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°. .. 94=- iQ� Q39 1.4 FAMILY RIDER �'""'. - , • .. of Re�lts . - � - TJ[IIS 1-4 FAMILY RIDER is made , this 31stday of. August , 19 90 . Ed iis,iisoorpataled iab and sihalll be deetned to6 &mod and supplement the Mortgage. Deed of Tnrst or Security Deed (do "Security In&ttutaent l of the same date given by the undersigned (the "Borrower') to secure Borrower's Note to - The Equitable Building and Loan Association Grand Island, Nebraska (the "Lender") of tba same dale and cowering the property descn'bod in the Wecutity Instrument and located at: ` 1143 North White, Grand Island, Nebr skay6A% } 1.4 FAMILY COVENANTS. In addition to the covenants and agreements made in the Security Instrument. Borrower ` ad Lettda fit dw covenant and agree as follows: A. USE OF PROPERTY; COMPLIANCE WITH LAW. Borrower shall not seek. agree to or make a change in the i . use of the Property or its zoning classification, unless Lender has agreed in writing to the change. Borrower shall comply with all laws, ordinances, regulations and requirements. of any governmental body applicable to the Property. B. SUBORDINATE, LIIENS. Except as permitted by federal law. Borrower shall not allow any lien inferior to the Security Instrument to be perfected against the Property without Lenders prior written permission. i C. RENT LOSS INSURANCE. Borrower shall maintain insurance against rent loss in addition to the other hazards for which insurance is required by uniform Covenant 5. -"i3O MWEE" RI(sEM TO REINWA`1 V' DELETED. Uniform -Covenant fS is deleted. E. ASSIGNMENT OF LEASES. Upon Lender's request, Borrower 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 E. the word "lease" shall mean "sublease" if the Security Instrument is on a leasehold. F. ASSIGNMENT OF RENTS. Borrower unconditionally assigns and transfers to Lender all the rents and revenues of the Property. Borrower authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the Property to pay the rents to 'Lender or Lender's agents. However, prior to Lender's Notice to Borrower of Borrower's breach of any covenant or agreement in the Security Instrument, 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. 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 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 to Lender or Lender's agent on Lender's written demand to the tenant. Borrower has not executed any prior assignment of the rents and has not and will not perforrq 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 Borrower. 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 other right or remedy of Lender. This assign- ment 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 or breach under any note on agreement in which Lender has an interest shall be a breach under the Security Instrument and Lender may invoke any of the remedies permitted by the Security Instrument. BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this 1 -4 Family Rider. r +...... }:r. =✓j -xo- ...................(Seal) Ella May Grasso 7 Borrover ... ............................... I .............. .(Seal) • - c�3urrp,yer .................. (Seal) - Borrv+ver ................... ............................... .(Seal) L-gOffOWef MUMSTATt FAMILY RIDER Fannta NauFreddle Use Uniform instrument FORM Jiro 14 ss Form 1740 f•