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Home My WebLink About0989 - PLANNED UNIT DEVELOPIIRENT RIDER THIS PLANNED UNTT DEVELOPMENT RIDER is madc this 22Np day d' AiJGUST ~ 19 85 is inco~porated into and shaU be deemed to amend and supplement the Mortgagr. Deod of Trust or Security Deed (the "Security Instriun~aP') of the sune date, given by the w~dersigned (the "Borrower") to secure Barowe~'s Note to GDV FINANCIAL CORPORATION L~ ~~~~r"~ of the same date sad. oovering the Propeny described in the Security Instrument and located at: 150 SW COLESBUItY AVEI~UE, PORT ST. LOCIB, FL 33453 ~~+r ~a~...~ 'R~e Pnoperty includes, but is uat limited to, a parcei of land improved with a dwelling, together with other such parcels and certain oonunon anas aqd facilities, as described in OFFICIAL RECORDS BOOK 4~04 , PAGE 2158 PUBLIC RECORDS OF ST. LUCIE COUNTY, FLORIpA RECORDED ON 06/30/1983 (the "Declaration"). The Property is a part of a plaaned unit development known as VILLAS OF WIND!lILL POINT II (Nsrn. a qw,.a uNt o.waa~«~tl (th~ "pUD"). Th~ Properiy also includts Bomower's interest in the homeowners associadon or equivalent entity owning or managing the cotnmon aroas and facili6es of the PUD (the "Owners Associaaon") and the uses, t~enefits and proceeds of Borrovrer s intorcst. PUD COVENANTS. In addition to the covenants and agr~eements made in the Security Instrument, Borrower and Lender further covenant aad agree as follows: A. PUD Obllgations. Borrower shall pedam all Borrower's obligations under the PUD's Constituent Documents. The "Constituent Documents" are the: (i) Declaration: (ii) articles of incocporation, irust instrument or any equivalent document which creates the Owners Association; and (iu) any by-laws or other rules or regulations of the Cwners Association. Bomower shali prompdy pay, when due, all dues and assessmems imposod pursuant to the Constituent Documents. B. Hazard Insuranca So long as the Owners Association maintains, with a generally accepted insurance :.arrier, a"masur" or "blanket" policy insuring the Property which is satisfactory to Lender and wtuch provides insurance coverage in the amounts, for the periods. and against the hazards ~Lender requires, including fire and hazards included within the tertn "extended coverage," then: (i) I.,ender waives the ~ovision in Uniform Covenant 2 for the monthly payment to Lender of one-twzlRh of the yearly premium installments for hazard insurance on the Prope~ty: and ~ (ii) Borruwe~s obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemed satisfied W the extent that the required coverage is provided by the Owners Association poticy. Borrowes shall give Lender prompt aotice of aay Iapse in required hazard insurance coverage provided by the master or blanket PoL~Y• In the e~ ent of a distribution of hazard insurance proceeds in 6eu of reswration or repair following a loss to the Property or t~ cocnnwn areas and facilides of the PUD, any proceeds payable to Borrowcr are hereby assigned and shall be paid to I.ender. Leoder shall apply the proceods to the sums secured by the Security Instrument, with any excess paid to Borrower. C. PabGc liability Insurance. Borrower shall take such aMions as may be reasonable to insure that the Owners Association mnintains a pablic liabi6ty insurance policy acceptable in form, amount, and eatent of ooverage to Lender. D. Condemnatioa. 'I~e proceeds of any award or claim for damages, dirxt or oonsequential, paYable to Borrower in vonnxtioo with any condemnation or other taking of all a any part of the Property or the oommon areas and facilities of the PL.'D, or for any conveyance ia lieu of condemnation, arc hereby assign~d and shall be paid to Lender. Such proceeds s6a11 be applied by Lender w the sums secursd by We Security Ir,strument as provided in Uniform Cavenant 9. E. Leader'a Prior Consen~ Borrower shall not, ezcept after notice to Lender and with Lender's prior written coasent, either partition or subdivide the Property or consent to: (i) the abandonment or tertnination of the PUD, except for abandonment or terminatia~ required by law ia the case of ~I substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; ~ (ii) any amendment to any ~ovision of the "Constituent Documenu" if the provision is for the express benefit of I.eader, ! i (iii) termination of professional management and assumption of sclf-management of the Owners Associatioa; or ~ (iv) any action which would have the effect of readering the public liability insurance coverage maintained by the Owners Association unacceptable to Lender. ~ F. Remedies. If Borrowsr does not pay PUD dues and assessments when due, then Lender may pay them. Any amounts disbursed by I.ender under this paragraph F shall becoroe additional debt of Borrower secured by the Security Instrument Unless Borrower and L.ender agree to other terms of payment, these amounts shall bear interest frum the date of disbursement at the Note rate and shall be payabte, with interest, upon notice from L.ender to Barower requesting payment BY SIGNING BELOW, Borrower accepts and agrees to the ternis and provisions contained in this PUD Rider. ~ / / ; -eorrower -e«rowe? ' ROBERT CLAAS ELLEN CLAAS ' a ~ ~ -earvwrr ~eorrow.. ( ~ ~ '85 SEP -4 A~ 1 :23 ' `~1'~ , FiLEu l~.~t~ t`~. t~ ROGER P~7ltRi-L ~s ~RK ' ST. LUCIE t'CL~N: Y. . ' '`~475 o~C~ ~~S z~~~ MULTISTATE PUD RIDER - Sir~le Famity - FNMI1/FHLMC UNIFORM IN8TilUMENT fonn 3150 14/83