Assignment of Leases & Rents

It's recorded at the time of the mortgage. It gives the lender the right to the income from any leases, rents, etc., if the borrower defaults. Without it, the borrower could stop paying the mortgage and still collect various revenues. The assignment makes those revenues collateral, so the lender can step in, show the assignment, and collect the money directly from the tenant.

You'll see one accompanying almost any mortgage of commercial property.

thanks NWT!

saw that in ACRIS there are 2 types of docs that are similar "Assignment of Leases & Rents" and "Assignment of Assignment of Leases & Rents". what's the difference? does the 2nd mean that the mtg is in default and the lender is actually collecting that collateral?

The assignment of assignment is just one lender selling the mortgage to another lender. There should also be an accompanying assignment of mortgage.

As far as I've ever seen, there's nothing recorded in ACRIS to show somebody's in default or potentially in default. PropertyShark and those foreclosure-info outfits must be getting their data from somewhere, but it's not ACRIS. Maybe from whichever court.

Try googling one of those Macklowe buildings that defaulted, then track it in ACRIS to see what, if anything, shows.

> As far as I've ever seen, there's nothing recorded in ACRIS to show somebody's in default or potentially in default.

which document would be recorded when in default?

> Try googling one of those Macklowe buildings that defaulted, then track it in ACRIS to see what, if anything, shows.

ok, will do! :-)