Question for Real Estate Experts in MN?

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I have a question about Assignments of Leases & Rents. Do these attach to the construction loan in the same fashion that a regular assignment of mortgage would attach to a regular mortgage?
I have a file where there was a construction loan taken out and an Assignment of Leases & Rents taken out simultaneously. The mortgage was satisfied, so is the assignment also taken care of?

1 Comment
  1. Reply
    El_Nimo
    April 29, 2011 at 9:44 pm

    The Assignment of Leases & Rent is only applicable to the mortgage that’s specified in it.

    You answered your own questions, if the mortgage was satisfied, then the assignment of Leases & Rent is no longer in effect.

    El

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