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<br />200704743
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<br />PLANNED UNIT DEVELOPMENT RIDER
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<br />THIS PLANNED UNIT DEVELOPMENT RIDER is made this 7th day of June, 2007, and is incorporated into and shall be deemed to
<br />amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date, given by the
<br />undersigned (the "Borrower") to secure Borrower's Note to Five Points Bank (the "Lender") of the same date and covering the Property
<br />described in the Security Instrument and located at:
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<br />423 PONDEROSA DR, GRAND ISLAND, NE 68803
<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 Declaration of Covenants, Conditions and Restrictions, of the herein named home owners
<br />association, and any amendments thereto. (the "Declaration"). The property is a part of a planned unit development known as:
<br />Ponderosa Lake Estates
<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.
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<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; (ij) 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 Insurence. 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 (ij) 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.
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<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
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<br />MULTISTATE PUD RIDER--Single F.mily--l=....,;e MaeJFreddle Mac UNIFORM INSTRUMENT
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<br />P.g. , of 2
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<br />Fonn 3150 1101
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