This form is a deed of trust modification. It is to be entered into by a borrower, co-grantor, and the lender. The agreement modifies the mortgage or deed of trust to secure a debt described within the agreement. Other provisions include: renewal and extension of the lien, co-grantor liability, and note payment terms.
Deed Of Trust With Assignment Of Rents In Queens
State:
Multi-State
County:
Queens
Control #:
US-00183
Format:
Word;
Rich Text
Instant download
Description
Free preview
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FAQ
Final answer: The assignment of rents clause primarily benefits the lender or financier in a mortgage arrangement. However, in some situations, tenants can indirectly benefit from the clause by ensuring continuation of essential services.
The assignment of rents clause is a provision in a mortgage or deed of trust. It gives the lender the right to collect rents from mortgaged properties if the borrower defaults. All incomes and rents from a secured property flow to the lender and offset the outstanding debt. Clearly, this benefits the lender.
Disadvantages of a Trust Deed For borrowers, if financial circumstances change, default on repayment can result in property foreclosure.
ASSIGNMENT OF RENTS - Trustor hereby assigns and transfers to Beneficiary all right, title and interest in rents generated by the property, including rents now due, past due, or to become due under any use of the property, to be applied to the obligations secured by this Deed of Trust.
Visit the City Register Office in the borough where the property is located. Visit the Queens City Register Office to view Brooklyn property record books. If you have the Liber/Reel and page, date recorded, type of document, and number of pages, you should visit the Brooklyn City Register Office for microfilm records.
Final answer: The assignment of rents clause primarily benefits the lender or financier in a mortgage arrangement. However, in some situations, tenants can indirectly benefit from the clause by ensuring continuation of essential services.