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Home My WebLink About0982 . ~ ~ ~ CONDUMINIUM RIDER THIS CONDOMIN1Uti: ~IDER is made this 26 TH day ot AUGUST , 19 85 , and is inca~porated into and ahall be deemed w annend and aupplement the Mort~age, Deed of Trust or Security Deed (the "Sccurity iaswment") of the saa~e date pven by the undersigned (the "Bormwer") to aecure Bocrower s Note to GDV FINANCIAL C6RPORATION "~"~r"1 of tl~e same date u~ coveriag tGe Peoperty described in the Security Inatrvmeat aad located at: 1532 SE ROYAL GREEN CIRCLE 0204~ PORT ST. LUCIE, FL 33452 ~?oo«+y ~aa..s? The Property includea a unit in. together with an undivided intereat in t6e ooavt~on ekmeau of. a condominium project known as: MIDPORT PLACE I ~r d Ca+danM~+m Prq~cq (the ••Condominium project„). If the owners assoc;iw::~ :~r other entity which acts for t!x Coadominium Pe+oject (the "Ownecs Associ- atiaa") lalds dde W property for the benefit or use of its members or shareholders, the Property also includes Bamower's interest in the Owners Associadoa and the uses, Proccedc end benefiu of eson~owe~s interast ~ CONDOMINIUM COVENANTS. In eddition to thE covenants and agreemeats made in the Security Instrument, Bomower and Lender further covenant and agrec as follows: A. Coadominium Obl~adona Bomower shall pedorm all of Bornower'a obligadoas under the CoQdomiaium ProJect's Coastiwent Documents. T6e "Constiuunt Documents" are the: (i) Declaration or any dher docucnent which creaus the Condominium Project; (u) by-Isws; (ui) co~de of regulatioas; and (iv) other equivalent documents. Borrower shall prompdy pay, when due, all dues and assessments imposed pursuant w the Constiwent Documents. B. Huatd Iasurance. So long as the Ovmers Associadon maintains. with a g~nerally accepted inswance carrier, a"rnaster" or "blankeY' policy on the Condominium Project which is sadsfactory to L.endcr and which provides insurance coverage in the amounts, for the periods, and against the hazac+ds Lender requires, including fire and hazaids included within the term "tatended coverage,,• then: (i) I.ender waives t~e provision in Uniform Covenant 2 for the moc~tWy payment to Lender of ono-twelfth of the yearly premium instaliments for hazard 'uuurancx on the Property, and (ii) Borrowe~s ooligation under Uaiform Covenant 5 to maintain hszard iasurance coverage on the PropeRy is deemed satisfiod to We exunt that the required coverage is provided by the Owners Association policy. Borrower shall give I.~nder prornpt notice of any lapse in required hazard insurance coverage. ~ In the event of a distribution of hazard insurance proceods in Geu of restoration or repair following a loss to the Property, whether ; to the unit or to common elements, any r:xeeds payable to Borrower an hereby assigned and shall be paid to Lender for application ' to the sums secured by the Security Instrument, with any excess paid to Borrower. C. Publ~c Liability Iasuranca Borrower shall take such actions as may be rcasonable W insure that the Owners Associatioa maintains a public liabitity iasurance policy acceptable in form, amouat, and extent of coverage to Lender. D. Condemnadoa The proceeds of aay award or claim for damages, direct or oonsequential, payable to Borrower in connection with any condemnation or other taking of alt or any part of the Property, whether of the uait or of the common elements, or for any ~ conveyance in lieu ~f condemnation, are hereby assigned and shall be E+sid to L.ender. Such proceeds shall be applie~: by Lender to the ~ sums secured by the Secwity Instrument as provided in Uniform Covenant 9. E. Lendtr's Prior Conaent Borrower shall not, except after notice to Lender and with L.ender's pror writun cansent, either partition or subdivide the Property or consent to: (i) the abandonment or urmination of the Condominium Project except for abandonment or terminatiun re~uired by law in the case of substantial d~struction by 5re or other casualty or in the case of a taking by condemnation or eminent domain; (ii) any amendment to any provision of the Constituent Documents if the Ptovision is far the espress benefit of Lender, ~ (iii) temunation of professional management and assumption of self-management QE' the Owners Association; or ~ (iv) any action which would have the etfect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. ~ F. Remaiies. If Borrower does not pay condominium dues and assessments when due, then Lender may pay them. Any amounts ~ disbursed by L.ender under this paragraph F shell become additional debt of Borrower secured by the Security Instrument. Unless ~ Borrower and Lender agrce to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note rau and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this Condomini er. . C~:l~" ~t a-~~ ~ LER L. GIBSON ~BOfdW°` HALCYO O. GIBSON -8oroiMer ~ -ea,a,~„ •so?row« '85 SEP -4 ~1 :22 '722~603 ~ ~ Fl~EC , r;t ~ ~ ROGER Pc~~' ~';'_~~~,K ~ ~ ST. IUC~E ~ :!'h r~. ~ . I $ ' ~ - 4~5 ~~~E ~81 en~K MULTI8TATE CONDOr1A1NIUM RIDER - Sin¢e Femiy • FNMNFHUNC UNfFORM INSTRUMENT Fotm 3140 12/83 €