General Assignment of Rents - Security for Mortgage

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This General Assignment of Rents as Security for a Mortgage effectively assigns the rents received on a property as collateral for a mortgage. This Assignment should be set out in writing in the event there are future questions regarding this business transaction. This form is for use in all states and is available for immediate download.

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This General Assignment of Rents as Security for Mortgage effectively assigns all rents received for a property as collateral security for a mortgage on that property. It is important that this Assignment be set out in writing in the event there are future questions or concerns regarding this business transaction.

This General Assignment of Rents as Security for Mortgage includes the following:
  • Parties/Date: Sets out date of the assignment and the names of the assignor and assignee;
  • Mortgage Information: The recording date of the mortgage and description of the property;
  • Assignment Provisions: Sets forth that all rents from the property are assigned as collateral for the mortgage and the terms of the assignment;
  • Signature: The assignor must sign the assignment in front of a witness.

Protect your Rights and your Property by using our professionally prepared up-to-date forms.

This attorney-prepared packet contains:
  1. General Instructions
  2. General Assignment of Rents as Security for Mortgage
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 Mortgage)

 

 

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 mortgage  on [Date of Registration/Recordal of Mortgage] as No. [Registration/Recordal Number of Mortgage] (the "Mortgage"), the Assignor mortgaged the property known and described as [Description of Property (ie. 123 Whiteacre Avenue, Anyplace, California)] (the "Property") in favour of the Assignor to secure payment of all monies due under the Mortgage (collectively 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;
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 Mortgage or in performance of any covenant contained in the Mortgage 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#28969
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 Mortgage)

 

 

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 mortgage  on [Date of Registration/Recordal of Mortgage] as No. [Registration/Recordal Number of Mortgage] (the "Mortgage"), the Assignor mortgaged the property known and described as [Description of Property (ie. 123 Whiteacre Avenue, Anyplace, California)] (the "Property") in favour of the Assignor to secure payment of all monies due under the Mortgage (collectively 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;
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 Mortgage or in performance of any covenant contained in the Mortgage 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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