Purchase Money Deed of Trust

PURCHASE MONEY DEED OF TRUST

Prepared by:

Return to:

State of Mississippi

County of

Judicial District

PURCHASE MONEY DEED OF TRUST

[Right to Substitute Trustee at Will]

WHEREAS, the undersigned a Mississippi nonprofit corporation, hereinafter called "Grantor," owes , a Mississippi nonprofit corporation, hereinafter called the "Beneficiary," whose mailing address is , the sum of $, which sum is evidenced by a Promissory Note of even date herewith, bearing no interest from date, as follows, to-wit:

One Promissory Note of even date herewith in the amount of $ bearing no interest from date, due and payable in equal monthly installments of $ with the first payment to be made on , and each subsequent monthly installment shall be due and payable on the first day of each succeeding month thereafter until the entire indebtedness evidenced by this Note is fully paid, except any remaining indebtedness, if not sooner paid, shall be due and payable on .

And, whereas, the undersigned are anxious to secure the payment of said indebtedness at the maturity thereof therefore in consideration of and No/I 00 Dollars ($) to him paid by , Trustee, the receipt of which is hereby acknowledged, the undersigned Grantor, does hereby convey and warrant unto , Trustee, the following-described real estate...

which said real estate... is situated in the Judicial District of County, State of Mississippi, and is described as follows, to-wit:

Property Description

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. Grantor shall promptly pay when due the principal of said 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) Application of Payments. Unless applicable law provides otherwise, all payments received by Beneficiary under the Note shall be applied by Beneficiary first to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any future advances.

4) Charges; Liens. Grantor shall pay all taxes, assessments, and other charges, files and impositions attributable to the Property which may attain a priority over this Deed of Trust.

5) In the event the Grantor... then... the whole indebtedness hereby secured may... be declared due and payable.

6) The undersigned further represents... 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.

7) The Grantor agrees not to abandon said Property...

8) If the title to all or any part of the Property described herein is sold, conveyed or transferred by act of the Grantor...

9) Should the Grantor fail to pay... taxes, assessments, liens, or judgments...

10) Grantor covenants that it will keep the Property in good condition and repair at its expense...

11) It is distinctly understood and agreed that a failure by the Grantor to pay the above Note...

12) Should the Grantor fail to pay... then at the option of said Beneficiary, and in lieu of foreclosure, Grantor shall execute... a deed in lieu of foreclosure...

13) If the Property conveyed herein should be situated in two or more counties or in two judicial districts...

14) The Grantor waives the provisions of Section 89-1-55... and Section 89-1-59...

15) At any sale made by any Trustee hereunder...

16) 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...

17) Grantor agrees to protect and preserve the herein-described real estate and not to use or permit the use... hazardous substances...

18) Grantor shall... comply with all federal, state and local laws, rules, regulations and orders with respect to the discharge and removal of hazardous substances...

19) Grantor hereby grants to Beneficiary... the right to inspect the lands herein described during normal daylight hours...

20) This conveyance is in trust. Should the Grantor pay said indebtedness and interest owing thereon at maturity... the said , Trustee... shall sell said Property...

21) The said Beneficiary... is hereby authorized to appoint successive Trustees in the place of said , Trustee...

22) This is a purchase money deed of trust.

WITNESS OUR SIGNATURE, the day and date first above named.

STATE OF MISSISSIPPI

COUNTY OF

Personally appeared before me, the undersigned authority in and for said County and State, on this day of , , within my jurisdiction, the within named , who acknowledged that she is the Vice-President for Finance of , a Mississippi nonprofit corporation, and that for and on behalf of said corporation, and as its act and deed, she executed the above and foregoing instrument, after first having been duly authorized by said corporation so to do.

My Commission Expires:

Prepared By and Return to After Recording:

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