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Home My WebLink About0970 . - CONDOMINIUM RIDER . THIS CONDOMINIUM RIDER is made this 6TH day of NOVEI~IBET , 19 85 , and ~s incurporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Sccurity Deed (the''Security lnstrument") of the same date given by the undersigned (the "Bomower") to secure Bornower's Note to GDV FINANCIAI, CORPORATION (the "Lender") of the same date and covering the PropeRy d~scribed in the Security Instrument and located at: 1565 SE ROYAL GREEN CIRCLE A108, PORT ST. LUCIE, FL 33452 ~?aa«+r ~a~...? The Property includes a unit in, together with an undivided interest in the common elements of, a condominium project known as: MIDPORT PLACE II RW~r d Ca+domrrun Prpsa! (the "Condominium Project"). If the owners association or other eatity which acts for the Condominium Project (the "Owners Associ- ation") holds tide to property for t!K benefit or use of its members ar sharcholders, ths Property also includes Borrow•er s interest in the Owners Association aad the uses, Procc~eds and benefits of Bomower's interest CONDOMINIUM COVENAIVTS. Ia addition to the covenanu and agteements made in the Security Instrument, Borrower and L,ender further covenant and ag~ee as follows: A. Condominium Obligations. Bomnwer shall perfortn. all of Borrow~er's obligations under the Condominium Project's Coostitoent Documents. 'I~e "Consdtuent Documents" are the: (i) Declaration or any other document wfiich creates the Coadominium Project; (u) by-Iaws; (ui) code of rcgulations; aad (iv) other equivalent doctsments. Borrower shall prompdy pay. when due, all dues and assessments imposod pursuant to the Consdtuent Ua-,uments. . B. Huard lnsurance. So long as the Own~rs Association maintains, with a geaeraUy accepted insurence carrier, a"master' or "blanket" policy on the Condominium Project which is satisfaccory to Lender and which provides insurance coverag~e in the amounts, for the periods, and against the hazards Le~er requires, including fire and hazardc inetudod within the term "extended coverage,•, then: (i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to L.ender of one-twelRh of the yearly premium installments for hazard insurance on the Property, and (ii) Borrowe~s obligation under Uniform Covtnant S W maintain hazard insurance coverage on the Property is deemed satisfied to the extent that the requirod ooverage is providod by the Owners Association policy. Borrower shall give Leader prampt notice oC any lapse in required hazard insurance coverage. In the event of a distribution of hazard insurance proceeds in 6eu of reswradon or repair following a loss to the Pr~operty, whether to the unit or to common elements, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender for applicadon to the sums securcd . by the Security Instnunent, with any excess paid to Borrower. G Publie liability Insurmce. Borrower shall take such actions as may be reasonable to insure that the Ow~ners Association maintains a public liabiiity insurance policy acceptable in fam, amount, snd extent of coverage to L.ender. D. Condemnalioa The pc+oceeds of any award or claim for damages, direct or oonsequential, payable to Borrower in connection with any condemnation or other taking of all or any part of the Property, whether of the unit or of the common elements, or for any conveyance in lieu of condemnation, are hereby assignod and shall be paid to L.ender. Such proceeds shall be applied by Lender to the ' swns secured by the Security Instrument as provided in Uniform Covenant 9. . E. Leader's Prior ConsenL Borrower 'shall aot, except after notice to Lender and with Lencier's prior written consent, either partition or subdivide the Property or consent to: ' (i) the abu~donment or termination of We Condomicuum Project except for abandonment or temunadon required by law in the case of substantial destruction by fin or other casualty or in the case of a taking by condemnation or emimnt domain; (ii) any amendment to any provision of the Constituent Documeats if the provision is for the express benefit of Lender, (iii) urmination of professioaal management and assumption of self-management of the Owners Associatioo; or ; ~(iv) any action which would have the effect of rendering the pubiic liability insurance coverage maintained by the Owners I Association unacceptable to Lender. t . F. Remedits. If Borrower dces not pay condominium dues and assessmenu when due, then L.ender maY PaY thert~ Any amounts disbursed by L.ender under this paragraph F shall become additional debt of Borrower secwed by the Security Instrument Unless ~ Borrower and Lender agrce to other terms of payment, these amounts shatl bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from I,ender to Borrower requesting payment BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this Condominium Rider. lr ~ ~,,~i,~ ~ •e«~o.b. -a«.~„ ROB . OSBOR J ICE O~BOR~ ~ -eo.~~ -e«.~ J CE A. OSBORNE ~ ~ ~ ~ ,g, ~v 2~ a9 :ao f ILt~ ~ = . ROGER ' ~ . SS. LUC!ti - . , ~i3 aa~K 4~~ PacE MULTISTATE CONDOMINIUM RIDER • S~ngte Fam~y • FNMA/FHLINC UNIFORM INSTRUMENT Form 3140 12l83 ~ _ . _e_~ .v . . - . - - _ _ ~