85006166 - Laserfiche WebLink

Browse

PLANNED UNIT DEVELOPMENT RIDER 85- 00616P, THIS PLANNET) UNIT DEVELOPMENT RIDER is madethis -. 12th ............. day of ....... Dezarfibe2 ......... ' 9 65... and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed (tire ^` Security Instrument') of the same date. given by the-undersigned (the "Borrower ") to secure Borrower's Note to ...UrAiip-g_.110r"4 e... G. on ... ............. . ............................................ . .................. ................................ ..... .... (the "Lender') of the same date and covering the Property described in the Security Instrument and located at: X34 ..t tatui11X .- ..Graztd...Island.,..: �F.. SB8D3................................... .............................. . ........ I ........ I ....... ......._._.... 1Propeny Aadressl 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"). ThePropem is apart of planned unit development known as ..Cc.mtinental Gardens ........................ ............._................. .............................. ............................... ]Name of Planned Um! Dew!;opment; - (the "PUD ") The Property also includes Borrower's interest in the homeowners association or equivalent entity owning or managing the common areas and facilities of the PUD (the "Owners Association ") and the uses, benefits and proceeds of Borrower's mtt, est PUD C:OVENAnTs. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. PL,D Obligations. Borrower shall perform all of Borrower's obligations under the PUD`s Constituent Documents. The "Constituent Documents" are the : (i) Declaration: (ii} articles of incorporation. trust instrurtettt or am equivalent document which creates the Owners Association: and (iii)any by -laws or other rules or reguiations of the Owric -t Aswcriation. Borrower shat] promptly pay_ when due, all dues and assessments imposed pursuant to the Constituent Documents. B. Hazard Insurance. So long as the Owners Association maintains, with a generally accepted insurance starrier, a master" or "blanket" policy insuring the Property- which is satisfactory to Lender and which provides insuraric& Coverage to the amounts, for the }mods. and against the hazards Lender requires, including fire and hazards included within the term "extended coverage," then. (i) Lender waives the provision in Uniform Covenant_ for the monthly payment to Lender of acre- rwelfth of the yearly premium installments for hazard insurance on the Property: and (ii f Borrower's obhganon under Uniform Covenant 5 to inruntam hazard insurance coverage on the Property ;s dremed satisfied TO the extent that the required coverage is provided by the Owners Association policy Borrower shall give Lender prompt notice of any lapse to required hazard insurance coverage provided by the master or blanket policy In the event of a dismhution of hazard insurance proceeds in lieu of restoration or repair following a loss to the Property or to common areas and facihttes of the I'LTD. any proceeds payable to Borrower arr hereby assimied and shall br paid to Lender Lender shall apply the proceeds to the sums secured by the Security Instrument. with any excess pail to Borrower C. Public Liability Insurance. Borrower shall take such _coons as may be reasonable to mcure that the Owner Association maintains a pubhc liability insurance policy acceptable in form, amount, and extent of coverage to Lender D. Condemnation. The proceeds of any award or claim for damages. direct or consequential. payable to Borrower ire connection with any condemnation nr lather taking of ail or any part of the Properry or the common areas and :aciinits of the. PUD. or for any conveyance m heu of condemnation, are hereby assigned and shall be paid i o Lender. Such pies Beds shall he applied by Lender tl,, the sums secured by the Secunty Instrument as provided in Uniform Covenant a E. Lenders Prior Consent. Borrower shall not. except after notice to L.aidei and with Lenders rrior wniter. corserit, either partition or suhdn•idr the Property or consent to (i) the ahandornmew nr ternunation of the PUD. except for ahandonntent or termination required by law 1711 he case of substantial destruction try hrc or ether casualty or in the case of a taking by condemnation or eminent dornam, hi) any ameridmew TO any provision of the "Constituent Documents" if the provision is for the exprrs benefit of Lender. fiat) terminatmn of pn,ic,,sional management and assumption ntself- management of the Owners Associatior. Pr (ivy any action which would have the effect of rendering the puhhc Inahihty insurance coverage matritaincd ny the Owners .Aussoctaiton ututixeptabie to Lender F. ]remedies. If Borrower does. not pay PUD dues and assessments when due, then Lender ma ± pay them Am amounts disbursed hk Lender under this paragraph F shall become additional debt of Borrower secured by the Securtn Instrument Unless Borrower and Lender agree to other terms of payment, these amounts shall hear interest from the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment $�" Sic istvc $fiLt!w Borrower accepts and agrees to the terms avid provisions contained in this I'L'D Rider Nl',,4-Tf54g_r P1JD RIDER (�eali f Still) -FNMA IHiMt ;tN1iUNM tMS *4.!!MrH' ,1— 1 s1, ;a H?