Form 3170 - 1-4 Family Rider (Assignment Of Rents) Form printable pdf download

1-4 FAMILY RIDER

(Assignment of Rents)

THIS 1-4 FAMILY RIDER is made this ______________ day of _______________________, ______, and is

incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the “Security

Instrument”) of the same date given by the undersigned (the “Borrower”) to secure Borrower’s Note to ______________________

___________________________________________________________________________________________ (the “Lender”)

of the same date and covering the Property described in the Security Instrument and located at:

_______________________________________________________________________________________________________

[Property Address]

1-4 FAMILY COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower

and Lender further covenant and agree as follows:

ADDITIONAL PROPERTY SUBJECT TO THE SECURITY INSTRUMENT. In addition to the

Property described in Security Instrument, the following items now or hereafter attached to the Property to the extent

they are fixtures are added to the Property description, and shall also constitute the Property covered by the Security

Instrument: building materials, appliances and goods of every nature whatsoever now or hereafter located in, on, or used,

or intended to be used in connection with the Property, including, but not limited to, those for the purposes of supplying

or distributing heating, cooling, electricity, gas, water, air and light, fire prevention and extinguishing apparatus, security

and access control apparatus, plumbing, bath tubs, water heaters, water closets, sinks, ranges, stoves, refrigerators,

dishwashers, disposals, washers, dryers, awnings, storm windows, storm doors, screens, blinds, shades, curtains and

curtain rods, attached mirrors, cabinets, paneling and attached floor coverings, all of which, including replacements and

additions thereto, shall be deemed to be and remain a part of the Property covered by the Security Instrument. All of the

foregoing together with the Property described in the Security Instrument (or the leasehold estate if the Security

Instrument is on a leasehold) are referred to in this 1-4 Family Rider and the Security Instrument as the “Property.”

USE OF PROPERTY; COMPLIANCE WITH LAW. Borrower shall not seek, agree to or make a

change in the use of the Property or its zoning classification, unless Lender has agreed in writing to the change.

Borrower shall comply with all laws, ordinances, regulations and requirements of any governmental body applicable to

the Property.

C. SUBORDINATE LIENS. 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.

D. RENT LOSS INSURANCE. Borrower shall maintain insurance against rent loss in addition to the other

hazards for which insurance is required by Section 5.

E. “BORROWER’S RIGHT TO REINSTATE” 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 request after default, Borrower shall assign to Lender all

leases 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 leases, in Lender’s sole

discretion. As used in 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 IN 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 given Borrower notice of default pursuant to Section 22 of the

Security Instrument and (ii) Lender has given notice to the tenant(s) that the Rents are to be paid to Lender or Lender’s

agent. This assignment of Rents constitutes an absolute assignment and not an assignment for additional security only.

If Lender gives notice of default to Borrower: (i) all Rents received by Borrower shall 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 all 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 shall 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,

MULTISTATE 1-4 FAMILY RIDER--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT

Form 3170 1/01 (page 1 of 2 pages)

Form 3170 - 1-4 Family Rider (Assignment Of Rents) Form

Related Articles

Related forms

Related Categories