Deed of Trust (Mortgage Alternative)

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]

IMPORTANT NOTICE - JUDICIAL FORECLOSURE STATE

SOUTH CAROLINA IS A JUDICIAL FORECLOSURE STATE. All foreclosures must proceed through the courts. Only a judge can order the sale of your property. Non-judicial foreclosure is not permitted. Mortgages are the standard security instrument.

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, South Carolina:

SEE EXHIBIT A ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE

Property Address: [PROPERTY ADDRESS], [CITY], South Carolina [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, 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.

3.2 Judicial Foreclosure Required. South Carolina requires judicial foreclosure for all mortgages and deeds of trust. Beneficiary must file a lawsuit in the Court of Common Pleas.

3.3 Pre-Foreclosure Notice. While South Carolina does not have a statutory pre-foreclosure notice requirement, most mortgages require Beneficiary to send a "breach letter" providing Grantor an opportunity to cure before filing foreclosure.

3.4 Federal Requirements. In most cases, federal law requires the servicer to:
(a) Attempt to contact Grantor no later than 36 days after a missed payment;
(b) Inform Grantor in writing about loss mitigation options no later than 45 days after a missed payment; and
(c) Wait until the loan is more than 120 days delinquent before starting foreclosure.

3.5 Lis Pendens (S.C. Code § 15-11-10 et seq.). Beneficiary must file a lis pendens:
(a) No more than 20 days before filing the complaint; and
(b) No less than 20 days prior to entry of a foreclosure decree.
Service of the lis pendens must be made within 60 days after filing.

3.6 Filing and Service. Beneficiary initiates foreclosure by filing a lawsuit and serving Grantor with a summons and complaint. Grantor has thirty (30) days after service to file an answer.

3.7 Court Hearing. If Grantor does not respond, the case moves to a hearing officer who orders the property's sale. In counties having Equity Court Judges (Masters in Equity), those courts handle most foreclosure actions.

3.8 Notice of Sale (S.C. Code §§ 15-39-650, 15-39-660). Notice of the sale must be:
(a) Posted in three (3) public places in the county, including the courthouse;
(b) Published in a local newspaper once a week for three (3) consecutive weeks before the sale.

3.9 Foreclosure Sale. The auction is conducted by a master-in-equity, referee, or sheriff, depending on the county. Sales must occur between 11:00 a.m. and 5:00 p.m. at the county courthouse (S.C. Code of Laws).

3.10 Deficiency Judgment and Upset Bid Period. If Beneficiary reserves the right to seek a deficiency judgment:
(a) Bidding on the property must remain open for an additional thirty (30) days after the foreclosure sale for upset bids;
(b) This period provides a window for Grantor to potentially reclaim the property.
Many lenders waive their right to a deficiency judgment to avoid this 30-day period.

3.11 No Statutory Reinstatement Right. South Carolina law does not give Grantor a statutory right to reinstate the loan. However, this Deed of Trust or the Note may provide a reinstatement right.

ARTICLE IV - RELEASE

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

4.2 Recording. The satisfaction shall be recorded with the Register of Deeds in the county where the Trust Property is located.

ARTICLE V - RECORDING REQUIREMENTS

5.1 Recording. This Deed of Trust shall be recorded with the Register of Deeds of [COUNTY] County, South Carolina.

5.2 Recording Fees and Taxes. South Carolina recording fees and deed recording fees shall be paid upon recording.

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: _________________________

_______________________________
[GRANTOR NAME]
Date: _________________________

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]