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CONDOMINIUM RIDER
THIS CONDIMINIUM RIDER is made this 23rd day of Novetttber
79 ,and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust or Deed
to Secure Debl (herein "security instrument'? dated of even date herewith, given by the undersigned (herein'•Borrower')
to secure Borrowers Note to fFlrst Rederal8avingsi Loan Association of Martin County(herein"Lenders and covering
the Property described in the security instrument and located at
9700 a-1-a #208 Jensen~Beach, Florida 33457
The Property comprises a unit in, together with an undivided interest in the common elements ot, a condominium
project know as
OCEANA OCEANFRONT CONDOMINIUM ONE 0(herein "Condominium Project'?
CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security instrument Bor-
rower and Lender further covenant and agree as follows:
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 Association") pursuant to the provisions of the declara-
tion, by-taws, code of regulations or other constituent document of the Condominium Project.
B. Hazard Inwrance. So long as the Owners Association maintains a "master" or "blanket" policy on the Condo-
minium Project which 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 monthly payment to Lender of one-twelfth
of the premium installments for hazard insurance on the Property,
(i) Borrowers obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property
is deemed satisfied; and
(ii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall besuper-
seded byany 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 conflict between such provisions and the provisions of Uniform
Covenant 5. For any period of time duri ng which such hazard insurance coverage is nol maintained, the immediately preced-
ing sentence shall be deemed to have no force or effect Borrower stall 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 following a toss to the Proper-
ty, 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. Lenders Prior Conant. Borrower shall not, except after notice to Lender and with Lenders prior written con-
sent, partilion 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 taking by condemnation or
eminent domain:
(i) 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
(iii) the effectuation of any decision by the Owners Association to terminate professional management and
assume self-management of the Condominium Project.
D. Remedies. If Borrower breaches Borrowers covenants and agreements hereunder, Including the
covenantto pay when due condominium asassments, then Bender may Invoke, any remedies provided underths
security instrument, Including, but not limited to, thoa provided under Uniform Covenant 7.
IN WITNESS WHEREOF. Borrower has executed this Condominium Rider.
2 ~ BOB D . GERDES
t•~'~=- - BORROWER
l1 JUNE S. GERDES
~~`75~jIV BORROWER
BORROWER
y~~x 3~i P~~F 444
CONDOMINIUM RIDER- t to 4 Family- 6/75 - FNMA/FHLMC UNIFORM INSTRUMENT A-302 6/79