Laserfiche WebLink
200207589 <br />G. ASSIGNMENT OF LEASES. Upon Lender's request, Borrower shall assign to Lender all leases of the <br />Property and all security deposits made in connection with leases of the Property. Upon the assignment, Lender shall <br />have the right to modify, extend or terminate the existing leases and to execute new leases, in Lender's sole <br />discretion. As used in this paragraph G, the word "lease" shall mean "sublease" if the Security Instrument is on a <br />leasehold. <br />H. ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER; LENDER IN POSSESSION. <br />Borrower absolutely and unconditionally assigns and transfers to Lender all the rents and revenues ( "Rents ") of the <br />Property, regardless of to whom the Rents of the Property are payable. Borrower authorizes Lender or Lender's <br />agents to collect the Rents, and agrees that each tenant of the Property shall pay the Rents to Lender or Lender's <br />agents. However, Borrower shall receive the Rents until: (i) Lender has given Borrower notice of default pursuant to <br />paragraph 22 of the Security Instrument and (ii) Lender has given notice to the tenant(s) that the Rents are to be paid <br />to Lender or Lender's agent. This assignment of Rents constitutes an absolute assignment and not an assignment for <br />additional security only. <br />If Lender gives notice of breach to Borrower: (i) all Rents received by Borrower shall be held by Borrower <br />as trustee for the benefit of Lender only, to be applied to the sums secured by the Security Instrument (ii) Lender <br />shall be entitled to collect and receive all of the Rents of the Property; (iii) Borrower agrees that each tenant of the <br />Property shall pay all Rents due and unpaid to Lender or Lender's agents upon Lender's written demand to the tenant; <br />(iv) unless applicable law provides otherwise, all Rents collected by Lender or Lender's agents shall be applied first to <br />the costs of taking control of and managing the Property and collecting the Rents, including, but not limited to, <br />attorneys' fees, receivers fees, premiums on receiver's bonds, repair and maintenance costs, insurance premiums, <br />taxes, assessments and other charges on the Property, and then to the sums secured by the Security Instrument; (v) <br />Lender, Lender's agents or any judicially appointed receiver shall be liable to account for only those Rents actually <br />received; and (vi) Lender shall be entitled to have a receiver appointed to take possession of and manage the Property <br />and collect the Rents and profits derived from the Property without any showing as to the inadequacy of the Property <br />as security. <br />If the Rents of the Property are not sufficient to cover the costs of taking control of and managing the <br />Property and of collecting the Rents any funds expended by Lender for such purposes shall become indebtedness of <br />Borrower to Lender secured by the Security Instrument pursuant to Uniform Covenant 9. <br />Borrower represents and warrants that Borrower has not executed any prior assignment of the Rents and has <br />not and will not perform any act that would prevent Lender from exercising its rights under this paragraph. <br />Lender, or Lender's agents or a judicially appointed receiver, shall not be required to enter upon, take control <br />of or maintain the Property before or after giving notice of default to Borrower. However, Lender, or Lender's agents <br />or a judicially appointed receiver, may do so at any time when a default occurs. Any application of Rents shall not <br />cure or waive any default or invalidate any other right or remedy of Lender. This assignment of Rents of the <br />Property shall terminate when all the sums secured by the Security Agreement are paid in full. <br />I. CROSS- DEFAULT PROVISION. Borrower's default or breach under any note or agreement in which <br />Lender has an interest shall be a breach under the Security Instrument and Lender may invoke any of the remedies <br />permitted by the Security Instrument. <br />BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this 1 -4 <br />Family Rider. <br />+��i ✓'7Y�' ��(Seal) <br />(Set <br />GERALD R J Q BSEN - Borrower - Borrower <br />� _(Seal) _ (Set <br />D C B, N <br />- Borrower Borrower <br />VMP -57R (0008) <br />Page 2 of 2 <br />FORM 3170 1/01 <br />1� <br />