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1~4 F~NiILY ItII~ER 3/3420, PSL
• A.~ment of l~,ent~
THIS 1-4 FAMILY RIDER is made lhis ],1T~ day of SEPTEMBER • 19 8~ ~
and is incorporated inta and shall be deemeci to amend ar?d s~~pplement the Mortgage~ Deed of Tivst or 5ecurity Dood
(the "Securiry InsUun~ent") of the same date given by the undersigned (the "Borrower") to secune Barrower's Note to
GDV FINANCIAL CORPOFtA'rIGN (th~ "I.ender")
af the same date and covering the pc~aperty described in the Security Instrument and located at:
322 S.W. MONICA ST., PORT ST. LUCT~, FL 33453
. (Prope?ry Address]
t-4 FAiHII.Y COVENANTS. In addition to the covenants ~nd agrcements made in the Security Inswment, Borrower
and Lender further covenani and agrec ~s follows:
A. USE OF PROPERI'Y; COMFI.IA~CE WITH LAW. Borrower shal! not scek, agrce to or make ~ change in the
use of the Prnpenry or its zoning cl~ssification, unless I.ender has agreed in writing to the change. Borrowershall comply
with xli laws, ordinances, negufations and requirements of any govemmental body applicable to the Property.
B. SUBORDINATE LIENS. Except as permitted by federel law, Borrower shall not allow any lien inferior to the
Security Insqvment ro be perfected ag~inst the Property without Lerxier's prior written pe~nission.
C. R~NT LOSS IN3URANCE. Borrower shall maintain insurance agaipst rent loss in addition to the other hazards
for which insurance is required by Uniform Covenant 5.
D. aBORR{)VVER'S RIGHT TO REINSTATE" DEL~"I'ED. Uniform Covenant I8 is deteted.
E. A9SIGNMENT O~` I.EA~~.S. Upon L,ender's request, Borrower shall assign to Lender a!1 teases of the Properry
and all security deposits made in connection with leases of the Property. Upon the assignment~ Lender shall have the
right to modify, extend or terminate the existing leases and to execute new leases, in L.ender's sole discrrtion. As used in
this paragraph E, the word "lease" shull mean "subtease" if the Security Inswment is on a leasehc~ld. -
1~. AA~..4IGId~EAIT OF RENTS. Borrower unconditionaliy assigns and trar?sfers to Lender a!1 tho rents and revenues
of the Property. Bomower 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 I.ender's Notice to Borrower of
i Borrower's breach of any covenant or agreement in the Security Inswment. Bonower shall c~ollect and receive all rents
; and revenues af the Property as trustee for ihe benefit of I.ender and Borrower. This assignment of rents constitutes an
E absolute assignment artd not an assignment fr,r addition~! security only.
~ If L,ender gives notice of breach to Borrower: (i) all rents received by Borrower shall be held by Borrower as trustee
for benefit of I.ender only, to be apQlied to the sums secured by the Security Inswment; (ii) I.ender shatl be entitted to
~ collect and r~ceive all of the rents of the Property; and (iii) each tenant of the Property sha.ll pay all rents due And unpaid
to Lender or Lender's agent on Lender's written demand to the tenar?t.
Bo~ower has not executed any prior assignment of the rents and has not ancl wilt not p~cform any act that would
prevent I.ender from exercising its rights under this paragraph F.
L,ender shali not be required to ~nter upon, take control of or maintain the Property befoce 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 assign-
ment of rents of th$ Property shall terminate when the debt secured by the Security Instcument is paid in futl.
G. CROSS-DEFI~ULT PROVISION. IIorrower's default or breach under any note or agreement in ~vhich Lender has
art interest shall be a breach under the Security Instrument and Lender may invoke any of the remedies permitted by the
Security Insttument.
4 i
~ BY SIGNING BELOW, Borrower acccpts and agrees the terms and Qrovisions contained in this 1-4 Family Ytider.
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EU N.Fr S. ERT.^~ ON -Barrawer
,~~~~~3 J4 A. L ERTSON
.Borror~er
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INULTI8TATE 1-4 P!1!~lLY R1DEf! ~ F~n~le Mi~/Fnddle iAzt lktibrm in~meni Fc~rmm 31T0 tW~3
~•67 VMP MOR~GAGE FORMS • 13131 792-4700 ~ l000! B2f-~28f ~