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Home My WebLink About0940 ~ . ~ . i ~ i ' ' C~NDOMINIUM RIDER ~ . ~ ~ THIS CONDOMINIUM RIDER is made this 22 ND day of OC'TOBER , t9 85 , and is incorporated into . and shall be deemed to amer~d and supplement the Mortgage, Deed of Trust or Sacurity Deed (the "Securiry Instrument") oC the same date given by the undersigned (the "Borc~ower") to secure Borrower's Note to GDV FINANCIAL CORPORATION (the •'Lender") of the same date and covering tht Property described in the Security Instrument and located at: 151g SE ROYAL GRESN CIRCLE J204, PORT ST. LOCIE, FL 33452 1~"roo~nr ~ The Property includes a unit in, together with an undividod interest in the common ekments of, a condominium project known as: MIDPORT PLACE I M~m. a co~woerrw++ P*a.ca (the "Condomiaium Project"). lf the owners association or other entity which acu for the Condomiaium Project (the "Owners Associ- ation') ho{ds tide to property for the benefit or use of its members or shareholders, the Property also includes Borrow~~s inurest in the Owners Association aad the uses, Procxeds and beriefits of Borrower's interest CONDOMINIUM COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and L.ender turther oovenant and agree as folbws: A Coadominium Obti~ations. Borrower shall perfonn all of Bomower s obGgations under th~ Condominium Project's Constituent Documeats. The "Constituent Documents" are the: (i) Declaration or any other document which creates the Condominium Project; (u) by-laws; (ui) code of regulations; and (iv) other equivalent documenu. Borrower shall prompdy pay. wt~en due, all dues and assessments imposed pursuant to the Constiwent Documents. B. Hazard Insurance. So lang as the Owners ftssociatioa maintains, with a generally accepted insurance carrier, a"master" or "blanket" polic}r on the Condominium Pr~ject which is satisfactory to Lender and which provides insurance covera~e in tt~e amounts, for the poriods, and against the hazards Leadtr requires, including fire and haaards included within the term "extended coverage,,, then: (i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to I.ender of ono-twelfth of the ytarly premium installmeats for hazard insurance on the Property; and . (ii) Batower's obligation under Uniform Covenant S to maintain hazard insurance coveraga on the Property is deemed sarisfied to the extent that the requind coverage is provided by the Owners Associatioa policy. Borrower shall give L.ender prompt notice of any lapse in requirtd hazard insurar~ce coverage. In the event of a distribution of hazard iacurance proceeds in lieu of restoration or repair following a loss to the Property, whether to the unit ar to comrnon elements, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender for applicatian to the sums secured by the Security Instrument, with any excess paid to Borrower. C. Public Liability Insurance. Borrowee shall take such actions as may be reasonable to insure that the Ovmers Association maintains a public liability insurance poticy acceptabk in form, amount, and extent of coverage to Lender. D. Coademnadon. Ttie proceeds of any award or claim for damages, direct or oonsequentisl, payabk to Borrower in oonnection with any condemnation or other taking of all or any part of the Property, wtxther of the unit or of the canmon elements, or for any conveyance in ~ieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by I.ender to the sums secured by t}x Security Instnunent as provided in Uniform Covenant 9. E. Lender's Prior Consen~ Borrower shall not, except after nodce W Lender and with Lender's prio~ writtea consent, either partition or subdivide the ProQerty ar consent to: (i) the abandonment or urtnination of the Condominium Project except for abandonment or tern~ination required by law in the case of substantial destniction by fire or other casualty or in the case of a taking by condemnation or eminent dotnain; (ii) any amendment to any provision of the Constituent Documents if the provision is for the express benefit af Lender, (iri) termingtion of professional management and assumption of self-management of the Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverag~e maintained by the Owners ` Association unacceptable to Lender. ~ F. Remcdiea. If Bomower does not pay condominium dues and assessments when due. then Lender maY PeY them. Any amounts ` disbursod by Lender ueder this paragraph F shall become additional debt of Borrower secured by the Security InsUument Unless ~ Borrower and Lender agree to other terms of payment, these amaunts shall bear interest from the date of disbursement at the Note ~ rate and shall be payable, with interest, upon notice from L,ender to Borrower requesting paymen~ ~ ~ ~ ~ BY SIGNING BELOW, Bornower accepts and agrees W the terms and provisions contained in this Condominium Itider. ~ ~ ~ i ' ~ ~ ~ ' O J A ~0"Oi"~` DOL ORE S J. ME A 'BOfOY"°` -e~~. -e«ro.~. ~ ~ •8f, JAN 13 A 9 ~23 ~ ~ - ; AhJ rc_ CL_k;. ~ ~ ~1 ~3 ~ t POIT+ ~ ~ ~ UCtE CQ~~+~',. ~ ~ FILE~ , ~ - ~ '741615 ROGE UC?Ek ;~C~;- ` ~ ST. L ~ 3 ?731'77 ri~ 1 1.. BQ~K ~~.t PAGE,~I j~•J ~ ~ JLTISTATE CONDOMINIUM RIDER - s~ngle Fam,y - FNMA/FHLMC UNIFORM INSTRUMENT Form 3140 12/83 ~ ? n~ Q~ g~~p0 PaGE 940 . _ . . . - . ~