The Deed of Assignment of Rental Income is a crucial legal instrument in New Zealand's property and finance sectors, commonly used when property owners need to transfer their right to receive rental income to another party. This arrangement might be implemented as security for a loan, as part of a property investment structure, or in various other commercial contexts. The deed must comply with New Zealand legal requirements, particularly the Property Law Act 2007 and Contract and Commercial Law Act 2017. It typically includes detailed information about the property generating the rental income, the parties involved, duration of the assignment, payment mechanisms, and any conditions attached to the assignment. This document is particularly important in commercial property transactions and financing arrangements where rental income streams are being used as security or being traded as an asset.
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1. Parties: Details of the Assignor (current recipient of rental income) and Assignee (person/entity receiving the assignment of rental income)
2. Background: Context of the assignment, including details of the property generating rental income and reason for assignment
3. Definitions: Key terms used throughout the deed including 'Rental Income', 'Property', 'Tenant', 'Lease Agreement', etc.
4. Assignment: Core provision assigning the rental income from Assignor to Assignee
5. Consideration: Details of payment or other consideration given for the assignment
6. Assignor's Warranties: Warranties regarding ownership of rental income, no prior assignments, and authority to assign
7. Notice to Tenants: Provisions regarding notification to tenants of the assignment
8. Duration of Assignment: Period for which the assignment remains in effect
9. Payment Arrangements: Mechanics of how rental payments will be redirected to the Assignee
10. GST: GST treatment of the rental income and assignment
11. Execution: Formal execution block meeting requirements for a deed under NZ law
1. Security Provisions: Required if the assignment is being given as security for a loan or other obligation
2. Property Management: Include if there are specific arrangements regarding who will manage the property and collect rents
3. Insurance: Include if specific insurance requirements are to be maintained
4. Default and Remedies: Include if specific remedies for default are required, particularly relevant if assignment is for security
5. Registration: Include if the assignment needs to be registered on the Personal Property Securities Register
6. Costs and Expenses: Include if there are specific provisions about who bears the costs of the assignment
7. Further Assurances: Include if parties need to take additional steps to perfect the assignment
1. Property Details: Schedule containing full legal description of the property/properties generating the rental income
2. Lease Details: Schedule listing all relevant lease agreements and their key terms
3. Tenant Details: Schedule listing current tenants and their contact information
4. Payment Instructions: Schedule detailing bank account and payment arrangements for redirecting rental income
5. Form of Notice to Tenants: Template notice to be sent to tenants informing them of the assignment
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