Escrow & Title
What is a 'condominium rider' or 'PUD rider' in a Delaware mortgage?
AAn addition to the promissory note adjusting the interest rate for condos
BAn addendum to a Fannie Mae/Freddie Mac mortgage that modifies standard mortgage terms to account for condominium or planned unit development ownership characteristics✓ Correct
CA rider limiting the property to residential use only
DA provision in the deed restricting condo unit resale
Explanation
A condominium rider (or PUD rider) is a Fannie Mae/Freddie Mac form attached to the mortgage instrument, incorporating specific provisions applicable to condominium ownership (like HOA assessment obligations and shared property rights) into the borrower's mortgage obligations.
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