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FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OR FORT PIERCE
- _ Loan 1 02-23065897
CONDOMINIUI'+li RIDER
.
THIS'COIVDOMINIUM RIDER is made this : 16~h day of ....January .
19 . $0.., and if Incorporated into and shall be deemed to amend and supplement a Mortgage. Deed of Trust
or Deed to Secure Debt (herein "security instrument's dated of even date herewith, given by the undersigned -
(herein "Borrower ~ to secure Borrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION QF -
FORT PIERCE -(herein "Lender") and covering the Property d ~d h security instrument and
located at ..:123-B .Lake End .Dl^i~~ . - . fort. Pierce, Flor~da _ .~3~5~0 , ~ , , , -
The Property comprises a unit in. t wRh an undivided 1s of, a condorninium
project known as . HIGkI. PQI T .O.F FORT,PIERCE. CONI~I~,o~~~ : _ - _ _ _ .
o+.T. a candw~wwMn ProLen
(herein "Condominium Projed'~.
CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security instrument,
Borrower and Lender further t•wenant and agree as fogows: ~ -
A. Assessments. Borraver shall promptly pay, when due, aU assessments imposed by the Owners
Association or other governing body of the Condominium Project (herein "Owners Association'1 pursuant .to the
provisions of the declar_
anon, by-laws, code of regulations or other constituent document of the Condominium -
Proiect. -
B. Hazard insurance. So bng as the Owner Association maintair?s a "master" or "blanket" policy on the
Condominium Project Which provides Q15UTan0e coverage against fee. hazards rnduded Within the term ~ "eXtended
rnverage," 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 instalments 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 previsions in Uniform Covenant 5 regarding applkation of hazard insurance ~roceeds-
shall be superseded by any provisions of the declaration, by-laws, code of regulatio.~s or other constituent
document of the Condor_ r?inium 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 shag be deemed to have
j no force or effect. Borrower shall give Lender prompt notce of any lapse in such hazard insurance coverage.
in the event of a distribution of hazard insurance proceeds in 'lieu of restoration or repair folk:wing a bss to
the Property, whether to the unit or to common e{ements, "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 Lend¢r's prior
written -consent, -partition or subdivide the Property or consent to: - _
(i) the abandonment or tennination of the Condominium Project. except for abandonment or
termination provided by law in the case of substantial ~astruction by fire er other casuaky 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
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 brea:.hes Borrowers covenants and agreements hereunder. including the .
covenant to pay when due condomirlam assessments. then Lender may invoke ary remedies provided
under the security instrument, ireclading, .but not limited to. those provided under tjniform Ccvenant 7.
WHEREOF Borrower has executed this Condominium Rider.
IN WITNESS
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