|
87- 102636
<br />PLANNED UNIT DEVELOPMENT RIDER
<br />THIS PLANNED UNIT DEVELOPMENT RIDER is made this ...... 1_] th ...... day of... ......M ©y,.,, b7
<br />an Is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Securny Deed (the
<br />"Security Instrument") of the same date, given by the undersigned (the "Borrower") to secure Borrower's Note to ......... the
<br />f i rsT ie};, Mgrtgagg,. Co,,,,
<br />............... ie
<br />......................ntIand.lo ... .................,............. (the "Lender ")
<br />o the same date and covering the Properly described in the Security Instrument and located at:
<br />...... .............................9, Uia Canoe Crand, Island Ne, 68801
<br />[Property .Xlid essj ............................ I....... I ........ ....
<br />............................
<br />The Property includes, but is not limited to, a parcel of land improved with a dwelling, together with other such parcels and
<br />certain common areas and facilities, as described in Declaration..recorded.11zy..27, l9, 75. .in.BDak..28,..P.age,bA4..
<br />.declaraLinn..of.. annexation ..made..by.itid.Contiraent. Inc and. ............... and.a ..
<br />................... ...............................
<br />........................................................ ........................I......
<br />. .............................. .
<br />(the "Declaration"). The Property Is a part ofa planned unit development known as ................................ ...............................
<br />• ........ .....................I......... The Continental Garden Homeowners Association
<br />............... Plan.........,.............................................................. ...............................
<br />(Name of Planned Unit [1evelopmentl
<br />(the "PUD "). The Property also includes Borrower's interest in the homeowners association or equivalent entity owning or
<br />managing the common areas and facilities of the PUD (the "Owners Association ") and the uses, benefits and proceeds of
<br />Borrower's interest.
<br />PUD COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and
<br />Lender further covenant and agree as follows:
<br />A. PUD Obligations. Borrower shall perform all of Borrower's obligations under the PUD's Constituent
<br />Documents. The "Constituent Documents" are the : (i) Declaration; (ii) articles of incorporation, trust instrument or any
<br />equivalent document which creates the Owners Association; and (iii) any by-laws or other rules or regulations of the Owners
<br />Association. Borrower shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent
<br />Documents.
<br />B. Hazard 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
<br />in the amounts, for the periods, and against the hazards Lender requires, including fire and hazards included within the term
<br />"extended coverage," then:
<br />(i) Lender waives the provision in Uniform Covenant 2 for the monthly payment to Lender of one - twelfth of
<br />the yearly premium installments for hazard insurance on the Property; and
<br />(ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is
<br />deemed satisfied to the extent that the required coverage is provided by the Owners Association policy.
<br />Borrower shall give Lender prompt notice of any lapse in required hazard insurance coverage provided by the master
<br />or blanket policy.
<br />In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to the
<br />Property or to common areas and facilities of the PUD, any proceeds payable to Borrower are hereby assigned and shall be
<br />paid to Lender. Lender shall apply the proceeds to the sums secured by the Security Instrument, with any excess paid to
<br />Borrower.
<br />C. Public Liability Insurance. Borrower shall take such actions as may be reasonable to insure that the Owners R,
<br />Association 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, director 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
<br />PUD, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such proceeds shall r,
<br />be applied by Lender to the sums secured by the Security Instrument as provided in Uniform Covenant 4.
<br />E. Lender's Prior Consent, Borrower shall not, except after notice to Lender and with Lender's prior written
<br />consent, either partition or subdivide the Property or consent to:
<br />(i) the abandonment or termination of the PUD, except for abandonment or termination required bylaw in the
<br />case of substantial destruction by fire or other casualty or in the case ofa taking by condemnation or eminent domain;
<br />of Lender; (ii) any amendment to any provision of the "Constituent Documents" if the provision is for the express benefit
<br />or (iii) termination of professional management and assumption of self - management of the Owners Association;
<br />(iv) any action which would have the effect of rendering the public liability insurance coverage maintained by
<br />the Owners Association unacceptable to Lender.
<br />F. Remedies. If Borrower does not pay PUD dues and assessments when due, then Lender may pay them. Any
<br />amounts disbursed by Lender under this paragraph F shall become additional debt of Borrower secured by the Security
<br />Instrument. Unless Borrower and Lender agree to other terms of payment, these amounts shall bear interest from the date of
<br />disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment.
<br />BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this PUD Rider.
<br />�!... (/iCv� e (Seal)
<br />..... Le Wiegert / borrower
<br />.................. ...............................
<br />Judith L. Wiegerf
<br />/rower
<br />MULTISTATE PUD RIDER — single Family -- FNMA /FHLMC UNIFORM INSTRUMENT
<br />Form 3150 12/83
<br />
|