California Deed Of Trust
California Deed of Trust
This Deed of Trust (the "Deed") is made and entered into this [Date], by and between:
Trustor: [Name of Borrower], a resident of [City], California, hereinafter referred to as the "Trustor."
Beneficiary: [Name of Lender], a corporation organized and existing under the laws of the State of California, having its principal place of business at [Lender Address], hereinafter referred to as the "Beneficiary."
Trustee: [Name of Trustee], a neutral third party, duly appointed and qualified to act as Trustee under this Deed of Trust, hereinafter referred to as the "Trustee."
I. Property Description
The Trustor hereby conveys and grants to the Trustee, in trust, with the power of sale, the real property located at [Property Address], more particularly described as follows:
A, Oakwood Estates, as per Map recorded in Book 25, Page 10, of Maps, in the County Recorder of Los Angeles County office.
II. Loan Information
This Deed of Trust secures a loan (the "Loan") made by the Beneficiary to the Trustor in the principal amount of Five Hundred Thousand dollars ($500,000), evidenced by a promissory note of even date herewith, payable to the order of the Beneficiary.
III. Trust Provisions
3.1 Security Interest: The Trustor hereby grants to the Trustee a security interest in the Property to secure the repayment of the Loan and the performance of all obligations under the Deed of Trust.
3.2 Power of Sale: In the event of default by the Trustor, the Trustee shall have the power to sell the Property at public auction after giving notice as required by law.
3.3 Application of Proceeds: The proceeds of any sale shall be applied first to the costs of sale, then to the payment of the Loan and any other obligations secured by this Deed of Trust, and the surplus, if any, shall be paid to the Trustor.
3.4 Covenants: The Trustor covenants that they are lawfully seized of the Property and have the right to convey the same in trust; that the Property is free from all encumbrances, except as herein provided; and that they will warrant and defend the title to the Property against all claims.
IV. Default and Remedies
In the event of default by the Trustor, the Beneficiary may declare the entire indebtedness due and payable and exercise any rights and remedies available at law or in equity.
V. Governing Law
This Deed of Trust shall be governed by and construed by the laws of the State of California.
VI. Execution
IN WITNESS WHEREOF, the parties hereto have executed this Deed of Trust as of the day and year first above written.
[Name of Borrower]
[Date]
Trustor
[Name of Beneficiary]
[Date]
Beneficiary
[Name of Trustee]
[Date]
Trustee
VII. Acknowledgment
State of California
County of [County Name]
On this [Date], before me, [Notary's Name], a notary public in and for the said state, personally appeared [Name of Borrower], known to me to be the person described in and who executed the foregoing instrument, and acknowledged that he/she executed the same as his/her free act and deed.
Witness my hand and official seal.
Notary Public: [NOTARY'S NAME]
My Commission Expires: [EXPIRATION DATE]
