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. . 200600154 ~IN: 100416700001330845 PLANNED UNIT DEVELOPMENT RIDER THIS PLANNED UNIT DEVELOPMENT RIDER is made this 24th dayof_~eember , 2005 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date, given by the undersigned (the "Borrower") to secure Borrower's Note to CharterWest National Bank (the "Lender") of the same date and covering the Property described in the Security Instrument and located at: 1815 Bass Road Grand Island, NE 68801 [Property Address] The Property includes, but is not limited to, a parcel of land improved with a dwelling, together with other such parcels and certain common areas and facilities, as described in (the "Declaration"). The Property is a part ofa planned unit development known as Rainbow Lake [Name of Planned Unit Development] (the "PUD"). The Property also includes Borrower's interest in the homeowners association or equivalent entity owning or man(!ging the complon areas and facilities of the PUD (the "Owners Association") and the uses, benefits and proceeds of Borrower's mterest. pun COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. PU 0 Obligations. Borrower shall perform all of Borrower's obligations under the PUD's Constituent Documents. The "Constituent Documents" are the (i) Declaration; (il) articles ofincorporation, trust instrument or any equivalent document which creates the Owners AssociatIon; and (iii) any by-laws or other rules or regulations of the Owners Association. Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. B. Property Insurance. So long as the Owners Association maintains with a generally accepted insurance carrier, a "master" or "blanket" policy insuring the Property which is satistactory to Lender and which provides insurance coverage in the amounts (including deductible levels), for the periods, and against loss by fire, hazards included Within the term "extended coverage," and any other liazards, including, but not limited to, earthguakes and tloods, for which Lender requires insurance, then: (i) Lender waives the provision in Section 3 tor the Periodic Payment to Lender of the yearly premium installri1ents for property insurance on the Property; and (ii) Borrower's obligation under Section 5 to maintain property. Insurance coverage on the Property is deemed satisfied to the extent that the required coverage is providea by the Owners Association policy. What Lender reqUIres as a condition ofthis waiver can change during the term of the loan. . Borrower shall give Lender prompt notice of any lapse in required property insurance coverage proVIded by the master or blanket pohcy. In the event of a distribution of property insurance proceeds in lieu of restoration or repair following a loss to the Property, or to common areas and facilities of the PUD, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender. Lender shall apply' the proceeds to the sums secured by the Securi!y Instrument, whether or not then due, with the excess, ifanybpaid to Borrower. C. Pu bIie Lia biIity Insurance. Borrower shall take such actions as may e reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. n. Condemnation. The proceeds of any award or claim for damages, direct or conseguential, payable to Borrower in connection WIth anycondemnation or other taking of all or any part ofthe Property or the common areas and facilities of the PUD, or for any conveyance 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 Section 11. E. Lender's Prior Consent. Borrower shall 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 ofthe PUD, except for abandonment or termination reqUIred by law in tlie case of substantial destruction by fire or other casualty or in the case of a taking b,Y condemnation or eminent domain; (ii) any amendment to any provision of the "Constituent Documents' ifthe provision is for the express benefit of Lender; (iii) termination of professional management and assumption of self-managemen of the Owners AssociatIOn; or (iv) any action which would nave the effect orrendering the public liability insurance coverage maintamed by the Owners Association unacceptable to Lender. F. Remedies. lfBorrower does not pay PUD 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 by the Security Instrument. Unless Borrower and Lender agree to other terms of payt1).ent, these amounts shall bear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this PUD Rider. ~- /fPl~ Borer John A Hanford Sr ~~a1+V (Seal) (Seal) (Seal) Darrower (Seal) Borrower MUL T1STATE PUD RIDER-Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT 9840.CY (11104) 900368 Form 3150 1/01 (page 1 of 1 pages) GOTO(0002236d)