Fill and Sign the Purchase Money Deed of Trust Form

Purchase Money Deed of Trust Page 1 of 7 Prepared by:Return to: State of MississippiCounty 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 WHEREAS, the undersigned _____________________ a Mississippi nonprofit corporation, hereinafter called "Grantor," owes _____________________, a Mississippi Purchase Money Deed of Trust Page 2 of 7 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, 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 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 the __________ Judicial District of ______ County, State of Mississippi, and is described as follows, to-wit: (INSERT PROPERTY DESCRIPTION) 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. 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. Purchase Money Deed of Trust Page 3 of 7 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. 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. 5) 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 their assigns, be declared due and payable. 6) 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. 7) 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 their assigns. 8) 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 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. 9) Should the Grantor fail to pay, as hereinabove stipulated, all taxes, assessments, liens, or judgments, then the said Beneficiary, their successors and assigns, may at their option pay any such unpaid taxes, assessments, liens, or judgments, and, without notice, at their 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, and judgments paid by the said Beneficiary, and all necessary expenses incurred by said Beneficiary in connection therewith, including any expense Purchase Money Deed of Trust Page 4 of 7 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. 10) Grantor covenants that it will keep the Property in good condition and repair at its 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. 11) 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 their assigns, and shall fully empower the said Beneficiary or their assigns to have the Trustee, or any successor in said trust herein, to execute this trust, and said Beneficiary or their assigns shall not be required to declare such acceleration in writing, or give notice of it. 12) 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 their assigns, a deed in lieu of foreclosure covering the above described property13) 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 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. 14) 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 one hundred and sixty (160) 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. Purchase Money Deed of Trust Page 5 of 7 15) 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 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 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. 17) 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 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. 18) 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 their agents and their 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 acknowledges that Beneficiary has no role in the management of the real estate described herein or the improvements thereon. As used in paragraph (17) above and this paragraph (18) , 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 Purchase Money Deed of Trust Page 6 of 7 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 super lien or environmental clean-up statutes. 19) Grantor hereby grants to Beneficiary, their 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. 20) 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 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 Ten Percent (10%) 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. 21) 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. 22) This is a purchase money deed of trust. WITNESS OUR SIGNATURE, the day and date first above named. _____________________ By: _______________________________________________________________ STATE OF MISSISSIPPI COUNTY OF ____________________ Personally appeared before me, the undersigned authority in and for said County and Purchase Money Deed of Trust Page 7 of 7 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. _____________________________NOTARY PUBLICMy Commission Expires:______________________________Prepared By and Return to After Recording: _______________________________________________________________ _____________________ _____________________Telephone: _____________________