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Deed Of Assignment Of Rental Income
"I need a Deed of Assignment of Rental Income for my Manila commercial property to assign rental income to ABC Bank as security for a business loan of 5 million pesos, with the assignment to commence on March 1, 2025."
1. Parties: Identification of the Assignor (current owner of rental income) and Assignee (recipient of rental income), including their complete legal names, addresses, and tax identification numbers
2. Background: Context of the assignment, including details of property ownership and existing lease arrangements
3. Definitions: Definitions of key terms used throughout the deed, including 'Rental Income', 'Property', 'Lease Agreement', etc.
4. Assignment: Core provision detailing the assignment of rental income, specifying the scope and duration of the assignment
5. Consideration: Details of the payment or consideration given for the assignment
6. Assignor's Representations and Warranties: Warranties regarding ownership of rental income, no prior assignments, and authority to assign
7. Assignor's Covenants: Ongoing obligations of the Assignor, including cooperation with rent collection and non-interference
8. Assignee's Rights and Obligations: Rights to receive rental income and related obligations, including any responsibilities for tax payments
9. Notice to Tenants: Provisions regarding notification to existing tenants about the assignment
10. Term and Termination: Duration of the assignment and circumstances under which it may be terminated
11. Governing Law: Specification of Philippine law as governing law and jurisdiction
12. Execution: Formal execution block with requirements for notarization under Philippine law
1. Security Provisions: Additional security arrangements if the assignment is part of a security arrangement for a loan
2. Tax Provisions: Detailed tax arrangements if specific tax structuring is required
3. Property Management: Provisions regarding property management responsibilities if relevant to the assignment arrangement
4. Insurance: Requirements for insurance coverage if specific insurance arrangements are needed
5. Default and Remedies: Specific provisions dealing with default scenarios and available remedies
6. Assignment and Transfer: Provisions regarding further assignment rights if these need to be addressed
7. Dispute Resolution: Specific dispute resolution mechanisms beyond court jurisdiction if agreed
1. Schedule 1 - Property Details: Detailed description of the property generating the rental income, including title information
2. Schedule 2 - Existing Lease Agreements: List and copies of all current lease agreements affecting the property
3. Schedule 3 - Payment Mechanisms: Details of bank accounts and payment procedures for rental income
4. Schedule 4 - Form of Notice to Tenants: Template notice to be sent to tenants informing them of the assignment
5. Schedule 5 - Rental Income Schedule: Details of current rental income streams, payment dates, and amounts
6. Appendix A - Power of Attorney: If required, power of attorney for rental collection and management
7. Appendix B - Required Regulatory Approvals: Copies of any required regulatory or government approvals
Authors
Assignment
Assignment Period
Assignor
Assignee
Business Day
Commencement Date
Default Event
Effective Date
Encumbrance
Event of Default
Existing Leases
Future Leases
Lease Agreements
Lease Payments
Notice
Parties
Payment Date
Permitted Encumbrance
Property
Rental Income
Rental Period
Security Interest
Tax
Tenants
Term
Transaction Documents
Transfer
Working Day
Consideration
Representations and Warranties
Covenants
Payment Mechanics
Security
Notice Requirements
Tax Compliance
Default and Remedies
Force Majeure
Indemnification
Term and Termination
Further Assurance
Severability
Entire Agreement
Amendment
Waiver
Assignment and Transfer
Notices
Costs and Expenses
Governing Law
Dispute Resolution
Confidentiality
Registration and Stamp Duty
Counterparts
Third Party Rights
Authority and Capacity
Binding Effect
Compliance with Laws
Property Management
Real Estate
Banking and Finance
Property Development
Investment Management
Commercial Property
Residential Property
Property Management
Financial Services
Legal
Finance
Real Estate
Credit Risk
Asset Management
Property Management
Corporate Finance
Loan Administration
Contract Management
Investment
Real Estate Manager
Property Manager
Financial Controller
Chief Financial Officer
Legal Counsel
Corporate Lawyer
Banking Officer
Credit Risk Manager
Asset Manager
Investment Manager
Property Development Manager
Loan Officer
Contract Administrator
Real Estate Director
Finance Director
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