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Home My WebLink About0932 • t ~ . ~ ~ CONDOMINYUM RIDER / ~ THIS CONDOMINIUM RiDER is made this 17TH ~y ~ QL'TOHER ,~9 85 , and is incorporated into and shell be deemod to amend and su~pleme~t the Mongage, Dted ~f Trust a Security Deed (the "Security Inswment") of the same date givea by the undersi~ (the "Bort~ower") to secure Borrower's Note to GDV FINANCIAL CORFORATION ~ (the •`Lender") of t!x same date and oovering the Pro~pe described in tl~e Security Instrument and located a: am 1540 SS ROYAL GREBN CIR S I202, PORT ST. LQCYB, FL 3~452 Rrooany ~aa~...? ~ The Property includ~s a unit iq togeth~r with an undivided intercst in the common ekments of, a condominium project Icnown as: MIDPORT PLACE II a co~+oo~+.,~ Ra.a~ (the •`Condominium Project„). If the owners association or other entity which acts for the Co~dominium Project (the "Owners ~?ssoci- ation") holds tida to property for the beaefit or use of its members or sharet~olders. tl~e Property also includes Bomower's interest in the Owners Associatioa and tl~e uses, proceeds aod benefits of Borrower's interest CONDOMINIUM COVENANTS. ln addition to the covenants and agreements made in the Security Insuument, Borrower and L.ender further covenaat and s~ee as fdlows: A. Coadomintum Obli~ationa Bomower shall pedorm all of Batower's obligations under the Condominium Project's Cautitu~nt Documeats. 'I~e "Constitueat Documents" are the: (i) Declaratioa or any other document which creates the Condominium Poo}ec~ (u) by-Iaws; (ui) codc of reguladons; and (iv) other equivalent documents. BorTnwer shall promptly pay, when due, all dues and assessments imposed pursuaat to the Coastituent Documents. B. Hazard Insuraa~ee. So loag as the Owners Associatioa maintains, with a generally accepted insurance carrier, a"master„ or "blankeY' pdicy on the Ca~dominium ProjeM vvhich is satisfactory to Lender and which provides insurance coverage in the amounts, for the periods, and against the hazatds L.endtr requiros, including 6re and hazards included within the term "exunded coverago,•, then: (i) Lender waives the provision in Uniform Covenant 2 for the monthty payment to Lender of ono-twelfth of the yearly premium iastallments for 6azard insurancx on the Property, and (u) Bocrower's obligatioa under Uniform Covenant S to maintain hazard 'uuurance coverage on the Property is deemed sati~ed to the exteat that the required oov~rage is pmvided by the Owners Association poticy. Borrower shall give I.ender prompt notice of any lapse in required hazard insurance coverage- In the event of a distribution of hazard insurance praxcds in Geu of restoration or repair following a loss to the Property, whether to the unit or to oommc~n elements. any proceals payable to Borrower are hereby assignad and shall tx paid to Lender for application to tbe sums secured by the Sec~uiry Iactrument, with any excess paid to Borrower. C. Pablic I3ability Insurance. Borrower shall take such actions as may be roasoc~able to insure that the Owners Association maintains a public Gability insurance poGcy acceptabk in form, ainount, and exteat of ooverage w Lender. D. Condemnatioa The proceecLc of any award or ctaim for damages> direct or consequentiat, }saYabk 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 Geu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the suau securec! by the Security Instrument as providod in Uniform Covenant 9. . E. I,enda's Prior Co~en~ Bomower shaL' aot, except after notice to I.ecxier and with Lender's prior written consent, either partitian or subdivide the Property or cansent to: (i) the abandooment or termination of the Condominium Project except for abandonment or terusination required by Iaw in the case of substantiai destn~ction by fire or other casualty or in the case of a taking by condemnation or emiaent domain; (ii) any amendmeat to any provision of the Constituent Documents if the provision is for the express ber,efit of L.ender, (ui) urminatian of prufessional management and assumpdon of self-management of the Owners Association; or (iv) any action which would have the effect of nndering the public liability insw~ance coverage maintained by the Owners Association unacceptable to Lender. F. Remedies. If Barower doe,s not pay condominium dues and assessments w6en due, then Lender maY PeY them- Any amounu disbursed by Leader 's paragraph F shall became additio~al debt of Borrower secured by the Security Instrument Unless Borrower and Le r agree other terms of payment, these amounts shall bear interest from the date of disbwsement at the Note rate and shalt payable, 'th interest, upon notice from L,ender to Borrower requesting paymen~ € ` BX BELOW, rrower accepts and ~gees to the terms provisions contained in this Condominium Rider. i ~ ! ~ ' ~st~ ~ J E!~ ~8°"°w°' JE PAY -e°"°'"°` G ~ -ea.~ -e«:~. ; ~ ~ ~ ~ ~ ~ : •g~ 13 a9 :22 a t~Y - ~ A11:51 ~ ~ F ~ t ROG: FILE~ ?,R"~ ~ ~ S~ , OUNI Y. r~. ROGER F+_~~ SL LUCfE ~ ~ 1_- ~ '741613 `~31`7`7'1 i t s ~ 3 ~ t ` 4~1 P~~E1~767 ~ ; ; MULTISTATE CONDOMINIUM RIDER • Sirsflle Fartxy - FNMA/FHLMC UMIFORM INSTRUMEkT Form 3140 12/83 i i, ~ ~ ~ ,;KpQQ ~2 z 6tmK `t00 PAGE ~ . : ~ ~ " - ~ - - - - - _ _ - - _ - ~ ~ e _