The URL can be used to link to this page

Home My WebLink About0999 ~ ; , ~ ~ CONDOMINIUM RIDER ' _ ? . , . ; . , ~ _ THIS CONDOMINIUM RIDER is made this 31ST day of DgCgyggR ~ 19 86 ~ and is incorporatcd into And shall be decmed to amend and supplement thc Mortgagc, Deed of Trust or Security Deed (the ~ "Socurity Instrument") of the same date given by Ihe undersigned (the "Borrower") to secure Borrower's Note to ~ GDV FINANCIAL CORPORATION ~ (the "L,ender") of the same date and covering the Prapeny descnhed in the Sec:urity Instrument and loc~itd ~i: 1532 S$ ~RS$N ACRES CYRCL$.X20~~O~~T. LUCIB, FL 33452 ~ The Property insludes a unit in~ together with an undivided interest in the common elements of, a condominium project ~ known as: ~ BVB~GRESN AT PORT ~ ~,~I~wm P?oisctl ~ ~ (thz "Condominium Pcaject"). lf the owners association or othrr entity ~h':ch scts for th~ Condominium Project (she "Uwn~rs A~i~tic~n") hAldc title to Qrouerty for the bene8t or use of its membcrs or shareholders, the Property also ~ includes Borrower's interat in the Owners Association and the uses~ proceeds and b~nefits of Borrower's interest. CANDOMiN1UM COVENAM'S. In addition to the covenants and agreements made in the Security Instrument, ~ 8orcower and Lender furiher covenant and agree as foUows: ~ A. Coodaminlum Obligadona. Bonower shall perf'orm all of Borrower's obl'sgations under the Condominium ~ Projoct's Constituent Documents. The "Constituent llocuments" are the: (ij Declaration or any other document which ~ creates the ['.ondominium Project; (ii) bylaws; (iii) code of regulations; and (iv) ather oquivalent documents. Borrower shall ~ promptly pay, when due. all dues and assessments impoBOd pursuant to the Constituent Documents. ~ H. Haznrd Insunnce. So long as the Owners Association maintains, with a generally accepted insurance carrier, a "master" or "blanket" policy on the Condominium Project which is satisfactory to Lender and which provides insurance ~ coverage in the amounts~ for the periods, and against the hazards Lender requires~ including fire and hazards included ; within the term "extended coverage," then: ~ (i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to i.ender of one•twelRh of the yearly premium installments for hazard insurance on the Property; and i (ii) Horrower's obligation under Uniform Cove~ant S to maintain hazard insurance coverage on the Propert~• ~ is damed satisfied to the extent that the required coverage is providod by the Owners Association policy. 3 Borrower shall give Lender prompt notice of any lapse in required hazard insurance coverage. i • In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to the ~ groperty~ whether to the unit or to common elements, any proceods payabie to Bonower are hereby assigned and shall be paid to Lender for application to the sums secur~d by the Security Instrument. with any excess oaid to Borrower. C. Pubtie IJabitity Iaaaraace. Borrower shal! take such actions as may be reasonable to insure that the Owners ~ Association maintains a pubtic liability insurance policy acceptable in form, amount. and extent of coverage to Lender. D. ~a~;ius. T~1e pIE)Ctts~s 4f A32y 8~8rE! o~ C1Si[31 fOS d3m~a~~ rilFi~t ~4!1~!!p~~i~l. ~y~b!t t~ ~rcQw~r in ~ connection with any condemnation or other taking,of all or any part of the Properiy, whether of the unit or of the common ' elements~ or for any conveyanc~ in lieu of condemnation, are hereby assigned and shail be paid to I,ender. Such proceeds . shall be applied by Lender to the sums secured by the Security Instrument as providod in Uniform Covenant 9. E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with I.ender's prior written consent~ either partition or subdivide the Property or consent to: ~ 1 (i) the abandonment or termination of the Condominium Project, except fo~ abandonment or termination r required by law in the case of substantial destruction by fire or other casualty or in the case oi 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 action which would have the effecE of rendering the public liability insurance coverage maintained by the Owners Association unacceptable to Ixnder. ~ F. Remedies. If Bonower does not pay condominium dues and assessments when due. then Lender may pay them. Any amounts disbursod by I.ender under this paragraph F shall become additional debt of Borrower secured by the Security Instrument. Unless Bonower and Lender agree to other tzrms of payment. these amounts 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 Condnminium Rider. ~ ' ~ ~ ROHE T J. HA I . ,ga~ ! ~ ~ -eorrowsr ~ ~ O . ~ ~ ~eoRVMar ~ lsfe'? Or~ptr~M G'y'I ~ ; ~m IMULTISTATE CONDOMINIUM RIDER--sin~e Famity--fNMA/iHIMC UNIf~tM IMSTRUMENT Form 3140 t2/a3 8 VMM MWRf(iAOE FORMS • 1~/317Y2~700 • tl0016Z1•72lt ' . . _ . . . ' . . . . . . . . . . . . 3. _ ~ . . _ . . ~ ' _ - . . . " _ ,