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FIRST 1=EDERAL. SAVINGS AND- LOAN ASSOCIATION
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OF FORT ~ I~'IERCE -
CONDOMINIUM RIDER -
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THIS CONDOMINIUM R[DER is made this 27t~1....... day of ;Aug4st . _ ,
I9 79 and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust
OT Deed to Secure Debt (herein "security instrument") dated_of even date herewith, given by the undersg_ned ' -
(herein "Borrower's to secure Borrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF
FORT PIERCE (herein "Lender" a dd co eying ate Ptope d bed in the -security Mstrument and
located at .......10310.Sou~h ~lA, ~ensen Beach, ~or~a _
taoo•~+r rwan.q ~ ,
The Property comprises a unit in, together with an undivided interest in the -common elements of. a condominium t
project known as O~EgNR~SE ~
M•m. a ConeoeMntum pol•en -
-(herein "Condominium Projed'~. p
CONDOMIMUM COVENANTS. In addition to_ the covenants and agreements made in the security instrument, f
Borrower and Lender further covenant and agree as follows: ~ ~ )
A. Assessments. Borrower shah promptly pay. when due. aU assessments imposed by the Owners
Association or other governing body of the Condominium Project (herein "Owners Association's pursuant to the
provisions of the declaration, by-laws, code of regulations or other constituent document of the Condominium
Protect. - -
B. Hazard lnsurance. So long as the Owners Association maintains a "master' or `blanket" polky on the
Condominium Project whkh • provides insurance coverage against fire, hazards included 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: -
(i) Lender waives the provision in Uniform Covenant 2 for the m_ onthly payment to Lender of one-
twelfth of the premium installments for hazard insurance on_the Property; _
(ii) Borrowers 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
sha0 be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent - -
document of the Condominium Project or of applicable law to the extent necessary to avoid a conflict between '
such provisions and the provisions of Uniform Covenant 5. For any period of time during which 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 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 folbwing 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 application to the sums secures by the security instrument, •with the -
excess, if any, paid to Borrower.
C. Lender`s Prior Consent. Borrower shall not, except aher notice to Lender and with Lenders prior
written consent, partition or subdivide the Property or consent to:
(i) the abandonment or term[nation 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 declarafion, 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
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(iii) the effectuation of any decision bS? 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, including the
covenant to pay when due condominium assessments, then Lender may invoke any remedies provided
under the security instrument, including. but nat limited to, those provided under Uniform Covenant 7. ?
IN WITNESS WHEREOF, Borrower has executed this Condominium Rider. ~
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Ct)UN1Y~i'LA. A. Delag~
ROGER i'OI7RAS
CLt:RK CIRCUIT C0~=~
~ F ces age _e«.o...
RECORD E'ER:F!Ett~-
CONDOMINIUM RIDER-t to ~ Family-6/75-FNMA/FHLMC UNIFORM INSTRUbIENT
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- Bt10KJ~7 P1GE 8~0
Form 250