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2 01204150 E"BORROW ER'S RIGHT TO REINSTATE" DELETm. Secrion 19 is deleted. F. BORROWER'S OCCUPANCY. Unless Lender and Bonower otherwise agree in writing, Section 6 concerning Borrower's occupancy of the Property is deleted. G. ASSIGNMENT OF LEASES. Upon Lender's request after default, 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 tlus paragraph G, the word "lease" shall mean "sublease" if the Security Instrument is on a leasehold H. ASSIGNMEMTOFRENTS;APPOINTMEMTOFRECEIV02;LEMDERIN POSSESSION. Borrower absolutely and uncondirionally assigns and transfers to Lender all the rents and revenues ("Rents") of the Property, regardless of to whom the Rents of the Property are payable. Bonower 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, Bonower shall receive the Rents until (i) Lender has given Bonower notice of default pursuant to Secrion 22 of the Security Instrument and (ii) Lender has given notice to the tenant(s) that the Rents are 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 default 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 enritled to collect and receive all of the Rents of the Property; (iri) Borrower agrees that each tenant of the Property shall pay all Rents due and unpaid to Lender or Lender's agents upon Lender'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, attomey's fees, receiver's fees, premiums on receiver's bonds, repair and maintenance costs, insurance premiums, taxes, assessments and other chazges 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 entitled to have a receiver appointed to take possession of and manage the Property and collect the Rents and profits derived from the Property without any showing as to the inadequacy of the Property as security. If the Rents of the Property are 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 Bonower to Lender secured by the Security Instrument pwsuant to 5ection 9. Bonower represents and warrants that Bonower has not executed any prior assignment of the Rents and has not performed, and will not perform, any act that would prevent Lender from exercising its rights under this pazagraph. Lender, or Lender' s agents or a judicially appointed receiver, shall not be required to enter upon, talce control of or maintain tUe Property before or after giving notice of default to Borrower. 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 MULTISTATE 1-4 FAMILY RIDER Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Fortn 3170 1/01 Page 2 of 3 II I II I III III III II IIIII II I I II �I I III I I II I I I I I II I I I II IIII III DodNeg/e � www.docmaglc. com ��J