HomeMy WebLinkAbout0989 CONDOMINIUM RIDER
THIS CONDOMINIUM RiDER is made this 25T8 day of Q~Q$$R , 19 g~j , and is incorporated into
and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Securicy Deed (~he "Security Instrument") of the same
data given by t!k undersigned (the "Borrower") to secure Borrower's Note to
GDV FINANCIAL CORPORATION (the "Lender")
of the same date and covering the Property described in the Security Instrument and located at:
1554 S~ ROYAL GRESN CIRCLB N104, PORT ST. LOCIE, FL 33452
I~oD~b Addressl
The Property irtcludes a unit in, together with an undivided interest in the common elements of, a condominium project known as:
1r1I DPORT PLACE I I
(wme a ca,aom.~wm Rwea~ ~
(the "Condominium Project"). lf the owners association or other entity which act~ for the Condominium Project (the "Owners Associ-
ation") holds tide to property for the ber.efit or use of its memberc or shareholders, the Property also includes Bornower's inurest in the
Owners Associaaon and the uses, proceods and benefits of Bort~ower's interest
CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower
and Lender further covenant and agree as follows:
A Coadomiaium 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; (ii) by-laws: (iii) code of regulations; and (iv) other equivalent documents. $orrower shall prompdy pay, when due, all dues and
assessmenis imposed pursuant to the Constiment Documents.
B. Hazard Insurance. 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 W Lender and which provides insurance coverage in the amounts,
for the periods, and against the hazards Lender requires. including fire and fiazards included within the term "extended coverage," then:
(i) Lender waives the provision in Uniform Covenant 2 for ihe monthly payment to L.ender of one-tweifth of the yeazly
premium installments for hazard insurance on the Property, and
(ii) Barowe~s obligation under Unifortn Covenant 5 to maintain huard insurance coverage on the Property is deemed
satisfied to the extent that the required coverage is provided by the Owners Associstion policy.
Borrower shall give Ixnder 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 comman elements, any proceeds payable io Borrower are hsreby sssigned and shall br paid to Lxnder for applicatic.+n
to the sums securod by the Secwity Instrument, w~th any excess paid to Borrower.
C. Public Liability Insurance. Borrower 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 extent of coverage to Lender.
D. Condemnation. The proceeds of' any award or claim for damages, direct or oonsequential, payable to Borrower in rnnnection
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 shall be paid to Lender. Such proceeds shall be applied by Lender to the
sums secwed by the Security Inswment as provided in Uniform Covenant 9.
E. Lender's Prior Consen~ Borrower shall nat, except after notice to I.ender and with Lender's prior written consent, either
partilion or subdivide the Propert~+ or consent to:
(i) the abandonment or tem~ination of the Condominium Project except for abandonment or te~mination required by Iaw
in the case of substantial desuuction 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 managemenL and assumptian of self-management of the Owners Association; or
k (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Ovmers
~ Association unacceptable to Lender.
! F. Remsdies. If Borrower dces not pay condominium dues and assessments when due, then Lender may pay them. Any amounts
disbursed by I.ender under this paragraph F shall become additional debt of Borrower secured by the Security Instrument Unless
~ Borrower and I,ender agree to other terms of payment, these amounts shail bear interest from the date of disbwsement at the Note
~ rate and shall be payable, with interest, upan nntice from L.ender to Borrower requesting payment
~ BY SIGNING BELOW. Borrower accepts and agrees to the terms and provisions contained in this Condominium Rider.
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