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FIRST P~EDERAL SAVINGS AND LOAN ASSOCIATION
_ OF FORT PIERCE
CONDOMINIUM RIDER
THIS CONDOMINIUM RIDER is made this 25th.......... day of ...June •
19 79 and b incorporated into and shall be deemed to amend and supplement a Mortgage, Deed 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 SAVMGS AND LOAN ASSOCIATION OF
FORT PIERCE (herein "Lender") and covering _ the Property described in the security instrument and
kxated at .............24AO.S.. Ocean •Drive,• 6t.• Pierce,• Fia.• 33450............ .
tv*oo«+r aeen.a
The Property comprises a unit in. together with an undivided interest in the common elements of, a condominium
project known as .............OCEAr1 YII,LAG~ .
paT. w OondonwwMn woi.eo
(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 folbws:
A- Assessments. Borrower shag promptly pay, when due, all assessments imposed by the Owners
Associatbn or other governing body of the Condominium Project (herein "Owners Association's pursuant to the
provWons of the declaration, by-laws, code of regulations or other constituent document of the Condominium
Protect.
B. Hazard insurance. So bng as the Owners Association maintains a "master" or "blanket" polky on the
CondomWum Project which provides insurance coverage against fire, hazards inducted within the term "paderrded
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 obligatbn under Uniform Covenant 5 to maintain hazard insurance coverage on the
Property is deemed satisfied; and
(iii) the provisions in Uniform Covenant 5 regarding appkcation of hazard insurance proceeds
shall be superseded by any provisbns of the declaration, by-laws, code of regulations or other constituent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 shall be deemed to have
no force or effect. Borrower shop give Lender prompt notice of any lapse in such hazard insurance coverage.
In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair fopowing a bss to
the Property, whether to the unit or to common elements. any such proceeds payable to Borrower are hereby
n he-sums-securod by-thP ~_~ty_ instrument. •with the
excess, if any, paid to Borrower.
C, t.endet`s Prbr Consent. Borrower shall not, except after notke to Lender and with Lender's prior
written consent, partition or subdivide the Property or consent !o:
(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;
(ii) any material amendment to the declaraHorr, by-laws or code of regulations of the Owners
Associatlon, or equivalent constih~rent 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
(W) the effectuation of any decision by the Owners Association to terminate professional management
and assume self-management of the Condominium Project.
D. Remedies. if torrower• breaches Borrower's cowenants and agreeme»ts hereunder, including the
covenant to pay when due condominium assessments, then Lender may Invoice any remedies provided
under the security instrument, including, but not limited to. those provided under Unfform Covenant 7.
IN W~M~~~~}i~F~EQF~,.
Florrower has executed this Condominium Rider.
~I9 AJ; 37 PW ~ 32
r es R. Bauer
~iC Y 456408
~T its F. Bauer -s«^~
CONDOMINIUM RIDER--t to 4 Family-6/75-FNMA/FHLMC UNIFORM iNSTRU~IENT
r B~~ PAGF
Form 250
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