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CONDO RIDER
THI3 CONDOMINIUM RIDER is made this ~ day of , 19 T~ ,and ib incorporated
into and shall be deemed to amend and supplement a Mortgage, Deed of t or Deed to Secure Debt (herein "security
instrument') dated of even date herewith, given by the undersigned (herein "Borrower') to secure Borrower's Note to
AMERIFIRST FEDERAL SAVINGS AND LOAN ASSOCIATION (herein "Lender") and covering the property described in the
security instrument and located at 9900 Ocean Blvd. , Jensen Beach, Florida 33457
The Property comprises a unit in,together with an undivided interest in the common elements of, a condominium pmject known as
OCEANA OCEANFR0:1T CONDOIIIrIIUM II (herein "Condominium Pm°").
CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the security instrument,
Borrower 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 declaration,
by-laws, code of regulations or other constituent document of the Condominium Project.
B. Hazard Insurance. So long as the Owners Association maintains a "master" or "blanket" policy on the Con-
dominium Project which provides insurance coverage against fire, hazards included 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) (.ender waives the provision in Uniform Covenant 2 for the monthly payment to Lender clone-twelfth of the
premium installments for hazard insurance on the Property;
iii) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is
deemed satisfied; and
1 iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds shall be superseded by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 rnnilict 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 shal I be
deemed to have no force or effect. Borrower shall give Lender prompt notice of any lapse in such hazard insurance ceverage.
In the event of a distribution of hazard insurance proceeds in 1 ieu 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 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 Lender's prior written consent,
partition 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 a taking by rnndemnation or eminent domain;
(ii) any material amendment to the declaration, by-laws or cede 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 s
(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 Borrower's covenants and agreements hereunder, including the coven-
f ant to pay when due condominium asse$sments, then Lender may invoke any remedies provided under the security
instrument, including, but not limited to. those provided under Uniform Covenant 7.
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~ IN WITNESS WHEREOF, Borrower has executed this Condomini Rider
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CONDOMINIUM RIDER-1 to 4 Family-6x'75-FNIVWFHLMC UNIFORM INS3TRUMENT (Rev 6/79)
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