Real Estate Deed and Note

REAL ESTATE DEED AND NOTE

Parties and Recitals

Grantor (Seller/Trustor):

Grantor Address:

Grantee (Buyer/Payee):

Grantee Address:

Effective Date of Instrument:

Property Identification

Deed — Conveyance and Consideration

For good and valuable consideration in the total sum of $, receipt of which is acknowledged, Grantor hereby grants, sells and conveys to Grantee, and Grantee's heirs, successors and assigns, the real property described above, together with all rights, easements and appurtenances thereto.

Type of Deed Conveyed:

Warranty and Exceptions

Grantor warrants that Grantor is lawfully seized in fee simple of the property, that title is free from encumbrances except as disclosed below, and that Grantor will warrant and defend title against lawful claims of all persons claiming by, through or under Grantor, subject to the following exceptions and permitted encumbrances:

Promissory Note — Terms

Principal Amount: $.

Interest Rate (annual): per annum, computed on a 365-day year.

Payment Terms:

First Payment Due Date: . Maturity Date:

Late Charge: If any payment is more than days late, a late charge of $ or of the overdue amount, whichever is greater, shall be assessed.

Security Instrument

To secure payment of the Note and performance of obligations, Grantor grants to Grantee a lien against and security interest in the property described above by way of a Deed of Trust / Mortgage / Security Deed as elected by the parties. This security instrument secures all sums advanced under the Note, including interest, costs, attorney's fees, and other sums advanced for the protection of Grantee's interest.

Default and Remedies

Event of Default: The occurrence of any of the following shall constitute an event of default: (a) failure to make any payment when due under the Note beyond any applicable grace period; (b) failure to perform any covenant in this instrument; (c) insolvency, levy, assignment for benefit of creditors or similar act with respect to Grantor.

Remedies: Upon any event of default, Grantee may declare the entire unpaid principal and accrued interest immediately due and payable, foreclose the security instrument in accordance with applicable law, obtain possession of the property where permitted, and recover costs and attorney's fees incurred in enforcing rights under this instrument.

Prepayment and Transfer

Prepayment: Grantor may prepay all or any portion of the principal without premium unless otherwise stated here:

Assignment / Transfer: Neither party may assign its interest under the Note or Deed without the other party's prior written consent, which shall not be unreasonably withheld, except that Grantee may assign for collection or financing purposes.

Disclosures

Lead-Based Paint: Yes No

Known Mold or Water Damage: Yes No

Prior Material Damage or Repair: Yes No

Representations, Covenants and Miscellaneous

Each party represents and warrants that the execution and delivery of this instrument and the performance of its obligations are within its powers, have been duly authorized, and do not conflict with any existing obligation. The parties covenant to execute such further documents and to take such further actions as may be reasonably necessary to carry out the intent of this instrument.

Governing Law: This instrument shall be governed by and construed in accordance with the laws of the state in which the property is located.

Entire Agreement: This instrument, together with the Note and any recorded security instrument, constitutes the entire agreement between the parties with respect to the subject matter and supersedes all prior negotiations and agreements.

Severability: If any provision of this instrument is held invalid or unenforceable, the remaining provisions shall remain in full force and effect.

Acknowledgment and Certification

Each signatory certifies under penalty of perjury that he or she is authorized to execute this instrument on behalf of the named party, that the facts stated herein are true and correct to the best of the signatory's knowledge, and that this document is given with the intent to be legally bound.

Notary Acknowledgment

State: County:

On this , before me, the undersigned Notary Public, personally appeared , known or proved to me to be the person(s) whose name(s) is/are subscribed to this instrument, who acknowledged to me that he/she/they executed the same for the purposes therein contained.

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