HomeMy WebLinkAbout1832 ~ ~ ~ 1-4~ ~~AMILY RiDER ii/ie69 PsL
As~ignment ot' Rents
THIS I-4 FAMILY RIDER is made this 2 gq+g day. of DECEI~ffiER • 19 $ 9 •
anci is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed
(the "Security In~trument") of the same date given by the undersigned (the "Borrower") to secure Borrawer's Note to
GDV FINANCIAL CORPORATION (the "Lender")
of the same date and covering the property described in the Security Instrument and locate~ at:
1681 S.W. MORELIA LANE, PORT ST. LUCIE, FL 34953
~P?openy nad~ess~
1-4 FAMILY COVENAIVTS. In addition to the covenants and agreements made in the Security Instrument, Boerower
and Lender further covenant and agt+ee as follows:
A. USE OF PROPERTY; COMPLIANCE WITH LAW. Borrower shall not seek, agree to or make a change in the
use of the Property or its zoning classification, uniess Lender has agreed in writing to the change. Boirower shall comply
with all laws, ocdinances, regulations and requirements of any governmental body applicable to the Property.
B. SUBORDIIVATE LIENS. Except as permitted by federal Iaw, Borrower shall not allow any lien inferior to the
Security Inswment to be perfected against the Property without Lender's prior written permission.
C. RENT L05S INSURANCE. Bomower shall maintain insurance against rent loss in addition to the other hazards
for which insurance is required by Uniform Covenant 5.
D. '~BORROWER'S RIGHT TO REINSTATE" DELE'I'ED. Uniform Covenant 18 is deleted.
E. ASSIGNIV~NT OF LEASFS. Upon L.ender's request, Borrower shall assign to L.ender all leases of the Property
and all securiry deposits made in connection with leases of the Property. Upon the assignment, I.ender 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 wo~d "lease" shall mean "sublease" if the Serurity lnswment is on a leasehold.
F. ASSIGNMENT OF ItENTS. Bomower unconditionally assigns and transfers to L.ender all the rents and revenues
of the Properry. Bomower authorizes l.ender or Lender's agents to collect the rents and revenues and hereby directs each
tenant of the Property to pay the rents to Lender or Lender's agents. However, prior to Lender's Notice to Borrower of
Borrower's breach of any covenant or agreement in the Securiry Inswment, Borrower shall collect and r+eceive all rents
and revenues of the Property as trustee for the benefit of Lender and Borrower. 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 Bomower shall be held by Borrower as trustee
for benefit of Lender only, to be applied to the sums secured by tt~e Security Inswment; (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 Lender or L,ender's agent on Lender'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
I~ prevent Lender fmm exercising its rights under this paragraph F.
~ Lender shall not be required to enter upon, take control of or maintain the Propecty before or after giving notice of
i breach to Borrower. However, l.ender 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. '[~is assign-
~ ment of renu of the Property shall terminate when the debt secured by the Security Inswment is paid in full.
I
~ G. CROSS-DEF'AULT PROVISION. Borrower's default or breach under any note or agreement in which L.ender has
f an interest shall be a breach under the Security Instrument and Lender may invoke any of the remedies permined by the
i
Securiry Instrument.
~
i BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisi ns contained in this 1-4 Family Rider.
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MULTIETATF 1-4 FAMlllf RIOER - Fsnal~ MsvFrsddN Mx Untfotm laslrwneal ea~ s74 PAGE1832r
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rM VMV MORTGAGE FORMS • 13t3~I93 8100 • iBOp~527 1i57
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