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202403013 <br />giving said notice to Borrower. Upon Borrower' s receipt of such notice from Lender, Borrower shall fully comply and <br />cooperate in all respects with Lender, and shall immediately contact and instruct all tenants to pay all Rents directly to <br />Lender. Should Borrower receive any Rents from any tenant after the date of Lender' s notice as set forth herein, Borrower <br />shall receive and hold such Rents in trust for the benefit of Lender only, and shall within one (1) business day forward the <br />full amount of such Rents directly to Lender. Borrower shall be deemed to receive notice from Lender three (3) days after <br />the date such notice is postmarked, if sent by regular mail, or one (1) day thereafter if sent by overnight delivery. <br />The Rents shall be applied exclusively to the sums secured by the Security Instrument, however, Lender' s application of <br />the Rents shall not cure or waive any default or invalidate any other right or remedy of Lender. <br />Borrower warrants and represents that he/she has not executed any prior assignment of the rents and has not and will not <br />perform any act that would prevent Lender from exercising its rights under this Rider. <br />F. CROSS -DEFAULT PROVISION. It is expressly understood and agreed that Borrower' s default or breach <br />under any note or agreement in which Lender has an interest shall constitute a material breach under the Note and the <br />Security Instrument, and vice versa, and Lender may invoke any of the remedies permitted by the applicable contract(s) or <br />agreement(s), at law and/or in equity. <br />G. MORTGAGEE CLAUSE. <br />1. Notwithstanding any term, condition, provision or clause in the Security Instrument or related Loan <br />Documents to the contrary, each fire insurance policy taken out and/or procured by Borrower which protects, covers, <br />insures, or relates to the Property shall contain or have attached "union" or "standard mortgagee clause" that is <br />substantially the same as the following mortgage clause, viz: <br />Loss or damage, if any, under this policy, shall be payable to Lender, as mortgagee, as Lender's interest may <br />appear, and this insurance, as to the interest of the mortgagee only therein, shall not be invalidated by any act or <br />neglect of the mortgagor or owner of the within described property, nor by any foreclosure or other proceedings or <br />notice of sale relating to the property, nor by any change in the title or ownership of the property, nor by the <br />occupation of the premises for purposes more hazardous than are permitted by this policy; and in case the <br />mortgagor or owner shall neglect to pay any premium due under this policy, the mortgagee shall, on demand, pay <br />the same. The mortgagee shall notify this company of any change of ownership or occupancy or increase of hazard <br />which shall come to the knowledge of said mortgagee and, unless permitted by this policy, it shall be noted thereon <br />and the mortgagee shall, on demand, pay the premium for such increased hazard for the term of the use thereof; <br />otherwise this policy shall be null and void. This company reserves the right to cancel this policy at any time as <br />provided by its terms, but in such case this policy shall continue in force for the benefit only of the mortgagee for <br />thirty (30) days after notice to the mortgagee of such cancellation and shall then cease, and this company shall have <br />the right on like notice to cancel this agreement. In case of any other insurance upon the within described property, <br />this company shall not be liable under this policy for a greater proportion of any loss or damage sustained than the <br />sum hereby insured bears to the whole amount of insurance on said property issued to or held by any party or <br />parties having an insurable interest therein, whether as owner, mortgagee, or otherwise. Whenever this company <br />shall pay the mortgagee any sum for loss or damage under this policy and shall claim that, as to the mortgagor or <br />owner, no liability therefor existed, this company shall, to the extent of such payment, be thereupon legally <br />subrogated to all the rights of the party to whom such payment shall be made, under all security held as collateral to <br />the mortgage debt, or may, at its option, pay to the mortgagee the whole principal due or to grow due on the <br />mortgage with interest, and shall thereupon receive a full assignment and transfer of the mortgage and of all such <br />other securities; but no subrogation shall impair the right of the mortgagee to recover the full amount of its claim. <br />Nothing in the foregoing prescribed form shall be construed to in any manner modify provisions of any applicable <br />state law which limits or restricts the amount of the fire insurance policy that can be placed upon the Property. <br />2. Borrower expressly agrees that any and all insurance proceeds which become payable from the insurer as a <br />result of loss or damage insured or covered by the above -reference insurance policy shall be payable solely to Lender. If <br />Borrower receives from the insurer any check(s) for such insurance proceeds, Borrower expressly agrees to immediately <br />forward such check(s) to Lender. If the insurer causes such check(s) to be made payable to Borrower, or jointly to <br />Borrower and Lender, Borrower expressly agrees to endorse the check(s) and immediately forward it/them to Lender <br />Grand Bank Rider <br />IDS, Inc. - 95729 <br />Page 2 of 4 <br />11 <br />Fiegt <br />11111 <br />Mt1 <br />