HomeMy WebLinkAbout0940 C~i~ll~. t~MINIUM RIDER
THIS Co~pUNINIUM RIUFR is made Ihis 9TH day uf DECEMBER , Iy 8?
and is incorporated into and shall be deemed to amend and supptement the Mur~gage, Dced c?f'l~rutit c~r Srcurity I)rrd (1hr
"SC~DV ~ FINrANCIAL~`CORFORAT~ON by the undersigned (the "13orcower") tc?,c~cure 13~~~ri»~~~r'~ N~~tr i~~
(th< "l.ender")
ot'the same date and rovering the Property descrihed in the Serurit~• Imtrumrnt and I~x~itcd at:
1648 S. E. GRBEN ACRES CR EE-101 ~ PORT ST. LUCIE, FI, 34952 '
~ (Property Address~ '
"I'he Prorerty includes a unit in, toge~her with an undivided inrerest in the comnzon eten~tnt~ ~~f, a coitd<~minium pro~rc~
kno~vn as: ~ ;
EtTERGREEN AT PT. ST. LUCIE `
~Name ot Co~dom~n~um Pro~ectJ ' ~
(tne "Condominium Project"). li' the owners association or other entity which acts far the Condc~minium Project (th~ ~
"Owners Association") holds tiile to property for the benefit or use of its memben ur sharehulders, thc Yroperty also ~
includes Borrower's interest in the Owners Association and ihe uses, proceeds and benefits uf 6orroa•er's intere,t. ~
CO~nO~ti~it;~! CUVEtiA\'is. In addilion to the covenants and agreements made in t6e Sccurit~~ Instrument, ~
Borrower and Lender furiher covenant and agree as follaws:
A. Condominium Obligations. Borrov?er shait perform atl of Borroa•er's obligatiom under the Condominium
Project's Constituent Documents. The "Constituent Uocuments" are the: (i) Dc~laration or any other documcnt H•hirh
creates the Condominium Project; (ii) by-1aws; (iii) code of regulations; and (iv) ather equivalent documents. Borro~~•cr shall
prompNy pay, when due, all dues and assessments imposed pursuant to the Constituent Da;umenis.
B. Hazard lnsorance. So long as the Owners Association maintains, with a generall}~ arcepicd insuranrr carrier, a
"master" ur "blanket" policy on the Condominium Project which is satisfactar~~ to Lender and ~~~hi~h pro~ides in,uranrc
co~~erage in the amounts, for the periods, and against the hazards Lender require~, including fire and hazards included
within the term "extended coverage," then:
(i) Lender waives the provision in UniPorm Covenant 2 for the monthl~• pa}~ment to Lender c~f one-twcifth of
the yearly premium installments for hazard insurance on the Property; and
(ii) Borrower's obligation under lJniform Covenant 5 to maintain hazard insuran~e ru~~er.~ge on the Pra~ert~~ -
is deemed satisfied to the extent that ihe required coverage is provided by the Owners Asscxiatian polir~~. ;
Borrower shall give Lender prompt notice of any lapse in required hazard insurance co~•eragc. `
In !he e~•ent of a distribution of hazard insurance proceecis in lieu of restoration or repair ti~lto~~ing a lo~ti tc~ thr ~
j'roperty, w~hether to the unit or to common elements, any proceeds payaUle to Borrower are hereb~~ assignrd and sBall be ~
paid to Lender for application to the sums secured by the Se~uritS~ Instrument, with any excess paid Io l3orm~+~er. >
C. Public Liability Insurance. Borrower shall take such actions as may be reasc~nahte ta insure that the Ow•ners ~
Association maintains a public liability insurance poticy acceptable in form, amount, and este~~t of covera~e to !_ender. ~
D. Condemnation. The proceeds of any award or claim for damages, dircet or conscyurntial, pa~~:~ble to Borro«~cr in
connection with an}• condernnation or other taking of al! or any part oP the Yroperty, whether of the uni~ ur af the rommon
elements, or fof any conveyance in lieu of condemnation, are hereby asSigned and shall be paid to l.ender. Surh rnxeed~
shall be appl~ed by Lender to the sums secured by the Security instrument as provided in Uniform Covenant 9.
E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and ~~~ith l.ender's prior ~critten
consent, erther partition or subdivide the Property or consent to: .
(i) the abandonment or termination of the Condominium Project, except for abandonment or termination i
rec~uired b}~ law in the case df substantial destruction by fire or other casualty or in thc rase o( a taking b~~ condenu~~itie~n ur '
,
eminent domain;
(ii) any amendment to any provision of the Constituent Dcx:umenls if the rm.itiion is For the rxpr«s benefit of ~
Lender; ~
{iii) termination of professional management and assumptior. of self-management uf the Ownrrti Ass~kiatic~n; ~
i or '
i (iv) any action which would have the eftect of rendering the public liability insuranre co~~erage maintainrd b}~ j
the Oa~ners Association unacceptable to Lender_ 3
~ F. Reme~'ies. If Borrower does not pay condominium dues and asscssments when due, then i_ender ma}~ pa}~ them. ~
Any amounts disbursed by Lender under this paragraph F shall [~eceme additionat debi of Bcjrr<~~~er secure~f b~~ the Serurit}~
Instrument. Unless Borrower and Lender agree to other terms u!'payment, thesc amounts shal! brar interest from thc date <~f
~ disbursement at the Note rate and shall be payable, with inierest, upon notice from I_ender ro f3orrouer reyuc~ting payment.
$Y StGtit~G BF.LOw, Borrower accepts and agrees to the terms and provisions con~ained in t-hi~ Co*~dominium Rider.
`
Stal)
~ ST E A. WATRAL .~~~a,1iref
~ ' ~
~ , r~- ~ • ~c~~~
-Borra~+ver
~s~,~
' -Borrotiver
eoox 5~~. PAGE 939 l~
.
.Borrower
(S~tr? Original On/r)
MULTISTATE CONDOMINIUht RIDER-single family-FNMA/FHLMC UNIFORM INSTRUMENT form 314Q 12J83
1 8~8T03~ vl~,tVMORTG/.GfFCAMS •'3~3~13381p0 • ~SOOi521 7~51
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