|
MIN: 100952400047846033
<br />PLANNED UNIT DEVELOPMENT RIDER
<br />THIS PLANNED UNIT DEVELOPMENT RIDER is made this 5th day of June
<br />2013 and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or
<br />Security Deed (the "Security Instrument") of the same date, given by the undersigned (the "Borrower") to secure
<br />Borrower's Note to Pinnacle Bank
<br />(the "Lender") of the same date and covering the Property described in the Security Instrument and located at:
<br />215 Apricot Lane Doniphan, NE 68832
<br />[Property Address]
<br />The Property includes, but is not limited to, a parcel of land improved with a dwelling, together with other such
<br />parcels and certain common areas and facilities, as described in Lot Eighteen (18), Leisure Valley Lake
<br />Subdivision, Hall County, Nebraska.
<br />(the "Declaration "). The Property is a part of a planned unit development known as
<br />Leisure Valley Lake Subdivision
<br />[Name of Planned Unit Development]
<br />(the "PUD "). The Property also includes Borrower's interest in the homeowners association or equivalent entity
<br />owning or managing the common areas and facilities ofthe PUD (the "Owners Association ") and the uses, benefits
<br />and proceeds ofBorrower's interest.
<br />PUD COVENANTS. In addition to the covenants and agreements made in the Security Instrument,
<br />Borrower and Lender further covenant and agree as follows:
<br />A. PUD Obligations. Borrower shall perform all of Borrower's obligations under the PUD's
<br />Constituent Documents. The "Constituent Documents" are the (i) Declaration; (ii) articles ofincorporation,
<br />trust instrument or any equivalent document which creates the Owners Association; and (iii) anyby -laws or
<br />other rules or regulations of the Owners Association. Borrower shall promptly pay, when clue, all dues and
<br />assessments im osed pursuant to the Constituent Documents.
<br />B. Property Insurance. So long as the Owners Association maintains with a generally
<br />accepted insurance carrier, a "master" or "blanket" policy insuring he Property which is satisfactory to
<br />Lender and which provides insurance coverage in the amounts ((including deductible levels), for the periods,
<br />and against loss by fire, hazards included within the term "extended coverage," and any other hazards,
<br />including, but not limited to earthquakes and floods, for which Lender requires insurance, then: (i) Lender
<br />waives the provision in Section 3 for the Periodic Payment to Lender of the yearly premium installments for
<br />property insurance on the Property,, and (ii) Borrower's obligation under Section 5 to maintain property
<br />insurance coverage on the Property is deemed satisfied to the extent that the required coverage is provided
<br />by the Owners Association policy.
<br />What Lender requires as a condition of this waiver can change during the term of the loan.
<br />Borrower shall give Lender prompt notice of any lapse in required property insurance coverage
<br />provided by the master or blanket pohcy.
<br />In the event of a distribution of property insurance proceeds in lieu of restoration or repair
<br />following a loss to the Property, or to common areas and facilities of the PUD, any proceeds payable to
<br />Borrower are hereby, assigned and shall be paid to Lender. Lender shall apply the proceeds to the sums
<br />secured by the Security Instrument, whether or not then due, with the excess, if any, paid to Borrower.
<br />C. Public Liability Insurance. Borrower shall take such actions as may be reasonable to insure
<br />that the Owners Association maintains a public liability insurance policy acceptable in form, amount, and
<br />extent of coverage to Lender.
<br />D. Condemnation. The proceeds of any award or claim for damages, direct or consequential,
<br />payable to Borrower in connection with any condemnation or other taking of all or any part ofthe Property
<br />or the common areas and facilities of the PUD, or for any conveyance in lieu of condemnation, are hereby
<br />assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the
<br />Security Instrument as provided in Section 11.
<br />E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with
<br />Lender's prior written consent, either partition or subdivide the Property or consentto: (1) the abandonment
<br />or termination of the PUD, except for abandonment or termination required by law in the case ofsubstantial
<br />destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; (ii) any
<br />amendment to any, provision of the "Constituent Documents if the provision is for the express benefit of
<br />Lender; (iii) termination of professional management and assumption of self- management of the Owners
<br />Association; or (iv) any action which would have the effect of rendering the public liability insurance
<br />coverage maintained by the Owners Association unacceptable to Lender.
<br />F. Remedies. If Borrower does not pay PUD dues and assessments when due, thenLender may
<br />pay them. Any amounts disbursed by Lender under this paragraph F shall become additional debt of
<br />Borrower secured by the Security Instrument. Unless Borrower and Lender agree to other terms of
<br />payment,
<br />ayyaable, these interest, upon notice interest from the date requesesting disbursement at Note rate and shall be
<br />BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this PUD Rider.
<br />I w �.qq{{�� (Seal)
<br />Borrow Peg 115 ScWonover
<br />(Seal)
<br />Borrower
<br />(Seal)
<br />Borrower
<br />(Seal)
<br />Borrower
<br />MULTISTATE PUD RIDER— Single Family — Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
<br />9840.CV (8/08) 4300103124
<br />201304451
<br />Form 3150 1/01
<br />(page 1 of 1 pages)
<br />Creative Thinking, Inc.
<br />GOTO(00491b53)
<br />
|