Assignment of Mortgage
How To Use
This review list is provided to inform you about this document in question and assist you in its preparation. This is a standard assignment of mortgage. It is a complicated document and should be reviewed especially carefully prior to executing.
- Make multiple copies. Give one to each signatory. Keep one with the transaction file.
Assignment of Mortgage
This Assignment dated __________________ between ______________ (“Assignor”), of __________________________ and ____________________ (“Assignee”), of _______________________________.Whereas:
(A) By a mortgage dated _____________ (“Mortgage”), and recorded on _________ as Registration/Recordal Number ________, the property described as _______________, (“Property”) was mortgaged in favor of the Assignor to secure payment of the principal sum of $___________________with interest as therein set out upon the terms therein mentioned;
(B) There is now owing upon the Mortgage for principal $________________ together with interest thereon from the date hereof,
(C) Assignor has agreed to assign the Mortgage to Assignee;
In consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows:
1. Assignor hereby assigns, transfers and sets over to Assignee Assignor’s interest as mortgagee in Mortgage and also the sum of Amount of Indebtedness now owing from mortgage borrower to Assignor $____________ now owing as aforesaid, together with all monies that may hereafter become due or owing in respect of Mortgage, the charge upon the Property and the full benefit of all powers and of all covenants contained in Mortgage, and also the full power and authority to use the name or names of Assignor for enforcing the performance of the covenants and other matters and things contained in Mortgage.
2. Assignor makes this assignment to Assignee, to have and to hold the said Mortgage and all monies arising in respect of the same and to accrue thereon, to the use of Assignee absolutely forever, but subject to the terms contained in such Mortgage.
3. Assignor hereby covenants with Assignee that Mortgage is a good and valid security and the sum of Amount of Indebtedness Now Owing from Mortgage Borrower to Assignor $_______________ is now owing and unpaid and that Assignor has not done or permitted any act, matter or thing whereby Mortgage has been released or discharged either partly or in its entirety.
4. Assignee may collect, realize, sell or otherwise deal with the assigned accounts or any part thereof in such manner, upon such terms and conditions and at such time or times as may seem to it advisable and without notice to Assignor (except as otherwise required by any applicable law), and may charge on its own behalf and pay to others reasonable sums for expenses incurred and for services rendered (expressly including legal advice and services) in or in connection with collecting, realizing, selling or obtaining payment of the Assigned Accounts and may add the amount of such sums to the indebtedness of Assignor.
5. Assignor shall from time to time forthwith on Assignee’s request do, make and execute all such further assignments, documents, acts, matters and things as may be required by Assignee of or with respect to Mortgage as may be required to give effect to these presents, including, but not limited to obtaining waivers and subordinations of interests in Mortgage from any persons having a prior claim or interest thereto. Assignor hereby constitutes and appoints Assignee the true and lawful attorney of Assignor irrevocable with full power or substitution to do, make and execute all such statements, assignments, documents, acts, matters or things with the right to use the name of Assignor whenever and wherever it may be deemed necessary or expedient.
6. The provisions hereof shall inure to the benefit of the successors and assigns of Assignee and shall be binding upon the respective heirs, executors, administrators, successors and assigns of Assignor.
7. This is the entirety of the agreement. Any changes must be made in writing and signed by both parties. Any disputes must be brought in the state of ______________.