assignment of rents

Definition

A written document which transfers to a mortgagee upon default the owner's right to collect rent.

Use assignment of rents in a sentence

You need to make sure that you keep good track of the assignment of rents so that you can keep up with them.

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The assignment of rents was a contentious agreement that Mark had made with the bank in order to secure the funding to build his condo complex.

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In the mortgage documents they noticed a section referring to assignment of rents. In here it stated that the bank could collect rents if the borrower defaulted.

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