Deed of Trust (Mortgage Alternative)

DEED OF TRUST

(Mortgage Equivalent - Ohio)

State of Ohio

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

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

IMPORTANT NOTICE - JUDICIAL FORECLOSURE STATE

OHIO IS A JUDICIAL FORECLOSURE STATE. All foreclosures must go through the courts. While this template is structured as a deed of trust, Ohio treats such instruments as mortgages, and foreclosure must proceed judicially.

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, Ohio:

SEE EXHIBIT A ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE

Property Address: [PROPERTY ADDRESS], [CITY], Ohio [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;
(b) The payment of all other sums advanced under this Deed of Trust;
(c) The performance of Grantor's covenants and agreements herein.

ARTICLE II - COVENANTS OF GRANTOR

Grantor shall: pay when due all amounts under the Note; maintain insurance; pay taxes and assessments; maintain the property; defend title; and comply with all laws.

ARTICLE III - DEFAULT AND FORECLOSURE

3.1 Judicial Foreclosure Required. Ohio requires judicial foreclosure. Upon default, Beneficiary must file a lawsuit by serving a summons and complaint.

3.2 Response Time. Grantor has twenty-eight (28) days to respond to the complaint.

3.3 Appraisal. Prior to sale, an appraisal must be made by three disinterested freeholders. The property cannot sell for less than two-thirds (2/3) of its appraised value.

3.4 Notice of Sale. Notice must be published once a week for three (3) consecutive weeks in a newspaper of general circulation.

3.5 Sheriff's Sale. The sale is conducted by the Sheriff at the courthouse and sold to the highest bidder.

3.6 Confirmation. The court must confirm the sale within thirty (30) days. Grantor may redeem until confirmation.

3.7 Deficiency. Ohio permits deficiency judgments, with limitations if the property sold for less than two-thirds of appraised value.

ARTICLE IV - MISCELLANEOUS

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

SIGNATURE PAGE

GRANTOR(S):

_______________________________
[GRANTOR NAME]

ACKNOWLEDGMENT

STATE OF OHIO
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]

Parcel ID: [NUMBER]

Prepared by: [PREPARER NAME], [ADDRESS]