Deed of Trust

DEED OF TRUST

District of Columbia

PREPARED BY:
[PREPARER NAME]
[ADDRESS]
[CITY, STATE ZIP]

RETURN TO:
[NAME]
[ADDRESS]
[CITY, STATE ZIP]

Date: [DATE]
Document Number: _________________ (Recorder's Use)
Property Address: [PROPERTY ADDRESS, WASHINGTON, DC ZIP]
Square/Suffix/Lot: [SQUARE/SUFFIX/LOT]

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 does hereby grant, bargain, sell, and convey unto Trustee, in trust, with POWER OF SALE, the following described real property situated in the District of Columbia:

SEE EXHIBIT A ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE

Property Address: [PROPERTY ADDRESS], Washington, DC [ZIP CODE]

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

TO HAVE AND TO HOLD the same unto Trustee, in trust, upon the terms and conditions herein set forth.

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 Fiduciary Duty. Under District of Columbia law, the Trustee is considered a true fiduciary, owing duties of fairness and full disclosure to the debtor (Grantor) as well as to the creditor (Beneficiary). This fiduciary relationship protects the debtor by holding the Trustee to a higher standard of commercial integrity.

2.2 Substitution of Trustee. Beneficiary may substitute a successor Trustee by recording an instrument of substitution. The successor Trustee shall succeed to all title, powers, and duties of the original Trustee.

2.3 Trustee's Powers. Trustee is given the power of sale and other powers as provided by D.C. Code § 42-815 et seq.

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 Option. The District of Columbia permits non-judicial foreclosure through the power of sale contained in a deed of trust.

5.3 Mediation Requirement for Residential Property. For residential properties, D.C. law may require the holder of the note to provide certain notices and participate in foreclosure mediation before proceeding with a foreclosure sale. Check current D.C. regulations for mediation program requirements.

5.4 Notice of Foreclosure (D.C. Code § 42-815.01). The holder of the note shall give written notice of intention to foreclose by:
(a) Certified mail, postage prepaid, return receipt requested; AND
(b) First-class mail;
to the borrower and to the person who holds the title of record (if different from the borrower) at the last known address.

5.5 Copy to Mayor. A copy of the notice shall be sent to the Mayor of the District of Columbia at least thirty (30) days in advance of the date of sale.

5.6 Court Application for Sale Terms. Pursuant to D.C. Code § 42-815, if the length of notice and terms of sale are not prescribed by this Deed of Trust, or are left to the discretion of Trustee, any person interested in such sale may apply to the court, before such sale is advertised, to fix the terms of sale and determine what notice of sale shall be given.

5.7 Notice of Sale. Notice of the time, place, and terms of sale shall be:
(a) Published in some newspaper published in the District of Columbia at least once a week for three (3) successive weeks; or
(b) Otherwise given as prescribed by the Deed of Trust or as ordered by the court.

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

5.9 Trustee's Deed. Upon completion of the sale, Trustee shall execute and deliver a Trustee's Deed to the purchaser.

5.10 Commission to Trustee (D.C. Code § 42-818). Trustee may retain as commission for services rendered a fee as prescribed by D.C. Code or as agreed upon by the parties.

5.11 Application of Proceeds. Trustee shall apply the proceeds of sale:
(a) First, to costs and expenses of the sale, including Trustee's commission 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.

5.12 Right to Cure (D.C. Code § 42-815.01). For residential property, the borrower has the right to cure the default prior to foreclosure as specified by D.C. law.

5.13 Deficiency. D.C. Code § 42-816 permits deficiency judgments. If sale proceeds are insufficient, Beneficiary may pursue a deficiency judgment against Grantor.

ARTICLE VI - RECONVEYANCE

6.1 Release. Upon payment of all sums secured hereby, Beneficiary shall request Trustee to release this Deed of Trust and deliver a release or reconveyance suitable for recording.

6.2 Automatic Release (D.C. Code § 42-819.01). The Deed of Trust shall, without any action on the part of the owner, be deemed to have been automatically released as of the last day of the applicable time period specified by D.C. law after satisfaction of the debt, and the Deed of Trust shall no longer constitute a lien on the Trust Property.

6.3 Recording. The release or reconveyance shall be recorded with the D.C. Recorder of Deeds.

ARTICLE VII - RECORDING REQUIREMENTS

7.1 Recording. This Deed of Trust shall be recorded with the Recorder of Deeds of the District of Columbia.

7.2 Recordation Tax. The appropriate D.C. recordation tax shall be paid upon recording.

7.3 Transfer Tax. Any applicable transfer tax shall be paid at the time of recording.

ARTICLE VIII - MISCELLANEOUS PROVISIONS

8.1 Governing Law. This Deed of Trust shall be governed by the laws of the District of Columbia.

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 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

DISTRICT OF COLUMBIA

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

_______________________________
Notary Public
My Commission Expires: ___________

[NOTARY SEAL]

EXHIBIT A

LEGAL DESCRIPTION

The land referred to herein is situated in the District of Columbia and is described as follows:

[INSERT COMPLETE LEGAL DESCRIPTION]

Square: [SQUARE]
Suffix: [SUFFIX]
Lot: [LOT]

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