1. For value received, _________________, of ______________________,
assignor, assigns and transfers to _________________,
of ________________________, assignee, all rents and
other sums due and to become due assignor under that
lease dated ______________________, 20______, between
assignor as lessor, and _______________, as lessee,
for the lease of the following described property:
____________________________.
2. Assignor warrants and represents that:
a. Assignor is the lawful owner of the above- described
lease and of the rental property that is the subject
thereof and of all rights and interests therein;
b. The lease is genuine, valid, and enforceable;
c. Assignor has a right to make this assignment;
d. The rental property and rental payments and other
sums are free from liens, encumbrances, claims and
set offs of every kind whatsoever except as follows:
____________________________; and
e. The balance of rental payments unpaid as of the
date of this assignment is ___________________ Dollars
($_________), commencing with the next payment due
on _______________________, 20_______.
3. Assignor understands and agrees that:
a. Assignee does not assume any of the obligations
arising under the lease;
b. Assignor will keep and perform all of his obligations
as lessor under the lease, and shall indemnify assignee
against the consequences of any failure to do so;
c. Assignor will not assign any other interest in
the lease, nor sell, transfer, mortgage, or encumber
the property described in the lease, or any part thereof,
without first obtaining the written consent of assignee;
d. Assignee may, at his discretion, give grace or
indulgence in the collection of all rent and other
sums due or to become due under the lease, and grant
extensions of time for the payment of any such sums;
e. Assignor waives the right to require assignee
to proceed against lessee, or to pursue any other
remedy;
f. Assignor waives the right, if any, to obtain
the benefit of or to direct the application of any
security that is or may be deposited with assignee
until all indebtedness of lessee to assignee arising
under the lease has been paid; and
g. Assignee may proceed against assignor directly
or independently of lessee, and the cessation of the
liability of lessee for any reason other than full
payment shall not in any way
affect the liability of assignor hereunder, nor shall
any extension, forbearance of acceptance, release,
or substitution of security, or any impairment or
suspension of assignee's remedies or
rights against lessee in any way affect the liability
of assignor hereunder.
4. Assignor guarantees due and punctual payment
under the terms of the lease, and on any default by
lessee, assignor will, on demand, repurchase the rights
assigned hereunder by paying to assignee the then
total unpaid balance of rental payments under the
lease.
5. Assignor appoints assignee as his attorney in
fact to demand, receive, and enforce payment and to
give receipts, releases, and satisfactions and to
sue for all sums payable, either in the name of assignor
or in the name of assignee, with the same force and
effect as assignor could have done if this assignment
had not been made.
6. Notice of this assignment may be given at any
time at assignee's option. In the event any payment
under the lease hereby assigned is made to assignor,
assignor will promptly transmit such payment to assignee.
7. This assignment is irrevocable and shall remain
in full force and effect until and unless there is
payment in full of any obligation, the payment of
which is secured by it, or until and unless such obligation
is released in writing by assignee.
Dated _________________________, 20_______.
______________________________
NOTICE
The information in this document is designed to
provide an outline that you can follow
when formulating business or personal plans. Due to
the variances of many local, city, county
and state laws, we recommend that you seek professional
legal counseling before entering into
any contract or agreement.
