Loading...
HomeMy WebLinkAbout0918 CONDOMINIUM RIDER THIS CONDOMINIUM RIDER is made this 15TH day of OCTOBER , 1985 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed o[Trust or Security Deed (the "Sccurity Inswment") of the same ~ date given by the undersigned (the "BaTOwer") to secure Bomower's Note to GDV FINANCIAL (:ORPORATION (the "Lender") of the satne date and coverina the Prooerri described in the Securitv Instrument and tocated at: 1540 SE ROYAL GREEN CIRCLE I205, PORT ST. LOCIE, F'L 33452 ~oo~r ~aa?es.~ - The Property includes a unit in, together with an undivided intercst in the common eleme~ts of, a condominium project known as: 1'11LtVi~1 LLA\.L~ ii f?rams of Condomin~xn Ra~1) (the "Condominium Project"). If the ovmers association or other entity which acts for the Condominium Project (the "Ovmers Associ- ation") holds dde to property for the bcnefit or use of its members or shareholders, the Property also includes Borrower's interest in the Owners Association and the uses, proceeds and benefits of Borrower's interest CONDOMINIUM COVENANTS. In addition to th~ covenants and agreemenu made in the Security Instrument, Barower and l.ender further covenant and agne as foilows: A. Condominium Obligationa Borrower shall perform all of Borrower's obligations under the Condominium Project's Constitueat Documenu. The "Coastituent Documents" are tha (i) Declaration or any other document which creates the Condominium Project; (ii) by-laws; (iii) code of regulations; and (iv) other equivalent documenu. Bornower shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents, B. Hazard Insurance. 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 which provides insurance coverage in the amounts, for the periods, and against the hazards Lender requires, including fire and hazards included within the term "extended coverage," then: (i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one-twelfth of the yearly premium installmenu for hazard insurance on the Property; and (ii) Bomower's obligadon under Uniform Covenant S to maintain hazard insurance coverage cx? the Property is deemod satisfied to the extent that the required coverage is provided by the Ovmers 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 tieu of restoration or repair following a loss to the Pmperty, whether to the unit or to common elemenu, any proceeds payable to Borrower are hereby assigtzed and shall t~e paid to I.ender far application to the sums secured by the Secwity Instrument, with any excess pajd to Borrower. C. Publie L3ability Insurance. Borrower shall take such actions as may be reasonable to insure that the Ow~ners Association maintains a public liabi6ty 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 oonsequential, payable to Borrower in connection with any coademnation or other taking of all or any part of the Property, whettier of the unit or of the common elements, or for any conveyance in Geu of condemnation, aze hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Instrument as provided in UniForm Covenant 9. E. Leader's Prior Consent Borrower shall not, except after notice to Lender and with I.ender's prior written ccx?sent, either partition or subdivide the Property or consent to: (i) the abandonment or termination of the Condominium Project except for abandonment or termination required by Iaw 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 amend~nent to any provision of the Constituent Documents if tt?e provision is for the express benefit of Lender, i (iii) ternunation of professional management and assumption 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 i Association unacceptable w L,ender. ! F. Rtmedies. If Borrower does not pay condominium dues and assessments when due, then Lender may pay them_ Any amounts disbursed by Lendtr under this paragraph F shall 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 , rate 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 Condominium Rider. ~ . ~ ` K EV IN L. RI ~8or~ ~ ~ -ea.~. •ea.~. ~ ~~s r,~v -1 P 2 :06 ~ ~ F~:. ; Rt~S~r: ~ . ~ ST. LUCIz ~ . , . . I F ~ ~'31343 ~ ~ ac~x 4$~ PacE ~1~. t JLTISTATE CONDOMINIUM AIDER - s~ngle Fam+ry - FNM~/FMLMC UNIFORM INSTRUMENT Form 3140 12/83 ~ g ~