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<br />88_
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<br />103670
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<br />14 FAMILY RIDER
<br />Assignment of Rents
<br />
<br />]
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<br />nus 1-4 FAMlLY RIDER is made this 7th day of July , 19 88 ,
<br />aod is inco:porated into and shall be deemed to amend and supplement the Mortgage, Deed of Trost or Security Deed
<br />(the "Security Instrument") of the same date given bv the undersigned (the "Borrower") to secure Borrower's Note to
<br />The Equitable Building and Lean Asseciatien, 113-115 N Locust, G. 1. Ne.(the "Lender")
<br />of the same date and covering the property described in the Security Instrument and located at:
<br />
<br />903-907 West First Street, Grand Island, Nebraska 68801
<br />
<br />[Property AddrESS]
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<br />14 FAMILY COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower
<br />and Lender further covenant and agree as follows:
<br />
<br />A. USE OF PROPERTY; COMPLIANCE WITH LAW. Borrower shall not seek. agree to or make a change in the
<br />use of the Property or its zoning classification, unless Lender has agreed in writing to the change. Borrower shalt comply
<br />with a1f laws, ordinances, regulations and requirements of any governmental body applicable '0 the Property,
<br />
<br />B. SUBORDINATE LmNS. Except as permitted by federal law, Borrower shall not allew any lien inferior to the
<br />Security Instrument to be perfected against the Property without Lender's prior written permission,
<br />
<br />C. RENT LOSS INSURANCE. Borrower shall mainlain insurance against rent less in addition to the other hazards
<br />for which insurance is required by Uniform Covenant 5,
<br />
<br />D. "BORROWER'S RIGHT TO REINSTATE" DELETED. Uniform Covenant 18 is deleted.
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<br />E. ASSIGNMENT OF LEASES. Upon Lender's request, Borrower shall assign to Lender all leases of the Property
<br />and all security deposits made in cennection with leases of the Property, Upon the assignment. Lender shall have the
<br />right to modify, extend or terminate the existing leases and to execute new leases, in Lender's sofe discretion, As used in
<br />this paragraph E, the word "lease" shall mean "sublease" if the Security Instrument is on a leasehold,
<br />
<br />F. ASSIGNMENT OF RENTS. Borrower unconditienally assigns and transfers 10 Lender all the rents and revenues
<br />of the Property. Borrower authorizes Lender or Lender's agents to cellect the rents and revenues and hereby directs each
<br />tenant of the Property to pay the rents to Lender 'Or Lender's agents. However. prior to Lender's Notice to Borrower of
<br />Borrower's breach of any covenant or agreement in the Security Instrument, Borrower shall collect and receive all rents
<br />and revenues of the Property as trustee for the benefit of Lender and Borrower. This assignment of rents constitutes an
<br />absofute assignment and not an assignment for additional security only,
<br />If Lender gives notice of breach to Borrower: (i) all rents received by Borrower shalf be held by Borrower as trustee
<br />for benefit of Lender only, to be applied to the sums secured by the Security Instrument; (ii) Lender shalf be entitled to
<br />collect and receive all of the rents of the Property; and (iiil each tenant of the Property shall pay all rents due and unpaid
<br />to Lender or Lender's agent on Lender's written demand to Ihe tenant,
<br />Borrower has not executed any prior assignment of the rents and has not and will not perform any act that would
<br />prevent Lender from exercising its rights under this paragraph F.
<br />Lender shall not be required to enter upon, take control of or mainlain the Property before or after giving notice of
<br />breach to Borrower. However, Lender or a judicially appointed receiver may do so at any time there is a breach. Any
<br />application of rents shall not cure or waive any default or invalid ale any other right or remedy of Lender, This assign-
<br />ment of rents of the Property shall terminate when the debt secured by the Security Instrument is paid in fu\l,
<br />
<br />G. CROSS-DEFAULT PROVISION. Borrower's default or breach under any note or agreement in which Lender has
<br />an interest shall be a breach under the Security Instrument and Lender may invoke any of the remedies permitted by the
<br />Security Instrument.
<br />
<br />
<br />, , , , , , , , . , , " """"""""",,"",., ,(Seal)
<br />Royle ~ .Bormwer
<br />
<br />
<br />Cecilia B. ROYl~""'" .., 'Y'1,Q-~", '.B~~~~
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<br />. , , ' , , , , . , , , , , , . , , , , , , , . , . , , , , . , , ,(Seal)
<br />,Borrower
<br />
<br />, . , , , , , . , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,(Seal)
<br />.BoITOW8\'
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<br />MU\]\ITA1E 1-. FAMILY RIDER - Flnnl. Mlllfflddl. MIC Unllonn Inllrumenl
<br />Form 1790
<br />
<br />FORM 3170 ,o-as
<br />Tn Ronrder eft. GreAt Lekos 8l.ene5!1 Fornm. Inc
<br />NntlC,tlllll~, ,...oo.-aU:a.oaDl MchlQnn '...QII).2I....~
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