HomeMy WebLinkAbout0917 PI,ANNEV UNIT ~EVELOPMENT RI~3ER
THtS PLANNED UNIT DEVELOPAtENT RID6R is plsdt t11i5..........,4~i~.~~..... dsy O~ ......~~X~.Gki 19.~.~....
and is incorporated into and shal! be deemed to amend and supplcmont thc Mortga~e, Deed of Trust or Security Dted (the
"Sccurity lnstrument") of the same datc. given by thc undenign-d (the "Bonower") to secure B~rrower's Note to
.......RRA1~.R~.RX1...~i~.Ak~~d.x~,f...~R.K~s~9.~...Gf?7C.pA~~Ik~QX~ (the"Lender")
of the same date and covering th~ Proper!y dacribod in the Security Instrument aRd located at:
................20.4.~...~A~.~.aa~ad~ns~a~...R.a~~l....~sax.~ ~5~......~u.a ' ~....~.~nrida...~.3.9.52........................................ :
(P.oo.nr iwa.es:~
The Property includes, but is not limittd to, a parce) of land improved with a dwelling, together with other such parcels and
certain common areas and facilities. as deserilxd in ~
(the "Declaration"). Th~ Propeny is a part of a ptanned unit development known as ~
............Soutk~..Poxt...St.....~u~~.~ ~
[Name ol Pl~nned Unit DerebprtxntJ
(the "PUD"). 'The Proprrty also includes $ottowtr's interest in the homeowners association or equivalent entity owning or
managing the common areas and tacilities of the PUD (the "Ownets Association") and the uses, benefits a~d proceeds of
Borr~wer's interat.
PUD CovE1~t~IVTS. In addition to the covenants and agreements made in the Stcurity lnstrument, Borrower and f
L.ender funher covenant and agree as follows:
A. PUD Obltgnttons. Borrower shall perform a1l ot ~3orrower's obligations under the PUD's Constituent
Documents. The "Constituent Documents" are the :(i) Declaration; (ii) artictes of incorporation, trust instrument or an~~
equivalent document which creates the Owners Association; and (iii) any by-Iaws or othe: rules or regulations of the (l'wners
Association. Borrower shalf promptly pay. when due, all dues and assessments imposed pursuant to the Constituent
Documents.
B. Hazard Insurnnee. So long as the Owners Association maint~.~ns. with a generally accepted insurance carrier. a
"master" or "blanket" policy insuring the Property which is satisfactory to I.ender and which provides insurance coverage
in the amounts, for the periods. and against the hazards Lender requires. including fire and hazards included within the term
"eztended coverage," then:
(i) Lender waives the provision in Uniform Covenant 2 for the manthly payment to L.ender of oae-twelfth of
the yearly premium instaliments for hazard insurance on the Propeny; 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 required coverage is provided by the Owners Association policy.
Borrower shall give Lender prompt notice of any lapse in requirod 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 payabte to Borrower are hereby assigned and shall be
paid to Lender. Lender shall apply the proceeds to the sums secured by the Security Instrument, with any excess paid to
Borrower.
C. Publie Liability Insuranee. Borrower shall take such actions as may be reasonable to insure that the Owners
Association maintains a publi~ liability insurance policy acceptabte in form. amount, and extent of coverage to L.ender.
D. Condemnstioa. The proceeds of any award or claim for damages, direct or consequential. payable to Borrower in
connectiQn 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 assigned and shall be paid to Lender. Such proceeds shal!
be applied by Ltnder to the sums securcd by the Security Instrument as provided in Uniform Covenant 9.
E. I.ender's PrIor Consent. Borrower shap not. except after notice to Lender and with Lender's prior written
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 the "Constituent Documents" if the provision is for the express benefit
of Lender;
(iii) termination of professional management and assumption of self-management of the Owners Association;
or
(iv) any action which would have the effect of rertdering the public liability insurance coverage maintained by
the ~wners Association unacceptable to Lender.
~ F. Remedies. If Borrower dces not pay PUD dues and 3ssessments when due, then L.ender may pay them. Any
amounts disbursed by Lender under this paragraph F shall become additional debt of Barrower seeured by the Security
~ Instrument. Unless Borrower and Lender agree to other terms of payment, thae amounts shal! bear interest from the date of
disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requating payment.
BY SIGNING BELOW. Borrower accepts and agrees to the terms and pro ''ons contained in this PUD Rider.
. . . . . . ..............(Seai)
RGSEMARY ROZA ~8o"O"~`
,
~ 8~6465 ~s~~~
,
.9arore.
' ~ '87 AP~ ~3 Al0 ~31
~
F!L__': ' ` #
DOUGI.~ ~
ST.IU;;.. ~ . ; _ ~ ,
i
MULTISTATE PUD RIDER-s~??e~e Fam~ly-FNMA/FHLMC UNIfOP.~ 1NSTitUMENT Fwm 3150 12/83
~ ~U537 PA~0~15
R
. - t_