This form is a deed of trust modification. It is to be entered into by a borrower, co-grantor, and the lender. The agreement modifies the mortgage or deed of trust to secure a debt described within the agreement. Other provisions include: renewal and extension of the lien, co-grantor liability, and note payment terms.
Deed Of Trust Records With Assignment Of Rents In Maricopa
State:
Multi-State
County:
Maricopa
Control #:
US-00183
Format:
Word;
Rich Text
Instant download
Description
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FAQ
ASSIGNMENT OF RENTS - Trustor hereby assigns and transfers to Beneficiary all right, title and interest in rents generated by the property, including rents now due, past due, or to become due under any use of the property, to be applied to the obligations secured by this Deed of Trust.
How do I get a copy of my deed? Documents recorded with the Maricopa County Recorder's Office are available and searchable through the Maricopa County Recorded Document Search. To locate a copy of your deed, search using your last name and first name.
In Maricopa County, over 90% of documents are recorded digitally. Prior to submitting documents for digital recording, a customer must open an account with the Recorder's Office and sign a Memorandum of Understanding specifying how digital documents are to be submitted.
To start your deed search, first determine the county covering the land at the time the deed was made. Then contact that county recorders office. All Arizona counties have at least some land records online, check the websites below.
ASSIGNMENT OF RENTS - Trustor hereby assigns and transfers to Beneficiary all right, title and interest in rents generated by the property, including rents now due, past due, or to become due under any use of the property, to be applied to the obligations secured by this Deed of Trust.
Final answer: The assignment of rents clause primarily benefits the lender or financier in a mortgage arrangement. However, in some situations, tenants can indirectly benefit from the clause by ensuring continuation of essential services.
An assignment in a deed of trust is a legal transfer of the lender's interest in the security instrument (the deed of trust) to a new party (the assignee). The assignor (current lender) transfers all rights, title, and interest in the deed of trust to the assignee, who becomes the new lender of record.
This assignment allows the new lender to enforce the terms of the deed of trust, collect payments, and take action in case of default. Recording this assignment in the county records where the property is located is crucial to maintain a clear chain of title and ensure the enforceability of the deed of trust.
