Memphis Tennessee Assignment of Leases and Rents as Collateral Security for a Commercial Loan
Category:
State:
Multi-State
City:
Memphis
Control #:
US-1156BG
Format:
Word;
Rich Text
Instant download
Description
This is a blanket assignment of all present and future leases and rents. It purports to be an absolute assignment rather than a collateral assignment. Some attorneys believe that this type of assignment gives the Lender some advantages if the borrower files for bankruptcy. The Assignor is, in effect, given a "license" to collect the rents so long as there is no default. Even though the leases and rents are normally assigned in the deed of trust, lenders seem to feel more comfortable with a separate assignment.
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