Deed of Trust (Mortgage with Power of Sale)

DEED OF TRUST

(Mortgage with Power of Sale - Rhode Island)

State of Rhode Island

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

Date: [DATE]
Book/Page: _________________ (Recorder's Use)
Property Address: [PROPERTY ADDRESS, CITY, RI ZIP]
Plat/Lot: [PLAT/LOT]

IMPORTANT NOTICE - NON-JUDICIAL FORECLOSURE STATE

RHODE ISLAND IS A NON-JUDICIAL FORECLOSURE STATE. Most foreclosures proceed by power of sale without court involvement. However, for owner-occupied 1-4 unit residential properties, the lender must participate in mandatory pre-foreclosure mediation before initiating foreclosure. Notice requirements within mortgage contracts must be strictly followed for a foreclosure to be valid.

DEED OF TRUST (MORTGAGE 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 STATUTORY POWER OF SALE, the following described real property situated in the City/Town of [CITY/TOWN], [COUNTY] County, Rhode Island:

SEE EXHIBIT A ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE

Property Address: [PROPERTY ADDRESS], [CITY], Rhode Island [ZIP CODE]

TOGETHER WITH all buildings, improvements, and fixtures now or hereafter placed thereon; all easements, rights, appurtenances, rents, royalties, and profits.

STATUTORY POWER OF SALE

This Deed of Trust contains a STATUTORY POWER OF SALE pursuant to R.I. Gen. Laws § 34-27-1 et seq. Upon default, Beneficiary or Trustee may, after providing all notices required by law and this instrument, sell the Trust Property at public auction without judicial proceedings.

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 - COVENANTS OF GRANTOR

Grantor covenants and agrees as follows:

2.1 Payment. Grantor shall pay when due the principal and interest on the debt evidenced by the Note and all other sums secured hereby.

2.2 Insurance. Grantor shall keep the improvements insured against loss by fire and other hazards, with Beneficiary named as loss payee.

2.3 Taxes and Assessments. Grantor shall pay before delinquency all taxes, assessments, and charges against the Trust Property.

2.4 Maintenance. Grantor shall maintain the Trust Property in good condition and repair and shall not commit or permit waste.

2.5 Defense of Title. Grantor shall defend title against all claims.

2.6 Compliance with Laws. Grantor shall comply with all laws, ordinances, and regulations affecting the Trust Property.

ARTICLE III - DEFAULT AND FORECLOSURE

3.1 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.

PRE-FORECLOSURE MEDIATION REQUIREMENT

3.2 Mandatory Mediation (R.I. Gen. Laws §§ 34-25.2-1 through 34-25.2-15). Before starting a foreclosure on a first-lien mortgage for any owner-occupied, 1-4 unit residential property serving as Grantor's primary residence:
(a) Beneficiary must provide written notice that it may not foreclose without first participating in a mediation conference;
(b) The mediation conference will take place in person or over the phone no later than sixty (60) days following the notice's mailing.

NON-JUDICIAL FORECLOSURE BY POWER OF SALE

3.3 Notice to Borrower (R.I. Gen. Laws § 34-27-4). Beneficiary must mail notice of sale to Grantor at least thirty (30) days before the first publication of the notice of sale.

3.4 Publication of Notice of Sale. Beneficiary must publish a notice of sale in a newspaper:
(a) Weekly for three (3) weeks;
(b) First publication must be at least twenty-one (21) days before the sale date.

3.5 Strict Compliance Required. The Rhode Island Supreme Court has ruled that notice requirements within mortgage contracts must be strictly followed for a foreclosure to be valid. Failure to strictly comply may invalidate the foreclosure sale.

3.6 Foreclosure Sale. The sale shall be conducted at public auction. The property may be sold to the highest bidder for cash.

3.7 No Statutory Redemption Right. Rhode Island law does not provide a redemption right following a non-judicial foreclosure.

3.8 No Statutory Reinstatement Right. Rhode Island law does not provide Grantor with a statutory right to reinstate the loan. However, the terms of this Deed of Trust may provide such right.

3.9 Deficiency Judgment. Rhode Island permits deficiency judgments. Beneficiary may file a lawsuit after the non-judicial foreclosure to collect any deficiency balance.

ARTICLE IV - RELEASE

4.1 Discharge. Upon payment of all sums secured hereby, Beneficiary shall execute a Discharge of Mortgage suitable for recording.

4.2 Recording. The discharge shall be recorded in the land evidence records of the city or town where the Trust Property is located.

ARTICLE V - RECORDING REQUIREMENTS

5.1 Recording. This Deed of Trust shall be recorded in the land evidence records of the City/Town of [CITY/TOWN], Rhode Island.

5.2 Recording Fees. Rhode Island recording fees shall be paid upon recording.

ARTICLE VI - MISCELLANEOUS PROVISIONS

6.1 Governing Law. This Deed of Trust shall be governed by Rhode Island law.

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

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

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

6.5 Entire Agreement. This Deed of Trust and the Note constitute the entire agreement of the parties.

ARTICLE VII - 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 RHODE ISLAND
COUNTY OF [COUNTY]

In [CITY/TOWN], on this _____ day of ______________, 20___, before me personally appeared [GRANTOR NAME(S)], to me known and known by me to be a party/the parties executing the foregoing instrument, and he/she/they acknowledged said instrument, by him/her/them executed, to be his/her/their free act and deed.

_______________________________
Notary Public
My Commission Expires: ___________

[NOTARY SEAL]

EXHIBIT A

LEGAL DESCRIPTION

The land referred to herein is situated in the City/Town of [CITY/TOWN], [COUNTY] County, State of Rhode Island, and is described as follows:

[INSERT COMPLETE LEGAL DESCRIPTION]

Plat: [PLAT] Lot: [LOT]

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