HomeMy WebLinkAbout0995 ADDENDUM
Assignment of Rents ~
Mortgagor desires to further secure Mortgagee, and MortgaRee
has required as additional and further security for the payment of
the indebtedness, an assignment of rents, profits, and income of the ;
above-described real estate, in case of default in the payment of
any sums maturing, including taxes and insurance falling due, and
as a further security for the performanc~ of all the terms and con-
ditions expressed in this note and mortgage.
Mortgagor, for and in consideration of TEN DOLLARS ($10.00)
and other valuable consideration, the receipt of which is hereby
acknowledged, assigns, transfers, and sets over to Mortgagee the
rents, profits, and income derived from the real estate and the
building and improvements thereon, with full and compZete authority
and right in Mortgagee, in case of de£ault in the payment of the
indebtedness or any part thereof or failure to comply with any of
the terms and conditions of this note and mortgage, to demand,
collect, receive, and receipt for such rents, income and profits,
to take possession of the premises without having a receiver ap-
pointed therefor, to rent anc~ manage the same from time to time
and appZy the net proceeds of the rents, income, and profits from
the property on the indebtedness until all delinquencies, advances,
and the indebtedness are paid in full by the application af the
rents, or until title is obtained through foreclosure or otherwise.
A release of this mortgage shall release the assignment of
rents.
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