DEED OF TRUST

State of Texas

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

Date: [DATE]

Grantor (Borrower): [GRANTOR NAME(S)]

Grantor's Mailing Address: [ADDRESS, CITY, TX ZIP]

Trustee: [TRUSTEE NAME]

Trustee's Mailing Address: [ADDRESS, CITY, TX ZIP]

Beneficiary (Lender): [BENEFICIARY/LENDER NAME]

Beneficiary's Mailing Address: [ADDRESS, CITY, TX ZIP]

Property Address: [PROPERTY STREET ADDRESS, CITY, TX ZIP]

County: [COUNTY], Texas

DEED OF TRUST

THIS DEED OF TRUST ("Security Instrument") is made on [DATE]. The Grantor is [GRANTOR NAME(S)] ("Borrower"). The Trustee is [TRUSTEE NAME] ("Trustee"). The Beneficiary is [BENEFICIARY NAME], organized and existing under the laws of [STATE/JURISDICTION], whose address is [ADDRESS] ("Lender").

Borrower owes Lender the principal sum of [PRINCIPAL AMOUNT] DOLLARS (U.S. $[AMOUNT]). This debt is evidenced by Borrower's note dated the same date as this Security Instrument ("Note"), which provides for monthly payments, with the full debt, if not paid earlier, due and payable on [MATURITY DATE]. This Security Instrument secures to Lender: (a) the repayment of the debt evidenced by the Note, with interest, and all renewals, extensions and modifications of the Note; (b) the payment of all other sums, with interest, advanced under this Security Instrument to protect the security of this Security Instrument; and (c) the performance of Borrower's covenants and agreements under this Security Instrument and the Note.

For this purpose, Borrower irrevocably grants and conveys to Trustee, in trust, with power of sale, the following described property located in [COUNTY] County, Texas:

SEE EXHIBIT A ATTACHED HERETO AND MADE A PART HEREOF

which has the address of [PROPERTY ADDRESS], Texas [ZIP CODE] ("Property Address");

TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the "Property."

BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to grant and convey the Property, that the Property is unencumbered except for encumbrances of record, and that Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record.

ARTICLE I - UNIFORM COVENANTS

Borrower and Lender covenant and agree as follows:

1. Payment of Principal, Interest, and Late Charges. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and any late charges due under the Note.

2. Monthly Payment of Taxes, Insurance, and Other Charges. Borrower shall pay to Lender on the day monthly payments are due under the Note, until the Note is paid in full, a sum ("Funds") for: (a) yearly taxes and assessments; (b) yearly leasehold payments or ground rents on the Property, if any; (c) yearly hazard or homeowner's insurance premiums; (d) yearly flood insurance premiums, if required; (e) yearly mortgage insurance premiums, if required; and (f) any sums payable by Borrower to Lender under this Security Instrument.

3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender shall be applied: first, to late charges due under the Note; second, to amounts payable under Section 2; third, to interest due; and fourth, to principal due.

4. Charges; Liens. Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests the lien in good faith by appropriate legal proceedings; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument.

5. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and any other hazards for which Lender requires insurance. Insurance policies shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an additional loss payee.

6. Occupancy. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty (60) days after execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year, unless Lender otherwise agrees in writing.

7. Preservation, Maintenance, and Protection of the Property. Borrower shall not destroy, damage, or impair the Property, allow the Property to deteriorate, or commit waste on the Property. Borrower shall maintain the Property in order to prevent the Property from deteriorating.

8. Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower gave materially false, misleading, or inaccurate information or statements to Lender.

9. Protection of Lender's Interest in the Property. If (a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property, or (c) Borrower has abandoned the Property, then Lender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property.

10. Assignment of Rents; Assignment of Beneficial Interests. Borrower unconditionally assigns to Lender all the rents and revenues of the Property. However, Lender grants to Borrower the right to collect and retain the rents and revenues of the Property as long as Borrower has not breached any covenant or agreement of Borrower under the Note or this Security Instrument.

ARTICLE II - TRUSTEE PROVISIONS

2.1 Trustee Qualifications. The Trustee named herein is qualified to serve as trustee under Texas Property Code § 51.0001. Trustee may be an individual, corporation, or other legal entity authorized under Texas law.

2.2 Successor Trustee. Lender, at Lender's option, may from time to time appoint a successor trustee by an instrument executed and acknowledged by Lender and recorded in the office of the County Clerk of the county in which the Property is located. The instrument shall contain the name of the original Lender, Trustee, and Borrower, the book and page or clerk's file number where this Security Instrument is recorded, and the name and address of the successor trustee. Without conveyance of the Property, the successor trustee shall succeed to all the title, powers, and duties conferred upon the Trustee herein and by applicable law.

2.3 Trustee's Duties and Liabilities. Trustee shall not be liable for any act or omission of Trustee or any Trustee's agent or attorney unless such act or omission constitutes bad faith, willful misconduct, or gross negligence. Trustee shall not be obligated to take any action or to exercise any remedy under this Security Instrument except upon receipt from Lender of specific instructions and indemnification satisfactory to Trustee.

ARTICLE III - DEFAULT AND FORECLOSURE

3.1 Notice of Default and Intent to Accelerate. If Borrower is in default, Lender shall give notice to Borrower prior to acceleration. The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than thirty (30) days from the date the notice is given to Borrower for a non-homestead property (or such longer period as may be specified in the Note for homestead property), by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument, foreclosure by judicial proceeding or by power of sale, and sale of the Property.

For Homestead Property: If the Property is Borrower's homestead, Borrower shall have at least twenty (20) days to cure the default as required by Texas Property Code § 51.002.

3.2 Notice of Acceleration and Posting for Foreclosure. If the default is not cured, Lender may require immediate payment in full of all sums secured by this Security Instrument without further demand and may invoke the power of sale and any other remedies permitted by Texas law.

3.3 Notice of Trustee's Sale. If Lender invokes the power of sale, Trustee shall give notice of the trustee's sale by:
(a) Filing with the County Clerk's office a written notice containing the information required by Texas Property Code § 51.002(b);
(b) Giving written notice of the sale by certified mail to Borrower at least twenty-one (21) days before the date of sale; and
(c) Posting notice at the courthouse door of the county where the Property is located at least twenty-one (21) days before the date of the sale.

3.4 Foreclosure Sale Timing and Location. The foreclosure sale shall be:
(a) Held on the first Tuesday of the month;
(b) Conducted between 10:00 a.m. and 4:00 p.m.;
(c) Held at the area designated by the County Commissioners Court for foreclosure sales; and
(d) Conducted in accordance with Texas Property Code § 51.002.

3.5 Power of Sale. If Lender invokes the power of sale, Trustee shall sell the Property at public auction to the highest bidder for cash. Trustee may postpone sale of all or any parcel of the Property by public announcement at the time and place of any previously scheduled sale. Lender or its designee may purchase the Property at any sale.

3.6 Application of Proceeds. Trustee shall apply the proceeds of the sale in the following order: (a) to all expenses of the sale, including reasonable Trustee's and attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it.

3.7 Deficiency. Within ninety (90) days after the date of a foreclosure sale, an action may be maintained to recover a deficiency judgment against any person liable on the debt secured by this Security Instrument, in accordance with Texas Property Code § 51.003.

ARTICLE IV - HOME EQUITY AND REVERSE MORTGAGE EXCEPTION

[SELECT ONE]

☐ This is NOT a home equity loan or reverse mortgage. Non-judicial foreclosure is available upon default.

☐ This IS a home equity loan under Texas Constitution Article XVI, Section 50(a)(6). Judicial foreclosure is required. The power of sale granted herein shall not be exercised, and foreclosure must proceed through the courts.

☐ This IS a reverse mortgage under Texas Constitution Article XVI, Section 50(k). Judicial foreclosure is required. The power of sale granted herein shall not be exercised, and foreclosure must proceed through the courts.

ARTICLE V - RECONVEYANCE

5.1 Release of Lien. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument by executing a release of lien, which Borrower may record in the county where the Property is located.

5.2 Timing. Lender shall furnish a release of lien suitable for recording within a reasonable time after satisfaction of the debt in accordance with Texas Property Code § 51.901.

ARTICLE VI - RECORDING REQUIREMENTS

6.1 Recording. This Deed of Trust shall be recorded in the Official Public Records of Real Property of [COUNTY] County, Texas.

6.2 Required Information. This document includes the following information required for recording:
- Names and addresses of Grantor, Trustee, and Beneficiary
- Legal description of the Property
- County in which the Property is located

ARTICLE VII - MISCELLANEOUS PROVISIONS

7.1 Governing Law. This Security Instrument shall be governed by federal law and the law of the State of Texas.

7.2 Successors and Assigns Bound. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower.

7.3 Joint and Several Liability. All Borrowers shall be jointly and severally liable under this Security Instrument.

7.4 Notices. All notices shall be given by delivering them or by mailing them by first class mail, unless applicable law requires use of another method. Notices shall be addressed to Borrower at the Property Address and to Lender at the address stated herein.

7.5 Hazardous Substances. Borrower shall not cause or permit the presence, use, disposal, storage, or release of any Hazardous Substances, or threaten to release any Hazardous Substances, on or in the Property.

7.6 Attorneys' Fees. As permitted by applicable law, Lender may recover its reasonable costs and expenses, including reasonable attorneys' fees, in any action to enforce the provisions of this Security Instrument.

ARTICLE VIII - 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
☐ Texas Home Equity Affidavit and Agreement
☐ Other: [SPECIFY]

SIGNATURE PAGE

BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any Rider executed by Borrower and recorded with it.

BORROWER(S):

_______________________________
[BORROWER NAME]
Date: _________________________

_______________________________
[BORROWER NAME]
Date: _________________________

ACKNOWLEDGMENT

STATE OF TEXAS
COUNTY OF [COUNTY]

Before me, the undersigned notary public, on this _____ day of ______________, 20___, personally appeared [BORROWER NAME(S)], known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

GIVEN UNDER MY HAND AND SEAL OF OFFICE this _____ day of ______________, 20___.

_______________________________
Notary Public, State of Texas
My Commission Expires: ___________

[NOTARY SEAL]

EXHIBIT A

LEGAL DESCRIPTION

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

[INSERT COMPLETE LEGAL DESCRIPTION - METES AND BOUNDS OR RECORDED PLAT REFERENCE]

This document prepared by:
[PREPARER NAME]
[ADDRESS]
[PHONE]
[STATE BAR NUMBER]