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' . FLANN~v UNIT DEVELOPMENT RID~R
'I~i1S PLANNED UNIT DEVELOPMFNl' R1DER is mAde thi3 27 th............ ~y o f... December 19 84.....
and is incorporated into and shaU be damed W amend and supplement the Mortgage. Dced of Trust or Security Doed (the
"Secunty Instrument ) of the same datq given by the undersigned (the "Borrower") to secure Horrower's Note to
ian~,e„Mortp,a8e „ComQanY (the "Lender")
of the same date and coverir.g the Property described ia the Security Instrument and1o~ tod at:
,,,1~Q2 Nebr~aka„Ayenue.,_„Unit„ 23B~,,.Fort Piercer Florida 33450
The Property includes. but is not limited to, a parcel of land improved with a dwelling~ together with other such parcels and
certain common areas and facilities, as de~cribod ' p.z p.F ~1„ pIERCE DECLARATION
,Records in O.R. Book 313~ 356, &~6b Pages -13~, l~in7; anc~"'1037""of"'E~i~"Ptl~li~"""""°~~
. Ii~CRICl~&..O~..SX... I~13G.~~.. GQ4R41'.x..Florida
(t~"Declaration"). The Pm~y is a part of a planned unit developmeat known as
e Pines of Fort ierce
~r~is~;i:. oi. q'anii:'d .iii,it .beveiopnient~
(the "PUD"). The Property also includes Bormwer's interest in the homoowners association or equivalent entity owning or
managing the common are~s and facilities of the PUD (the "Owners Association") and the uses, benefits and proceeds of
Borrowu's interest.
PUD CovEtvwr~rTS. In addition to the covenants and agrcements made in the Security Instrument, Bonower and
Lender further covenant and agrx as follows: ~
A. PUD Obligations. Bonowu shall perfurm all of Borrower's obligations under the PUD's Constituent
Documents. The "Constituent Documents" are the :(i) Doclaration; (iij articles of incorporation, trust instrument or any
equivalent document which creates the Owners Association; and (ui) any by-laws or other rules or regulations of tho Owners
Association. Borrower shall promptly pay, whrn due, all dues and assessments impoxd pursuant to ihe Cunstituent
Documents.
B. Hazard Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier. a
"master" or "blauket" policy insuring the Property which is satisfactory to Lender and which provides insurance coverage
in the amounts. for the periods. and against the hazards I.ender roquires, including fire and hazards includod within the term
"extend~d coverage,"then:
(i) Lender waives, the pmvision in Uniform Covenant 2 for the monthly payment to Lender of one-twelhh of
the yearly premium installments for hazard insurance oa the Property; and
(ii) Borrower's obligation under Uniform Covenant S to maintain hazard insurance coverage on the Property is
deemed satisfied to the extent that the roquirad coverage is pmvidod by the Owners Association policy.
Borrower shal! give Lender prompt notice of any lapse rn required hazard insurance coverage provided by th~ master
or blanket policy. i
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 proceeds payable to Borrower are hereby assigned and shall be
paid to Lender. Lender shall apply the proceeds to the sums secured by the Security Instrument, wi,h any excess paid to
Borrower. - I
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 extent of coverage to Lender.
D. Coademnation. The proceeds of any award or claim for damages, direct or consequential, payable to Bonower in '
connection with any condemnation or ot~er taking of all or any part of the Property or the common areas and facilities of the
PUD, or for any conveyanct in lieu of condemnation, are hereby assigned and shall be paid to I.ender. Such proceeds shall
; be applied by Lender to the sums secured by the Security Instrument as provided in Uniform Covenant 9.
i E. Leeder's Prior Consen~ Borrower shall not, except after notice to Lender and with Lender's prior written
E consEnt, either partition or subdivide the Property or consent to:
(i) the abandonment or termination of the PUD, except for abandonment or termination required by law in the
case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain;
~ (ii) any amendment to any provision of t6e "Constitutnt Documents" if the provision is for the express benefit
~ of Lender;
(iii) termination of professional management and assumptian of self-management of the ~wners Association;
~ or
(iv) any action which would have the effect of rendering the public liability insurance coverage maintained by
_ the Owners Association unacceptable to Lender.
F. Remedies. If Bocrower dces not pay PUD dues and assesssments when due, then Lender may pay them. Any
amounts disbursed by Lender under this paragraph F shall become additional debt of Borrower secured by the Security
Instrument. Unless Bonower and I.ender agree to other terms of paymtnt, these amounts shall bear interest from the daEe of
~ disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Bonower rtquesting payment.
BY SlGNING BELOW, Borrower accepts and agrces to the terms and provisions contained in this PUD Rider.
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' ~IULTISTATE PUD RIDER-s~ngle Family-fNMA/FHLMC UNIFORM tNSTRUr~ . Form 3150 12/83
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` BO~K 5~ PAGE~~~
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