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FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
OF FORT PIERCE
CONDOMINIUM RIDER Q1-23085309
THIS CONDOMINIUM RIDER is made this . . . . . . . ?nd . . . . . . . . day of . . . ~anuary . _ . .
19 .8.1 ..; and is incorporated into and shall be deemed to amend and supplement a Mortgage, Deed of Trust
or Deed to Secure Debt (herein "securiry instrument") dated of eve~ date herewith, given by the undersigned
(herein "Borrower") to secure Borrower's Note to FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF
FORT~ PIERCE herein "Lender") and coveriF g th Rroperty~l Or aa d 3~'45t0e security instrument and
I«ated ac ... 2~00 South.Ocean Drive, ort ~ierce, r
--.....--~ ............................~-~--~
IaopMy Addr~ss) •
The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium
project known as . . . . . . . .OCE{~N YILLAGE _ . . . . .
................~--------......
~Nama ot conaanio~wn wqec~-
. . . . . . . . . . (herein "Condominium F'roject").
CONDOMINIUM COVENAMS. In addition to the covenants and agreements made in the security inshument,
Borrower and Lende~ further covenant and agree as follows:
A. Assessments. Borrower shall promptly pay, when due, ail assessments imposed by the Owners
Association or other goveming 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 lnsurance. So long as ihe Owners Association maintains a"master" or "blanket" policy on the
Condominium Project which prc~vides inwrance coverage against fire, hazards included within the tem~ "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;
(ii) Borrower's obligation under UniEorm Covenant 5 to maintain hazard insurance coverage on the
Property is deemed sa6sfied; and
(iii) the provisions in Uniform Covenant 5 regarding application of hazard insurance proceeds
shali be superseded by any provisions of the declaration, by-laws, code of regulations or other constituent
dceument of the Condominium Project or of applicable law to the extent •necessary to avo~d a conflict between
such provisions and the pro4isions 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 haiard insurance proceeds in lieu 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 securiry instrument. •with the
excess, if any, paid to Borrower_ -
C. Lender's Prior Consent. Borrower shai) not, except after notice to Lender and with Lender's prior
written consent, partition or subdivide the Rroperty 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 condemnation or eminent domain:
(ii) any materia) amendment to the declaration, by-laws or code of regulations of the Owners
Association, or equivalent constituent dceument of the Condominium Project, induding, 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 seN-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 not limited to, those provided under Uniform Covenant 7..
1N WITNESS WHEREOF. Borrower has executed this Condominium Rider.
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513965 f~~~~ ~~~ -_ ~~~~;t ~ ~--~, ~~_ ~-~_
sr.~.u~iE cauHtYr~:. Cuno J. Lassen, a single adult -~..o„r
ROGER i'OITF~A`.'~ ~
CCERK C:R~'1!I C^,~1 1
pi~i,~• .i '.. 1f • .-. -Bwrower
COND~MINIUM RIDER-1 to ~ Fam~fy-6/75-FHMA/FHLMC UNIFORM INSTRUMENT
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