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HomeMy WebLinkAbout0936 , . , / v ~ CONDOMINIYJM RIDEIt ~ TH[S CONDOMIN[UM RIDER is made this ],STH day of pC'1'Qg~ , t985 . and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deai of Trust or Security Decd (the "Security lnswment") of the same date given by t!u undersigned (tht "Bonower") to secure Borrower's Note to GDV FINANCIAL CORPORATION (thc "Lender") of the same date and covering the Property described in the Security lnstrument and located at: 1500 SE ROYAL GRSEN CIRCLE A208, PORT ST. LOCIE, FL 33452 ~v.aoertr ~ea~sss? The Property includes a unit in, togethor with an undivided interest in the comnwn elements of; a condominium project known as: PlIDPORT PLACE I ' (Nems d conoomw~m Ro~ec+) (the "Condominium Project"). If the owners association or other entity which acu for the Condominium Project (the "Owners Associ- ation 'a holds tide to property for the benefit or use of i~s members or shareholders. the Property also includes Borrower's interest in the Owners Association and the uses, pmceods and benefits of Borrower s~nteres~ CONDOMINIUM COVENAIVTS. In addition to the covenants and agreements rnade in the Security Instrument, Bo~rower and Lender further covenant and agree as follows: . A. C~ndominium Obligations. Borrow~er shali perform aq of Borrower s obligations under the Condominium Projsct's Consdtuent Documents. The "Cansdtuent 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, all dues and assessments imposed pursuant to the Constituent Documents. B. Hazard Insurance. So long as the Ovmers Association maintains, with a generally accepted insurance carrier, a"master" or "blanket" policy on the Condominium Project which is satisfactory to Lencier and which provides insurance coverage in the amounts, for the periods, and agsinst the hazards I.e~~ *M,~~~s, ~~chui~ne fire and hazarcLs included within the term "extended coverage,,, then: (i) L.ender waives the provision in Uniform Covenant 2 for the monthly payment to I.endcr of one-twelRh of the yearly premium installments for hazard insurance on the Property; and (ii) Borrower's obtigation under Uniform Coveoant S to maintain hazard insurance coverage on the Property is deemed satisfied to the extent that the required coverage is provided by the Owners Association policy. Borrower shall give I.ender prompt notice of any lapse in required hazard insurance coverage. In the event of a distribution of hazard insurance proceeds in Geu of restoration or repair following a loss to the Property, 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 Security Instrument, with any excess paid to Borrower. C. Public Liability Insuranee. Borrower shall talce such actions as may be reasonable to insure that the ~wners Association maintains a public liabiliry insurance policy acceptable in form, amount, and.extent of caverage to I.ender. D. Condemnatioa. The proceeds of any awazd or claim for damages, direct ar oonsequential, payable to Borrower in connection with any condemnation or other taking of all or any part of the Property, whether of the unit or ot tne common eiemenLS, or ior a,~y conveyance in liea of condemnation, are hereby assigned and shall be paid to L,ender. Such proceeds shall be applied by L.ender to the sums secured by the Security Instrument as provided in Uniform Covenant 9. E. I.ender's Prior ConsenG $orrower shall not, except after notice to Lender and with Lender's prior written consent, either partition or subdivide the Property or consent ta (i) the abandonment or termination of the Condominium Project except for abandonment or termination required by law 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 Documenis if the provision is for the express benofrt of Lender, (iii) termination of professional management and assumption of self-management of the Owners Association; or (iv) any actioa 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. My amounts disbursed by Lender under this parsgraph F shall become addicional debt of Borrower secured by the Security Instrumen~ Unless Borrower and Lender agree to other tertns 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 SIG~IQG BELOW, Borro r ac ts and agrees to the terms and provisions contained in this Condominium Rider. i V ? G~ JOSEP ,'F. ATQ MARY L. FI ? _ -B«TOM~9~ -e«.W.O. ~~5 ~ ~~r -1 P 2 :11 E ~ ' RCGE~~, ST. LUGI~ . ° '731349 6UOK 481 eAUf s sLTISTATE CONDOMIfvIUM RIDER - s~ng!e Fam:r,~ - FNMNfHLMC UNIFOAM INSTRUMENT Form 3140 12/83