DEED OF TRUST

(Mortgage Equivalent - Florida)

State of Florida

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

Date: [DATE]
Official Records Book/Page or CFN: _________________ (Clerk's Use)
Property Address: [PROPERTY ADDRESS, CITY, FL ZIP]
Parcel ID: [PARCEL ID]

IMPORTANT NOTICE - JUDICIAL FORECLOSURE STATE

FLORIDA IS A JUDICIAL FORECLOSURE STATE. Under Florida Statutes § 702.01, "all mortgages shall be foreclosed in equity." Florida does not recognize or permit non-judicial foreclosure. This template is structured as a deed of trust but will be treated as a mortgage under Florida law, and foreclosure must proceed through the court system.

DEED OF TRUST (MORTGAGE)

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

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

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

BENEFICIARY/MORTGAGEE (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, the following described real property situated in [COUNTY] County, Florida:

SEE EXHIBIT A ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE

Property Address: [PROPERTY ADDRESS], [CITY], Florida [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").

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 - COVENANTS OF GRANTOR

Grantor covenants and agrees as follows:

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

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

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

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

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

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

ARTICLE III - ASSIGNMENT OF RENTS

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

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

ARTICLE IV - DEFAULT AND FORECLOSURE

4.1 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.

4.2 Judicial Foreclosure Required. Florida requires judicial foreclosure for all mortgages and deeds of trust. Beneficiary must file a lawsuit in the Circuit Court to foreclose.

4.3 Pre-Foreclosure Notice. Many mortgages require a breach letter to be sent to Grantor before foreclosure, informing Grantor of the default and providing an opportunity to cure.

4.4 Federal Requirements. The servicer usually cannot begin foreclosure until the loan is more than 120 days past due (12 C.F.R. § 1024.41).

4.5 Filing the Lawsuit. Beneficiary must file a lis pendens (notice of pending lawsuit) and a complaint with the court.

4.6 Standing. Florida law requires Beneficiary to demonstrate with proper evidence that it is both the owner and holder of the Note and this security instrument.

4.7 Service and Answer. Grantor must be served with the summons and complaint. Grantor has twenty (20) days to file an answer.

4.8 Summary Judgment. If the foreclosure is uncontested and the mortgagee waives the right to a deficiency judgment, the court shall enter final judgment within ninety (90) days from the close of pleadings.

4.9 Statute of Limitations. The statute of limitations for foreclosure in Florida is five (5) years from the date of default.

4.10 Foreclosure Sale. Upon judgment, the sale shall be:
(a) At public auction;
(b) Conducted by the Clerk of Court;
(c) At the time and place specified by the court.

4.11 Certificate of Title. Upon confirmation of sale, the Clerk shall issue a Certificate of Title to the purchaser.

4.12 Deficiency Judgment. Florida permits deficiency judgments. Beneficiary may seek a deficiency judgment either in the foreclosure action or in a separate lawsuit.

ARTICLE V - RELEASE

5.1 Satisfaction. Upon payment of all sums secured hereby, Beneficiary shall execute a Satisfaction of Mortgage suitable for recording.

5.2 Recording. The satisfaction shall be recorded with the Clerk of Court in the county where the Trust Property is located.

ARTICLE VI - RECORDING REQUIREMENTS

6.1 Recording. This Deed of Trust shall be recorded with the Clerk of the Circuit Court of [COUNTY] County, Florida, in the Official Records.

6.2 Documentary Stamp Tax. Florida Documentary Stamp Tax shall be paid upon recording.

6.3 Intangible Tax. Florida Intangible Tax on new debt shall be paid upon recording.

ARTICLE VII - MISCELLANEOUS PROVISIONS

7.1 Governing Law. This Deed of Trust shall be governed by Florida law.

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

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

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

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

ARTICLE VIII - 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 FLORIDA
COUNTY OF [COUNTY]

The foregoing instrument was acknowledged before me by means of ☐ physical presence or ☐ online notarization, this _____ day of ______________, 20___, by [GRANTOR NAME(S)], who is/are personally known to me or who has/have produced [TYPE OF ID] as identification.

_______________________________
Notary Public, State of Florida
Print Name: _____________________
My Commission Expires: ___________

[NOTARY SEAL]

EXHIBIT A

LEGAL DESCRIPTION

The land referred to herein is situated in [COUNTY] County, State of Florida, and is described as follows:

[INSERT COMPLETE LEGAL DESCRIPTION]

Parcel ID: [NUMBER]

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