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88- 106836 1-4 FAMILY RIDER Assignment of Rents 1HIS 1-4 FAMILY RIDER Is made this 16th day of December ,1988 , and is incorpomted into and shall be deemed 10 amend and supplement the Mongngc. Deed of Trust or Security Deed (llle "Security Instrument") of the same dale given by the undersigned (the "Borrower") to secure Borrower's Note (0 The Equiteble 8uilding end Loen Associetion, Grend Island, Ne(lhe "Lender") of the same date and covering the property described in the Security Instrument and located al; 609 West 7th Street, Grend Island, Nebreska 68801 [?roperty Address] 1-4 FAMILY COVENANTS. In addition 10 the covenants and agreements made in the Security Instrument. Borrower and Lender funher covenant and agree as follows: A. USE OF PROPERfY; COMPLIANCE WITH LAW. Borrower ,hall not seek, agree 10 or make a ehnnge in Ihe use of the Property or its zoning classification. unless Lender has agreed in writing to the change. Borrower shall comply with all laws. ordinances, regulations and requiremenlS of any governmental body applicable 10 the Propeny. B. SUBORDINATE LIENS. Except as pennined by federal law, Borrower shall nO[ allow any lien inferior to the Securily InsbUment to be perfected against the Property without Lender's prior wrinen pennission. 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. Unifoml Coyennnl 18 is delelcd, E. ASSIGNMENT OF LEASES. Upon Lender's request, Borrower shall assign to Lender all leases of the Propeny and all securily deposits made in connection with leases of the Property. Upon the assignment, Lender shall have the right to modify, extend cor tennimue 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 leasehoJd. F. ASSIGNMENT OF RENTS. Borrower unconditionaily 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 Propeny to pay the rents to Lender or Lender's agents. However, prior to Lender's Notice to Bonower of Borrower's breach of any covenant or agreement in the Security Instrument, Borrower shall collect and receive all rents and revenues of the Property as truslee for the benefit of Lender and Borrower. This assignment of rents constitutes an absolute assignment and not an assignment for additional security only. H Lender gives notice of breach to Borrower: (i) all rents received by Borrower shall be held by Borrower as trustee for benefit of Lender only, to be applied to the sums secured by the Security Instrument; OJ) Lender shall be entitled to collect and receive all of the rents of lhe Propeny: and (iii) 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 executed any prior assignment of the rents and has not and wiJI not perfonn any act that would prevent Lender from exercising its rights under this paragraph F. Lender shall not be required to enter upon, take control of or maintain the Propeny before or after giving notice of breach to Bonuwer. However. Lender or a judicially appointed receiver may do so al any time there is a breach. Any application of rents shall nOl cure or waive any dcfault or invalidate any other right or remedy of Lender. This assign- ment of rents of the Propeny shall terminate when the debt secured by the Security Instrument is paid in full. G. CROSS.UEFAULT PROVISION. Borrower's default or breach under any note or agrecmenl in which Lender has an interest shall be a breach under the Security Instrumenr and Lender may invoke any of the remedies pennined by the Security Iostrumenl. BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this 1-4 Family Rider. / ~ -;7.(;~/1., l"".....".,., warren ~Eurran M~~t.qr\o~'~ , ,ISeal) Bonower "', ,ISeall Bonower "" ,(Seal) ,- "', ,(Seal) ,Bonow,,, .uuman ... FUmJ _ - _ _ ... LJoItomo 1_... fom 17QQ FQRM 3170 1~ 1r RIot........ CIoI 1.....1Ot l__l\'_...,,~ ',....... h .."1..0...... ,..erm..au.... ,....._. ...eDO-3I"'--"~