Deed of Trust (Mortgage Alternative)

DEED OF TRUST

(Mortgage Equivalent - New Jersey)

State of New Jersey

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

Date: [DATE]
Document Number: _________________ (County Clerk's Use)
Property Address: [PROPERTY ADDRESS, CITY, NJ ZIP]
Block/Lot: Block [BLOCK], Lot [LOT]

IMPORTANT NOTICE - JUDICIAL FORECLOSURE STATE

NEW JERSEY IS A JUDICIAL FORECLOSURE STATE. All foreclosures must proceed through the courts. The New Jersey Fair Foreclosure Act governs foreclosure procedures.

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

Grantor hereby grants unto Trustee, in trust, the following described real property situated in [COUNTY] County, New Jersey to secure the principal sum of $[AMOUNT] as evidenced by a Promissory Note of even date:

SEE EXHIBIT A ATTACHED HERETO

Property Address: [PROPERTY ADDRESS], [CITY], New Jersey [ZIP CODE]

ARTICLE I - OBLIGATIONS SECURED AND COVENANTS

This Deed of Trust secures repayment of the Note. Grantor shall pay when due all amounts; maintain insurance; pay taxes; and maintain the property.

ARTICLE II - DEFAULT AND FORECLOSURE

2.1 Judicial Foreclosure Required. New Jersey requires judicial foreclosure.

2.2 Notice of Intent to Foreclose (N.J.S.A. 2A:50-56). Before filing foreclosure, the lender must send a Notice of Intent to Foreclose by registered or certified mail at least thirty (30) days (but not more than 180 days) before filing the complaint.

2.3 Contents of Notice. The notice must include: reason for intent to foreclose; lender information; amount needed to cure; explanation of consequences; right to hire an attorney; resources to cure the debt; information about the foreclosure mediation program.

2.4 Mediation. The borrower may initiate mediation in accordance with court rules.

2.5 Statute of Limitations. Six (6) years from maturity date, thirty-six (36) years from recording, or six (6) years from most recent missed payment, whichever is earliest.

2.6 Deficiency. Beneficiary must file a separate lawsuit within three (3) months from the sale date or confirmation date to obtain a deficiency judgment.

ARTICLE III - MISCELLANEOUS

This Deed of Trust shall be governed by New Jersey law. Upon payment in full, Beneficiary shall execute a discharge suitable for recording.

SIGNATURE PAGE

GRANTOR(S):

_______________________________
[GRANTOR NAME]

ACKNOWLEDGMENT

STATE OF NEW JERSEY
COUNTY OF [COUNTY]

Before me, a Notary Public, personally appeared [GRANTOR NAME(S)], who acknowledged execution of this instrument.

_______________________________
Notary Public
My Commission Expires: ___________

EXHIBIT A - LEGAL DESCRIPTION

[INSERT COMPLETE LEGAL DESCRIPTION]

Block: [BLOCK] Lot: [LOT]

Prepared by: [PREPARER NAME], [ADDRESS]