200207256 - Laserfiche WebLink

Browse

200207256 B. USE OF PROPERTY; COMPLIANCE WITH LAW. Borrower shall not seek, agree to or make a change in the use of (lie Properly or its sarrin 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. C. SUBGRDIN4'I'1: L ENS. Except as permitted by federal law, Brower shell not allow any Gar inferior to the Seourily Instrument to be perfected against the Property without Lender's prior written pcnnneton. D. RENT LOSS INSURANCE. Harrower shall maintain insurance against rent loss in addition to the other hazerds for which insurance is required by Section 5. E. " BORROWER'S HIGH F 1 REINS I Ad It's Section 19 is deleted. F. BORROWER'S OCCUPANCY. Unless Lender and Borrower otherwise agree in writing, Section 6 concerning Borrower's occupancy of the Property is deleted. C. ASSIGNMENT OF LEASES. Open Lender's request after default, Borrower shall assign to Lender all leases of the Property and all security deposits made in connection with leases of the Property. Upon the aasigmnenl, Lender shall have the right to mortify, extend or terminate the existing lenses and to acute new leases, in le 's nder sole discretion. As used in this paragraph G, the word "lea an se" shall me execute if the Security Instrument is on a leasehold. II. ASSIGNMENT OF RENTS; APPOINTME,W OF RECEIVER; LENDER IN POSSESSION. Borrower absolutely and unconditionally assigns and transfers to Leader all the rents mid revenues ( 'Reels'') of the Property, regardlesx of to whom the Rents of the Property are payable. Borrower authorizes Leader or Latdcr's agents to collect the Rents, and amens that each tenant of the Property shall pay the Rents to Lender or Lender's agenls. However, Borrower shall receive the Rents until (i) Lender hex given Borrower notice of default pursuant to Section 22 of the Security Instrument, and hit Lender has gives notice to the mna t(sl that the Rants are to be paid to bender or lenders agent. This ae iSmment of Ran; corentutcs an absolute assignment and not an assignment for additional security only It Leader gives notice of default to Borrower: (i) all Rents received by Borrows shall be held by Borrower as trustee for the benefit of Lender early, to be applied to the sums ;earned by the Security Instrument; (it) Lender shall be entitled to collect and receive all of the Rents of the Property; (tit) 229156 imnais.X>r ®59R(000e) Poste 2of4 rmm3norlat