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Home My WebLink About0985 '~'I HARBOR FEDERAL SAVINGS AND LOAN ASSOCIATION PLANNED UNIT DEVELOPMENT RIDER ~oaN NuMBER 2326s52~ Ttll~ PI.ANNI:D UNIT DF.VC:t.OPMENT RIDC:R is made Ihis .......~5~'~.......... day of ........!l~X 19.....~.7, ; and is incor~r~ted into and shall be deemed to amend and supplemrnt the Mortgage. Deed of Trust or Securily Deed (the 3 "Security Instrument'~ of thc same date, given by the undcrsigned (the "Borrower'~ to secure Hotrower's Note to ~ HARBOR FEDERAI. SAYINGS & LOAN AS30ClATION (the "Lendcr'~ of the same date and covering the i~ Property described in the Security Instrument and located at: ~ ...........................64~...?~H..A~..V.~~tQR.. A~x....A.....1~lRR~...P.x~R~~.... ~x,,,...3~~4.9~~................................................................. (Property Addressj The Pmperty includ~~s, but is not limited to, a parcel of land improved with a dweiling, together with other such parcels and ~ I, certainci~m on re~sandfacilities asdescribedin .......DeclaratiOn.,of,,,Qar~y,,.f~~~,~,~,~~;~.~,,,,,,,,,,,,,,,,,,,,, ......recor~ec~...in OR._Boo~C 528.,...pa.~e._.743.,...St.....Lucie Cour~$Y......~'~4.~~,S~s~ ~ Public Records. . (the "Declaration"). The Property is a art of a planned unit develo ment known as UNIT A BLOCK 6~OT 5 OCEANVIEW SU~DIVISION . . ....................................~...................~..............e . (Name oi Planne.i Unit Oevelopment] (the "PUD"). The Property also includes Borrower's interest in the homeowners association or equivaleni entity ownin~ or managing the common areas and facilities of the PUD (the "Owners Association") and the uses, benefits and proceeds of Borrower's interest. PUD Co~~E`n~TS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further cavenant and agree as follows: A. PUD Obligations. Borrower sha11 perform all of Borrower's obligations under the PUD's Constituent Documents. The "Constituent Dvcaments" are the :(i) Declaration; (ii) articles of incorporation, trust instrument or any equi~•alent document which creates the Owners Association; and (iii) any by-laws or other rules or regulations of the Owners Associatian. Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. B. Hazard Insurance. So lang as the Owners Association maintains, 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 "extended coverage," then: (i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lenu,.: nf one-twelfth of the yearly premium installments for hazard insurance on the Property; and (ii) BorroH~er's obligation under Uniform Covenant 5 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 iapse in reqgifed 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 follou~ing a loss to the Property or to common areas and facilities of ihe PUD, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender. Lender shall appty the proceeds to the sums secured by the Security Instrument, rvith any excess paid to Borrower. : C. Public I,iability Insurance. Borra~ver shall take such actions as may be reasonable to insure that the Ow°ners Association maintains a public liability insurance policy acceptable in form, amount. and extent of coverage to Lender. D. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Barrower in connection w~ith any condemnation or other taking of all or any part of the Property or the commc~n areas and facilities of the ' PUD, or for any conveyance in lieu of condemnation, are hereby assigned and shali be paid to Lender. 5uch proceeds sha!! ; be applied by Lender to the sums secure~d by the ScY:urity Instrument as provided i~ Uniform Covenant 9. ; E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written ~ consent, either partition or subdivide the Yroperty or consent to: ~ (i) the abandonment or termination of the PUD, except for abandonment or termination required by law in the case of substantia! destruetion 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 ~ ~ o~ Lender; ~ (iii) termination o( professional management and assumption of self-management of the Owners Association; ~ or ' (iv) any action which would have the efTect of rendering the public liability insurance coverage maintained by ~ the Owners Association unacceptabte to L.ender. ~ F. Remedies. If Borrawer does not pay PUD dues and assessments when due, then Lender may pay them. Any ~ amounts disbursed by Lender under this paragraph F shall become additional debt of Borrower secured by the Secucity Instrument. Unless Borrower and I_ender agree to other terms of payment, these amounts shall bear interest from the date of ~ disbursement at the Note rate and ~hall be payable, with interest, upon notice from Lender to Borrower requesting payment. : Dv SIC;1~tic; [3E ~ov?~. Borrowec accepts and agrees to the terms and provisions eontained in this PUD Rider. : ' ' ~ ~ ~ ; ~2'74~5 ....,~c~.~:~~~..~ ~ J,, . ower ~ GERALDINE G NAPPA '87 .~1-1 P 2 ~!Z ~ . .......................................................................(Seal i •Borrowe) ~ ~ FILED AhD R~COROED ~ DQUGLAS 0lXON CLERK ~ ST. tUCIE COUNTY. FL. ~ BOGK PA~f ~~`t ~ MULTISTATE PUD RIDER--S~ng~e Family-FNMA/FHLMC UNIFORM INSTRUMEPiT € 6J ~q 1.N M4A 4 ~ . _T_.~=.-~~_2.3-~..'~~.7f.'~_. ~