HomeMy WebLinkAbout0996 ~ CONDOMINIUM RIDER `
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THIS CONDOMtNIUM R1DER is made this 12T8 d,Y ~ NOVBl+IBER , 19 85 , and is incorporated intu
and shall be deemod to amend and suppltment tbe Mortgage, Deed of Trust or Security De~d (the "Securiry Inswment") of the same
dau given by the undersigned (the "Borrower") to secure Borr~wer's Note to
GDV FINANCIAL CORPORATION (the "Lender")
of the same dau and oovering the Property described in the Securiry Instrument and located at:
1537 SE ROYAL GRSBN CIR. L-201. PORT ST. LOCIB, FL 33452
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The Property includes a unit in. together with an undivided inter~st in the common elements of, a condominium projtct known as:
MIDPORT PLACE II
M~m. a c«ww,,.~.r, Aa.a~
(the "Condominium Project"). If the owners association or other entity which acu for the Condominium Project (the "Ovmers Associ-
atian") holds tide to property for the bcnefit or use of its members or shareholders, the Property also includes Barower's inurcst in the
Owners Association and the uses, proceeds and benefits of Bomower s interesL
CONDOMINIUM COVENAIVTS. In addition to the covenants and agreements made in the Security Instrument, Borrower
and Lender further oovenant and agr~ee as fdlows:
A. Condominium Obl~ationa. Bomower shall perform all of Bormwer's obGgations unci~r the Condominium Project's
Constituent Docu~nts. 'I~e "Constituent Documcnts" are tha (i) Declaration or any other document which creates the Condominium
Project; (n) by-Iaws; (ui) code of reguladoas; and (iv) other equivalent documents. Borrower shaU prompdy pay. when due, a11 dues and
assessmeats imposed pursuant to the Cocudtuent ~ocuments. -
B. Haza~d Insw~ace. So loag as the Owners Associatioa maintains, with a generally accepted insurance carrier, a"master"
or "Wanket" policy on the Ca~dominium Project which is satisfi~tory to Lender and which provides insurance coverage in the amounts,
for the periods, and agaiast the hazards Lender requires, including 6rc and hazards included within the term "txtended coverage," then:
(i) iender waives the pmvision in Uniform Covenaat 2 for the monttily payment to Lender of one-twelfth of the yearly
premium installments for hazard insurance oa the Property, and
(ii) Barower's obligation under Uniform Covenant S to maustain hazard insurance coverage on the Property is deemed
satisfied to the extent that the required coverage is provided by the Owners Association policy.
Borrower shall give I.ender prompt notice of any lapse in required hazard insurance ooverage.
In the event of a distribution of hazard insurance proceeds in Geu of rosWration or repair following a loss to the Property, whether
to the unit or to common elements, any proceeds payable to Borrower are heroby assigned and shall be paid to Lender for application
` to the sums secwed by the Security IcLStrument, with any excess paid to Borrower.
C. Public liability Inaurance. Borrower shall take suc6 actions as may be reasonable to insure that the Owners Association
maint.ains a public liabiGty insurance policy acceptable in form, amount, and extent of coverage to L.ender.
D. Condemnatioa The proceeds of any award or claim for damages, direct or oonsequential, payable to Borrower in connection
with any condemnatian o* other taking of all or any part of the Property. whether of the unit or of the common elements, or for aay
conveyance in lieu of condemnation, are hereby assigne~ and shall be paid to Lender. Such proceeds shall be applied by Lender to the
sums secured by the Security Instrument as providod in Uniform Covenant 9.
E. Lender's Pri~ Consen~ Borrower shall nut, except after notice to Lender and with Lender's prior written consent, either j
partition or subdivide t6e Pmperty w consent to: ~ 1
(i) the abac?donmeat or urmination of the Condominium Project except for abandonment or termination required by Iaw i
in the case of substantial destruction by fire or other casualty or in tM case of a taking by condemr?ation or eminent domain;
(ii) any amendment to any provision of the Constituent Documents if the provision is for the express benefit of Lender, ~
(iii) tertnination of professional management and assumption of self-management of the Owners Association; or ~
(iv) aay action which would have the efl'ect of rendering the public liability insurance coverage maintained by the Owners
Association unacceptabte to L,ender. ~
• F. Remedi~s. If Borrnwer does not pay condominium due.s and assessments when dus, then Lender may pay them. Any amounu
disbursed by Lender under this paragraph F shali become additional debt of Borrower secured by the Security Inswment Unless
Borrower and Lender agnx to other terms of payment, these amounu shail 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
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~ BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this Condominium Rider.
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