HomeMy WebLinkAbout0790 ' ~ ' 6~6259
~ Multistate PUD Rider
~
THIS PLANNED UNiT DEVELOPMENT RIDER,s madeth~s 16th day of ~3lluaLY . 1g~Q_and ~s
~ncorG3orated mto and sha!t be deemed to amend a~d supplement the Mo~tgage. Deed ot Trust or Secur~ty Deed (tne Secunty
~nstrument ~ of the same date g~ven by ±he under~~gned (the Borro~,ver j to secure Borrower's Note lo
~AR~'1' BAAIIC OF MARTIN OOi1NI'Y~ N.A_ _ Ithe Lender l
ot t`~e same date and covenng the Preperty descnbed ~n the Secunty Instrument and located at
2239 SF~[;RA.~S DRIVE , pAr~ C~ f Floric7a 3g,q9n
~Pr_~ert;r aadiess~
Tne Property ~ncludes but ~s not hnuted to a parcel of ~and improved w~th a dweil~rg, together w~th other such ~~arce~s and certa~n
common areas and fa~~Lt~es as descr~bed ~n the Decl-a~'ation ~f Covenants and Restrictions of
Harbour Ridge as recorded in Officiat Records Book 434, Paye 2913, Public Records
of St. Lucie county, Florida
ithe Deciarat~on ; Tne Property ~s a par? of a p,anned un t development known as
HARBOUR RID~
~ ~ e n~ P a~ ~d u~ . De.. . . _~~'1
+the PUD i Tne Property aiso mc!udes E;ono.~er s mterest ~n the homeowners assoc~at~on or equ~vaient ent~ty c,vn~ng or
manag~ng the common ar~~as and tac~~~?~es ot the PUD !the O~vners Assoc~at~on ) and the uses benet~ls and proceeds of
Borrower s in±erest
PUD Covenants. In add~?,or to ~~e co~~:~ra~!s and agreements made ~n the Secunty Instrumenl. Borrower and Lender
fur;rer covenant and agree as fo!!o;.s .
A. PUD Obligations. Bo~r„,~er s~~a'! ~;~~r~o~~r. aii ot Borro~,ti•er s ob!~gat~ons under the PUD'sConstituent Documents The
Censhtuent Documents are the I~i D~ciarat~:;n ~~~1 artic!es oi incorporation, trust instrument or any ~quivalent doCUment wh,ch
creates the O~~ners Assoaat~on and u ~i any by-ia~ti•s ~r other rules or reguiatior.s of the ONrers AssoC~ation Borrowe! shaU
promptiy pay ~vhen due all dut,; ar : assess~r ~~•~'s r,~posed pursuant to the Conshtuen! Dor ments
B. Haza~d lnsurance. S~ ~cna a~ ?he O;~rners Assoc~ation ma!nta~ns. with a generally accepted insurance carr~er, a
mastel or bianket' po!~cy ~nsur;ra +^e P~oper:y ,vn~~ h ~s sat~sfacrory to Le~der and ~~~hich provides ~nsurance coverage in the
amour„s for ?he oenods and ag2~rst thc hazards Lenccr requires. mcludng f~re and haza ds mcluded wRhin theterm extended
coverage. then
1 il Lender wa~ves the prov~sfon m Urnform Covenant 2 for the monthty payment to Lender of one-tweifth of the yeariy
premium !nstaliments for haza~d insu~anCe on the Property. ard
Borro~,ver s obl~gation under Un~forrn Covenant 5 to mamta~n hazard insurance cove,age onthe Property is deemed
sat~sf~pd to the extent that tne requ~red coverage ~s prov~ded by the Owners Association policy. I
Borrower sha!~ g~ve Lender prompi not~ce o+ any ~apse ,n requ~red hazard ~nsurance coverage prov~ded by the master or ~
bianket pol~cy ;
~ {n the even! o' a d~s±r~buhcn of nazard :nsurance proceeds m l~eu of restoratian or repair foliowmga losstothe Property or to ~
~ common areas and fac~i~hes ot the PUD any nreceeds payabte to Borrower are hereby assigned and shall be paid to Lender ~
~ Lender shall aoply the proceeds to ?he su~~ s secu~ed by the Secunty Ins!rument, with any excess paid to Barrower I
~ C. Public Liability Insurance. Bc--o:ver sha~~ take such achons as may be reasonable to insure ihat the Owr,ers
~ Assoc!ation ma~nta~ns a pubi~c I~ab~l~ty msu~arce po ~cy acceptable ~n form. amount, and extent of coverage to Lender
~ D. Condemnation. The proceEOS et ary a~.vard or claim for damages. d~rect or consequentiaf. payab~e to Borrower in
connection ~v~th any condemnation or oiher ta<~ng of ali or a~
~y F~art of the Property or the common areas and fac~t~ties of the PUD or ~
f for any conveyance ~n i~eu of cordemnat~on, are hereby ass~gned and shall be paid to Lender. Such ~,roceeds shali be app;~ed by
i
Lender to tne sums secured by the Security Ins!r~meni as prov~ded ;n Unrform Covenant 9.
t E. Lender's PNor Consent. Barrower shai~ not except 2fter notice to Lende! and with Lender's prior wntten censent !
€ e~ther pa~ht~~n or subd~v~de the °roperty or consen? ta ~
~ i ~y the abanConment or term~nat~on of ?he PUD except for abandorment or term~nat~on required by law ~n the case of
substant~al destruct~on by f~re or other casualey or ~n r.he case of a tak~ng by condemnat;on or em~nent domain:
~ ( nt any amer,dment to any provis~or of the Ccnstrtuent Documents" if the prov~sion is tor the express benef~t of Lender,
~ j~~~i termina?~on of protessionai management an.d assumphon of se~f-management of the Owners Assoc~ahon: ar I
` (~vl any act~on ~.vh.ch ~voutd have the eftect cf rendering the public liab~hty +nsurance coverage ma~nta~ned by the
~ O~.•:ners Asscaat~on unacceptab!e to Lender
~ F. Remedies. If Borrower does no! pa PUD dues and assessments when due, then Lender ma ~
y y pay them Any amounts ,
~ d~sbursed by lender under th~s paragraph ~ sha!! becoma add~t~onai debt ot Borrower secured by the Security Instrument Unless
~ Borro~r~e~ and Lender agrf e!o o?her terms of pay~,~eni these amounts shaU bear interest tromthedateof disbursement at theNote
ra!e and sha!i be payab~e .v,t^ ~nterest upon not~ce !rom Lender to Borrower reGues!ing payment '
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BY SIGNWG BE~OW Bc~rower accer.ts and a.~~: ~s ~o ?h~ tern~s ~nd prov~s~ons conta~ned m th~s PUD Ride~
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MULTISTATE PU~ RIdER-S e~a~~ y--FNMA/FHLMC UNIFORM INSTRUMENT Form 315012/83
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