The URL can be used to link to this page

Home My WebLink About0961 ~l ~ / ~ CONDOMINIUM RIDER THIS C'ONDOMINIUM RIDER is made this 17TH day of OCTOBER , 19 85 , and is incorporated into a•,d shali be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed (the "Secunty Instrument") of the same date given by the undersigned (the "Bomower") to secure Borrower s Note to GDV FINAPICZAL CORPOR~TION (ehe "Lender") t of the same date and covering the Propecty described in the Security Instrument and located at: 1540 SS ROYAL GREBN CIR. I-104~ PORT ST. LOCIE~ FL 33d52 cP.ooe~+r ~aars,s? The Properry incl~des a unit in. together with s+n undivided interest in the common elements of, a condominium project know~n as: MI DP'ORT PLACE I I ~wrt+. a c«,ao~.~+ ~?o~~ (the "Condominium Project"). If the owners association or other endry which acts for the Condominium Project (the "Owners Associ- ation") hoids tide to property for the benefit or use of iu members or shareholders. the Property also includes Borrower's interest in the Owners Association and the uses, proceeds and benefits of Borrower s interest CONDOMINIUM COVENAM'S. In addition to the covenants and agreements made in the Security Inswment, 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; (ui) code of regulations; and (iv) other equivalent docwnents. Bomower shall prompdy pay, when due. all dues and azsessments imposed pursuant to the Constituent Documenu. B. Hazstd Insuru~ce. So long as the Owners Associadon rnaintains, with a generally accepted insurance carrier, a"master" or "blanket" policy on the Condominium Project which is satisfactory to Lender and which provides inswance coverage in the amounu, ~ L' _J_ 7 _/.J_J . L~L:.. ~Le ~e.... ~~nvtnn~7.v~ n uroaa t~fYn• ~lN u!C ~RODS~ $[10 BgHlI1SI lI1C I1SZSfLLS LCIKICI iCywic~~ utc~uaiiii6 ii:~ a;w; :i~d:..:.a::. : :~.~..~a :c_ucc _c_ - ~ ~ - (i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to I.ender of one-twelfth of the yearly premium installmenu for hazard insurance on che Property; and (ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemed satisfied to the extent th~t the required c:overage 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 disvibution 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 Lender for application to the sums secured by the Security Instrument, with any excess paid to Borrower. C. Public Liability Insurance. Bomower shall take such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, amount, and eztent of coverage to Lender. D. Condemaation. The proceeds of any award or claim for damages, direct or oonsequential, payable to Borrower in connection with any condemnation or othec talcing of all or any pui 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 shall be applied by L.ender to the sums secured by the Security Instrument as provided in Uniform Covenant 9. ~ E. Lender's Prior Consen~ Borrower shall not, except after notice W Lender and with Lender'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 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 amec~ment w 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 eti'ect of render~ng the public liability insurance coverage maintained by the Owners ~ Association unacceptable to Lender. F. Remedies. If Borrower dces not pay condominium dues and assessments when due, then Lender may pay them. Any amou~its ~ disbursed by Lender under this paragraph F shall become additional debt of Borrower secured by the Security Instrument Unless Borrower and L,ender agree to other terms 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 SIGNIN BELOW Borrower accepts and agrees to the terms and proY-isions contained in this Condominium Rider. ~ ~ ~ v/ ! OHN V. HALLDIN, SR. Y . A~LLDIN ~g°"°"~ -e«« -ea.~ ~ G~ ~,J`~ -i P2:20 t t ~ ~ . t ~ ~ 1 ~ P~.G~~,~ : : ST. LUCI_- ~ ~ '~31358 ,}KQ ~~E g54 600K. ~O~ ~ MULTISTATE CONDOMINIUM RIDER - s~ng~e Fam~iy - FNMA/FHLMC UNIFORM INSTRUMENT Form 3140 t2/83