Ashland County Satisfaction of Assignment of Leases and Rents Form

When an Ohio rental property is financed, the closing often produces two recorded instruments instead of one: the mortgage, and a separate assignment of leases and rents that hands the lender the leases and the rent stream as additional collateral. This Ohio Release of Assignment of Leases and Rents is the second of those two: the instrument by which the assignee of record discharges the recorded assignment and reassigns the leases and rents to the owner who gave them.

Two instruments at the closing, two releases at the payoff

A mortgage satisfaction speaks to the mortgage and to nothing else. The assignment of leases and rents is a different instrument, recorded under its own number and indexed under its own parties, and it stays of record after the mortgage is released until an instrument addressed to it is recorded. Ohio Revised Code Section 317.08(A)(19) places mortgages and the other instruments by which land is affected or encumbered in the recorder's official records, and a release of an assignment of leases and rents goes into those same records, beside the assignment it ends.

Searched as a satisfaction of assignment of rents, a discharge of assignment of leases and rents, or a termination of assignment of rents, the act is the same: the holder of the collateral gives it back of record. The assignee, as holder of record, releases, discharges, and terminates the assignment, and releases, reassigns, and quitclaims to the assignor all of the assignee's right, title, and interest in the leases, rents, income, issues, and profits it carried. A second sentence confines the instrument to that one assignment; the mortgage satisfaction is a separate instrument, prepared and recorded separately and not included in this package.

What the release reassigns, and what it leaves alone

The form reaches the security interest and nothing more. It does not touch the leases themselves, which continue between the landlord and the tenants exactly as written, and it gives no tenant any direction about where to pay. It recites no payoff figure and operates by its own words whatever the reason for it.

Why the parcel number and the township are on the form

Ohio counties that keep sectional indexes under ORC 317.20 require a release made by separate instrument to describe the property well enough to index it. ORC 5301.46 names the items: the permanent parcel number, if there is one, together with the section, range, tract, subdivision, addition, lot, quarter, and municipal corporation, town, or township. The property section carries the legal description copied from the recorded assignment, the parcel number, the municipal corporation or township, and the street address, and the form identifies the released assignment by date, parties, and recording reference, the cross-reference ORC 5301.33 uses when the recorder notes a separate instrument on the margin of the original record.

Execution follows the Ohio acknowledgment pattern: ORC 5301.01 names the officers who take an acknowledgment, ORC 5301.33 attaches that acknowledgment to a separate instrument affecting a recorded lease, and the certificates print the ORC 147.55(A) short form for an individual signing in the individual's own right.

One or two assignees signing in their own names

The form is the general configuration for natural-person holders. It carries one free-form block for the assignee of record, a second for the assignor, two signature blocks headed ASSIGNEE and SECOND ASSIGNEE (if applicable), and a separate acknowledgment certificate for each signature, so two holders may acknowledge on different dates or before different notaries. A private lender who took the assignment alone, and a couple who financed a rental property from their own funds, present the patterns this form recites; on a single-assignee release the second block and its certificate stay blank. The form is not set up as a release by a bank or other entity signing through an officer, by a trustee, by an attorney-in-fact, or by three or more holders, and it releases the whole assignment rather than part of it.

The package includes the fillable release of assignment of leases and rents, a completed example filled in for a Franklin County rental property with two assignees and one assignor, and the guide that walks through every section, the governing Ohio statutes, and county recording practice. This description and the guide describe the form and the law in general terms and are not legal advice.