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~F TFlHE~A~?~~i~S
PLANNED UNIT DEVELOPNIEN'~ RIDER
TF~~s Pt :~~iNt:u UNiT Dt.vEl OP~1FNT RIDER IS m3de [IIIS 26th day of January , 19 9Q
and is incorparated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed
(~he "Security Instrument") of the same date, given by the undersigned (the "Borrower") to secure Barrower's Note
to First Federal Sa~~ings and Loan Association of The Palm Beaches (the "Lender") of the same date and co~~ering the
Property described in the Security Instrument and located at:
2490 Harbour Cove Drive Port Pierce, FG 34949
(Property Aacress~
The Pru~rty includc~, but is nut limited to, a parrel of land impro~ed with a daellin€, rogrther w~ith ather surh parrels and
crrtain cammon areas and (acilitic~, a. Jescribed in THE DECLARATION OF PROTECTIVE COVENANTS
(the "Declar:~tion"}. The Pro~xrt~~ is a~art of a planned unit development know~n as
HARBOUR COVE
(Name of Pldnned Un~t Developmentj
(the "YUD"). The Propert~• also inciudes Borrow~er's interest in the homeow~ners association or eyuivalrnt entity~ owning or
managing the common areas and faci(itic~ of the PUD (the "Owners Association") and the uses, benehts and prcxeeds of
Borrow•er's interest.
PUD Co~'t:~.~~TS. In addition to the covenants and agreements made in the Security Instrument, Barrow~er and
Lender further co~~enant and agree as follow~s:
A. PUD Obligations. Borrow~er shall perform a!! of Borrower's obligation~ under the PUD's Constituent
Documents. The "Constituent Documents" are the :(i) Declaration; (ii) articles of incorporation, trust instrument ~x any
equivalent document w•hich creates the Ow~ners Association; and (iii) any~ by-IaHS ~r other rules or regulations of the Ow~ners
Association. Borro«~er shal~ promptl~• pay, a~hen due, all dues and assc~sments imposed pursuant to ihe Constituent
Da;uments.
B. Hazard Insuranee. So long as the Ow~ners Association maintains, w•ith a generall}• accepted insuran~e carrier, a
"master" or "blanket" ~lic~~ insuring the Propert~~ which is satisfactory to Lender and which provides insurance coverage
in the amounts, ~or the periods, and against the hazards Lender requires, including fire and hazards included within the term
"extended co~~erage," then:
(i) Lender w~ai~es the pro~•ision in Uniform Covenani 2 for the monthly~ payment to Lender of one-twelfth of
the yearl}• premium instaliments for hazard insurance on the Property; ar,d
(ii) Borrow~er's obligation under Uniform Covenant 5 to maintain hazard insurance co~~erage on the Property is
deemed satisfied to the extent that the required coverage is provided by the Ow•ners Association polic}~.
Borrow~er shall gi~~e Lender prompt notice ~f any lapse in required hazard insurance coverage pro~•ided by the master
or blanket polic~~.
i In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to the
~ Propen~• or to common areas and facilities of the PUD, any prc~ceeds payable to Borrower are hereby assigned and shall be
I
paid to Lender. Lender shall apply the proceeds to the sums secured by the Security Instrument, with any excess paid to
i
Borrower.
! C. Pubiic Liabili:y Insurance. Borrower sha11 take such actions as may be reasonable to insure that the Ow~ners
~ Ass~xiation maintains a public liability insurance policy acceptable in form, amount, and extent of co~~erage to Lender.
~ D. Condemnation. The proceeds of any aw~ard or clairri for damages, direct or consequential, payable to Borrow•er in
connectioo w~ith an}~ condemnation or other taking of all ar any part of the Property or the common areas and facilities of the
, PUD, or for any conveyance in lieu of condemnation, are hereby assigneci and shall be paid to Lender. Such pra:eeds shall
; be applied by Lender to the sums secured by the Security Instrument as provided in Uniform Covenant 9.
` E. Lender's Prior Consent. Borrow.:r sha11 not, except after notice to Lender and with Lender's prior written
~ consent, either partition or subdivide the Property or consent to:
~ (i) the abandonment or termination of the PUD, except for sbandonment or termination required by iaw in the
~ case of substantial destructian 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;
~ (iiij termination of professional management and assumption of self-management of the Ownecs Association;
or
~ (iv) an}~ action which would ha~~e the effect of rendering the public liability insurance coverage maintained by
t
~ the Owners Association unacceptable ro Lender.
~ F. Remedies. If Borrower dces not pa}~ PUD dues and assessments when due, then Lender may pay them. Any
amounts disbursed by Lender under this paragraph F shall becume additional debt of Borrower secured by the Security~
Instrument. Unless Borrow~er ar.d Lender agree to other terms of payment, these amounts shall bear interest from the date of
disbursement at the Note rate and sha(1 be pa}~able, with interesi, upon notice from Lender to Borrower requesting payment.
Bv SIGhIti~ B~~o~'. [3orrower accepts and agrees to the terms and provisions contained in this PUD Rider.
. . .......~~`.:~-...................(Seal)
~ John ~CO Bonower
~
~ ...i .i~~'.~.~.?.'~.1.~ .(Seal)
~ Hanne Lukow ~"o"'e`
~
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MULTISTATE PUD RIDER-s~~gle Fam~ty-FNMA/FHLMC UNIFORM INSTRUMENT form 3150 12/83
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