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14 FAMILY RIDER Assignment of Rents 88-10596~ 11fIS 1-4 FAMILY RIDER is made this 31stday of October , 19 88 and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed (the "Security Instnunentn) of the same date given by lhe undersigned (the "Borrower") to secure Borrower's Note to The Equitable 8uilding and loan Association, Grand Island, Nebraska (the "Lender") of the same dale and covering the property described in the Security Instrument and located at: 409 and 409~ West 9th, Grand Island, Nebraska 68801 IPt!'peny Address] 14 FAMILY COVENANTS. In addition to the covenants and agreements mnde in the Security Instrument. Borrower and Lender further covenant and agree as follows: A. USE OF PROPEKI'Y; COMPLIANCE WITH LAW. Borrower shall not seek, agree to or make a change io the use of the Propeny or its zoning classification. unless Lender has agreed in writing to the change. Borrower shall comply with all laws. ordinances. regulalions and requirements of any governmental body applicable to the Property. B. SUBORDINATE LIENS, Except as permitted by federal law, Borrower shall nol anow 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 againsl rent loss in addition to the other hazards for which insurance is required by Unifonn Covenant 5. D. "BORROWER'S R1GIIT TO REINSTATE" DELETED, Uniform Covenanl 18 is deleled, E. ASSIGNMENT OF LEASES. Upon Lender's request, Borrower shall assign 10 lender nil leases of the Propeny 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 c~ecute new lenses, 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 0.' RENTS. Borrower unconditionally assigns and transfers to Lender all the rents and revenues of the Property. Borrower authorizcs Lender or Lender's agents to collect Ihe rents and revenues and hereby directs each tenant of the Property to pay the runts 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 Inslrument, Borrower shall collect and receive all rents and revenues of the Property as trustee for the benefit of Lender and Borrower. This assignment of rents constitutes an absolute assignment and nOl an assignment for additional security only, If lender gives notice of breach 10 Borrower: (i) all rents received by Borrower shall be held by Borrower as tlUs(ee for benefit of Lender only, to be applied to the sums secured by the Security (nstrumenl; (ii) Lender shall be entitled to collect and receive all of the rents of the Propeny; and (Hi) each tenant of the Propeny shall pay all rents due and unpaid to Lender or Lender's agent on Lender's written demand to the tenant. Borrower has not execuled any prior assignment of the rents and has not and will not perfonn any act thaI would prevent Lender from exercising ils rights under this paragraph F. Lender shall not be required 10 enler upon. lake control of or maintain the Property before or after giving notice of breach to Borrower, However, Lender or a judicially appointed receiver may do so al any lime there is a breach. Any application of renls shall not cure or waive any default or invalidate any other right or remedy of Lender. This assign~ ment of rents of the Propeny shall tcnninate when the debt secured by th~ Seeuril)' Instrument is paid in full. G. CROSS-DEFAULT PROVISION. Borrower's default or breach under any nolc or agreement in which Lender has an interest shall be a breach under (he Security Instrument and Lender may invoke any of Ihe remedies pcnnilted by the Security Instrument. .ISeol) .Borrower . .(Seal) Borrower , ,(Seal) -BOllowel " ,(Seal) .Borrower MUmlTln .... FAIIIILY RIDER _ FIRlI. MI"Frlddle Nit Uniform lnltnlmlnt Form 1790 FORMJI701D-B5 In J"~~l"" CnI Gr~llll""~'" nuu-.JJi ''''''~ "It: '~~t~."",. 1..DO-IIII~-OIO. M..-_I"II'" 1..00.31i5.......~