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HomeMy WebLinkAbout0995 3 ~ ~ 2- . ~ CONDOMINIUM RIDER TNIS CONDOMINIUM R1DER is made this 8TH day of OCTOBER , 19 85 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of 7'rust or Security Deed (the "Security Insuument") of the same date given by the undersigned (the "BoROwer') to securc Borrower's Note to GDV FINANCIAL CORPORATION (the "L.ender") of the same date and covering the Property described in tha Secwity Instrwnent and located at: 1500 SE ROYAL GREEN CIRCLE A101, PORT ST. LUCIE, FL 33452 ~•ao«~r ~oo~eas? The PropeRy includes a unit in, together with an undivided interest in ihe common elements of, a condominium project known as: MIDPORT PLACE I ~wn,s d c«~aomnK.n v?qett, (the "Condominium Project"). If the owners association or other entity which acts for the Condominium Project (the "Owners Associ- ation") holds tide to property for the benefit or use of its members or shareholders, the Property also includes Borrower's interest in the Owners Association and the uses, proceeds and benefits of Borrower's interesG CONDOMINIUM COVENANfS. In addition to tho covenants and agreements made in the Security Instrument, Borrower and Le~er further covenant and agrce as follows: A Condominium Obl~gaaoaa Borrower shall perform all of Rorrower's ob6gations under the Condominium Project's Constituent Documents. Tht "Constituent Documents" are the: (i) Declaration or any other document which creates the Condominium Project; (ii) by-Iaws; (iii) code of regulations; and (iv) other equivalent documents. Borrower shall prompdy pay, when due, all dues and assessments imposed pursusnt to the Constituent Documents. B. Huud Insurance. So Icx~g 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 inswance coverage in the amounts, for the periods, and against the hazards I.ender requires, including fire and hazards included within the term "extended coverage," then: (i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one-twelfth of the yearly premium installments for hazard insurance on the Property; and (ii) Borrower's obligation under Uniform Covenant 5 io maintain hazard insurance coverage on the Property is deemed satisfied to the extent that the required ooverage is pro~7ded by the Ovmers Association policy. Borrower 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 Collowing a loss to the Property, whether to the unit or to common elements, any proceeds payable to Borrower are heroby assigned and shall be paid to Lender for application to the sums secured by the Security Instrument, with any excess paid to Borrower. C. Publie Liability Insuranee. 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 L.ender. D. Condemnatioa. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower in connection with any condemnadon 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 lieu of condemnation, are hereby assigned and shall be paid to I.ender. Such proceeds shall be applied by Lender 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 to Lender and with L,ender's prior written consent, either partition or subdivide the Property or consent to: (i) the abandonment or temtination of the Condominium Project ezcept for abandonment or terminauon required by law ~ in the case of substantial deswction by fire or other casualty or in the case of a taking by condemnation or eminent domairs; ~ (ii) any amendment to any provision of t~e 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 effect of rendering the public liability insurance coverage maintained by the Owners ~ Association unacceptable to Lender. ~ F. Remtdies. If Borrower does not pay condaminium dues and assessments when due, then I.ender may pay them. Any amounts disbursed by Lender under this paragraph F shall become additional debt of Borrow~r secured by the Security Instrument Unless ~ Borrower and Lender 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 I.ender to Borrower requesting payment_ BY SIfiNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this Condominium Rider. ? % RICHAR AH D SUS AHOUD. -8or°"~°` ~ - ~ . RAY R UD MARILY RAH UD ~B°`r°~"'~ ~ ~ s ~ ~:~V -1 P2:30 F~~ R::~~r-; ~ . ~~~A~ ~ ST. ~ui,t~ duul(`~O~ WGf ~ '~313'70 MULTlSTATE CONDOMINIUM RIDER - single Fam~h,r - FNMA/FHLMC UNIFORM INSTRUMENT Form 3140 12/83 _ e..: : . _ . _ . . _ .