201100767 - Laserfiche WebLink

Browse

201100767 E. "BORROWER'S RIGHT TO REINS7ATE" DELETED. Section 19 is deleted. F. BORROWER'S OCCUPANCY. Unless Lender and Borrower otherwise agree in writing, Section 6 concerning Borrower's occupancy of the Property is deleted. G. ASSIGNMENT OF LEASES. Upon Lender's reguest after default, Borrower shall assign to Lender all leases of the Property and all security deposits made in connection w ith 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 +n this paragraph G, the word "lease" shall mean "sublease" if the Security Instrument is on a leasehold. H. ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER; LENDER tN POSSESSION. Borrower absolutely and unconditionally assigns and transfers to Lender all the rents and revenues ("Rents") of the Property, regardless of to whom the Rents of the Property are payable. Borrower authorizes Lender or Lender's agents to collect the Rents, and agrees that each tenant of the Property shall pay the Rents to Lender or Lender's agents. However, Borrower shall receive the Rents until: (i) Lender has �iven Barrower notice of default pursuant to Section 22 of the Security Instrument, and 4ii) Lender has given notice to the tenant(s) that the Rents are to be paid to Lender or Lender s agent. This assignment of Renfs constitutes an absolute assignment and not an assignment for additional security only. If Lender gives notice of defauft to Borrow er: (i) all Rents received by Borrow er shal{ be held by Borrower as trustee for the benefit of Lender only, to be applied to the sums secured by the Security Instrument; (ii) Lender shall be entitled to collect and receive al! of the Rents of the Property; (iii) Borrower agrees that each tenant of the Property shall pay all Rents due and unpaid to Lender or Lender's agents upon Lender's written demand to the tenant; (iv) unless applicable law provides otherwise, all Rents collected by Lender or Lender's agents shafl be applied first to the costs of taking control of and managing the Property and collecting the Rents, including, but not limited to, attorney's fees, receiver's fees, premiums on receiver's bonds, repair and maintenance costs, insurance premiums, taxes, assessments and other charges on the Property, and then to the sums secured by the Security Instrument; (v) Lender, Lender's agents or any udicially appointed receiver shall be liable to account for only those Rents actually receive�� and (vi} Lender shafl be entstled to have a receiver appointed to take possession of and manage the Property and collect the Rents and profits derived from the Property w ithout any show ing as to the inadequacy of the Property as security. lf the Rents of the Property are not suffic+ent to cover the costs of taking controf of and managing the Property and of collecting the Rents any funds expended by Lender for such purposes shall become indebtedness of Borrower to Lender secured by the Security Instrument pursuant to Section 9. Borrow er represents and w arrants thaf Borrow er has not executed any prior assignment of the Rents and has not performed, and will not perform, any act that would prevent Lender from exercising its rights under this paragraph. Lender, or Lender's agents or a judicialfy appointed receiver, shall not be required to enter upon, take control of or maintain the Property before or after giving notice of default to Borrow er. How ever, Lender, or Lender' s agents or a judicially appointed receiver, may do so at any time when a default occurs. Any application of Rents shall not cure or waive any default or invalidate any other right or remedy of Lender. This assignment of Rents of the Property shall terminate when all the sums secured by the Security Instrument are paid in full. I. 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 permitted by the Security Instrument. 10-12-000003 MULTISTATE 1- 4 FAMILY RIDER - Fannie MaelFreddie Mac VMP�-57R(0811) Page 2 of 3 UNIFO INSTRUMENT Initials: C� Form 3170 1/01 C�