Loading...
HomeMy WebLinkAbout0996 , CONDOMINIUM RIDER THIS CONDOMINIUM RIDER is made this 17TH dey of AUGUST , 19 85 , and is inaorporeted into and shall be d~emed to amend and supplement the Mortgage, Dead of Trust or Security Deed (the "Securicy Instrument") of the same date g,iven by the undersigned (the "Born~N+er") W secure Borrower's Note to GDV FINANCIAI, CORPORATION (che "Lender") the same date and oovering the Property described in the Security Insuument and located at: 1529 SS ROYAL GREEN CIRCLE S204, PORT ST. LUCIE, FL 33452 ~ooa.v ~aor...? The Property includes a unit in, togeeher with an undivided intercst in the common elements of, a condominium project imown as: MIDPORT PLACE I ~ (N~ms a c«wom.wm Prqecq (the "Condominium Projecc"). If the owners association or other endry which acis for the Condominium Project (the "Owners Associ- ation") holds tide to property for the benefit or use of its members or shareholders, the Property also includes Borrowe~s intercst in the Ow~ners Association and the uses, proceeds and benefits of Bomower s interest CONDOMIN.JM COVENANTS. In addition to the covtnants and agreements made in the Security InstrumeR:, Bornower and Lender further covenant and agee a.~ follows: A. Condominium Obligadons. Borrower shall perform all of Bamwer's obligations under the Condominium ProjecYs Constituent Documents. The "Constituent Documents" are the: (i) Declaration or any other document which creates the Condominium Project; (ii) by-laws; (ui) code of regulaaons; and (iv) other equivalent documents. Bc~rrower shall prompdy pay, when due, all dues and assessmenu imposed pursuant to the Constiment Documents. B. Haurd lnaurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a"master' or "blanket" policy on the Condominium Project which is satisfactory to Lender and wtich p?uvides insurance coverage in the amounts, for the periods, and against the hazatds Lender requires, induding fire and hazards included within the term "extended coverage," then: (i) Lender waives the Sxovision in Uniform Covenant 2 for the monthly payment to Lender of one-twelfth of the yearly premium installments for hazard insurance on the Property; and (ii) Borrower's obtigation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemed satistied to the extent that the reyuired coverage is provided by the Owners Association poGcy. Borrower shall give Lender prompt notice of any lapse in required hazard insurance coverage. In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to the Property, whetiier to the unit or to common elements, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender for applicatio~ to the sums secured by the Security Instrumeat, with any excess paid to Borrower. C. Public Liaaility Insurance. Borrower shall take such actions as may be reasonable to insure that the Ow~ners Associatio:. maintains a~ublic liability insurance policy acceptable in form, amount, and extent of coverage to Lender. D. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower in connection with any condemnation or other taking of all or any part of the Property, whether of the unit or of the common elements, ot for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Leoder to the sums secured by the Security Instrument as provided in Uniform Covenant 9. E. Lender's Prior Consea~ Borrower shall not, except after notice to Lender and with Lender's prior written consent, either partition or subdivide the Property or conse~t to: (i) the abazdonment or ternunation of the Condominium Project except for abandonment or termination required by !aw 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 amendment to any provision of the Constituent Documents if the provision is for the express benefit of Lendtr. (iii) termination of professional management and assumpiion of self-management of the Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Owners ~ Association unacceptable to Lender. ' F. Remedies. If Borrower does not pay condominium dues and assessments when due, then Lender may pay them. Any amounts dis~ursed by I.ender under this paragraph F shali become additional debt of Borrower secured by the Secwity Instrument Unless ~ Borrower and L.ender agree to other terms of payment, these amounts shall beaz interest from the date of disbursement at the Nate ~ rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment ~ BY SIGNING B LOW, Borrower accepts ar.d agrees to the ter~ns ~nd provisions contained in this Condominium Rider. ~ . Q`~ ~ " ~ ti/ M ~ ~ <n/"~ ~ Ca.AJI/J~--~ H Z W. RRAUSE ~B°"°'Me' LIESELOTTE RRAUSE ~ ~ ~ - ~~260'7 ~ _4~~ a r: . . . fi FlLEC ° ROGER p _~~;K ~ ST. LUCIE CCl'N ~ ~ ~ ~ • ~ ~ t~~ ~95 ~~!~,!K ~t ~5 P~~F • • ~ :LT{STATE CONDOMlNIUM RIDER - s~ng!e F:,m:!y • FNMA/FHLMC UNIFORM INSTRUMENT Form 3140 12/83 .