In one sentence
A loan document assigning the property's leases and rental income to the lender as additional security.
The longer version
This assignment gives the lender rights to the property's rents, exercisable on default, as collateral beyond the mortgage itself. It is standard on income-property loans and often recorded.
The assignment interacts with tenant leases, SNDAs, and any lockbox or cash management structure, making it a connected piece of the collateral package.
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