DEED OF TRUST

State of West Virginia

PREPARED BY:
[PREPARER NAME]
[ADDRESS]
[CITY, STATE ZIP]

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

Date: [DATE]
Document Number: _________________ (Clerk's Use)
Property Address: [PROPERTY ADDRESS, CITY, WV ZIP]
District: [DISTRICT]
Tax Map and Parcel: [TAX MAP/PARCEL]

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]
(Must be a West Virginia Resident)

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, with POWER OF SALE, the following described real property situated in [COUNTY] County, West Virginia:

SEE EXHIBIT A ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE

Property Address: [PROPERTY ADDRESS], [CITY], West Virginia [ZIP CODE]

TOGETHER WITH all buildings, improvements, and fixtures now or hereafter placed thereon; all easements, rights, appurtenances, rents, royalties, and profits; and all fixtures now or hereafter attached to the property (collectively, the "Trust Property").

TO HAVE AND TO HOLD the same unto Trustee, upon the trusts hereinafter expressed, to secure payment of the indebtedness evidenced by the Note.

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 - TRUSTEE PROVISIONS

2.1 Trustee Residency Requirement. West Virginia state law requires that the Trustee conducting the sale be a West Virginia resident.

2.2 Non-Resident Trustee Exception. Pursuant to W.Va. Code § 38-1-1A, the nonresidency of a trustee shall not invalidate or cloud the title passing under a security trust. Any conveyance made by a nonresident trustee pursuant to foreclosure shall be as valid as though such trustee were a resident of this state.

2.3 Substitution of Trustee. If Beneficiary must or wishes to use a person or firm other than the Trustee stated herein, Beneficiary shall file a Notice of Substitution of Trustee with the Clerk of the County Commission in which this Deed of Trust is recorded. The substitution shall be made in accordance with the method set forth in this Deed of Trust.

2.4 Trustee's Compensation. Trustee shall be entitled to a commission as provided by W.Va. Code § 38-1-8: five percent (5%) on the first $300 of proceeds and two percent (2%) on the residue.

ARTICLE III - COVENANTS OF GRANTOR

Grantor covenants and agrees as follows:

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

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

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

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

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

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

ARTICLE IV - ASSIGNMENT OF RENTS

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

4.2 License to Collect. Grantor 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 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.

5.2 Conditions for Trustee Sale. Pursuant to W.Va. Code § 38-1-3, before commencement of any foreclosure:
(a) The original Deed of Trust shall be recorded;
(b) The debt secured must be payable and in default;
(c) Any creditor secured or surety indemnified may require Trustee to sell.

5.3 Advertising Requirements. Pursuant to W.Va. Code § 38-1-4, the lender must advertise the foreclosure sale:
(a) In a newspaper published in the county where the Trust Property is located;
(b) For four (4) successive weeks before the auction.

If no newspaper is published in the county, the notice shall be placed in a newspaper published in an adjoining county for four successive weeks.

5.4 Contents of Notice. The notice of sale shall give:
(a) The time, place, and terms of sale;
(b) A description of the Trust Property.

5.5 Place of Sale. The sale shall be conducted at the front or main door of the Courthouse in the county where the Trust Property is located. (In a county with more than one courthouse, the sale should be conducted in the division where the Trust Property lies.)

5.6 Conduct of Sale. The sale shall be:
(a) At public auction to the highest bidder;
(b) For cash, unless other terms are specified in this Deed of Trust.

5.7 After the Sale. Pursuant to W.Va. Code § 38-1-8, after receiving the balance of the purchase price, Trustee shall:
(a) Prepare, execute, and deliver a deed conveying the Trust Property to the successful bidder;
(b) Apply the proceeds of sale as required;
(c) Make a report (memorandum) of the sale.

5.8 Memorandum of Sale. Trustee must execute a memorandum of sale and record it with the Clerk of the County Commission of the county where the Deed of Trust was first recorded. Failure to file the memorandum within the required timeframe will cause Trustee to forfeit the commission.

5.9 Application of Proceeds. Trustee shall apply the proceeds of sale:
(a) First, to payment of expenses of executing the trust, including Trustee's commission;
(b) Second, pro rata (or in order of priority if prescribed by this Deed of Trust) to debts secured and indemnification of sureties;
(c) Third, the surplus, if any, to Grantor.

5.10 No Statutory Right of Redemption. West Virginia does not provide a statutory right of redemption after foreclosure under a Deed of Trust. After the sale, Grantor cannot reclaim the Trust Property.

5.11 Release Upon Satisfaction. Once the loan is fully paid, Beneficiary must file a release of the Deed of Trust with the County Clerk's office under W.Va. Code § 38-12-1.

ARTICLE VI - RECONVEYANCE

6.1 Release. Upon payment of all sums secured hereby, Beneficiary shall execute a release of this Deed of Trust, which shall be recorded with the Clerk of the County Commission.

6.2 Recording. The release shall be recorded in [COUNTY] County, West Virginia.

ARTICLE VII - RECORDING REQUIREMENTS

7.1 Recording. This Deed of Trust shall be recorded with the Clerk of the County Commission of [COUNTY] County, West Virginia.

7.2 Recording Essential. Recording the Deed of Trust is essential for legal enforceability.

ARTICLE VIII - MISCELLANEOUS PROVISIONS

8.1 Governing Law. This Deed of Trust shall be governed by West Virginia law.

8.2 Successors and Assigns. This Deed of Trust 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 Entire Agreement. This Deed of Trust 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, 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 WEST VIRGINIA
COUNTY OF [COUNTY]

The foregoing instrument was acknowledged before me this _____ day of ______________, 20___, by [GRANTOR NAME(S)].

_______________________________
Notary Public
My Commission Expires: ___________

[NOTARY SEAL]

EXHIBIT A

LEGAL DESCRIPTION

The land referred to herein is situated in [DISTRICT] District, County of [COUNTY], State of West Virginia, and is described as follows:

[INSERT COMPLETE LEGAL DESCRIPTION]

Tax Map and Parcel: [NUMBER]
District: [DISTRICT]

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