Prepared by: Return to:
State of Mississippi
County of ____________
____________ Judicial District
DEED OF TRUST, SECURITY AGREEMENT AND
FINANCING STATEMENT
Name and Address of Grantor/Beneficiary: Name and Address of Trustee:
Name and Address of Secured Party/Beneficiary:
See Legal Description Attached as Exhibit A
Indexing Instructions:
Deed of Trust, Security Agreement and Financing Statement
Page 1 of 17
KNOW ALL MEN BY THESE PRESENTS:
That ____________ , hereinafter called "Grantor," whose address is
____________ , ____________ , ____________ ____________ , in consideration
of the uses, purposes and trusts hereinafter set forth, HAS GRANTED,
BARGAINED, SOLD AND CONVEYED and by these presents DOES
GRANT, SELL AND CONVEY unto ____________ , Trustee, whose address is
____________ , ____________ , MS ____________ , and his successors in trust
and assigns, all of the following described real property lying and being situated
in the County of ____________ , State of ____________ , to-wit:
TRACT ONE :
INSERT LEGAL DESCRIPTION HERE
TRACT TWO :
INSERT LEGAL DESCRIPTION HERE
Together with all improvements and buildings thereon or hereafter to be
placed thereon, and all and singular, the rights and appurtenances to the same
belonging or in anywise incident or appertaining thereto; and together with all
fixtures and attachments which are now or hereafter attached to the herein
described real estate, or improvements or buildings thereon, and all goods which
are to become fixtures attached to the herein described real estate or
improvements or buildings thereon; said fixtures, attachments and goods include,
but are not limited to, all heating, plumbing, water heating and cooling, air
conditioning, water conditioning, lighting, ventilating, refrigerating, cooking,
laundry and incinerating equipment and any other goods which become so related
to the real estate herein described that an interest in them arises under the real
property law of the State of ____________ . This Deed of Trust shall be effective
as a financing statement filed as a fixture filing; provided, however, this
instrument shall not operate as a waiver of any of Beneficiary's rights or interests
in said fixtures and attachments arising under the real property law of the State of
____________ .
All property included in this Deed of Trust is hereinafter called "real
property" or "property." To HAVE AND TO HOLD unto the Trustee and to his
successors and assigns forever, hereby covenanting and agreeing forever to
WARRANT AND DEFEND the property unto said Trustee and to the Substitute
Trustee and to the assigns of any Trustee hereunder against all persons
whomsoever lawfully claiming or to claim the same or any part thereof.
This conveyance is intended as a trust however for the better securing of
____________
, whose address is ____________ , ____________ , ____________ ,
MS ____________ (hereinafter called "Beneficiary") and assigns in the payment
of one Promissory Note of even date herewith for the principal sum of
Deed of Trust, Security Agreement and Financing Statement
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____________ Dollars ($ ____________ ), signed by said Grantor and payable to
the order of said Beneficiary at its office in ____________ , Mississippi (or such
other place as the legal holder thereof may from time to time in writing
designate), bearing interest and maturing as stated in said Note, said Note being
further described as follows, to-wit:
One Promissory Note of even date herewith in the amount
of ____________ Dollars ($ ____________ ), bearing
interest from date at the rate of ____________ Percent
( ____ %) per annum, the principal and interest of said Note
being due and payable in ____ equal monthly installments
of ____________ Dollars ($ ____________ ) each, the first
of said installments being due and payable on the first day
of ____________
, _____ , and with a similar installment
falling due on the first day of each and every month
thereafter until all of said ___ installments have matured
and been paid, said Note providing for acceleration of
maturity and attorney's fees as therein stipulated, reference
being hereby made to said Note for a more particular
description of the terms thereof.
The Note renews and extends the balance of ____________ Dollars
($ ____________ ) that Grantor owes on a prior note in the original
principal sun of ____________ Dollars ($ ____________ ), which is dated
___________ ____ , _______ , executed by ____ , and payable to the order
of ___________ and wife, ___________ . The prior note is secured by two
instruments, both of which create liens against the property: a deed
retaining a vendor's lien, which is dated ___________ ____ , _______ , is
from ___________ and wife, ___________ , to ___________ , and is
recorded in Volume _______ , Page _______ , of the land records of
___________ County, ___________ ; and a deed of trust from
___________ to ___________ , Trustee, dated ___________ ____ ,
_______ , and recorded in Volume _______ , Page _______ , of the land
records of ___________ County, ___________ . Grantor acknowledges
that the liens securing the prior note are valid, that they subsist against the
property, and that by this instrument they are renewed and extended in full
force until the note is paid. The prior note and the liens securing it have
been transferred to Beneficiary.
The word "Grantor" hereinafter used shall include the above named
Grantor and any other obligor or obligors of the Note, whether primary,
secondary or contingent.
It is agreed that this Deed of Trust may be enforced and the powers
herein given exercised in the event of default in the payment of the above
described Note as well as in the event of default in the payment of any
other indebtedness secured hereby. The word "indebtedness" hereinafter
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used in this Deed of Trust means the above described Note and all other
present and all future indebtedness herein secured.
For the better securing of said indebtedness with all interest to
become due thereon, Grantor hereby covenants and agrees as follows:
(a) Grantor will pay said indebtedness and the interest
thereon as the same become due and payable.
(b) Grantor has good and perfect title to said property
and the right to convey same and said property is clear and free of all liens
or encumbrances of every nature e xcept as herein set forth. Grantor will
make such other and further assurances of the property as may be
necessary for conferring title to same to said Trustee and to his successors
hereunder and assigns.
(c) Grantor will pay before the same become
delinquent all taxes, assessment and special assessments (including
paving) of every kind that may be assessed or levied against said property
or any part thereof.
(d) If said indebtedness or lien(s) securing same or this
Deed of Trust shall ever be taxed (excluding income or death taxes)
Grantor will pay such taxes in addition to the interest provided for herein
and in said Note and/or other evidence of said indebtedness, provided the
total of such interest and such taxes shall never exceed the maximum rate
of interest permitted by applicable law; and any excess if paid shall be
applied on said principal.
(e) Until final payment of said indebtedness Grantor
will keep all buildings that may at any time be on the above described land
insured for the term of this loan against fire, windstorm, earthquake, and
other perils included within "extended coverage" insurance and against
such other ha z ards, casualties and contingencies, including flood insurance
if the property shall at any time be located in an identified "flood prone
area" in which flood insurance has ever been made available pursuant to
the Flood Disaster Protection Act of 1973, and in such amounts and for
such periods as may be required by Beneficiary, naming Beneficiary as an
additional insured as its interest may appear with ___________ Standard
Mortgagee Clause, or a comparable clause, attached to said policies, and
will deliver said policies and renewals thereof to said Beneficiary, with a
receipt on said policies showing full payment of the premium thereon, or
separate receipts delivered therewith showing payment of said premiums
for the term thereof. If said Grantor shall obtain more insurance than
required by the Beneficiary, then all of said insurance shall be made
payable by said Standard Mortgagee Clause to the Beneficiary herein.
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Said insurance policies shall be with a reputable insurance company or
companies acceptable to Beneficiary.
In the event of any loss under any such insurance policy covering
the said property, the proceeds of such policy shall be applied as follows:
(1) If all or any part of the property is destroyed or
damaged at any time by fire, or any cause whatsoever, and
provided sufficient insurance proceeds are available to Grantor,
Grantor shall have the option to repair, rebuild, restore, renew,
and replace the same and pay therefore. The money to be
expended for such work shall be paid by Beneficiary from the
insurance proceeds on the certificate of an architect, selected by
Grantor and approved by Beneficiary, in charge of the work, to
the effect that the work and material to the amount of such order
has actually been supplied and used in such work. Beneficiary
may act on such certificate without any further evidence
regarding the application of the money and without any liability
for the misapplication thereof by any person other than
Beneficiary. In the event that Grantor, in the case of damage to
or destruction of the mortgaged property or any part thereof,
shall with reasonable dispatch, repair, rebuild, restore, renew,
and replace the same, the net amount of the insurance proceeds
received by Beneficiary shall be expended for such purposes,
but an amount of money may at all times be retained by
Beneficiary sufficient to pay for the completion of such work
free from all liens except this Deed of Trust.
(2)
In the event that Grantor fails within a reasonable
period of time to repair, renew, restore, rebuild, or replace the
mortgaged property or any part thereof, as above provided,
Beneficiary, in the absolute discretion of Beneficiary, is hereby
authorized, but not required, and without prejudice to any other
right or remedy hereunder, in the name of Grantor or otherwise,
to do such repairing, rebuilding, restoring, renewing, or
replacing and to have all net proceeds of insurance applied
toward the cost thereof, and to do everything else necessary or
proper to restore or preserve the security of this Deed of Trust.
In such event and for such purpose, the interest of Grantor in all
insurance proceeds shall be by virtue hereof assigned and
transferred pursuant to this Deed of Trust to Beneficiary.
(3) In the event that Grantor fails within a reasonable
period of time to repair, rebuild, restore, renew, or replace the
mortgaged property damaged or destroyed in accordance with
the terms and conditions of this Deed of Trust, and in the event
that Beneficiary elects not to repair, rebuild, restore, renew, or
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replace the mortgaged property destroyed or damaged,
Beneficiary shall apply the net proceeds of such insurance
policy or policies to the indebtedness secured by this Deed of
Trust in such manner as Beneficiary may elect.
(f) Grantor shall pay all taxes as they shall fall due
each year, and at once forward the original tax receipts to said Beneficiary,
and also shall pay promptly all judgments which may become liens on said
above described property. Until final payment of said indebtedness,
Beneficiary shall at any time have the right to require Grantor to pay to the
Beneficiary each month, to be carried in a trust account, 1/12 of the taxes
and insurance premiums on the property of the year in which said payment
is to be made, and before said taxes become delinquent the Beneficiary
may out of and with the funds so accumulated pay the taxes on the
property and the insurance premiums. Grantor shall not be entitled to
interest on said sums.
(g) Should the Grantor fail to pay, as herein stipulated,
all taxes, assessments, liens, or judgments, or to insure the property and pay
the premiums therefore, then the said Beneficiary, its successors and
assigns, may at its option pay any such unpaid taxes, assessments, liens, or
judgments, and insure said improvements, pay the premiums thereof, and,
without notice, at its option, declare the whole debt secured by this Deed of
Trust to be due and payable and proceed to foreclose same at once. All
taxes, assessments, liens, judgments, and insurance premiums paid by the
said Beneficiary, and all necessary expenses incurred by said Beneficiary in
connection therewith, including any expense incurred in defending the title
of the Grantor to this real estate, where necessary for the protection of the
said Beneficiary's interests, or in defending this Deed of Trust as a valid
first lien on the real estate described or intended to be described herein,
where necessary, or in seeking to have this Deed of Trust reformed by
judicial proceedings, where necessary because of mistake herein, shall
constitute a part of the debt secured by this instrument and become
immediately due and payable to the said Beneficiary. The Grantor agrees to
pay all necessary and usual charges incident to the consummation of this
Loan, and likewise the usual and necessary costs incident to the
cancellation upon the record or records of this Deed of Trust after the Loan
has been paid in full.
(h) Grantor will keep the improvements and mortgaged
property in good condition and repair at his expense and will not damage or
demolish any part or do any act by which the value of said property will be
impaired. It is further agreed that Grantor will commit no waste on the
property conveyed herein, and that, in the event the undersigned Grantor
fails to keep in as good state of repair as they now are the buildings and
appurtenances hereinabove conveyed, the Beneficiary herein shall have the
right at its option to make any needed repairs, betterments, or
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improvement, and that any expenditure for such purpose will be a
legitimate indebtedness against the undersigned and against the property
embraced in this Deed of Trust, and the cost of any such repairs,
betterments, or improvements will became a part of the debt secured by this
instrument. Grantor agrees not to abandon said property, and a breach of
this condition shall cause the entire indebtedness secured hereby to become
due and payable at the option of the said Beneficiary or its assigns.
(i) Any additional security hereafter given for the
payment of said indebt ed ness shall not release or in an ywise affect the
security herein given but shall be deemed cumulative thereto.
(j) As further security for said indebtedness, the rentals
accrued and to accrue from the above described property are hereby
assigned to Beneficiary, and Grantor grants a security interest therein to
Beneficiary and in case of default in the payment of any part of said
indebtedness, principal or interest, Beneficiary may collect said rents and
credit the same, less cost of collection, on said indebtedness and in such
order as Beneficiary may determine. This agreement may be enforced by
the appointment of a receiver by the court, without notice to Grantor or
necessity of proof that the value of the security is less than the
indebtedness. This assignment shall continue despite any disability or
incompetence of Grantor.
(k) During the life of this Deed of Trust, should any
improvements or alterations be made or erected upon the said property, this
Deed of Trust shall attach to such improvements and alterations as
additional security and shall constitute a first lien not only against the real
estate and present improvements but also against such future alterations or
improvements prior to any other lien(s) that may be given or created after
the date hereof, and such other lien(s) shall be and remain a second lien
inferior to the lien of this Deed of Trust.
(l) If Grantor shall voluntarily or involuntarily cause,
suffer or permit any sale or transfer of any interest of Grantor, legal or
equitable, in the property or any part or portion thereof, or shall create,
suffer or permit to be outstanding any mortgage, pledge, encumbrance or
lien on the property, or security interest therein without in each instance the
prior written consent of Beneficiary, Beneficiary shall have the right to
accelerate the Note and to declare the same to be immediately due and
payable. Upon the occurrence of any such transaction with respect to which
Beneficiary has given or waived giving its written consent, Beneficiary
may charge a reasonable assumption fee, provided that any such
assumption fee shall not result in an effective interest rate which is in
excess of the maxim m rate permitted by applicable law. If Beneficiary
consents to any such transaction and/or to assumption of the indebtedness
secured by this Deed of Trust, regardless of whether an assumption fee is
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charged, Grantor shall not be released from any obligations hereunder.
Consent to any such transaction shall not be deemed to be consent or
waiver of a necessity of consent to any other, further or successive
transactions. Notwithstanding this paragraph 1, if Grantor should sell or
transfer all of his interest in the property to a corporation, Beneficiary shall
not exercise its option to accelerate the indebtedness secured hereby if
Grantor owns 80% of the preferred and/or the common capital stock in
such corporation.
(m) If this Deed of Trust lien should ever be held to be
invalid as to any portion of said indebtedness, the first payments made on
said indebtedness shall be applied on the portion as to which the lien is held
invalid.
(n) Any monies paid in condemnation proceedings or
under threat thereof or in any governmental taking of all or any part of the
mortgaged property, shall be paid to the Beneficiary for application on the
indebtedness in such order as Beneficiary may determine, or Beneficiary, at
its sole election, may release all or part of such monies for use in repairing
or restoring the property.
(o) If prior to receipt by Beneficiary of proceeds of
insurance policies under (e) above or such award or payment under (n)
above, the property or any part shall have been sold at Trustee's sale or
foreclosure of this Deed of Trust, Beneficiary shall have the right to receive
said insurance proceeds or award or payment as the case may be to the
extent of any deficiency remaining after Trustee's or foreclosure sale with
interest thereon and reasonable attorney's fees, costs and disbursements
incurred by Beneficiary in connection with the collection of such monies.
(p) No waiver by Beneficiary, expressed or implied, of
any breach of any one or more of the covenants or agreements herein
contained shall be deemed or taken to be a waiver of the continuation of
such breach or any succeeding or other breach. No express waiver shall
affect any default other than the default specified in the express waiver and
then only for the time and to the extent therein stated.
(q) The rights of Beneficiary under the clauses,
covenants and agreements contained in this Deed of Trust shall be separate,
distinct and cumulative and none of them shall be an exclusion of the other.
No act of Beneficiary shall be construed as an election to proceed under
any one provision herein to the exclusion of any other provision.
(r) If Grantor or any subsequent owner of the above
described land or any part thereof owns or at any time during the life of this
Deed of Trust shall own any interest in the adjacent streets, roads, alleys or
ways or improvements thereon, or any easements or appurtenances
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adjoining and used in connection with the above described property, then
such interest shall be included within the terms of this Deed of Trust and
shall constitute a part of the property subject to the lien hereof.
(s) In the event of any breach by Grantor or failure to
observe any of the agreements or covenants herein contained, then and at
any time thereafter during the continuation of such breach or non-
observance, said indebtedness and all interest accrued thereon shall at the
option of Beneficiary or other legal holder of said indebtedness or any part
immediately become due and payable without notice, notice of intention to
accelerate, notice of acceleration (notice being expressly waived), demand
or presentment, and the holder of said indebtedness or any part may
proceed to collect same by sale under this Deed of Trust, suit for personal
judgment, court foreclosure, receivership and/or otherwise as such holder
may elect. Notwithstanding anything to the contrary contained in this
paragraph s, if Grantor should default in the performance of any of the
agreements set forth herein, Beneficiary shall not accelerate the maturity of
the indebtedness secured by this Deed of Trust or commence foreclosure
proceedings pursuant to this Deed of Trust until Beneficiary has first
mailed written notice of such default to Grantor in the manner hereafter
provided and has afforded Grantor a period of fifteen (15) days from the
date of mailing said notice within which to cure such default. Any notice to
Grantor provided for in this Deed of Trust shall be given by mailing such
notice by certified mail addressed to Grantor at ___________ ,
___________ , ___________ ___________ .
(t) Regardless of any other provision in this Deed of
Trust, or in the Note, or any other evidence indebtedness, Grantor shall
never be required to pay any unearned interest on the indebtedness and
shall never be required to pay interest thereon at any rate in excess of the
maximum allowed by law. Any excess if paid shall be credited on
principal.
(u) Without affecting the liability of Grantor or any
other person (except any person expressly released in writing) for payment
of said indebtedness or for performance of any obligation contained herein,
and without affecting the rights of Beneficiary with respect to any security
not expressly released in writing, Beneficiary may, at any time and from
time to time, either before or after the maturity of said indebtedness, and
without notice or consent: (i) refuse to comply with any request of Grantor
or any other party so obligated to take action to foreclose this Deed of
Trust; (ii) release any person liable for payment of all or any part of the
indebtedness or for performance of any obligation; (iii) make any
agreement extending the time or otherwise altering the terms of payment of
all or any part of the indebtedness, or modifying or waiving any obligation,
or subordinating, modifying or otherwise dealing with the lien or charge
hereof; (iv) release regardless of consideration any part of the security held
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for indebtedness without, as to the remainder of security, in anywise
impairing or affecting the lien and rights under this Deed of Trust or other
security or the priority of such lien(s) over any subordinate lien.
Beneficiary may resort for the payment of said indebtedness to any security
therefore in such order and manner as Beneficiary may elect.
(v) Beneficiary shall have the right from time to time to
sue for any sums whether principal, interest, installments of either or both,
taxes or any other sums required to be paid under the terms of this Deed of
Trust as the same become due without regard to whether or not the
principal sum or any other sums shall be due and without prejudice to the
rights of Beneficiary thereafter to bring an action for foreclosure or any
other action for default or defaults by Grantor existing at the time such
earlier action was commenced.
(w) If Trustee or any substitute Trustee be an officer,
stockholder, agent or employee of Beneficiary, such fact shall not
disqualify said Trustee or Substitute Trustee from acting as such and
enforcing the terms of this Deed of Trust, or the Beneficiary, its officers,
agents and employees from becoming purchaser at any Trustee's sale or
other sale of foreclosure of this Deed of Trust.
(x) In the event the Grantor should become insolvent,
or apply to a bankruptcy court to be adjudicated a voluntary bankrupt, or
proceedings be instituted to put Grantor in involuntary bankruptcy, or
should any proceedings be taken against the Grantor looking to the
appointment of a receiver, assignee, or trustee, or should any default be
made in the payment of the indebtedness secured hereby, or should there be
any breach of the covenants or agreement contained herein, then in either
or any such case all rents becoming due thereafter on the property herein
conveyed shall, at the option of the Beneficiary, be due and payable to the
Beneficiary herein to be applied to the indebtedness secured hereby, and
the whole indebtedness hereby secured may, at the option of said
Beneficiary of its assigns, be declared due and payable.
(y) Grantor hereby assigns to the Beneficiary all of
Grantor's right, title and interest which it has as Lessor in and to all present
and future leases on any and all of the real estate described in this Deed of
Trust, and all amendments, renewals and additions thereto, and directs and
authorizes all future payments due thereon to be made direct to the
Beneficiary of this Deed of Trust, or its assigns, upon notice in writing fro
said Beneficiary, delivered by regular U.S. Mail or Certified U.S. Mail to
the respective Lessee, to make such payments direct to said Beneficiary or
its assigns, without any further notice being necessary.
(z) Grantor agrees to protect and preserve the security,
and with respect to the herein-described real property not to (i) use or
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permit the use of the property as a land fill or dump, (ii) store or bury or
permit the storage or burying of any hazardous substances which require
the issuance of a permit by the Environmental Protection Agency or any
state or local agency governing the issuance of hazardous substances
permits for disposal sites, or (iii) request or permit a change in zoning or
land use classification except to the extent such zoning or land use change
is for commercial use.
(aa) Grantor shall, at Grantor's sole cost and expense,
comply with all federal, state and local laws, rules, regulations and orders
with respect to the discharge and removal of hazardous substances, keep
any underground storage tanks in compliance with the regulations of the
Texas Water Commission, pay immediately when due the cost of removal
of any hazardous substances, and keep the real estate herein described free
of any lien imposed pursuant to such laws, rules, regulations and orders. In
the event Grantor fails to do so, after notice to Grantor and the expiration of
the earlier of (i) any applicable cure period, or (ii) the cure period permitted
under the applicable law, rule, regulation or order, Beneficiary may either
declare this Deed of Trust to be in default or cause the real estate to be
freed from the hazardous substances, and the cost of the removal shall be
so much additional indebtedness secured hereby and shall become
immediately due and payable without notice and with interest thereon at the
rate provided for in said Note. Grantor shall give to Beneficiary and its
agents and its employees access to the real estate and hereby specifically
grants to Beneficiary a license, effective upon expiration of the applicable
cure period, to remove the hazardous substances. Grantor shall indemnify
Beneficiary and hold Beneficiary harmless from and against all loss, cost,
damage and expense (including, without limitation, attorney's fees and
costs incurred in the investigation, defense and settlement of claims) that
Beneficiary may incur as a result of or in connection with the assertion
against Beneficiary or any claim relating to the presence or removal of any
hazardous substances, referred to in this paragraph, or compliance with any
federal, state or local laws, rules, regulations or orders relating thereto. The
agreement to indemnify Beneficiary shall survive payment of the Note of
Grantor and a release of this Deed of Trust by Beneficiary. Grantor
acknowledges that Beneficiary has no role in the management of the real
property described herein or the improvements thereon.
As used in paragraphs (z) and (aa) above, the term "hazardous
substances" shall mean all hazardous and toxic substances, wastes or
materials, any pollutants or contaminants (including asbestos and raw
materials which include hazardous constituents), or any other similar
substances, or materials which are included under or regulated by any local,
state or federal law, rule or regulation pertaining to environmental
regulation, contamination or clean-up, including the Comprehensive k
environmental Response, Compensation, and Liability Act as amended, and
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the Resource Conservation and Recovery Act as amended, and/or any state
lien or state superlien or environmental clean-up statutes.
(bb) Grantor hereby grants to Beneficiary, its successors
and assigns and their officers and agents, the right to inspect the lands
herein described during normal -6daylight hours for the purpose of
assuring Beneficiary there has been no breach of the above-described
covenants and agreements. In the event of any breach of the above
described agreements, this Deed of Trust shall be in default.
(cc) Grantor shall maintain sufficient general liability insurance
with such coverage and limits for personal and/or property damage as
Beneficiary may from time to time require, said insurance to be with a
reputable insurance company or companies licensed to do business in
Texas and acceptable to Beneficiary. Beneficiary shall be named as
mortgagee in such policies and said policies shall provide that such
insurance may not be cancelled unless Beneficiary is notified in writing at
least ten (10) days prior to such cancellation. Premiums for such policies
shall be paid by Grantor one (1) year in advance.
(dd) As additional security for the above described debt,
Grantor hereby grants a security interest to Beneficiary in and to all
equipment, personal property, and fixtures of Grantor now or hereafter
located on or attached to the subject real property and used in the operation
of any business now or hereafter located on said real property.
(ee) This Deed of Trust shall be construed in accordance
with and governed by the laws of the State of ____________ and of the
United States of America.
(ff) Grantor represents, covenants and agrees that: (i)
none of the transactions contemplated by this Deed of Trust or any other
agreement securing said indebtedness (including the direct or indirect use
of the proceeds from the Loan evidenced hereby) will violate or result in
violation of Section 7 of the Securities Exchange Act or any regulations
issued pursuant thereto, including, without limitation, Regulation G of the
Board of Governors of the Federal Reserve System (12 CFR, Part207), as
amended, and Regulation T (12 CFR, Part 220), as amended, and
Regulation X (12 CFR, Part 224), as amended, of said Board of Governors;
(ii) no part of the proceeds from the Loan secured hereby will be used for
the purpose (whether immediate, incidental, or ultimate) of "purchasing" or
"carrying" any "margin security" within the meaning of such Regulation G,
or for the purpose of reducing or retiring any indebtedness which was
originally incurred for such purpose; and (iii) Grantor does not have any
present intention of acquiring any such margin securities as aforesaid in
violation of Regulation G.
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Now therefore, if said indebtedness be fully paid, including
principal, interest and collection expenses, if any, as the same become due
and payable, and if said covenants and agreements be kept and performed,
then this conveyance shall terminate and this Deed of Trust and any other
security shall be released at the expense of Grantor; otherwise to continue
in full force and effect.
In case of default or failure, however, on the part of Grantor to pay
said indebtedness, principal or interest, and collection expenses, if any, as
the same become due and payable or to keep or perform any of the
covenants or agreements herein contained, Grantor hereby authorizes and
empowers said Trustee and his successors hereunder (and it is hereby made
his or its duty at the request of said Beneficiary or other legal holder of any
part of said indebtedness) to give notice of sale in the manner and for the
time required by the laws of the State of __________ , and, at the time and
place so advertised, to sell said premises or any part thereof at public sale
for cash to the highest bidder. Trustee any sell said property as a whole or
in lots or parcels as to hi may seem expedient. Beneficiary may become the
purchaser at such sale, being the highest bidder. After such sale Trustee
shall execute and deliver to the purchaser or purchasers thereof good and
sufficient deed or deeds to the property thus sold. The recitals in any such
deed shall be prima facie evidence of the truth of the matters therein stated
(even though such recitals are general and in the form of legal conclusions)
and shall be accepted by all courts of law and equity as such and all
prerequisites to said sale shall be presumed to have been performed and
any such sale shall forever be a bar against Grantor, his heirs, personal
representatives and assigns and all persons claiming under hi. Trustee shall
receive the proceeds of sale and apply the same as follows: first to expenses
of foreclosure, advertising, sale and conveyance and a reasonable Trustee's
fee of 5% of the sale price and second to the payment of said indebtedness
with all interest thereon, attorney's fees, taxes, as well as other payments
that may have been made by Beneficiary as hereinbefore provided with
interest and shall hold the remainder of the money, if any, for subordinate
lien holders, if any, and Grantor.
In the event of death of the Trustee or any Substitute Trustee
appointed hereunder or refusal, failure or inability of any Trustee or
Substitute Trustee for any reason to act hereunder or in the event the holder
of said indebtedness shall deem it desirable to remove without cause the
Trustee or any substitute Trustee and appoint another to execute this trust,
then and in any of said events the holder of said indebtedness shall have the
right and is hereby authorized and empowered to appoint by instrument in
writing a Substitute Trustee in lieu of the Trustee named herein or in lieu of
any previously appointed substitute Trustee, who shall thereupon (with or
without filing his appointment of record) become vested with and succeed
to all the title, power and-duties hereby conferred upon the Trustee named
Deed of Trust, Security Agreement and Financing Statement
Page 13 of 17
herein the same as if said substitute Trustee had been named original
Trustee in this Deed of Trust.
After any sale under this Deed of Trust, Grantor and any one
claiming under him and in possession, shall be a tenant at sufferance of the
purchaser of said property at Trustee's sale and purchaser shall be entitled
to immediate possession thereof and if Grantor or party in possession fails
to vacate the premises immediately, purchaser shall have all the rights and
remedies under the law against Grantor or such party in possession as a
tenant at sufferance. Each such right and remedy is cumulative of the other.
In the event any suit in forcible detainer or eviction be brought by the
purchaser of the property after the Trustee's sale, Grantor, or his successors
in title, waives all notices to quit said premises, and agrees that said action
may be filed without said notice.
With respect to the herein described fixtures, attachments, goods
which are to became fixtures attached to the herein described real estate, or
improvements or buildings thereon, and any personal property herein
described, (together herein called "Collateral"), this Deed of Trust shall
constitute a security agreement between Grantor and Beneficiary and
Grantor does hereby grant to Beneficiary a security interest in and to all
such Collateral. Cumulative of all other rights of Beneficiary hereunder,
Beneficiary shall have all of the rights conferred upon a secured party by
the Uniform commercial code of ___________ . Grantor agrees to execute
one or more financing statements covering such Collateral, in the manner,
substance and form required by law and to the satisfaction of Beneficiary.
Beneficiary may exercise any or all of the remedies of a secured party
available to it under the Uniform Commercial Code of ___________ with
respect to such Collateral and it is expressly agreed that if upon default
Beneficiary should elect to dispose of the collateral in accordance with the
provisions of the Uniform Commercial Code of ___________ , ten (10)
days' notice by Beneficiary to Grantor shall be deemed to be reasonable
notice under any provisions of the uniform Commercial Code of
___________ requiring such notice; provided, however, that Beneficiary
may, at its option, proceed as to both the real estate herein described and
the Collateral in accordance with. its rights and remedies in respect of the
real property pursuant to the provisions of this Deed of Trust, in lieu of
proceeding under the Uniform Commercial Code of ___________ , and,:; if
Beneficiary exercises such option, it shall not be necessary to have present
at the place of sale held pursuant to this Deed of Trust the Collateral or any
part thereof.
In construing this Deed of Trust: Pronouns of any gender shall
include the other genders, the singular or plural shall include the other; if
Grantor consists of more than one party such Grantors shall be jointly and
severally liable under any and all obligations, covenants and agreements of
Grantor contained herein and if more than one party is or shall become the
Deed of Trust, Security Agreement and Financing Statement
Page 14 of 17
legal holder of said indebtedness the rights and remedies herein granted
unto the Beneficiary shall accrue and inure to the benefit of said legal
holders jointly and severally.
This Deed of Trust and each and all the terms hereof inure to the
benefit of the Beneficiary, its heirs, personal representatives, successors
and assigns and are binding upon Grantor, its heirs, personal
representatives, successors and assigns.
The right of sale hereunder shall not be exhausted by one or any
sale, but, so long as any amount due under the Note or any additional
indebtedness secured by the terms and provisions of this Deed of Trust
remains undischarged, the Trustee and/or his/her successors and assigns
may make other and successive sales until all the property described above
shall be legally sold. Until all the property covered by this Deed of Trust
has been legally sold, no one or more foreclosure sale shall exhaust the
power of the Trustee or his/her successors and assigns to conduct future
foreclosures nor in any way limit the powers of sale provided for in this
Deed of Trust.
Without limiting any of the powers or remedies set forth in this
Deed of Trust, Grantor hereby agrees that in the event the Note or other
indebtedness secured hereby is payable in installments or includes, at any
time, items of matured as well as unmatured indebtedness, the holder of the
matured installments or items of indebtedness shall have the right to have
the property herein described sold, subject to the part of the indebtedness
secured hereby which is unmatured at the time the Trustee (or Substitute
Trustee) is requested to make such sale. Any Trustee's sale (or Substitute
-T'rustee's sale) to satisfy the lien and security interest securing the matured
portion of the indebtedness shall not limit in any way the Trustee's (or
Substitute Trustee's) power or otherwise affect the liens, assignments and
security interests of this Deed of Trust existing to secure that portion of the
indebtedness to which the sale is to be made subject.
As additional security for-said indebtedness, the undersigned has
this day fully assigned to Beneficiary all of his right, title and interest in
and to his first year and renewal commissions account with Beneficiary.
WITNESS THE EXECUTION HEREOF on this the ___ day of
___________ , ____
Deed of Trust, Security Agreement and Financing Statement
Page 15 of 17
_______________________
The mailing address of Trustee is:
___________
___________
___________
The mailing address of the Beneficiary is:
___________
___________
___________
STATE OF ___________
COUNTY OF ___________
This instrument was acknowledged before me on the ___ day of ___________ , ____ , by
___________ .
Notary Public, State of Mississippi
Notary's name (printed):
Notary's commission expires:
Deed of Trust, Security Agreement and Financing Statement
Page 16 of 17
EXHIBIT A
Deed of Trust, Security Agreement and Financing Statement
Page 17 of 17
