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200205522
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Last modified
10/14/2011 10:56:16 PM
Creation date
10/22/2005 8:42:17 PM
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DEEDS
Inst Number
200205522
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F. BORROWER'S OCCUPANCY. Unless Lender mid Borrower otherwise agree <br />in writing, Section 6 concerning Borrower's occupancy of the Property is deleted. <br />G. ASSIGNMENT OF LEASES. Upon Lender's request after default, Borrower <br />shall assign to Lender all ]cases of the Property and all security deposits made in connection <br />with leases of the Property Upon the assignment, Lender shall have the right to modify, <br />extend or terminate the existing leases and to execute new leases, in Lender's sole diasrction. <br />As used in this paragraph G, the word "lease" shall mean "sublease" if the Security Instrument <br />is on a leasehold. <br />H. ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER; LENDER IN <br />POSSESSION. Borrower absolutely mud unconditionally assigns and transfers to Lender all <br />the rents and revenues ('Rents ") of the Property, regardless of to whom the Rents of the <br />Property are payable. Borrower authorizes Lender or Lender's agents to collect the Rents, and <br />agrees that each tenant of the Property shall pay the Rents to Lender or Lender's agents. <br />However, Borrower shall receive the Rents until (1) Lender has given Bnrmwer notice of <br />default pursuam to Section 22 of the Security Instrument and (i) Lender has given notice to the <br />tenants) that the Rents are to be paid to Lender or Lender's agent. This assignment of Rents <br />constitutes an absolute assignment and not an assignment for additional security only. <br />It Lender gives notice of default to Borrower. (i) all Rents received by Borrower shall <br />he held by Borrower as trustee for the benefit of Under only, to be applied to the sums secured <br />by the Security Instmmem; (it) Lender shall he entitled to collect and receive all of the Rents <br />of the Property; (iii) Borrower agrees that each tenant of the Property shall pay all Rents due <br />and unpaid to lender or Lender's agents upon Lender's written demand to the tenant; (iv) <br />unless applicable law provides otherwise, all Rents collected by Lenderor fender's agents shall <br />be applied first to the costs of taking control of and managing the Property and collecting the <br />Rents, including, but not limited to, attorney's fees, receiver's fees, premiums on receiver's <br />bonds, repair and maintenance costs, insurance premiums, taxes, assessments mid other charges <br />on the Property, and then to the sums secured by the Security Instrument; (v) Lender, Lender's <br />agents or any judicially appointed receiver shall he liable to account for only those Rents <br />actually received; mid (vi) Lender shall be entitled to have a receiver appointed to take <br />possession of and manage the Property and collect the Rents and profits derived from the <br />Property without any 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 <br />managing the Property mid of collecting the Rents any funds expended by Lender for such <br />purposes shall become iaidnbmdness of Borrower to Lender secured by the Security Instrument <br />pursuant to Section 9. <br />Borrower represents and warrants that Borrower has not executed any prier assignment <br />of the Rents and has not performed, and will not perform, any act that would prevent Lender <br />from exercising its rights under this paragraph. <br />Lender, or Lender's agents or a judicially appointed receiver, shall not he required to <br />enter upon, take control of or maintain the Property before or after giving notice of default to <br />Borrower, However, Lender, or Lender's agents or ajudicially appointed receiver, may, do so <br />at any time when a default occurs. Any application of Rents shall not cure or waive any default <br />or invalidate any other right or remedy of I,crdur, This assignment of Rents of the Property <br />shall terminals when all the sums secured by the Security Instrument are paid in full. <br />MULTISTATF I-A FAMILV RIDER OocMagkQ ermnrs; o00 as -I35] <br />ranrle Mee6?edd e Mac UNIFORM INSTRUMFNT www_ Aoamagla. cam <br />Faun 3170 1101 Page 2 of 3 <br />US31 n' VIII II I II I I II II I IIII 1111111 VIII III 111111111111111111111111 II III <br />
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