The Collateral Assignment of Leases and Rents is essential in commercial real estate financing transactions across the United States. It provides lenders with additional security by granting rights to rental income streams and leases associated with mortgaged property. This document becomes particularly important in default scenarios, enabling lenders to secure their interest in the property's income stream. It typically works in conjunction with mortgages or deeds of trust and must comply with state-specific recording requirements and the Uniform Commercial Code.
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1. Parties: Identification of assignor and assignee, including full legal names and addresses
2. Background: Description of underlying loan agreement, property, and purpose of the assignment
3. Definitions: Key terms including Property, Leases, Rents, Security Interest, Events of Default
4. Grant of Assignment: Express language creating the assignment of leases and rents as security
5. Rights and Remedies: Assignee's rights upon default, including collection of rents and enforcement
6. Covenants: Assignor's obligations regarding leases, property management, and maintenance
7. Term and Termination: Duration of assignment and conditions for release upon loan satisfaction
1. License to Collect Rents: Revocable license permitting assignor to collect rents until default occurs
2. Property Management: Specific requirements for property management and maintenance standards
3. Environmental Provisions: Environmental compliance requirements and representations
1. Schedule A - Property Description: Legal description of the encumbered property
2. Schedule B - Existing Leases: List of all current leases affected by the assignment
3. Schedule C - Rent Roll: Current rent roll showing all tenants and payment terms
4. Exhibit A - Form of Tenant Notice: Template for notifying tenants of the assignment of rents
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