Madison County Assignment of Leases and Rents (Two Individuals) Form

Two people who own an Ohio rental property together, and who signed its mortgage together, pledge its rents together. The Ohio Assignment of Leases and Rents (Two Individuals) is drawn for that pair: two natural persons who hold record title as co-owners and are the landlords under the leases, assigning to the holder of their note and mortgage all of their interest in the leases and the rents as additional security for the loan.

Two undivided interests, one rent stream

Under Revised Code Section 5302.19 a deed to two or more persons that creates no survivorship tenancy makes them tenants in common, and under Section 5302.20 a deed that clearly manifests survivorship makes them survivorship tenants; either pair can sign this form, because both of them do. Section 6 states the mechanism in two sentences: each Assignor assigns that Assignor's entire undivided interest in the leases and the rents, and the two Assignors together assign the rents of the whole property, so the entire rental income, and not a share of it, stands as security for the debt. Section 5307.21 lets one tenant in common recover from the other a share of rents received from the estate; with both owners assigning in one instrument, the lender's claim after a default does not depend on how the two divide the rents.

The license the co-owners keep

Section 6 makes the assignment a present one, given as security and not merely a pledge or a lien. Section 7 then grants the co-owners a revocable license to collect, retain, and use the rents as they come due, never more than a month ahead, until an Event of Default under the note, the mortgage, or the assignment. When a default occurs the license ends by itself, the lender may collect from the tenants and apply the rents to the debt, and a tenant who pays the lender after written notice of the default is discharged to that extent. Rents collected before the default stay the owners', the reading Ohio's First District applied in 2022-Ohio-851, where the borrowers, like the Assignors here, were tenants in common.

What both signatures put on the record

Section 9 carries the co-owners' written consent to a receiver under Revised Code Section 2735.01(A)(3) and (A)(2)(b), so the consent travels with the land records. Section 8 carries each Assignor's representations that the two are the landlords and that the leases and rents have not been assigned to anyone else. Section 1335.04 asks for a signed writing to assign an interest in land, and both co-owners sign it; Section 5301.25 makes recording what binds a later purchaser, and Section 317.08(A)(19), as amended effective June 16, 2026, directs the county recorder to record instruments by which land is encumbered.

The two-individual configuration

The form recites exactly two record owners, each an individual acting in that person's own right, in fixed text above the two name blanks, and names one lender, who does not sign. It carries a FIRST ASSIGNOR block and a SECOND ASSIGNOR block and a separate acknowledgment certificate for each, printed with the Section 147.55(A) short form for an individual, so the two may acknowledge on different dates or before different notaries; the separate certificates are the form's architecture, not a statutory command. It prints no dower release; a spouse who is a record co-owner signs as one of the two Assignors, and the mortgage is where Ohio practice places a spouse's release. Two siblings who took title to an inherited duplex by a fiduciary deed and later borrowed against it, an unmarried couple who bought a four-unit building together and signed the note and mortgage jointly, and two friends who hold a rental house as tenants in common and refinanced it present the two-owner pattern this instrument recites. The form is not set up for a sole owner signing alone, for three or more co-owners, for a company, trustee, or attorney-in-fact on either side, or for more than one lender. The instrument conveys no title, so it is recorded with the county recorder without passing across the county auditor's transfer desk.

Included in the package are the fillable Ohio Assignment of Leases and Rents (Two Individuals) form, a completed example showing two Cuyahoga County co-owners assigning the leases and rents of a four-unit building to a private lender, and a guide covering each section, signing, dower, and recording. The guide and this description explain the form and the statutes in general terms and are not legal advice.