HomeMy WebLinkAbout0991 ~ ~ I'LA~1~1~D UNIT D~VELOPl~I~N'~ RID~Ilt
LOpN NUMBER~ 341461-2
_ THIS I~LANNi:D UN[l' DEVELOPMENT RIDER Is made this 3rd day of Novemb~r , 19 86 , _
and is incorporatal into and shati tse damod to amtnd and supplement the Mortgage. Dted of Trust or Security Deed (the
"Security Instrument") of the same datc, given by thc undersignzd (th~ "Borrower") to secure Borrower's Note to
CITY FEDERAL SAVINDS BANK (the"Lend~r")
of the sa~ date ~overing the Property describcd in the Secucity Instrument and located at:
~ @-pepp~rtree Trail, Ft. Rierce, ~'lorida 33450
321-D ip~~r ~ress)
The Property includes, but is not timited to~ a parcel of land improved with a dwclling, together with other such paecels and
cer4ain common ar~as and facilities. as descri[~ed in
(the "Declaration"). 'The Property is a part of a planneci unit development known as
'fHE VILLA{3ES AF LON~WOC~D
(Name of Pian~ed Unit Devebpmeni)
(the "PUD"). The Property also includes Borrower's interest in the homeowners association or equivalent entity owning or
- managing the common areas and facilities of the PUD (the "Owners Association") and the uses, benefits and proceeds of
Borrower's interest.
PUD COVENANrs. In addition to the covenants and agreements made in the Security Instrument, Borrower and
L.ender further covenant and agree as foltows:
A. PUD Obligatious. Borrower sha!! .perform all of Borrower's obligations under the PUD's Constituent
Dacuments. The "Constituent Documents" are the :(i) Dectaration; (ii) articles of incorporation, trust instrument or any
equivalent document which~creates the Owners Association; and (iii) any bylaws or other rules or regulations of ihe Owners
' Association. Bonower shall promptly pay, when duc, all dues and assessments imuosed pursuant to the Constituent
Documents.
Ii, Hazard Insuranee. So long as the Owners Association maintains, with a generatly accepted insurance carrier, a
~ "master" or "blanket" policy insuring the Property which is satisfactory ta Lender and which provides insurance coverage
in the amounts, for the periods, and against the hazards Lender requires, including fire and hazards included within thc term
"extended coverage," then:
(i) Lender waives ihe provision in Uniform Covenant 2 for the monthly payment to Lender of one-twelfth of
the yearly premium installments for hazard insurance on the Property; and
I (ii) Bonower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is
deeRied satisfieci to the extent that the required coverage is provided by the Owners Association poticy.
Borrower shall give Lender 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 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. I.ender shall applj~ the proceeds to the sums secured by the Security Instrument, with any excess paid to
Bonower.
C. Publie Ltability Insurence. Bonower 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. Coadcmnatioa. The proceeds oi'any award or claim foe damages, direct or consequential, payable io Borrower in
connection with any condemnation or other taking of all or any part of the Property ar the common areas and facilities of the
PUD, or for any conveyance in lieu of condemnation, are hereby assigned and shail be paid to Lender. Such proceeds shall
be applied by Lender to the sums secured by the Security Instrument as provided in Uniform Covenant 9.
E. Lender's Prlor Consent. Bonower •sha11 not, except after notice to I.~ender and with Lender's prior written
consent, eithes 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 othec casualty or in the case of a taking by condemnation or eminent domain;
(ii) any amendment to any provision of the "Consiituent Documents" if the provision is for the eapress beneSt
; of Lender;
(iii) termination of' professional management and assumption of self-managemeni of the Owners Association;
or
~ (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by
the Owaers Association unacceptable to L.ender.
F. Remedies. If Borrower does not pay PUD dues and assessments when due, then Lender may pay them. Any
amounts disbutsed by I,ender under this paragraph F shall become additional debt of Borrower secured by the Security
~nstrument. Unless Bonower and I,ender agree 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.
BY SIGNJNG BELOW, Borrower accepts and agrees to the terms and provisions contained in this PUD Rider.
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ROGER Pt~~? :,.4'R
. SL LUCIE L'OUN~f 't. rl.
A?lULTlSTATE PUD RiDER-Single Fa y~-iNb1A/FHI.hiC UN1itfRM INSTRUMENT Form 3150 12/83
Form 16T2 ^J na'
, ['p( ~ 1 Ii:1E~ `J To Reordar. Ce~: GREAT lAl(ES BUS~NESS FOr~MS. WC
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