Real Estate Security Deed

REAL ESTATE SECURITY DEED

This Security Deed is made this day of , by and between Grantor Name: , Grantor Address: (hereinafter "Grantor"), and Grantee Name: , Grantee Address: (hereinafter "Grantee").

RECITALS

WHEREAS, Grantor is the owner of certain real property together with all improvements thereon and appurtenances thereto located in the county identified below and more particularly described in this Deed (the "Property"); and

WHEREAS, to secure the payment of a promissory note in the principal amount set forth below and the performance of Grantor's obligations under that certain Promissory Note dated (the "Note"), Grantor desires to grant and convey to Grantee a security interest in the Property; and

WHEREAS, Grantee is willing to accept such security interest on the terms and conditions set forth below.

NOW, THEREFORE

For valuable consideration, receipt of which is acknowledged, Grantor hereby grants, bargains, sells, conveys, transfers and assigns to Grantee, with power of sale as provided herein, the Property described below, together with all rights, privileges and appurtenances thereto, subject to the covenants, conditions and restrictions set forth herein, to secure Grantor's payment and performance under the Note and all other indebtedness and obligations now or hereafter owing by Grantor to Grantee.

1. PROPERTY

2. INDEBTEDNESS AND CONSIDERATION

This Deed secures payment of the indebtedness evidenced by the Note in the principal sum of together with interest thereon at the rate of per annum, plus all costs, fees and expenses as provided in this Deed.

3. PAYMENTS; PERFORMANCE

Grantor covenants and agrees to pay when due all sums secured by this Deed, to perform all obligations under the Note and this Deed, and to keep the Property in good repair. Payments received by Grantee shall be applied in accordance with the terms of the Note and applicable law.

4. DEFAULT; REMEDIES

Upon default in the payment or performance of any obligation secured hereby, including failure to pay principal or interest when due or failure to perform any covenant herein, Grantee may declare the entire indebtedness immediately due and payable and exercise any remedies available under this Deed or applicable law, including pursuit of judicial foreclosure or, where permitted by law, exercise of the power of sale and any other rights and remedies provided by statute or at equity.

5. POWER OF SALE; APPOINTMENT OF TRUSTEE

To secure performance of the obligations herein and to effectuate the remedies set forth, Grantor grants to Grantee the power to sell the Property in the event of default in the manner provided by law. Grantor hereby irrevocably appoints Grantee or its designee as attorney-in-fact and trustee to execute and deliver instruments and take such action as reasonably necessary to exercise the power of sale and to reconvey the Property upon payment in full.

6. TAXES, LIENS AND INSURANCE

Grantor shall pay all taxes and assessments affecting the Property when due and shall keep the Property insured against loss or damage by fire and other hazards in amounts and with carriers acceptable to Grantee. Grantor shall not permit any liens to be placed on the Property that would impair Grantee's security interest.

7. ASSIGNMENT; SUCCESSORS

Grantee may assign this Deed and the Note and any such assignee shall have all rights of Grantee hereunder. This Deed shall bind and benefit the respective successors and permitted assigns of the parties.

8. RECONVEYANCE

When all indebtedness and obligations secured by this Deed have been paid in full, Grantee shall, upon request of Grantor and surrender of the Note, reconvey the Property to Grantor by appropriate instrument, at Grantee's cost, releasing the lien created by this Deed, subject to any outstanding obligations not yet discharged.

9. NOTICES

Any notice required or permitted under this Deed shall be in writing and shall be delivered in person or sent by certified mail, return receipt requested, addressed to the parties at their addresses set forth above or to such other address as a party designates by written notice to the other.

10. AMENDMENTS; WAIVER; COUNTERPARTS

This Deed may be amended only by a written instrument signed by Grantor and Grantee. No delay or failure to exercise any right shall constitute a waiver of that right. This Deed may be executed in counterparts, each of which shall constitute an original and all of which together shall constitute one and the same instrument.

11. GOVERNING LAW; ENTIRE AGREEMENT; SEVERABILITY

This Deed shall be governed by and construed in accordance with the laws of the jurisdiction in which the Property is located. This Deed, together with the Note and any other agreements referred to herein, constitutes the entire agreement of the parties respecting the matters set forth herein. If any provision of this Deed shall be held invalid or unenforceable, such invalidity shall not affect the remaining provisions which shall continue in full force and effect.

12. MISCELLANEOUS

Grantor warrants that Grantor has the right to convey the Property and that, except as disclosed in writing to Grantee, the Property is free and clear of liens and encumbrances other than those approved by Grantee. Grantor shall not grant any interest in or lien upon the Property that would impair Grantee's security interest without Grantee's prior written consent.

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