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CONDOMINIUM RIDER
THIS CONDIMINIUM RIDER is made this • ZAP day of OCTOBER, 1980
and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust or Deed
to SeCUre Debt (herein "security instrumenl'~ dated of even date herewith, given by the undersigned (herein "Borrower')
to secure Borrowers Note to Ftrst Federal Savings end Loan Assoclstion of Martin Countylherein Lender') and covering
the Property described in the security instrument and located at '
9900 NE OCEAN PLVD. 1604, JENSEN REACH, FLORIDA 33457
The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium
project know as
OCEANA OCEANFRONT CONDOMINIUM II (herein"r4ndominiumProjPCY')
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 Assa:iation") pursuant to the provisions of the declara-
tion, by-laws, code of regulations or other constituent document of the Condominium Project.
B. Hazard Inwrance. So tong 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:
tender 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 byanyprovisions ofthe declaration, by-laws, code of regulations or otherconstituent document of the Condominium
Project or of applicable law to the extent necessary to avoid conflict between such provisions and the provisions of Uniform
CovenantS.Foranyperiodottimeduringwhichsuchhazardinsurancecoverageisnotmaintained,theimmediatelypreced- .
ing 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 following a loss 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, it any, paid to Borrower.
C. Lenders Prtor Consent. Borrower shall not, except after notice to Lender and with Lenders prior written con-
sent, partition or subdivide the Property or consent to:
~ 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 m 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
E equivalent constituent document of the Condomirnum Project, including, but not limited to, any amendment which would
Ilf change the percentage interests of the unit owners in the Condominium Project; or
(ii) the effectuation of any decision by the Owners Association to terminate professional management and
j assume self-management of the Condominium Project: '
D. Remedies. If Borrower breaches Borrowers covenants and agreements hereunder, Including the
covsnanttopaywhenduecondomtnlumassessments, then Lsndermayinvoks, anyromediesprovldsd underths
security Instrument, Includlny, but not Itmlted to, those provided under Unltorm Covenant 7.
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fN WITNESS WHEREOF, Borrower has executed this Condominium Rider.
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V~aJ`~ WALUY F HkIWNY
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CONDOMINIUM RIDER- t tc~4 Family- 6/75 - FNMA/FHLMC UNIFORM INSTRUMENT A-302 6/79
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