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200605786 E. "BORRONER'S RIGHT TO RENSTATE" DELETED. Section 19 is deleted. F. BORRONER'S OCCUPANCY. Unless Lender and Borrowe r otherwis e agree in wr iting, Section 6 concerning Borrowe r' s occupancy of the Property is deleted. G. ASSIGNM ENT OF LEASES. Upon Lender's request after default, Borrowe r shall assign to Lender all leases of the Property and all security deposits made in connection wit h leases of the Property. Upon the assignment, Lender shall have the right to modify, extend or terminate the existing leases and to execute new leases, in Lender's sole discretion. As used in this paragraph G, the wor d "lease" shall mean" sublease" if the Security Instrument is on a leasehold. H. ASSIGNM ENT OF RENTS; APPOINTM ENT OF RECEWER; LENDER IN POSSESSON. Borrowe r absolut ely and uncondi tionally assigns and transfers to lender all the rents and revenues (" Rents") of the Property, regardless of to whom the Rents of the Property are payable. Borrower authorizes lender or Lender's agents to collect the Rents, and agrees that each tenant of the Property shall pay the Rents to lender or lender's agents. However, Borrower shall receive the Rents until: (i) lender has given Borrower notice of default pursuant to Section 22 of the Security Instrument, and ~ii) lender has given notice to the tenant(s) that the Rents are to be paid to lender or lender s agent. This assignment of Rents constitutes an absolute assignment and not an assignment for additional security only. If lender gives not ice of default to Borrowe r: (I) all Rents received by Borrowe r shall be held by Borrower as trustee for the benefit of lender only, to be applied to the sums secured by the Security Instrument; (ii) lender shall be entitled to collect and receive all of the Rents of the Property; (iii) Borrower agrees that each tenant of the Property shall pay all Rents due and unpaid to Lender or lender's agents upon lender's wr itten demand to the tenant; (iv) unless applicable law provides otherwise, all Rents collected by lender or Lender's agents shall be applied first to the costs of taking cont rol of and managing the Property and collecting the Rents, including, but not limited to, attorney's fees, receiver's fees, premiums on receiver's bonds, repair and maintenance costs, insurance premiums, taxes, assessments and other charges on the Property, and then to the sums secured by the Security Instrument; (v) Lender, Lender's agents or anYd'udiC ially appoint ed receiver shall be liable to account for only those Rents actually receive ; and (vi) lender shall be entitled to have a receiver appoint ed to take possession of and manage the Property and collect the Rents and profits derived from the Property wit hout any showing as to the inadequacy of the Property as security. If the Rents of the Property are not sufficient to cover the costs of taking control of and managing the Property and of collecting the Rents any funds expended by Lender for such purposes shall become indebtedness of Borrowe r to lender secured by the Security Instrument pursuant to Section 9. Borrowe r represents and wa rrants that Borrowe r has not executed any prior assignment of the Rents and has not performed, and will not perform, any act that would prevent lender from exercising its rights under this paragraph. lender, or lender's agents or a judicially appointed receiver, shall not be required to enter upon, take control of or maintain the Property before or after giving notice of default to Borrower. However, lender, or lender's agents or a judicially appointed receiver, may do so at any time whe n a default occurs. Any application of Rents shall not cure or wa ive any default or invalidate any other right or remedy of lender. This assignment of Rents of the Property shall terminate whe n all the sums secured by the Security Instrument are paid in full. I. CROSS-DEFAULT PROVISION. Borrower's default or breach under any note or agreement in whic h Lender has an interest shall be a breach under the Security Instrument and lender may invok e any of the remedies permitted by t he Security Instrument. e-S7R(0411) <OJ Page 2 of 3 Q6-041407 Initia~~;v . Form 31!J 1/01