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DEED OF TRUST
The Deed of Trust is used in Missouri. Its purpose is to convey to the trustee the right to sell the subject property as a means to repay the amount owed by the borrower (grantor) to the lender (grantee) in the event that the grantor is in default as described in the note, loan, or deed of trust. The trustee is appointed by the lender to act as a mediator in the event of a foreclosure sale.
*The section headings and summaries are for convenience only and are not to be used to interpret or define the terms of this Security Instrument.
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DATES AND PARTIES
Defines the date of the agreement, Grantor (Borrower), Trustee, and Grantee (Lender).
Conveyance
1. CONVEYANCE
Grantor irrevocably conveys to Trustee, in trust for the benefit of the lender, the property and all future improvements.
2. MAXIMUM OBLIGATION LIMIT
States the limit of the secured principal, not including accrued interest.
3. SECURED DEBTS
Defines which debts are secured by the instrument (Promissory Note and Commercial Loan Agreement).
4. PAYMENTS
Grantor agrees to make all payments on-time as defined in the secured debts and the deed of trust.
5. WARRANTY OF TITLE
Grantor warrants his/her/their right to irrevocably convey the property to the Trustee.
6. PRIOR SECURITY INTERESTS
Grantor agrees to keep current all previously existing debts secured by liens on the property and to not further encumber it.
7. CLAIMS AGAINST TITLE
Grantor agrees to pay payments relating to the property and defend the title from liens which would impair this lien.
8. DUE ON SALE OR ENCUMBRANCE
Defines the Grantee's ability to declare the entire balance due immediately upon creation of any other liens or sale.
9. TRANSFER OF AN INTEREST IN THE GRANTOR
Defines Grantee's ability to demand immediate payment if Grantor's LLC/Corp changes in certain ways.
10. WARRANTIES AND REPRESENTATIONS
Grantor warrants and represents to Grantee his/her/their Power, Authority, Name and Place of Business.
11. PROPERTY CONDITION, ALTERATIONS AND INSPECTION
Grantor agrees to maintain and not adversely alter the property and to permit the Grantee to inspect.
12. AUTHORITY TO PERFORM
Grantor appoints Grantee as attorney in fact to sign grantor's name and pay for and manage completion of construction.
13. ASSIGNMENT OF LEASES AND RENTS
Grantor agrees to irrevocably assign all leases and rents in association with the property to the Grantee.
Default
14. DEFAULT
Defines all of the different types of default as recognized by the deed of trust.
Remedies
15. REMEDIES
Defines all remedies and the process of foreclosure.
Collections Expenses
16. COLLECTION EXPENSES AND ATTORNEYS' FEES
Grantor agrees to pay all attorneys' fees, court costs, and other legal expenses.
17. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES
Grantor agrees to comply with all federal, state and local laws and regulations pertaining to environmental safety.
18. CONDEMNATION
Defines the way any pending or threatened private or public condemnation or eminent domain will be handled.
19. INSURANCE
Grantor agrees to keep the property insured in the amounts required by the Grantee, with the Grantee named as loss payee.
20. ESCROW FOR TAXES AND INSURANCE
Grantor agrees to pay to Grantee's escrow account funds for taxes and insurance if required by Grantee.
21. CO-SIGNERS
Grantor agrees to convey his/her/their interest in the property even if they didn't sign the secured debts.
22. LEASE OF THE PROPERTY
Grantor agrees to lease the property from the Trustee at one cent per month, until the secured debt is satisfied.
23. SUCCESSOR TRUSTEE
Defines the Grantee's ability to remove and appoint a new Trustee at any time.
24. WAIVERS
Grantor waives all appraisement and homestead exemption rights relating to the property.
25. OTHER TERMS
If the secured debt is paid to a $0 balance, this instrument is in effect until all underlying agreements have been terminated.
26. APPLICABLE LAW
This instrument is governed by the laws of Missouri, Local Jurisdictions, and the United States of America.
27. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSORS
Grantors are individually liable to this agreement. Duties/benefits will bind/benefit successors/assigns of Grantor/Grantee.
28. AMENDMENT, INTEGRATION AND SEVERABILITY
The agreement is complete, changes must be made in writing, unenforceable provisions are severed and the rest are valid.
29. INTERPRETATION
Defines usage and meaning of singular and plural words. Section headings are for convenience only.
30. NOTICE, FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS
Grantor agrees to notify Grantee of any changes to pertinent documents and to provide any requested documents.
SIGNATURES
Grantor agrees to the terms and covenants contained within and acknowledges his/her/their receipt of a copy.
NOTARY ACKNOWLEDGMENT
Notary acknowledges witnessing both the Grantor and the Grantee sign the deed of trust.
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