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HomeMy WebLinkAbout0948 ~ CONDp1ViI1~IUM RIDER . , ` THIS CO;vDt3I~fINiL'M ,ZiDER i~ ~umk uu~ j j 1'$ day ~t j,j~V Ej~g ~ , as:d '.s ::.c~~:.ra..d ir.tc and shaU be deemed to amend and supplement the Mortgage, Deed of Trust or Security Ueed (the "Securiry laswment") of the same date given by the undersigned (the "Bon+ower') to secun Sarrower's N~u to GDV FINANCIAL CORPORATION of the same date and covering the Property described in the Security Instrument and located ar. 1558 SE ROYAL GREEN CIRCLE, PORT ST. LOCIE, FL 33452 ~a?oo.ny ~ea?+..~ The Property includes a unit in, together with an undivided intercst in the common ekments of, a condominium project known as: MIDPORT PLACE II cw~ a c«,a«,,.~.,~++ ~?o,~~ (the ,•Coadominium Project•,). If the owners association or other entity which acts for the Condominium Project (the "Owners Assbci- ation") holds tide to property for the benefit or use of iu members or shareholders, the Property also inclu~s Borrower's interest in the ~ Owners Association and the uses, proceeds and benefits of Borrower's interest CONDOMINIUM COVENANTS. In addition to the covenanu and agreements made in the Security Instnunent, Borrower , and I.ender further covenant snd agnee as folbws: ~ i A. Condomiaiam Obligationa. Borrower shall perform sU of Borrower's obligations under thc Condomiaium Project's d Constihunt Documents. The "Constituent Documents" ar~e tha (i) Declaration or any othor document which creatcs the Condominium y Project; (u) by-laws; (iii) code of rtgulations; and (iv) other equivalent docwnents. Borrower shall prompUy pay, when due, all dues and ~ assessments imposed pursuant to the Constiaent Documents. B. Hazud Insurance. So Iong as the Owners Association maintains, with a generaAy accepted insurance carrier, a"master" or "blanket" poliry on the Co~dominium Project which is satisfactory to Lender and which provides uuurance coverage in the amounts. for the perivds. and against the haaards Lender requins, including fire and hazards included within the term "exunded coverage," then: (i) Lender waives the pro~ision in Unifocm Covenant 2 for the mantlily payment to Lender of one-twelRh of the yearly premium installments for hezard insurance on the Property. and (ii) Borrower's obligation under Uniform Coveaant S to maintain hazard i~surance coverage on the Property is deemed sadsfed to the extent that the required coverage is provided by the Owners Association policy. Bocrawer shall give l.ender prompt notice of any lapse in required hazard insurance coverage. In the event of a distribution of hazard insurance proceeds in lieu of rostoration or rcpair 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 s~uns 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 Ovmers Association maintains a public liability insurance policy acceptable in fam, amount, and extent of coverage to Lender. D. Coademnation. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower in oonnection with any condemnation or other taking of all or any part d' the Property, whether of the unit or of the cmnmon elements, or for any conveyance in Geu of condemnation, are hereby assigned and shall be paid to L,ender. Such proceeds shall be appliod by Lender w the sums secured by the Security Inswment as provided in Uniform Covenant 9. E. Lender's Prior Consent Borrower shall not, except after notice to Lender and with Lende~s prior written consent, either partition or subdivide the Property or consent w: • (i) the abandoament or termination of the Condominium Project except for abandonment or termination required by law in the case of substantial destruction by fire or other casualry or in the case of a takiag by condemnation or emineat domain; (ii) any amendment w any provision of the Constituent Documents if the provision is for the express benefit of Lender, f; (iii) termination of professional management and assumption of seU management of the Owners Associstion; or (iv) any action which wouid have the effect of rendering the public liability insurance coverage maintained by it,e Owners ` Association unacceptable W Lender. , _ F. Remediea If Borrower does not pay concbminium dues and assessments when due, then Lender maY PaY them- Any s~nounu disbursed by L,e~der under this paragraph F shall txcome additional debt of Borrower secured by the Security Inswment Unless ~ Borrower an~ Lender agee 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 SIGNING BELOW, Borrower accepts and agrees to the terms and pro ' ions contained in thi Condominium Rider. ~ ,f~ ~ , ~ CBARLFS GARDNER HELLEN G. GARDNER r~ -ea.ower 90"~'w' , ~ ~ g Aq :34 ~ ~V 21 ~ ~ ~ FILE~j , ~ sT UCI~ ~ ~ . r g~7fR( `t~J PAGE c~~U ~ ~34~~'7 . ~ ; ; ~ ' ` JLTISTATE CONDOMINIUM RlDER - S~ngie Fam~ry - FNMNFHLMC UNtFORM IN3TRUINENT Form 3140 12/83 ~ _ i . - _ . . ~ ~ = a M ~ • - ~ . - - - .