Deed of Trust (Mortgage Alternative) - Kansas

DEED OF TRUST (KANSAS MORTGAGE ALTERNATIVE)

Before you use this: This Kansas form grants a mortgage directly to the lender under K.S.A. 58-2303. It does not appoint a trustee or grant a private power of sale. Complete the legal description and note terms before signing; have all required owners sign and acknowledge the instrument.

After recording, return to: [NAME AND MAILING ADDRESS]

Prepared by: [NAME AND MAILING ADDRESS]

Lender's full name and last known post-office address for recording: [NAME AND ADDRESS]

Date: [__/__/____]
County: [COUNTY] County, Kansas
Property address (for identification only): [STREET ADDRESS]
Parcel number (if known): [NUMBER]

Parties and secured debt

Mortgagor (borrower/owner): [FULL LEGAL NAME(S)], whose mailing address is [ADDRESS].

Mortgagee (lender): [FULL LEGAL NAME], whose mailing address is [ADDRESS].

For value received, Mortgagor mortgages to Mortgagee the real property described in Exhibit A, attached and incorporated into this instrument, together with its improvements, fixtures, easements, and appurtenances. No warranty of title is made by this mortgage.

This mortgage secures payment of the promissory note dated [__/__/____] made by [BORROWER NAME(S)] to Mortgagee in the original principal amount of $[AMOUNT], together with interest under that note. The note is payable in installments of [PAYMENT AMOUNT AND FREQUENCY], with its final payment due [__/__/____]. This mortgage also secures amounts Mortgagee advances under the express terms below to protect the property, up to $[MAXIMUM AMOUNT, IF APPLICABLE], plus interest at the rate provided in the note, to the extent permitted by law. The parties may amend the note or this mortgage only by a writing signed by the affected parties.

Mortgagor's promises

1. Payment. Mortgagor shall pay the secured debt when due under the note.
2. Taxes and assessments. Mortgagor shall pay taxes and assessments on the property before delinquency and provide evidence of payment on reasonable request.
3. Insurance. Mortgagor shall maintain property insurance in the amount of $[AMOUNT] or [OTHER AGREED STANDARD], name Mortgagee as mortgagee or loss payee as appropriate, and provide evidence of coverage on reasonable request.
4. Care of property. Mortgagor shall maintain the property in reasonable condition and shall not commit waste.
5. Protective advances. If Mortgagor fails to pay a tax, assessment, or insurance premium required above after written notice and [NUMBER] days to cure, Mortgagee may pay that charge to protect its security. An amount paid becomes part of the secured debt only to the extent stated in this mortgage and permitted by law. Mortgagee shall give Mortgagor a written accounting of any advance.

Default and enforcement

A missed payment under the note or a material failure to perform a promise in this mortgage is a default. Mortgagee shall give written notice identifying the default, the action needed to cure it, and a cure deadline at least [NUMBER] days after notice is delivered. If the default remains uncured after that deadline, Mortgagee may declare the unpaid secured debt immediately due and pursue remedies available under Kansas law, subject to any additional notice or cure period required by law. This instrument grants no private trustee-sale authority and makes no advance waiver of redemption rights.

Notices under this mortgage shall be delivered to the mailing addresses stated above, or to a replacement address a party gives the other in writing, by [AGREED DELIVERY METHOD]. Delivery is effective [AGREED RULE], except where applicable law requires another method or time.

Satisfaction and recording

When the indebtedness secured by this recorded mortgage is paid and no agreement for future advances remains, Mortgagee shall promptly enter or cause satisfaction of this mortgage to be entered of record with the register of deeds, paying the required fee. A written demand under K.S.A. 58-2309a(c) starts the separate 20-day period for the consequences stated in subsection (d); that period does not postpone Mortgagee's duty to record satisfaction after payoff. The parties intend to record this mortgage in the office of the register of deeds for [COUNTY] County, Kansas. Recording charges for this mortgage shall be paid by [PARTY].

This mortgage binds Mortgagor and Mortgagor's successors and benefits Mortgagee and Mortgagee's successors and assigns. Kansas law governs. If one provision is unenforceable, the remainder remains effective to the extent permitted by law.

Signatures

Mortgagor: _______________________________ Date: [__/__/____]
Printed name: [NAME]

Mortgagor: _______________________________ Date: [__/__/____]
Printed name: [NAME]

Additional owner or spouse, if applicable: _______________________________ Date: [__/__/____]
Printed name: [NAME]

Acknowledgment

State of [STATE]
County of [COUNTY]

This instrument was acknowledged before me on [__/__/____] by [NAME(S) OF PERSON(S) ACKNOWLEDGING].

Notary public: _______________________________
Printed name: [NAME]
My appointment expires: [DATE]
[NOTARIAL SEAL]

Exhibit A — Legal description

The real property in [COUNTY] County, Kansas, is legally described as follows:

[INSERT COMPLETE LEGAL DESCRIPTION]