|
�``
<br />� ,
<br />� 1'� '
<br />, .
<br />,
<br />• ., . , , . - � , _ . _: . :, .._. ..,, , , _. _ . :.
<br /> k
<br /> • e '
<br /> �jq - 9.0��63
<br /> G. ASSIGNMENT OF LEA�ES. Upon Lender's request, Borrower shall assign to L,ender all (easzs of the
<br /> Property and ail security deposits made in connection with•leases of the Property. Upon zhe assignment, Lender
<br /> shall have the rght to modify, eztend or terminate the ezisting leazes and to ezecute new leases, in I.tnder's so:e •
<br /> discretion. As used in this paragraph G, the word "lease" sha11 mean•`sublease" if the Securiry Instrument is on
<br /> a leasehold. "
<br /> H. ASSIIGNMENT OF RENTS; APPOIlVTNtEN'I' OF RECEIVER; LENDE]R IN POSSESSION.
<br /> Borrower absolutely and unconditionally assigns and transfers to Lender ail the rents and revenues ("Renu") of
<br /> che Property, regardless of to whom the Rents of the Property ase payable. Borrower authorius Let�der or
<br /> iender's agents to collect the Rents, and agrxs that each tena��t of the Prope;ty shall pay the Rtnts to Len�der or � -�,,
<br /> I.ender's agents. However, Borrower shall receive the Rents until(i)I.ender has given Borrower notice of de�fault
<br /> pursuant to paragraph 21 of the Security instrument and(ii)Lender has given notice to the tenant(s)that the Rents �
<br /> are to be paid to Lender or Lender's agent. This assignment of Rents coastitutes an absolute assignment and not
<br /> an assignment for additional security oNy. •
<br /> if Lender gives notice of breach to 13oarower: (i)all Rents received by Borrower shall be held by Borrower
<br /> as trustee for tha benefit of Lender only, to be a�Snii�ci to the sums secured by the Security Instrument; (ii)L,e*�der
<br /> shall be entitled to collect and rr�cceive all of the Rents of the Property; (iii)Borrower agrces that each tenant of the
<br /> Property shall pay all Rents due and unpaid to Lender or L.ender's agents upon I,ender's written demand to the
<br /> tenanr, (iv) uriless applicable law provides othcrwise, all Rents collected by Lender or Lender's agents shall be
<br /> applied first to the costs of taking control of and managing the Property and collecting the Rents, including, but
<br /> not limited to, attomeys' fees, receiver's fces, premiums on receiver's bonds, repair and maintenance costs,
<br /> insurance premiums, tazes, assessm�nts and other charges on the Property, and then to the sums secured by the
<br /> Security Instrument; (v)Lender, Lender's agents or any judicially appointed receiver shall be liable to account for
<br /> only those Rents actually received; and (vi} Lender shall be entitled to have a receiver appointed ro take
<br /> possession of and manage the Property 2nd colltct the Rents and profits derived fram the Property without any
<br /> showing as to the inadequacy of the Property as security.
<br /> If the Rents of the Property are not sufficient to cover the costs of taking control of and managing the
<br /> Pronerty and of collecting the Rents any funds expended by Lender for such purpases shall become :ndebtedness
<br /> of Borrower to Lender secured by the Securiry Instrument pursuant to Uniform Covenant 7.
<br /> Borrower reQresents and warrants that Borrower has not execnted any prior assignment of the Rents and has
<br /> not and wilt not perform any act that would prevent L,ender from ezercising its rights under this pazagraph.
<br /> I.ender, or I.ender's agents or a judicially appointed receiver, shall not be required to enter upon, take
<br /> control of or maintain thc Ptoperty before or after giving notice of default to Bonower. However, Lender, or
<br /> I.ender's agents or a judicially appointed receiver, may do so at any time when a defauit occurs. Any application
<br /> of ltents shall not cure or waive any default or invalidste any other right or remedy of�nder. This assignment of
<br /> Rent�uf the Property shall terminate when al!the sums secured by the Secv.rity Instrument are paid in full.
<br /> I. CROSS-�EFAULT PROVISIOPi. Borrower's default or breach un�der any nott or agrcement in which
<br /> Ixader has an incerest shali be a breach under the Security Ir.sirument and Lender may ittveke any of the remedies '
<br /> permit�r�by the Security Instrument. �
<br /> BY SIGNING S�LOW, Borrower accepts and agrees to the terms and provisions contained in this 1-4 '
<br /> Family Rider.
<br /> �
<br /> (Sea1) j%��'�'G' �
<br /> GEO Y L BROWN -Borrower Cl2�Y L BROWN (��
<br /> -Borrower
<br /> ���) (.Sea])
<br /> -Borrower -Bortowe�
<br /> ��-57 193041.0! Paq�2 of 2 _
<br /> Form 3170 3/93 '
<br /> !•� • }�'!��
<br /> `� _
<br /> �
<br /> J=
<br />
|