HomeMy WebLinkAbout0995 1-4 FAMILY RIDER
Assl~nment of Rents
THIS 1-4 FAM~LY RIDER ~s made th~s 30 day d`_ JUNE fg 88
ano ~s ~nco~porated ~nto and shall be deemed to amend and suppiement the Mortgage, Deed of Trust or Secunty Deed
(thQ "Secunty instrument") ol the same date g~ven by the unders~yned (the "Borrower") to secure E3orrpwer's Note to ;
- - - (the "Lender") ~
o! the same dalo and cover~ng Ihe property descnbed m the Secunty Instrument and locate~ at
1693 HARP I.ANF._~_ PORT _ST. LUCIEi Fl.ORIDA 34952 v__ _
~Pro~rty Aots~ess)
1-4 FAM(LY COVENANTS. In add~t~on to the covenants and agreements macie ~n ,he Secunty Instrument. Borrov~er and Lender
further covenant and agree as Id~ows
A. USE OF PROPERTY; COMPl.IANCE WITH LAW. Borra~rer shali not seek, agree to or maice a Change in the use d the
PropeRy or ds zornnr class+f~cat+on, unless Lender has agreed ~n wr~t:ng to the change Barawer shail comply wnth aii larvs. ad~nances.
regufat~ons and requ~rements d any garernmental body appl~cab~e to the Property
B. SU80RDINAYE UENS. Except as perm~ned by tederal law. Borraher sha~i not ai~ow any +:en ~nfero? to th~ Secunty ~nstrur~nt
to be pertected aga~nst tne Property w~thout Ler~der's pnor wntten perm~ss,on
G RENt LOSS INSURANCE. Borrower shal~ ma!nta~n ~nsurance aga~nst rent ~oss ~n adci~i;on to the otrer harards br wn~cn
:nsu+ance ~s reqwred by Urntorm C~venant 5
D. "BORROWER'S RI(iHT TO REIN5TATE" DELETED. Urntorm Covenant t8 ~s ~e;e;ed
E. ASSIGNiiAENT OF LEASES. Upor Lender s request. Borrv~ver sna~~ ass~gn ,o Lender all ~eases o~ the Property and ali
secur~ty de~s~;s made ~n ~onnec?~on w~th leases ~ the Property Upon the ass~gnment. Lender shaC have the nght to mod~fy,
ex~end cr term~r,e;e the ex,st~rg ieases and to execu;e new leases ~n Lender's sae d~screGOn As used m th:s Garagraph E. the
~ord iease shai! mean sut~ease'~ ~f the Secunty Instrument ~s on a ieasehad
F. ASSIGNMENT OF RENTS. Serr~r~er uncond~t~ona~~y ass~gns and tran~ers to Ler.der a~i the rents a~d revenues o} ;he
Pro~rry Barro,+~~er authonzes Lender or Ler~de!'s agen!s to ca,ect ihe ~ents and re~venues and hereby d~rects each te~~ant d the
Property te pay the rents to Lender o+ Lender's agenes iiowever, pr~ar to Lender's Not~ce to Borro,n,er o! Borrower's breach of any
carenant or ag~E-ement +r the Secunty !nstrument. Borrawer shall cdleCt and rece~ve a?t ients ar,d revenues d the Property as
t~ustee for tne ber,e~~t o~ Lender and B~~rower ; h~s assgnmen; ot rents consrtu,es an abs~~te ass~gnmen? and not an assyr.ment
~or add,t~onai SeG~r„y pniy
It Len~~er g:;~es ^ot~ce o} o~eacn to Borrcwer j~} al! re^ts rece~ved oy Borrower sr~ai~ be he~d try Borrowe~ as trus;~ fOt bC~Bfii
of Lender o^~y !c be apW,ed to tre sums secur~ py she Secur.ty ~nstrument. Le~er shall be ent~Ued to cotiect and rece+ve
ari o! !r.e ~e^~~s o'. !r.e Property and p~~) eacr tenant o~ tne Pro~ierty shai~ pay af! ~en,s due and unpa~d to l~nder pr Lender s a~ent
~ on Le~~c7e~ s~.r tte~~ demand to the terant
Borr~,er r~s r~ot executeo arry pr,or ass:ynT+ent of the ~ents and has no~ ar;d ~n~E, no! pe~`o~m arry a:.t tt,at wou+d preven?
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i_e~,ae! !rom e~eres:f~g ;ts r gr!s urder th~s paragraph F
` Lende~ sr:a' no; t,e ~equ~red te en;er upon ~ake con,rd d or md r~~d:n the PrOpErty t~f0~@ Or af'er 9;~.ng not:ce o+ b~each
f ;C BO~'~~hE! Han~re!. lender o~ a ~~d~c.a:•iy appan?ed rece~ver may do so at arry t~me there ~s a b!each Any appi~caUOn af renis
~ sra~~ not cu~e o~ ~,~a~ve any defiau~i or ~rrra:+~ate arry other r:gh; or remedy c~( ~ende+ TR~s assgnment d renis of the Property shai!
~ ~e~T; ^a?e ~^e~ tne deb! secured by the Secu~~ty ~^st~~men? ~s pa:d :n ~u!i
; G. CROSS-DEFAULT PROVISION. Sorrolwr s oE~a~!~ c+ breacr. u^de+ ar.y ~~!e a agrec~rnen~ .n wn~ch Le^de+ na$ an ~nterest
~ Srd: :,e a b!B~Ch u^Cie! ?Re SBCui,ty ~^S'fu!T:E~! a~d Lende~ rr,ay !~~JkE drty Cf t~e ~emed.es perm~?t8~ by fhe SeCurity instrument
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