HomeMy WebLinkAbout2287 1-4 ~'AMILY RIDER
As,~signment of Rents
LGAN NO. 1158082-6
THIS 1-4 FAMlLY RIDER is made this l~t~ day of JANUARY , 1990 ,
and is incorporated into and shall be deemed to amend and supplement the Martgage, Deed of Trust or Security Deed
(the "Securiry Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Note to
HOM F SAYINGS e~t~ AMERI('A. F..A.1 th~ °Len~trr"10l the samc ~1ate an~1 ~o~eri~~g tlie rroPert~ ~iesrrihe~f in ~he Serurit~
Instn~ment ,~n~1 I~kate~l at:
125 S.W. CROSSPOINT IN;IVE PORT ST. LUGIE FL 33459
(Property Address)
1-4 FAMILY COVENAIVTS. in addition to the covenants and agreements ma~e in the Security lnstrument, Borrower
and Lend~r further rovenant and aRree 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 ot its zoning classification, unless l.ender has agreed in writing to the change. Borrower shall comply
with a11 laws, ordinances, t+egutations and requirements of any govemmental body applicable to the Property. ~
s
B. SUBORDINAI'E LIENS. Except as permitted by federal law, Borrower shall not allow any lien inferior to the ;
Security Inswment to be perfected against the Property without L.ender's prior written pem?ission. ~
C. RENT LOSS INSURANCE. Bocrower shal! maintain insurance against rent loss ir. addition to the other hazards
for which insurance is ~equired by Uniform Covenant 5.
D. "BORItOWER'S RIGHT TO REINSTATE" DELETED. Uniform Covenant 18 is deleted.
E. ASSIGNMENT OF LEASFS. Upon Lender's request, Borrower shali 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, eatend or terminate the existing leases and to execute new leases, in Lender's sole discresion. As used in
this paragraph E, the word "lease" shall mean "sublease" if the Security Insuument is on a leasehold.
F. ASSIGNMEIVT OF RENTS. Borrower unconditionally assi~ns and transfers to Lender all the rents and revenues
of the Property. Borrower authorizes Lender or l.ender's agents to collect the rents and revenues and hereby directs each
k tenant of the Property to pay the rents to Lender or Lender's agents. Howzver, prior to t.ender's Naice to Borrower of
Bomower's breach of any covenant or agreement in the Security [nstrument. Borrower shall collect and receive 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.
f If Lender gives notice of breach to Borrower. (i) all rents received by Borrower shatl 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 tenant of the Property shall pay all rents due and unpaid
f to Lender or Lender's agent on Lender's written deman~ to the tenant.
E Borrower has not executed any prior assignment of the rents and has not and will not perform any act that would
~ prevent Lender from exercising its rights under this paragraph F. ~
; Lender shall not be required to enter upon, take control of or maintain the Property before or after giving notice of
~ breach to B.~rrower. 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 oiher right or remedy of Lender. This assign- '
~ ment of rents af the Property shall terminate when the debt secured by the Security Instrument is paid in full. s
4
E G. CROSS-II~EFAULT PRaV1SION. Borrower's default or breach under any note or agreement in which l..ender has
an interest shall be a breach under the Security Instrument and Lender may invoke any of the remedies permitted by the
Security Inswment.
~
I
s
' BY SIGNING BELOW, Borrower a~cepts and agrees to the terms and provisions contained in this 1-4 Family Itjder.
~
E /I~?"~ ~.r .
- '90 FEA -1 A 9 '41 (seat>
3 ?t DORA E. HINDEUING -s°`r"`"`t
F 1~zz7~s 6
~ FILt±~' R(_:.,ii~.
~ flOUGt r. ; ~ixn?~
; Sl. ~l:i.l" ~ :~T'+ - (Seal)
E -so~..~
€
~
(Seal)
- •Borrowrr
- ~SCB~~
-8orrowrr
w
~
e
F
a
MIiJITiSTATE 1-1 FAMiLY RIDER - Fa~k Nt~/FtN/!s IAx Uaqorm i~tr.anwl Faw 3170 1Q~K
SF-4443$ (Ra+. A• 7/B91 dMK p~tsC f
W
_ - - „I~ TM~:;-~` x-~
~ 's~--~ ~~~-~.s~'~w~