Jersey City New Jersey Assignment of Commercial Leases as Collateral for Commercial Loan
Category:
State:
Multi-State
City:
Jersey City
Control #:
US-1155BG
Format:
Word;
Rich Text
Instant download
Description
A lender may require that a borrower assign as collateral all of the all of rights, title and interest in and to a lease or leases regarding a commercial loan. This form assigns specific leases on the property which is security for the loan as well as a blanket assignment of all future leases. The Borrower/Owner retains the right to collect rents until a default in the Loan occurs. Upon default, the Lender has the right to collect the rent and apply it to the debt. The Assignment is obviously a collateral assignment as opposed to an absolute assignment.
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