HomeMy WebLinkAbout0962 ' CONDOMINIUM RIDER
THIS CONDOMINIUM RIDER is made this 28TH day of OCTOBER ,~9 85 , and is incorporated into
and shall be deemed to ame~d and supplement the Mortgage, Deed of Trust or Security Decd (the "Security Instrument") of the same
date given by the undersigned (the "BoROwer') to secure Borrower's Note to
GDV FINANCIAL CORPORATION i~ "k~~~~~")
of the same dau and covering the Property described in the Secwity Instrument and located at:
1533 SB ROYAL GRESN GIRCLE C207, PORT ST. LUCIE, FL 33452
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The Property includes a unit in, together with an undivided interest in the common elcments of, a condominium project known as:
MIDPORT PLACB II
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(the "Condominium Project"). If the owners association or other entity which acts for the CondDminium Pr~ject (the "Owners Associ-
ation") holds dde to pcoperty tor the bene6t or use of its members or sharchoiders, the Property also includes Bomowe~'s interest in the
C~wnens A~so~ia~c~ ~ che uses, prooeeds and benefits of Borrower's inurest
CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the Security [nsUument, Bomower
and Lender further ~venant and agree as follows:
A. Condomiaium Obligations. Borrower shall perform all of Borrower's ob6gations under the Condominium Project's
Constituent Documents. The "Constituent Documents" are the: (i) Declaration or any other document which creates the Condominium
Project; (u) by-laws; (ui) code oE regulations; end (iv) other equivalent documents. Borrower shall prompdy pay. when due, all dues and
assessments imposod pursuant to the Constiweat Documents.
B. Hazud Insarance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a"master" I
or "blankeY' policy on the Condominium Project which is satisfactory to Lender and which provides insurance coverage in the amounu,
for the periods, and against the hazards Le~er 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 yeariy
premium installmenu for hazard insurance on the Property, and
(u) Borrower's obtigation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemed
sadstied to the extent that the required ooverage is pcovided by the Owners Association po6cy.
$orrower shall give Lender prompt notice of any lapse in required hazard inswance coverage.
In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair fdlowing a loss to the Property, whether
to the unit or to common etements, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender for application
to the sums secured by the Security Instrument, with any excess paid to Borrower.
C. Public Iaability insurance. Borrower shall take such actions as may be reasonable to insure that the Owners Associadon
maintains a public liability insurance policy acceptabk in farm, amount, and extent of rnverage W Lender.
D. Coademnadon. The proceeds of any award or claim for damages, direct or oansequential, payable to Borrower in connection
with any condemnadon or other takiag of all or any part of the Property, whether of the unit or of the common elemenu, or for any
conveyance in lieu of coadtmnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender W the
sums secured by the Security Instrument as pro~~ided in Uniform Covenant 9.
E. Lender's Pri~ Coasent Borrower shall not, except aRer notice to Lender and with Lender's prior written consent, either
partition or subdivide the Property or consent w: '
(i) the abandonment or tamunation of the Condominium Project except for abandonment or terminadoa required by !aw
in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or emineat domain;
(ii) any amendment to any provision of the Constituent Documents if the provision is for the express benefit of I.ender,
(iii) ternunation 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 L,en~r.
~ F. Remediea If Borrower does not pay condominium dues and assessments when due, then Lender may pay them. Any atnounts
, disbursed by Lender under this paragraph F shall become additional debt of Borrower secured by the Security InstrumenL Unless
i Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note
j rate and shall be payahle, with interest, upon notice from Lender to Borrower requesting payment.
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BY SIGNING BELOW, Borrower accepu and agees to the terms and provisions contained in this Condominium Rider.
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~ '_'LTISTATE CONDOMINfUM RIDER • S~ngie Fam~y - FNMA/FHLMC UNIFO~iM INSTRUMEHT Form 3140 12/83
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