HomeMy WebLinkAboutPlanned Unit Development Rider ti.
PLANNED UNIT DEVELOPMENT RIDER
0159217728
THIS PLANNED UNIT DEVELOPMENT RIDER is made this 20th day of APRIL, 2007
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
WELLS FARGO BANK, N.A.
(the "Lender") of the
meSOdaH COURT LAND 'the Property described in the Security Instrument and
located at:
ARROYO GRANDE, CA 93420
(Property Address)
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"). The PINE PLy ACE s a part of a planned unit development known as
JASM (Name of Planned Unit Development)
(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 interest.
PUD COVENANTS. In addition to the covenants and agreements made in the 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 instrument or any equivalent document which creates the Owners Association; and
(iii) any by-laws or other rules or regulations of the Owners Association. Borrower shall promptly
pay, when due, all dues and assessments imposed pursuant to the Constituent Documents.
MULTISTATE PUD RIDER Form 3150 1/01 (Page 1 of 3)
Single Family- FNMA/FHLMC Uniform Instrument ECO25L Rev. 11/13/00
0159217728
B. Property 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 (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 required insurance, then: (i)
Lender waives 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 obligation under Section 5 to
maintain property insurance coverage on the Property is deemed satisfied to the extent that the
required coverage 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 prompt notice of any lapse in required property insurance coverage
provided by the master or blanket policy.
In the event of a distribution of property 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, whether or not then due, with the excess, if any,paid to Borrower.
C. Public Liability Insurance. 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 coverage 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 part 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 proceeds shall be applied by Lender to the sums
secured by the Security Instrument as provided in Section 11.
E. Lender's Prior Consent. Borrower shall not, 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 Association unacceptable to
Lender.
MULTISTATE PUD RIDER Form 3150 1/01 (Page 2 of 3)
Single Family- FNMA/FHLMC Uniform Instrument ECO25L Rev. 11/13/00
0159217728
F. Remedies. If Borrower does not pay PUD dues and assessments when due, then Lender may pay
them. Any amounts disbursed by Lender under this paragraph F shall become additional debt of
Borrower secured by the Security Instrument. Unless Borrower and Lender agree to other terms of
payment, these amounts shall bear interest from the date of disbursement at the Note rate and shall be
payable, with interest, upon notice from Lender to Borrower requesting payment.
BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this
PUD Rider.
(Seal)
ALFONSO A VARGAS -Borrower
(Seal)
ALEJANDRA VARGAS -Borrower
MULTISTATE PUD RIDER Form 3150 1/01 (Page 3 of 3)
Single Family- FNMA/FHLMC Uniform Instrument ECO25L Rev. 11/13/00