89101570 - Laserfiche WebLink

Browse

- 89 -10 1570 1u4:I`k�MLY RIDER A num d Rents TH)S 1I-4 FAMILY RIDER is ma&' diis 29th day of March , 1989 , ad is mcaepaaled inso and shall bc_4i erred to amend and supplement the Mortgage, Deed of Trust or Security Deed (the "Security Instrument ") of tW same date given by the undersigned (the "Bomawer ") to secure Borrower's Note to The Equitable Buil -ding" and Loan Association, Grand . Island, Nebraska (the "Lender ") of due satme dace and eaeoring the propm.y. described in the Security Instrument and located at: 503 West 7th, Grand Island, Nsbt"aska 69801 = tt'xezy Address). " . 1.4 FAMILY COVENANTS. in a' in to the covenants and agreements ram in the Security Instrument. Borrower ad Lender. , furdaer covenant and ague as follows: A. USE OF PROPERTY, COMIU&NCE Wr]rH LAW. Borrower shall not seek, agrw to or make a change in the use of Qab Property or its zoning unless Lender has agreed in writing to the change. Borrower small comply with all'Iaws, ordinances, rep us_and requirements of any govemmeritril body applicable to the Pn3perty. a.... SUBORDINATE LIW • Except as permitted by federal law, Borrower shall not allow any :J,�* inferior to the SMrgty InstnaneaQ tr. be �te:d against the Property without L aer's prior written p rrhi; i�~:r._ M RENT LAW INSI$1UNCE. Borrower shall maintain insurance against rent loss i-. ar ;`a .'.iJ li9e other hazards for 'which insurance is reg- -4et t by Uniform Covenant S. D. "BORROWER'S RIGHT TO REINSTATE" DELETED. Uniform Covenant 18 i; -3eleted. 'E. ASSIGNMENT OF LEASES. Uvv_Lender's request, Borrower shall assign to Lcu r*_' all teases of the Property and all security deposits made in connrrm;or-_ with leases of the Property. Upon the assignment, Lender shall have the right to modify, extend or terminate the existing leases .&-d to execute new leases, in Lender's sole discrets:te- As used in this paragraph E. the word "lease" shall mean "sub!t iLe" if the Security. In: m—ment is on a leasehold. F. ASSIGNMENT OF RENTS. Borrower unconditionally ass ga.-5 and transfers to Lender all the rents and revenues of the Property. Borrower authorizes Lender or Lender's agents try DAIxt the rents and revenues and hereby directs each tenant of the Property to pay; r�!te rents to Lender or Lenders agents. Hewevan. prior to Lender's Notice to Borrower of Borrower's breach of any cc emant or agreement in the Security Instrument, &tTuwer shall collect and receive all rents and avenues of the Property as trustee for the benefit of Lender and $orrower. This assignment of rents constitutes an absolute assignment and not an assignment for additional security only. If Lender gives notice of breach to Borrower: (i) all rents received by Borrower shall be held by Borrower as trustee for benefit of Lender only. to be applied to the sum% 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 tents dac and unpaid to Lender or Lender's agent on Lenders written demand to the tenant. Borrower has not executed any prior assignment of the rents wrd has not and will not perform any act that wcxodi prevent Lender from exercising its rights under this paragraph F. Laasder shall not be required to enter upon, take.a,r':rol of or maintain the property before or after Fri« ng notice of bmwh to Borrower. However, Lender or a judicially :appointed receiver may do so at any time there i<: a hreach. Any application of rents shall not cure or waive any default or invalidate any other right or remedy of Lender. lids assign - tnent of rents of the Property shall terminate when the debt secured by the Security Instrument is paid in full. G. CROSS-DEFAULT PROVISION. Borrower's default tit breach under any note or agreement in which Lender has an interest shall be a breach under the Security Instrument and lender may invoke any of the remedies ]w r- .itted by t,,-,e Seratity Instrurnp-zt. BY SIGNING BELOW, RAmrower accepts and agre.:s to the terms and protii.sic:s contained in this 1-4 Family Rider. �... N u � Nguyen . Lii` .So «o� ... ... t t .(Seal) Le Nguyen 81,=r(1*6* ......... .... ......... .(Seal) Eicurrwer �. - iSeal) Lt3or =orr6r ttttiMUR 61 FATLY NK01 — FSW@ Wa1nMk ft Mm mwvmN FQasrst,v MAS r•'t }ri��JQ�> - .::,t�ODSSiOl0�4tr�rz tiCOlf�2>N!