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Home My WebLink About0976 HARBOR FEDERAL SAVIN~S ANI) LOAri A~SOCIAT~tt~N . . : ~ 2-4 F~?MILY RIDER , (A.ssignment of Rents) ~ THIS 2-4 FAMILY RIDER is made thi+ 19T~ day of ,!S+ 8b , a~d ic inc~xpcx-atea inta :inci chall be deemea to amet~d and sapQlcm~nt th., Mortgage, Daed of Tnist o~ Security [ked (the "Sccurity Instrument'~ of the same date given by the undersigned (the Bonower'~ to secure Iiorrower~s Note to ~ HARBOR FEDERAL SAVINIGS dt LOAN ASSOCIATtON (the "Lender'~ of the samt date and covering the ~ Propeny dcscribed in the Security lnstrumeat and locatod at: ~ ~ 805 W6ATHERBSB ROAD, FORT PIERCE, FL. 33482 ' ~P~rc~peny ~doress! ~ ~ ' ~ i 2-4 FAMILY COVENANTS. In additian :o the covenants and agreements made in thc Sec~riry lnswment, Borrower ~ and Lender funhe~ covenant and agt~ee as foll~ws: A. USE OF PRUPERTY; COMPLIANCE VYITH GAW. Bortower shali not seek, agra te or mafce a change in the . use uf the Propcny or its zoning ciassification, unless L.ender has agrced in writing to the change. Bornower shall comply w•ith all laws, ordinances, regulatians and requirements of any governmental body applicable to the Property. B. SUBORDINATE L1ENS. Except as ~ermitted by federal law, Borrower shall not allow any lien inferior co the Security instniment to be perf'ectcd against the Peoperty without l.ender's prior written ~ermission. ' C. RENT LOSS INSURANCE. Borrower shall' maintain insurance against rent loss in addition to the other hazards for which insurance is required by Uniform Covenant S_ D. "BORROWER'S RIGHT TO REINSTATE" DELETED. Unifam Covenant 18 is deleted. E. ASSIGNMENT OF LEASES. Upon ixnder's request, Borrower shall assign to L.ender aq leases of the Prak:ty and ait security deposits made in connection with leases of ttte Prop~rty. Upon the assignment. L,ender shall havo tne right to modify, extend or terminate the ezisiing tea~es and to executr new leases, in Lender's sole discretion_ As used in this paragraph E, the word "leas~ ' sl~all mean "sublease" if the Security Inswment is on a leasehold. F. ASSIGNMENT OF RENTS. Bcxrower unconditionaily assigns and transfers to Lender all the rents and revenues of ~ the Property. Borrower authorizes Lender or Lender's agents to coilect the rents and revenues and hereby directs each tenant ' of the Pr~openy to pay the rents to l.ender or C,ender's agents. However. prior to Lender's notice to Borrower of 8orrowtr's ' breach of any covenant or agreemeat in the Sec~rity Instrument, Borrower shall rnllect and receive a!I rents ar~ revenues of ; the Prcipeny as t~ustee for the benefit of Lender and Borrower. This assignment of rtnu constitutes an absolute assignment and not an assignment for additional security only. 1; [xnder gives natice of breach to Borrower. (i) a11 r+tnts received by Borrower sha!! be held by Borrower as wstee for 6ene6t of Lender only, to be apptied to the sums secured ~y the Security lnstrument; (ii) Lendu shall be entided to collect and receive atl of the r+~ats of the Property; and (iii) each tenant of the Property shall pay all rents due and unpaid to Lender or [.ender's agent on Lender's written demand to the tenant. $orrower has not executed any prior assignment of the rents and has not and will not perform any act that wouid prevent ixnder from exercising its rights under this paragraph F l.ender shall not be required to eater upon, take control of or maintain the Property before or after giving notice of breach to Borrower. However. L.ender or a jud:cially appointd r~ceiver may do so at any time there is a breach. Any application of rents shall not cure or waive aiey default or inval~date any other right or remedy of Lender. '[l?is assignment of rents of the Propesty shall terminate when the debt secured by the Security Inswment is Paid in full. ~ G. CROSS-DEFAULT PROVISION. Borrower's ckfault or bre3ch ~nder any note or agrcement in which Lender has ~ an interest shalt be a breach under thc Security Instruraent znd I.enGer may invoke ajiy of the c~err~ies pennitted by the ~ Security inswrttent. ~ . ; BY S~vNiNG BELOW, Borrower accepts and agrees to the terms aiud provisions conta'nr~ in this 2-<t Family Rider. '7515~5 ....................~s~i, I N P OQUIN ~i~ -eorrower ~R 19 P4 :00 ~ . . ~..............~s~i~ GE RGI R PELOQUIN -eo~.owe~ FIL~.C ~ ROGEF i-~_;, < : : ST. IJCiE : , ' . . , . _ .................1Seal) -Barower . . l$fal) s«~orke~ , MULIISTA?E Z-1 FAYitr iNDER-FNMMFHLMC t~ntfotnt 11~9rurtwM d~~~~ ~~G~ g~ ' F~~ cN ~r4s ~ ..r_ . _ ~ - - - - - - _ .__z..__~ __.____.__..7,,..