|
4
<br />
<br />201006618
<br />access control apparatus, plumbing, bath tubs, water heaters, water closets, sinks, ranges, stoves,
<br />refrigerators, dishwashers, disposals, washers, dryers, awnings, storm windows, storm doors, screens,
<br />blinds, shades, curtains and curtain rods, attached mirrors, cabinets, paneling and attached floor
<br />coverings, all of which, including replacements and additions thereto, shall be deemed to be and remain a
<br />part of the Property covered by the Security Instrument. All of the foregoing together with the
<br />Property described in the Security Instrument (or the leasehold estate if the Security Instrument is on a
<br />leasehold) are referred to in this 1-4 Family Rider and the Security Instrument as the "Property."
<br />B. USE OF PROPERTY; COMPLIANCE WITH LAW. Borrower shall not seek, agree to or
<br />make a change in the use of the Property or its zoning classification, unless Lender has agreed in writing
<br />to the change. Borrower shall comply with all laws, ordinances, regulations and requirements of any
<br />governmental body applicable to the Property.
<br />C. SUBORDINATE LIENS. Except as permitted by federal law, Borrower shall not allow any lien
<br />inferior to the Security Instrument to be perfected against the Property without Lender's prior written
<br />permission.
<br />D. RENT LOSS INSURANCE. Borrower shall maintain insurance against rent loss in addition to
<br />the other hazards for which insurance is required by Section 5.
<br />E. "BORROWER'S RIGHT TO REINSTATE" DELETED. Section 19 is deleted.
<br />F. BORROWER'S OCCUPANCY. Unless Lender and Borrower otherwise agree in writing,
<br />Section 6 concerning Borrower's occupancy of the Property is deleted.
<br />G. ASSIGNMENT OF LEASES. Upon Lender's request after default, Borrower shall assign to
<br />Lender all leases of the Property and all security deposits made in connection with leases of the Property.
<br />Upon the assignment, Lender shall have the right to modify, extend or terminate the existing leases and
<br />to execute new leases, in Lender's sole discretion. As used in this paragraph G, the word "lease" shall
<br />mean "sublease" if the Security Instrument is on a leasehold.
<br />H. ASSIGNMENT OF RENTS; AFPOINTMENT OF RECEIVER; LENDER IN POSSESSION.
<br />Borrower absolutely and unconditionally assigns and transfers to Lender all the rents and revenues
<br />("Rents") of the Property, regaxdless of to whom the Rents of the Property are payable. Borrower
<br />authorizes Lender or Lender's agents to collect the Rents, and agrees that each tenant of the Froperty
<br />shall pay the Rents to Lender or Lender's agents. However, Borrower shall receive the Rents until: (i)
<br />Lender has given Borrower notice of default pursuant to Section 22 of the Security Instrument and (ii)
<br />Lender has given notice to the tenant(s) that the Rents are to be paid to Lender or Lender's agent. This
<br />assignment of Rents constitutes an absolute assignment and not an assignment for additional security
<br />only.
<br />If Lender gives notice of default to Borrower: (i) all Rents received by Borrower shall be held by
<br />Borrower as trustee for the benefit of Lender only, to be applied to the sums secured by the Security
<br />Instrument; (ii) Lender shall be entitled to collect and receive all of the Rents of the Property; (iii)
<br />Borrower agrees that each tenant of the Property shall pay all Rents due and unpaid to Lender or
<br />Lender's agents upon Lender's written demand to the tenant; (iv) unless applicable law provides
<br />otherwise, all Rents collected by Lender or Lender's agents shall be applied Frst to the costs of taking
<br />control of and managing the Property and collecting the Rents, including, but not limited to, attorney's
<br />fees, receiver's fees, premiums on receiver's bonds, repair and maintenance costs, insurance premiums,
<br />taxes, assessments and other charges on the Property, and then to the sums secured by the Security
<br />Instrument; (v) Lender, Lender's agents or any judicially appointed receiver shall be liable to account
<br />MULTISTATE 7-4 FAMILY RIDER -Fannie Mae/Freddie Mac Uniform Instrument
<br />Form 3170 1101
<br />Laser Forms Inc. (800) 448-3555
<br />LFI #FNMA3170 ~ro~ Page 2 of 3 Inltla~S: _
<br />
|