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Deed Of Assignment Of Rental Proceeds

Deed Of Assignment Of Rental Proceeds Template for Hong Kong

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Key Requirements PROMPT example:

Deed Of Assignment Of Rental Proceeds

"I need a Deed of Assignment of Rental Proceeds for a commercial property in Hong Kong, where I'm assigning the rental income from three retail units to HSBC Bank as security for a HKD 10 million loan facility starting March 2025."

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Document background
The Deed of Assignment of Rental Proceeds is a crucial document in Hong Kong's property finance landscape, commonly utilized when property owners need to leverage their rental income streams for financing purposes. This deed creates a legal framework for assigning rental proceeds to lenders or financial institutions as security or for other commercial purposes. It is particularly relevant in commercial property financing, where lenders require direct access to rental income as additional security. The document must comply with Hong Kong's Conveyancing and Property Ordinance and related legislation, ensuring proper execution as a deed and registration where necessary. The assignment typically includes detailed mechanisms for rent collection, payment directions to tenants, and the rights and obligations of all parties involved. This document is essential in structuring property-backed financing arrangements and managing rental income streams in Hong Kong's commercial real estate sector.
Suggested Sections

1. Parties: Identifies the Assignor (typically the landlord/property owner), the Assignee (the party receiving the rental proceeds), and other relevant parties

2. Background: Sets out the context of the assignment, including details of the underlying lease and the reason for the assignment

3. Definitions: Defines key terms used throughout the deed

4. Assignment: The operative clause that effects the legal assignment of the rental proceeds

5. Consideration: States the consideration (if any) for the assignment

6. Assignor's Covenants: The promises and obligations of the Assignor, including warranties about their right to assign

7. Payment Mechanics: Details how rental payments will be directed and processed

8. Duration and Termination: Specifies the period of the assignment and circumstances for termination

9. Further Assurance: Obligation to execute further documents if needed to give effect to the assignment

10. Notices: Specifies how formal notices under the deed should be given

11. Governing Law and Jurisdiction: Confirms Hong Kong law applies and Hong Kong courts have jurisdiction

12. Execution: Formal execution block meeting requirements for a deed in Hong Kong

Optional Sections

1. Security Provisions: Include when the assignment is given as security for another obligation

2. Tenant Acknowledgment: Include when direct tenant acknowledgment of the assignment is required

3. Property Manager Provisions: Include when a property manager is involved in collecting rents

4. Tax Provisions: Include when specific tax arrangements need to be addressed

5. Assignment Restrictions: Include when there are restrictions on further assignment of rights

6. Step-In Rights: Include when the Assignee needs rights to directly enforce the lease

7. Priority Arrangements: Include when there are multiple assignments or security interests to be ranked

Suggested Schedules

1. Schedule 1 - Property Details: Details of the property generating the rental proceeds

2. Schedule 2 - Lease Details: Key information about the underlying lease(s)

3. Schedule 3 - Rental Payment Details: Specific information about rental amounts, payment dates, and payment mechanisms

4. Schedule 4 - Form of Notice to Tenant: Template notice informing tenant of the assignment

5. Schedule 5 - Form of Tenant Acknowledgment: Template acknowledgment for tenant to confirm the assignment

6. Appendix A - Copy of Lease: Attached copy of the relevant lease agreement

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Real Estate

Banking and Finance

Property Development

Commercial Leasing

Asset Management

Property Investment

Financial Services

Property Management

Relevant Teams

Legal

Real Estate

Finance

Asset Management

Property Management

Credit

Investment

Commercial

Company Secretarial

Risk Management

Relevant Roles

Property Manager

Real Estate Lawyer

Banking Lawyer

Finance Manager

Asset Manager

Property Director

Legal Counsel

Commercial Director

Investment Manager

Facilities Manager

Company Secretary

Credit Manager

Portfolio Manager

Real Estate Investment Manager

Industries
Conveyancing and Property Ordinance (Cap. 219): Governs the creation and transfer of interests in property, including the requirements for valid assignments and the execution of deeds in Hong Kong
Law Amendment and Reform (Consolidation) Ordinance (Cap. 23): Contains provisions regarding the formalities of contracts and deeds, including requirements for their execution and effectiveness
Stamp Duty Ordinance (Cap. 117): Regulates stamp duty requirements for instruments relating to property transactions, which may be applicable to assignments of rental proceeds
Registration of Personal Property Ordinance (Cap. 560): May be relevant for registration requirements of the assignment to ensure its effectiveness against third parties
Companies Ordinance (Cap. 622): Relevant if any party to the deed is a company, governing execution requirements and registration of charges
Landlord and Tenant (Consolidation) Ordinance (Cap. 7): Contains provisions relating to landlord and tenant relationships, which may affect the assignment of rental proceeds
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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