AND WHEN RECORDED MAIL TO
NAME
ADDRESS
CITY
STATE
& ZIP
LONG FORM DEED OF TRUST AND
ASSIGNMENT OF RENTS (INDIVIDUAL)
TITLE
ORDER NO. ESCROW
NO. APN NO.
This 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
TOGETHER
WITH the rents, issues and profits thereof, SUBJECT, HOWEVER, to the right,
power and authority given to and conferred upon Beneficiary by paragraph (10)
of the provisions herein to collect and apply such rents, issues and profits.
For the Purpose of Securing: 1. Performance of each agreement of Trustor
incorporated by reference or contained herein.
2. Payment of the indebtedness
evidenced by one 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. 3. Payment of such further sums as the then
record owner of said property may borrow from Beneficiary, when evidenced by
another note (or notes) reciting it is so secured.
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 violations 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 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 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.
(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.
(4)
To pay at least ten days before delinquency all taxes and assessments affecting
said property, including assessments on appurtenant water stock, when due, all
encumbrances, charges and liens, with interest, on said property or any part
thereof, which appear to be prior or 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, then
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
deem 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.
(7)
That by accepting payment of any sum secured hereby after its due date,
Beneficiary does not waive his rights either to require prompt payment when due
of all other sums so secured or to declare default for failure so to pay.
(8)
That at any time or 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 plot 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 Beneficiary state 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
grantee 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 give 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 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, and 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 determine, 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 of 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, rights, 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 pledgees, 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 number 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
_______________________________________________________
_______________________________________________________
_______________________________________________________
_______________________________________________________
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)
________________________________________________________________________________
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.
MAIL
RECONVEYANCE TO:
By ___________________________________________ ________________________________________________
By ___________________________________________ ________________________________________________
________________________________________________
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. LONGFMDT.DOC