General Assignment of Rents and Leases | Canada
Before loaning money to a borrower, obtain an assignment of rental and lease income from their rental properties with this downloadable template for Canadian lenders.
- The borrower assigns to the lender the amount of all rents and leases payable by the tenants in any rental property owned by the borrower.
- The assignment is given as security for a mortgage loan or other monies being advanced to the borrower by the lender.
- The tenants will continue to pay the rent to the borrower unless and until the lender gives a written demand for it. This would only happen if the borrower defaults.
- The lender does not have any liability or obligation under the lease.
- The Assignment of Rents and Leases can be used in any Canadian province or territory except Quebec.
- Every commercial loan in Canada should include a General Assignment of Rents and Leases as part of its paperwork. Download the form today.
Last Updated: 06-May-2021