99100798 - Laserfiche WebLink

Browse

�-- ? '� goa�s� � �F�� . � . � G. ASSIGNt1iEiV`T OF LEASE.S. Upon L.crr'ei s request. Borruwer shalf assign:o I.xnder all leases of the Property and all security deposits made �n connection with leac� of the Pro}�ert}�. Upon ihe assignment. [.ender �hatl have the right to mod�fy. extenc4 or terminate the existing lea.s�and co e�ecute new lea.�, in ixncler's so!e discretion. As usc� in ;his paragraph G, the word "ieace" shall mean "sublease" if the Security lnstrumenc is o�s a leaseF�old. H. ASS3GNl�iENT OF RENTS; APPOIN"i'MEN'L�' OF RECEI4ER; LFNDER IN P(?SS��,aION. Bc,rro�o�er absoiuiely and ur�conditionally assigns and tra�ufers to Lencier a!I the rents and reveizues ("Rents") of the Propertv, retardiess of to whom thc i2ents of the Property �n: payzble. 8orrower authorizes Ls•twer ar Lender's a=ents to callect the Rents, and a�rees ti�at e,ci� tenan: of the Property shali pay the Rents to Lenc;-r or Lender's agents. However, Borro�ver shatl receive the Rcnts untii (i) '[.erxlcr i�as grven Bnrmwer noiice of dc'rault pursuant to �ar�agraph 21 of the Security instrument and (ii} L.ender h.�..given notice to the tenant(sl that the'Zent:c are to be paid to Lerider or L.ender's ager.t. This as�ignment of Rents c��stitutes an absolute aesignmcnt ar,� not an assignment for additional s:ti:�rity only. U Lender�i�•es notice nf hreach to &�rm«•e.*: (i) all Rents recei��ed hy Bc��mwcr �hall hc hcld by &�rro�ver as tr�stce for tne benefi; of Lcnder onh�, tc�hc appliec9 to che siim� secured hy the Security Instrument; (ii) Lender , shail he erititled to cotle;t and rereivc al! of t�ie Rents Rf the Pr��xrty: (iii) Bc�rmwcr agrces that ca.h tenant of thc - t�ropertti• thal{ �ay all Rentc due and unpaid to L.c�xlcr or i.cndcr'� agent� upan Lcncier's ►��rittcn dcmancl'�to the t�nar.t: (:�•) ❑nlc.s applicable law pmvides otherwi��, all Rents coilected by L,encler or l.encfer's agents shali t+e apFlied first to che cost� �f taking rnntml of a�d managing the PmF�erty and collecting thc Rents, includin��_ hut not limiteci to, attomeys' tees, receiver's fecs, premi�m� on receiver's bonds, mpair and maintenance cos!s, incurance premiums, taxe�, as�es�ments .nci othcr charges on the P,mperty, and then ta the �um� securecf by th.. Security Instniment: (v) Lcnder. Le�der's agents or any judicially :appointeci mceiver shall he �iable to account Rir emle• thosc; Ren[s actually rece'sved: and (vi} Len�ier shall t+e entitl� to have a receiver ap�inted ro tuke possescion o!'and n�ana�c the Pmperty and rnllect the Rents and profits d�rived from the Property withaut an�� s7o��ing as t�thc iziadequacy of the Prope�:�ty as cccurity. !f the Rents of tne Pmperty are ncd sufficicnt to rn�•er the tic�sts of taking control of and managing the Pro��rty an oi Bormwcr to Lendcr sec�rc�J h}� thc Set:urity Instrument pursuant t�.�Unifonn Covenant 7. BorrrnVcr represcnts and warraats that �rmwer lta� not ececuted any prior a�signment of thc Rents and has not and ��ill �lot perfonn any act that woulc� prevent Lender fmm exercising its cights uncler this paragriph. Lender, or Lender's aRents or a ;u��icialiy appc�intcd rexeiver, �ha(I not be require� to en.er u�n, taice con;rol of or mao�ztain the Property �..;ore or after giving rx�ticr o.f delaait tc� Sorrower. fiow•ever, Lender, or Lerder's a=ents n�a judiciaily ap�is:ted receiver, may d�i so ai any time when a default ixcurs. Any ;�pplicatiosi ��f F�ents shall not rurc i�c�waive any default c�r invalidate any other sicht or rcmcciy i�f Lendcr. This:�ssignntcnt o( Rents c,f thc Pn,perty shall ten�iir.ate when all the scros se�.�ureci by!h�e Security Instniment are paid in full. I, CROSS-UEFAtI�,T P�OVtSION. Borrrnver's clefault or h��reach �r�der any nate c�r agrecmenl in which Len<?er has an intcrc�t st�all b::a brc:rch under ti�e Scrurity tnstrument .nd Lender may invof�e any of the remcdies permittrd by thc Sccuri[�• )r�.trument. Bl' SiGNiNG B�l,OW, E3orrowcr acccpts ancl agrccs to thc tcrms and ,rcrvisiiins containcci in this I-4 Farnilv Ridcr. �y,.� � � — ' :��'i1 /� � (Se.�tl) > (Scal) 01' IBE -&�m,+ticr -&�rrou•rr � ` ?��-�-�� -�. E (Scal) f Seal) O.1ZAI.IA I) ERIVES -Dvrtnu�er -Borr��wcr Form 3170 3/93 . � I