Deed of Trust (Mortgage Alternative) - South Carolina

DEED OF TRUST

(Mortgage Equivalent - South Carolina)

State of South Carolina

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

Date: [DATE]
Book/Page: _________________ (ROD's Use)
Property Address: [PROPERTY ADDRESS, CITY, SC ZIP]
TMS Number: [TMS NUMBER]

Before you use this: South Carolina treats a deed of trust as a mortgage for satisfaction and release. The Borrower remains the owner; the Lender may recover from the land only by foreclosure and sale according to law. This instrument grants no private power of sale.

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, for security purposes only, Grantor grants and conveys to Trustee, in trust for Beneficiary, a security interest in the following described real property situated in [COUNTY] County, South Carolina, subject to Grantor's rights as owner under South Carolina mortgage law:

SEE EXHIBIT A ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE

Property Address: [PROPERTY ADDRESS], [CITY], South Carolina [ZIP CODE] (the "Trust Property")

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, 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, to the extent enforceable under applicable law.

3.2 Enforcement. No Trustee or Beneficiary may take possession or conduct a private sale merely because of default. Beneficiary may seek satisfaction from the land by foreclosure and sale according to South Carolina law. Any required notice, opportunity to cure, servicing duties, and court procedure must be determined for the actual loan and parties before suit.

3.3 Application of Proceeds. Proceeds recovered through lawful foreclosure shall be applied to the secured debt, lawful enforcement costs, and any remaining amount as directed by the court and applicable law.

ARTICLE IV - RELEASE

4.1 Satisfaction or Release. Upon full payment or other discharge of the secured obligation, Beneficiary shall arrange for satisfaction or release of this security instrument by a method permitted under S.C. Code § 29-3-330. If a separate satisfaction is used under § 29-3-330(B)(3), the person authorized by that section must sign it in the presence of two witnesses and acknowledge it.

4.2 Recording. The satisfaction shall be recorded in the county office where this security instrument was recorded.

ARTICLE V - RECORDING REQUIREMENTS

5.1 Recording. This Deed of Trust shall be recorded in the Register of Deeds or Clerk of Court office for [COUNTY] County, South Carolina, as appropriate for that county.

5.2 Recording Costs. Grantor shall pay recording fees and any taxes that apply to recording this instrument, as confirmed with the recording office.

ARTICLE VI - MISCELLANEOUS PROVISIONS

6.1 Governing Law. This Deed of Trust shall be governed by South Carolina 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: _________________________

Witness 1: _______________________________
Printed name: [NAME]

Witness 2: _______________________________
Printed name: [NAME]

_______________________________
[GRANTOR NAME]
Date: _________________________

Witness 1: _______________________________
Printed name: [NAME]

Witness 2: _______________________________
Printed name: [NAME]

ACKNOWLEDGMENT

STATE OF SOUTH CAROLINA
COUNTY OF [COUNTY]

I, the undersigned Notary Public, do hereby certify that [GRANTOR NAME(S)] personally appeared before me this day and acknowledged the due execution of the foregoing instrument.

Witness my hand and official seal this _____ day of ______________, 20___.

_______________________________
Notary Public for South Carolina
My Commission Expires: ___________

[NOTARY SEAL]

EXHIBIT A

LEGAL DESCRIPTION

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

[INSERT COMPLETE LEGAL DESCRIPTION]

TMS Number: [NUMBER]

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