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General Assignment Of Rents Definition Of Irony

Fragment 1, lines 43–330

Summary

The narrator begins his character portraits with the Knight. In the narrator’s eyes, the Knight is the noblest of the pilgrims, embodying military prowess, loyalty, honor, generosity, and good manners. The Knight conducts himself in a polite and mild fashion, never saying an unkind word about anyone. The Knight’s son, who is about twenty years old, acts as his father’s squire, or apprentice. Though the Squire has fought in battles with great strength and agility, like his father, he is also devoted to love. A strong, beautiful, curly-haired young man dressed in clothes embroidered with dainty flowers, the Squire fights in the hope of winning favor with his “lady.” His talents are those of the courtly lover—singing, playing the flute, drawing, writing, and riding—and he loves so passionately that he gets little sleep at night. He is a dutiful son, and fulfills his responsibilities toward his father, such as carving his meat. Accompanying the Knight and Squire is the Knight’s Yeoman, or freeborn servant. The Yeoman wears green from head to toe and carries an enormous bow and beautifully feathered arrows, as well as a sword and small shield. His gear and attire suggest that he is a forester.

Next, the narrator describes the Prioress, named Madame Eglentyne. Although the Prioress is not part of the royal court, she does her best to imitate its manners. She takes great care to eat her food daintily, to reach for food on the table delicately, and to wipe her lip clean of grease before drinking from her cup. She speaks French, but with a provincial English accent. She is compassionate toward animals, weeping when she sees a mouse caught in a trap, and feeding her dogs roasted meat and milk. The narrator says that her features are pretty, even her enormous forehead. On her arm she wears a set of prayer beads, from which hangs a gold brooch that features the Latin words for “Love Conquers All.” Another nun and three priests accompany her.

The Monk is the next pilgrim the narrator describes. Extremely handsome, he loves hunting and keeps many horses. He is an outrider at his monastery (he looks after the monastery’s business with the external world), and his horse’s bridle can be heard jingling in the wind as clear and loud as a church bell. The Monk is aware that the rule of his monastic order discourages monks from engaging in activities like hunting, but he dismisses such strictures as worthless. The narrator says that he agrees with the Monk: why should the Monk drive himself crazy with study or manual labor? The fat, bald, and well-dressed Monk resembles a prosperous lord.

The next member of the company is the Friar—a member of a religious order who lives entirely by begging. This friar is jovial, pleasure-loving, well-spoken, and socially agreeable. He hears confessions, and assigns very easy penance to people who donate money. For this reason, he is very popular with wealthy landowners throughout the country. He justifies his leniency by arguing that donating money to friars is a sign of true repentance, even if the penitent is incapable of shedding tears. He also makes himself popular with innkeepers and barmaids, who can give him food and drink. He pays no attention to beggars and lepers because they can’t help him or his fraternal order. Despite his vow of poverty, the donations he extracts allow him to dress richly and live quite merrily.

Tastefully attired in nice boots and an imported fur hat, the Merchant speaks constantly of his profits. The merchant is good at borrowing money, but clever enough to keep anyone from knowing that he is in debt. The narrator does not know his name. After the Merchant comes the Clerk, a thin and threadbare student of philosophy at Oxford, who devours books instead of food. The Man of Law, an influential lawyer, follows next. He is a wise character, capable of preparing flawless legal documents. The Man of Law is a very busy man, but he takes care to appear even busier than he actually is.

Analysis

The Canterbury Tales is more than an estates satire because the characters are fully individualized creations rather than simple good or bad examples of some ideal type. Many of them seem aware that they inhabit a socially defined role and seem to have made a conscious effort to redefine their prescribed role on their own terms. For instance, the Squire is training to occupy the same social role as his father, the Knight, but unlike his father he defines this role in terms of the ideals of courtly love rather than crusading. The Prioress is a nun, but she aspires to the manners and behavior of a lady of the court, and, like the Squire, incorporates the motifs of courtly love into her Christian vocation. Characters such as the Monk and the Friar, who more obviously corrupt or pervert their social roles, are able to offer a justification and a rationale for their behavior, demonstrating that they have carefully considered how to go about occupying their professions.

Take the General Prologue: The Knight through the Man of Law Quick Quiz


Q: What is the difference between a general assignment of rents and leases and a specific assignment of rents and leases, and when should I include them in my term sheet for a commercial real estate financing of an Ontario property?

A: In situations where a borrower owns real property in Ontario that either is or will be leased to third party tenants, a lender should consider obtaining either a general assignment of rents and leases or a specific assignment of rents and leases in addition to a mortgage on the secured property. Like a mortgage, an assignment of rents and leases should be registered against title to the subject property, and in addition, should be registered under the applicable personal property security legislation as the rents and leases that are being secured by the assignment fall within the definition of personal property under that legislation. [1]

An assignment of rents and leases, be it a general assignment of rents and leases or a specific assignment of rents and leases, provides a lender with two principal benefits which may be realized by the lender after an event of default:

  1. it permits the lender to receive the rent payments that the borrower/landlord would otherwise be entitled to, and this revenue stream from the tenants is a significant asset that should be secured; and,
  2. it permits the lender to step into the shoes of the borrower/landlord and exercise all of the rights and remedies available to the landlord to ensure that the full benefit and value of the lease is realized by the lender, which includes for example, the right to demand payment in the event of non-payment of rent by a tenant and to assign the lease to a purchaser in the event of a power of sale proceeding.

The only difference between a general assignment of rents and leases and a specific assignment of rents and leases is the revenue streams and leases to which they apply. A general assignment of rents and leases applies to all present and future rental income and leases in respect of a particular property. Once in place, a general assignment of rents and leases gives the lender a right to the rental income and the ability to exercise all of the rights of the landlord under a lease in respect of all leases of the property, including but not limited to any new leases, subleases or assignments of lease entered into after the assignment is granted and registered. In contrast to this, a specific assignment of rents and leases only applies to leases which are specifically listed in the document. In the event that any of the specifically listed leases expire or are terminated, and/or a new lease or sublease is put in place, the specific assignment of leases will not apply to this new lease or sublease and the lender will have no right to the rental income or rights resulting from the new lease or sublease.

In most lending situations, the lender will prefer a general assignment of rents and leases as it provides the most comprehensive security. The lender will have security over all rental income, and be able to exercise the rights of the landlord, regardless of who the tenants are in the future, or what leases the borrower has in place at the time of default under the terms of the loan or credit facility. However, where there is a principal or anchor tenant that represents a preponderance of the rental income, and/or the borrower objects to a general assignment of rents and leases securing all rents and leases as too broad a security interest, the lender may only be interested in securing the rental income and landlord rights associated with a specific principal or anchor lease, or a particular group of leases. In such a situation, a specific assignment of rents and leases may be a reasonable compromise position for a lender to adopt. Alternatively, in situations where multiple lenders are taking security in a particular parcel of real property, specific assignments of rents and leases allow the various lenders to divide the rental income and leases among themselves, with each lender only obtaining security in a specifically agreed upon lease or group of leases.

The above is a general overview of general and specific assignments of rents and leases.

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