Assignment of Rents and Leases
The document must have the following information:
- Name of the Borrower, Lessor, Assignor (KRS 382.430, KRS 382.200)
- Name and address of the Lender, Assignee (KRS 382.290(2), KRS 382.335(2))
- Source of Title (KRS 382.110)
- Legal description (Common Law and OAG 81-100)
- Maturity date (OAG 80-3 & KRS 382.330)
- Preparation Statement (KRS 382.335)
The clerk shall request a return mail address (KRS 382.240)
The borrower must sign the document, and the signature must be acknowledged.
This document is filed when a borrower uses fees collected under rental or lease agreements as additional security for a mortgage. When it is filed simultaneously with a mortgage, the mortgage should be timed in first. (KRS 286.5.441)
Statutes covering Assignments of Rents/Leases See KRS 286.5.441
OAG 80-3 indicates this document may be filed in the deed, mortgage or miscellaneous book. It is left to the discretion of the clerk. However, the OAG recommends the Mortgage book.
*The legal process fee of $4.00 is included in this document due to the wording in OAG 80-3. "The instrument involved here is a unique creature unto itself, but it contains the characteristics of both a deed and a mortgage. It is a straightforward transfer of an interest in realty for a term and thus is like a deed. Yet it also stands as a security for an obligation..." Both deed and mortgage require a legal process fee.