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Home My WebLink About0985 . . . ~ ~ ~ . CONDOMINIUM RIDER THIS CONDOMINIUM RIDER is madc this 9TH aay or NOVEMBER , 19 85 , and is inc~~rporated into ~ and shall be deemed to amend and supplemeat the Mortgage, Deod of Trust or Security Deed (the •'Security Instrument") of the same 1 date given by the undcrsigned (the "Horrowtr") to secure Bornnwer's Note to ~ GDV FINANCYAL CORPORATION (the •`Lender") ~ ot the same date and covtring the Property described in the Security Instrument and located at: + 1566 SE ROYAL GREEN CIR. V-103, PORT ST. LUCIE, FL 33452 ~ R?oown+ ~aar.a.? The Property includts a unit in, together with an undivided intorost in the common elements of; a condominium project known as: f t MIDPORT PLACE II ~ cNvn. d condomna.e RaNC» (the ••Condor~inium Project„). IF the owners association or other entity which sets for the Condominium Project (the "Owners Associ- ation") bolds tide to property fcx the benefiror use of its raembers or shartholders, the Froperty also includes Borrower's intercst in the Owners Associatioa aad the uses, procaods and benefits of Borrower's interest CONDOMINIUM COVENANI'S. In addition w the covenants and agrcements made in tht Security Instrument, Borrower and Lender further covtnant and agree as fdlows: A. Condominium Obligationa. Bornower shall pedorm all of Borrower's obligations under the Condrmini~un Pr+~ject's Cautituent Documents. T1~e "Coastituent Documents" are the: (i) Dectaration or any other documeni which creates the Condominium Projecr (u) by-iaws; (ui) c~de of neguladons; and (iv) oL`,er oquivalent documents. Borr+ower shall prompdy pay, when due. all dues and assessments imposed pursuant to the Consdtuent Documents. . B. Hazard Insursnce. So long as the Owners Association maintains, with a geaerally accepted insurance carrier, a"master" or "Wanket" policy oa the Cae~dominium Project which is satisfactory to Lender and which provides insurance coverage in the amounts, for the periods, and against the har.ards Lender requires, including fire and hazards included within the term "exunded coverage," then (i) Leader waives the provision in Unifonm Covenant 2 for the monttily payment to Lender of one-twelfth of the yeariy premium installments for hazard insurance on the Property; and (ii) Borrower's obligation under Uniform Covenant S to maintain hazard insurance coverage on ihe Property is dcemed satisfied w the extent that the raquired coverage is provided by the Owners Associatian poGcy. Borrower shall ~va I,ender prompt notice of any lapse in requirsd hazard insurance coverage. ' In the eveni of a distribution of hazard insurance proceeds in liau of restoration or repair following a loss to the Property, whether ` W the unit or to oommoa elements, any proceeds payable to Borrower are hercby assigned and shall be paid to Lender for applicatio~n to the sums secured by the Security Instrument, with any excess paid to Bomower. C. Public Liability Insurance. Borrower shall take such actions as may be reasonable w inswe that the Owners Association maintains a public liability insurance poGcy acceptable in form, amount, and extent of coverage to Lender. D. Condemnstioa 'The proceeds of any awazd or claim for damages, direct or consequentiat, payable to Borrower in oonnection ~ with any candemnation or other taking of alt or any part of the Property, whether of the unit or of the common elements, or for any conveyance in lieu of ooademnation, are hereby assigned and shall be paid to I.ender. Such proceeds shall be applied by L.ender to the sums secured by the Security Instrumern as provided in Uniform Covenant 9. E. i.ender's Prior Conaen~. Bomower shall not, excepi after notice to Lender and with Len~r's prior writun consent, either partition or subdivide the Pmperty or consent to: (i) the abandonment or termii?ation of thc Condominium Project ezcept for abandonment or termination required by law ~ in the case of substantia! destniction by fire or other casuslty or in the case of a taking by condemnation or eminent domain; (ii) any amendinent to any provision of the Constituent Documents if the provision is for the express benefit of Lender, (iii) tennination of professional management and assumption of self-management of the Owners Associadon; or (iv) any action which would have the effect of rendering the public liability insnrance coverage maintained by the Owners Association unacceptaWe to I.ender. ` ~ F. Remedies. If Borrower does ncx pay condominium dues and assessments when due, then Lender may pay thEm. Any amounts ~ disbursed by Lender under this paragraph F shall become addidonal debt of Borrower secured by the Security Instrument Unless ~ Borrower and Lender agree to other terms of payment, these amounts shall bear inurest from the date of disbursement at the Note ! rate and shall be payable, wiW interest, upon notice from Lender to Borrower requesting payment BY SIGMNG BE W, Borrower accepu and agrees to the terms and provisions contained in this Condominium Rider. V J F. P ARDO J A. PAPP DO -B0"ON°~ •ea*~ -e«~~ ~6 I~qV 21 A 9 :48 FILE~ : ' r ~ ROGER r ; ST. LUCi"c . . . ~~4~6~r MULTlSTATE CONDOMINIUM RIDER • Single Fam~ty - FNMI~/FHLMC UNIFORM INSTRUMFNT Form 3140 12/83 a~~~48~3 ~~cE _ . _ ~y ~ . _ _ _ . _ - ~