HomeMy WebLinkAbout0940 COND~MINIUM ItIDER
~ THIS CONDOMINIUM RIUER is made this 28TH OCTOBSR 85 •
y . 19 , and is incorporated into
and shall be de~med to amend and supplement the Mortgage, Deed of Trust or Secwity Deed (the "Security Inswment") of the same
date given by the undersigned (the "Bornower") w secure Borrower's Note to ~
GDV FINANC~aiI, CORPORATION (the "l.ender")
of the same date and covering the Property described in the Security Instrument and located at:
1550 SE ROYAL GREBN CIRCLE,P203. PORT ST• LOCIE, FL 33452
taovny ~oa.ss?
The Property includes a unit ir., together with en undivided interest in the common elements oF, a condominium project knuvm as: }
IrII DPORT PLACE I I ~
pi~,,. a c«iaon+niun+ Ro;«,~ ~
i
(the "Condominium Project"). If the owners association or other entity which acts foc the Condominium Project (the "Owners Associ- i
ation") talds tide to pcopeRy for the bsnefit or use of its members or shaneholders, the Property also includes Borrower's interest in the
Owne.s Associatioa and the uses, proaods and beaefits of Borrower's intcrest
CONDOMINIUM COVENANTS. In addition to the covenants and agreemenu made in the Security Instrument, Borrower
and I.ender fiirther ooveoant and agree as follows:
A Condominium ObliQadons. Bomower shall perform afl of Borrower's ob6gations under the Condominium Project's
Constituent Uocuments. The "Consdtuent Documents" are the: (i) Declaradon or any other document which creates the Condominium
Project; (u) by-Iaws; (ui) code of ~+egulations; and (iv) other equivalent documents. Borrower shall promptly pay, when dce, all dues and
assessmenu imposed pursuant W the Constituent Documents.
B. Hazard Iasurance. So Iong as the Owners Association maintains, with a generally accepted insurance carrier, a"master"
a"blanicet" policy on the Ca~docninium Pnojec,-t which is satisfactory to Lender and which provides insurance coverage in the amounts,
for thc periods, and agaiiut the hazards Lender requir~s, including fire and hazarcls included within the term "extended coverage," then:
(i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of ono-twelfth of the yearly
premium installments for hazard insurance on the Property. ac~d
(ii) Borrawer's obligation under Unifo~m Covenant S to maintain hazard insurance coverage on the PropsNy is deemed
satisfied to the exunt that the required ooverage is provided by the Owners Association policy.
Borrower shall give Lender prompt notice of any lapse in required hazard iasurance ooverage.
In the event ot' a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to the Property, whether
to the unit or to comrtlon elements, any proceeds payable to Bomower are hereby assign~d 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. 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 eztent of coverage to Lender.
_ D. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower in oonnection
with any conde~nation or other taking of a!1 or any part of the Property, whether of the unit or of the common elements, or for any
conveyance in 6eu of condemnation, are hereby assigned and shall be paid to L,ender. Such proceeds shall be applied by Lender to the
sums secured by the Secwity Instrument as provided in Uniform Covenant 9.
E. Lender's Prior Consen4 Borrower shall not, except after notice W Lender and w~th Lende~s prior written consent, either
partition or subdivide the Property or consent W:
(i) the abandonment or terrnination af the Condominium Project except for abandonment or urmination 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 amendment to any provision of thc Constituent Documents if the provision is for the express ben~fit of Lender,
(iii) tertnination of professional management and assumption of self-management of the Owners Associaticn; or
( iv) any action which would have the efFect of nndering the public liability insura~ce coverage maintained by the Owners
E Association unacceptable to I.ender.
F. Remedies. If Borrower does not pay condominium dues and assessments when due, then Lender maY PaY them. Any amounts ~
E disbursed by L,ender under this paragraph F shall became aaditional debt of Borrower secured by the Secwity Instrument Unless }
s Borrower and L,ander agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note
~
F rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment
~
~ BY SIGNING BELOW, Borrower accepts and agrees to the terms and p:ovisions contained in this Condominium Rider.
F
Y
_ ! `
~ ~ i ` ~
[ ~ ?
~ MANFRLD R. LENZ -9or°iM°' VIRGINIA ENZ
~
~
~
~
~ -eorrowsc •e«.owx
~
~
~ rqV 21 pg :32
~
F FILE~~ ~
' r ;
` ~ ~ ~-1
ROGEF ~~F . . ~
~ gT.IUC - -
~
€ '734~?55
~ _
~ -
~ ,
~
~ an~K 4~~3 ~acE y~38 ;
s ,
s j
s ~
~ MULTlSTATE CONDOM{NIUM RIDER ~ Single Fartuly - FNMA/FHLMC UNlFORM INSTRUMENT Form 3t4o 12/83 ?
f,
~ ~
w
: , _ .
~ - _ _ ' ~ -