Effective January 24, 2022, the Form C (Charge) will be enhanced to include Standardized Part 2 Terms when an application includes an Assignment of Rents charge.
To assist with the transition to the use of Standardized Part 2 Terms for Assignment of Rents applications, the following provides information on what occurs for applications submitted after January 24, 2022:
- An application for Assignment of Rents with an execution copy generated before January 24, 2022 will maintain the same format as represented in the execution copy. Specifically, the Standardized Part 2 Terms will not be included.
- An application for Assignment of Rents that is started but the execution copy not generated before January 24, 2022 will include the Standardized Part 2 Terms.
- Any application for Assignment of Rents created after January 24, 2022 will include the Standardized Part 2 Terms.
These transition measures are in place to ensure applicants are not required to have the parties re-execute a form, where the execution copy was generated before the Standardized Part 2 Terms were implemented.