Assignment of Rents and Leases KRS 286.5-441

The document requires:
•    Name of the Borrower, Lessor, Assignor (KRS 382.430, KRS 382.200)
•    Name and address of the Lender, Assignee (KRS 382.290(6), 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)

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.

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