A written document which transfers to a mortgagee upon default the owners right to collect rent.
an instrument whereby the mortgagor assigns to the mortgagee, as additional security for the payment of the mortgage debt, all of the mortgagor's interest in the existing and future leases and rents thereof pertaining to the mortgaged property
A written agreement wherein the owner of a property transfers to another party-usually a mortgagee or creditor-possession of the property (but not its ownership) and the right to collect rents, manage the property, and apply the net income toward delinquent mortgage payments.
A provision in a deed of trust (or mortgage) under which the beneficiary may, upon default by the trustor, take possession of the property, collect income from the property and apply it to the loan balance and the costs incurred by the beneficiary.
A charge registered against title allowing a lender to collect rent directly from a tenant if there is a default under a mortgage.
An agreement between the property owner and the mortgagee that transfers to the mortgagee the right to collect rents from tenants in the event of a default by the owner.
A procedure in which a borrower gives a lender the right to receive the rents collected from a tenant in a house owned by the borrower.
An assignment of future rents form property as security for a debt. Back to the Top
A beneficiary in a deed of trust or mortgage may, upon default by the owner (trustor), take possession of the property, collect rent and apply it to the loan balance including the costs to do so.
A clause which provides the lender, in cause of a default, to collect rents and manage the property to apply to the remaining debt.
A transfer to the mortgagee of the right to collect rents from tenants in the event of default by the property owner.
Additional security taken usually in connection with a mortgage or deed of trust which pledges any income from rent or leases in addition to the actual property.