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THISCONDOMINIUM RIDER iS IriBdC tF11S. . . . . . . . . . . . . . . . . . . . . . .da oN~~ ~. . . . . . . . . . .
-~ y .,
19$l. ., and is incorporated into and shall be decmed to amend and supplemcnt a Mortgage. Detd of Trust or Deed
to Secure Debt (herein "security instrument") dated of even date herewith, given by the undersigned (herein
"Borrowe~') to sccurc Bonower's Note to. .EIRST. .FED.~RAL . SAV~IdGS..ANII .LAAN..ASS.OCI.ATLON.
0~ .I~AK$. ~I4~~~. ....(herein "Lender") and caverinp the Propcrty described in the security instrument and
located at. . 9400 .South AlA, .Jensen Beach! Florida 33457 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
..... ..... .... ............. ........ ......
(wopsrly I-ddnss)
The Property comprises a unit in, together with an undivided interest in the common elements of, a condominium
p[ojcct ktlown as. . ... . OCEAt3 TOWERS.CONDOMINIUM. B .. . .. . .. . .. . .. . .. . .. . .. .. . ... ... . . . ... .. . ..
(Name oi Condominium Proj~ct)
. . . . . . . . . . . . . . . . (hcrein "Condominium Project"):
CONDOMINIUM COVENANTS. Itl BddIt10I1 to the covenants and agrecments made in the security instrument,
Borrower and Lender funher covenant and agrec as follows:
A. Assessments. Borcower shall promptly pay, when duc. all assessments impo6ed by the Owaers Association
or other governing body of thc Condominium Project (herein "Owners Association") pursuant to the provisions of the
declaration, by-laws. code of regulations or other constitucnt document of the Condominium Project.
B. Hazard Insuraace. So long as the Owners Association maintains a"master" or "blanket" policy on the
Condominium ,Project which provides insurance coverage against fire, hazards inctuded within the term "extended
rnverage;' and such other hazards as Lender may rcquire, and in such amounts and for such periods az L.ender may
require, then:
(i) l.ender waives the provision in Uniform Covenant 2 for the monthly payment to L.ender of one-twelfth
of the premium instaltments for hazard insurance on the ProQerty;
(ii) Borrower's obligation under Uniform Covenant S to maintain hazard insurance coverage on tht
Property is deemed satisfied; and
(iii) the provisions in Uniform Covenant 5 rcgarding 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superseded by any provisions of the declaration, by-laws, code of regulations or other constituent document of the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 c:tent neccssary 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 shall be deemed to have no force or eHect. 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 licu of restoratian or repair following a[oss to
the Property, whether to the unit or to common elements, any such proceeds payable to Bonower are hereby assigned
and shall be paid to Lender for application to the sums secured by the security instrument~ with the eacess, if any,
paid to Borrower_
C. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with L.ender s prior written
consent, pattition 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 othcr casualty or in the case of a taking by condemnation
or eminent domain;
(ii) any materia) amendment to fhe dcclaration, by-laws or code of reguiations 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 efiectuation of any decision by the Owners Association to terminate professional management and
assume self-management of the Condominium Project.
D. Remedks. If Borrower breaches Borrower's covenaats and agreemeats 6ereunder, inclodiug the covenant
to pay when dne condominium s~ssessmeats, then I.ender may iavolce any remedies provided nnder the secarity
instniment, including, but not limited to, t6ose pmvided under Uniform Corenaat 7.
IN WITNESS WNEREOF, Borrower has exccuted this Condominium Rider.
.~ .~.5. l~'~ .
Marqar S. Daly -BOf°'"~'
-9wrowe.
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CONDOMINIUM RIDER-~ to4 F~~iy-6t~s-FNMA/FNIMC UNIfORM INSTRUMEMT
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