Deed of Trust Modification Agreement

Deed of Trust Modification Agreement

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DEED OF TRUST MODIFICATION AGREEMENT

This Deed of Trust Modification Agreement (the "Modification Agreement"), entered into and effective as of the day of , (the "Modification Date"), between ("Borrower"), ("Co-grantor"), and ("Lender"), modifies the mortgage or deed of trust (the "Security Instrument," which term includes all riders thereto) to secure the debt evidenced by this Modification Agreement.

The Security Instrument (i) is dated , (ii) was executed to secure the note (the "Promissory Note") dated , in the original principal sum of U.S. and /100 Dollars ($ ), executed by , and payable to the order of , (iii) is recorded in Book or Liber at page(s) of the records of , , and (iv) affects rights with respect to the collateral defined therein as the "Property," which is located at and is described as follows:

Borrower acknowledges that immediately prior to execution of this Modification Agreement, the lien of the Security Instrument is valid and subsists against the Property.

The debt evidenced by this Modification Agreement is evidenced by Section D hereof, which portion of this Modification Agreement is referred to therein as the "Note."

Notwithstanding anything to the contrary contained in the Promissory Note or Security Instrument, Borrower undertakes as follows:

A. RENEWAL AND EXTENSION OF LIEN

It is the intention of the Borrower and Lender that the lien of the Security Instrument shall secure the debt evidenced by this Modification Agreement and that the Security Instrument hereby shall be renewed and extended, as of the Modification Date, so long as required to secure such debt until it is paid in full.

B. AMENDMENT OF THE SECURITY INSTRUMENT

Except as otherwise provided herein, all terms and conditions of the Security Agreement remain in full force and affect.

C. CO-GRANTOR LIABILITY

Any party that signs below as a "co-grantor" did not execute the Promissory Note but signs below to grant and convey, under the terms of the Security Instrument, such interest as that party may have in the Property.

D. NOTE PAYMENT TERMS

1. Borrower's Promise to Pay

In return for a loan that I have received, I promise to pay U.S. $ (this amount is called "principal"), plus interest, to the order of Lender.

2. Interest

I will pay interest at a yearly rate of %.

3. Payments

(a) Time and Place of Payments

I will make my monthly payments on the day of each month beginning on .

If on I still owe amounts under this Note, I will pay those amounts in full on that date, which is called the "maturity date."

I will make my monthly payments at or at a different place if required by the Note Holder.

(b) Amount of Monthly Payments

My monthly payment of principal and interest will be in the amount of U.S. $

4. Borrower's Right to Prepay

I may make a full prepayment or partial prepayments without paying any prepayment charge.

5. Loan Charges

If a law applies to this loan and sets maximum loan charges, any excess charges will be reduced or refunded as required.

6. Borrower's Failure to Pay as Required

(a) Late Charges for Overdue Payments

If the Note Holder has not received the full amount of any monthly payment by the end of calendar days after the date it is due, I will pay a late charge of %.

(b) Default

If I do not pay the full amount of each monthly payment on the date it is due, I will be in default.

(c) Notice of Default

The Note Holder may send me a written notice telling me that if I do not pay the overdue amount by a certain date, the Note Holder may require me to pay immediately the full amount of principal and interest.

7. Giving of Notices

Notices to me will be delivered to the Property Address above or a different address if provided.

8. Obligations of Persons Under this Note

If more than one person signs this Note, each person is fully and personally obligated to keep all of the promises made in this Note.

9. Waivers

I and any other person who has obligations under this Note waive the rights of presentment and notice of dishonor.

10. Security Instrument

The Security Instrument protects the Note Holder from possible losses and may require immediate payment in full under certain conditions.

11. Rights of Transferees

A transferee of this Modification Agreement shall have the rights of a "holder in due course" under the Uniform Commercial Code if the transferee took rights in good faith, for value, and without notice of a claim or defense.

THE WRITTEN LOAN AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.

THERE ARE NO UNWRITTEN (ORAL) AGREEMENTS BETWEEN THE PARTIES.

Lender does not, by its execution hereof, waive any right it may have against any person not a party hereto.

Accepted by Lender:

Lender Name:

Signatory's Title:

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(Individual)

State of County of

On this day of , , before me personally appeared , to me known to be the person (or persons) described in and who executed the foregoing instrument.

(Corporate)

State of County of

On this day of , , before me appeared , to me personally known (or proved to me on the basis of satisfactory evidence), who, being by me duly sworn (or affirmed) did say that such person is the of .

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