201109257 - Laserfiche WebLink

Browse

PLANNED UNIT DEVELOPMENT RIDER 2 p 110 9 2 5 7 THIS PLANNED UNIT DEVELOPMENT RIDER is mada this 2nd day of December, 2011, 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 CORNERSTONE BANK (the "Lander") of the same date and covering the Property described in the Security Instrument and located at: 5926 W Bellavista, Calro, NE 688242739 [Property Address] The Property includes, but is not limited to, a parcel of land improved with a dwelling, together with other such percels and certain common areas and fecilities, as described in the "Declaration"). The property is a part of a planned unit development known as: Bellamy's First Subdivisian (the "PUD"). The Property also includes Borrower's interest in the homeowners association or equivalent entity owning or maneging the common areas end fecilities of the PUD (the "Owners Association") and the uses, benefits and proceeds of Borrower's interest. PUD COVENANTS. In addition to the covenants and agreements mede in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. PUD Obligatlons. 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 instrument or any equivalent document which creates the Owners Association; and (iii) any by-laws or other rules or regulations of the Owners Associetion. Borrower shall promptly pay, when due, all dues end assessments imposed pursuant to the Constituent Documents. B. Property Insurance. So long as the Owners Associetion maintains, with a generally accepted insurance carrier, a"master° or "blanket" policy insuring the Property which is satisfactory to Lender and which provides insurence coverage in the amounts (including deductible levels), for the periods, and against loss by fire, hazards included within the term "extended coverage," and any other hazards, including, but not limited to, earthquakes and floods, for which Lender requires insurance, then: (i) Lender waivas the provision in Section 3 for the Periodic Payment to Lender of the yearly premium installments for property insurance on the Property; and' (ii) Borrower's obl(gation under Section 5 to maintain property insurance coverage on the Property is deemed satisfied to the extent that the required caverage is provided by the Owners Association policy. What Lender requires as a condition of this waiver can change during the term of the loan. Borrower shall give Lender prampt notice of any lepse in required property insurance coverage provided by the master or blanket policy. In the event of a distribution of properry insurence 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, whether or not then due, with the excess, if any, paid to Borrower. C. Public Llablllty Insurence. Borrower shall take 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 coverege to Lender. D. Condemnation. The proceeds of any award or claim for damages, direct or consequential, payable to Borrower in connection with any condemnation or other taking of all or any pert of the Property or the common areas and facilities of the PUD, or for any conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Such praceeds shall be applied by Lender ta the sums secured by the Security Instrument as provided in Section 1 1. E. Lender's Prior Consent. Borrower shall nat, except after notice to Lender and with Lender's prior written consent, either partition or subdivide the Property or consent to: (i) the abandonment or termination of the PUD, except for abandonment or termination required by law in the case of substantial destruction by fire or other casualty or in the case of a taking by condemnation or eminent domain; (ii) any amendment to any provision of the "Constituent Documents° if the provision is for the express benefit of Lender; (iii) termination of professional management and assumption of self-management of the Owners Association; or (iv) any action which would have the effect of rendering the public liability insurance coverage maintained by the Owners Associetion unacceptable to Lende�. F. Remedies. If Borrower does not pay PUD dues and assessments when due, then Lender may pey them. Any amounts disbursed by Lender under this paragraph F shall becoma additional debt of Borrower secured by the Security Instrument. Unless Borrower and Lender agree to other terms of payment, these emounts shall bear interest from the date of disbursement at the Note rate end shall be payable, with interest, upon notice from Lender to Borrower requesting payment. MULTISTATE PUD RIDER --Single Family --Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3150 1/01 (Page 1 of 2)