Deed of Trust

DEED OF TRUST

State of Mississippi

PREPARED BY:
[PREPARER NAME]
[ADDRESS]
[CITY, STATE ZIP]

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

Date: [DATE]
Instrument Number: _________________ (Chancery Clerk's Use)
Property Address: [PROPERTY ADDRESS, CITY, MS ZIP]
Parcel ID: [PARCEL ID]

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 convey and warrant unto Trustee, in trust, with POWER OF SALE, the following described real property situated in [COUNTY] County, Mississippi:

SEE EXHIBIT A ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE

Property Address: [PROPERTY ADDRESS], [CITY], Mississippi [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").

TO HAVE AND TO HOLD the same unto Trustee, in trust, for the purposes herein set forth.

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 Successor Trustee. Beneficiary may appoint 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 and other powers as provided by Mississippi law.

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 Options. Upon default, Beneficiary may elect to foreclose:
(a) By non-judicial power of sale under this Deed of Trust; or
(b) By judicial foreclosure as provided by law.

5.3 Non-Judicial Foreclosure (§ 89-1-55, Miss. Code Ann.).

(a) Posting and Publication. If default occurs, Trustee may proceed to sell the Trust Property after first giving notice of the time, place, and terms of sale by:

• Posting notice at the courthouse door of the county where the Trust Property is located;
• Publishing notice in a newspaper published or having a general circulation in the county for three (3) consecutive weeks.

(b) Notice Period. The first publication must be at least twenty-one (21) days before the sale.

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

5.5 Place of Sale. The sale shall be conducted at the courthouse of the county where the Trust Property is located during legal hours.

5.6 Conduct of Sale. The sale shall be:
(a) At public outcry;
(b) To the highest and best bidder for cash;
(c) Subject to the terms specified in this Deed of Trust and the notice.

5.7 Trustee's Deed. Upon completion of the sale, Trustee shall execute and deliver a Trustee's Deed to the purchaser.

5.8 Application of Proceeds. Trustee shall apply the proceeds of sale:
(a) First, to costs and expenses of the sale, including Trustee's fees and reasonable attorney's fees;
(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 No Statutory Right of Redemption. Mississippi does not provide a statutory right of redemption following a non-judicial foreclosure sale.

5.10 Deficiency. Mississippi permits deficiency judgments. If sale proceeds are insufficient, Beneficiary may pursue a deficiency judgment against Grantor.

ARTICLE VI - RECONVEYANCE

6.1 Satisfaction. Upon payment of all sums secured hereby, Beneficiary shall mark the Note "Paid" or "Cancelled" and shall have this Deed of Trust satisfied and discharged of record.

6.2 Recording. The satisfaction or release shall be recorded with the Chancery Clerk of [COUNTY] County, Mississippi.

ARTICLE VII - RECORDING REQUIREMENTS

7.1 Recording. This Deed of Trust shall be recorded with the Chancery Clerk of [COUNTY] County, Mississippi.

7.2 Mississippi Recording Requirements. Documents must be properly acknowledged to be recorded.

ARTICLE VIII - MISCELLANEOUS PROVISIONS

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

Personally appeared before me, the undersigned authority in and for said County and State, on this _____ day of ______________, 20___, within my jurisdiction, the within named [GRANTOR NAME(S)], who acknowledged that he/she/they signed and delivered the foregoing instrument on the day and year therein mentioned.

_______________________________
Notary Public
My Commission Expires: ___________

[NOTARY SEAL]

EXHIBIT A

LEGAL DESCRIPTION

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

[INSERT COMPLETE LEGAL DESCRIPTION]

Parcel ID: [NUMBER]

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