Real Estate AOB Form

REAL ESTATE ASSIGNMENT OF BENEFITS (AOB) FORM

Parties

Assignor (Property Owner):

Assignee (Service Provider / Contractor):

Property Identification

Recitals

WHEREAS, Assignor owns or controls the Insurable Interest in the Property described above and may be entitled to proceeds, benefits, rights, and proceeds from an insurance claim, claim for loss, or similar source (collectively, "Benefits"); and

WHEREAS, Assignee provides repair, restoration and related services and desires to receive assignment of certain Benefits to the extent set forth in this Agreement.

Assignment of Benefits

Assignor hereby assigns, transfers, and conveys to Assignee all rights, title and interest in and to the Benefits arising from or related to the insurance claim(s) for loss to the Property, subject to the terms and limitations below. This assignment is: All Benefits Limited Benefits (specify amount):

The assignment includes the right to receive payment of insurance proceeds, to endorse checks payable to Assignor, to negotiate and settle claims, and to institute, prosecute, or resolve claims on behalf of Assignor to the extent necessary to effect payment to Assignee for services performed and costs incurred.

Authorization and Access

Assignor authorizes Assignee, its agents and representatives to: (a) contact and communicate with Assignor's insurer(s) and adjusters; (b) inspect the Property and provide estimates; (c) obtain claim and policy information; and (d) endorse and deposit insurance proceeds to Assignee's account or escrow as described below.

Payment, Escrow and Disbursement

Deposit / Initial Payment to Assignee:    Retainage (if any):

Disbursement of insurance proceeds will be made to Assignee or to an escrow account designated by Assignee. Assignor expressly authorizes endorsement of insurer checks and disbursement consistent with the scope of work and amounts invoiced by Assignee.

Insurance Claims & Financing

Claim Number(s), if known:

Assignment does not alter Assignor's obligation to disclose or cooperate with insurer requirements. Assignee may, at its election, provide for third-party financing; any financing agreement is separate from this Assignment and Assignor acknowledges that proceeds may be used to satisfy financing obligations prior to final payment to Assignee.

Disclosures

Prior damage to property disclosed: Yes No

Known lead-based paint or other hazardous conditions: Yes No

Open or previously filed insurance claims exist: Yes No

Representations, Warranties and Covenants

Assignor represents and warrants that Assignor is the lawful owner of the Property or has authority to assign Benefits, that no prior assignment of the same Benefits exists except as disclosed in writing, and that Assignor will cooperate with Assignee in the prosecution and settlement of claims.

Assignee warrants that it will act in good faith, perform contracted repairs in a workmanlike manner, comply with applicable law and licensing requirements, and apply funds received in accordance with the terms of this Agreement.

Default and Remedies

Upon material breach by either party, the non-breaching party may pursue all remedies at law or in equity, including but not limited to specific performance, injunctive relief, recovery of costs and attorneys' fees, and setoff against disbursed or remaining proceeds to the extent permitted by law.

Governing Law; Entire Agreement

This Agreement is governed by the laws of the State in which the Property is located. This Agreement constitutes the entire agreement between the parties with respect to the assigned Benefits and supersedes all prior oral or written agreements on the same subject.

Notices

Additional Terms

Acknowledgement

Assignor acknowledges receiving a copy of this Assignment and understands that by signing below Assignor is authorizing Assignee to act with respect to the insurance Benefits as set forth herein.

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