HomeMy WebLinkAbout2068 ~ PLANNED UNIT DEVE~OP~MEN'~ -RIDER
TH1S PLANNED UN!'t DEVELOPMFM' R1DER is made this 22nd day af JANUARY , 199 0,
and is iwcorporatod into and shall be doaned to amead and suppkma~t the Mortgage, l)ecd of Trust or Socurity De~d (the '
"Socurity Inahvment") of the ume datqg~ven by the undersigned (the "Borrower") to secure Borrower's Note to ;
CHARTER SAVINGS AND LOAN ASSOCIATION OF FLORIDA (the "Lender") '
uf the same date and covering the Pmperi~r describod in the Security It?strument and located at:
1453-A CAPTAIN,S WALK, FORT PIERCE, FLORIDA 34950
l~`a+Kb ~dd~rssl
The Pruperty includes, but is not Gmited to. a parcel of land improvod with a dwelling, togtthtr with other such parcels and
certain common areas and facilities, as describod in O f f i e i a 1 Re cord Book 4 0 8, Pa qe 6 3 5,
of the Public Records of St. Lucie County, Florida.
(the "Lkctaration"). The Property ~~~~~gla~~~t~,elo$~~nl~nQw~~s A
5 .I
(Wme ot Pbened unit Deveioprt?ent] ~
(the "PUD"). The Property also includes Borrower's interest in the homeowners association or equivalent entity owning or
managing the eommon areas and facilities of the PUD (the "ORners Association") and the uses, b~'hefits and proceeds of
Borrower's interest.
PUD CovErt~l~TS. In addition to the covenants and agrcements made in the Security lnstrument, Borrower and
Lender further covenant and agree as follows:
A. PUD Obligadoos. 8orrower shall perform all of Borrower's obligations under the PUD's Constituent
Documents. The "Constituent Documents" are the :(i) Uoclaration; {ii) articles of incorporation, trust instrument or any
equivaleni docnn~ent whieh ereates the Owners Association; and (iii) any by-laws or other rules o~ regulations of the Owners
Association. Borrower shall promptly pay, when due, all dues and assessments impased pursuant to the Constituent
Documents.
B. Huard Insuranee. So long as the Owners Association maintains, with a generally accepted insurance carrier, a
"master" or "bianket" 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, inciuding fire and hazards included within the term
"extendod coverage," th~n: .
(i) Lcnder waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one-twelfth of
the yearly premium installments for hazard insurance on the Property; and '
(ii) Borrower's obligation under Uniform Covenant S to maintain hazard insurance coverage on the Propeny is
dermed 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 required hazard insurance coverage provided by the master
or blanket policy. ~
In the event of a distribution of hazard insurance proceeds in Iieu of restoration or repair following a loss to the
Property or to common areas and facilities of the PUD, any proceeds payable to Bonower are hrreby assigned and shall be ~
paid to Lender. Lender shall appty the procecds to the sums secured by the Security Instrument, with any excess paid to
Borrowcr.
C. Pnblic Liability Iosurance. Borrower shall take such actions as may be reasonable to insure that the Owners a
Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to L.ender.
D. Condemnatioa. T'he procecds of any award or claim for damages, direct or consequential, payable to Bonower in
connection with any condemnatian or other taking of al! or any part of the Property or the common areas and facilities of the
PUD, or for any conveyance in lieu of candemnation. are hereby assigned and shatl be paid to Lender. Such proce~s shall ~
be appliod by Lender to the sums secured by the Security Instrument as provided in Uniform Covenant 9.
E. Lender's Prior Coasent. Borrower shall not, except after natice to Lender and with Lender's prior written
consent, either partition or subdivide the Propcrty or consent ta
(i) the abandonmtnt or termination of the PUD, eacept 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, ~
f (iii) terminatiQn of professional management and assumption of self-management of the Owners Association; ?
~
~ or i
~ (iv) any action which•woutd have the eBect of rendering the public liabitity insurance coverage maintained by ~
the Owners Association unacceptable to Lender. '
~ F. Remedles. If Borrower does not pay PUD dues and assessments when due, then L.endcr may pay them. Any ;
~ amounts disbursed by I.endet under this paragraph F shail become additional dabt of Borrower secured by the Security
Instrument. Unless Borrower and Lender aga to other terms of payment, these amounis shall bear interest from the date of
k
~ disburxment at the Note rate and shall be payable, with interest, upon notic~ from Lender to Bonower roquesting payment.
i HY SIGNING BELOW. Borrower accepts and agroes to the terms and provisions containtd in this PUD Rider.
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~ S1. LUCI! i:OUNTY = ...MARY JA E CULLY .
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MUi.TiSTA7E PUD RIDER-5in~e ~am~~tn/F~etn~C witFO~ ursntu~7
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~ ~x 674 P~2068
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