Loading...
HomeMy WebLinkAbout0555 . . • ~ 1-4 FAMILY ItIDER zi/~.e9i PSL A.~ignment of Rents i THIS I-4 FA[411LY RIDER is made this jgT~ ~aY ~~f p~S1ygER 19 j and is inrutpuratecl intu and shall be deemed to amend and supplement the Mortgage, Deed of Ttust or Securiry 1 the "Security lnstrument"> uf the same date given by the undersigneci (the "Bomower") to serure Bom~wer's Nate to ; (the "Lender") ' C~DV FINANCIAL CORPORATION I uf t e same date and cuvenng the property deuribed in the Security Instrument and loraled at: , i , 1009 S.W. GASTADOR AVENUS, PORT ST. LUCIE, FL 34953 ~ ~Roperty Address~ ; ; I 1-0 FAMILY COVENANTS. In additiun tu the covenants and agreements made in the Serurity lnstn~ment, Borrower 1 arxi L.ender further covenant and agree as follows: i A. USE OF PROPERTY; COMPWANCE WITH LAR'. Borrower shall not seek, agree to ar make a change in the 1 u~e of the Pn~perty or its zoning classification, unless Lender has agreed in writing to the change. Borrower shall comply with all laws, ordinances, c+egulations and reyuirements uf any govemmental body appiicable to the Property. ~ ~ B. SUBORDINATE LIENS. Except as permitted by federal law, Borrower shall not allow any lien inferior to the ; Seruriry Instrument to be perfected against the P~vperty without L.ender's prior written permission. ~ C. RENT LQSS INSURANCE. Bamower shall maintain insurance against rent loss in addition to the other hazards ~ for which insurance is required b}~ Uniform Covenant 5. ~ D. "BORROWER'S RIGHT TO REINSTATE" DELETED. Uniform Covenant 18 is deleted. E. ASSIGNIV~NT OF LEASFS. Upon l.ender's request. Borrower shall assign to Lender alf leases of the Property ; and all security deposits made in connection with leases of the Prvperty. Upon the assignment. l.ender shall have the 1 ~ right to modify, extend or terminate the existing leases and to execute new leases, in Lxnder's sote discretion. As used in ' this paragraph E, the word "lease" shall mean "sublease" if the Security Instrument is on a le~sehold. i, F. ASSIGNMENT OF RENTS. Borrower unconditionally assigns and transfers to l.ender all the rents and revenues ~ ' of the Prope~ty. Borrowet authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each j tenant of the Property to pay the rents to Lender or Lender's agents. However, prior to Lender's Notice to Borrower of i Bomower's breach of any covenant or agreement in the Security Instrument, Bomower shall collect and receive all rents and revenues of the Property as trustee for the benefit of Lender and Bo~rower. This assignment of rents constitutes an ' absolute assignment and not an assignment for additional security only. ; If Lender gives notice of breach to Borrower. (i) all rents received by Borrower shall be held by Borrower as wstee i for benefit of Lender only, to be applied ro the sums secured by the Security Instrument; (ii) 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 l.ender or Lender's agent on Lender's written demand to the tenant. , Bormwer has not executed any prior assignment of the rencs and has not and will not perform any act that would ~ prevent Lender from exercising its rights under this paragraph F. ' ; 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 assign- ~ ment of rents of the Properry shall terminate when the debt secured by the Security InsWment is paid in full. E G. CROSS-DEFAULT PROVISION. Borrower's default or breach under any note or agreement in which Lender has ~ an interest shall be a breach under the Security Instrument and Lender may invoke an}• of the remedies permitted by the Securiry Inswment. € ~ i ~ BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this I-4 Family Rider. ~ ~ ~ '~0 JAN 22 P?~~ r t~) ~ 10 2 0 5 3 9 g~ OBIiRT MCCU LOUGIi~ •eorrower ~ r ~ ~ : ~ ~ L~S~ r~ , ~ . - i.~~ Marie n~s McCullough -eor.owe. ~ ~ -Borrawer •Bo~rower € E i ao~~ 674 555 MULTISTATE 1-~ N1MIUl RlOER - F~mile MsuFroAdN Mst UaMorm i~stnmeet Form 3170 t~i6 ~ 57 VM? MORTGAGf FORMS •~3131 792 4700 • i800! 521 723' xV ~ _ ;s ~ ~-a.b Y < y».:_,.., ~ a;i:.- . '~'~~~~'~~.~~~~'~~-"~"~.~-w~~~~~ ~ .