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I~IRBT RlCDERAL 8,d~1VING8 AND LOAN A88OCIATiON
OR 1rORT PIERCB
C()NDUMINIUM RIDER oi-23060963
THIS CONDOMINIUM RIDER b made this ......5,th ..........day of September -
19 79 . and b inoaporated into and shall be dammed to amend and supplement a Mortgage, Deed of Trust
or Deed to Secure Debt (hsrefn "security instrument") dated of oven date herewith. given by the undersigned
(herein "eorrower'1 *.o secure Borrower's Note to FIRST FEDERAL SAVINGS AND LOAN. ASSOCIATION OF
FORT PIERCE (herein "bender") and covering the Property described to ~e secwity instrument and
Iocated at • - • • 2400 South-Ocean .Drive,. Et.• Rterce,. Florida 33$5Q............ _
a+eo•~a aaa..a
The Property oomprbes a unit in, togedrer wld? an undivided interest in the common elements of, a condominium -
Protect known ss . ..........OCEAN YI6LAGE .
Rw.. a oondoaiwiru ~o
..........(herein "Condominium Project'. ~ .
CONDOMMIUM COVENANTS. In addition to the covenants and agreements made in the security instrument,
Borrower and Lender further .covenant and agree as . foibws:
A. Aasasmeats. Borrower shall promptly pay, when due, a>i assessments imposed by the Owners
Assodatbn or other governing body of the Condominium Protect therein "Owners Associatbn'~ pursuant to the _
provbions of the dedaration, by-laws, code of regulations - or other constituent document of the Condominium
Protect. .
B. Hasard lraurance. So long as the Owners Assodatbn maintains a "master" or "blanket" poBcy on the
Condominium Project whkh provides tnst,aance coverage against fire, hazards b~duded within. the term "extended
. coverage," and such other hazards as Lender may require. and in such amounts and for such .
periods as Lender may requtrs, then: -
(i) Lender waives the provbion in Uniform Covenant 2 for the monthly payment to Lender of one-
twelkh of the premium instanments for hazard insurance on the Property;
(W Barrowez's obbgatbn under Uniform Covenant 5 to maintain hazard insurance coverage on the
Property b deemedd satbfied; and
(iifj the provisions in Uniform Covenant 5 regarding appHcatbn of hazard insurance proceeds
shall be superseded by any provbions of the dedamtion, by-laws. code of regulatbns or other constituent
document of the Condominium Project or of applkabie law to the extent necessary to avoid a conftkt between
such provisions and the provisions of UNfomn Covenant 5. For any period of time during whkh such hazard
ins<uanoe coverage b not maintained, the immediately preceding sentence sha4 be deemed to have
no force or effect. Borrower shall grire Lender prompt notice of any lapse in such hazard insurance coverage.
In the event of a distr~utlon of hazard insurance proceeds in lieu of restoratbn or repatr fogowing a loss to
the Property, whether to the unit or to common elements, any such proceeds payable to Borrower are hereby
r assigned and shall be pad to Lender for applkatbn to the sums secured by the security Instrument, .with the .
excess. d 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:
(q the abandonment or terninaBon of the Condominium Protect, except for abandonment or
temnination provided by law in the case of substantial destruction by ftre or other casuahy 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
Assocbtbn, a equivalent c~natituent document of the Condominium Project, including, but not limited to, any
amendment whkh would clu~nge the percentage interests of the unit owners in the Condominium Protect; or
(iii) the effeQuation of any det~sbn by the Owners Associatbn to terminate professional management
and assume self-management of the Condominium Project. -
D. Remedies. U Borrower breaches Borrower's covenants and agrecments hereunder. including the
covenant to pay when due condominium assessments, then i.errder may invoice any remedies provided
under the security instrument, including, but not Nmited to, those provided under Uniform Covenant 7.
M WI A Borower has executed thb CondomiNum Rider.
'3 f
191g SEP 18 AN ~ 29
LEO ANO R:C4kUE0 -eonow.
° t~Ras ' Patrick D: Henry
t~aai ciRCwT ggg%~~~ ?
RECORO VERIFIfO_~
C~~~ Vi an enry -e«~•••
CONDOMINIUM RIDER-1 ~ e Famiy-6/75-FNAIWFHIMC UNIFORM INSTRUWIENT
- e13~,6 P~~343