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0516627 2.4 FAMILY RIDER (Assignment of Rents~8__ 102195 THIS 2-4FAMtLY RIDER Is made this 26 day of APRIL , 1988 , and II Incorporated Into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Note to THE PRUDENTI~L INSURANCE COMPANY OF AMERICA (the .Lender") of the same date and covering the property described In the Security Instrument and located at: 120 WEST 10TH STREET. GRAND ISLAMD. ME 68801 (Prop~Tly Addr~ss) Z-4 FAMILY COVENANTS. In addillon to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. USE OF PROPERTY; COMPLIANCE WITH ,LAW. Borrower shall not seek, agree to or make a change in the use of the Properly or its zoning 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. B. SUBORDINATE LIENS. Except.8s permitted by federal law, Borrower shall not allow any lien Inferior to the Security Instrument to be perfected against the Property without Lender's prior written permission, C. RENT LOSS INSURANCE. Borrower shall maintain Insurance against rent loss in addition to the other hazards for which insurance is required by Uniform Covenant 5, D. "BORROWER'S RIGHT TO REINSTATE" DELETED, Uniform Covenant 18 Is deleted. E. ASSIGNMENT OF LEASES. Upon Lender's request, Borrower shall assign to Lender all leases of the Property and all security deposits made in connection with 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 E. the word "lease" shall mean "sublease" if the Security Instrument is on a leasehold. F, ASSIGNMENT OF RENTS. Borrower unconditionally assigns and transfers to Lender all the rents and revenues of the Property. Borrower authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the Properly to pay the rents to Lender or Lender's agents. However. prior to Lender's notice to Borrower of Borrower's breach of any covenant or agreement in the Security Instrumen\, Borrower shall collect and receive all rents and revenues of the Properly as trustee for lhe benefit of Lender and Borrower, this assignment of rents constitutes an absolute assignment and nol an a..lgnment for additional security only, If Lender gives notice of breach to Borrower: (I) all renls received by Borrower shall be held by Borrower as trustee for benefit of Lender only, to be applied 10 the sums secured by the Security Instrument; (Ii) Lender shall be entitled to collect and receive all of the rents of the Property; and (Iii) each tenant of the Property shall pay all rents due and unpaid to Lender or Lender's agent on Lender's written demand 10 Ihe tenant. Borrower has not executed any prior assignment of the rents and has not and will not perform any act that would prevent Lender from exerCising lts rights under lhis paragraph F, Lender shall no! be required to enter upon. lake conlrol of or maintain the Property before or after giving notice of breach to Borrower. However, Lender or a judicially appointed receiver may do so at any lime there is a breach, Any application of rents shall not cure or waive any default or invalidate any other right or remedy of Lender, this assignment of rents of the Property shall terminate when the debl secured by the Security Instrument Is paid In full, G. CROSS-DEFAULT PROVISION. Borrower's default or breach under any note or agreement in which Lender has an inlerest shall be a breach under the Securily Instrument and Lender may invoke any of Ihe remedies permilled by the Security In8lrumen\. BY SIGNING BELOW. Borrower accepts and agrees to lhe terms an -~ (Seal) -Borro",o"r (Seal) -Dorrower (Selll) .tJOlfm"fH :Aft.. Reco,dation Rolurn 10 PHMC. P.O. Box 1629 MiMNpoli~, MN 55440 1r."AII -nlH'(1WfIIf I.lUL TISTATE 2'" FAMILY RIDER,FNMA/FHLMC Uniform Instrument r,,,,,, 31 III 12 III 110336 IR 05"..