Deed of Trust - Idaho

DEED OF TRUST

State of Idaho

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

SPACE ABOVE THIS LINE FOR RECORDER'S USE

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

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 [COUNTY] County, Idaho:

SEE EXHIBIT A ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE

Property Address: [PROPERTY ADDRESS], [CITY], Idaho [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. Pursuant to Idaho Code § 45-1504, the Trustee shall be:
(a) Any member of the Idaho State Bar;
(b) Any bank or savings and loan association authorized to do business under Idaho or federal law;
(c) An authorized trust institution chartered under Idaho Code Title 26, Chapter 32, or a corporation authorized to conduct trust business under federal law; or
(d) A licensed title insurance agent or title insurance company authorized in Idaho.

2.2 Successor Trustee. Beneficiary may appoint a successor Trustee. Upon recording the appointment in each county where this Deed of Trust is recorded, the successor Trustee has the powers of the original Trustee (Idaho Code § 45-1504(2)).

2.3 Trustee's Duties. Trustee shall exercise the powers granted herein in accordance with Idaho Code Title 45, Chapter 15.

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 Requirements for Non-Judicial Foreclosure (Idaho Code § 45-1505). Trustee may foreclose this Deed of Trust by advertisement and sale only if the statutory conditions are satisfied: this Deed of Trust, assignments, and any successor appointment are recorded in each county where the property lies; a default occurred under a provision authorizing sale; the required notice of default has been recorded and mailed; and no debt-recovery action remains pending.

5.3 Notice of Default. Trustee or Beneficiary shall record a Notice of Default in each county where the property lies. The notice must identify this Deed of Trust, state the breach, and elect sale. Trustee or Beneficiary shall send a copy by registered or certified mail, return receipt requested, to persons with a recorded request for notice under Idaho Code § 45-1511. Trustee shall also mail the notice to each individual owner with the separate Idaho statutory foreclosure warning in the required format. If this Deed of Trust or an assignment is in Spanish, the warning must use the Attorney General's Spanish form (Idaho Code § 45-1505(3)).

5.4 Conditional Loan Modification Notice. Idaho Code § 45-1506C applies to a noncommercial loan made by a state or federally regulated beneficiary and secured by the borrower's primary residence as determined from the current year's homeowner property-tax exemption. When it applies, the statutory notice and modification-request form accompany the Notice of Default; the form must be received by the date stated in the notice, thirty (30) days after its date. A timely request triggers the beneficiary's evaluation and written response duties under § 45-1506C(3); the sale may not occur before that response. The required compliance affidavit must be recorded at least twenty (20) days before sale.

5.5 Notice of Sale (Idaho Code § 45-1506). The Notice of Sale shall include:
(a) The names of Grantor, Trustee, and Beneficiary;
(b) A description of the Trust Property;
(c) The book and page or recorder's instrument number where the Deed of Trust is recorded;
(d) The default for which the foreclosure is made;
(e) The sum owing on the obligation secured; and
(f) The date, time, and place of sale (after 9:00 a.m. and before 4:00 p.m., standard time, in a county where the property is located).

5.6 Mailing, Service, Publication, and Affidavits. After recording the notice of default, mail the sale notice by registered or certified mail, return receipt requested, to the persons listed in Idaho Code § 45-1506(2) at least 120 days before sale. Follow § 45-1506(5)'s adult-occupant service and posting steps at least 30 days before sale; publish once a week for four successive weeks with the last publication at least 30 days before sale. Record the required mailing, posting, and publication affidavits at least 20 days before sale (§ 45-1506(7)).

5.7 Reinstatement Rights. A person entitled under Idaho Code § 45-1506(12) may cure a default within 115 days after recording the Notice of Default by paying the amount then due, including permitted enforcement costs and fees, excluding principal that would not yet be due without acceleration. The statute also addresses cure before a judicial foreclosure decree.

5.8 Conduct of Sale. Trustee shall sell the Trust Property:
(a) At public auction;
(b) At the date, time, and place stated in the Notice of Sale;
(c) To the highest bidder, with the purchase price payable upon sale as provided by Idaho Code § 45-1506(9).

5.9 Postponement. Trustee may postpone the sale upon request of Beneficiary by publicly announcing at the time and place originally fixed for the sale the postponement to a stated subsequent date and hour. No sale may be postponed to a date more than thirty (30) days subsequent to the date from which postponed. Before a postponed sale of a qualifying primary residence loan made by a state or federally regulated beneficiary, Trustee shall also mail the notice required by Idaho Code § 45-1506(8) at least fourteen (14) days before the sale and record the mailing affidavit.

5.10 Trustee's Deed. Upon payment, Trustee shall execute and deliver a Trustee's Deed to the purchaser.

5.11 Application of Proceeds (Idaho Code § 45-1507). Trustee shall apply the proceeds of sale:
(a) First, to costs and expenses of the sale;
(b) Second, to all sums secured by this Deed of Trust;
(c) Third, to persons having recorded liens subsequent to the trustee's interest, according to their interests;
(d) Fourth, the surplus to Grantor or persons legally entitled thereto.

5.12 No Redemption After Non-Judicial Sale. Under Idaho Code § 45-1508, persons whose interests are foreclosed by a trustee's sale and who receive the statutory notice have no post-sale right to redeem from the purchaser. Cure before sale is addressed separately in Section 5.7.

5.13 Deficiency. A post-sale action seeking the balance due must be brought within three months after sale. The court must find the property's fair market value at sale, and any judgment is subject to the limits in Idaho Code § 45-1512.

ARTICLE VI - RECONVEYANCE

6.1 Full Reconveyance. Upon performance of the secured obligation, Beneficiary shall request reconveyance in writing; Trustee shall reconvey the Trust Property to Grantor (Idaho Code § 45-1514).

6.2 Partial Reconveyance. Beneficiary may request partial reconveyance upon partial payment.

6.3 Recording. The reconveyance shall be recorded in the county where the Trust Property is located.

ARTICLE VII - RECORDING REQUIREMENTS

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

7.2 Required Recordings. This Deed of Trust, any assignments, and any appointment of successor trustee must be recorded to permit non-judicial foreclosure.

ARTICLE VIII - MISCELLANEOUS PROVISIONS

8.1 Governing Law. This Deed of Trust shall be governed by Idaho 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. A person seeking the additional notice route under Idaho Code § 45-1511 may record a separate, duly acknowledged request after this Deed of Trust is recorded and before a Notice of Default is recorded.

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 IDAHO
COUNTY OF [COUNTY]

On this _____ day of ______________, 20___, before me, the undersigned Notary Public, personally appeared [GRANTOR NAME(S)], known or identified 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 for Idaho
Residing at: ____________________
My Commission Expires: ___________

[NOTARY SEAL]

EXHIBIT A

LEGAL DESCRIPTION

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

[INSERT COMPLETE LEGAL DESCRIPTION]

Tax Parcel Number: [NUMBER]

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