HomeMy WebLinkAbout0941 ~ 1-4 FAMILY RIDER ~E-lel/ Evex
Assignment of Rents
TNIS FAMILY RIDER is made this 9TH day of DECEMBER , 19 $7 ,
and is incorporated into anu si?aii be dc~med to amend and supplement the Mongage, Deed of Trust or Securiry Deed
(theGDV ~FiNnANCIAL,~CORPORATION ~ven by the undersigned (the "Borrower"~ ta secure Borrower's Nute to
(the "l.ender")
uf the same date and covering the property described in the Security Instrument and located at:
1648 S.E. GREEN ACRES CR EE-101, PORT ST. LUCIE, FL 39952
~Property Addressl
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1~ FAMILY COVENANTS. In additian to the cavenants and agreemenis made in thc Security Instrument, Borrower
ar~d l..cnder further coveaant and agree as fallaws:
A. U~E OF PROPERTY; COMPLIANCE WITH LAW. 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 ihe change. Borrower shall comply ~
with all laws. ordinances, reguiatians and reyuirements of any governmenta) body applicable to the Propetty. ~
B. SUBORDINATE LIENS. Except as permitted by federal law, Borrower shali not allow any lien inferior to Ihe ~
Securiry Instrument tn be perfected against the Property without i.ender's prior wriiten permission. 3
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C. RENT LOSS INSURANCE. Borrower shall maintain insurance against rent loss in addition to the other hazards ~
for which insurance is reyuin,d by Uniform Covenant 5.
D. "BORROWER'S RIGHT TO REINSTATE" DELETED. Uniform Covenant 18 is deleted. t
E. ASSIGNMENT OF LEASFS. Upon l.ender's request, Borrower shall assign to l.ender all leases of the Property s
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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 Lender's sole discretion. As used in ~
this paragraph -E. the word "lease" shall mean "sublease" if the Security Instrument is on a leasehotd. ~
F. ASSIGNM~N7` OF RENTS. Borrower unconditionally assigns and trnnsfers ro Lender all the rents and revenues ;
of the Property. Bornawer 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 C.ender's Notice to Sorrower of
Borrower's breach of any covenant or agreement in the Security lnstrument, Borrower shali coUect and receive all rents
and revenues of the Prope.rty as trustee for the benefit of L.ender and Borrower. This assignment of rents constitutes an
absolute assignment and not an assignment for additionat security only.
If Lcnder gives notice of b~ach to Borrower: (i) al) rents receivet! by Borrower shall be hetd by Borrower as trustee
for b~nefit of Lertder only, to be applied to the sums secureci by the Securi?y Instrument; (ii) l.ender 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 I,ender or Lender's agent on Lender's written demand to the tenant. . ~
Borrower has not executed any prior assi~nment of the rents and has not and will not perform any act that would A
prevent Lender from exercising its rights under this paragraph F.
Lender shall noi be required to entet upon, take control of or maintain the Property before or after giving notice of
breach to Borrower. Nowever, [.ender or a judiciatty appointed receivet- may do so at any time there is a breach. Any
application of rents shail not cure or waive any default or iovalidate any other right or remeiiy of Lender. This assign-
ment of rents of the Property shal! termiriate when the debt secured by the Security Instrument is paid in full.
G. CROSS-DEFAULT PROVISION. Borrower's default or breach under any note or agreement in which Lender has ;
an interest shall be a breacfi under the Security [nstrument and Lender may invoke any of the remedies permitted by the
Securitv Instrument.
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BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this 1-4 Famity Rider.
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~ -Borrower
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•Borrawer
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-Borrovrer
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r 8681.39 " (~I)
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'88 JAN 12 P 2 ~04
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FILE~
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ST. l'u~~~ ~E • BOOK 5~~ PACE 940
MUUI8TATE 1-4 fAMlllf RIDER - f~nn{~ Ma~IkWdi~ Mu Unttortn Inttrtrment Fo~m 317G 1WlS
~-57 ~8703e VMv MORTGAGE FORMS • 1313~293 8100 • tH00152t 7291
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