HomeMy WebLinkAbout0949 . 31~D
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CONDOMINIUM RIDER ~
TH1S CONDOMINIUM R1DER is made this 17TA day of OC'1'OBhR , 19 $5 , and is incorporated into
and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security De~d (the "Security Instrument") of the same
date ven b_~r -th_~e undersigned (the "Borrower') W sccure Borrower's Note to ~
GD~ FINANCIl~1L CORPORATI4N (the "Lender") t
of the same date and covering the I'roperty describ~d in the Security Instrument and located at:
1533 SS ROYAL GRESN CIRCLS C106, PORT ST. LOCIE, FL 33452
c~ooe~er ~aer.ss,
The Property includes a unit in, together with an undivided interest in the comm~n elements of, a condominium project known as:
MIDPORT PLACB II
cr~rro a C«,oomrwr, a.opee~ •
(the "Condominium Project"). If the owners association or other entity which acts for the Condominium Ptnject (the "Owncrs Associ-
atien") holds tide to property for the benefit or use of its members or sharehofders, the Property also includes Borrower's interest in the
Owners Association and the ~ues, proceeds and benefiu ot Bor.~wer's intenst
CONDOMINIUM COVENANfS. In a~ition to the cove~ants and agreements made in the Security Instrument, Bamwer
and Lender further covenant. and agrce as follows:
A Condominium Obligatioas. Borrower shall perfoRn all of Bomower's obligations under the Condominium Project's
Constituent Documents. The "Consdtuent Documents" are the: (i) Declaration or any other document which creaus the Condominium
Project; (ii) by-laws; (iii) code oFregulations; and (iv) other equivalent documents. Borrower s; al! prompdy pay, when due, all dues and
azsessments impo.sod pursuant to the Constituent Documents.
B. Huard Insutance. So lang as the Owners Association maintains, with a generally accepted insurance carrier, a"master'
or "blanket" policy on the Condominium Project which is satisfactary to I.onder and which provides insurance covera~e in the amo~nts,
for the periods. and against the hazards Lender requires, including fire and hazards included within the term "extended coverage," then:
(i) Lender waives thc provision in Uniform Co~enant 2 for the monthly payment to L,ender of ono-twelfth of the yeariy
premium installments for hazard insurance on the Property, and
(ii) Borrower s obligation under Uniform Covenant S to maintain hazard insurance coverage on the Property is deemed
satisfied w the extent that the required coverage is provided by the Owners Assaciation policy.
Borrower shall give [.ender 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 fotlowing a loss to the Property, whether
to the unit or to common elements, any proceeds payable to Borrower are hercby assigned and shall be paid to Lerider for application
to the sums secured by the Security instrument, wiih any excess paid to Borrower.
C. Public Liability Insurance. Borrower shall take such actions as may be rcasonable to insure that the Owners Association
~ mainiains a public liability insurance policy acceptablt 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 condemnation or other taking of ail or an~~ part of the Property, whether of the unit or of the common elements, or for any
conveyance in lieu of condemnation, are hereby assignod and shalk be paid to Le~er. Such proceeds shall be applied by Lender to Yhe
sums secwed by the Security Instrument as provided in Uniform Covenant 9.
E. Lender's Prior Consen~ Borrower shall not, except after notice to L.ender and with Lender's prior written consent, either
partiaon or subdivide the Property or consent to:
(i) the abandonment ar temunation of the Candominium Project ezcept 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 Documents if the provision is for the express benefit of Lender,
(iii) tertnination 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
Association unacceptable to Lender.
F. Rem~dies. If Borrower does oot pay condominium dues and assessments when due, then L,ender may p$y them. Any amounts
disbursed by Lender under this paragraph F shall become additional debt of Borrower secured by the Security Iastrument Unfess
Borrower and Lender agree to other terms of payment, these amounts shall bear intcrest frnm the date of disbursement at the Notc
rate and shs11 be payable, with inierest, upon notice from L,eruler to 8orrower requesting paym.nt.
BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this Condominium Rider.
/ ~„~+~~'L.~ ~
HERBERT V. UNDA 'eoro"i°' CAROL R. DUNDAS '8ortoi"a'
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t ~LTISTATE CONDOMINIUM kiIDER - s~~g!e Fam~~r - FNMAlFHLMC UNIFORM INSTRUMENT Fotm 3140 12/83
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