HomeMy WebLinkAbout0924 ~r~ ~ . 255549 '
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Multistate PUD Ridtr
THIS PLIINNED UNIT DEVELOPMENT RIDER ~s ma~ethis day ot ~~~y 19_$$___-.and~s
~~corporated ~nto and shall be deemed to amen~ and supplemeM the Mortgage. Qeed o( Trust or Security Deed (the Security
Instrument' 1 of the Same date, given by the unde~si~ned (the BOrrcwer") t0 secure Borrower's Note to
(the 'Lende~")
ot the same date anq co~ermg the Property descnbed ~n the S•acurity lnstrument and located at: ~
(Pro~;e~ty Aadress
The Property mctudes, but ~s not t+rr.~ted to. a parcel of fand nnproveci wdh a dwelling. together w~th other such parcels and certain
com~mon aieas and (ac~ht~es, as described ir, Aeclaration of Covenants and Restr~ ct~ons as ~-ec orded
in OR Book 473, Page 919; First Amenctment as recorded in OR Book 508. PaQe 2322;
on nd n• in R B 8 e ' ~ n.y, ori a. 4'
Ithe eclaratian") he roperty ~s a part oi a p anne un:t deve~~pment nown as
The Reserve Plantation Subdivision
(Name Gf P~annCd U'N~~ D@~4'dt:ment~
(the PUD"! The proE~erty atsc mcludes BorrowE~'s interest in the homeowners associat~on o~ equivalent ernity owning or
managmg the common areas and laci~~t~es ot the Pt1D (the Owne~s Assoc~alion") and the uses. benefits a~d proceeds of
Borrower~s mterest.
PUD Covenants. in add~!~on to the covenants and agreemerits made m lhe Serurily Instrument, Borrower and Lender
turther covenant and agree as tottaws
A. PUD Obligatfons. Borrowet snau pertorm alf oi Borrower's obl~gat~ons under the PUD'sConstituer: Documents. The ,
ConstdueM Documents" are 1he: 1~f Declaration: (u) arficles oi incorpurahon, Uust inslrument or any equiva?ern document which
Creates the Owners Assoc~at~on: and (m1 any by-laws or other rules or regulations oi the Ow~ers Assoc~alion. Barower shatl
prornptly pay :vhen due. aIl dues and assessments ~mposed pursuant to the Constituent Oocuments.
B. Hazard Insurance. So Iong as tne Owners Assoc~at~on mainta~ns. ~+~th a genera~ty accepted insurance ca?rie?. a
master~ or btanket'~ poficy ~nsur~ng the Property vrhich ~s satisfactory to Lender and whiCh provides insurance coverage i~ the
amounts. (or the pcnods. and aga~nst Ihe hazards Cender requires, including tire and hazards ~ncluded within the term extended
coverage." then ~
(~i Lender wa+ves ihe prov+s~on m Unitorm Covenant 2 tof the month;y payment lo Lender ol one-t~relith of ihe yearly
prem~urT~ ~nstaAments fo? hazard msurance on.the Property: and
Bo?rower~s o~hgabor under Urnfo~m Covenant S to maintain hazard insurance coverage on the Prope~ty is deemed
saGsf~ed to the extent that the reqwred covecage ~s prov~~ed by the Owners Association policy
8orrower shali g+ve lender prompt no;~ce ot any iapse ~n reqwred hazard ~nsurance coverage prov~ded by trie master or
blar~ket polscy
In the event of a d~sUibut~on oi hazard ~nsurance pr~ceeds ~n fieu of restorai+an or repair btiowinga?oss tolheProperty or to
co^~mon areas and tac~i~t~es of ;he PUD any cxoceeds payable to Borrower are hereby ass~gned and shrtl be paid to Lender.
Lender sha11 appty the ~;roceeds to the surr:s secu:ed by the Secunty InsVument, wdh any excess paid to Borr~wer
C. PubNc Liability lnsurance. Barower sha?I take such act~ons as may be reasonable to insure that the Owners
Asso~~at,~n ma~nta~ns a pub~~c hab~Gty insurance not~cy acceptabie ~n form. am~unt. and extent of coverage to Lender
D. Condemnatlon. The proceeds ot any award or cla~m for damages. direct or consequential. payable to Barower in
` connect+~n wdh any condemnahon or other tak~ng ot all or any pa+t of the Prop~ty or the common areas and tac~fities of the PUD. or ~
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- tor any conveyance in heu ot cordemnat~on are hereby ass~gned and snat! be pa~d ta Lende~ Such proceeds shall be apptied by
; Lender tc the sums secured by the S~:cunty Instrument as prov~ded in Unrtorm Covenani 9
~ E. Lender's Prior Consent. Borrower shall not. except atter rzot~ce to LenCer and w~th Lender's prior written consent,
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e~ther parl~bon ar subd~v~de the Property or consent to:
~he abandonment or termmatzon ot the PUD. except (or abandonment or term~nation required by law in the case of
substanhai dest~uct~on by hre or other casualty or m the case ot a taking by condemnahon or em~nent domam:
1~~l any arnendment to any prov~s~on of the Const~tuent Documents" d the provision ~s for the express benetit oi Lender,
4n~1 term~nat~on ot profess~onal.management and assumpt~on of seif-management o( fhe Owners Assoc~ation. ar
i i~: ~ any act~r.n wr~~ch woutr~ have !he eftect of rendenng th~ pub~ic liab~~+ty ~nsu:ance coverage ma~ntained by the
Ovrners A;soc~af~on unaccentable to Lender
~ F. Remedies. tt gorro~,~-er does not pay PUD dues and assessmerzts ~tihen due. then Lenc~er may E~ay them Any amounts ~
d~sbursed uy Le~de~ ur.~e! ih~s paragrapt~ F sha~t become add~t~ana! deb! ct Barrower secured by ?he Securdy Instr~menl Unless
Borro~.ver and Lende~ agrce tn other te~ms o! paymc~nt. these amoun,s shall bear mterest frorn the date of d~sbursement at the Note
rate ar,d sha~~ t~ ; a~a~fe. vnrn ,r,terest. ~non no?+ce from Lender to Borrower requestmg payment
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BY SIGNIt~G SELOW. Bo~rorver accepts and agree,~s to the te~ms a~d ~;rov;ssors contamed in this PUD P.ider.
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~ MUITISTATE PUD RI~ER-S~nt~?e Fam~hy-FNMA/FHLfAC UNIFORM INSTRUMENT FW11ti 315012/83
i~ P~e+rx,s eb:~o~:s a~e obsaiete 0711 ~1 Dac R3 ~ .
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