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Home My WebLink About0924 • ~ ` JI , v ~ ~ ' CONl~OIbIINIYJM RIDER ` THIS CONDOMINIUM RIDER is made this 15TH d~Y ~ OC~~TOBBR . 1985 , and is incorporated into and shall be deemed W amend and supplement the Mortgage, Lked of Trust or Security Deed (the "Security Instrument") of the same - date given by the undersigned (the "Sornower') to sexurc Borrow~r's Nou to ~.~~~r') GDV FINANCIAL CORPORATION ~ of the same date and oovering the Property described in the Security Instrument and iocated at: ! 1500 SB ROYAL GRBSN CIRCLS A208, PORT ST. LOCIE, FL 33452 . ~ . ~ ~oo.~r ~e..? The Property includcs a unit in, together with an undivided inurest in the common elements of, a condominium project tnown as: l~IIDPORT PLACS I (wm. a c«+d«~+n..n waea) (the "Condominium Project"). If the owners association or other entity which acLs for the Condominium Project (the "Uwners Associ- ation") holds tidc to property for the benofit or use of its membcrs or sharetwlders, th~ Property also includes Borrower's interest in the Owners Association and the uses, procxeds and 6enefits of Borrower's interest CONDOMINIUM COVENAIVTS. In addition to the covenants and agr~en~ents made in the Security Instrument, Ba'rower , and Lender further oovenant and agree as follows: ~ A. Gondominium Obiigation~. Borrower shall pedorm all of Bamwer s obligadons under the Condominium Project's Consdtueat Documents. The "Coostituent Documents" are the: (i) Declaration or any other document which cre~tes the Ca~doRniniwn Project; (u) by-laws; (ui) coc~ of ngulations; and (iv) other oquivalant documents. Bomower shall promptly pay, whea due, sll dues and assessmeats imposed pursuant to the Constituent Documents. B. Huud Inaurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a"master,• or "blanket" policy on the Ca~dominium Pro~ect which is sadsfactory W Lender and which provides uuurance covera~e in the amounts, for the periods, and agaiast the hazards Lender c+equires, including fire and hazar~s inctudod within the urm "extended coverage," thea (i) Lender waives the provision in Unifom~ Covenant 2 for the monthly payment to L.ender of ono-twalfth of the yearly premium instaUments for hazard insurance on the Property, and (ii) Bcnrower's obligation under Uniform Covenant S to maintnin hazard insurance ooverage on the Property is deemed satisfied to the extent that the required coverage is provided by the Owners Association poGcy. Borrower shall give I..ender prompt notice of any lapse in required hazard insurance coverage. In the eveat af a distribution of hazard insuranc~ proceeds in lieu of restoration or repair foiiowing a lass to the Property, whether ta the unit or to common elements, any proceeds payable to Borrower are hercby assigned and shall be paid to Lendtr for appiication to the sums securod by the Security Iastrument, with any excess paid to Borrower. G Public Liability Insuranee. Borrower shall take such actions as may be reasaiab~e to insure that the Owners Association maintains a public 6ability iasurance poGcy acceptabk in form, amount, and extCnt of coverage w Lender. D. Condemnatioa 'I~e p~+oceeds of anY award or daim for damages, direct or consequential, payabk to Borrower in connecdon , with any ~ndemnation or other Laking of all or any part of the Property, whether of the unit or of the cammon elemsnts, or fa any conveyance in 6eu of condemnatioa, are hereby assigned and shall tx paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Instrument as provided in Uniform Covenant 9. E. Lender's Priar Conaen~ Borrower shall nat, ezcept after notice W Lender and with I.ender's prior written consent, either partitia~ or subdivide the Froperty or consent W: (i) the abandonmeat or termination of the Condominium Project except for abandonment or termination required by law in the case of substantial dtstruction by 6re or other casualty or in the case of a taking by condemnadon or eminent danain; (ii) any amendment W any provision of the Constituent Documents if the provision is for the express be~fit of Lender, (iii) teRnination of professional management and assumption of self-manage~nt of the Owners Associatiun; or (iv) any action which would have the ePFect of rendering the pub6c liability iasurance coverage maintained by the Owners Association unacceptable to Lender. F. Remediea. ff&.xrnwer dces not pay condominium dues and assessments when due, then Lender maY PaY them. Any amounts disbursed by L,ender under this paragraph F shall become additionat debt of Borrower secured by the Security InstrumenL Unless Borrower. and Lender agrte to other terms of payment, these amounts shall bear intercst from the date of disbursement at the Nou ~ rate and shall be payable, with inurest, upon notice from Lender to Bomower roquesting payment ~ ~ BY SIGI~~TG BELOW, Bomo a and agrees to the terms and provisions contained in this Condominium Rider. , , r~ r ? ~ •8orrow~r ' JOSEP i'F. ATO MARY L. FY ~ i ; s ~ ~3 A9 ,2~ ; C i •p~ ~ E a~ ~&5 ~iOY -1 P2 ~ f t- ' ~ R~~:. ; Sj ~u~~~ ~ E ~-7 '741611 F ; RCGER E ; ST. LUCIE ~ _ ~ ~ ~ 731349 _ ~ 't oR ~ ' BQOK~~~ ?AGE ~ ~ ~ ~ ~ JLTISTATE CONDOMINIUM RIDER - S+r~q?e Farr~ry - FNMA/FHLMC UNfFORM IFlSTRUMENT Form 3144 12/83 ~ • ~~R t ~ _ gnoK4~ P~cf . ~ w . . ; _ -----o- . _ - ~