Assignment of Rents (Corporate Form)
Loan No. _________
_________, organized and existing under the laws of the _________ in order to secure an indebtedness of _________ a corporation, $_____, executed a mortgage of even date herewith, mortgaging to _________, referred to as Mortgagee, the following described real estate:
and, Mortgagee is the holder of the mortgage and the note secured by the mortgage: Now, Therefore, in order to further secure the indebtedness, and as a part of the consideration of the transaction, the undersigned corporation assigns, transfers and sets over to Mortgagee, and/or its successors and assigns, all the rents now due or which may become due under or by virtue of any lease, either oral or written, or any letting of, or any agreement for the use or occupancy of any part of the premises described, which may have been or may be made or agreed to, or which may be made or agreed to by the Mortgagee under the power granted, it being the intention to establish an absolute transfer and assignment of all such leases and agreements and all the avails hereunder to the Mortgagee and especially those certain leases and agreements now existing upon the property described above.
The undersigned, irrevocably appoint the Mortgagee the agent of the undersigned for the management of the property, and authorize the Mortgagee to let and re-let the premises or any part of the premises, according to its own discretion, and to bring or defend any suits in connection with the premises in its own name or in the names of the undersigned, as it may consider expedient, and to make such repairs to the premises as it may deem proper or advisable, and to do anything in and about the premises that the undersigned might do, ratifying and confirming anything and everything that the Mortgagee may do.
It is understood and agreed that the Mortgagee shall have the power to use and apply the avails, issues and profits toward the payment of any present or future indebtedness or liability of the undersigned to the Mortgagee, due or to become due, or that may be contracted, and also toward the payment of all expenses for the care and management of the premises, including taxes, insurance, assessments, usual and customary commissions to a real estate broker for leasing the premises and collecting rents and the expense for such attorneys, agents and servants as may reasonably be necessary.
It is further understood and agreed, that in the event of the exercise of this assignment, the undersigned will pay rent for the premises occupied by the undersigned at the prevailing rate per month for each room, and a failure on the part of the undersigned to promptly pay rent on the first day of each and every month shall, in and of itself constitute a forcible entry and detainer and the Mortgagee may in its own name and without any notice or demand, maintain an action of forcible entry and detainer and obtain possession of the premises. This assignment and power of attorney shall be binding upon and inure to the benefit of the heirs, executors, administrators, successors and assigns of the parties and shall be construed as a Covenant running with the land, and shall continue in full force and effect until all of the indebtedness or liability of the undersigned to the Mortgagee shall have been fully paid, at which time this assignment and power of attorney shall terminate.
It is understood and agreed that the Mortgagee will not exercise its rights under this Assignment until after default in any payment secured by the mortgage or after a breach of any of its covenants.
The failure of the Mortgagee to exercise any right which it might exercise under this Agreement shall not be deemed a waiver by the Mortgagee of its right of exercise thereafter.
In Testimony of These Things, the undersigned corporation has caused these presents to be signed by its President and its corporate seal to be affixed and attested by its _________ Secretary this _________ day of _________[month, year].
State of _________
County of _________
I, the undersigned, a Notary Public in and for the County, in the State set forth above, Do Certify That personally known to me to be the _________ President of _________ a corporation, and _________ personally known to me to be the _________ Secretary of the corporation, and personally known to me to be the same persons whose names are subscribed to the above instrument, appeared before me this day in person and severally acknowledged that as such officers, they signed and delivered the instrument as such officers of the corporation and caused the corporate seal of the corporation to be affixed, pursuant to authority, given by the Board of Directors of the corporation as their free and voluntary act, and as the free and voluntary act and deed of the corporation, for the uses and purposes set forth.
Given under my hand and Notarial Seal, this _________ day of _________[month, year],
This Instrument Was Prepared By: _________
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