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HomeMy WebLinkAbout2223 HARBOR FEDERAL SAVINGS AND LOAN ASSOCIATION ~ 23376443 PLANNED UNIT DEVELOPMENT RII)ER THIa Pl ~~tiED UNIT DE~"EL~~NMENT RIDER is made this ...............~Ee~~l. day of ............a.i4nuAXY............ 19.....9Q, and ~nrurEx~r~ted into and shall t~ deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed (the "Securitv Instrument'1 of the samt date, given by the undersigned (the "Borrower'~ to secure Borrower's Note to H.ARBOR FEDERAI_ SAVINGS 6t LUAN ASSOCIATION (the "Lender'~ of the same date and covering the Property described in the Security Instrument and located at: 1263._SW CEDAR.COVE~._,PORT ST LUCIE~..,FL._„34986 . (P~opertY AddressJ The Pm~rty i~iclu~lc~, hut is not limited to, a parcel of land improved w~th a dw•elling, together with other such parcels and crrtain c~~mmun are~~ and facilities, as described in ..Declaration of Covenants recorded._ in..0.._.R,_._Book._.573, . . . . . Pages 1941 thru 2023 and Declaration of Covenants..as recorded_. in.. 0... R._. Book..576.,.. Pages 2616 thru 2673 of the Public Records of St. Lucie County,..Florida, . (thr "De~laration"l. The Yropert}• is a part of a planned unit devetopment known as . .....................1iILLAGES. AT..S,T..LUCIE..IeIEST................................................................................---~---................ [Name ot P1a~ned Un:t Oeretopment] (thr "YL'D"). The Property alsu in~ludc~ BorroH~er's interest in the homeowners asscxianon or er~uivalent entity owning or man~ging the a,~nmun areas and facihties of the PUD (the "Owners Association") and the uses, benefits and proceeds of E3~~rro~?er's interetit. PUD Co~'E:~.~~TS. In addition to the covenants and agreements made in thr Security Instrument, Borrower and Lender iurther ro~ enant and agree as follaw~s: A. PL'D Obligations. Borrow~er shall perform all of Borrower's obiigations under the PUD's Constituent Dncuments. The "Constituent D~x:uments" are the :(i) Declaration; (ii) articles of incorporation, trust instrument or any equi~ alent dc~ ument a hich creates the Owners Association; and (iii) an~~ by-law~s or other rules or regulations of the Ow~ners A..a:iation. B~~rr~~~~~er shail promptly pay, w•hen due, all dues and assessments imposed pursuant to the Constituent D~kument.. B. Hazard lnsurance. So long as the Owners Association maintains, w~ith a generally accepted insurance carrier, a "master" or "blanket" ~~lic~~ insuring the Property w~hich is satisfactory to Lender and whieh provides insurance foverage tn the ame~unts, for the ~rica~s, and aga~nst the hazards Lender requires, including fire and hazards included within the term "extended co~erage," then: (i) Lrnder w~ai~c~, the pro~ision in Uniform Co~enant 2 for the monthh~ pa~~ment to Len~..- nf one-tw~elfth of the ~rarh~ prem~um ~n~tallments for hazard insurance on the Property; and (i~) Borrower's ~~bligation under t;niform Covenant 5 to maintain hazard insurance co~~erage on the ProE~ert~~ is deemrd 1ati,fird to the extent that the required coverage is provided by the Owners Association poli~~. B~~rrow er ~hall give Lender prompt notice of any lapse in required hazard insurance co~•erage provided b}• the master or blanket ~tic} . In the e~ent of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to the Propert~ or t~ common areas and facilities of the PUD, any proceeds payabte to Borrower are hereby assigned and shall be paid to Lender L~nder shall appl}~ the pra:eeds to the sums secured by the Security Instrument, with any excess paid to I' Bormw er. ! C. Public Liability Insurance. Borrow~er shall take such actions as ma}' he reasonable to insure that the Owners ~ Assec~at~on maintains a public liabilit}' insurance policy acceptable in form, amount, and extent of coverage to Lender. 4 D. Condemnation. The proc eeds of any award or claim for damages, direct or consequential, payable to Borrow~er in i connection with an} condemnat~on or other taking of all or any part of the Property or the common areas and facilities of the y PL D, or for any~ com~ey~ance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall be applied by~ Lender to the sums secured by the Security Instrument as provided in Uniform Co~-enant 9. E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written 4 c~nsent, either partition or subdivide the Property or consent to: ~ (i) the abandonment or termination of the PUD, except for abandonment or termination req~ired by law• in the i case of subtitantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; (ii) an~ amendment to an}• provision of the "Constituent Documents" if the provision is for the e!cpress benefit of Lender; ~ hii) termination of professional management and assumption of self-management of the Owners Association: or ~ (iv? any action which would have the effect of rendenng the public liability insurance coverage maintained by ~ the Ow~ners Assa;iation unacceptable to Lender. F. Remedies. [f Borrower does not pay PC1D 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 b~~ the Security ~ 1nltrument. llnless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the tiote rate and shall be payable, with interest, upon notice from Lender to Borrow~er requesting pa}~ment. Bv S~c;~tti~; BE:t.c~w. Borrower accepts and agrees to the terms and provisions con ed i ed r •gp ,J~ 25 a9 :5u ~ : . . ~ ea~) ` 10 213 0 3 Bh ts • r.o«e. i FILt~ i+~~' ANTIZZ B DOUG~ A S.Ot XGN ~ 51 ! ,~~~c t ~?!_;NT . . G2~~~~... ..~G~~~'e~ (Seal) ~ ~ ~ ~'J,G~ ea.~~~, ~ BARBARA M ANTIZZO ~ ~ G t MULTISTATE PUD RIDER-s~ngle Family-FNMA/FNLMC UNIFORM INSTRUMEHT 61 ~4 . LN iflA ~ BOGU 674 PAGE~Z~~ ~ ~ ~ _ 5 ~ - . ~~s.~g~ t~,„. v.~:v`x^~~ ~ :x= ~ ~ .