day of July......... ,
19.79 and is incorporated into and shop 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's to secure Borrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF
FORT PIERCE (herein "Lender'? and covering the Property described In the security instrument and.
krcated at ...............516 A. Crooked Lake- Dr. Ft.Pier~e, Fla.. 33450......... .
rrroo.ny ~ea..n
The Properly comprises a unit in, together with an undivided interest in the common elements of, a condominium
project known as ............HIONP,OINT OF.FORT .P.IE)3CE. PHASE.I............ .
p1M» d CondomMhre P~ol,eq
(herein "Condominium Project's . -
CONDOMINIUM COVENANTS. In addition to the. covenants and agreements made in the security instrument,
Borrower and Lender further covenant and agree as-fotbws:
A. Assessments. Borrower shall promptly pay. when due. ap assessments imposed by the Owners
Association or -other governing -body of the Condominium Project (herein "Owners Associatbn") pursuant to the
provisions of the declaration, by-laws, code of regulations or other constituent document of -the Condominium
Protect.
B. Hazard Insurance. So long as the Owners Assodatbn maintains a "master" or "blanket" policy on the
Condominium Project whkh provides insurance coverage against fire. hazards inchrded 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 inswance on the Property;
(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 applkatbn 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shall ,~be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent `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 applkable 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 whkh such hazard
.insurance coverage is not maintained, the immediately preceding sentence shad be deemed to have
no force or effect. Borrower shall give Lender prompt notke of any Lapse in such hazard insurance coverage.
In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair fotbwing 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. - d any, paid to Borrower.
C. Lenders 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
termtnation provided by .law in the case of substantial destruction by fire or other casuahy or in the case of a
taking by condemnatbn 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 Hmited 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 Borrower breaches Borrower's covenanta and agreements hereunder. including the
covenant to pay when due condomtnium assessments, then Fender may invoke any remedies provided
under the security instrument, including. but not United to. those provided under UnUorm Covenant 7.
IN WITNESS WHEREOF, Borrower has executed this Condominium Rider.
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~T9 AUCi 21 ~ ~ 09 Edw Freund
F` ED A~ pR~ECO EO
~ ST~QER Pa1TR~T ~ ~ Jo e Freund
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CONDOMINIUM RIDER ;1100~~1~5~FNMA/FHIMG UNIFORM INSTRUMENT
Farm 2so BQOK J~~ PAGE 1 t~U
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