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201703963
<br /> PLANNED UNIT DEVELOPMENT RIDER
<br /> THIS PLANNED UNIT DEVELOPMENT RIDER is made this 26th day of May,2017,and is incorporated into and
<br /> shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument")
<br /> of the same date, given by the undersigned (the "Borrower")to secure Borrower's Note to CORNERSTONE BANK(the
<br /> "Lender")of the same date and covering the Property described in the Security Instrument and located at:
<br /> 326 E Plum St,Doniphan,NE 68832-9596
<br /> [Property Address]
<br /> The Property includes, but is not limited to,a parcel of land improved with a dwelling, together with other such parcels
<br /> and certain common areas and facilities, as described in Restrictive Covenants and Conditions dated April 28,2005 and
<br /> filed April 28,2005 in the Register of Deeds Office as Document No.200503812 (the"Declaration"). The property is
<br /> a part of a planned unit development known as:
<br /> Hoffman Subdivision Home Owners Association, Inc.
<br /> (the"PUD"). The Property also includes Borrower's interest in the homeowners association or equivalent entity owning
<br /> or managing the common areas and facilities of the PUD (the "Owners Association") and the uses, benefits and
<br /> proceeds of Borrower's interest.
<br /> PUD COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower
<br /> and Lender further covenant and agree as follows:
<br /> A. PUD Obligations. Borrower shall perform all of Borrower's obligations under the PUD's Constituent
<br /> Documents. The"Constituent Documents"are the: (i) Declaration; (ii)articles of incorporation,trust instrument
<br /> or any equivalent document which creates the Owners Association; and (iii) any by-laws or other rules or
<br /> regulations of the Owners Association. Borrower shall promptly pay,when due,all dues and assessments imposed
<br /> pursuant to the Constituent Documents.
<br /> B. Property Insurance. So long as the Owners Association maintains, with a generally accepted
<br /> insurance carrier, a "master" or"blanket" policy insuring the Property which is satisfactory to Lender and which
<br /> provides insurance coverage in the amounts (including deductible levels),for the periods, and against loss by fire,
<br /> hazards included within the term "extended coverage," and any other hazards, including, but not limited to,
<br /> earthquakes and floods, for which Lender requires insurance,then: (i)Lender waives the provision in Section 3 for
<br /> the Periodic Payment to Lender of the yearly premium installments for property insurance on the Property; and (ii)
<br /> Borrower's obligation under Section 5 to maintain property insurance coverage on the Property is deemed satisfied
<br /> to the extent that the required coverage is provided 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 provided
<br /> by the master or blanket policy.
<br /> In the event of a distribution of property insurance proceeds in lieu of restoration or repair following a
<br /> loss to the Property, or to common areas and facilities of the PUD, any proceeds payable to Borrower are hereby
<br /> assigned and shall be paid to Lender. Lender shall apply the proceeds to the sums secured by the Security
<br /> 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 that the
<br /> Owners Association maintains a public liability insurance policy acceptable in form, amount, and extent of
<br /> coverage to Lender.
<br /> D. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable
<br /> to Borrower in connection with any condemnation or other taking of all or any part of the Property or the common
<br /> areas and facilities of the PUD, or for any conveyance in lieu of condemnation, are hereby assigned and shall be
<br /> paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the Security Instrument as
<br /> provided in Section 11.
<br /> E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior
<br /> written consent,either partition or subdivide the Property or consent to: (i) the abandonment or termination of the
<br /> PUD, except for abandonment or termination required by law in the case of substantial destruction by fire or other
<br /> casualty or in the case of a taking by condemnation or eminent domain;(ii) any amendment to any provision of the
<br /> "Constituent Documents" if the provision is for the express benefit of Lender; (iii) termination of professional
<br /> management and assumption of self-management of the Owners Association;or(iv) any action which would have
<br /> the effect of rendering the public liability insurance coverage maintained by the Owners Association unacceptable
<br /> to Lender.
<br /> F. Remedies. If Borrower does not pay PUD dues and assessments when due, then Lender may pay
<br /> them. Any amounts disbursed by Lender under this paragraph F shall become additional debt of Borrower secured
<br /> by the Security Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall
<br /> bear interest from the date of disbursement at the Note rate and shall be payable,with interest, upon notice from
<br /> Lender to Borrower requesting payment.
<br /> MULTISTATE PUD RIDER--Single Family—Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
<br /> Form 3150 1/01 (Page 1 of 2)
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