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~ 1-4 FAMILY RIDER . 15/2903 psL
As~ignment of Rients
TNIS l-4 FAh11LY RIDGR ia m;uie thi~ 6'~ day uf JANUARY ~ 19 90 •
a?xl i, incurporated into anJ sh~tll be dc~med to amend dnd supplement the Murtgage, Dead of Tru.t or Security Derd
(thc "Sccurity Instrument") of the wme date gi~•en by the undcrsigned (the "Borrower") to serure Bo~ruwCr's Note to
GDV FINANCIAL CORPOR~ITION (the "Lender")
uf the ,:?n~ date and euvering the• propeny desc:ribed in the Sc~urity Instrument and Icx;attd at:
537 SW DAOPHIN AVENUE, PORT ST. LUCIE, FL 34953
~ROp6rty AOOf05Sj
1-.t FAbi1LY COVENANTS. In addition tu the covenants and agr~ments macie in the Security Instrumrni, Borrowrr
:~nd l.erxler further covenant :u~d agrce as fullows:
A. USB OF PROPERTY; COMPLIANCE WITH LAW. Borrower shall not seek, agree to or m~:e a ch:?nge in the
u~t uf the Property or its zuning cla~sification, unirss l.ender h;u agreed in writing to the change. Burrower shall rumply
with :ili laws. utdinances, regulations and reyuirements of any govemmental baiy applicable tu the Property.
B. tiUBQRDIIVATE LIENS. Exrept as pertnitted by federal law, Borrower shall not allow any lien inferior to the
S~curiry Instrument to be perfe~:tr.~f against the Property without Lender's prior written permi~siun.
C. RI:NT LOSS INSURANCE. Borrower sh:ill maintain insurance against rent loss in addition to th~ other h:uards
fur which insu~.nce is myuired by Uniform Covenant 5.
D. "BORROWER'S RIGHT TO RE1NS'TATE" DELETED. Uniform Covenant 18 is deleted.
E. ASSIGNMENT OF I.EASES. Upon l.ender's reyuest, Borrower shali assign to Lender all lra.ces of the Property
:uxl :ill ~rcurity depo~its made in cunnc~tiun with lea~~ of the Property. Upon the assignment, Lender sh:?11 have the
right w modify, exterxi or terminate the existing leases and to execute new teases, in Lender's sole discrecion. As used in
this p:~ragrsph E, the wurd "lease" shall n?ean "sublease" if thc Security lnstrument is on a le~ehold.
F. ASSIGNMEIVT OF RF.lVTS. Borruwrr unconditionally assigns and transfers to L.ender all the rents and revenues
uf the Pmperty. Borrower authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each
ten;uit of the PropeRy to pay the rents to l.ender or Lxnder's agents. However. prior to Lender's Notice to Borrower of
Burruwer's breach of any covenant or agreement in the Sr~urity lnstrument, Borrower sha11 cullect and receive all rcnts
:uid revenues of the Property as trustee for the benefit of lxnder and Borrower. This assignment of rents con~titutes an
absuluee :u~ignment and r~ot :m assignment fr:r ~dditiona! security only.
If Lender gives notice of bnach to Borrower. (i) all ren~i received by Borrower shall be held by Burrower as wstee
fur benefit of Lender only, w be applied to the sums secureci by the Scx:urity Instrurnent; (ii) Lender shall bc: entitl~i to
cull~x:t :uxi receive all of the rents of the PropeRy; and (iii) each tenant of the Property shalt pay all rents due and unpaid
tu Lxnder or Ixnder's agent on [.ender's written demand to the tenant.
~ Burrower has not executed any priur assignment of the rcnts and has not and will not pCrform any act that would
prevent l.ender frum exercising its rights under ihis paragraph F.
Lerxier shall not be required to enter upon, take cuntrol of or maintain the Property before or after gir•ing notice of
breach to Burrower. However, L,ender or a judicially appointed receiver may do so at any time there is a breach. Any
:,pplication uf rents shall not cure or waive any default or invalidate any other right or remedy of Lerxier. This assign-
~z~ent uf rents of the Property shall terminate when the debt se:cured by the Security Inswment is p:ud in full.
G. CROSS•DEFAULT PROVISION. Borrower's default or breach under any note or agreement in which Lender has
:ui inten~st Shall be a breach under the Security ~lnstrument and I.ender may invuke any of the remedies permitted by the
Sc:~urity lnsuument.
~ BY S(GNING BELOW, Borrower accepts and abrees to the terms :u~d provisiuns cuntained in this 1-4 t~a,-nily Rider.
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