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FPIRST I~EDER/AL SAVINGS AND LOAN ASSOCIATION
OR FORT PIERCB
CONDOMINIUM -RIDER
THIS CONDOMINIUM RIDER is made this , 1 .........day of ....August .
19 .7.9.., .and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust
or Deed to Secure Debt (heratn "security instrument's dated of even date herewith. given- by-the undersigned
(herein "Borrower'? to secure Borrower's Note to FIRST FEDF.RAI. SAVMGS AND LOAN ASSOCIATION OF ~
FORT PIERCE (herein "Lender") and coverin the property described in the security instrument and ~
boated at .....10310. South . Al A, .depS~n. ~~ac~t ~ F19ri d~ . 33457 ~
air
The Property comprises a unit in. with an undivided interest in the common elements of, a condominium
protect luwum as ......OCEANRISE ,CONDOMINIUM .
awn. a co~do~wwra veoMep .
. , , , (herein "Condominium Project'?.
CONDOMINIUM COVENANTS. In additbn to the covenants and agreements made in the security instrument, -
Borrower and Lender further covenant and agree as fogows:
A. Assessment. Borrower shall promptly pay, when due, all assessments imposed by the Owners
Association or other governing body of the Condominium Protect (herein "Owners Associatbn'~ pursuant to the
provisbns of tl~e dectaratkm, by-laws, code of regulations or other constituent document of the Condominium
Protect.
B. Hazard lnsturance. So bng as the Owners Association maintains a "master" or "blanket" policy on the
CondomWum Project which provides ~surance coverage aga[nst tire, hazards wid~in 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 insurance on the Property;
(ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard inwrance coverage on the
Property is deemed satisfied; and
(iW the provisions in Uniform Covenant 5 regarding appNcation of hazard insurance proceeds
sl?aq be superseded by any provisions of the . declaration, by-laws, code of regulatbns or other constituent
document of the Condominium Protect or of applkable taw 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 shall give Lender prompt notke of any lapse in such hazard insurance coverage.
In the event of a disMbution 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 shall be paid to Lender for applicatbn to the sums secured by the security instrument, •with the
excess. if any, paid to Borrower.
C. L.er~s Prior Consent. Borrower shall not, except after notke to Lender and wdh Lender's prior
written consent, partdbn or subdivide the Property or consent to:
(i) the abandonment or termMatton of the Condominium Protect, except for abandonment or
~ termination provided by law in the case of substantial destruction by fire or other casuahy or ir? the case of a
taking by condemnation or eminent domain;
(ii) any material amendment to the declaration, by-taws or code of regulations of the Owners
~ Association, or equivalent constituent document of the Condominium Protect, including, but not limited to, any
amendment which would change the percentage interests of the unit owners in the Condominium Protect; or
(iii) the effectuation of any decision by the Owners Association to terminate professional management
and assume self-management of the Condominium Protect.
D. Remedies. if Borrower breaches Borrower's covenant and agreement heteu+nder~-inducting--the-_
covenant to pay when due condominium assessment. then Lender may invoice 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
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RECORavEaiFito..~- Patricia F. Schultz -s°"°""
CONDOMINIUM RfDER-t ro I Famiitr-6/75-FNMA/FHLMC UNIFORM INSTRUMENT
Fern, 250 BOOK J~5 PAGE 19`70
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