General Assignment of Rents as Security

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This General Assignment of Rents as Security will effectively assign a rental property owner's security in rents as collateral for a loan. This agreement sets out the specific terms including amount of loan and description of the secured property.

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This General Assignment of Rents as Security for Indebtedness will effectively assign a rental property owner's interest in rents as security for a loan. This assignment sets out the names of both assignor and assignee and the date and amount of the promissory note and/or loan. It also sets out assignor's warranties, including performance of obligations under any assigned leases. It is imperative that this assignment be memorialized in writing. A written General Assignment of Rents as Security will prove invaluable in the event there is a default of the loan for which the rents serve as security.

This General Assignment of Rents as Security includes the following:
  • Parties: Sets forth the names of the assignor (rental property owner) and the assignee (person receiving the rents assignment);
  • Loan Information: Sets forth the date and amount of the promissory note, including a description of the property(ies) which are held as security;
  • Warranties: Sets out the specific warranties made by the assignee regarding the rental securities;
  • Signature: Assignor must sign this agreement in the presence of a witness.

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This attorney-prepared packet contains:
  1. General Instructions
  2. General Assignment of Rents as Security
State Law Compliance: This form complies with the laws of all states
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
General Assignment of Rents
(Security for Indebtedness)

 

 
THIS ASSIGNMENT made as of [Date of Agreement (ie. July 1, 2002)] between [Name of Assignor] (the "Assignor") of [Address of Assignor] and [Name of Assignee] (the "Assignee") of [Address of Assignee].
WHEREAS:
(A)   By a promissory note dated [Date of Promissory Note] (the "Note"), the Assignor acknowledged  indebted to the Assignee in the amount of [Amount of Indebtedness (ie. $20,000.00)] (the "Indebtedness"); and
(B)   As further and collateral security for the repayment of the Indebtedness, the Assignor has agreed to assign to the Assignee all rentals arising from the property known and described as [Description of Property (ie. 123 Whiteacre Avenue, Anyplace, California)] (the "Property");
NOW THEREFORE in consideration of the recitals, the mutual covenants hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:
1.   The Assignor hereby assigns to the Assignee all leases (the "Leases") and rentals (the "Rentals") arising from time to time in respect of the Property together with all benefits and advantages to be derived from the Leases and Rentals and the Assignor hereby grant to the Assignee, the reversion of the Leases in order to enable the Assignee to enforce payment of the Rentals.
2.   The Assignor represents, warrants, covenants and agrees that:
(a)   there is no existing default under the Leases;
(b)   the Assignor will perform all the Assignor's obligations under the Leases;
(c)   the Assignor will only accept payment of the Rentals due and payable under the Leases as and when the Rentals fall due under the terms of the Leases; and
(d)   the Assignor will not accept the surrender of the Leases or amend or vary the terms of the Leases or assign the Rentals or waive performance by any lessee named in the Leases of any of their covenants contained in the Leases without the Assignee's prior consent in writing.
3.   Nothing contained in this Assignment shall be deemed to make the Assignee responsible for the collection of the Rentals or for the performance of any covenants, terms or conditions contained in the Leases, and the Assignee shall not, by virtue of this Assignment, be deemed a mortgagee in possession of the Property.
4.   The Assignee shall only be liable to account for such monies as may actually come into its hands by virtue of this Assignment less proper collection charges and any monies so received shall be applied on account of the Indebtedness.
5.   The Assignee will not cause any lessee under the Leases to pay rent to the Assignee unless and until the Assignor defaults in payment of any amount owing under the Note or in performance of any covenant contained in the Note or this Assignment.
6.   The Assignor will execute such further documents as the Assignee may from time to time require to give full effect to this Assignment and to enable the Assignee to enforce payment of the Rentals.
7.   This Assignment shall be binding on the Assignor, the Assignor's heirs, executors, successors and assigns and shall enure to the benefit of the Assignee and our successors and assigns.
IN WITNESS WHEREOF the Assignor has executed this Assignment as of the date first above written.
 
 
 
 
Witness
 
[NAME OF ASSIGNOR]
 
Number of Pages4
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#28619
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
General Assignment of Rents
(Security for Indebtedness)

 

 
THIS ASSIGNMENT made as of [Date of Agreement (ie. July 1, 2002)] between [Name of Assignor] (the "Assignor") of [Address of Assignor] and [Name of Assignee] (the "Assignee") of [Address of Assignee].
WHEREAS:
(A)   By a promissory note dated [Date of Promissory Note] (the "Note"), the Assignor acknowledged  indebted to the Assignee in the amount of [Amount of Indebtedness (ie. $20,000.00)] (the "Indebtedness"); and
(B)   As further and collateral security for the repayment of the Indebtedness, the Assignor has agreed to assign to the Assignee all rentals arising from the property known and described as [Description of Property (ie. 123 Whiteacre Avenue, Anyplace, California)] (the "Property");
NOW THEREFORE in consideration of the recitals, the mutual covenants hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:
1.   The Assignor hereby assigns to the Assignee all leases (the "Leases") and rentals (the "Rentals") arising from time to time in respect of the Property together with all benefits and advantages to be derived from the Leases and Rentals and the Assignor hereby grant to the Assignee, the reversion of the Leases in order to enable the Assignee to enforce payment of the Rentals.
2.   The Assignor represents, warrants, covenants and agrees that:
(a)   there is no existing default under the Leases;
(b)   the Assignor will perform all the Assignor's obligations under the Leases;
(c)   the Assignor will only accept payment of the Rentals due and payable under the Leases as and when the Rentals fall due under the terms of the Leases; and
(d)   the Assignor will not accept the surrender of the Leases or amend or vary the terms of the Leases or assign the Rentals or waive performance by any lessee named in the Leases of any of their covenants contained in the Leases without the Assignee's prior consent in writing.
3.   Nothing contained in this Assignment shall be deemed to make the Assignee responsible for the collection of the Rentals or for the performance of any covenants, terms or conditions contained in the Leases, and the Assignee shall not, by virtue of this Assignment, be deemed a mortgagee in possession of the Property.
4.   The Assignee shall only be liable to account for such monies as may actually come into its hands by virtue of this Assignment less proper collection charges and any monies so received shall be applied on account of the Indebtedness.
5.   The Assignee will not cause any lessee under the Leases to pay rent to the Assignee unless and until the Assignor defaults in payment of any amount owing under the Note or in performance of any covenant contained in the Note or this Assignment.
6.   The Assignor will execute such further documents as the Assignee may from time to time require to give full effect to this Assignment and to enable the Assignee to enforce payment of the Rentals.
7.   This Assignment shall be binding on the Assignor, the Assignor's heirs, executors, successors and assigns and shall enure to the benefit of the Assignee and our successors and assigns.
IN WITNESS WHEREOF the Assignor has executed this Assignment as of the date first above written.
 
 
 
 
Witness
 
[NAME OF ASSIGNOR]
 
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