HomeMy WebLinkAbout0929 - _ _ . _ ~ _ _ _ _ . . ~ _ _ . v.._,.~__..
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~ • ~ ~ ~ PLANNED UNIT' DEVELOPMENT RIDER ~
THIS PLANNED UNIT DEYELOPMENT RIDER i~ made thi~ day o~~.......................~ 149~bi.....~
and is incorporetod into and shatl be damed to amend and supplerttent Ihe Mongage~ Doed of Truat or Security Doed (the
"Security Inatrumcnt") oithe same date, givea by the underaignod (the "Borrower") to secure bo~rower'a Note to
.,IiG11sN..Al1~6 CA•$~ZAL..CqRP~qlI~..A..~tIM..~BTI(~i (the "Lender")
of the same date and covering the Property deacribed in the Socurity I~~!^zment und located at:
..L~i62.SB?. ~(A.. G~'~..~Q~'~'..i~'~'..T.~I{:.T~s..g~,..~~45~.....
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The Propcrty inctudes, but is not limitod to, a{wrcel of land improved witb a dwelling~ together with other such p~rrals and
certain common areas and facilities, as described i.a ....AxG~.AA~Ii.A~~A.H...lR~:...G Q.V.~N,A~I~S.....~ANA~~x.QNS~..........
.....~~~..~~rS~.~.~G~~Q~$..A.$.. R~~QI~DED...~.N...Q~F.~,C~4,Tt....R~r..~rnRD$...BQQR....,3.4~?.a...P~c.E...2~.6.Z.~
.....oF...~~~...~u~J4~~L.~...~1~G4~R~...o~...~T.~... L~~~4~..~4.V.~?.~~a.,..~?.~4~~.~~..
(the "Doclaration"). The Property is a part of a planne3 unit development known as
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' [Nlaine' oi' Pi'sniie'd"ilnit 'ae'reiopiiieriij'
(the "PUD"). The Property atso includes Borrower's interest in the homeowners association or equivalent entity owning or
managing the common arcas and facilities of the PUD (the "Owners Association") and the uses, benefits and procads of
Borrower's interest.
FUD GbvF.~v~x[s. In addition to the covenants and agraments made in the Security lnstrument. Borrower and
Lender further covenant and agrce as follows:
A. PUD Obligadoas. Borrower shall perform all of Bonower's obligations under the PUD's Constituent
Documents. Th~ "Constituent Documents" are the :(i) Dxlaration; (ii) articles~of incorporation~ trust instrument or any
equivalent document which creates the Owners Association; and (iii) any by-laws or other rutes or regulations of the Owners
Association. Borrower shall promptly pay, when due~ all dues and assessmcnts imposod pursuant to the Constituent
Documents.
B. - Ha~xrd Insuraaee. So long as the Owners Association maintains. with a generally acceptod insurance carrier, a
"master" or "blsnket" policy insuring the Property which is satisfactory to Lender and which provides insurance coverage
in the amounts, for the periods, and against the hazards Lender requires, including 8re and hazards included within the term
"extendod coverage~" then:
(i) Lender waives tho provision in Uniform Covenant 2 for the monthly payment to Lender of one-twelfth of
the yearly prcmium installments for hazard insuranct on the Property; and
(ii) Bono~ver's obtigation under Uniform Covenant S to maintaia hazard insurance coversge on the Property is
deemed satisfiod to the extent thaY the requirod coverage is providcd by tha Owners Association policy.
Borrower shal! 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 procoeds in lieu of restoration or repair following a loss to the
Property or to common areas and facilities of the PUD. any proceods payable to Bonower are hereby i.~°.igned and shall t~e
paid to Lender. Lender shall apply the proceeds to the sums socured by the S~curity Instrument. with any eac.ess paid to
Borrower.
C. Publlc Liability Iaaurance. 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 Lendor.
D. CoAdemeatioa. The proceeds of any award or claim for damages, direct or consoquential~ payable to Borrower in
connxtion with any condemnation or other taking of all or any part of the Property or the common areas and facilities of the
PUD, or for any conveyance in lieu of condemnation, are hereby sssigned and shall be paid to Lender. Such proceods shall
be applied by Lender to the sums secured by tho Security Instrument as provided in Uniform Covenant 9.
E. Lender'a Prior Consent. Bonower shall not~ except after notice to Lender and with I,ender's prior written
consent. either partiteon or subdivide the Property or consent to:
(i) the abandonment or termination of the PUD, exapt for abandonment or termination required by law in the
case of substantial destruction by fire or oiher casualty or in the case of a taking by condemnation or cminent domain;
(ii) any amendment to any provision of the "Constitu~t Documents" if the provision is for the express becic6t
af L.tnder;
(iii) termination of Qrofcssional management and assumption of self-managemtnt of the Qwners Association;
or
(iv) any action which would have tht eftect of rendering the publie liability insurance covtrage maintainod by
the Owners Associat~on unacceptable to Lender.
F. Remedtea. If Borrower does not pay PUD dues and assessments when due, then Lender may pay them. Any
amounts disburse~ by Lender under this paragraph F shall bocome additionat debt of Bonower securod by the Security
Instrument. Unlsss Borrower and Lender agrce to other terms of payment, thes~ amounis shall bear interest from tha date of '
~disbursement at the Note rate and shall be payable~ with interest~ upon notice from Lender to Horrower roquesting paymant.
BY SIGNING BELOW. Borrower accepts and agree.s to the terms ar~d provisions contained in this PUD Rider.
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~S~ i. ..E..ROHAN :earroweb
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I~ MULTtSTATE RUD RIDER-s~n~e Fsmity~--F~MA/fM1MC UNliORpA INSTRUMENI' Form 3150 l~/d3
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