Short Form Deed of Trust
Short Form Deed of Trust
This Short Form Deed of Trust ("Deed") is executed on this 20th of January 2050 by [Your Name], residing at [Your Address], hereafter referred to as the "Trustor," in favor of [Your Company Name], a corporation organized and existing under the laws of the [State/Country], with its principal office located at [Your Company Address], hereinafter called the "Beneficiary".
I. Recitals
This Deed of Trust is made to secure the performance of certain obligations including the repayment of a loan, interest, and charges as more particularly described in the corresponding Note.
A. Property Description
The property which is subject to this Trust, herein referred to as the "Property," is legally described as follows:
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Property Address: [Property Address]
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Legal Description: [Legal Description]
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Parcel Number: [Parcel Number]
B. Loan Details
The Trustor agrees and acknowledges the debt owed to the Beneficiary as evidenced by a promissory note dated [Date of the Promissory Note], herein referred to as the "Note."
C. Collateral
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Pledge of Property: The Trustor hereby pledges the property described above as collateral for the loan.
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Title Clearance: The Trustor warrants that they have clear title to the property and will maintain insurance coverage for the duration of the loan term.
II. Provisions of the Trust
The following are the stipulations to which the Trustor agrees:
A. Transfer of Rights
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The Trustor hereby irrevocably grants and transfers to [Trustee Name], residing at [Trustee Name], herein referred to as the "Trustee," the Property, with the power of sale, to hold and manage in Trust for the Beneficiary.
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This conveyance is made in trust to secure the performance of the Trustor's obligations under the Note.
B. Trustee's Powers
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The Trustee has the authority to act on behalf of the Beneficiary in preserving or disposing of the Property subject to the terms outlined in this Deed.
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The Trustee shall have all the powers as provided by law including, but not limited to, the power to foreclose on the Property through judicial or non-judicial means should the Trustor default under the terms of the Note.
III. Covenants
The Trustor covenants to the Beneficiary that:
A. Payment of Taxes and Liens
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The Trustor will pay all taxes, assessments, charges, fines, and impositions attributable to the Property which can become a lien on the Property.
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This includes maintaining insurance on the Property against loss by fire, hazards included within the term "extended coverage," and any other perils ordinarily insured against.
B. Due on Sale
Should the Property, or any part thereof, or any interest therein, be sold or transferred without the Beneficiary’s written consent, the Beneficiary may at its option declare all sums secured by this Deed immediately due and payable.
IV. Default and Remedies
In the event of default, this Deed facilitates actions and remedies available to the Beneficiary including, but not limited to:
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Demanding immediate payment of all outstanding sums secured by this Deed.
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Proceeding with foreclosure as stipulated under applicable law.
V. Miscellaneous
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This Deed shall be governed by and construed following the laws of the [State/Country] in which the Property is located.
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Any provision of this Deed that is deemed unenforceable shall not affect the validity or enforceability of the remaining provisions.
VI. Acknowledgment
The Trustor acknowledges receipt of a copy of this Deed and understands its contents and agrees to its terms.
IN WITNESS WHEREOF, the Trustor has executed this Short Form Deed of Trust on the day and year first above written.
Trustor:
[Your Name]
[Date Signed]
Beneficiary:
[Your Company Name]
[Date Signed]
