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FIRST PEflERAL :3AViNGi8 AND LOAN ASSOCIATION-
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OF PORT PIERCE
CONDOMINIUM RIDER
THIS CONDOMINIUM RIDER tr made this ,4th ......day of August _ -
19 .79.., and is incorporated into and ahap be deemed to amend and supplement a Mortgage. Deed of Trust
or Deed to Secure Debt (herein "security Madrument'9'dated of -even date herewith, given by the undersigned
(herein "Bon~ower") to secure Borrower's Note tb FIRST FEDERAL. SAVINGS AND LOAN AS.SOCIATtON OF
located aP[ERCE' (heri0~10.
Snder'~ .~n~t tgvering .~,e domed .in the s®curity instrument and
to A ~lensen Beachorida .
Aroo.nr ~aa..a
The Property comprises a unit h, together with interest h? the common demenb of, a condominium
project known as
M.~. a condoawwire wq.~o
(herein "Condominium Project").
CONDOMINIUM COVENANTS. M additlon to the covenants and agreements made in the security instrument,
Borrower and Lender further covenant and agree as fopows:
A. Aeesssmarb. Borrower shall promptly pay, when due, ap assessments imposed by the Owner
Assodatbn a other governing body of the Condominium Project (her¢In "Owners Association'1 Pursuant to the
provisions of the dedaration. by-laws, code . of regulatbns or other constituent document of the Condominium
Protect. ~ _
B. tla:ard Lnauance. So bng as the Owners Assodatbn maintains a "master" or "blanket" poNcy on the
COndOminlurn Project .which provides . bsuranoe coverage agatnat floe, hazards it'1Cllided Wttl1$1 the term "extended
coverage." and such other hazards as Lender may require, and M such amounts and for such
periods as Lender may require. then:
(i) I:ender waives the provWon In Uniform Covenant 2 for the monthly payment to Lender of one-
twelfth of the premium Installments far hazard insurance on the Property;
(B) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the
Property is deemed satisfied; and ,
(iii) the provWons in Uniform Covenant 5 regarding applicatbn 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shall be superseded by any provisions of the declaration.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- ar of applicable law to the exterrt rteoessaay -to--avoid efi-oonflkt between -
such provisions and the provisions of Uniform l'.ovenant 5. For .any period- of tlme during whkh such hazard
insurance coverage b not maintained, the immediately preceding sentence -shall 6e deemed to have -
no force or effect. Borrower shall glue Lender prompt notice of any lapse in such hazard insurance coverage.
In the event of a distr~utbn of hazard insurance proceeds in lieu of restoration or repatr fopowing 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 [-endei for apptkation to the sums secwed by the security instrument, •with the
excess. if any, paid to Borrower. - .
C. Lenda'`s Prior Consent. Borrower shall not, except after notke to Lender and with Lenders prior
written consent, partltlon or subdivide the Property or consent to:
f (i) the abandonment or termination of the Condominium Project, except for abandonment or
~ termination provided by taw in the case of substantial destructbn by fire or other casuahy or in the case of a
f taking by condemnation or eminent domain;
(ii) any material amendment to the declaratbn, by-taws or code of regulations of the Owners
Associatbn, or equivalent constituent document of the Condominium Project, including, but not limited to, any
amendment whkh would change the percentage interests of the un[t owners in the Condominium Project; or
(iii) the effectuation of any decWon by the Owner Association to terminate professional management
and assume self-management of the Condominium Project. .
D. Remedies. U Borrower breeches Borrower's covenanb and agreemenb hereunder. including the
covenant to pay when due condomiNum assessmenb, then l.erdear may invoke any remedies provided
under the security instrument, including, but not limited to. those provided under Uniform Covarant 7.
M WITNESS WHEREOF, Borrower has executed this Condominium Rider.
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1919 At1G 24
CONDOMINIUM RIDER-1 b 4 Familir-8/75-FNMA/FHLMC UNIfORt# INSTRUTAENT rM1 0~
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