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HomeMy WebLinkAbout0955 3/%U 1 I , ~ ' CONDOMINIUM RIDER THIS CONDOMINIUM R1DER is made this 19~ dayof Q(,°j'Q$~ , t9 $5 , and is incorporated into ~ and shall be deemed to amend and supplement the Moctgage, Deed of Trust or Sa:urity l~eeti ~tiie "~ccuriiy i?u'uw~~c,-~: ~o:=.:~ date given by the undersigned (the "Barowcr") to secun Borrower s Note to GDV FINANCIAI, CORPORATION (the "Lender") - of the same date and covering the Property described in ~he Security lnstrument and located at: 1540 5.E. ROYAL GREEN CIR. I108, PORT ST, LUCIE, FL 33452 l~oo~b Adorsal The Property includes a unit in, together with an undivided interest in the common elements ot; a condominium projtct Icnown as: MIDPORT PLACE II (NSiro Of Condortdrxm Rqsctl (the "Condominium Project"). If the owners assoeiation or othtr entity which acts for Ux Condominium Project (the "Owners Associ- ~ ation") hoWs tide to property for the benefit or use of its members or shareholders, the Property also includes Borrower's interest in the i Owners Association and the uses. Proceeds and benefits of Borrower's interest CONDOMITIIUbi COVENAMS. In addition to the covenants and agreements made in the Security Instrument, Bormwer and Lender further covenant and agree as follows: A Condominium Obligadons. Borrower shall perform all of Borruwer's obligations under the Condominium Project's Constituent Documents. The "Constituent Documents" are the: (i) Ueclarati«i or any other document rvhich creates the Condominia.m Fm;rcc (iit bv-laws; (iii) code of regulations; and (iv) other equivalent documents. Borrower shall prompdy pay, when due, all duas and assessments imposed pursuant to the Constituent Documents. B. Nazud Insurance. So long as the Ovmers Associadon maintains, with a generally accepte~ insurance carrier, a"master" a"bianket" policy on the Condominium Project which is satisfactory to Lender and which provides uuurance coverage in the amounts, for the periods, and against tt?e hazards I.ender requires, including fire and hazards included within the teem "exttnded coverage," then_ (i) I.ender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one-twelRh ot'the yeariy premium installments for hazard insurance on the Property, and (ii) Borrower s obligation under Uniform Covenant 5 to maintain haza?~d ins~uance coverage on the Property is deemed satisfied to the eztent that the required coverage is pro~~ded by the Owners Association policy. Bortower shall give Lender 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 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 I.ender for application to the sums secured by the Security Instrument, with any excess paid to Borrower. C. Public Liabitity Iasuranee. Borrower shall take such actions as may be reasonable w insure that the Ownera Associatioe maintains a public liability insurance policy acceptable in form, amount, and extent of~ coverage to Lender. n f'..n~frmnarioe. The proceeds of any award or claim for damages, direct or oonsequeniial, payable to Borrower in connection witti any condemnation or other taking of ali or any part of the Property, whether of the unit or of the common dem~nts, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be apptied by I.ender to the sums secured by the Security Instrvmeat as provided in Uniform Covenant 9. E. Lender's Prior Consen~ Borrower shall not, except after nodce to Lender xnd with I.ender's prior written consent, either partition or subdivide the Property or consent to: (i) the abandonment or temunation of the Condominium Project ezcept for abandonment or termination required by law -.L-_ ~a~e ~f a takina by condemnation or emirxnt domain; lIl i.I1C CBSC OI SUbSt$IIU81 aCSUU~.uvu uy iuc v. v...... _ (ii) any amendment to any provision of the Constituent Documents if the provisiort is for the eapress bznefit of I,ender, (iii) te~mic?ation of professional management and assumptiao of self-management of the Owners Association; or (iv) any action which would have the effect of renderir~g the public liability insurance coverage maintained by the Owners Association unacceptabte to Lender. ~ F. Reraedies. If Borrower does not pay condominium dues and assessments when due, then Lender may pay them Any amounu disbursed by Lender under this paragraph F shall become additional debt of Borrower secured by the Seeurity Instrument UNess Borrower and Lender agree to other terms of payment, these amouncs shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon nodce from L.ender to Borrower requesting paymenL BY SIGNING BELOW, Borrower accepts and agrees to the terms and pro~lsions contained in this Gondominium Rider. ~ Q~t1', 2~9 Q,~'~~ v~~~ ~'Y~~¢n~ -e«.~ ~TTO L. WALLEND ESTHER WALLEND -e~~ •e~~ ~~~0'~ -1 P 2 :19 F RC.~~~, : sT. ~u~.: ao`~48~ ~acE '731356 t 1LTIST~TE CONDOMiNlUM RIDER - S~ngte Fam;rf - FHMA/FHLMC UNiFORM INSTRUMENT Form 3140 12/83 , . . . . : ~ . . ~ , ~ . _ _ . _ - .