86106279 - Laserfiche WebLink

Browse

L 1-4 »� o I 86 108279 THIS 14 FAMILY RIDER is made this 31stday of .. October ............................. 19 86... . and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of True or Security Decd ( the " Security Instrument") of the tame date given by the undersigned (the " Borrower ") to secure Borrower's Note to ....$Vppriu. MQr' = gA$e.. Inr . ....................... ............................... . (the .- Lender..) of the same date and covering the property described in the Security Instrument and located a: �iswark.. Grand. JslapA... . 6880.1 ...... ............................... . tAaWn Aoa.ni 1.4 FAMILY COVENANTS. In addition to the covenants and agreements made in the Security Instrument. Borrower and larder further covenant and agree as follows: A. USE OF PROrER'[Y; COMPLIANCE WrM LAW. Borrower shall not seek, agree to or mace a flange in the we of the Property or its zoning classification. unless Lender has agreed in writing to the flange. Borrower shall comply with all laws. ord"anarces, regulations and requirements of any governmental body applicable to the Property. B. SUBORDINATE BENS. Except as 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. REM LOBS INSURANCE. Borrower shall maintain insurance against rent loss in addition to the other hazards for which romance is neWired by Uniform Covenant 5. D. "BORROWER'S !RIGHT TO REINSTATE" DELETED. Uniform Covenant 18 is deleted. E. ASSIGNMENT OF LEASES. Upon Leader's request. Borrower shall assign to Lender all kases 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 teases, in Lender's sole discretion. As used in this paragraph E, the word " tease" shall mean ..sublease" if the Security Instrument is on a kasehold. F ASSIGNMENT OF RENTS. Borrower unconditionally assigns and transfers to Lender all the rem and revenues of the Property. Borrower authorizes Lender or Lender's agents to collect the rents and rvvennes and hereby directs each tenant of the Property to pay the rants to Lender or Lerlder's agents. However, prior to Leader's Notice to Borrower of Borrower's breach of any covenant or agreement in the Security Instrument, Borrower shall collect and receive all rants and revenues of the Property as trustee for the benefit of Lender and Borrower. This assignment of rents constitutes an Absolute asagrnnern and not an assignment for additional security only. If Leader 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; (i) Lender shall be entitled to collect and receive all of the rents of the Property; and (u) each tenant of the Property shall pay all nuts due and unpaid to the Lender or Lender's agent on Lender's written demand to the tenant. Borrower has not executed any prior assignment of the rants and has not and will not perform any act that would prevent Lender from exercising its rights under this paragraph F. Lender snarl not be Taluireod to enter upon. take control of or maintain the Property before or after giving notice of I to Borrower. However, Lender or a judicially appointed receiver nay do so at any time thee is a breach. Any application of rats shall not cur: or waive any drfauh or invalidate any other right or remedy of lender. This assign - ment of netts 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 merest shat! be a breach under the Security Instrument and Lender may invoke any of the remedies permitted by the Security Instrument. BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions contained in this 1-4 Family Rider. ... ... . . . ...'...!.."'^ ................ ...............(Snap Names S. Reed �OfOM° .. .............. .(Seal) Precious A. Reed 4Ofrower MULTISTATE 14 FAMILY RIDER — Fannie MaefFreddie Mae Unilorm Inetrumanl Form 317`0 1 0185 J'