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<br />PLANNED UNIT DEVELOPMENT RIDER
<br />
<br />200609554
<br />
<br />THIS PLANNED UNIT DEVELOPMENT RIDER is made this 25th day of October, 2006, and is incorporated into and shall be
<br />deemed to amend and supplement the Mortgage, Deed of Trust. or Security Deed (the "Security Instrument") of the same date, given by
<br />the undersigned (the "Borrower") to secure Borrower's Note to CORNERSTONE BANK (the "Lender") of the same date and covering the
<br />Property described in the Security Instrument and located at:
<br />
<br />316 Renee Road, 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 parcels and certain
<br />common areas and facilities, as described in
<br />
<br />(the "Declaration"). The property is a part of a planned unit development known as:
<br />Amick Acres West
<br />(the "PUD"). The Property also includes Borrower's interest in the homeowners association or equivalent entity owning or managing the
<br />common areas and facilities of the PUD (the "Owners Association") and the uses, benefits and proceeds of Borrower's interest.
<br />
<br />PUD COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further
<br />covenant and agree as follows:
<br />A. PUD Obligations. Borrower shall perform all of Borrower's obligations under the PUD's Constituent Documents. The
<br />"Constituent Documents" are the: (i) Declaration; (ii) articles of incorporation, trust instrument or any equivalent document which
<br />creates the Owners Association; and (iii) any by-laws or other rules or regulations of the Owners Association. Borrower shall
<br />promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents.
<br />B. Property Insurance. So long as the Owners Association maintains, with a generally accepted insurance carrier, a
<br />"master" or "blanket" policy insuring the Property which is satisfactory to Lender and which provides insurance coverage in the
<br />amounts (including deductible levels), for the periods, and against loss by fire, hazards included within the term "extended coverage,"
<br />and any other hazards, 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 property insurance on the
<br />Property; and (ii) Borrower's obligation under Section 5 to maintain property insurance coverage on the Property is deemed satisfied to
<br />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 by the master or
<br />blanket policy.
<br />In the event of a distribution of property insurance proceeds in lieu of restoration or repair following a loss to the Property, or
<br />to common areas and facilities of the PUD, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender. Lender
<br />shall apply the proceeds to the sums secured by the Security Instrument, whether or not then due, with the excess, if any, paid to
<br />Borrower.
<br />
<br />C. Public Liability Insurance. Borrower shall take such actions as may be reasonable to insure that the Owners Association
<br />maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender.
<br />D. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower in
<br />connection with any condemnation or other taking of all or any part of the Property or the common areas and facilities of the PUD, or
<br />for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender, Such proceeds shall be applied by
<br />Lender to the sums secured by the Security Instrument as provided in Section 11.
<br />E. Lender's Prior Consent. Borrower shall not, except after notice to Lender and with Lender's prior written consent,
<br />either partition or subdivide the Property or consent to: (i) the abandonment or termination of the PUD, except for abandonment or
<br />termination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation
<br />or eminent domain; (ii) any 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 Association; or (iv) any
<br />action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Association
<br />unacceptable to Lender.
<br />F. Remedies. If Borrower does not pay PUD dues and assessments when due, then Lender may pay them. Any amounts
<br />disbursed by lender under this paragraph F shall become additional debt of Borrower secured by the Security Instrument. Unless
<br />Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of disbursement at the Note
<br />rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment.
<br />
<br />BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this PUD Rider.
<br />
<br />~A7~ '5..1]
<br />
<br />ravis Powell. Borrower
<br />
<br />~lQ9 ILQJ)J~
<br />
<br />(Seal)
<br />Nicole Powell. Borrower
<br />
<br />MULTISTATE PUD RIDER-.Single Family--fannie MaeJfrWdie Mac UNIFORM INSTRUMENT
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