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Home My WebLink About0915 - CONDOMINIUM RIDER THIS CONDOMINIUM RIDER is made this 13 TH ~+Y ~ DECEMB ER , 19 85 , and is incocporated into and ahall be deemod to amead and aupplement the Ma~e, Deed of Trust or Secwity Deed (the "Security Instrument") of the ume date ~ivea by the undersi~ned (the ••Borrower") to secure Borrower's Nou to GDV FINANCIAL CORPORATION ~~~"~r~~~ of the same date aod ooveriag the Property descn'bed in the 3ecuriry Instrumeat and located a~ 1535 SE ROYAL GREEN CIRCLE D104, PORT ST. LUCIE, F:, 33452 ~?oo.~nr The Property wcludes a unit in. together with m undirided interest in the oommon ekmeats of. ~ condominium project known as: MIDPORT PLACE II c?~Wn. a c,w+own.+~,m a?a.a~ (tbe •.Condominium Project,•). If the owners association or other entiry which scta far the Condominium Project (the `•O~vners Associ- ation") hokls tide to p+operty for the benefit or use of its memben or shareholdera, the Property also inrludes Borrower's interest in the Owners Aasociadon and the uaes, Proceeds and beaefits of Bomower's intercst CONDOMINIUM COVENANfS. In addidon to ~5e covenanu and agreements made in the Securiry Instrument, Borrower sad Lender further covenant and a~e as follows: A. Condominium Obli~ationa. Borrowtr shall perfortn all of Barower's ob6gations under the Condominium Project's Constiweat Documents. The "Conshtvent Documents" are the: (i) Declaration or any other document which creates the Condominium Project; (u) by-laws; (ui) code of rcgulations; and (iv) other equivalent documents. Borinwer shall prompdy pay. when due, s11 dues and assessments imposod pursuant to the Constitueat Documenu. B. Huard Insuranee. So long as the Owners Association maintains, with e generally accepted insurance carrier, a"master" or "blanket" policy on the Condominium Project which is satisfsctory to L,ender and which Exovides insurance coverage in the amounts, for the periods, and against the hazards I.ender requires, including fire and hazerds included within the term "extended coverage.,• then: (i) I.ender waives the provision in Uniform Covenant 2 for the monthly payment to Leader of one-twelfth of the yeariy premium instxllments for hazard insurance on the Property; and (ii) Borrower s obligation under Uniform Covenant S to maintain hazard insurance coverage on the Property is deemed satisfied to thc exunt that the required coverage is provided by the Owners Associadon policy. Barrower shaU give Lender prompt notice of any lapse in required hazard insurance coverage. In the event of a distribution of hazard insurance proceeds in 6eu of restoration or repair following a loss to the Property, whether to the unit or to common elemenu, any proceeds payable W Bomower are hereby assigned and shall be paid to Lender for applicatian i w the sums secured by the Security Instrument, with any excess paid to Borrower. C. Publie Uability Iasuraace. Borrower shall take such actions as may be reasonable to insure that the Ownen Association ' maintains a pablic liability insurance policy acceptable in form, amount, and eztent of coverage to L.ender. D. Condemnation. The proceeds of anY awai'd or claim for damages, direct or consequential, payable to Borrower in connection with any condemnation or other talcing of all or any part of the Prvperty, whether of the unit or of tht common elements, or fa any conveyance in lieu of condemnation, are hereby assi~ed and shall be paid to L,ender. Such proceeds shali be applied by L.ender to the sums secured by the Security Inswment as provided in Uniform Covenant 9. E. L,ender's Prior Coastnt Borrower shall not, except after nodce to Lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the abandonment or urmination of the Condominium Project except for abandonment or termination requirod by law in the case of substantial deswction by fire or other casualty or in the case of a taking by condemnation or eminent domain; (ii) any amendment to any provision of the Constituent Documents if the provision is for the express benefit of Lender, (iii) termination of professional management and assumption of self-management of the Owners Association; or ; (iv) any accion which would have the effect of rendering the public liability insurance coverage maintain~ by the Owners ~ ~ Association unacceptable to Lender. ' F. Rem~dies. If Borrower does not pay condominium dues and assessmenu when due, then Lender may pay them. Any amounts disbursed by L,ender under this paragraph F shall become addidonal debt of Borrower s~cured by the Security Instrument Unless ~ Borrower and L.ender agree to other terms of payment, these ~unounts shall 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 ~ BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this Condominium Rider. ~ ~ . ' ( ~ ~ i.,r.~~* ~i'` S~a''`~ ~ ~ a ~ . ~ ~ ~ WILLIAM R. DANYLUCR 'B0~O'"°` ELISA E. DANYLUCR ~eoio""` ~ ; . '86 FEB 1 ? Pi2 :08 ~ t ~ ~ Fr~t?~ - . • ~ ROGER rit i . SL LUCIE Cu.,r~, r ~ '746'~13 ~ ~ li ~ ~ ~k G5^ ~ iy L ~ MUL.TISTATE CONDOMIPiIUM RIDER - s~~?o?e Farriy - FNMA/FHLMC UNIFOAM INSTRUMENT Ferm 3140 t2/83 MC 0503 C ~ ~ s ao~k 491 P~GE y~,~ ~ _ . ~ ~ ~ " :s=; ~ ~;:-m.~,s. . ~3,~ . ~ - _ . _ _ 's ~