The Assignment Of Leases And Rents Form is a crucial document in Canadian real estate financing and security arrangements. It is typically used when a property owner seeks financing and needs to provide additional security to the lender beyond a mortgage. The document assigns the owner's rights to receive rental income and enforce lease agreements to the lender, providing an additional layer of security for the loan. The form must comply with both federal Canadian law and provincial legislation, particularly regarding registration requirements and tenant rights. It includes specific details about the property, existing leases, rental arrangements, and the mechanisms for enforcement of the assignment. This document is particularly important in commercial real estate transactions but can also be used in residential contexts where permitted by provincial law. The assignment can be absolute or conditional, depending on the negotiated terms and the requirements of the particular financing arrangement.
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1. Parties: Identifies the Assignor (property owner/landlord) and Assignee (typically a lender or financial institution), including their full legal names and addresses
2. Background: Describes the context of the assignment, including reference to any related loan agreements, mortgages, or security agreements
3. Definitions: Defines key terms used throughout the document, including 'Leases', 'Rents', 'Property', and 'Security Interest'
4. Assignment: The operative clause that transfers all right, title, and interest in the leases and rents from Assignor to Assignee
5. Property Description: Detailed legal description of the property or properties to which the leases and rents relate
6. Rights and Obligations of Assignor: Outlines the continuing responsibilities of the Assignor regarding lease management and rent collection
7. Rights and Powers of Assignee: Details the Assignee's rights to collect rents and enforce leases, particularly upon default
8. Representations and Warranties: Assignor's declarations regarding ownership, authority to assign, and status of leases
9. Covenants: Ongoing promises by the Assignor regarding lease management, insurance, and property maintenance
10. Default and Remedies: Specifies events of default and the Assignee's available remedies
11. Notice: Requirements and procedures for giving notice under the agreement
12. Governing Law: Specifies that Canadian law governs the agreement and identifies the applicable province
13. Execution: Signature blocks and attestation requirements
1. License to Collect Rents: Used when the Assignor is permitted to continue collecting rents until default or other specified event
2. Priority Provisions: Include when there are multiple assignments or security interests affecting the same property
3. Environmental Representations: Added when environmental concerns are relevant to the property
4. Assignment of Insurance Proceeds: Include when insurance proceeds related to the property are also being assigned
5. Property Management: Added when there are existing property management agreements that need to be addressed
6. Further Assurances: Optional clause requiring parties to execute additional documents if needed
7. Severability: Optional boilerplate provision addressing the severability of contract provisions
1. Schedule A - Property Description: Detailed legal description of all properties covered by the assignment
2. Schedule B - Lease Schedule: List of all existing leases, including key terms, tenant names, and rent amounts
3. Schedule C - Rent Roll: Current rent roll showing all tenants, payment status, and security deposits
4. Schedule D - Excluded Leases: List of any leases specifically excluded from the assignment
5. Appendix 1 - Notice to Tenants: Form of notice to be sent to tenants regarding the assignment
6. Appendix 2 - Consent Forms: Forms for obtaining any required tenant or third-party consents
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