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L 14 FAMILY RIDER �� Amignment of Rents 87... THIS 1 -4 FAMILY RIDER is made this .13Kfday of .........Qrt:PW:r . . ........ . .......... . 19 $7. , , and is incorporated into and shall.be deemed to amend and supplement the Mortgage. Deed of Trust or Security heed ithe "Sccunt) Instrument ") of the same date given by the undersigned (the "Borrower ") to secure Borrower's Note to Pirs'1'1er ikort$; rk; e. Go. ............................ .........r..,,.. .............. (the 'Lender ") of the same date and covering the property described in the Security Instrument and located at: 415 South lam Stryet .A.Grund,lslap¢,r,,N9�,r.4q�g,. . �OSq A ..... ............................... (Propeni Address) 14 FAMILY COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows, A. l'SE: OF PROPERTY; COMPLIANCE WITH LAW. Borrower shall not seek, agree to or make a change in the 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 requirements of any governmental body applicable to the Property. Ill. SUBORDINATE LIENS. Except as permitted by federal law. Borrower shall not allow any lien inferior to the Sccurny Instrument to be perfected against the Property without Lender's prior written permission. C. RENT LOSS INSURANCE. Borr0WCI 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. ASSIGNMEN"I' 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 Property to pay the rents to Lender or Lender's agents. However, prior to Lender's Notice to Borrower of Borroucr's breach of any covenant or agreement in the Security Instrument, 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 not an assignment for additional security only. If 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; (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 4R, 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 will not perform 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 Property before or after giving notice of 3. breach to Borrower. However, Lender or a judicially appointed receiver may do so at any time 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 assign- ment of rents of the Property shall terminate when the debt 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 interest shall be a breach under the Security Instrument and Lender may invoke any of the remedies permined by the Security Instrument. BY SIGNING BELOW. Borrower accepts and agrees to the terms and provisions contained in this 113 Family Rider. .�7 ....[�L3kr:,A:,- .................(Seal) Ralph E. Hammack Borrower ....................... ............................... .(Seal) - Borrower MULTISTATE 1.4 FAMILY <.,,.. Mee,Fraddis Mac Unkim Instrument corm 1170 Was i