HomeMy WebLinkAbout0562 ~ 1-4 FAMILY RIllER 9/2659 PSL
As~ig,nment of Rents
THIS l--i FAMILY RIDER is m;uir thi~ 5~ d~y uf ,,7~~~y , ly 90 ,
anJ i~ in.urpur;,t~xi inw :uxl shall tx; dec:mrd tu aniend and supplement the Mortgage. D~d uf Trust or Securiry Deed
Ithc "S~curity In~trumcnt") uf the ~tt~ dstC given by tht undenignul (~he "BorYUwer") to x~:curr Borruw~r's Nut~ tu
GDV E'INANCIAL CORPORATION (thr "L~nder")
ui th~ ~mc d;~te and cuvering the praprrty describr,~1 in th~ Security lnstrumenl :u~d Icx~atrd at:
3006 SE WAKE ROAD, PORT ST. LUCIE, FL 34953
(P~opdny naaress~
1-~ FAMILY COVENANTS. In suiditiun tu the cuven;uus and agreemen~s m~u1e in the Security Instrument, Burruwcr
arxl txn~rr further covrn:uu ;u~d ag[~e a~ follow~:
A. USE OF PROPERTY; COMPLIANCE WITH LAW. Burruwer shaU not seek, agrer to ur m:iF:e a ch:u~ge in the
u,r ui~ the Propeny ur its zoning cl;usihcatiun, unles~ Lender h:u agrrxd in writing W the chanbe. BuROwrr shal! cumply
with :ill laws, uniinances, regulatiuns and rryuircm~nts uf any guvernmental baiy ~pplic;~bie tu the Pruprny.
B. SUBORDINATE L1ENS. Except :u pemiitted by ftderal law, Borrower shall nut allow sny li~n inferiur to the
Srrurity lnswment to be perfected against the Pruperty without L.znder's prior written permission. ~
C. ItENT LOSS INSUItANCE. Borrc~wer shall maint•rin insurance against rent lo~s in additiun tu thc uther hsz:uds
!ur which insurance is reyuirnd by Uniform Cuvenant 5.
D. "BORROVI~R'S RIGNT TO REIN5TATE" DELETED. Unifurm Covenant 18 is deleteci.
E. ASSIGNMENT OF I.EASES. Upon l.ender's reyuest, Bomower shalt assign to L.ender all Irase~ of the Propetty
arxi :JI ~~rurity deposits made in connectiun with leases of the Property. Upon the assignment, lxnder sh:~ll h~ve the
- right tu modify, extend or terminste the existing tea~s ;u~d to exrcute new leuses. in Len~ler's sole discretion. A~ usc:d in
this paragraph E, the word "lease" shall mean "sublease" if the Security In~trument is on a I~asehold.
F. ASSIGNMEIVT OF RENTS. Borruwer uncondition~lly assigns and transfers to Lender all the rents and revenues
~ uf the Property. Borruwer authurizes lxnder or Lender's agents to colleet the rents anci r~vcnues und hereby directs e~rh
~ t~n:uu of the Property to pay the rents tu Lender or l.ender's agents. However, prior to lxnder's Notic~ to Borruwer of
E3urrower's breach of any rovenant or agreement in the SrA:urity Instrument. Borrower shall cotlect and receivr all rcnts
i :uid re~~er~ues of the Prupc~rty as trustee fur the benefit of l.cnder und Borrower. This assignment uf rcnts cun~titutes ;?n
~ abwlule :~,~ignmrnt and not :ui assignment for :~iditional securiry only.
i It l.enci~r givrs notice of breach to Borrower: (i) all rent+ receivc~i by Borrower sh~tll be held by 8orrnwer ati tru~eee
~ fur be.neht of Lender only, to be applied tu the sums serurul by the Sr.cunry Instrument; (ii) l.ender shall be enutled to
; rull~xt ;uid receive all of the rents of the Property; and (iii) each ten:u~t of the Property shall pay all rents due and unpaid
cu L.erxier or Lender's agent un Lender's written demand tu the tcnant.
j - Burrc~wcr hxs not executed any prior assignment uf the rents and has no~ ar?d will not perforn~ :sny act th•rt would
' prevent l.ender from exercising its rights under this paragraph F.
~ Lender shall not be required to enter upon, take conwl of or maintain the Property befure or ~fter giving nutice of
~ breach to Burrower. However, L.ender or a judicially ap~inted receiver may do so at any time therc is a brearh. My
; application of rents shall not cure or waive any default or inv:tlidate any other right ur remedy of Lcnder. This assign-
~ mrnt of rents uf the Property shall terminate when the debt securcd by the Securiry Inswment is paid in full.
; G. CROSS•DEFAULT PROVISION. Borrower's default or breach under any note or agreement in which lxnder has
; :u~ intere,t shall be a breach under the Serurity ~Inswment :uid Lender m~y invoke any of the rem~ciies permitted by the
Security In~trument.
i
` BY SIGNING BELOW, Borrower accepts :u~d abrees to the terms and provisions contained in this 1-4 F~unily Rider.
~ ~ ^ 1
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~ 10 2 0 5 41 AL R ED H. S P U ELL, -eorrower
'i0 JA~a 22 P 3 :5y ~ '
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` MARTHA L. SPRUEL
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~ ~'1i ~r. ~ ~ t (Seal)
~ -Borrower
•Borrowe?
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aoaK 674 Qa~ 562
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