AND WHEN RECORDED MAIL TO
NAME
ADDRESS
CITY
STATE
& ZIP
TITLE ORDER
NO.______________________ ESCROW
NO._____________________ APN NO.
_______________________________________
_________________________________________________________________________________________________
LONG FORM
ALL-INCLUSIVE DEED OF TRUST
AND ASSIGNMENT
OF RENTS
This All-Inclusive Deed of Trust, made this __________ day of,
______________________________________________ between
__________________________________________________________________________________________________________,
__________________________________________________________________________________________________________,
herein called Trustor, whose address is ___________________________________________________________________________
Stewart Title of California, Inc., herein called Trustee, and
____________________________________________________
___________________________________________________________________________________________________________
______________________________________________________________________________________
herein called Beneficiary.
Witnesseth: That Trustor irrevocably Grants, Transfers and Assigns to
Trustee in Trust, with Power of Sale, that property in _______
TOGETHER WITH the rents, issues and profits thereof,
SUBJECT, HOWEVER, to the right, power and authority hereinafter given to and
conferred upon Beneficiary to collect and apply such rents, issues and profits.
For the
Purpose of Securing:
1. Performance of each agreement of
Trustor herein contained. 2.
Payment of the indebtedness evidenced by one all-inclusive purchase
money promissory note of even date herewith, and any extension or renewal
thereof, in the principal sum of $_______________ executed by Trustor in favor
of Beneficiary or order.
Underlying
Obligations:
This is an all
inclusive purchase money deed of trust, securing on all-inclusive purchase
money promissory note in the original principal amount of
__________________________________________________________________________________________________________________________
Dollars ($_________________) (the "Note") which includes within such
amount the unpaid balance of the following:
(a) A promissory note in the original principal
sum of ____________________________________________________________________
Dollars ($_________________) in favor of ______________________________________________________________________________________________
as Payee, secured by a deed of trust recorded
____________________________________, as Document No. _____________ , in Book
___________________, Page ___________, Official Records of
(b) A promissory note in the original principal
sum of ____________________________________________________________________
Dollars ($_________________) in favor of ______________________________________________________________________________________________
as Payee, secured by a deed of trust recorded
___________________________________, as Document No. _____________ , in Book
___________________, Page ___________, Official Records of
(The Promissory Notes
secured by such deeds of trust are hereinafter called the "Underlying
Notes").
To Protect the
Security of This Deed of Trust, Trustor Agrees:
(1) To keep said property in good condition and
repair; not to remove or demolish any building thereon; to complete or restore
promptly and in good and workmanlike manner any building which may be
constructed, damaged or destroyed thereon
and to pay when due all claims for labor performed and materials
furnished therefor; to comply with all laws affecting said property or
requiring any alterations or improvements to be made thereon; not to commit or
permit waste thereof; not to commit, suffer or permit any act upon said
property in violation of law; to cultivate, irrigate, fertilize, fumigate,
prune and do all other acts which from the character or use of said property
may be reasonably necessary, the specific enumerations herein not excluding the
general.
(2) To provide, maintain and deliver to Beneficiary
fire, vandalism and malicious mischief insurance satisfactory to and with loss
payable to Beneficiary. The amount
collected under any fire or other insurance policy may be applied by
Beneficiary upon any indebtedness secured hereby and in such order as
Beneficiary may determine, or at option of Beneficiary the entire amount so
collected or any part thereof may be released to Trustor.
Such application or
release shall not cure or waive any default or notice of default hereunder or
invalidate any act done pursuant to such notice. The provisions hereof are subject to the
mutual agreements of the parties as below set forth.
(3) To appear in and defend any action or
proceeding purporting to affect the security hereof or the rights or powers of
Beneficiary or Trustee; and to pay all costs and expenses, including cost of
evidence of title and attorney's fees in a reasonable sum, in any such action
or proceeding in which Beneficiary or Trustee may appear, and in any suit
brought by Beneficiary to foreclose this Deed of Trust.
(4) To pay; at least ten days before delinquency
all taxes and assessments affecting said property, including assessments on
appurtenant water stock; subject to the mutual agreements of the parties as
below set forth, to pay when due, all encumbrances, charges and liens, with
interest, on said property or any part thereof, which appear to be prior to
superior hereto; all costs, fees and expenses of this Trust.
Should Trustor fail
to make any payment or to do any act as herein provided, the Beneficiary or
Trustee, but without obligation so to do and without notice to or demand upon
Trustor and without releasing Trustor from any obligation hereof, may; make or
do the same in such manner and to such extent as either may deed necessary to
protect the security hereof, Beneficiary or Trustee being authorized to enter
upon said property for such purposes; appear in and defend any action or
proceeding purporting to affect the security hereof or the rights or powers of
Beneficiary or Trustee; pay, purchase, contest or compromise any encumbrance,
charge or lien which in the judgment of either appears to be prior or superior
hereto; and, in exercising any such powers, pay necessary expenses, employ
counsel and pay his reasonable fees.
(5) To pay immediately and without demand all
sums so expended by Beneficiary or Trustee, with interest from date of
expenditure at the amount allowed by law in effect at the date hereof, and to
pay for any statement provided for by law in effect at the date hereof regarding
the obligation secured hereby any amount demanded by the Beneficiary not to
exceed the maximum allowed by law at the time when said statement is demanded.
(6) That any award of damages in connection with
any condemnation for public use of or injury to said property or any part
thereof is hereby assigned and shall be paid to Beneficiary who may apply or
release such moneys received by him in the same manner and with the same effect
as above provided for disposition of proceeds of fire or other insurance. The provisions hereof are subject to the
mutual agreements of the parties as below set forth.
(7) That by accepting payment of any sum secured
hereby after its due date, Beneficiary doe not waive his right either to
require prompt payment when due of all other sums so secured or to declare
default for failure to pay.
(8) That at any time from time to time, without
liability therefor and without notice, upon written request of Beneficiary and
presentation of this Deed and said note for endorsement, and without affecting
the personal liability of any person for payment of the indebtedness secured
hereby, Trustee may; reconvey any part of said property; consent to the making
of any map or plat thereof; join in granting any easement thereon; or join in
any extension agreement or any agreement subordinating the lien or charge
hereof.
(9) That upon written request of the Beneficiary
stating that all sums secured hereby have been paid, and upon surrender of this
Deed and said note to Trustee for cancellation and retention and upon payment
of its fees, Trustee shall reconvey, without warranty, the property then held
hereunder. The recitals in such
reconveyance of any matters or facts shall be conclusive proof of the
truthfulness thereof. The guarantee in
such reconveyance may be described as "the person or persons legally
entitled thereto." Five years after
issuance of such full reconveyance, Trustee may destroy said note and this Deed
unless directed in such request to retain them.
(10) That as additional security, Trustor hereby
gives to and confers upon Beneficiary the right, power and authority, during
the continuance of these Trusts, to collect the rents, issues and profits of
said property, reserving unto Trustor the right, prior to any default by
Trustor in payment of any indebtedness secured hereby or in performance of any
agreement hereunder, to collect and retain such rents, issues and profits as
they become due and payable. Upon any
such default, Beneficiary may at any time without notice, either in person, by
agent, or by a receiver to be appointed by a court, an without regard to the
adequacy of any security for the indebtedness hereby secured, enter upon and
take possession of said property or any part thereof, in his own name sue for or
otherwise collect such rents, issues and profits, including those past due and
unpaid, and apply the same, less costs and expenses of operation and
collection, including reasonable attorney's fees, upon any indebtedness secured
hereby, and in such order as Beneficiary may determine. The entering upon and taking possession of
said property, the collection of such rents, issues and profits and the
application thereof as aforesaid, shall not cure or waive any default or notice
of default hereunder or invalidate any act done pursuant to such notice.
(11) That upon default by Trustor in payment of
any indebtedness secured hereby or in performance of any agreement hereunder,
Beneficiary may declare all sums secured hereby immediately due and payable by
delivery to Trustee of written declaration of default and demand for sale and
of written notice of default and of election to cause to be sold said property,
which notice Trustee shall cause to be filed for record. Beneficiary also shall deposit with Trustee
this Deed, said note and all documents evidencing expenditures secured hereby.
After the lapse of
such time as may then be required by law following the recordation of said
notice of default, and notice of sale having been given as then required by
law, Trustee, without demand on Trustor, shall sell said property at the time
and place fixed by it in said notice of sale, either as a whole or in separate
parcels, and in such order as it may be determined, at public auction to the
highest bidder for cash in lawful money of the United States, payable at time
of sale. Trustee may postpone sale of
all or any portion of said property by public announcement at such time and
place of sale, and from time to time thereafter may postpone such sale by
public announcement at the time fixed by the preceding postponement. Trustee shall deliver to such purchaser its
deed conveying the property so sold, but without any covenant or warranty,
express or implied. The recitals in such
deed or any matters or facts shall be conclusive proof of the truthfulness
thereof. Any person, including Trustor,
Trustee, or Beneficiary as hereinafter defined, may purchase at such sale.
After deducting all
costs, fees and expenses of Trustee and of this Trust, including cost of
evidence of Title in connection with sale, Trustee shall apply the proceeds of
sale to payment of; all sums expended under the terms hereof, not then repaid,
with accrued interest at the amount allowed by law in effect at the date
hereof; all other sums then secured hereby; and the remainder, if any, to the
person or persons legally entitled thereto.
(12) Beneficiary, or any successor in ownership of
any indebtedness secured hereby, may from time to time, by instrument in
writing, substitute a successor or successors to any Trustee named herein or
acting hereunder, which instrument, executed by the Beneficiary and duly
acknowledged and recorded in the office of the recorder of the county or
counties where said property is situated, shall be conclusive proof of proper
substitution of such successor Trustee or Trustees, who shall, without
conveyance from the Trustee predecessor, succeed to all its title, estate,
powers and duties. Said instrument must
contain the name of the original Trustor, Trustee and Beneficiary hereunder, the book and page where this Deed
is recorded and the name and address of the new Trustee.
(13) That this Deed applies to, inures to the
benefit of, and binds all parties hereto, their heirs, legatees, devisees,
administrators, executors, successors and assigns. The term Beneficiary shall mean the owner
and holder, including pledges, of the
note secured hereby, whether or not named as Beneficiary herein. In this Deed, whenever the context so
requires, the masculine gender includes the feminine and/or neuter, and the
singular includes the plural.
(14) That Trustee accepts this Trust when this
Deed, duly executed and acknowledged, is made a public record as provided by
law. Trustee is not obligated to notify
any party hereto of pending sale under any other Deed of Trust or of any action
or proceeding in which Trustor, Beneficiary or Trustee shall be a party unless brought by Trustee.
The Undersigned
Trustor requests that a copy of any Notice of Default and of any Notice of Sale
hereunder be mailed to him at his address hereinbefore set forth.
Trustor and
Beneficiary Mutually Agree:
(A) By Beneficiary's acceptance of this
All-Inclusive Purchase Money Deed of Trust, Beneficiary covenants and agrees
that provided Trustor is not delinquent or in default under the terms of the
Note secured hereby, Beneficiary shall pay all installments of principal and
interest which shall hereafter become due pursuant to the provisions of the
Underlying Note(s) as and when the same become due and payable. In the event Trustor shall be delinquent or
in default under the terms of the Note secured hereby, Beneficiary shall not be
obligated to make any payments required by the terms of the Underlying Note(s)
until such delinquency or default is cured.
In the event Beneficiary fails to timely pay any installment of
principal or interest on the Underlying Note(s) at the time when Trustor is nor
delinquent or in default under the terms of the Note secured hereby, Trustor
may, at Trustor's option make such payments directly to the holder of such
Underlying Note(s) , in which event Trustor shall be entitled to a credit
against the next installments) of principal and interest due under the terms of
the Note secured hereby equal to the amount so paid and including, without limitation,
any penalty, charges and expenses paid by Trustor to the holder of the
Underlying Note(s) on account of Beneficiary's failing to make such
payment. The obligation of Beneficiary
hereunder shall terminate upon the earliest of (i) foreclosure of the lien of
this All-Inclusive Purchase Money Deed of Trust, or (ii) cancellation of the
Note secured hereby and reconveyance of this All-Inclusive Purchase Money Deed
of Trust.
Should Trustor be
delinquent or in default under the terms of the Note secured hereby and if
Beneficiary consequently incurs any penalties, charges, or other expenses on
account of the Underlying Note(s) during the period of such delinquency or
default, the amount of such penalties, charges and expenses shall be
immediately added to the principal amount of the Note secured hereby and shall
be immediately payable by Trustor to Beneficiary.
If at any time the
unpaid balance of the Note secured hereby, accrued interest thereon , and all
other sums due pursuant to the terms thereof and all sums advanced by
Beneficiary pursuant to the terms of this Deed of Trust, is equal to or less
than the unpaid principal balance of the Underlying Note(s) and accrued
interest thereon, the Note secured hereby, at the option of Beneficiary, shall
be canceled and said property shall be reconveyed from the lien of this Deed of
Trust.
(B) Trustor and Beneficiary agree that in the
event the proceeds of any condemnation award or settlement in lieu thereof, or
the proceeds of any casualty insurance covering destructible improvements
located upon said property, are applied by the holder of the Underlying Note(s)
in reduction of the unpaid principal amount thereof, the unpaid balance of the
Note secured hereby shall be reduced by an equivalent amount which shall be deemed
applied to the last sums due under the Note.
(C) At such times as the Note secured hereby
becomes all due and payable, the amount of principal and interest than payable
to Beneficiary thereunder shall be reduced by the then unpaid balance of
principal and interest due on the Underlying Note(s).
(D) Any demand hereunder delivered by Beneficiary
to Trustee for the foreclosure of the lien of this Deed of Trust may be not
more than the sum of the following amounts:
(i) The difference between the then unpaid
balance of principal and interest on the Note secured hereby and the then
unpaid balance of principal and interest on the Underlying Note(s); plus
(ii) the aggregate of all amounts theretofore paid
by Beneficiary pursuant to the terms of this Deed of Trust prior to the date of
such foreclosure sale, for taxes and assessments, insurance premiums,
delinquency charges, foreclosure costs, and any other sums advanced by
Beneficiary pursuant to the terms of this Deed of Trust, to the extent the same
were not previously repaid by Trustor to Beneficiary; plus
(iii) The costs of foreclosure hereunder; plus
attorneys fees and costs incurred by Beneficiary in enforcing this Deed of
Trust or the Note secured hereby as permitted by law.
(E) Notwithstanding any provision to the contrary
herein contained, in the event of a Trustee's sale in furtherance of the
foreclosure of this Deed of Trust, the balance then due on the Note secured
hereby, for the purpose of Beneficiary's demand, shall be reduced, as aforesaid,
by the unpaid balance, if any, of principal and interest then due on the
Underlying Note(s), satisfactory evidence of which unpaid balances must be
submitted to Trustee prior to such sale.
The Trustee may rely on any statements received from Beneficiary in this
regard and such statements shall be deemed binding and conclusive as between
Beneficiary and Trustor, on the one hand, and the Trustee, on the other hand,
to the extent of such reliance.
Signature of Trustor
__________________________________________________ _____________________________________________
__________________________________________________ _____________________________________________
Signature of Beneficiary
__________________________________________________ _____________________________________________
__________________________________________________ _____________________________________________
State
of
County
of ________________________________________
On
__________________before me, (here insert name and title of the officer),
personally appeared __________________, who proved to me on the basis of
satisfactory evidence to be the person(s) whose name(s) is/are subscribed to
the within instrument and acknowledged to me that he/she/they executed the same
in his/her/their authorized capacity(ies), and that by his/her/their
signature(s) on the instrument the person(s), or the entity upon behalf of
which the person(s) acted, executed the instrument.
I
certify under PENALTY OF PERJURY under the laws of the State of
WITNESS
my hand and official seal.
Signature
____________________________________________ (Seal)
(THIS DEED OF
TRUST IS APPROPRIATE FOR USE ONLY IN CERTAIN TRANSACTIONS. PRIOR TO THE EXECUTION OF THIS DEED OF TRUST,
THE PARTIES SHOULD CONSULT THEIR ATTORNEYS WITH RESPECT TO ITS SUITABILITY FOR
THEIR PURPOSE.)
FOR
RECONVEYANCE OR FORECLOSURE SEND TO THE NEAREST OFFICE OF STEWART TITLE OF
CALIFORNIA, INC., ALONG WITH A
REQUEST FOR FULL
RECONVEYANCE.
DO NOT RECORD
REQUEST FOR FULL RECONVEYANCE
To be used
only when note has been paid.
To
STEWART TITLE OF CALIFORNIA, INC., Trustee: Dated:___________________________
The undersigned is the legal owner and holder of all
indebtedness secured by the within Deed of Trust. All sums secured by said Deed of Trust have
been fully paid and satisfied; and you are hereby requested and directed, on
payment to you of any sums owing to you under the terms of said Deed of Trust,
to cancel all evidences of indebtedness, secured by said Deed of Trust,
delivered to you herewith together with said Deed of Trust, and to reconvey,
without warranty, to the parties designated by the terms of said Deed of Trust,
the estate now held by you under the same.
___________________________________________________________
___________________________________________________________
___________________________________________________________
By
___________________________________________________________
By
Mail
Reconveyance To:
_________________________________________________________________________________________________
_________________________________________________________________________________________________
_________________________________________________________________________________________________
_________________________________________________________________________________________________
Do not lose
or destroy this Deed of Trust OR THE
NOTE which it secures. Both must be
delivered to
the Trustee for cancellation before reconveyance will be made.
DOCUMENT PROVIDED BY STEWART TITLE OF CALIFORNIA, INC. LongAITD.doc