HomeMy WebLinkAbout0938 PLANNED UNIT T3EVELOPMENT RIDER
THIS PLANNED UN:'~ DEVELOPMENT RIDER is made ~his 21 ~T d.y af DECEMBER , t9 84 , and
is incorporated into and shall be damed to unend aad supplement the Mortg,age, Deed of Tn~at or Sec~uity Deed (the "Security
Instrument") af the aame date, givea by the undersigned (the ••Borrower") to aecure Borrower's Note to
GDV FINANCIAL CORPORATION (the "Lender")
of the same date and covering the Pr~uperty described in the Security Instrument and located at
2210 S.E. BRERENRIDGE CIRCLE, PORT ST. LUCIE, FL 33452
. l~rdo.r~, notr.w
The Property includes, but is not limited to, a parcel af land improved with a dwelling, together with other such parcels and certain
cociunoa areas aad facilities, as described in
OFFICIAL RECORDS BOOR 419 , PAGE 1019 PUBLIC RECORDS OF
ST. LUCIE COUNTY, FLORIDA RECORDFD ON
(the "Declaratioa"). The Property is a part of a ptanned unit development known as
WALTON COURT _
n+rn. or °~~»o ur~t o.M.~oom.r~q
(the "PUD"). The Property also includes Borrower ~ u:wrost in the homoowners association or equivalent tntity owning or managing t
the common areas and facilities of the PUD (the "Ovvners Association") and the uses, benefits and proceeds of Borrower s interest.
PUD COVENAIVTS. Ir: addition to the covenants and agrsements made in the Security Instrument, Borrower and Lender
further coveaant and agree as follows:
A. PUD Obligations. Borrower sha[1 pedorm alI Borrower's ob6gadons under the PUD's Constituent Documents. The
"Constituent Documents" are the: (i) Declaration; (ii) articles of incorporation, trust instniment or any equivalent document which
creates the Owmers Association; and (ia) any by-laws or other rul~s or regulations of the Owners Association. Borrower shall promptly
pay, when due, all dues and assessments imposed pursuant to the Constituent Documenu.
B. Hazud Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a"macter"
w"blanket° policy insuring the Property which is satisfactory to L.ender and which provides insurance coverage in the amounts, for the
periods, and against the hazards L.ender requires, including fire and hazards included within the term "eztended coverage," then:
(i) L,ender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one-twelfth of the yearty
premium installments 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 w the extent that the required coverage is provided by ihe Owners Association policy.
Borrower shali give L.ender prompt notice of any lapse in required hazard insurance coverage provided by the master or blanket
policy.
In the event of a distribution of hazard insurance proceeds in lieu of restoradon or repair following a loss to the Pn;Ne,~y or to
common areas and facilities of the PUD, any proceeds payable to Borrower are hereby assigned and shall be paid to I.ender. Lender
shall apply ine p;cxxeds to che sums secured by the Security Instrument, with any excess paid to Borrower.
C. Public Liability Insurance. Borrower shall take such actions as may be reasonable to insure that the Owners Association
maintains a public liability insurance policy acceptable in form, amount, and e~ctent of ooverage to Lender.
A. Condemnation. "I~e proceeds of any award or cisim for damages, direct or consequential. payable to Borrower in connection
with any condemnation or other taking of at1 or any part of the Property or t~;e common areas and facilides of the PUD, or for any
conveyance in lieu of condemnation. are hereby assigned and shall be paid to L.ender. Such proceeds shall tx applied by Lender to the
sums secured by the Security Instrument as provided in Uniform Covenant 9.
E. Lender's Prior Conssnt Borrower shall not, ezcept after notice to Lender and with I.ender's prior written consent, either
partition or subdivide the Property or consent to:
(i) the abandonment or ternvnation of the PUD, except for abandonment or termination required by law in the case of
substantial destrucGon 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 assumpdon af self-management of the Owners Association; or .
(iv) any action which woutd have the effect of rendering the public liability insurance coverage maintained by the Owners
Association unacceptable to Lender.
F. Remalias. If Borrower dces noi pay PUD dues and assessments when due, then Lender may pay them. Any amounts
disbursed by Lender under this paragaph F shall become additional debt of Bocrower secured by the Stcurity Inswment Unless
;
Borrower and Lender agrec to other terms 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. ~
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BY SIGNING BEL4W, Borrower accepts and agrees to the terms and provisions contained in this PUD Rider. ~
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H OLD C. MO CHHAUSER ~0"°'"°' ANNA K. MORS HAUSER '8ortoiMef
-earow« ~8~onoM~.
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ROGER POf i ;~K ~
ST. Lt1CIE CU!!h i?' ; i
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MULTISTATE PUD RIDER - Sinyle Famiy • FNMA/FHLMC UNIFORidI INBTRUMENT Fonn 3150 12/83
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