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HomeMy WebLinkAbout0943 ~~~o CONDOMINIUM RIDER THIS CONDOMINIUM RIDER is made this 12T8day ~ OCTOHER ~~9 85 , and is incorporated into and shall be deemed to amend and supplement the Mongage, Deed of Trust Sc;,u "c~~„~~; !~st~!me~t••) of the same date given by the undersigned (the "Bomower") to secure Bomower's Nou to GDV FINANCIAL CORP0~11viv (the "Lender') of the same date and covering the Property described in the Security Instrument and located a: 1535 SE ROYAL GREBN CIRCLB D101, PORT ST. LUCIE, FL ~3452 ~.ooa+r ~da?.ss? The Property includes a unit in, together with an undivided interest in the common elements of, a condominium project known as: MIDPORT PLACE II ~r~ame a conaomr,,.++ Pro~sc+? ~uw "~a~i.w,~iwuu~u iivja.~i"j. :;~e o~ners ~sociation or other entity which acts for the Condominium Project (the ~~Owners Associ- ation") holds tide W property far the benefit or use of its members or shareholders, the Property also includes Borrower's interest in the Uwners Association and the uses, proceeds ana Denetits of isomower s interesi. CONDOMINIUM COVENANTS. In addition to the covenanis and agreements made in the Security lnstrument, Borrower and Lender further covenant and agree as follows: A. Condominium Obligations. Borrower shall perform all of Borrower s obligations 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 regulatia-is; and (iv) other equivalent ciocuments. Borrower shall prompdy pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. B. Huud Insurana. 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 hazazds L.ender requires, including fire and hazards included within the term "eztended coverage," then: (i) Lender waives the pmvision in Uniform Covenant 2 for the monthly payment to Lender of ono-twelfth of the yearly premium installments for hazatd insurance_ on the Property, and (ii) Bomower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemed satisfied to the extent that the required ooverage is provided by the Ovmers Association policy. Borrower shall give L,ender prompt notice of any iapse in required hazard insurance coverage. In the evont of a distribution of hazard insurance proceeds in tieu of restoration or repair following a loss to the Property. whether to the unit or to common elements, any prceeeds payable to Borroveer 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 take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance poGcy acceptahle 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, or for any conveyance in Geu of condemnation, are hereby assigned and shail be paid to Lender. Such proceeds shall be applied by I.ender to the sums secured by the Security Instrument as provided in Uniform Covenant 9. ~ E. L.ender'a Prior Consent Borrower shall not, except aRer notice to Lender and with Lender's prior written consent, either partition or subdivide the Prvperty a consent to: ~ (i) the abandonment or termination of the Condominium Project ezcept for abandonment or termination required by law ~ in the zase 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 Lender, ~ (iii) termination of professional management and assumption of self-management of the Owners Association; or (iv) any action which would have the eEfect of rendering the public liability insurance coverage maintained by the Owners ~ Association ur,acceptable to Lender. F. Remodies. If Borrower does not pay condominium dues and assessments when dser„ then Lencier may pay them. Any amounts ~ disbursed by Lender under this paragaph F shall become addidonal debt of Borrower secured by the Security Instrument Unless Bo~rower and L,ender agne co other terms of payment, these amounu 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. 1 , t.~---c.~, ~ . RI CHARD S. VE Z I NA , ~eoroiNe' PYRMA . VE Z I NA ~BortOWer -e«r~. -e«.~« ~ , 'r ~ i 1 ~ ~ f'~r 11 ~ o~ ;~OV 1 P2 ~15 K ~ - ~ S~ ~ F(~.~JLf\ • ST. ~ ~ a~'~ ~81 ~~U~ ~ ~ '~31352 MULTISTATE CONDOMINIUM RIDER - Single Fam~y - FHMA/FHLMC UNIFORM INSTRUMENT Form 3140 12/83 ~ _ . ~ _ .