Deed of Trust - Mississippi

DEED OF TRUST

State of Mississippi

Reserve the top three inches of the first recorded page for the chancery clerk. Place the preparer, return, party, and indexing information below that margin on the first page.

PREPARED BY:
[PREPARER NAME]
[PHYSICAL BUSINESS MAILING ADDRESS]
[CITY, STATE ZIP]
[BUSINESS OR EMPLOYMENT PHONE]
[MISSISSIPPI BAR NUMBER, IF PREPARED BY AN ATTORNEY]

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]
INDEXING INSTRUCTIONS (Miss. Code Ann. § 89-5-33(3)): [SECTION, TOWNSHIP, RANGE, AND APPLICABLE QUARTER SECTION / GOVERNMENTAL LOT OR OTHER SUBDIVISION; IF PLATTED, LOT AND PLAT OR SURVEY REFERENCE. COMPLETE FOR EACH PARCEL.]

DEED OF TRUST

THIS DEED OF TRUST is made this [DAY] day of [MONTH], [YEAR], by and among:

GRANTOR (Borrower):
[NAME, MAILING ADDRESS, AND PHONE NUMBER OF EACH GRANTOR / BORROWER]

Homestead and marital status: ☐ The Trust Property is not a homestead exempt from execution. ☐ Grantor is not married and living with a spouse. ☐ The Trust Property is such a homestead, and Grantor's spouse joins in this Deed of Trust below. ☐ Counsel has identified an applicable statutory exception or authorized alternative: [DESCRIBE AND ATTACH SUPPORTING DOCUMENTS].

TRUSTEE:
[TRUSTEE NAME]
[TRUSTEE MAILING ADDRESS]
[TRUSTEE PHONE]

BENEFICIARY (Lender):
[BENEFICIARY/LENDER NAME]
[BENEFICIARY MAILING ADDRESS]
[BENEFICIARY PHONE]

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 for the three consecutive weeks preceding the sale;
• Publishing notice for three (3) consecutive weeks in a newspaper published in the county, or, if none is published there, in a paper having general circulation in the county.

(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 and Hours of Sale. The sale shall be conducted at the courthouse of the county where the Trust Property is located, between 11:00 a.m. and 4:00 p.m. (Miss. Code Ann. § 11-5-99).

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. For a deed of trust that does not secure a line of credit, payment of the secured debt extinguishes the deed of trust under Miss. Code Ann. § 89-1-49(1); upon full payment, Beneficiary shall cause satisfaction to be entered of record under § 89-5-21(1). If this Deed of Trust secures a line of credit, payment of the current balance alone does not extinguish it. Beneficiary shall cause satisfaction to be entered after the line terminates or matures and all sums are paid, or after all sums are paid and Grantor requests in writing that the line and deed of trust be cancelled, under §§ 89-1-49(4) and 89-5-21(5).

6.2 Recording. The satisfaction or release shall be entered or 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: _________________________

SPOUSE JOINING IF REQUIRED BY MISS. CODE ANN. § 89-1-29:

The undersigned spouse joins in granting this Deed of Trust as an encumbrance on the Trust Property. The spouse does not assume personal liability on the Note solely by signing this instrument.

_______________________________
[SPOUSE 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) AND JOINING SPOUSE, IF APPLICABLE], who acknowledged that 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]