Lake County Assignment of Leases and Rents (Individual) Form

The Ohio Assignment of Leases and Rents (Individual) is written around one owner. A single natural person who holds an Ohio rental property in that person's own name, and who has signed a promissory note and mortgage to a lender, assigns to that lender the owner's whole interest in the property's leases and in the rent they produce, as additional security for the loan. The form recites that configuration in fixed text, carries one signature block headed ASSIGNOR, and closes with one acknowledgment certificate.

A recital that fixes the owner before the assignment begins

Section 1 prints, above the name blank, that the Assignor is an individual acting in the Assignor's own right and is the sole owner of the Property and the landlord under the Leases. That sentence is fixed text, not a blank or a box to check; the name entered beneath it is the name on the vesting deed and the mortgage, and the recital states the status the owner asserts while the recorded deed remains the source of the title. The lender, the Assignee, is named from the note and mortgage and does not sign. Ohio prescribes no form for an assignment of rents, so the instrument does its work through its own words: Revised Code Section 1335.04 asks for a signed writing to assign an interest in land, Section 317.08(A)(19) gives the county recorder authority to record an instrument by which land is encumbered, and Section 5301.25 makes recording the step that gives later purchasers notice.

Rents that stay with the owner until a default

The assignment in Section 6 is a present one, made as security and not as a mere pledge. Section 7 then grants the owner a revocable license to collect and keep the rents, never more than a month ahead, for as long as no Event of Default exists under the note, the mortgage, or the assignment. When a default does occur the license ends by itself; the lender may collect from the tenants, apply the money to the debt and to the costs of running the property, and step into the landlord's rights, and a tenant who pays the lender after written notice of the default is discharged to that extent.

Consent to a receiver, recorded with the instrument

Ohio's receivership statute, Revised Code Section 2735.01, authorizes a court to appoint a receiver to enforce a contractual assignment of rents and leases and, in a mortgage foreclosure, where the mortgagor has consented in writing. Section 9 of the form places the owner's consent under both provisions on the face of the recorded assignment, so the written consent travels with the title record rather than sitting in a loan file. Section 10 confirms that the lender takes on none of the landlord's duties by accepting the assignment and that the assignment ends when the loan is paid in full.

What the single-owner configuration carries

The form is set up for exactly one assignor, a natural person signing in that person's own right as the sole owner of the property. It carries one signature block, one acknowledgment certificate printed with the Section 147.55(A) short form for an individual, and no second-assignor block, no spousal signature line, and no dower release; the mortgage the assignment accompanies is where Ohio practice places a dower release, and the guide describes the dower statutes as they bear on a married owner. A landlord who inherited a rental house, took title alone, and later borrowed against it, and an owner refinancing a duplex titled in one name, present the single-owner pattern this form recites. The form is not set up for two or more co-owners, for a limited liability company or other entity, for a trustee, or for an attorney-in-fact, each of which changes the recital and the certificate. The property section collects the permanent parcel number and the municipal corporation or township beside the legal description, the items Section 5301.46(B) names for a separate instrument of assignment in a sectional-index county, and because the instrument conveys no title it goes to the recorder directly rather than through the auditor's transfer process.

The package contains the fillable Ohio Assignment of Leases and Rents (Individual) form, a completed example showing a Summit County owner assigning the leases and rents of a two-unit rental to a lender, and a guide covering each section, signing and notarization, and recording. The guide and this description explain the form and the statutes in general terms and are not legal advice.