Deed of Trust (Mortgage Alternative) - Kansas

DEED OF TRUST

(Mortgage Equivalent - Kansas)

State of Kansas

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

Date: [DATE]
Document Number: _________________ (Register of Deeds' Use)
Property Address: [PROPERTY ADDRESS, CITY, KS ZIP]
Parcel ID: [PARCEL ID]

IMPORTANT NOTICE - JUDICIAL FORECLOSURE STATE

KANSAS IS A JUDICIAL FORECLOSURE STATE. All foreclosures must proceed through the courts. Non-judicial foreclosure is not permitted. This template is structured as a deed of trust but will be treated as a mortgage under Kansas law.

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, Kansas:

SEE EXHIBIT A ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE

Property Address: [PROPERTY ADDRESS], [CITY], Kansas [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.

3.2 Judicial Foreclosure Required (K.S.A. § 60-601). Kansas requires judicial foreclosure for all mortgages and deeds of trust. Beneficiary must file a lawsuit in district court.

3.3 Filing and Service. Beneficiary initiates foreclosure by filing a petition and serving Grantor with a summons and complaint.
(a) If personally served, Grantor has twenty-one (21) days to respond (K.S.A. § 60-212); or
(b) If service is by publication, Grantor has forty-one (41) days to respond (K.S.A. § 60-307).

3.4 Notice of Sale. Notice of the foreclosure sale must be:
(a) Published in a newspaper in the county where judgment was rendered once a week for three (3) consecutive weeks;
(b) Last publication must occur between seven (7) and fourteen (14) days before the date of sale.

3.5 Foreclosure Sale. The sale shall be conducted at public auction by the Sheriff at the county courthouse.

3.6 Confirmation of Sale. The court must confirm the sale. The court may deny confirmation and order a resale (or set an upset price) if the price was inadequate compared to fair market value.

3.7 Redemption Period. The redemption period begins on the sale date:
(a) Twelve (12) months if more than one-third of the principal balance has been paid; or
(b) Three (3) months if less than one-third of the principal balance has been paid.

3.8 Reinstatement. While Kansas law does not provide a statutory right to reinstate, mortgage contracts often provide a reinstatement right.

3.9 Deficiency Judgment. Kansas permits deficiency judgments. However, the court may deny confirmation of sale if the price was inadequate compared to fair market value.

ARTICLE IV - RELEASE

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

4.2 Recording. The release shall be recorded with the Register of Deeds 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 Register of Deeds of [COUNTY] County, Kansas.

5.2 Mortgage Registration Fee. Kansas mortgage registration fee shall be paid upon recording.

ARTICLE VI - MISCELLANEOUS PROVISIONS

6.1 Governing Law. This Deed of Trust shall be governed by Kansas 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
☐ 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 KANSAS
COUNTY OF [COUNTY]

This instrument was acknowledged before me on this _____ day of ______________, 20___, by [GRANTOR NAME(S)].

_______________________________
Notary Public
Printed Name: __________________
My Appointment Expires: ___________

[NOTARY SEAL]

EXHIBIT A

LEGAL DESCRIPTION

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

[INSERT COMPLETE LEGAL DESCRIPTION]

Parcel ID: [NUMBER]

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