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Home My WebLink About0583 ~ 1-4 FAMILY. RIDEI~ 14/2949 psL Assig~ment of Rents ~IHIS 1-4 FAMILY RIDER is m;~Je this 15TH ~°Y ~f DECEMBER ~~y 89 ~ ':~u,l n ~n~urporated into and shail be deemed to amrnd ;u~d supplement the Mwtgage, D~d of Tru~t or S~curity Dad t~h~ ~'~c~unty In~trument") uf the ~anx: date given by the underoign~i (the "Borrow~r") tu ~cure Borrow~r's Nute to GDV FINANCIAL CORPORATION (the "Ixnder") uf thr ,ank Jate nnd covering the property descnbed in the Security In~trument :itui I~x:~ted ~t: 102 S.W. ANDOVER CIRCLE, PORT ST. LUCIE, FL 34983 ~Property Adilressl 1-J FA11f1LY COVENANTS. !n :uiditiun tu the covrnants :uiJ rgnxments made in thr S~curity ln~trumrnt, Burrower ;,nJ l~ndcr iunher coven:ui~ and agree as follows: A. USE OF PROPERTY; COMPI.IAIVCE WITH LAW. Burrower shall not seek, agree to or m:ike a chsnge in the ux of thr Pruperty or its zoning classificatiun, unless Lender has agrc~xi in writing to the ch:u~ge. Burruwer shall cumply ~ i~h all law,, oniinances, rcgulations :u~d reyuirements of :u~y guvemmeutal body applicable tu the Property. B. SUBURDIIVATE LIENS. Exrept as perniitted by frderal law. Barruwer sh:ill nut allow any lien inferior to the Sc~unty In~wnknt tu be perfu:ted ag•rinst the Prc~perty withuut Lxnder's priur written peRni~siun. C. ItENT LOSS 1NSURANCE. Borrower shall maintain insur:u?ce against rent loss in additiun tu the other hazards iur Hhich insurance is reyuired by Uni(orm Coven;tnt S. U. •'BORROWER'S RIGHT TO REINS'fATE" DELE'fED. Uniform Covenant I8 is deleteci. ASSlGNMENT OF LEASES. Upon l.ender's reyuest, Bornower shall assign to l.ender all leases of the Propeny ~n~ a11 ~rrurity deposits made in connection with leases of the Property. Upon the assignment, Lxnder shall have the n~h~ tu mu~iify. extenci or terminate the existing leases :u?d to execute new leases, in L,ender's sule discretiun. As useci in ~h~, paragr~ph E, thc word "lease" shall mean "sublea~e" if the Security lnstrum~nt is on a le:uehold. F. ASSIGNMEiVT OF RENTS. Burrower unconditionally :u~ign~ and transfers to 1xnJer :ill the rcnts and revenues ut th~ Property. Borrower authorizes L.ender or L,ender's agents tu cotleti:t the rents and revenues and hereby dirccts each ~ n:~ni ~~f the Property to pay the rents [o Lender ur l.ender's agents. However, prior to Lender's Notice to Borrower of i31,rTUwer's breach of any covenant or agreement in the Security Inswment. Borrower shnll cullect and receive all rents ; :u~.i r~v~nues of the Property as trustee for the benefit of Lxnder :u~d Borrower. This assignment of rents con~titutes an f sb~olut~ :usignrr~nt and not an assignment fur additional security only. ~ If L.~nder gives notice of breach to Borrower: (i) all rents received by Borrower shall be hetd by Borrower as trustee f.~r tknefit uf Lender only. to be applied to the sums secured by the Security lnstrument; (ii) l.ender shall be entitled tu rul1~~ :,nd receive all of the rents of the ProprRy; and (iii) each tenant of the Propetty shall pay all rents due and unpaid cu Lrnder ur Ixnder's agent on Lender's written demand to the tenant. i ' Burruwer has not executod any prior acsignment of the rents and has not and wiU not perform uny act that would prcvrnt L.ender from exerrising its rights under this paragrdph F. 4 Lender shall not be reyuired to enter upon, take control of or maintain tht Property before or after giving notice of ! br«.:h tu Burrower. However, Lender or a judicially appointed receiver may do so at any time there is a breach. Any ~ appli~~tiun of rents shall not cure or waive any default or invalidate any other right or remedy of L.ender. This assign- j m~nt uf renu of the Property shall terminate when the debt secured by the Security Inswment is paid in fuU. ~ ~ C. CROSS-DEFA~JLT PROV1SlON. Borrower's defsult or breach under eny note or agreement in which L.ender has :u~ +ntrr~sc shalt be a breach under the Security lnstrument rand Lender may invoke any of the remedies permitted by the ~ Sr~uriq In~wment. i E k ~ Bl' SIGNING BELOW, Borrower accepts and agrees to the terms and provisi s contained in thi~ l-4 Family Rider. ~ 10 2 0 5 4 9 ~,~Lz-!~ ~ cs~,,~ ~ a ; ; SAVERIO ELETTO -eorrowtr ~ '10 JAN 22 P C~~ - - - ~ :t.a-~,r , ~ ; ' ~ ~ LILLA CALOGERA ELETTO .eorrower ~ ~ ~ ; ~ ~ ~ f -gOffOWif € ~ ~ ~ ~ F BooK 674 ~E 583 MUUISTATE 1-4 FAMIIr RIOEN - hn~i~ Mas/FtM/b Mse tkilor~n Uoslrwnsat Fsnn 31~9 10~~3 s ~ 57 VMY AK)RTGAC,E fORMS • 1~13~ 792 ~700 • ~B~G1 521 ~725! a ~-~~5,~. ~.,r~P:.~e.=~.`~- r~.«~~` `~,'~'a,_`~~"m,. . . . ~'+c~ a~~e~'~ .~r~i'i_. ~ .v_ o~~~4P}t'F ~ _~e..~.