Assignment of Mortgage
(Absolute) THIS ASSIGNMENT dated as of Effective Date of Assignment (ie. July 1, 2000) between Name of Person Holding Mortgage (Assignor), of Address of Assignor (the “Assignor”) and Name of Person Purchasing Mortgage (Assignee), of Address of Assignee (the “Assignee”). WHEREAS: (A) By a mortgage dated Date of Mortgage (the "Mortgage"), and on Date of Registration/Recordal of Mortgage, as Registration/Recordal Number of Mortgage, Name of Borrower under Mortgage (Mortgagor) (the "Mortgagor") mortgaged the property described as Brief Description of Property (ie. 123 Whiteacre Street, Anywhere, Anyplace) (the "Property") in favour of the Assignor to secure payment of the principal sum of Original Amount of Indebtedness from Mortgage Borrower to Assignor (ie. $100,000.00) dollars with interest as therein set out upon the terms therein mentioned; There is now owing upon the Mortgage for principal the sum of Amount of Indebtedness Now Owing from Mortgage Borrower to Assignor (ie. $86,000.00) dollars together with interest thereon from the date hereof; The Assignor has agreed to assign the Mortgage to the Assignee;
(B)
(C)
NOW THEREFORE, 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. The Assignor hereby assigns, transfers and sets over to the Assignee the Assignor's interest as mortgagee in the Mortgage and also the sum of Amount of Indebtedness Now Owing from Mortgage Borrower to Assignor (ie. $86,000.00) now owing as aforesaid, together with all monies that may hereafter become due or owing in respect of the Mortgage, the charge upon the Property and the full benefit of all powers and of all covenants contained in the Mortgage, and also the full power and authority to use the name or names of the Assignor for enforcing the performance of the covenants and other matters and things contained in the Mortgage. The Assignor makes this assignment to the 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 the Assignee absolutely forever, but subject to the terms contained in such Mortgage. The Assignor hereby covenants with the Assignee that the Mortgage is a good and valid security and the sum of Amount of Indebtedness Now Owing from Mortgage Borrower to Assignor (ie. $86,000.00) is now owing and unpaid and that the Assignor has not done or permitted any act, matter or thing whereby the Mortgage has been released or discharged
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-2either partly or in its entirety. 4. The 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 the 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 the Assignor. The Assignor shall from time to time forthwith on the Assignee's request do, make and execute all such further assignments, documents, acts, matters and things as may be required by the Assignee of or with respect to the Mortgage as may be required to give effect to these presents, including, but not limited to obtaining waivers and subordinations of interests in the Mortgage from any persons having a prior claim or interest thereto. The Assignor hereby constitutes and appoints the Assignee the true and lawful attorney of the 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 the Assignor whenever and wherever it may be deemed necessary or expedient. The provisions hereof shall enure to the benefit of the successors and assigns of the Assignee and shall be binding upon the respective heirs, executors, administrators, successors and assigns of the Assignor.
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Date: Date of Assignment
Witness
Assignor
Witness
Assignee