TRUST DEED

State of Utah

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

SPACE ABOVE THIS LINE FOR RECORDER'S USE

Date: [DATE]
Entry Number: _________________ (Recorder's Use)
Property Address: [PROPERTY ADDRESS, CITY, UT ZIP]
Tax Serial Number: [TAX SERIAL NUMBER]

TRUST DEED WITH ASSIGNMENT OF RENTS

THIS TRUST DEED is made this [DAY] day of [MONTH], [YEAR], by and among:

TRUSTOR (Borrower):
[TRUSTOR 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, Trustor 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, Trustor irrevocably grants, conveys, and warrants to Trustee, in trust, with POWER OF SALE, the following described real property situated in [COUNTY] County, Utah:

SEE EXHIBIT A ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE

Property Address: [PROPERTY ADDRESS], [CITY], Utah [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 Trustor's covenants and agreements under this Trust Deed and the Note.

ARTICLE II - TRUSTEE PROVISIONS

2.1 Trustee Qualifications. The Trustee of a trust deed may not be the Beneficiary unless the Beneficiary is qualified to be a trustee under Utah Code § 57-1-21(1)(a). The power of sale may only be exercised by a Trustee qualified under that section.

2.2 Unqualified Trustee. A trust deed with an unqualified trustee or without a trustee shall be effective to create a lien on the trust property, but the power of sale may be exercised only if the Beneficiary has appointed a qualified successor trustee.

2.3 Successor Trustee. Beneficiary may appoint a successor Trustee by recording an instrument of substitution. The successor Trustee shall succeed to all title, powers, and duties of the original Trustee.

2.4 Trustee's Duty. A Trustee who exercises a power of sale has a duty to the Trustor not to defraud, or conspire or scheme to defraud, the Trustor, pursuant to Utah Code § 57-1-23.

ARTICLE III - COVENANTS OF TRUSTOR

Trustor covenants and agrees as follows:

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

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

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

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

3.5 Defense of Title. Trustor shall defend title against all claims.

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

ARTICLE IV - ASSIGNMENT OF RENTS

4.1 Assignment. Trustor hereby assigns to Beneficiary all rents, issues, and profits of the Trust Property as additional security.

4.2 License to Collect. Trustor 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 Trustor;
(d) Transfer of the Trust Property without Beneficiary's prior written consent;
(e) Bankruptcy or insolvency of Trustor.

5.2 Power of Sale. Pursuant to Utah Code § 57-1-23, the Trustee is given the power of sale to sell the Trust Property after a breach of an obligation secured hereby. Alternatively, at the option of Beneficiary, this Trust Deed may be foreclosed as a mortgage.

5.3 Notice of Default. The non-judicial foreclosure process begins when the Trustee records a Notice of Default at the County Recorder's office, pursuant to Utah Code § 57-1-24. The Notice of Default shall identify the trust deed, state that a breach has occurred, and set forth the nature of the breach.

5.4 Cure Period. Utah law gives Trustor three (3) months after the Trustee records the Notice of Default to cure the default (reinstate the loan), pursuant to Utah Code § 57-1-31.

5.5 Mailing of Notice. Within ten (10) days of recording, the Trustee shall mail a copy of the Notice of Default to:
(a) Anyone who has requested a copy (most trust deeds include a request for notice);
(b) The Trustor at the last known address.

5.6 Notice of Sale. If the default is not cured within the three-month cure period, the Trustee shall:
(a) Record a Notice of Sale;
(b) Mail a copy to Trustor at least twenty (20) days before the sale (if the trust deed includes a request for notice);
(c) Post notice on the Trust Property at least twenty (20) days before the sale.

5.7 Place of Sale. The sale shall be held at a courthouse serving the county in which the Trust Property, or some part of it, is located, as stated in the Notice of Sale, pursuant to Utah Code § 57-1-25.

5.8 Conduct of Sale. Trustee shall sell the Trust Property:
(a) At public auction;
(b) To the highest bidder for cash;
(c) At the time, date, and place stated in the Notice of Sale.

5.9 Trustee's Deed. Upon payment, Trustee shall execute and deliver a Trustee's Deed to the purchaser.

5.10 Cancellation of Default. If the default is cured and the trust deed reinstated, and a reasonable fee is paid for cancellation (including recording costs), Trustee shall execute, acknowledge, and deliver a cancellation of the recorded Notice of Default, pursuant to Utah Code § 57-1-31.

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

5.12 Deficiency. Utah permits deficiency judgments. If sale proceeds are insufficient, Beneficiary may pursue a deficiency judgment against Trustor.

ARTICLE VI - RECONVEYANCE

6.1 Request for Reconveyance. Pursuant to Utah Code § 57-1-33.1, when an obligation secured by a trust deed has been satisfied, Trustee shall, upon written request by Beneficiary, reconvey the Trust Property.

6.2 Required Documents. At the time Beneficiary requests a reconveyance, Beneficiary shall deliver to Trustee:
(a) The trust deed; and
(b) The note or other evidence that the obligation has been satisfied.

6.3 Form of Reconveyance. The reconveyance may designate the grantee as "the person or persons entitled thereto."

6.4 Erroneous Reconveyance. If a reconveyance is erroneously recorded, the effect may be nullified and the trust deed reinstated by recording a corrective affidavit executed by the then-current Beneficiary.

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

ARTICLE VII - RECORDING REQUIREMENTS

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

7.2 Recordable Documents. Pursuant to Utah Code § 57-1-45, the following documents, if acknowledged as provided by law, are entitled to be recorded:
- Trust deed
- Substitution of trustee
- Assignment of beneficial interest
- Notice of assignment
- Notice of default
- Trustee's deed
- Reconveyance
- Subordination or waiver of priority

ARTICLE VIII - MISCELLANEOUS PROVISIONS

8.1 Governing Law. This Trust Deed shall be governed by Utah 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. Trustor hereby requests copies of any Notice of Default and Notice of Sale.

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, Trustor has executed this Trust Deed as of the date first written above.

TRUSTOR(S):

_______________________________
[TRUSTOR NAME]
Date: _________________________

_______________________________
[TRUSTOR NAME]
Date: _________________________

ACKNOWLEDGMENT

STATE OF UTAH
COUNTY OF [COUNTY]

On the _____ day of ______________, 20___, personally appeared before me [TRUSTOR NAME(S)], the signer(s) of the foregoing instrument, who duly acknowledged to me that he/she/they executed the same.

_______________________________
Notary Public
My Commission Expires: ___________

[NOTARY SEAL]

EXHIBIT A

LEGAL DESCRIPTION

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

[INSERT COMPLETE LEGAL DESCRIPTION]

Tax Serial Number: [NUMBER]

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