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<br /> G.AS�IGNMEN'I'OF D.F.�ISES. Upon L.eader's request,Borrowcr shall assign�olL.ender a!l leases of the '
<br /> ' � Property and all security dep�sits made� coan�xti�on with leases of the ProFetty. Upon thc assignmens,Leader . _ , __ . ' ; '�;�
<br /> 1 shall have the righi to madify,extend or terminatc the ea�isting leases and tn execuue new leases,in Lender's sote ,
<br /> discretinn.As used in this pazagraph G,the word"lease" shall mean"sublease' if the Security Instrument is on a • r. �
<br /> leasehold ' � � -
<br /> H. ASSIGNMEWT OF REIVTS; API'OII�7'MEN'i' OF RECF.IVLR; LENdER IN F�SSESSION. _ . R�f z
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<br /> Borrower absalntcly and unconditionally assignss aad transfeas ro I.ender all the reats and revenues("Rents")of the , . . �. .�
<br /> Property,regardl�ss af to whom the Rents of the Propeaty aze payable. Borrower authorizes Lendea or L.euder's . :� ,• :: _
<br /> agents w collect the Rents,and agrees that e,ach Qerrant of tke Property shall pay the Renis tn Lendea or Lender's . . ' , , ` _
<br /> agents.However,Borrower shall receive the Reats until(i)Lender has givea Borrowa notice of defauli gursuant to � � ��� '' �—"
<br /> P��Ph 21 of ihe Security ins�ment and(ii) I.encl�has given notice to the ta�ant(s)thai the Ren�s are to be ` � � _'�
<br /> paid to I.ender or Leader's agent This assignmerit of Rents consti�ites an absalutc assignment and not an : . � �r
<br /> � assigameut far additionai securiry only. f • � � ' '.—
<br /> If L�der gives norice of breach to Barrower:{i)all Reats re�eived by Boaowes shall be held by Borrower as ; -`j ���"�: ' :�
<br /> uustee for the benefit of I.eadra orily,to be applied w the sums secured by the Security Inswmen�(a)I.ender shail 4 , '. ,��`"-
<br /> be entitied to collect and receive all of the Renu of the Frnpeaty; (iii) Botrowca agrees t6at each tenant of the � • � ' '� �,�::
<br /> � Properry shall pay all Rents due and unpaid w L.ender or Lender's agents upon I.end�a's writien demaad w the , + � ��
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<br /> tenan�rv) miless agplicable law provides ot2►erwise,all Rents collecxed by Lended or Lender's agents shall be • � ���_-
<br /> applied first w the costs of taking conuol of and managing the Pmpeaty and collecting the Rents,inctuding,but not • '. �•�!� 1�e*-��'
<br /> � l i m i t e d w,a tt n m e y s' f e e s,r e c e i v e a's f e e s,p remiums an rece�vea's bonds,r e Pair and mainteuance costs,insurance � . , jf,�..�t i : �t.
<br /> 'nms, taxes, assessments and other charges on me Pr�y.and then w t�e sums secured by the Secw�ty : � `.• ' . � ��,�
<br /> Fi� th • ,.._..
<br /> Instrumen�(v)Lender,I.ender's agents or any;r',�;iaally appou►ted receiver shall be l i a b le w account for o n ly t hose . ;���::•,. ! �
<br /> Rents actually received;and (w)I.ender sl2all be enuded to have a ceceiver appointed w take possession of and : � �' � _
<br /> . manage the Propeity and coilect the Rents and pmfits derived from the Prop�ty without any showing as ro the �, .� � � ��
<br /> inadequacy of the Property as secQity. - '�• -'�•� _�
<br /> If the Reats of the Property are not s�cient to covar the costs of taking conTMol of and managing the ti . i
<br /> Properry and of collecting the Rents any funds expe�ded by Lender for suc4a purposes shall become indebtedness of � ��;; ;..: _
<br /> Borrowa to Leaidea sec�ued by the Secauity�am�ent pw�suant to Unifo�Covenant 7. .? �`~ ' '� ,
<br /> Le , :• • �1 t
<br />• Sorrowea r�g:zsents and wanants that Br�sower has not execated a�y priar assiBnment of the Reats and has ;;; , ��.: .�,., . � : �-
<br /> not and mU not perform any act t�at would prevent Leader fmm exercising its rig6ss under this paragaph. � ' • ;':. . � _
<br /> Lender or Lendea's a ents csT a judicially appourted re�eiver,shall not be reqused w enter upon,take cantrol ` -�'�1-,'.�� .�� v� —
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<br /> of or maintain tlne Froperty�efore or after giving notice of default w Botrower. However,Lender,or Lendea's , _, : .�;�j y
<br /> agents or a N�Y ePPointed receiver.may�v so ai any time when a d�fault occurs.My appticatinn of Rents r';� • ��. .:�•>:..�
<br /> � shall not cure or waive any defaWt or mvalidate any other right or remedy of Lendea.Tdis assignment of Rents of ' ���� �'_ •—�-
<br /> the Propeaty shall terminate when all the swns secured by the Security Insb umea�t are paid in full. � ' ���
<br /> H.CROSS-DEFAUL'�PROVHSION. Borrower's default or breach uader aay note or agreement in �_ �•'�� '��.•
<br /> � .;�,,.': .r-�_ ..
<br /> which I.end�r has an interest shaU be a breach undea the Secauity Instrument and Lender may invoke any of the .,� .�. —�-
<br /> remedies p�cmiued by the Securiry Insuument �-J ' �.:r: -
<br /> BY SIGNII�IG BELOW,Borrower accepts and a8rees to the teams and provisions contained in this l-4 Family '��_ '�
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<br /> � KENNSTH S ELDER -Eortower MARY J ELD -Boaoaer � _ "�"`:� _
<br /> ($eaj) (Seal) . � • ..
<br /> .Sotrower -Bartower ' ' —.
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