An Assignment of Management Agreement allows the Borrower to transfer its rights under the property management agreement to Lender.
An Assignment of Management Agreement allows the Borrower to transfer its rights under the property management agreement to Lender. Upon the occurrence of an Event of Default, the Lender is able to enforce Borrower's rights under the property management agreement, ensuring the property is still managed during and after the foreclosure process. Typically, this also allows the Lender to terminate the agreement in the Event of Default if the property manager is a related party.
If an Assignment of Management Agreement is needed for a loan, the customer would select "yes" and fill in the below-needed information.
