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Home My WebLink About0939 ~ ~L~11~lELl URtIT' D?EV~I~~PI~~~' RI~ER ~ . ~ . THIS PLANriED UMT DEYELOPMENT R.IDER is made this 111H day of S~PT~I~ffi~R + 19 $6 , end i ?a inc~?r;w?sacrcl into and shall bo ckemcd to amend and supplemcnt thc Mort~agc, Deed of Trust or Security Deed (th~ "Security ~ Instrun~ent") of tha same date, given by tha unckrsigned (the "Borrow~r") to secure Borrowzr ~ iv~u io GDV FINANCIAI, CORPORA~1'ION (the "I.ender") of the same date and covering the Property describ~d In the Security Instnunent and tocated at: ~ 22 W. IrtONIC~Pi ST. , PORT ST. I,UCIE, FL 33 453 . . - . (Property ~edresei The Property includos~ but is not limited to, a parcei of land improved with a dwelling, together with pther such parcets and certain cocnnwn areas and facillties, as dascribed In ~ OFFICIAL RECOItDS BQOK 37Q , PAGE 2765 PUBLIC RECOItDS OF ST~. LUCIB ~ COUNTY, FLORIDA R~CORD~~ ON 2/10/82 (the "Declnration"). 'I'he Property is a part~of a planntd unit develapment known ss - . VILLAS OF WINDMIL~, POIN~ , . . . t~ a ara~,.a unn oew+oa~? (the "PUD"). The Property also includes Bor%wer's interest in the homeawners associatIon or equivalent entity owning or managing the common areas and facilities of the PUD (the "Owasrs Association") and the uses, benefits and proc;eeds of Borrower's interest. ~ PUD COVENANTS. In addiijon to the corenants and agreements made in the Security Instrument, Boriower and Lender furt~r oovenant and agree as follows: ~ A. PUD Obllgatlons. Borrower shall perform all Borrower's obligations under the PiJD's Constituent Documents. The ~ "Consdtuent Documents" are the: (i) Declaration; (ii) articl~s of incorpnration, trust instrument or any equivalent document which ~ creates the Owners Associatton; and (iii) any by-laws or other rules ur reguladnns of the Owners Associadon. Borrower shall prompdy ~ pay, when due, atl dues and assessments imposed pursuant to the Constituent Qocuments. ~ B. Hazard Iasuranee. So long as the Owners Association maintains, with a generally accepied insurance carrier, a"master" or "bl~nket" policy insuring the Property which is saiisfaciory to Leader and wttich pmvides insurance coverage in the amounts~ for the periods, and against the hazards I.ender tequires, includi~g fire and hazards included within the term "extendea coverage," then: ' (i) Lender waives the provision in Unifoiirr Covenant 2 for the monthly payment to Lender of one-twelRh of the yeariy j premium installments for hatard insurancc on the Property; and 3 (ii) Borrower's obligation under Unifnrm Cavenant 5 to maintain hazxrd insurance coverage on the Propeny is deemed ; satisfied to the extent that the required coverage is provided by the Owners Association policy. ~ Iiorrower shall gire Lender pmmpt notice of any lapse in required hazard insuranc~ coverage provided by the master or blanket ~ Policy. ~ 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. L,ender - ~ ~ shall apply the proceeris to the sums secured ~y the Security Inswment, with any excess paid to Borrower. ~ C. Fiublic Uabllity Insurenct. Borrower shall take such actions as may be reasonable to insuee that the Owners Association maintains a public liability insurance policy acc~ptable in form, amount, and extent of coverage to Lender. D. CondemnatIon. The proceeds of any awsrd or claim for damages, ditect or consequential, payal~te W Borrower in connection with any condemnaleon or othsr taking oF all or any part of the Property or the cammon areas and facilities of thc PUD, ar for any ~ conveyance in tieu of condemnation, are hereby assigned and shall be paid to Lender. Sueh proceeds shalt be appliad by Lender to the sums secured by th~ Security Instrument as provided in Uniform Covenant 4. E. Lendee's Ptior Consent Borrower shall not, except after notice to Lender and with Lender's prior written cansent, either ~ partitiosi or subdivide the Praperty or consent to: ; (i) the a~andoament or termihation of the PUD, except for abandonment or tertninaGon required by law in the case of ~ suhstantial destruciion by fire or other casualty or in the case of a taking by cor.demnation or eminent domain; (ii) any amendment to any provision of the "Canstituent Documents" if the provision is for the express benefit of I.ender, . (iii) tern?ination of professional management aad assumption of self-management of the Owners Association; or (iv) any action which would have the effect of rendering the publie liability insurance coveeage maintained by the Owners ~ Association unacceptable W Lender. ~ F. ~temedles. If Borrower dces not pay PUD dues and ass~essments when dae, then Lender may pay them. Any amounts disbursed by L.ender under this paragraph F shall become aclditional debt of Borro~ver secured by the Security Instrumen~ Unless . Borrower and Lender agree G~ other terms of payment, these amonnts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice fram I.ender to Borrower requesting payment. ~ BY SIGNING BELOW, Borrower a^..cepts and agrees W 1he terms and provisions contained in thi5 PUD Rider. ~ ~ ~ ' ,s ? EUGE S. LAMBBRTSON 'gOfO'"re` J A. ' A4BERTSON ~~°~`01M8f -8orrores. -eoROwe. , t ! ~ goo~ 5~.5 ~A~~ 937' A~lUl.TlSTATE PUD RIDER - Sfngie Family - FNAAA/FHLMC UNIFORM IRlSTRU1AENT Fonn 31b0 12/~3 - MC 0505 C ~