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~SIGNMENT OF P?ENTS AND L~ASES RIDER ?
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THIS RIDER is made this 29th day of December, 1989, aad is inoorporated into and shall be i
deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed (the "Security
Instrument") of the same date given by the undersigned (th~ "Borrower") to secure Borrower's
Note and all other obligations of Borrower to FIARIDA NATIONAL BANK (the "Lender") of the
same date and oovering the property described in the Security Instrument.
ADDITIONAL COVENANTS. In addition to the c~venants and agreements made in the
Security Instrument, Borrower and Lender fiuther covenant and agree as follows:
A. ASSIGNMENT OF I.EASES. Upon Lender's request borrower shall assign to Lender all :
leases of the Property and all security deposits made in connection with leases of the Property.
Upon a default hereunder, Lender shall have the right to modify, extend or terminate the existing
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leases and execute new leases, in Lender's sole discretion As used in this pazagraph A, th~ word
"lease" shall mean "sublease" if the Security Instrument is one of a leasehold.
B. ASSIGNMEIVT OF RENTS. Borrower unconditionally assigns and transfers to the Lender
all the rents and revenues of the Property. Borrower authorizes Lender or Lender's agents to
collect the rents aad revenues aad hereby d.irects each tenant of the Properiy to pay the rents to
Lender or Lender's agen~ However, prior to Borrower's breach of any obligation to Lender, ~
borrower shall collect and receive all rents and revenues of the property as trustee for the benefit
of Lender and Borrower. ~
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Upon breach by Borrower: (i) all rents received by borrower shall be held by Borrower as ~
trustee for benefit of Lender only, to be applied to the sums secured by the Security instiument; ~
(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 to Lender's agent on ~
Lender's written demand to the tenant. ~
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Upon the breach by Bonower, and upon the filing of any action to foreclose the interest of ~
Borrower pursuant to ihe Security Instrument, Lender shall be entitled to seek the appointment ' '
of a Receiver by the Court. Such motion shall be granted by the Court as a matter of right and ~
equity, irregardless of the oondition of the premises, defenses that may be asserted by Borrowers, !
value of the premises, equity in the premises, or any other matters. The Receiver sought to be
appointed by Lender may be an employee or agent of Lender and such relationship shall not be ~
the basis of an objection by Borrower to the appointmeni.
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~ Lender shall not be required to enter upon, take control of or mai.ntain the Property before
~ or after any breach by Borrower. However, Lender 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. This Assignment of Rents of the Properiy shall
~ terminate when the debt secured by the Security Instrument is paid in full.
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BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions herein
~ contai.ned and agrees to incorporate this Rider i.n the Mortgage and Security Agreement given this
: 29th day of December, 1989.
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~ '90 JAN ?,5 R~ 1 :55
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- S 1~. L U C i 4 T`t. JAMES C. CRAwr" ~
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~ JOANNE L. CRA RD
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