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Home My WebLink About0954 ! ~ ! ~ ~ , CONDOIV~INIUM RIDER ; . ~ ; THIS CONDOMINIUM RIDER is made this ~.1T8 day of NOVSMBSR , ~q85 , and is incorporated into ~ and shal! be deemed to amend and supplement the i4iortgage, uaod oi ~rusi or Secuniy I3eed (the "Securit}+ Insirument") of th~ ~z ~ date given by the undersigned (the "Bortower") to secure Borrower s Note to GDV FINANCIAL CORPORATION (the ••l,ender') ot the s,ui~ ~tute ~nd covering the Peoperry described in the Security lnatrument and located at: 1552 SB ROYAL GREEN CIRCLE 0201, PORT ST. LUCIS, FL 33452 ; cP?o~.nv ~ew...? i 'The Property inctudes a unit in, together with an undivided intencst in the common elements oi, a condominium project known as: MIDPORT PLACB II (wm. a c«wom.wn+ v?a.a) (the "Condominium Project"). lf the uwners associatioa or other eatity whicb acts for the Condominium Project (the "Owners Associ- ation") hofds dde to property for the benefit or use of its members or shareholders. the !'roperty aiso inciuaes ~sorrowers micre~i m iiu - Ovmers Association aad the uses, proceeds and benefits of Borrowe~s intes+est ~ CONDOMINIUM COVENAIVTS. In as+~ii~~en so thc cc?ven~ts and agreements mack in the Security Instnunent, Borrower and Lender further covenant and agree as foitows: A. Caodominium Obligttions Borrower shalf perform a!! of Borrower's obGgations under tht Condominium Project's Constituent Docaments. T't~e "Constituent Documcnts" are the: (i) Declaration or eny other document which creates the Condominium Project; (u) by-laws: (ui) code of regutations; and (iv) other equivalent documents. Borrower shall prompdy pay, when due, alt dues and assessmeau imposai pursuant w the Constituent Documeats. B. Huard Insurmce. So long as the Owners Association maintains, with a generally acceptod insurance carrier, a"master" or "blanket" policy on the Condominium Projeci ahich is satisfactpry to I,ender and which provides insurance covera~e in the amounts, for the periods, and against th~ hazards Lender requiros, including fire and hazards included within the term "eztended ooverage." then: (i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one-twelfth af the yeariy premium installments for hazard insurance on the Pro~erty, a~ (ii) 8orrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the PropeRy is deemed satisfied w the exunt that the rcquired ooverage is provided by the Owners Association policy. Borrower shall give I,ender prompt notice of any tapse in required hazard insurance coverage. ln the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to the Pmperty, 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 sums secured by the Security Instrument, v~nth any e:cess paKi co norrower. C. Publie Liability lnsurance. Borrower shaU take such actions as may be reasonabie to insure that the Owners Association maintains a public liability insurance policy a.^,ceptable in form, amount, and extent of coverage to Lender. D. Candemaation. The proceeds d' any award or claim for damages. direct or consequential, payable to Borrower in connecdon with any condemnation or other taking of all or any part of the Property, whether of the unit or of the cornmon elements, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shail be applied by Lender to the sums secured by the Security Instrument as provided in Uniform Covenant 9. E. Lendcr's Prior ConsenG Borrower shall not, except aRer nodce to I.ender and w~th l.ender's prior written consent, either partition or subdivide the Property or consent to: (i) the abandonmeat or termination of the Condominium Project except for abandonment or terminacion required by law s~~tiM.antial destruction by fire or othet casuaity or in the case of a taking by oondemnation or emineat domain; (ii) any amendment w any provision of the Constituent Documents if the provision is for the express benefit of Lender, (iii) terrnination of professi~~°! ~^.~.^~o-~~~ s~± $~s~.±;~r+~n ~,f' ~If-man$aement of the Owners Association; or (iv) any action which would have the effect of rendering the public liabiliry insurance coverage maintained by the Ownets Association unacceptable to Lender. ' F. Remedies. If Borrower does not pay condominium dues and assessmenu when due, then Lender may pay them. Any amounts disbursed by C.ender under this paragraph F shall become additional debt of $orrower secured by the Security Instrument Unless Borrower and L,ender 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 inierest, upon notice from Lender to Borrower requesting payment BY SIGNING BELOW, Borrower accepis and agrees to the terms and provisions contained in this Condominium Rider. ~ 1 / ~ ~ C- ~ ~ ~ i MANUEL J. VAL • TE '8or°'"'ef PlARIA JULIA VALENTE ~OfO""°` i -ao.,~. -e~.~. 'g5 t~1V 21 A9 ~36 FIIE~ f ROGER ~ ~ ~ - ~ ST. LIfCIE ` • '734Q59 ~~~f iK 4~~.~ Pa~f y5~ - ~ J~TISTATE CONDOMINIUM RID~R - s~r,gls Fam;y - FNMA/FHIMC UNIFORM INSTRUMENT Form 3140 12/83 _ . . , _ ~ . _ - _