HomeMy WebLinkAbout0986 PLANNED UNIT DEVELOPMENT RIDER
rFU. ~~~t t~~~ ~ nF ~ r~ ~ ~ K~u~ K ~»:,~i~ ~n~.... . l.9 . . ~,f August......_. _ . 14 $3.
anJ ui~ur~x,r~lr~l ~nt~~ an~1 .hall tk ~lrrmcYl tu am~nd and ~urpirmrn~ a~1~~r~~;agr. [~czti1 uf ~f ru~t ~~r Uerd tu Sr~ urr l)~ht
lhrrr~n "J~~urut Im~rumcnt"1 ~:~ted c.l r~en ~1ate hrrrHith. g~~cn b~ th~ unJrnignr~l (h~rein "B~~rruwer"1 ~u .r~urr
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(l?er~in "Lrnder"f and covering the !'r~,rert~ dek-nbcY! in thr Srcunty~ lnstrumrnt anJ
I~ka~~d ai 94.R.9...5.,...~1~.A,~...,I.~~.~e~...~~ach.,. .FL......33..4.5.7
(Proprrty AdO~ess)
The Propert~ i. Jexribed in the Sctiurity Instrumrnt. and ~nrludr~. b?u is n~~t limited to, a p:?r~rl of 13nd impro~ed with a
J~rll~ng, which, to rthrr with ~~ther tiurh ~rccis ~nd crrtain rummou arra~:~n~f farilities, ~II asdt~uribed in .D~Cld.xr~tion
oi Protective ~ovenants.._for...Island..Villa.ge,.of.._Hutch_in$Q.r}.,..~s.1~nd.~...F~_Q.~j,dd.~....
.
Phase..I.~... recorde.d...in..Off_icial...Re,c4~a~...BQ.Pk...~.~2,...~a9.~...~.~.~4......~n~...~1t1~t7~dm~i~,~.S*.
(herein "Dctilara[iun"), fi~rnis a plannecl unit developmrnt knuw~n as ......~.5_~r~?~1R---.V.~IAIr~GFr...~~1~&~...Z.~
.
.......~Piame ot Pian~+ee un~1 oevebprr,ent)
(herein "~'UD"). The Pro~rty chall 3lso be compriserci of Borruwer's in~rrrst ~n the homeou~ners a,~tickiation or equi~alent
ennty u~vning or managing the ~ommon areas and farilities otthr YUD (herein "Owners Atiscxiation") and thc u~~~s, beneht~
and pr~x;eeds uC, or incident to. such interest.
P~A~tiED U`IT DE~'ELOP~tE~T[' CO~'EtiA:~ITS. In addition to the co~enants and agrrements mad~ in the Se.urit}•
1 nst n~ment. Borrow•er and Lender further covenant and agree as follows:
A. PUD Obligatioas. Borrower shall perform all of Horrower's obligations under the: (i) Declaration; (ii) articl~s of
incor~ration, trust instrument or any eyuivalent document required ro establish the Owners Associatian; and (iii) b~•-laws,
if a:~y, or other rul~ or regulations of the Owners Association. Borroa~er shall promptly pay, w•hen due, all assessments
im~x~sed by the Ow~ners Association.
B. Ha7ard Insurance. So long as the Owners Assrciation maintains a"master" or "blanket" polic}~, ~~hich is
s:~usfactory in form to Lender, with a generally accepted insurance carrier on the PUD and w~hich provides insurance
~o.~erage in such amounts, for such periods, and against such hazards as Lender may require, including fire and hazards
included within the term "extended coverage", thcn:
(i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one-twelfth of
the premium installments for hazard insuranre on the Property; and
(ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance co~~erage on the Yroperty is
deemed satisfied to the extent that the required coverage is provided b~~ the Owiiers Association ~licy.
Borrow•er shall give Lender prompt notice of any lapse in such required hazard insurance co~~erage. '
In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to the
, Property or to common areas and facilities of the PUD, any such proceeds payable to Borrower are hereb~~ assigned and
shall be paid to~ Lender for application to -the sums secured by the Security Instrurnent, with the excess, if any, paid to
Borrower.
C. Public Liability Insurance. Borrower shall take such actions as may be reasonable to insure that the Ow•ners
Association maintains a public liability insurance policy acceptablrjn form, amount, ar.d e~tent af coverage to Lender.
D. Condemnation. Z'he procee.~ds of any award or claim for damages, direct or consequential, payable to Borrower in
~ connection with any condemnation or other taking of all or any part of the Pro~erty or the common areas and farilitic~ of the
j PUD, or for any conveyance in lieu of eondemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall '
~ be applied by Lender to the sums secured by the Security Instrument in the manner pro~ ided under Uniform Co~ enant 9.
~ E. Lender's Prior Consent. Borrower shall not, except af'ter notice to Lender and w•ith Lender's prior ~i ritten
~ c:onsent, either partition or subdivide the Property or consent to:
(i) the abandonment or termination of the PUD, except for abandonment or terminati.;n required b~~ la~~ in the
~ case of substantial destructior 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 declaration, articles of incorporation, trust instrument, by-la~~~s of
~ the Owrrers Association, or equivalent constituent documents of the PUD (herein "Constituent Documents") w hich i~ for
~ t he express benefit of Lender,
(iii) termination of professional management and assumption of self-management of thc YUD O~~ners
F r'~ssociation; or
~ (~v) any action which w~ould have the effc~t of rendering the public liability~ insurance co~~erage maintaineci b}~
the OM~ners Assoc:ation unacceptable to Lender.
~ F. Notice to Lender. In addition to notices required to be given Lender by the terms of the Security In;trument,
~ Borrower shall promptly give notice to Lender of any material amendment to any provision of the Constituent Dcxuments
s and also of any amendment to a material provision thereaf. Examples of material pmvisions include, but are nut limited to,
; those which provide for, govern or regulate: voting rights of the unit owners in the PUD; as.tiessment.. astietitimrnt lirns or
~ subordination of such liens; the boundaries of any unit or the exclusive easement rights a~~ertaining therrto: or retier~c~ for
~ maintenance, repair and replacement otthe common areas and facilities of the YUD.
~ G. Remedies. If Borrower breaches Borrower's covenants and 9greements hereunder, includinR the covenant to paS~
when dne Pl1D assessments. then Lender may invoke an~ remedies provided under the Security Instrument, including, but
. not limited to, those provided under Uniform Covenant 7.
1` V~'~ ~tit:ss WHFKEC~F. Kormwer ha~rxrrutrd thiti YUD R~~lrr. ~
*thereto; ail of the Public Records `J~
' of St. Lucie County, Florida.
~ .~BENNIE NUNZIATR
.
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, , ANGE~NUNZIATA ~ ~
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a0oi ~ P~GE
` PLANNED UNIT DEVELOPMENT RIDER-1 r~ a~,m~~Y-s 81-fNMA/fHL1dC 4J?.•%:"=a. ;,>,~,T~:::}~.,~
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