A New York Mortgage Security Agreement And Assignment of Leases And Rents is a legal document that allows a lender to secure a mortgage loan with real estate and/or other personal property. This document describes the mortgaged property, the amount of the loan, and the terms of repayment. It also provides for the assignment of leases, rents, and other income derived from the mortgaged property to the lender to secure repayment of the loan. There are two types of New York Mortgage Security Agreement And Assignment of Leases And Rents: a residential mortgage security agreement and an assignment of leases and rents. The residential mortgage security agreement is used when a borrower takes out a mortgage loan to purchase a residential property, such as a single-family home or a condo unit. The assignment of leases and rents is used when a lender loans money to a borrower using an existing rental property as collateral.