Deed of Trust (Mortgage Alternative) - Maine

DEED OF TRUST

(Mortgage Alternative - Maine)

State of Maine

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

Date: [DATE]
Book/Page: _________________ (Registry of Deeds' Use)
Property Address: [PROPERTY ADDRESS, CITY, ME ZIP]
Map/Lot: [MAP/LOT]

IMPORTANT NOTICE - FORECLOSURE ROUTE

Section 6321 provides a civil foreclosure action for a mortgage. Section 6203-A separately permits foreclosure without an action for a qualifying power-of-sale mortgage granted by an eligible entity, subject to that section's conditions and limits. This deed does not grant a power of sale. Before relying on any remedy, confirm that the instrument creates an enforceable interest under Maine law and identify the procedure that applies. A § 6321 plaintiff must certify ownership of the mortgage note and produce the note, mortgage, and assignments and endorsements.

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, Maine:

SEE EXHIBIT A ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE

Property Address: [PROPERTY ADDRESS], [CITY], Maine [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. After breach of a mortgage condition, a foreclosure action under 14 M.R.S. § 6321 may be filed in either the Superior Court or the District Court in the division where the mortgaged premises, or any part of them, are located.

3.3 Strict Compliance Required. A plaintiff seeking a foreclosure judgment must comply strictly with all steps required by statute. (Bank of Am., N.A. v. Greenleaf, 2014 ME 89.)

3.4 Residential Payment-Default Right to Cure (14 M.R.S. § 6111). For a mortgage on residential property occupied in whole or part as the mortgagor's primary residence and securing a personal, family, or household loan, § 6111 requires at least thirty-five (35) days after the prescribed written notice before the mortgagee may accelerate or otherwise enforce the mortgage for a covered payment, tax, or insurance-premium default. The cure amount is the amount due without acceleration, including charges the section permits. For a different loan or default, identify the governing notice and cure terms before proceeding.

3.5 Commencement of Foreclosure (14 M.R.S. § 6321). The foreclosure must be commenced in accordance with the Maine Rules of Civil Procedure. Beneficiary must:
(a) File a complaint with certification of proof of ownership of the Note;
(b) Within sixty (60) days of commencing foreclosure, record a copy of the complaint or clerk's certificate in each registry of deeds;
(c) Certify and provide evidence that all notice requirements under § 6111 were strictly performed;
(d) Produce evidence of the Note, mortgage, and all assignments and endorsements.

3.6 Service. Grantor must be served with a summons and complaint.

3.7 Foreclosure Route. A civil action under § 6321 is one mortgage-foreclosure route. Section 6203-A permits a power-of-sale route without an action only for a mortgage that meets its eligible-grantor, purpose, property, and power-of-sale conditions. This deed contains no power of sale. Select any enforcement route only after reviewing the actual instrument and current law.

3.8 Redemption Period. The redemption period is generally ninety (90) days after the foreclosure decree. Grantor may redeem by paying off the total debt, interest, costs, and attorney's fees.

3.9 Deficiency Judgment. Maine permits deficiency judgments. The lender may pursue a deficiency action against Grantor for any balance remaining after the foreclosure sale.

ARTICLE IV - RELEASE

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

4.2 Recording. The discharge shall be recorded with the Registry 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 Registry of Deeds of [COUNTY] County, Maine.

5.2 Transfer Tax. Maine Real Estate Transfer Tax shall be paid upon recording if applicable.

ARTICLE VI - MISCELLANEOUS PROVISIONS

6.1 Governing Law. This Deed of Trust shall be governed by Maine 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 MAINE
COUNTY OF [COUNTY]

On this _____ day of ______________, 20___, before me, the undersigned Notary Public, personally appeared [GRANTOR NAME(S)], and acknowledged the foregoing instrument to be his/her/their free act and deed.

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

[NOTARY SEAL]

EXHIBIT A

LEGAL DESCRIPTION

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

[INSERT COMPLETE LEGAL DESCRIPTION]

Map: [MAP] Lot: [LOT]

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

Sources and References

• 14 M.R.S. § 6321 — civil foreclosure action
• 14 M.R.S. § 6203-A — limited power-of-sale route
• 14 M.R.S. § 6111 — residential payment-default notice