Deed of Trust (Trust Deed)

TRUST DEED

State of Oregon

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

SPACE ABOVE THIS LINE FOR RECORDER'S USE

Date: [DATE]
Recording Information: _________________ (Recorder's Use)
Property Address: [PROPERTY ADDRESS, CITY, OR ZIP]
Tax Account Number: [TAX ACCOUNT NUMBER]

TRUST DEED

THIS TRUST DEED 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 irrevocably grants, bargains, sells, and conveys to Trustee, in trust, with POWER OF SALE, the following described real property situated in [COUNTY] County, Oregon:

SEE EXHIBIT A ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE

Property Address: [PROPERTY ADDRESS], [CITY], Oregon [ZIP CODE]

TOGETHER WITH all buildings, improvements, and fixtures now or hereafter placed thereon; all easements, rights, appurtenances, rents, royalties, water, water rights and water stock; and all fixtures now or hereafter attached to the property (collectively, the "Trust Property").

ARTICLE I - OBLIGATIONS SECURED

This Trust Deed 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 Trust Deed;
(c) The performance of Grantor's covenants and agreements under this Trust Deed and the Note.

ARTICLE II - TRUSTEE PROVISIONS

2.1 Trustee Qualifications. The Trustee named herein is qualified to serve under ORS 86.713 and must be:
(a) Any member of the Oregon State Bar;
(b) Any bank or savings and loan association authorized to do business in Oregon;
(c) An authorized trust institution; or
(d) A licensed title insurance agent or title insurance company authorized in Oregon.

2.2 Successor Trustee. At the time of default, Beneficiary may substitute the current Trustee by transferring the foreclosure process to a trustee foreclosure service qualified under ORS 86.790. The substitution shall be recorded.

2.3 Trustee's Duties. Trustee shall exercise the powers granted herein in accordance with the Oregon Trust Deed Act and this Trust Deed.

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 Trust Deed;
(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. At the option of Beneficiary, this Trust Deed may be foreclosed:
(a) By advertisement and sale as provided in ORS 86.705 to 86.815; or
(b) By judicial foreclosure as provided by law for mortgages.

5.3 Non-Judicial Foreclosure (Foreclosure by Advertisement and Sale).

(a) Notice of Default. Non-judicial foreclosure is commenced by the recording and service of a Notice of Default. The Notice must contain the information required by ORS 86.745, including:

• Names of the parties involved;
• The sum owing on the obligation;
• The date, time, and place of the sale;
• A statement that Grantor has the right to cure the default.

(b) Service of Notice. The Notice of Sale must be served at least 120 days before the sale date, pursuant to ORS 86.740(1).

(c) Recording. The Notice of Default and Election to Sell must be recorded before the Notice of Sale is served.

(d) Publication. The last publication of the Notice of Sale must be at least twenty (20) days prior to the sale.

(e) Mailing. Copies of the Notice must be mailed to:

• Grantor at the last known address;
• All persons who have recorded a request for notice;
• Junior lienholders of record.

5.4 Minimum Timeline. A non-judicial foreclosure generally cannot be completed in less than five to six months from the Notice of Default.

5.5 Grantor's Right to Cure. Notwithstanding any acceleration clause in the Note, Grantor may cure the existing default up to five (5) days before the scheduled sale date by paying:
(a) The amount delinquent under the Trust Deed;
(b) Statutory costs and fees.

5.6 Conduct of Sale. Trustee shall sell the Trust Property:
(a) At public auction at the time, date, and place stated in the Notice of Sale;
(b) To the highest bidder for cash;
(c) At the county courthouse or other designated location.

5.7 Trustee's Deed. Following the sale, Trustee shall execute and deliver a Trustee's Deed to the purchaser. The Trustee's Deed conveys to the purchaser the interest in the property that Grantor had at the time of execution of this Trust Deed, together with any interest acquired thereafter.

5.8 No Right of Redemption. Following the Trustee's sale, there is no right of redemption to Grantor.

5.9 Application of Proceeds. Trustee shall apply the proceeds of sale:
(a) First, to costs and expenses of the sale, including Trustee's fees;
(b) Second, to all sums secured by this Trust Deed;
(c) Third, to junior liens in order of priority;
(d) Fourth, the surplus to Grantor or persons legally entitled thereto.

5.10 No Deficiency Judgment After Non-Judicial Foreclosure. Following completion of a non-judicial foreclosure, Beneficiary has no claim against Grantor for any remaining deficiency under the Note. However, this does not extinguish the liability of any guarantor of the debt.

ARTICLE VI - RECONVEYANCE

6.1 Full Reconveyance. Upon written request of Beneficiary stating that all sums secured have been paid, and upon surrender of this Trust Deed and the Note to Trustee for cancellation, Trustee shall reconvey the Trust Property without warranty to the person or persons legally entitled thereto.

6.2 Partial Reconveyance. Beneficiary may request partial reconveyance of any portion of the Trust Property upon partial payment of the debt.

6.3 Recording. The reconveyance shall be recorded with the County Clerk/Recorder where the Trust Property is located.

ARTICLE VII - RECORDING REQUIREMENTS

7.1 Recording. This Trust Deed shall be recorded with the County Clerk/Recorder of [COUNTY] County, Oregon.

7.2 Legal Description. The legal description in Exhibit A must accurately describe the Trust Property.

ARTICLE VIII - MISCELLANEOUS PROVISIONS

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

8.2 Successors and Assigns. This Trust Deed 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 Request for Notice. Grantor hereby requests that copies of any Notice of Default and any Notice of Sale be mailed to Grantor at the address above.

8.6 Entire Agreement. This Trust Deed 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 Trust Deed as of the date first written above.

GRANTOR(S):

_______________________________
[GRANTOR NAME]
Date: _________________________

_______________________________
[GRANTOR NAME]
Date: _________________________

ACKNOWLEDGMENT

STATE OF OREGON
COUNTY OF [COUNTY]

This instrument was acknowledged before me on ______________, 20___, by [GRANTOR NAME(S)].

_______________________________
Notary Public for Oregon
My Commission Expires: ___________

[NOTARY SEAL]

EXHIBIT A

LEGAL DESCRIPTION

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

[INSERT COMPLETE LEGAL DESCRIPTION]

Tax Account Number: [NUMBER]

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