Madison County Assignment of Leases and Rents Forms (Mississippi)

What is the Mississippi Assignment of Leases and Rents

This form induces the Beneficiary/Lender to make a Loan (Deed of Trust or Mortgage) to the Borrower(s). This is done by the Borrower(s)/Grantor(s) making the following representations and warranties:
A. Grantor has good title to the Leases and Rents and good right to assign them, and no other
person has any right in them;
B. Grantor has duly performed all of the terms of the Leases that Grantor is obligated to perform;
C. Grantor has not previously assigned or encumbered the Leases or the Rents and will not further
assign or encumber the Leases or future Rents;
D. No Rents for any period subsequent to the current month have been collected, and no payment of
Rents has been compromised.
E. Grantor has not received any funds from any lessee ("Lessee") under the Leases in excess of one
month's rent for which credit has not been made on account for accrued Rents, and if any such funds
have been received a copy of said account has been delivered to Beneficiary/Lender, and any copy of such account that has been delivered to Beneficiary/Lender is true and complete. The term "Lessee" in this Agreement shall include all persons or entities obligated to Grantor under the Leases;
F. No Lessee is presently in default of any of the terms of the Leases, except as identified in
any Non Disturbance, Subordination and Attornment Agreements delivered to Beneficiary/Lender concurrently with this Agreement;
G. Grantor has not and will not waive or otherwise compromise any obligation of Lessee under any of the Leases and will enforce the performance of every obligation to be performed by the Lessees
under the Leases;
H. Grantor has derived or will derive material benefit from the Loan made to Borrower.

Executed/signed by grantor(s)/borrower(s) this instrument allows holders of a Deed of Trust or Mortgage to collect existing leases and/or rents if a default happens.
It allows the lender/beneficiary right to collect and receive all revenue ("Rents") from the Leases now due or which may become due (the term "Rents" in this Agreement includes, but is not limited to, the following: accounts, revenues, issues, profits, rents, minimum rents, percentage rents, additional rents, common area maintenance charges, parking charges, real estate taxes, other applicable taxes, security deposits, insurance premium contributions, liquidate damages following default, cancellation premiums, "loss of rents" insurance or other proceeds, and all rights and claims which Grantor may have against any person under the terms of the leases, including proceeds from any of the above).

(Mississippi Assignment Package includes form, guidelines, and completed example) For use in Mississippi only