DEED OF TRUST

State of Alaska

WHEN RECORDED MAIL TO:
[NAME]
[ADDRESS]
[CITY, STATE ZIP]

SPACE ABOVE THIS LINE FOR RECORDER'S USE

Date: [DATE]
Document Number: _________________ (Recorder's Use)
Property Address: [PROPERTY ADDRESS, CITY, AK ZIP]
Recording District: [RECORDING DISTRICT]

DEED OF TRUST

THIS DEED OF TRUST is made this [DAY] day of [MONTH], [YEAR], by and among:

GRANTOR (Borrower):
[GRANTOR NAME(S)]
[ADDRESS]
[CITY, STATE ZIP]

TRUSTEE:
[TRUSTEE NAME]
[ADDRESS]
[CITY, STATE ZIP]

BENEFICIARY (Lender):
[BENEFICIARY/LENDER NAME]
[ADDRESS]
[CITY, STATE ZIP]

RECITALS AND GRANT

WHEREAS, Grantor is indebted to Beneficiary in the principal sum of [PRINCIPAL AMOUNT] DOLLARS ($[AMOUNT]), as evidenced by a Promissory Note of even date herewith (the "Note");

NOW, THEREFORE, Grantor irrevocably grants, bargains, sells, and conveys to Trustee, in trust, with POWER OF SALE, the following described real property situated in the [RECORDING DISTRICT] Recording District, State of Alaska:

SEE EXHIBIT A ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE

Property Address: [PROPERTY ADDRESS], [CITY], Alaska [ZIP CODE]

TOGETHER WITH all buildings, improvements, and fixtures now or hereafter placed thereon; all easements, rights, appurtenances, rents, royalties, water, water rights and water stock; and all fixtures now or hereafter attached to the property (collectively, the "Trust Property").

ARTICLE I - OBLIGATIONS SECURED

This Deed of Trust secures to Beneficiary:
(a) The repayment of the debt evidenced by the Note, with interest, and all renewals, extensions, and modifications;
(b) The payment of all other sums, with interest, advanced under this Deed of Trust;
(c) The performance of Grantor's covenants and agreements under this Deed of Trust and the Note.

ARTICLE II - TRUSTEE PROVISIONS

2.1 Trustee Qualifications (AS 34.20.020). The Trustee must be:
(a) A domestic or foreign corporation qualified to do a trust business in Alaska;
(b) A title insurance company licensed under Alaska law;
(c) An attorney licensed to practice in Alaska;
(d) A financial institution regulated under state or federal law whose deposits are insured by an agency of the United States; or
(e) Another person as approved by the Superior Court for the judicial district in which the property is located.

2.2 Successor Trustee. Beneficiary may, by recorded instrument, substitute a successor Trustee. The successor Trustee shall succeed to all title, powers, and duties of the original Trustee.

2.3 Trustee's Duties. Trustee shall exercise the powers granted herein in accordance with Alaska Statutes.

ARTICLE III - COVENANTS OF GRANTOR

Grantor covenants and agrees as follows:

3.1 Payment. Grantor shall pay when due the principal and interest on the debt evidenced by the Note and all other sums secured hereby.

3.2 Insurance. Grantor shall keep the improvements insured against loss by fire and other hazards, with Beneficiary named as loss payee.

3.3 Taxes and Assessments. Grantor shall pay before delinquency all taxes, assessments, and charges against the Trust Property.

3.4 Maintenance. Grantor shall maintain the Trust Property in good condition and repair and shall not commit or permit waste.

3.5 Defense of Title. Grantor shall defend title against all claims.

3.6 Compliance with Laws. Grantor shall comply with all laws, ordinances, and regulations affecting the Trust Property.

ARTICLE IV - ASSIGNMENT OF RENTS

4.1 Assignment. Grantor hereby assigns to Beneficiary all rents, issues, and profits of the Trust Property as additional security.

4.2 License to Collect. Grantor shall have a license to collect and retain such rents prior to default. Upon default, this license shall terminate.

ARTICLE V - DEFAULT AND FORECLOSURE

5.1 Events of Default. The following shall constitute Events of Default:
(a) Failure to make any payment when due under the Note or this Deed of Trust;
(b) Breach of any covenant or agreement herein;
(c) Material misrepresentation by Grantor;
(d) Transfer of the Trust Property without Beneficiary's prior written consent;
(e) Bankruptcy or insolvency of Grantor.

5.2 Foreclosure Options (AS 34.20.070). Upon default, Beneficiary may elect to foreclose:
(a) By non-judicial power of sale; or
(b) By judicial foreclosure.

Trustee or Beneficiary may proceed by either or both methods.

5.3 Non-Judicial Foreclosure (AS 34.20.070). To foreclose by non-judicial power of sale:

(a) Notice of Default. Trustee shall record a Notice of Default in the recording district where the Trust Property is located.

(b) Service of Notice of Default. The Notice of Default must be served upon Grantor:
- By personal service; OR
- By mailing a copy by registered or certified mail with return receipt requested to Grantor's last known address and by posting on the Trust Property.

(c) Waiting Period. There shall be a waiting period of at least ninety (90) days after recording of the Notice of Default before the sale can occur.

(d) Notice of Sale. After the waiting period, Trustee shall give notice of the time, place, and terms of sale by:
- Publishing once a week for four successive weeks in a newspaper of general circulation in the judicial district;
- Posting on the Trust Property;
- Posting at the courthouse and the post office nearest the Trust Property.

5.4 Conduct of Sale. The sale shall be:
(a) At public auction;
(b) At the time and place designated in the notice;
(c) To the highest bidder.

5.5 Trustee's Deed. Upon payment, Trustee shall execute and deliver a Trustee's Deed to the purchaser. The recitals in the Trustee's Deed of compliance with all requirements of law regarding the mailing, posting, publication, and conduct of sale shall be prima facie evidence of such compliance.

5.6 Application of Proceeds. Trustee shall apply the proceeds of sale:
(a) First, to costs and expenses of the sale, including Trustee's fees and reasonable attorney's fees;
(b) Second, to all sums secured by this Deed of Trust;
(c) Third, to junior liens in order of priority;
(d) Fourth, the surplus to Grantor or persons legally entitled thereto.

5.7 No Redemption After Non-Judicial Sale. Alaska does not provide a statutory right of redemption following a non-judicial foreclosure sale.

5.8 Deficiency. Following a non-judicial foreclosure, Alaska generally does not permit deficiency judgments. To pursue a deficiency judgment, Beneficiary must pursue judicial foreclosure.

ARTICLE VI - RECONVEYANCE

6.1 Full Reconveyance. Upon payment of all sums secured, Beneficiary shall request Trustee to reconvey the Trust Property without warranty.

6.2 Recording. The reconveyance shall be recorded in the recording district where the Trust Property is located.

ARTICLE VII - RECORDING REQUIREMENTS

7.1 Recording. This Deed of Trust shall be recorded in the [RECORDING DISTRICT] Recording District, State of Alaska.

7.2 Recording Districts. Alaska uses recording districts rather than county-based recording. The appropriate recording district is based on the location of the Trust Property.

ARTICLE VIII - MISCELLANEOUS PROVISIONS

8.1 Governing Law. This Deed of Trust shall be governed by Alaska law.

8.2 Successors and Assigns. This Deed of Trust binds and benefits the heirs, executors, administrators, successors, and assigns of the parties.

8.3 Severability. If any provision is held invalid, all other provisions remain in full force.

8.4 Notices. All notices shall be in writing and sent to the addresses set forth above.

8.5 Request for Notice. Grantor hereby requests copies of any Notice of Default and Notice of Sale.

8.6 Entire Agreement. This Deed of Trust and the Note constitute the entire agreement of the parties.

ARTICLE IX - RIDERS AND ADDENDA

The following riders are attached hereto and incorporated herein:

☐ Adjustable Rate Rider
☐ Condominium Rider
☐ Planned Unit Development Rider
☐ Second Home Rider
☐ 1-4 Family Rider
☐ Other: [SPECIFY]

SIGNATURE PAGE

IN WITNESS WHEREOF, Grantor has executed this Deed of Trust as of the date first written above.

GRANTOR(S):

_______________________________
[GRANTOR NAME]
Date: _________________________

_______________________________
[GRANTOR NAME]
Date: _________________________

ACKNOWLEDGMENT

STATE OF ALASKA
[JUDICIAL DISTRICT]

On this _____ day of ______________, 20___, before me, the undersigned Notary Public, personally appeared [GRANTOR NAME(S)], known to me 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.

_______________________________
Notary Public in and for the State of Alaska
My Commission Expires: ___________

[NOTARY SEAL]

EXHIBIT A

LEGAL DESCRIPTION

The land referred to herein is situated in the [RECORDING DISTRICT] Recording District, State of Alaska, and is described as follows:

[INSERT COMPLETE LEGAL DESCRIPTION]

This document prepared by:
[PREPARER NAME]
[ADDRESS]
[PHONE]
[EMAIL]