HomeMy WebLinkAbout0576 ~ 1-4 FAMILY RIDER 21/2973 psL
A.ssig~~me~nt of Re~nts
_ ~ TH1S 1-4 FAMlLY RIDER is maJe this 19TH day of DECEMBER ~ 19 ~9 ;
anci is inrorporated into and shall be deemed to amend and suppiemerst the Mortgage, Deed of Trust or Security ~x.ea
(the "Security Instniment") of the sarne date given by the un~ersigned (the "Borrower") to secure Borrower's Note to
GDV ~INANCIAL CORPORATION (the "L,ender")
uf the same date and covering the proQerty described i~ the Security tnstcument and located at:
4464 N.W. ALBION AVENUE, PORT ST. LUCIE, FL 34983
~~openy ndd~ess~
1-4 FAMII.Y COVENANTS. !n addition to the covenants and agreements made in the Security lnstrument, Borrower
and Lender further covenant and agree as follows:
A. USE OF PROPERTY; COMPLIANCE VYITH LAW. Bormwer shail not seek, agree to or make a change in the
use of the Prvperty or its zoning classi6cation, unless Lender has agreed in writing to the change. Borrower shall comply
with all laws, ordinances, regulations and requirrments of any governmental body applicable ta the Pc+operty.
B. SUBORDIlVATE LIENS. Except as permitted by federaf law, Borrower shall not allow any lien inferior to the
Security Inst[ument to be perfected against the Pn~perry without I.ender's priot written permission.
C. RE1~3'f LO6S INSURANCE. Borrower shali maintain insurance against rent loss in addition to the other hazards
for which insurance is required by Uniform Covenant S.
D. ••BORROWER'S R1GHT TO REINSTATE" DELE'TED. Uniform Covenant 18 is deleted.
E. ASS1GN11~lVT OI~ LEASFS. Upon L.ender's request, Borrower shall assign to Lender all leases of the Pr+operty
and all security deposits made in connection with leases of the Property. Upon the assignment. l..er~er 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 wor~ "lease" shall mean "sublease" if the Security Inswment is on a leasehold.
F. ASSIGNII~NT OF RENTS. Borrower unconditionally assigns and transfers to L.ender all the rents and revenues
of the Prnperry. Borrower authorizes l.ender or L.ender's agents to coliect the rents and revenues and hereby dir+ects each
tenant of the Prnperty to pay the rents to Lender or L.ender's agenis. However, prior to Lendet's Notice to Barrower of
Borrower's breach of any covenant or agreement in the Security Inswment, Bottower shall collect and receive all rents
and revenues of the Property as trustee for the benefit of Lender and Bormwer. This assignment of rents constitutes an
absolute assignment and not an assignment for additios~a! security only.
If Lender gives notice of breach to Borrower. (i) all rents received by Bore+ower shall be held by Barower as wstee
for benefit of Lender only, to be applied to the sums secured by the Security [nswment; (ii) Lender shal! be entitlod to
collect and receive all of the rents of the Property; and (iii) each tenant of the Froperty shall pay all rents due and unpaid
to Lender or L.ender's agent on l.ender's written demand to the tenant.
Borrower has not executed any prior assignment of the rents and has not and will not perform any act that would
prevent Lender fmm exercising its rights under this paragraph F.
Lender shall not be required to enter upon, take controf of or maincain the Property before or after giving notice of
; breach to Bocrower_ However, L.ender os a judicialiy appointed receiver may do so at any time there is a breach. Any
E application of rents shall not cure or waive any default oc invaiidate any other right or remedy of Lender. This assign-
~ ment of rents of the Property shall terminate w6en the debt secured by the Security Instrument is paid in fu31.
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~ G. CROSS-DEFAULT PROViSION. Borrower's default or breacfi under any note or agreement in which Lender has
an interest shall be a breach under the Security Instsument and l.ender may invoke any of the remedies permitted by the
~ Securiry Inswment.
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~ BY SIGNING B~LOW, Borrower accepts and~ s to the terms and provisions contained in this 1-4 Family Rider.
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