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PIR8T P8DlERAL BAVINGB AND LOAN A88OCIATION
OF PORT PIQRCB
. CONDOMINIUM RIDER
THIS CONDOMINIUM RIDER is made this lath„ day of ....August
19 ~9 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"? to ssaue Borrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF
FORT PIERCE (herein "Lender's and covering the tv desa~ibed to the security instrument and
boated at ........1,0~~Q Sp4th,A~A,,,~e~tsen Beach..F.lorid~i .
t~o.m ~ee~••a
The Property comprises a unk [n, together wMh an undivided interest h the common elements of. a condominium
Proj~ known as ..............OCEgNR~~E; .
a+.~. a oo~ao wa.~n
(herein "Condominium Projed'1.
CONDOMTMUM COVENANTS. In addttbn to the covenants and agreements made in the security instrument,
Borrower and Lender further covenant and agree as follows:
A• Aaenraents. Borrower ahaq promptly pay, when due, ap assessments imposed by the Owners
Association or other governing body of the Condominium Project (herein "Owners Association's pursuant to the
provbions of the declaratbn. by-laws. code of regulatbns or other constituent document of the Condominium
Protect.
B. Hazard Inarrance. So bag as the Owners Association maintains a "master" or "blanket" policy on the _
Condominum Protect which provides insurance coverage aga~at fire. hatarda bu~uded within the term "exeended
coverage," and such other hazards as Lender may require. and to such amounts and for such
periods as Lender may require, then:
(U Lender wolves 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;
(li) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the
Property is deemed satisfied; and
(i~ the provisions [n Uniform Covenant 5 regarding appbcation of hazard insurance proceeds -
shall be superseded by any provisions of the declaration, by-laws, code of regulatbns or other constituent
document of the Condominium Pro)ect or of applicable law to the extent necessary to avoid a confikt between
such provisions and the provi~ons 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 shall give Lender prompt notke of any lapse in such hazard insurance coverage.
in-the elrent of a distributbn of hazard insurance proceeds in Ueu of n>storatbn or repair fopowing a bss 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.
C, Lender's 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 germination of the Condominium Project, except for abandonment or
termination provided by law in the case of substantial destruction by ftre 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, butte not limited to, any
amendment which would change the percentage interests of the unit owners in the Condominium Project; or
(iii) the effectuation of any dedsion by the Owners Association to terminate professional management
and assume self-management of the Condominium Project.
D. Remedies. U Borrower breaches Borrower's covenants and agrcearents hereunder, including the
covenant to pay arhen due condorahdum assessments, then Lender may invoke arty remedies provided
under the security instrument, including, but not broiled to, those provided under UnKorm Covenant 7.
IN WITNESS WHEREOF, Borrower has executed this Condominium Rider.
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CQNDOMINIUM RIDER--1 to ~ FanWp-6/75-FNMA/FHLMC UNIFORIYI INStRU~tENT
aoS~ 315 PAGE 1965