Deed of Trust (Trust Deed) - Iowa

DEED OF TRUST

State of Iowa

Recording layout: Reserve the first page's top three inches for the county recorder. Put the following information below that margin on the first page; if it does not fit, identify the page containing it as Iowa Code § 331.606B(3) permits.

Prepared by (individual's name, address, and telephone): [NAME, ADDRESS, TELEPHONE]

Return recorded instrument to: [NAME AND COMPLETE MAILING ADDRESS]

Grantor(s): [ALL GRANTOR NAMES]

Grantee / trustee: [TRUSTEE LEGAL NAME]

Beneficiary: [BENEFICIARY LEGAL NAME]

Taxpayer name and complete mailing address (if this is an instrument of conveyance): [NAME AND MAILING ADDRESS]

Legal description and parcel ID (if required): [SEE EXHIBIT A, PAGE ____ / INSERT HERE]

Page containing any other required first-page information: [____ / NOT APPLICABLE]

Date: [DATE]
Document Number: _________________ (Recorder's Use)
Property Address: [PROPERTY ADDRESS, CITY, IA ZIP]
Parcel ID: [PARCEL ID]

Before you use this

Iowa Code § 654.2 treats a deed of trust as a mortgage for foreclosure. Chapter 655A's nonjudicial process has property exclusions; confirm the route for this transaction before relying on any remedy. If the property is a married owner's homestead, obtain the spouse's execution or confirm a § 561.13(3) exception. If this instrument waives homestead protection on covered agricultural land, complete the § 561.22 statement and signature below.

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, the following described real property situated in [COUNTY] County, Iowa:

SEE EXHIBIT A ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE

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

TOGETHER WITH all buildings, improvements, and fixtures now or hereafter placed thereon; all easements, rights, appurtenances, rents, royalties, and profits.

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 - DEFAULT AND FORECLOSURE

3.1 Events of Default. Subject to applicable law and any required notice and opportunity to cure, the following are Events of Default: (a) failure to pay an amount due under the Note or this Deed of Trust; (b) material breach of a covenant in either instrument; (c) material misrepresentation by Grantor; or (d) transfer of the Trust Property without Beneficiary's written consent where enforcement of that consent requirement is permitted by law.

3.2 Remedies. After a default and compliance with applicable notice and cure requirements, Beneficiary may enforce this security interest by a foreclosure route available under Iowa law. Under Iowa Code § 654.2, a deed of trust is considered and foreclosed like a mortgage. Section 654.1 generally requires a court action in equity, subject to the voluntary procedure in § 654.18. Chapter 655A supplies a separate nonjudicial procedure only when its conditions and property limits are met.

3.3 Notice and cure. The parties shall follow any applicable right-to-cure notice, including Iowa Code § 654.2A for qualifying agricultural land or § 654.2D for a covered nonagricultural homestead. No notice period in this instrument shortens a statutory cure period.

3.4 Redemption, deficiency, and release. Any redemption period, deficiency claim, or release following foreclosure is governed by the foreclosure route actually used and applicable Iowa law. Nothing in this instrument waives a statutory right by itself.

ARTICLE IV - RELEASE

4.1 Satisfaction. Upon payment of all sums secured hereby, Trustee or Beneficiary shall execute a Release of Deed of Trust suitable for recording.

4.2 Recording. The release shall be recorded with the County Recorder in the county where the Trust Property is located.

ARTICLE V - RECORDING REQUIREMENTS

5.1 Recording. This Deed of Trust shall be recorded with the County Recorder of [COUNTY] County, Iowa.

5.2 Transfer Tax. This instrument is given solely to secure the debt described above and is not a deed included in a sale of real property. Iowa Code § 428A.2(2) and (8) exempt such security instruments from Iowa real estate transfer tax. If this recording is part of a separate sale, the parties will determine the tax treatment of that separate conveyance.

ARTICLE VI - MISCELLANEOUS PROVISIONS

6.1 Governing Law. This Deed of Trust shall be governed by Iowa law.

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

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

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

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

ARTICLE VII - 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
☐ Agricultural Property Rider
☐ Other: [SPECIFY]

SIGNATURE PAGE

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

Married owner's homestead: If this property is the homestead of a married owner, the spouse must execute this instrument, a like instrument, or an authorized power of attorney unless a § 561.13(3) exception applies. A spouse holding only homestead rights and the surviving spouse's statutory share may specifically relinquish those rights here without joining the granting clause under § 561.13(2).

GRANTOR(S):

_______________________________
[GRANTOR NAME]
Date: _________________________

_______________________________
[GRANTOR NAME]
Date: _________________________

SPOUSE JOINING TO ENCUMBER A MARRIED OWNER'S HOMESTEAD (IF APPLICABLE):

I join in this encumbrance and specifically relinquish my homestead rights in the described property to the extent secured by this instrument.

_______________________________
[SPOUSE LEGAL NAME]
Date: _________________________

COVERED AGRICULTURAL-LAND HOMESTEAD WAIVER (IF APPLICABLE):

Use the following statement only if this instrument contains a homestead exemption waiver affecting agricultural land covered by § 561.22. That section excludes agricultural land under 40 acres. The person waiving the exemption must sign and date the statement when executing the instrument. Print the statement in bold type of at least 10 points.

I understand that homestead property is in many cases protected from the claims of creditors and exempt from judicial sale; and that by signing this contract, I voluntarily give up my right to this protection for this property with respect to claims based upon this contract.

Waiving person's signature: _______________________________ Date: [__/__/____]

ACKNOWLEDGMENT

STATE OF IOWA
COUNTY OF [COUNTY]

On this _____ day of ______________, 20___, before me, the undersigned, a Notary Public in and for said County and State, personally appeared [GRANTOR NAME(S) AND JOINING SPOUSE, IF APPLICABLE], to me known to be the identical person(s) named in and who executed the foregoing instrument, and acknowledged that they executed the same as their voluntary act and deed.

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

[NOTARY SEAL]

EXHIBIT A

LEGAL DESCRIPTION

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

[INSERT COMPLETE LEGAL DESCRIPTION]

Parcel ID: [NUMBER]