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<br /> 98—:�c�i31� �,. � � �
<br /> �,.,,,,,,. G.ASSI(;NM�NT OF LEAS�S. Upon Lendcr's requcst, Borrowcr shall assign to Lcndcr all lcasag af thc . �,s:��
<br /> .•� Property and atl sccurlry dcposits madc in connection with lcascs of thc H�operty. Upon the assignmcnt,Lcnder �.+rt��; .'•:_�=-.___
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<br /> shall have the dght w modify,cxtend or tcrminatc the existin leascs and to exccute new leascs,in I.cndcr's solc • •�'�:���
<br /> dlscredon. As uscd in �his paragraph 0,the word "kase"shall mean "sublease"if thc Security Instrument is on a .:.;;;.��-��'�`-'-'�
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<br /> H. ASSIGNM�NT OF RENTS; APPOINTMENT OF RECEIVER; L�NDER IN POSSESSION. =K'-�`'"�`
<br /> Bocrowcr absolutcly and uncondidonaUy a�igns and Iransfers to Lendcr ell the renu and revenues("Rents")of thc � __ .
<br /> Property,rcgardlcss of to whom the Rents of the Propecty arc payable. Borrower authorizcs L.cnder or Lcnder's ���';,Y:_..
<br /> agents to coQcxt the Rents,and agrees that cach tenant of the Property shall pay the Rents w Lender or Lender's �:�_
<br /> agents.Howevcr,Borrower shaU reccive the Rents undl (i)Lender has given Bonawer nodccof defaultpursuant to �,;;?�------
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<br /> paragrnph 21 of thc Security Instrumcnt and (fi) L.cnder has given nodcc to thc tenant(s) that the Rents are w be •�•r*'�.
<br /> � paid to Lcndcr or I.endcr's egenG This assignmcnt of Rents consdiutes an ab:,olute assignment and not an _ _
<br /> essignmcnt for addidonal security only. -`�-�-�
<br /> If I,endcr givcs nodcc of breaeh to Borrowcr:(i)all Rents reccivcd by Boaowcr shall bc held by Borrower as ;:�„�.__
<br /> • trustec for thc bcnefit of l.endcr only,to be appUed W thc sums secured by thc Sccurlry Instrument;(iI)Lender shall = ____
<br /> ` be enutled to coUect and receive all of the Rents of the Property; (iu) Borrower agrees that each tenant of the ".�`
<br /> ��`' Property shaU pny all Rcnts due and unpaid w L.ender or L.endcr's agents upon I.ender's wrjtten demand to the
<br /> tenant; (iv) unlcss appllcable law provides otherwise, all Rcnts collectcd by Lcndcr or I.ender's agents shall be ';n;��.__.
<br /> applied first to the casts of taking control of and managing the Prcperty and collecsing the Rents.including,but not 4,:
<br /> limited to,attomeys' fee.g,recelver's fees,premiums on receiver's bonds,repair and maintenance costs, insurance ,�a_
<br /> , ,�, pnmiums. ta�ces, 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 eppointed receiver shall be liable to account for only those •a,
<br /> � Rents acwelly received;and (vi) Lender shall be enaded to have a rcceiver appointed w take possession of and °
<br />_ . s*_' m�.g�Q p��y� ���4��r�thp Re.ntc and profits derived from the Property without any showing as to the _ _
<br /> . �� inedequacy of the Property as securtty. __
<br /> 1 If the Rents of the Property are not sufficicnt to cover the costs of taking control of and managing the ���
<br /> �i Property and of collecdng the Rents any funds expended by Lender for such purposes shall be�ome indebtedness of .—
<br /> � Borrower to Lcnder secured by the Securiry Instrument p►usuant to Uniform Covenant 7. e� -- ��
<br /> „: ' gorrower represents and warrants that Bomower h�not axecuted any prior assIgnment of the Rents and has _.
<br /> � not and will not perform any act that would prevent Lender from exercfsing its righu undcr this paragraph. �.�
<br /> Lender.or Lender's agents or a judicially appointed receiver,shaU not be required to enter upon,taice wntrol
<br /> of or maintain the Propeity beforc or after giving notice of default w Borrower. However, L.ender.or Lender's _.-
<br /> . agents or a judicially appointed receiver,may do so at any dme when a default occurs.Any appllcation nf Renu ___
<br /> shall not cune or waive any defauls or invalidate any other right or remedy of I.ender.'Il►is assignment of Rents of -
<br /> the Property shall termL�ate when all the sums secured by the Securiry Instrument are paid in fuU. "
<br /> , '� I.CR03S•DEFAULT PROVISION. Bortowe�'s default or brcach under any not,e or agrecment in =-
<br /> �' which Lender has an interest shaU ba a breach under the Security Instrument and Lender may invoke any of the `=°-
<br /> �- remcdics permiued by the Security InstaumenG "
<br /> _ ` BY SIGMNG BELAW,Borrower accepis and agree�to the terms and provLsions contnirted in this 1-4 Family �_�=
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<br /> - CALVIN E SMITFi •Bonowcr ANE1"Pfi L SMITH •Borrower
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<br /> •Borrower •IIorrowcr :.. ;w�
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<br /> (�j •67 teaoa�.o, Page2ot 2 FormS1703l93 „ ,�`: , '
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