DEED OF TRUST

State of Michigan

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

SPACE ABOVE THIS LINE FOR REGISTER OF DEEDS' USE

Date: [DATE]
Liber/Page: _________________ (Register's Use)
Property Address: [PROPERTY ADDRESS, CITY, MI ZIP]
Parcel ID: [PARCEL ID]

IMPORTANT NOTICE

Michigan primarily uses mortgages with power of sale. While this deed of trust instrument may be recorded, Michigan law treats deeds of trust similarly to mortgages. Foreclosure will proceed under Michigan mortgage foreclosure statutes (MCL 600.3101 et seq. for non-judicial foreclosure or MCL 600.3101 et seq. for judicial foreclosure).

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, with POWER OF SALE, the following described real property situated in [COUNTY] County, Michigan:

SEE EXHIBIT A ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE

Property Address: [PROPERTY ADDRESS], [CITY], Michigan [ZIP CODE]

TOGETHER WITH all buildings, improvements, and fixtures now or hereafter placed thereon; all easements, rights, appurtenances, rents, royalties, and profits; 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 Substitution of Trustee. Beneficiary may substitute a successor Trustee by recording an instrument of substitution. The successor Trustee shall succeed to all title, powers, and duties of the original Trustee.

2.2 Trustee's Powers. Trustee is given the power of sale as authorized under Michigan law for mortgages with power of sale.

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 Foreclosure under Power of Sale. Michigan permits non-judicial foreclosure by advertisement (power of sale foreclosure) under MCL 600.3201 et seq. if this Deed of Trust contains a power of sale clause.

5.3 Pre-Foreclosure Notice. A breach letter (pre-foreclosure notice) must be sent to Grantor informing of the default and providing an opportunity to cure, typically at least thirty (30) days before initiating foreclosure.

5.4 Notice of Sale (MCL 600.3208). The notice of sale must be:
(a) Published once a week for four (4) consecutive weeks in a newspaper of general circulation in the county;
(b) Posted on the Trust Property at least fifteen (15) days after the first publication.

5.5 Contents of Notice. The notice shall include:
(a) The names of Grantor and Beneficiary;
(b) A description of the Trust Property;
(c) The terms of sale;
(d) The date, time, and place of sale;
(e) The default amount.

5.6 Time and Place of Sale. The sale shall be conducted:
(a) At public auction;
(b) Between 9:00 a.m. and 4:00 p.m. on the date specified;
(c) At the county courthouse or other designated location.

5.7 Trustee's Deed. Upon completion of the sale, Trustee (or the Sheriff, if conducted by Sheriff's sale) shall execute and deliver a deed to the purchaser.

5.8 Application of Proceeds. Proceeds shall be applied:
(a) First, to costs and expenses of the sale;
(b) Second, to all sums secured by this Deed of Trust;
(c) Third, to junior liens in order of priority;
(d) Fourth, the surplus to Grantor or persons legally entitled thereto.

5.9 Redemption Period. Michigan provides a statutory redemption period:
(a) Six (6) months if more than 66-2/3% of the original loan remains unpaid;
(b) One (1) year if 66-2/3% or less of the original loan remains unpaid;
(c) Thirty (30) days if the property is abandoned;
(d) Grantor may remain in the property during the redemption period.

5.10 Deficiency. Michigan permits deficiency judgments following non-judicial foreclosure, but Grantor may contest the amount if the sale price was substantially less than fair market value.

ARTICLE VI - RECONVEYANCE

6.1 Discharge. Upon payment of all sums secured hereby, Beneficiary shall execute a discharge of this Deed of Trust suitable for recording.

6.2 Recording. The discharge shall be recorded with the Register of Deeds 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 Register of Deeds of [COUNTY] County, Michigan.

7.2 Transfer Tax. Michigan County Transfer Tax shall be paid upon recording, if applicable.

ARTICLE VIII - MISCELLANEOUS PROVISIONS

8.1 Governing Law. This Deed of Trust shall be governed by Michigan 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 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 MICHIGAN
COUNTY OF [COUNTY]

On this _____ day of ______________, 20___, before me, the undersigned Notary Public, personally appeared [GRANTOR NAME(S)], known 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, [COUNTY] County, Michigan
Acting in [COUNTY] County
My Commission Expires: ___________

[NOTARY SEAL]

EXHIBIT A

LEGAL DESCRIPTION

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

[INSERT COMPLETE LEGAL DESCRIPTION]

Parcel ID: [NUMBER]

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