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~SIGNMENT OF P?~~I'~S AND L.L:ASE~ RIDER
THIS RIDER is made this 18th day of December, 1989, and is incorporated into and shall be
deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed (the "Security
Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's
Note and all other obligations of Borrower to FLORIDA NATIONAL BANK (the "Lender") of the
same date and covering the property described in the Security Instrument.
ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the
Security Instrument, Borrower and Lender further covenant and agree as follows:
A. ASSIGNMENT OF LEASES. Upon Lender's request borrower shall assign to I.ender all
leases of the Property and all security deposits made in connection with leases of the Property.
Upon a default hereunder, Leader shall have the right to modify, extend or terminate the existing
leases and execute new leases, in Lender's sole dis+cretion. As used in this paragraph A, the word
"lease" shall mean "sublease" if the Security Instrument is one of a leasehold.
B. ASSIGNMENT OF RENTS. Borrower uncond.itionally 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 and revenues and hereby directs each tenant of the Property to pay the rents to
Lender or Lender's agent. However, prior to Borrower's breach of any obligation to Lender,
borrower shall collect and receive all rents and revenues of the properiy as trustee for the benefit
of Lender and Borrower. ~
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 Instrument;
(ii) Lender shall be entitled to collect and receive all of the rents of the Property; and (iii) each
ter~~t of t~e Fra~rty sh~ll pay ~tl rents due and unpaid ic~ Le~idei or iu i.c~~ei's agent ~u ~
Lender's written demand to the tenant. ~
Upon the breach by Borrower, and upon the 51ing of any action to foreclose the interest of
Borrower pursuant to the Security Instrument, Lender shall be entitled to seek the appointment
of a Receiver by the Court. Such modon shall be granted by the Court as a matter of right and ~
equity, irregardless of the condition 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 ~
i appointed by Lender may be an employee or agent of Lender and sucb relationship shall not be ,
; the basis of an objection by Borrower to the appointment. ~
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' Lender shall not be required to enter upon, take control of or maintain 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 appliration of rents shall not cure or waive any default or
c invalidate any other right or remedy of Lender. This Assignment of Rents of the Property shall ;
ternainate when tbe debt secured by the Security Instrument is paid in full. ;
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€ BY SIGNING BELOW, Bonower accepts and agrees to the terms and provisions herein ~
~ contained and agrees to i.ncorporate this F~ider in the Mortgage and Security Agreement given this ~
~ 18th day of December, 1989. ~
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= 30 A~ ~:5y ~ DAViD L. FROMANG
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