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FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OR FORT PIERCE
CONDOMINIUM RIDER
THIS CONDOMIMUM RIDER is made this ......14t~t , , , , , , , , , ~y ~ , , • , , , .August
19 .79.., and is incorporated into and shag 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's d over[ng the h -F16 d~sCribed in the security instrument and
located at ......1031Q South A1~1,. ~ense eac , , r t.ori a
ta~o•ar auer..a
The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium
project known as OCEANRISE......... .
a+.~. o+ GoRdomw?~ vropc9
(herein "Condominium Project's.
CONDOM[NNM 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 shall promptly pay, when due, all 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 regulatbns or other constituent document of the Condominium
Project.
B. Hazard lr~surance. So long as the Owners Associatbn maintains a "master" or "blanket" polky on the
CondomWum Project which provides inswanoe coverage against fire, hazards inducted 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:
(t) Lender waives the provWon in Un[form Covenant 2. for the monthly payment to Lender of one-
twelfth of the premium instaQments for hazard insurance 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 application of hazard insurance proceeds
shaD be superseded by any provisbns of the declaration, by-laws, code of regulations or other constituent
document of the Condominium Pro ~
jeer or of applkable law to the extent necessary to avoid a conflict between
such- provisions- and the-provisions of-Uniform-Covenant 5.~-For any period of time ~luflng wfikh such hazard
insurance coverage is not maintained, the immediately preceding sentence shop be deemed to have
no force or effect. Borrower shall give Lender prompt notce of any lapse in such hazard insurance coverage.
In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to
the Property, whether to the unit or to common elements, any such proceeds payable to Borrower are hereby
assigned-and sha0 be-paid to -Lender-for appUcation fo the sums secured by the security instrument.•wifh the
excess, if any. paid to Borrower.
C. Lender`s Prior Consent. Borrower shall not, except after notice to Lender and with Lenders 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 casualty or in the case of a
taking by condemnation 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 limited to, any
amendment which would change the percentage interests of the unit owners in the Condominium Project; or
(W) the effectuation of any dedsbn by the Owners Association to terminate professional management
and assume self-management of the Condominium Project. ,
D. Remedies. if Borrower breaches Borrower's covenants and agreements hereunder, i:ncluding the
covenant to pay when due condominium assessments, then Lender may invoke any remedies provided
under the security instrument, including, but not limited to, those provided under Uniform Covenant 7.
IN WITNESS WHEREOF, Borrower has executed this Condominium Rider.
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1919 AUG 27 P1~ ~ 33 ~
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CONDOMINIUM RIDER-t to 4 F~rwly-6/ 5-FNMA/FNLMC UNIFORM INSTRUfiiIENT
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