Assignment of Leases and Rents
(Pro-Lender) (NY)

Summary

This template assignment of leases and rents is used in an acquisition loan transaction by a borrower to assign to a lender the leases and occupancy agreements related to a mortgaged property in New York and all rents and sums payable thereunder. This template includes practical guidance, drafting notes, alternate clauses, and optional clauses. This document is often broken out from the other loan documents so that it can be recorded to memorialize such assignment, although such assignment may also be included in the provisions of the mortgage. This template is drafted from the lender's perspective but includes drafting tips for the borrower. For information on New York commercial financing transactions, see Commercial Real Estate Financing Transactions (NY), Commercial Real Estate Financing (NY), and Commercial Real Estate Acquisition Loan Resource Kit (NY).