98104613 - Laserfiche WebLink

Browse

. { - 1G'4613 G.ASSIGNMENT OF LEASES. Upon Lender's request, Bonower shall assign to Lender all leases of the Property and all security deposits made in connection with leases of the Property. Upon the assignment, Lender 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 G, the word "lease" shall mean "sublease" if the Security Instrument is on a leasehold. � H. ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER; LENDER IN POSSESSION. Borrower absolutely and uncondidonally assigns and transfers to Lender all the rents and revenues("Rents")of the Property, regardless of to whom the Rents of the Property aze payable. Borrower authorizes Lender or Lender's agents to collect the Rents, and agrees that each tenant of the Property shall pay the Rents to Lender or Lender's agents. However,Borrower shall receive the Rents until(i)Lender has given Bonower notice of default pursuant to paragraph 21 of the Security Instrument and (u) Lender has given notice to the tenant(s) that the Rents aze to be paid to Lender or Lender's agent. This assignment of Rents constitutes an absolute assignment and not an assignment for additional security only. If Lender gives notice of breach to Bonower: (i)all Rents received by Bonower shall be held by Bonower as trustee for the benefit of Lender only,to be applied to the sums secured by the Security Instrument;(ii)Lender shall be entided to collect and receive all of the Rents of the Property; (ui) Borrower agrees that each tenant of the Property shall pay all Rents due and unpaid w Lender or Lender's agents upon L,ender's written demand to the tenant; (iv) unless applicable law provides otherwise, all Rents collected by Lender or Lender's agents shall be applied first to the costs of taking control of and managing the Property and collecting the Rents,including,but not limited to, attorneys' fees, receiver's fees, premiums on receiver's bonds, repair and maintenance costs, insurance premiums, taxes, assessments and other charges on the Property, and then to the sums secured by the Security Instrument; (v)Lender,Lender's agents or any judicially appointed receiver shall be liable to account for only those Rents actually received; and (vi) Lender shall be entided to have a receiver appointed to take possession of and manage the Property and collect the Rents and pro�ts derived from the Property without any showing as to the inadequacy of the Property as security. If the Rents of the Property aze not sufficient to cover the costs of taking control of and managing the Property and of collecting the Rents any funds expended by Lender for such purposes shall become indebtedness of Borrower to I.ender secured by the Security Instrument pursuant to Uniform Covenant 7. Bonower represents and warrants that 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. Lender, or Lender's agents or a judicially appointed receiver, shall not be required to enter upon, take control of or maintain the Property before or after giving notice of default to Bonower. However, Lender, or Lender's agents or a judicially appointed receiver, may do so at any time when a default occurs. 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 Property shall terminate when all the sums secured by the Security Instrument aze paid in full. I.rROSS-DEFAULT PROVISION. Borrower's default or breach under any note or agreement in which Lender has an interest shall be a breach under [he Security Instrument and Lender may invoke any of the remedies permitted by the Security Inswment. BY SIGNII�TG BELOW,Borrower accepts and agrees to the terms and provisions contained in this 1-4 Family Rider. '��-_ �a�,�1 � i r ,-�) !•t ✓c S (Seal) ' . ��t[1 'LL�. c� I�-i D C (Se�l) FRANCISCO ERIVES -Borrower GRACIELA LOPEZ -Borrower �5�� 5�� -Borrower -Borrower �-57 (9304).01 Pape 2 0l 2 Form 3170 3/93 . � �.5 � � �, i