DEED OF TRUST

State of Iowa

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

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

IMPORTANT NOTICE - HYBRID FORECLOSURE STATE

IOWA IS A HYBRID FORECLOSURE STATE. Iowa permits both judicial foreclosure (most common) and non-judicial foreclosure for certain nonagricultural properties. This Deed of Trust is recognized under Iowa Code § 654.2. The foreclosure method depends on the property type and circumstances.

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. 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.

JUDICIAL FORECLOSURE (Iowa Code Chapter 654)

3.2 Judicial Foreclosure Process. Judicial foreclosure is the most common method in Iowa. The lender must file a lawsuit in district court.

3.3 Notice of Default and Right to Cure. Before filing suit, the lender must mail a notice of default and right to cure to Grantor at least:
(a) Thirty (30) days before filing suit for residential property; or
(b) Forty-five (45) days for agricultural property.

3.4 Redemption Period (Iowa Code § 654.1 et seq.). The redemption period after judicial foreclosure is generally one (1) year from the date of sale. However:
(a) If the lender forgoes a deficiency judgment, the period may be reduced to six (6) months or three (3) months;
(b) If Grantor abandons the property, the period may be reduced to sixty (60) days.

3.5 Foreclosure Without Redemption (Iowa Code § 654.20). For nonagricultural land, foreclosure without redemption may be available, eliminating post-sale redemption rights.

NON-JUDICIAL FORECLOSURE (Iowa Code Chapter 655A)

3.6 Non-Judicial Foreclosure Availability. Non-judicial foreclosure under Chapter 655A is available for nonagricultural properties that are NOT owner-occupied one- or two-family dwellings.

3.7 Alternative Nonjudicial Voluntary Foreclosure. Iowa permits "alternative nonjudicial voluntary foreclosure" where Grantor voluntarily surrenders possession and redemption rights, and Beneficiary waives any deficiency.

3.8 Deficiency Judgment. Iowa permits deficiency judgments in judicial foreclosure. No deficiency is available if Beneficiary uses the alternative nonjudicial voluntary foreclosure.

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. Iowa Real Estate Transfer Tax shall be paid upon recording.

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.

GRANTOR(S):

_______________________________
[GRANTOR NAME]
Date: _________________________

_______________________________
[GRANTOR NAME]
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)], to me known to be the identical person(s) named in and who executed the foregoing instrument, and acknowledged that he/she/they executed the same as his/her/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]

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