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<br />200710141
<br />
<br />PLANNED UNIT DEVELOPMENT RIDER
<br />
<br />THIS PLANNED UNIT DEVELOPMENT RIDER is made this 30th day of November ,
<br />~!!2-, and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or
<br />Security Deed (the "Security Instrument") of the same date, given by the undersigned (the "Borrower") to secure
<br />Borrower's Note to U.S. Home Mort2a2e, Inc.
<br />(the "Lender") of the same date and covering the Property described in the Security Instrument and located at:
<br />224 Ponderosa 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
<br />parcels and certain common areas and facilities, as described in Lot Two (2), Block One (1), Ponderosa Lake
<br />Estates Fourth Subdivision an Addition to the City of Grand Island, Hall County, Nebraska
<br />
<br />(the "Declaration"). The Property is a part ofa planned unit development known as
<br />
<br />Ponderosa Lake
<br />
<br />[Name of Planned Unit Development]
<br />(the "PUD"). The Property also includes Borrower's interest in the nomeowners association or equivalent entity
<br />owning or manllli.ing the compton areas and facilities ofthe PUD (the "Owners Association") and the uses, benefits
<br />and proceeds of Borrower's mterest.
<br />pun COVENANTS. In addition to the covenants and agreements made in the Security Instrument,
<br />Borrower and Lender further covenant and agree as follows:
<br />A. pun Obligations. Borrower shall perform all of Borrower's obligations under the PUD's
<br />Constituent Documents. The "Constituent Document.," are the (i) Declaration; (it) articles of incorporation,
<br />trust instrument or any equivalent document which creates the Owners Associatton; and (iii) any by~laws or
<br />other rules or: regulatIOns of the Owners Ass.ociation. Borrower shall promptly pay, when due, all dues and
<br />assessments Im~osed pursuant to the 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 satisfactory to
<br />Lender and which provides insurance coverage in the amounts (including deductible levels), for the periods,
<br />and against loss by fire, hazards included WIthin the term "extended coverage," and any other liazards,
<br />including, but not limited to, earthguakes and floods, for which Lender requires insurance, then: (j) Lender
<br />waives the provision in Section 3 tor the Periodic Payment to Lender of the yearly premium installments for
<br />property insurance on the Property; and (ii) Borrower's obligation under Section 5 to maintain property
<br />msurance coverage on the Pro(?erty is deemed satisfied to the extent that the required coverage is providea
<br />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
<br />prOVIded by the master or blanket pohcy.
<br />In 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 payable to
<br />Borrower are hereby assigned and shall be paid to Lender. Lender shall applx the proceeds to the sums
<br />secured by the Security Instrument, whether or not then due, with the excess, If anybpaid to Borrower.
<br />C. Public Liability Insurance. Borrower shall take such actions as may e reasonable to insure
<br />that the Owners Association maintains a public liability insurance policy acceptable in form, amount, and
<br />extent of coverage to Lender.
<br />D. Condemnation. The proceeds of any award or claim for damages, direct or consequential,
<br />payable to Borrower in connection WIth any _condemnation or other taking of an or any part ofthe Property
<br />or the common areas and facilities of the PUD, or for any conveyance in 1ieu of condemnation, are hereby
<br />assigned and shall be paid to Lender. Such proceeds shall be applied by Lender to the sums secured by the
<br />Security Instrument as provided in Section 11.
<br />E. Lender's Prior Consent. Borrower shall not except after notice to Lender and with
<br />Lender's prior written consent, either partition or subdivide the 'property or consent to: (i) the abandonment
<br />or termination of the PUD, except for abandonment or termination reqUIred by law in the case of substantial
<br />destruction by fire or other casualty or in the case of a taking b,Y condemnation or eminent domain; (ii) any'
<br />amendment to any provision ofthe "Constituent Documents' if the provision is for the express benefit of
<br />Lender; (iii) termination of professional management and assumption of self-managemen ofthe Owners
<br />AssociatIOn; or (iv) any action which wouldl1ave the effect of rendering the public liability insurance
<br />coverage maintamed by the Owners Association unacceptable to Lender.
<br />F. Remedies. If Borrower does not pay PUD dues and assessments when due then Lender may
<br />2ay them. Any amounts disbursed by Lender under this paragraph F shall become additional debt of
<br />Borrower secured by the Security Instrument. Unless Borrower and Lender agree to other terms of
<br />payl1).ent, these amounts shall bear interest from the date of disbursement at the Note rate and shall be
<br />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 />c4aLo~MaT~
<br />
<br />moJ h /Y7~
<br />
<br />Borrower Mark A Maybon
<br />
<br />(Seal)
<br />
<br />(Seal)
<br />
<br />(Seal)
<br />
<br />Borrower
<br />
<br />(Seal)
<br />
<br />Bon'ower
<br />
<br />MULTlSTATE PUD RIDER-Single Family~Fannie Mac/Freddie Mae UNIFORM INSTRUMENT
<br />9840.CV (12/05) 06.1064
<br />
<br />Form 3150 1101
<br />(page I of I pages)
<br />
<br />Creative Thinking, Inc.
<br />
<br />GOTO(0001801c)
<br />
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