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Home My WebLink About0930 - 3l?~ ~ i ~ ~ CONDOMINIUM RIDER ~ THIS CONDOMINIUM RIDER is made this 19T8 day of OCTOBER , ~9 85 , and is incorporated into and shaU be deemed to ame~d and supplement the Mortgage, Deed of Trust or Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrowor") to secure Bomower's Note to GDV FINANCIAL CORPORATION (the •'Lender") of tt?e same date and covering the Proper:y describcd in the Security Instrument and iocated at: 1538 SE ROYAL GREEN CIRCLE H2O3, PORT ST. LUCIF, FL 33452 cP?ao«tv ~ea..,.~ "fhe Property includes a unit in, togeiher with an undivided interest in the common elements of, a condominiu~*~ project know~n as: MIDPORT PLACE II ~e a c«~ao~,~~, a.qec~~ (the "Condominium Project"). If the owners association or other entity which acts for the Condominium Project (the "Owners Associ- ation holds tide to property fa the benefit or use of its members or sharcholders, the Property also inctudes Bomower's interest in the Ovmers Association and the us~s, pruceeds and bene6ts of Bomower's interost. CONDOMINIUM COVENAIV'TS. In addidon to the covenants and agreements made in the Security Instrument, Bormwer and Lender further covenant and agre~e as follows: A. Coadominium Obligations. Borrower shall perform all of Borrower's obligadons under the Condominium Project's Constituent Documents. The "Constituent Documents" are the; (i) Declaration or any other document which creates the Condominium Project; (u) by-laws: (iii) code of regulations; and (iv) other equivalent documents. Borrower shall prompdy pay, when due, ~II dues and assessments imposed pursuant to the Constituent Documents. B. Huard Iasurance. So ?ong 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 insurancx coverage in the amounts, for the periods, and against the hazacds L.ender requires, including fire and hazards included within the term "extended coverage," then: (i) I.ender waives the provision in Uniform Covenant 2 for the monthly payment to Lender ot' one-twelfth of the yearly premium installmenLs for hazard insurance on the Property, and (ii) Bomower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemod satisfied to the extant that the required coverage is provided by the O~mers Association policy. Borrower shall give Lender ~x+ompt 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 PropeRy, whether to the unit or to common elements, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender for application to the sums secured by the Securiry Instrumeat, with any excess paid to Borrower. C. Publie Gability Insunnca Borrower shaU take such actions as may be reasonable to insure that the Owners Association maintains a pubtic liabi6ty insurance poticy acxeptable in form, amount, and extent of coverage to Lender. D. Condemnatioa. The pr+oceeds of any award or claim for damages, direct or consequential, payable to $orrower 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, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shaU be applied by Lender to the sums secured by the Security Instrume~t as provided in Uniform Covenant 9. E. Lender's Prior Coasent Borrower shall not, except aRer notice to Lender and with L.encfer's prior written consent, either partition or subdivide the Property or consent to: (i) the abandonment or termination of the Condominium Project except for abandonment ar tertnination required by law in the case of substantial deswction by fire or other casualty or in the crse 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 o!' Lender, (iii) termination of professional management and assumption of self-management of the Uwners 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. Reenedies. If Borrower does not pay condominium dues and assessments when due, then Lender may pay them. Any amounts disbursed by Lender under this paragraph F shall become additional debt of Borrower secared by the Security Instrumeni. Unless Borrower and I.ender agree to other terms of payment~ these amounts shall bear interest from ihe date of disbwsement at the Note rate and shall be payabte, with interest, upon notice from Lender to Borrower requesting payment BY SIGNING BELOW, Borrower accepts and agees to the terms and provisions contained in this Condominium Rider. / HRI TOP R WILLIAM MATHER ME ANIE ACHTENBERG THER ~eoro"M°~ i ~ ~ ~ -e«.~ ,c~ ~e~-,c.c.e.~ ~x-.~-~ ~Yt~~ '85 ~+OV -1 P 2 :10 Fi~ . ' ~-7 ROG~~ ~ ST. LlIC1: gQ~K FaGf ~'3134'~ MULTISTATE CONDOMINIUM RIDE~R - S~ng~e Fam~ly - FNM/VFHLMC UNIFOHM INSTRUMENT Form 3140 12/83 - ~ _ - - ~ " -