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. • �8' , 1�3a2'7 PLANNED UNIT DEVELOPMENT RIDER THIS PLANNED UNIT DEVELOPMENT RIDER is made this �st day of APR I L , 1998 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed (the "Security Instrument") of the same date,given by the undersigned (the "Borrower") to secure Borrower's Note to Five Points Bank P.O. Box 1507 Grand Island NE 68802-1507 ([hC°LeRdCr") of the same date and covering the Property described in the Security Instrument and located at: #15 St. James Place, Grand Island, NE 68803 [Property AddressJ The Property includes, but is not limited to, a pazcel of land improved with a dwelling, together with other such parcels and certain common areas and facilities,as described in (the "Declaration"). The Property is a part of a planned unit development known as Conti nental Gardens �Name of Planned Unit DevelopmentJ (the "PUD"). The Property also includes Bonower's interest in the homeowners association or equivalent entity owning or managing the common azeas and facilities of the PUD(the "Owners Association") and the uses,benefits and proceeds of Bonower's interest. PUD COVENANTS. In addition to the covenants and agreements made in lhe Security Instrument, Borrower and Lender further covenant and agree as follows: A.PUD 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 inslrument or any equivalent document which creates the Owners Association; and (iii) any by-laws or other rules or regulaUOns of the Owners Association. Borrower shall 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 carrier, a "master" or "blanket" policy insuring the Property which is satisfactory to Lender and which provides insurance coverage in the amounts, for the periods, and against the hazards Lender requires, including fire and hazards included within the term "extended coverage," then: (i) Lcnder waives the provision in Uniform Covenant 2 for the monthly payment to Lender of the yearly premium installments for hazard insurance on the Property;and (ii) Borrower's obligation under Uniform Covenant 5 to maintain hazard insurance coverage on the Property is deemed satisfied to the extent that the required coverage is provided by the Owners Association policy. Bonower shall give Lender prompt notice of any lapse in required hazard insurance coverage provided by the master or blanket policy. In the event of a distribution of hazard insurance proceeds in lieu of restoration or repair following a loss to the Property, or to common areas and facilities of the PUD, any proceeds payable to Borrower are hereby assigned and shall be paid to Lender. Lender shall apply the proceeds to the sums secured by the Security Instrument, with any excess paid �o Borrower. C.Public Liability Insurance. Borrower shall takc such actions as may be reasonable to insure that the Owners Association maintains a public liability insurance policy acceptable in form, amount, and extent of coverage to Lender. MULTISTATE PUD RIDER-Single Family -Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3150 9/90 Page t af 2 ��7(910B) VMP MORTGAGE FORMS-(313)293-8100•(800)521-7291 Initlals: