Deed of Trust - Alaska

DEED OF TRUST

Alaska

When recorded, return to: [NAME AND MAILING ADDRESS]

Recording district: [ALASKA RECORDING DISTRICT]

Date: [__/__/____]

This Deed of Trust is made by [GRANTOR / TRUSTOR FULL LEGAL NAME AND ADDRESS] ("Trustor"), to [TRUSTEE FULL LEGAL NAME AND ADDRESS] ("Trustee"), for the benefit of [BENEFICIARY FULL LEGAL NAME AND ADDRESS] ("Beneficiary").

1. Secured obligation and grant

Trustor owes Beneficiary $[PRINCIPAL AMOUNT] under the promissory note dated [__/__/____] ("Note"). The final maturity date stated in the Note is [__/__/____].

To secure payment of the Note, lawful interest, and amounts advanced under this Deed of Trust, and performance of the covenants below, Trustor grants and conveys to Trustee, in trust, with power of sale, Trustor's interest in the real property located in [RECORDING DISTRICT], Alaska, described in Exhibit A. The property includes Trustor's interest in its improvements, fixtures, easements, appurtenances, and rents ("Property"). The street address, if one exists, is [PROPERTY STREET ADDRESS]; the legal description in Exhibit A controls.

2. Trustor's covenants

Payment. Trustor shall pay the Note when due.

Taxes and charges. Trustor shall pay property taxes and assessments before they become delinquent, subject to any contest rights in the Note or a signed rider.

Insurance. Trustor shall maintain property insurance in the amount and against the risks stated in [NOTE / INSURANCE RIDER], naming Beneficiary as mortgagee or loss payee to the extent of its interest.

Care of Property. Trustor shall not commit waste and shall keep improvements in reasonable repair, ordinary wear excepted.

Protective advances. After giving any notice required by the Note and applicable law, Beneficiary may pay delinquent taxes or insurance premiums, or take reasonable steps to protect its security, if Trustor fails to do so. Amounts actually advanced, with interest at [RATE OR METHOD IF LAWFUL], are secured by this Deed of Trust. Beneficiary shall give Trustor an itemized account.

Rents. Trustor assigns rents from the Property to Beneficiary as additional security. Until an uncured default, Trustor may collect and use those rents. Beneficiary's enforcement after default remains subject to applicable law and the rights of tenants and other interested persons.

3. Trustee and substitution

Trustee shall exercise only the powers conferred by this Deed of Trust and applicable Alaska law. Before performing trustee-sale duties, Trustee shall comply with the bond requirement of AS 34.20.125, unless an exemption in that section applies.

A successor trustee may be appointed only through a substitution that complies with AS 34.20.120, including execution, acknowledgment, service, and recording. The successor acquires the original trustee's powers and duties when the substitution is filed for record.

4. Default and remedies

A failure to pay an amount due under the Note, or a material breach of an express covenant of this Deed of Trust that remains uncured after any notice and cure period required by the Note or applicable law, is a default. Beneficiary may accelerate the secured obligation only as the Note and applicable law permit.

If a default permits foreclosure, Beneficiary may seek judicial foreclosure or direct Trustee to exercise this power of sale under AS 34.20.070 and 34.20.080. If this Deed of Trust is judicially foreclosed, or Beneficiary sues on the Note and obtains a judgment, Beneficiary may not then exercise the nonjudicial remedies under § 34.20.070(a).

For a nonjudicial sale, Trustee shall comply with the current statute. Under AS 34.20.070(b), a notice of default must be recorded at least 30 days after default and at least 90 days before sale. The notice must contain the information required by that subsection, including the breach, amount owing, election to sell, sale details, and payment-default cure statement. Under subsection (c), Trustee shall mail the notice by certified mail to each person entitled to notice within ten days after recording, unless a statutory personal-delivery method applies. Trustee shall give the public sale notice required by AS 34.20.080(a)(2) and follow any other applicable notice requirements. Trustor retains the statutory payment-default cure rights in AS 34.20.070(b) and (e), including its rule for prior cured notices.

The sale shall be at public auction at the front door of a superior court courthouse in the judicial district where the Property is located, as provided by AS 34.20.080(a)(1). Trustee may use additional bidding methods only when that subsection permits them. Trustee shall sell to the highest and best bidder and deliver a trustee's deed as provided by AS 34.20.080(b)–(d). Cash sale proceeds shall be held and distributed in the order required by AS 34.20.080(f): Beneficiary's secured amount, then qualifying subordinate recorded interests by priority, then Trustor or the recorded successor in interest, as applicable. Permissible foreclosure costs and fees are part of the amount owing only to the extent authorized by the Note, this Deed of Trust, and law.

A completed trustee sale has the effects stated in AS 34.20.080(i) and 34.20.090. This Deed of Trust does not declare a post-sale redemption right. Following a trustee sale under the deed of trust, the deficiency bar in AS 34.20.100 applies to the maker and its surety or guarantor on the secured obligation.

5. Release and recording

When the secured obligation is paid in full, Beneficiary shall provide the documents and directions reasonably necessary to release or reconvey this Deed of Trust in the recording district where the Property lies. Any reconveyance shall comply with applicable Alaska law.

The parties intend this instrument to be recorded as a deed of trust securing indebtedness under AS 34.20.110. Notices between Trustor and Beneficiary under this instrument shall be delivered to the addresses above, or later written addresses provided by a party, subject to mandatory statutory notice methods for foreclosure.

This Deed of Trust binds Trustor and benefits Beneficiary and their lawful successors and assigns. Alaska law governs. If a provision is unenforceable, the remainder remains effective to the extent allowed by law. The Note, this instrument, Exhibit A, and any signed riders state the parties' agreement concerning this security interest.

6. Attached riders

☐ [IDENTIFY ATTACHED RIDER]
☐ None

7. Signatures

Trustor executes this Deed of Trust on [__/__/____].

Trustor: ______________________________ Printed name: [NAME]

Trustor: ______________________________ Printed name: [NAME, IF APPLICABLE]

Acknowledgment

State of Alaska, [JUDICIAL DISTRICT] Judicial District

On [__/__/____], before me, [NOTARY NAME], Notary Public, personally appeared [NAME(S)] and acknowledged executing this instrument.

Notary Public: ______________________________

My commission expires: [__/__/____]

[NOTARY SEAL]

Exhibit A — Legal description

[INSERT COMPLETE LEGAL DESCRIPTION FROM TITLE RECORDS; ATTACH ADDITIONAL PAGE IF NECESSARY.]

Prepared by: [NAME, MAILING ADDRESS, PHONE]