Fill and Sign the Mississippi Trust Form

Prepared by: Return to:                                     State of Mississippi County of ____________ ____________ Judicial District PURCHASE MONEY DEED OF TRUST [Right to Substitute Trustee at Will] Name and Address of Assignor: Name and Address of Assignee:                                     Name and Address of Owner: Name and Address of Trustee:                                     See Legal Description Attached as Exhibit A Legal Description Indexing Instructions       Page 1 of 14 WHEREAS, the undersigned _________ and wife, _________ , whose mailing address is _________ , _________ , MS _________ , hereinafter called "Grantor," owe _________ , whose mailing address is _________ , _________ , MS _________ , hereinafter called the "Beneficiary," the sum of _________ Dollars ($ _________ ), evidenced by a Promissory Note of even date herewith, bearing interest from date at the rate of _________ Percent ( ____ %) per annum, 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, due and payable in _________ monthly installments _________ Dollars ($ _________ ) each, and one final balloon payment of _________ Dollars ($ _________ ), the first of said monthly installments being due and payable on the ____ day of _________ , _______ , and with a similar monthly installment being due and payable on the first day of each and every month thereafter until all of said _________ installments have matured, and said balloon payment falling due on the ____ day of _________ , _______ . And, whereas, the undersigned are anxious to secure the payment of said indebtedness at the maturity thereof; therefore in consideration of _________ Dollars ($ _________ ) to them paid by _________ , Trustee, the receipt of which is hereby acknowledged, the undersigned _________ and wife, _________ , hereinafter jointly referred to as "Grantor," do hereby convey and warrant unto _________ , Trustee, the following described real estate, together with any buildings and improvements thereon (or that may hereafter be erected thereon) and the hereditaments and appurtenances and all other rights thereunto belonging or in anywise now or hereafter appertaining, and all plumbing, heating, and lighting fixtures and equipment now or Page 2 of 14 hereafter attached to or used in connection with said premises, which said real estate, with the improvements thereon (hereinafter called "real estate" or "Property"), is situated in _________ County, State of Mississippi, and is described as follows, to-wit: ( INSERT LEGAL DESCRIPTION HERE It is understood and agreed that this conveyance is made subject to and that the parties hereto have agreed on and are bound by and will observe and fulfill the following covenants, stipulations, and conditions as obligatory upon the respective parties: 1) In addition to the aforesaid indebtedness and any and all extensions or renewals of the same, or any part thereof, this instrument is intended to secure and does secure any and all debts that the said Grantor may incur with or owe the said Beneficiary during the term of this loan, whether the same be evidenced by note, open account, assignment, endorsement, or otherwise, and said Grantor promises to pay said debts at their maturity. 2) Payment of Principal and Interest . Grantor shall promptly pay when due the principal of and interest on the indebtedness evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of and interest on any future advances secured by this Deed of Trust. 3) Funds for Taxes and Insurance. UPON WRITTEN NOTICE AND DEMAND FROM BENEFICIARY TO GRANTOR , Grantor shall pay to Beneficiary on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full, a sum (herein "Funds") equal to one-twelfth (1/12) of the yearly taxes and assessments which may attain priority over this Deed of Trust, plus one-twelfth (1/12) of yearly premium installments for hazard insurance, all as reasonably estimated initially and from time to time by Beneficiary on the basis of assessments and bills and reasonable estimates thereof. The Page 3 of 14 Funds shall be held in an interest or non-interest bearing account or accounts of Beneficiary's choosing, and Beneficiary and Beneficiary's servicing agent are hereby given authority to commingle such Funds with other accounts held or operated by Beneficiary or his servicing agent. Beneficiary shall apply the Funds to pay said taxes, assessments, and insurance premiums. Grantor and Beneficiary may agree in writing at the time of execution of this Deed of Trust that interest on the Funds shall be paid to Grantor, and unless such agreement is made or applicable law requires such interest to be paid, Beneficiary shall not be required to pay Grantor any interest or earnings on the Funds. If Beneficiary pays Grantor interest on said Funds, Beneficiary may charge a reasonable fee for handling, analyzing and verifying said Funds and making said tax and insurance premium payments. The Funds are pledged as additional security for the sums secured by this Deed of Trust. If the amount of the Funds held by Beneficiary, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, and insurance premiums, shall exceed the amount required to pay said taxes, assessments, and insurance premiums as they fall due, such excess shall be, at Grantor's option, either promptly repaid to Grantor or credited to Grantor on monthly installments of Funds. If the amount of the Funds held by Beneficiary shall not be sufficient to pay taxes, assessments and insurance premiums as they fall due, Grantor shall pay to Beneficiary any amount necessary to make up the deficiency within thirty (30) days from the date notice is mailed by Beneficiary to Grantor requesting payment thereof. Upon payment in full of all sums secured by this Deed of Trust, Beneficiary shall promptly refund to Grantor any Funds held by Beneficiary. If under paragraph 22 hereof the Property is sold or the Property is otherwise acquired by Beneficiary, Beneficiary shall apply, no later than immediately prior to the sale of the Property or its acquisition by Beneficiary, any Funds held by Beneficiary at the time of application as a credit against the sums secured by this Deed of Trust. Notwithstanding the foregoing, until receipt by Grantor of Page 4 of 14 such written notice and demand, Grantor shall pay all such taxes, assessments, and insurance premiums direct to the payee(s) thereof, and shall promptly furnish to Beneficiary receipts evidencing such payments. 4) Application of Payments . Unless applicable law provides otherwise, all payments received by Beneficiary under the Note and paragraphs 2 and 3 hereof shall be applied by Beneficiary first in payment of amounts payable to Beneficiary by Grantor under paragraph 3 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any future advances. 5) Charges; Liens . Grantor shall pay when due all taxes, assessments, and other charges, fines and impositions attributable to the Property which may attain a priority over this Deed of Trust in the manner provided under paragraph 3 hereof. Grantor shall promptly furnish to Beneficiary all notices of amounts due under this paragraph, and in the event Grantor shall make payment directly, Grantor shall promptly furnish to Beneficiary receipts evidencing such payments. 6) Hazard Insurance . Grantor shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, windstorm, earthquake, and other hazards included within the term "extended coverage," and such other hazards as Beneficiary may require (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 United States Flood Disaster Protect Act of 1973, or any similar Act now in effect), and such hazard insurance shall be in an amount of _____________ Dollars ($ _____________ ), or in such amounts and for such periods as Beneficiary may require; provided, that Beneficiary shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Deed of Trust. Page 5 of 14 The insurance carrier providing the insurance shall be chosen by Grantor subject to approval by Beneficiary; provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 3 hereof or, if not paid in such manner, by Grantor making payment, when due, directly to the insurance carrier. All insurance policies and renewals thereof shall be in form acceptable to Beneficiary and shall include a standard mortgagee clause in favor of, and in form acceptable to, Beneficiary. Beneficiary shall have the right to hold the policies and renewals thereof, and Grantor shall promptly furnish to Beneficiary all renewal notices and all receipts of paid premiums. In the event of loss, Grantor shall give prompt notice to the insurance carrier and Beneficiary. Beneficiary may make proof of loss if not made promptly by Grantor. Unless Beneficiary and Grantor otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is economically feasible and the security of this Deed of Trust is not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Deed of Trust would be impaired, the insurance proceeds shall be applied to the sums secured by this Deed of Trust, with the excess, if any, paid to Grantor. If the Property is abandoned by Grantor, or if Grantor fails to respond to Beneficiary within thirty (30) days from the date notice is mailed by Beneficiary to Grantor that the insurance carrier offers to settle a claim for insurance benefits, Beneficiary is authorized to collect and apply the insurance proceeds at Beneficiary's option either to restoration or repair of the Property or to the sums secured by this Deed of Trust. Unless Beneficiary and Grantor otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 2 and 3 hereof or change the amount of such installments. If under Page 6 of 14 paragraph 22 hereof the Property is acquired by Beneficiary, all right, title and interest of Grantor in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale or acquisition shall pass to Beneficiary to the extent of the sums secured by this Deed of Trust immediately prior to such sale or acquisition. 7) In the event the Grantor, or Grantor's vendees of the Property herein conveyed, immediate or remote, should become insolvent, or apply to a bankruptcy court to be adjudicated a voluntary bankrupt, or proceedings be instituted to put them in involuntary bankruptcy, or should any proceedings be taken against the Grantor or Grantor's said vendees, immediate or remote, or either of them, 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 agreements 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 or his assigns, be declared due and payable. 8) The undersigned further represents unto the said Beneficiary for the purpose of obtaining the loan or of obtaining deferred payment on the debt, as the case may be, secured by this instrument, that there are no liens, leases, or encumbrances of any sort against the Property conveyed herein, except, if any, as shown by the records of said County. 9) The 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 his assigns. 10) If the title to all or any part of the Property described herein is sold, conveyed or transferred by act of the Grantor, the indebtedness secured hereby shall, at the option of the Page 7 of 14 Beneficiary or the legal holder of the indebtedness, become immediately due and payable, and a failure to pay the same within ten (10) days after such transfer of title shall constitute a default hereunder according to the terms and conditions of this instrument. if the maturity date of said Note is accelerated due to any such sale of the Property, Grantor agrees to use as much of the proceeds of any such sale as necessary to pay the remaining principal and interest due on the Note, as well as any other sums due pursuant to any document securing said indebtedness for benefit of Beneficiary, and Grantor does hereby grant a security interest in such proceeds to Beneficiary. 11) Should the Grantor fail to pay, as hereinabove stipulated, all taxes, assessments, liens, or judgments, or to insure the Property and pay the premiums therefor, then the said Beneficiary, his successors and assigns, may at his option pay any such unpaid taxes, assessments, liens, or judgments, and insure said improvements, pay the premiums therefor, and, without notice, at his 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 therein, shall constitute a part of the debt secured by this Deed of Trust 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. Page 8 of 14 12) Grantor covenants that he/she will keep the Property in good condition and repair at his/her 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 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 his option to make any needed repairs, betterments, or improvements, 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 become a part of the debt secured by this instrument. 13) It is distinctly understood and agreed that a failure by the Grantor to pay the above Note or any installments of principal, or the interest as it shall become due, or to do or perform any of the agreements set forth herein, shall cause the entire indebtedness to fall due and payable at the option of said Beneficiary, or his assigns, and shall fully empower the said Beneficiary or his assigns to have the Trustee, or any successor in said trust herein, to execute this trust, and said Beneficiary or his assigns shall not be required to declare such acceleration in writing, or give notice of it. 14) Should the Grantor fail to pay, as hereinabove agreed, the Note or any installments of principal, or the interest as it shall become due, or to perform any of the agreements set forth herein, then at the option of said Beneficiary, and in lieu of foreclosure, Grantor shall execute upon demand and deliver to said Beneficiary, or his assigns, a deed in lieu of foreclosure covering the above-described property. 15) If the Property conveyed herein should be situated in two or more counties or in two judicial districts of the same county, then the Trustee or any successor in said trust shall have Page 9 of 14 full power, in case said Trustee is directed to foreclose under this instrument, to select in which county or judicial district the sale of all of the above Property shall be made, and said Trustee's selection shall be binding upon the Grantor and the Beneficiary and all persons claiming through or under them, whether by contract or by law. The Trustee or any successor in said trust shall have full power to fix the day, time, terms, and place of sale, and shall also have full power to conduct any sale hereunder through an agent duly appointed by said Trustee for that purpose, but said appointment of agent need not be recorded. 16) The Grantor waives the provisions of Section 89-1-55 of the Mississippi Code of 1972, and laws amendatory thereof, if any, as far as said Section restricts the right of the Trustee to offer at sale more than _____________ ( _____ ) acres at a time, and the Trustee may offer the Property herein conveyed as a whole, regardless of the manner in which it may be described. The Grantor also waives the provisions of section 89-1-59 of the Mississippi Code of 1972. 17) At any sale made by any Trustee hereunder, the Trustee may from time to time adjourn said sale to a later date without readvertising the sale by giving notice of the time, place and terms of such continued sale at the time, when and where the Trustee shall make such adjournment, and at any sale made to enforce the trust herein given, the Beneficiary or any person in interest may become a purchaser and upon payment of the purchase price the Trustee shall execute a deed of conveyance to the purchaser thereof. 18) The attorneys' fees provided for in the above-described Note and the Trustee's fee provided for in this Deed of Trust are hereby made liens on the above-described Property, and the Grantor hereby promises to pay the same should they become due under the terms of the said Note and this Deed of Trust. 19) Grantor agrees to protect and preserve the herein described real estate and not to (i) use or permit the use of the Property as a land fill or dump, (ii) store or bury or permit the Page 10 of 14 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. 20) 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, pay immediately when due the cost of removal of any such 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 his agents and his employees access to the real estate and hereby specifically grant 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, attorneys' 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 Page 11 of 14 acknowledges that Beneficiary has no role in the management of the real estate described herein or the improvements thereon. As used in paragraphs (18) and (19) 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 Environmental Response, Compensation, and Liability Act as amended, and the Resource Conservation and Recovery Act as amended, and/or any state lien or. state superlien or environmental clean-up statutes. 21) Grantor hereby grants to Beneficiary, his successors and assigns and their officers and agents, the right to inspect the lands herein described during normal daylight 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. 22) This conveyance is in trust. Should the Grantor pay said indebtedness and interest owing thereon at maturity, as the Note or the interest shall fall due, and should Grantor fully keep and perform all of the conditions, agreements, and obligations imposed upon the said Grantor by the terms of this instrument, this conveyance shall be void; otherwise, at the request of said Beneficiary, or any owner of said Note, or either of them, the said _____________ , Trustee, or any successor or successors appointed in said Trustee's place, shall sell said Property to satisfy the indebtedness aforesaid then unpaid, after having published notice of the day, time, place and terms of sale in some newspaper published in said county, for three (3) consecutive weeks preceding the date of said sale; and by posting one notice thereof at the courthouse of said Page 12 of 14 county for said time; and out of the proceeds arising from such sale the cost and expenses of executing this Deed of Trust shall first be paid, including a _____ Percent ( ____ %) Trustee's fee, which is hereby agreed to be a reasonable Trustee's fee, and the attorneys' fees prescribed in said Note; next the amount of said indebtedness then remaining unpaid; and, lastly, any balance remaining shall be paid to the undersigned. 23) The said Beneficiary, or any owner or holder of said Note, or either of them, is hereby authorized to appoint successive Trustees in the place of said _____________ , Trustee, or his successor or successors, at any time, if said Beneficiary or any owner or holder of said Note, or either of them, shall for any reason desire so to do. 24) The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Beneficiary. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Deed of Trust, whether or not then due, with any excess paid to Grantor. In the event of a partial taking of the Property, unless Grantor and Beneficiary otherwise agree in writing, the sums secured by this Deed of Trust shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured immediately before the taking, divided by (b) the fair market value of the Property immediately before the taking. Any balance shall be paid to Grantor. If the Property is abandoned by Grantor, or if, after notice by Beneficiary to Grantor that the condemnor offers to make an award or settle a claim for damages, Grantor fails to respond to Beneficiary within 30 days after the date the notice is given, Beneficiary is authorized to collect and apply the proceeds, at his option, either to restoration or repair of the Property or to the sums secured by this Deed of Trust, whether or not then due. Page 13 of 14 Unless Beneficiary and Grantor otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. Witness our signatures this ____ day of _________ , _______ . ___________________________ _____________ ___________________________ _____________ STATE OF MISSISSIPPI COUNTY OF _____________ Personally appeared before me, the undersigned authority in and for the said County and State, on this ____ day of _________ , _______ , within my jurisdiction, the within-named _____________ and wife, _____________ , who acknowledged that they executed the above and foregoing instrument. _____________________________ NOTARY PUBLIC My Commission Expires: _____________________ Page 14 of 14