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Assignment of Assignment of Leases and Rents

Definition of "Assignment of Assignment of Leases and Rents"

The Assignment of Assignment of Leases and Rents is a document through which a lender transfers the rights over any revenue derived from renting or leasing a property with a mortgage in default, to another lender.

What is an Assignment of Assignment of Leases and Rents:

The Assignment of Assignment of Leases and Rents can be seen as a continuation of the Assignment of Leases and Rents. Through an Assignment of Leases and Rents the lender gains rights to any income derived from renting or leasing a property with a mortgage in default. Along this line, an Assignment of Assignment of Leases and Rents further transfers this to another lender, once the mortgage is transferred through the Assignment of Mortgage.

Example:

Here's a real-life example from one of the properties researched on PropertyShark:

The initial lender Starwood Property Mortgage LLC transfers the rights over revenue coming from leases and rents from the borrowing property to its business correspondent, Starwood Property Mortgage Bc LLC. This is done at the same time with the transfer of mortgage.

References:
http://agreements.realdealdocs.com/Lease-Assignment-Agreement-/ASSIGNMENT-OF-ASSIGNMENT-OF-RENTS-AND-LE-2895645/

Disclaimer:
The glossary is intended to provide real estate professionals and home buyers with a basic understanding of various specialized terms related to legal rights over a property. All terms appear in public records such as ACRIS. We do not take responsibility for the legal accuracy of the definitions provided and ask that use of these explanations in a legal setting be made only after checking with a lawyer or another specialist in the field.