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Home My WebLink About0934 , ~ ~ CONDO~ViIN.IUM RIDER THIS GONDOMIN[UM RiDER is made this 11TH daY ~ NQVBMBSR .1~ 85 ,~d is incorporated into and shall be deemed to amend and supplement the Mortgage, Deod of Trust or Security Deed (the °'Security Instrument") of the same dute given by the ~wdersigned (the "Bomower") to secun Borrower's Note to GDV FINANCII,L CORPOIt~TION t~ of the same cLte and covering the Property described in the Security 1nsUvment and located at: 1565 SB ROYAL GRSSN CIRCLS A202, PORT ST. LOCIE, FL 33452 ~vropsny ~aa?..q The Property includes a unit in, together with an undivided intenst in the common elements of, a condominium project known as: MIDPORT PLACS II (?~m. a c«Womn..n Rqsct) (the "Condominium Project"). If t6e ovmers uso¢iation or other entity which acts for the Condominium Project (the "Owners Associ- saon") holds title to property for the benefit or use of its membtrs or sharehalders, the Property also includes Borrower's interest in the Owners Associatioa and the uses, proceeds and beaefits of Borrower's interest CONDOMINIUM COVENANTS. In addition to the corenants and agreements made in the Security Instrument, Borrower and Lender~ further oovenant and agree as follows: A Con~minium Obligadons. Borrower shaii perform aU of Borrower's obGgations w~der the Condominium Project's Constituent Documenu. The "Cocutituent Documents" are tha ( i) Declaration or any other document which creates the Coodominium Project; (u) by-laws; (ui) ~;ode of regulations; and (iv) other equivalent documenu. Borrower shall prompdy pay, wfien due. all dues and assessments imposed pursuant to the Constituent Documents. B. Hazard Iaaurance. So long as the Owners Association maintains, with a generaily accepted insurance carrier, a"master' or "blacilcet" policy on the Condominium Project which is satisfactory to Lender and which providos insurance 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 montlily payment to Lender of one-twelfth of the yearly premium installments for hazard insurance oa the Property, and (u) Borrower's obligation under Uniform Covenant S to maintaia hazard insurance coverage on the Property is deemed satisfied to the extent that ihe required ooverage is provided by the Owners Association poticy. Borrower shall give Lender prompt notice of any Iapse in required hazard insurance coverage. In the event of a distribution of hazard insuremx proceeds in lieu of rostoration or repair following a loss to the Property, whether to the unit or W comrtwn elements, any proceeds payable to Borrower are hereby assigne~ and shall be paid to L.ender for application E to the sums secund by the Seciuity Instrumeat, with any excess paid to Borrower. ~ C. Pubtic liability Inaurance. Borrower shall take such actions as may be reasonable to insure that the Owners Associadon maintains a public 6abi6ry iasurance policy acceptable in form, amoun~ and eztent of coverage to Lender. D. CO[1~tiii~i~t18.'i. 'Ttze procee3s ot' aay award or claim for damag~es, direct or consequential, payable to Borrower in oonnection with any condemnation or other taking of all or any part of the Pro~erty, whether of the unit or of the common elements, or for any conveyance in lieu of condemnatian, are hereby assi~ned and shall be paid to Lender. Such proceeds shall be appiied by Lender to the sums secured by the Security Instrument as provided in Uniform Covenant 9. E. Lender's Prior ConaenL Borrower shall not, except after notice to Len~r and with I.ender's prior written conseat, either partition or subdivide the Property or consent to: ~ (i) the abanaonment or termination of the Condominium Project except for abandonment or ternunation required by law in the case of snbstantial destruction by nre or other casualty or in the casa of a taking by condemnation or eminent domain; lii) any amendment to any provision of the Constituent Documents if the provision is for tl~e express benefit of Lender, (iii) termination of professiona! management aad assumption of self-management of the Owners Association; or (iv) any action which woald have the effect of rendering the pubGc liability insurance coverage maintained by the Owners ~ Association unacceptable to Lender. . PaY coodominium dues and assessments when due, then Lender maY PaY them Any amounts ~ F. Remediea. If Borrower dces not disbursed by L.ender under this paragraph F shall become additional debt of Borrower secured by the Sscurity Instnunent Unless ~ Borrower a~ Lender agree to other terms of payment, these amounts shall bear interest from th~ date of disbursement at the Note rate and shall be payable, with inurost, upon notict from Lender to Borrower requesting paymen~ BY SIGNING BELOW, Borrower accepts and agrees to the terms acid provisions contained in this Condominium Rider. . , G%l C~~-~t DIETER DBERT -BOroi""` RARIN HDBERT ~O"°'"°' -e«.~. -sa.~. ~ t~V 21 A9 ~ 1 ~ _ . ~ FILE ~ ~ ~ . _ . ROG"tR t L . , ST. IUCi~ - . r ~ ~ ~;~~s~ ~ y32 ~ a~~~X 4~~ PaUE ~ . ~ ~ ~ ~ ~ f 1LTISTATE CONDOMINIUM RIDER • S~ng;e F;-n~N • FNMA/FHLMC UNIFORM INSTRUMENT Form 3140 12/83 ~ ~ . - :.~..-:y . ~ . _ - - . _ . . . ~-'i - - . . . . . -