Florida Assignment of Note and Deed of Trust as Security for Debt of Third Party is a legal document used in real estate transactions to secure a debt owed by a third party. This agreement is commonly used in mortgage lending when a borrower needs additional collateral to secure a loan. Key Terms: 1. Assignment: The assignment transfers the rights and obligations of the original lender (assignor) to a third party (assignee). In Florida, the assignment of a note and deed of trust is essential to protecting the lender's interests. 2. Note: The note represents the borrower's promise to repay the loan amount borrowed, along with any interest and fees. It specifies the terms and conditions of the loan, including payment schedules and interest rates. 3. Deed of Trust: A deed of trust is a legal instrument used to secure the borrower's repayment obligation with the property being purchased. It provides the lender with a security interest in the property and allows for its sale in case of default. In Florida, the deed of trust is recorded in the local county's public records. 4. Security for Debt: The assignment of note and deed of trust serves as security for a debt owed by a third party. It provides the lender with an additional layer of protection, typically required if the borrower's creditworthiness is not sufficient to secure the loan independently. Types of Florida Assignment of Note and Deed of Trust as Security for Debt of Third Party: 1. Non-Recourse Assignment: In this type, the assignee's right to recovery is limited to the property securing the debt. If the borrower defaults, the lender cannot pursue any additional assets of the assignee. 2. Full Recourse Assignment: This type allows the assignee to recover the debt amount from both the assigned property and the assignor's personal assets. If the assigned property's value is insufficient to cover the debt, the assignee may seek additional repayment from the assignor. 3. Partial Recourse Assignment: In this type, the assignee has recourse to a certain percentage of the assignor's personal assets, beyond the value of the assigned property. The specific percentage is typically specified in the assignment agreement. Note that the exact terminology and specifics of the assignment of note and deed of trust may vary depending on the specific jurisdiction within Florida. It is advisable for all parties involved to consult with a qualified real estate attorney to ensure compliance with applicable laws and to draft a legally binding agreement that protects all parties' interests.