HomeMy WebLinkAbout0942 PiSSIG1~[Bd't OF R~S RIDBR
THIS RIDER is made this 22nd d~?y of May, 1985, and is incorporated
into and shall be deemerl to amend and supplement the Mortqage, Deed of ;
Trust or Security Deed tthe "Security Instrument•) of the same date
given by the undersigned (the "Borrower") to secure Borrower's Note to
FIRST CITIZENS FEDERAL SAVINGS AND LOAN ASSOCIATION (the "Lender") of
the same date and covering the property described in the Security
Instrument and located at:
3347 South U.S. Hiqhtwav ~1, Fort Pierce, FL 33950
(Property Address)
PIDDISIO~L OOV~S. In addition to the covenants and agreements
made in the Security Instr~:ment, Borrower and Lender further covenant
and agr~e as follows:
A. OSS OF PROPBRTY= 00lsPLI~iCB 1rI?8 I.i~W. Borrower shall not
seek, agree to or make a change in the use of the Property or its
zoning classification, unless Lender has agreed in writing to the
change. Borrower shall comply with all laws, ordinances, regulations
and requirements af any governmental body applicable to the Property.
B. SQHORDI~?E LIBBS. Except as permitted by federal law, -
Borrower shall not allow any lien inferior to the Security Instrument
to be perfected against the Property without Lender's prior written
permission.
C. R~i't IrOSS IHSIIB~iCB. Borrower shall maintain insurance -
against rent loss in addition to the other hazards for which insurance
is required under this mortgage.
D. ~SSIG1f~1Bd? OF LB~lSffi. Ugon Lender' s request Borrower shall
assign to Lender all leases of the Property and all security deposits
made in connection with leases of the Property. Upon a default
hereunder, Lender shall have the right to modify, extend or terminate
the existing leases and to execute new leases, in Lender's sole
discretion. As used in this paragraph D, the word "lease" shall mean
"sublease" if the Security Instrument is on a leasehold.
B. ASSIG~S OF Rffi~S. Borrower unconditionally assigns and
transfers to Lender all the rents and revenues of the Property.
Borrower authorizes Lender or Lender's agents to collect-the rents and
revenues and hereby directs each tenant of the Property to pay the
rents to Lender or Lender's agents. However, prior to Lender's notice
to Borrower of Borrower's breach of any covenant or agreement in the ~
Security Instrument, Borrower shall collect and receive all rents and I
revenues of the Property as trustee for the benefit of Lender and
Borrower. This assignment of rents constitutes an absolute assignment
~ and not an assignment for additional security only.
~ Zf Lender gives notice of breach to Borrower: (i> all rents
~ received by Borrower shall be held by Borrower as trustee for benefit
of Lender only, to be applied to the sums secured by the Security
Instrument; tii) Lender shall be entitled to collect and receive all of
the rents of the Property; and (iii> each tenant of the Property shall
pay all rents due and unpaid to Lender to Lender's agent on Lender's
written demand to the tenant.
Borrower has not executed any prior assignment of the rents and
has not and will not perform any act that would prevent Lender from
exercising its rights under this paragraph E.
Lender shall not be required to enter upon, take control of or
maintain the Property before or after giving notice of breach to
Borrower. However, Lender or a judicially appointed receiver may do so
at any time there is a breach. Any application of rents shall not cure
or waive any default or invalidate any other right or remedy of Lender.
This assignment of rents of the Property shall terrainate when the debt
secured by the Security Instrument is paid in full.
~ G. CBOS&-DSF~ULT PR+OVZSIOI~. Borrower's default or breach under
~ any note or agreement in which Lender has an interest shall be a breach
~ under the 6ecurity Instrument and Lender may invoke any of the remedies
~ permitted by the Security Instrument.
6
~ BY SIGr:ING BELOW, Borrower accepts and agrees to the terms and
provisions c~t~ne~d1 n this Rider.
'85 t101Y 23 P 1 :38 ~
,
FiLE:, ' ` % _ _ ~ RAi~ ND VAN MEERTEN
ROGER PC; : : _
ST.LUC~E i.~f°_ti~ '
6(lOK PACE 9~~ ~ ~i4
. ET DAVIDSON
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