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Home My WebLink About0916 . l . f . . ~ CONDOM~NI~JM RIDER ~ Tl-!IS CONDOMJNIUM RII)ER is made this 21 bT deY ~f OCTOBBR • 19 $5 .~d is incorporated into ; and shall be deemed to amend and suppiement the Mortgage, Deod of Tn,u ~r Securicy Deed (~he "Security I~suument") of the same date given by the undersigned (the ••Bormwer") to secure Borrower's Note to GDV FINANCIAL CORPORATION (the "L.ender") of the same datt and covering the Property described in the Sccurity Instrument and located at: 1548 SS ROYAL GRB$N CIRLCB M108, PORT ST. LUCIE, FL 33452 ~oos~r ~•w ~ The Property includes a unit in. together with an undivided iaterest ia she common ekments of. a condominium project known as: MIDPORT PLACS II tr~m a c~noo~+w~m Aa.~n (the "Condominium Project"). If the owners association or other eatity which acts for Lhe Condominium Pmject (the "Owners Associ- ation") hol~s tide to prnpeRy for the benefit or use of its members or shareholders, the Property also includes Bornower'a interest in the Owners Associatioa and the uses, Proceeds and benefiu of Borrower's intecesi CONDOMINIUM COVENANTS. In addition to the covenants and agceements made in the Security Instrument, Borr~ower and Lender further covenant and agroe as follows: A Condominium Obligatioaa. Borrower shal! perform all of Borrowe~s obligations w~der the Condominium Pcnject's Co~utitueat Docwnents. The "Consdtuent Documents" are the: (i) Declaration or any otl~er document which creates the Condominium Projec~ (u) by-laws; (ui) code of regulations; and (iv) other equivalent documenu. Borrower shall promptlY paY, when due. all dues and assessments impos~d pursusnt to the Constituent Documents. B. Hazard Instuu?ce. So loag as the Ovmers Associatio~ maintains, with-a generally accepted insurance carrier, a"masur„ or "blanket" policy on the Cadominium Project whic6 is satisfactory to Lender and which provides iesuranx coveragie in the amounts, for the periods, and agaiast the hazards Lender requires, including fire and hazards included within the term "exteaded coverage,,, then (i) I.ender waives the provisioa in Unifomn Covenant 2 for the monttily payment to Lender of oao-twelRh of the yearly premium installments for hazard insurance on the Property, aa~d (ii) Borrower s obligation under Utuform Covenant S to maintaia hazar~f insurance coverage on tht Prop~Ry is deemed sati~ed to the extent that the required coverage is provided by tht Own~rs Association poGcy. . Bomower shall Bve Lender pmompt notice of any lapse in roquired hazard insurance coverage. In the eveat of a disUibution of hazard iasurance proce~ds in lieu of restoration or repair following a loss to the Properiy, whether " to the unit or to oommon elements, any proceeds payabto W Borrower are hereby assigned and shall be paid to I.ender for application , to the sums secured by the Security Iastrument, with aay excess paid to Borrower. _ C. Public L'sbility Insurance. Borrower shall take such ections as may be reasonable to insure that the Owner Association . maintains a public li.;biGty insw'ance policy acceptabk in form, amount, and eutent of ooverage to Lender. D. Condemnttioa The proceeds of any award or claim for damages, direct or consequential, paYabie to Borrower in coanection vvith any c~ondemnation or other taking of all or any part of ihe Property, whether of the unit or of the common elements, or for any conveyance in lieu of condemnation, are hereby assigned and shail be paid to I.endec Such pr+oceeds shall be appli~d by I.ender to thc sums secured by che Securiry Inswment as provided in Uniform Covenant 9. E. Lender's Priar Consent Borrower shall not, except after notice to Lender and ~vith Lender's prior writun consent, either partition or subdivide the Property or oonsent to: (i) the abandooment or urminatio~ of the Condominium Project except for abandonment or termination required by Iaw in the case of substantial sieswction by fire or other casualty or in the case of a taking by condemnation or eminent dosnain; (ii) any amendmeat to any provision of the Constituent Documents if the provision is for the express beaefit of Lender, (iii) cermination of professional management and assumption of self-management of the Owners Association; or tiv) any action which would have the ef'fect of rendering the public liability insurance coverage maintained by the Owners ! Assceiation unacceptable to Lender. ! F. Remedies. If Basower does aot pay condominium dves and assessments when due, then Lender maY PaY thcm. Any amounts disbursed by I.~nder under this paragraph F shall become additional debt of Borrower secured by the Secwity Instrument Unle'ss ~ Borrower and Lender agree to other terms of payment, Wese amounts shall bear interest from the date of disbursement at the Note ~ rate and shal! bc payable, with interest, upon notice from Lender to Borrower requesting payment BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this Condominium Rider. / ' / ~ v' v -9orrower ~onows. ` ELING VISS EFFIE VISSER j -Borrower 'BO~dY'°~ ~ '8b JAN 13 A 9 ~20 ~ ~ p~p •.A7 ~ F1~"_v ~ g ROGcK - ~ ~ ~ ST. LUC~: . : , _ ' f~~Ep ..~i-,~ ~ '741.s09 a~sEUC~ti , ~ , st. ~ 3~235 f JLTISTATE CONDOMINIUM RIDER - S~ng~e Fam~ly • FNMIVFHIMC UNIFORM INSTRUMENT Form 3140 12/83 BQOK 488 PAGE ~ B~~K P~GE ~~5~ - ~t0 ~ _ _ _ _ - - - - . _ _