Deed of Trust (Mortgage with Power of Sale)

DEED OF TRUST

State of Oklahoma

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

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

Date: [DATE]
Document Number: _________________ (County Clerk's Use)
Property Address: [PROPERTY ADDRESS, CITY, OK ZIP]
Parcel ID: [PARCEL ID]

IMPORTANT NOTICE

A POWER OF SALE HAS BEEN GRANTED IN THIS MORTGAGE/DEED OF TRUST.

A power of sale may allow the mortgagee/beneficiary to take the mortgaged property and sell it without going to court in a foreclosure action upon default by the mortgagor/grantor under this mortgage/deed of trust.

DEED OF TRUST WITH POWER OF SALE

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

GRANTOR/MORTGAGOR (Borrower):
[GRANTOR NAME(S)]
[ADDRESS]
[CITY, STATE ZIP]

TRUSTEE:
[TRUSTEE NAME]
[ADDRESS]
[CITY, STATE ZIP]

BENEFICIARY/MORTGAGEE (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, Oklahoma:

SEE EXHIBIT A ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE

Property Address: [PROPERTY ADDRESS], [CITY], Oklahoma [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 - POWER OF SALE DISCLOSURE

2.1 Power of Sale Statement. Pursuant to 46 O.S. § 43, this Deed of Trust states in bold and underlined language:

"A POWER OF SALE HAS BEEN GRANTED IN THIS MORTGAGE. A POWER OF SALE MAY ALLOW THE MORTGAGEE TO TAKE THE MORTGAGED PROPERTY AND SELL IT WITHOUT GOING TO COURT IN A FORECLOSURE ACTION UPON DEFAULT BY THE MORTGAGOR UNDER THIS MORTGAGE."

2.2 Homestead Election. Grantor has the right to elect judicial foreclosure for homestead property. If the Trust Property is Grantor's homestead and Grantor elects judicial foreclosure, Grantor must send written notice by certified mail to Beneficiary at least ten (10) days before the property is to be sold under the power of sale, and file a copy of such notice with the County Clerk.

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 power of sale under 46 O.S. § 43 et seq.; or
(b) By judicial foreclosure.

5.3 Notice of Intent to Foreclose (46 O.S. § 44). A written notice of intention to foreclose by power of sale must be sent by certified mail to Grantor at Grantor's last known address. The notice must:
(a) Describe the default;
(b) Give Grantor thirty-five (35) days from the date the notice is sent to cure the default.

If Grantor cures the default within thirty-five (35) days, the foreclosure process stops.

5.4 Notice of Sale (46 O.S. § 45). If the default is not cured, notice of sale shall:
(a) State the occurrence of a breach or default and its general nature;
(b) State the election to use the power of sale;
(c) State the date, time, and place when the Trust Property will be sold;
(d) Contain the legal description and any street address of the Trust Property.

5.5 Publication of Notice. The notice of sale must be:
(a) Published in a newspaper of general circulation in the county where the Trust Property is located once a week for four (4) consecutive weeks;
(b) Posted in a prominent location on the Trust Property at least twenty (20) days prior to the date of sale.

5.6 Homestead Election (46 O.S. § 43). If the Trust Property is Grantor's homestead and Grantor sends written notice by certified mail at least ten (10) days before the sale stating that the property is Grantor's homestead and electing judicial foreclosure, and files a copy of such notice with the County Clerk, then Beneficiary must pursue judicial foreclosure.

5.7 Conduct of Sale (46 O.S. § 46). The sale shall be:
(a) At public auction;
(b) To the highest bidder for cash (or on such terms as specified);
(c) At the time and place stated in the notice.

5.8 Trustee's Deed (46 O.S. § 47). Upon completion of the sale, Trustee shall execute and deliver a Trustee's Deed to the purchaser.

5.9 Application of Proceeds (46 O.S. § 48). Proceeds of sale 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.

5.10 Redemption. Oklahoma does not provide a statutory right of redemption following a power of sale foreclosure.

5.11 Deficiency. Oklahoma permits deficiency judgments. If sale proceeds are insufficient, Beneficiary may pursue a deficiency judgment against Grantor within ninety (90) days following the foreclosure sale.

ARTICLE VI - RECONVEYANCE

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

6.2 Recording. The release shall be recorded with the County Clerk 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 County Clerk of [COUNTY] County, Oklahoma.

7.2 Documentary Stamp Tax. Oklahoma documentary stamp tax shall be paid upon recording.

ARTICLE VIII - MISCELLANEOUS PROVISIONS

8.1 Governing Law. This Deed of Trust shall be governed by Oklahoma law.

8.2 Deed of Trust Subject to Mortgage Laws. Every deed of trust on real property is subject to all statutory provisions and laws relating to mortgages under Oklahoma law.

8.3 Successors and Assigns. This Deed of Trust binds and benefits the heirs, executors, administrators, successors, and assigns of the parties.

8.4 Severability. If any provision is held invalid, all other provisions remain in full force.

8.5 Notices. All notices shall be in writing and sent to the addresses set forth above.

8.6 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 OKLAHOMA
COUNTY OF [COUNTY]

Before me, the undersigned, a Notary Public in and for said County and State, on this _____ day of ______________, 20___, personally appeared [GRANTOR NAME(S)], to me known to be the identical person(s) who executed the within and foregoing instrument, and acknowledged to me that he/she/they executed the same as his/her/their free and voluntary act and deed for the uses and purposes therein set forth.

_______________________________
Notary Public
My Commission Expires: ___________
Commission Number: ______________

[NOTARY SEAL]

EXHIBIT A

LEGAL DESCRIPTION

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

[INSERT COMPLETE LEGAL DESCRIPTION]

Parcel ID: [NUMBER]

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