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RERECORDED
<br />200401196
<br />PLANNED UNIT DEVELOPMENT RIDER
<br />THIS PLANNED UNIT DEVELOPMENT RIDER is made this ..0 . ................. day of
<br />MAY, 2003 , , , , , , , , , , , , , , , , , , , , , , , and is incorporated into and shall be deemed to amend and
<br />supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument ") of the
<br />same date, given by the undersigned (the "Borrower ") to secure Borrower's Note to Heritage Bank,,
<br />organized,and existing under,the,laws of, the state of Nebraska
<br />...................................................................................... ............................... (the
<br />"Lender ") of the same date and covering the Property described in the Security Instrument and
<br />located at: .�{2 $ONJA DR,DONIPHAN, NE ...... 2 ...... ...............................
<br />[Property Address]
<br />The Property includes, but is not limited to, a parcel of land improved with a dwelling, together
<br />with other such parcels and certain common areas and facilities, as described in ......................
<br />............................................................................................ ...............................
<br />............................................................................................ ...............................
<br />(the "Declaration "). The Property is a part of a planned unit development known as .................
<br />............................................................................................ ...............................
<br />[Name of Planned Unit Development]
<br />(the "PUD "). The Property also includes Borrower's interest in the homeowners association or
<br />equivalent entity owning or managing the common areas and facilities of the PUD (the "Owners
<br />Association ") and the uses, benefits and proceeds of Borrower's interest.
<br />PUD COVENANTS. In addition to the covenants and agreements made in the Security
<br />Instrument, Borrower and Lender further covenant and agree as follows:
<br />A. PUD Obligations. Borrower shall perform all of Borrower's obligations under the
<br />PUD's Constituent Documents. The "Constituent Documents" are the: (i) Declaration; (ii) articles
<br />of incorporation, trust instrument or any equivalent document which creates the Owners
<br />Association; and (iii) any by -laws or other rules or regulations of the Owners Association.
<br />Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the
<br />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 the Property which is
<br />satisfactory to Lender and which provides insurance coverage in the amounts (including
<br />deductible levels), for the periods, and against loss by fire, hazards included within the term
<br />"extended coverage," and any other hazards, including, but not limited to, earthquakes and
<br />floods, for which Lender requires insurance, then:
<br />(i) Lender waives the provision in Section 3 for the Periodic Payment to Lender of
<br />the yearly premium installments for property insurance on the Property; and
<br />(ii) Borrower's obligation under Section 5 to maintain property insurance coverage
<br />on the Property is deemed satisfied to the extent that the required coverage is provided by the
<br />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
<br />coverage provided by the master or blanket policy.
<br />n 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
<br />payable to Borrower are hereby assigned and shall be paid to Lender. Lender shall apply the
<br />proceeds to the sums secured by the Security Instrument, whether or not then due, with the
<br />excess, if any, paid to Borrower.
<br />Form 3150 1/01
<br />MULTISTATE - Single Family - Fannie Mae /Freddie Mac UNIFORM INSTRUMENT R A 2 A 0
<br />Bankers Systems, Inc., St. Cloud, MN Form PUD -R 8/5/2003 (page 1 of 2 pages, -Mm ,.
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