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201200458
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Last modified
3/19/2012 3:47:56 PM
Creation date
1/19/2012 8:45:49 AM
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DEEDS
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201200458
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2012U045� <br />1111060179 <br />replacements and additions thereto, shall be deemed to be and remain a part of the <br />Property covered by the Security Instrument. All of the foregoing together with the <br />Property described in the Security Instrument (or the leasehold estate if the <br />Security Instrument is on a leasehold) are referred to in this 1-4 Family Rider and <br />the Security Instrument as the "Property." <br />B. USE OF PROPERTY; COMPLIANCE WITH LAW. Borrower <br />shall not seek, agree to or make a change in the use of the Property or its zoning <br />classification, unless Lender has agreed in writing to the change. Borrower shall <br />comply with all laws, ordinances, regulations and requirements of any <br />governmental body applicable to the Property. <br />C. SUBORDINATE LIENS. Except as permitted by federal law, <br />Borrower shall not allow any lien inferior to the Security Instrument to be <br />perfected against the Property without Lender's prior written permission. <br />D. RENT LOSS INSURANCE. Borrower shall maintain insurance <br />against rent loss in addition to the other hazards for which insurance is required by <br />Section 5. <br />E. "BORROWER'S RIGHT TO REINSTATE" DELETED. Section <br />19 is deleted. <br />F. BORROWER'S OCCUPANCY. Unless Lender and Borrower <br />otherwise agree in writing, Section 6 concerning Borrower's occupancy of the <br />Property is deleted. <br />G. ASSIGNMENT OF LEASES. Upon Lender's request after default, <br />Borrower shall assign to Lender all leases of the Property and all security deposits <br />made in connection with leases of the Property. Upon the assignment, Lender shall <br />have the right to modify, extend or terminate the existing leases and to execute <br />new leases, in Lender's sole discretion. As used in this paragraph G, the word <br />"lease" shall mean "sublease" if the Security Instrument is on a leasehold. <br />H. ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER; <br />LENDER IN POSSESSION. Borrower absolutely and unconditionally assigns <br />and transfers to Lender all the rents and revenues ("Rents") of the Property, <br />regardless of to whom the Rents of the Property are payable. Borrower authorizes <br />Lender or Lender's agents to collect the Rents, and agrees that each tenant of the <br />Property shall pay the Rents to Lender or Lender's agents. However, Bonower <br />shall receive the Rents until (i) Lender has given Borrower notice of default <br />pursuant to Section 22 of the Security Instrument and (ii) Lender has given notice <br />to the tenant(s) that the Rents are to be paid to Lender or Lender's agent. This <br />assignment of Rents constitutes an absolute assignment and not an assignment for <br />additional security only. <br />If Lender gives notice of default to Bonower: (i) all Rents received by <br />Borrower shall be held by Borrower as trustee for the benefit of Lender only, to be <br />applied to the sums secured by the Security Instrument; (ii) Lender shall be entitled <br />to collect and receive all of the Rents of the Property; (iii) Borrower agrees that <br />MULTISTATE 1-4 FAMILY RIDER -- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT <br />� 32.12 Form 3170 1/Ol (page 1 of 3 pages) <br />
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