The Deed of Trust and Assignment of Rents is commonly used in New Zealand when property owners need to establish a trust structure while simultaneously assigning rental income for specific purposes, such as securing financial obligations or managing investment arrangements. This document is particularly relevant in commercial property transactions and financing arrangements where rental income needs to be formally assigned and held in trust. The deed must comply with New Zealand's legal framework, particularly the Trusts Act 2019 and Property Law Act 2007, and typically includes detailed provisions about property management, rent collection, trust administration, and the rights and obligations of all parties. It's frequently used in conjunction with other security documents in larger financing transactions or as part of property investment structures.
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1. Parties: Identifies all parties to the deed including the settlor, trustee(s), and any other relevant parties
2. Background: Sets out the context and purpose of the deed, including details of the property and rental arrangements
3. Definitions and Interpretation: Defines key terms used throughout the deed and establishes interpretation principles
4. Declaration of Trust: Establishes the trust and sets out the basic trust structure
5. Assignment of Rents: Details the assignment of rental income, including the mechanism and extent of assignment
6. Trustee Powers and Duties: Outlines the specific powers and duties of the trustees in managing the trust and rental income
7. Trust Administration: Sets out the administrative provisions for managing the trust
8. Collection and Application of Rents: Specifies how rental income is to be collected and applied
9. Representations and Warranties: Contains essential representations and warranties by all parties
10. Default and Remedies: Specifies events of default and available remedies
11. Term and Termination: Establishes the duration of the trust and conditions for termination
12. General Provisions: Contains standard boilerplate provisions including notices, amendments, and governing law
1. Beneficiary Rights and Interests: Used when there are multiple beneficiaries with different interests or when specific beneficiary rights need to be detailed
2. Property Management Provisions: Include when the trustee has specific property management responsibilities beyond rent collection
3. Security Provisions: Required when additional security arrangements are needed beyond the basic assignment of rents
4. Insurance Requirements: Include when specific insurance obligations need to be detailed
5. GST Provisions: Required when the rental income is subject to GST
6. Guarantees: Include when there are guarantors for any obligations under the deed
7. Dispute Resolution: Optional detailed dispute resolution procedures beyond standard court jurisdiction
8. Reporting Requirements: Include when specific reporting obligations to beneficiaries or other parties are required
1. Schedule 1: Property Details: Details of the property or properties subject to the trust and rent assignment
2. Schedule 2: Rental Arrangements: Details of existing leases, tenancy agreements, and rental terms
3. Schedule 3: Beneficiaries: List of beneficiaries and their respective interests or entitlements
4. Schedule 4: Trustee Powers: Detailed list of specific powers granted to trustees
5. Schedule 5: Fee Schedule: Details of trustee fees and other administrative costs
6. Appendix A: Form of Notice to Tenants: Template notice to inform tenants of the assignment of rents
7. Appendix B: Reporting Templates: Standard templates for required financial and administrative reporting
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