Fillable Printable Deed of Trust Example - California

Deed of Trust Example - California

RECORDING REQUESTED BY AND WHEN

RECORDED RETURN TO:

CalHFA Mortgage Assistance Corporation

Keep Your Home California Program

P.O. Box 5678

Riverside, CA 92517

No.

(For Recorder’s Use Only)

DEED OF TRUST

(Keep Your Home California Program)

NOTICE TO HOMEOWNER

THIS DEED OF TRUST CONTAINS

PROVISIONS RESTRICTING ASSUMPTIONS

This Deed of Trust is made on , 20 , by , (the “Homeowner”) to

the CalHFA Mortgage Assistance Corporation, a California nonprofit public benefit corporation (the “Trustee”)

whose address is P.O. Box 5678, Riverside, CA 92517 in favor of the CalHFA Mortgage Assistance Corporation, a

California nonprofit public benefit corporation, as beneficiary, (the “CalHFA MAC”) whose address is P.O. Box

5678, Riverside, CA 92517 and any successor or assigns.

1. HOMEOWNER, IN CONSIDERATION OF THE INDEBTEDNESS HEREIN RECITED AND

THE TRUST HEREIN CREATED HEREBY IRREVOCABLY GRANTS, TRANSFERS AND ASSIGNS to

Trustee in trust, with power of sale and right of entry and possession, all of Homeowner’s right, title and interest

now held or hereafter acquired in and to the following: (a) all of that certain real property (the “Property”) located in

the County of , State of California, described below as,

which property address is

which is incorporated herein by this reference; and (b) all buildings, improvements and fixtures now or hereafter

erected thereon, and all appurtenances, easements, and articles of property now or hereafter affixed to, placed upon

or used in connection with the Property, together with all additions to, substitutions for, changes in or replacements

of the whole or any part of said articles of property (all of which real and personal property are sometimes referred

to as the "Property"); all of which are hereby pledged and assigned, transferred, and set over onto Trustee, and for

purposes of this Deed of Trust declared to be part of the realty; provided, however, that furniture and other personal

property of Homeowner now or hereafter situated on said real property are not intended to be included as part of the

Property.

2. THE ABOVE GRANT, TRANSFER, AND ASSIGNMENTS ARE FOR THE PURPOSE OF

SECURING:

Payment of the indebtedness evidenced by that certain promissory note of Homeowner of even date

herewith and titled "Promissory Note (Open-Ended Credit) Keep Your Home California Program" (the "Note") of

Homeowner in the face amount of ,($ ) (which amount,

under the Note, may be increased or decreased due to changes in Trustor’s monthly mortgage payment and/or

expenses incurred by Trustor's primary mortgage lender in connection with Trustor's default under their primary

mortgage loan, either of which may occur after the initial date of the Note, but in no case shall such amount exceed

the maximum benefit assistance of the approved program in the amount equal to $_______ in the aggregate.)", and

any and all amendments, modifications, extensions or renewals of the Note.

3 TO PROTECT THE SECURITY OF THIS DEED OF TRUST, HOMEOWNER AGREES:

3.1 Maintenance of the Property. (a) To keep the Property in a decent, safe, sanitary, tenantable

condition and repair and permit no waste thereof; (b) not to commit or suffer to be done or exist on or about the Property

any condition causing the Property to become less valuable; (c) not to remove, demolish or structurally alter any

buildings and improvements now or hereinafter located on the Property; (d) to repair, restore or rebuild promptly any

buildings or improvements on the Property that may become damaged or be destroyed while subject to the lien of this

Deed of Trust; (e) to comply with all applicable laws, ordinances and governmental regulations affecting the Property or

requiring any alteration or improvement thereof, and not to suffer or permit any violations of any such law, ordinance or

governmental regulation, nor of any covenant, condition or restriction affecting the Property; (f) not to initiate or

acquiesce in any change in any zoning or other land use or legal classification which affects any of the Property without

CalHFA MAC's written consent; and (g) not to alter the use of all or any part of the Property without the prior written

consent of CalHFA MAC.

3.2 Insurance. To keep the Property insured against loss or damage by fire and such other

hazards, casualties and contingencies and by such companies, on such forms and in the amount of the replacement cost

of the buildings or improvements on the Property Neither Trustee nor CalHFA MAC shall by reason of accepting,

rejecting, approving or obtaining insurance incur any liability for the existence, nonexistence, form or legal sufficiency

of such insurance, or solvency of any insurer for payment of losses.

3.3 Payment of Taxes and Utility Charges. To pay, at least ten (10) days prior to delinquency,

all taxes and assessments, both general and special, fines, penalties, levies and charges of every type or nature levied

upon or assessed against any part of the Property.

4. IT IS MUTUALLY AGREED THAT:

4.1 Awards and Damages. All judgments, awards of damages, settlements and compensation

made in connection with or in lieu of (a) taking of all or any part of or any interest in the Property by or under assertion

of the power of eminent domain, (b) any damage to or destruction of the Property or any part thereof by insured casualty,

and (c) any other injury or damage to all or any part of the Property, are hereby assigned to and shall be paid to CalHFA

MAC. CalHFA MAC is authorized and empowered (but not required) to collect and receive any such sums and is

authorized to apply them in whole or in part upon any indebtedness or obligation secured hereby, in such order and

manner as CalHFA MAC shall determine at its option. CalHFA MAC shall be entitled to settle and adjust all claims

under insurance policies provided under this Deed of Trust and may deduct and retain from the proceeds of such

insurance the amount of all expenses incurred by it in connection with any such settlement or adjustment. All or any part

of the amounts so collected and recovered by CalHFA MAC may be released to Homeowner upon such conditions as

CalHFA MAC may impose for its disposition. Application of all or any part of the amounts collected and received by

CalHFA MAC or the release thereof shall not cure or waive any default under this Deed of Trust. If the Property is

abandoned by Homeowner, or if, after notice by CalHFA MAC to Homeowner that the condemnor offers to make an

award or settle a claim for damages, Homeowner fails to respond to CalHFA MAC within thirty (30) days after the date

such notice is mailed, CalHFA MAC is authorized to collect and apply the proceeds, at CalHFA MAC's option, either to

restoration or repair of the Property or to the sum secured by this Deed of Trust.

4.2 Prohibition on Transfer of Interests. Homeowner shall not make any sale, lease, conveyance

of the Property in any form, or any part thereof or interest therein, without the prior written consent of CalHFA MAC.

CalHFA MAC may decline to give such consent in its sole discretion.

4.3 Principal Forgiveness. If the Homeowner is a Qualified Homeowner at all times prior to

and on the third year anniversary of the date of the Note, 100% of the principal amount outstanding under the Note shall

be reduced and forgiven.

4.4 Repayment of advance. The indebtedness secured by this Deed of Trust is a deferred

payment obligation. Unless the principal amount of the indebtedness securing this Deed of Trust is forgiven

pursuant to paragraph 4.3, or unless CalHFA MAC otherwise agrees in writing, Homeowner shall repay to the

CalHFA MAC the principal and any other amounts due under the Note on the earliest of the following

occurrence:

(a)

The first lien indebtedness on the Property is refinanced and homeowner receives more than one

percent (1%) of the principal amount of the new loan in cash;

(b)

The first lien indebtedness on the Property is assumed

(c)

Title to the Property is transferred; or

(d)

The first lien indebtedness on the Property becomes due and payable for any reason.

4.5 Sale or Forbearance. No sale of the Property, forbearances on the part of CalHFA MAC or

extension of the time for payment of the indebtedness hereby secured shall operate to release, discharge, waive, modify,

change or affect the liability of Homeowner either in whole or in part.

of any indebtedness hereby secured (other than any person released pursuant hereto), including without limitation any

one or more endorsers or guarantors, and without affecting the lien hereof upon any of the Property not released pursuant

hereto, at any time and from time to time without notice: (a) CalHFA MAC may, at its sole discretion, (i) release any

person now or hereafter liable for payment of any or all such indebtedness, (ii) extend the time for or agree to alter the

terms of payment of any or all of such indebtedness, and (iii) release or accept additional security for such indebtedness,

or subordinate the lien or charge hereof; and (b) Trustee, acting pursuant to the written request of CalHFA MAC, may

reconvey all or any part of the Property, consent to the making of any map or plat thereof, join in granting any easement

thereon, or join in any such agreement of extension or subordination.

secured hereby have been discharged, or otherwise as requested in writing by CalHFA MAC, and upon surrender of this

Deed of Trust and the Note and any additional notes to Trustee for cancellation, and upon payment to Trustee of its fees

and expenses, Trustee shall reconvey, without warranty, the Property or that part thereof then held hereunder. The

recitals in any reconveyance shall be conclusive proof of their truthfulness and the grantee in any such reconveyance

may be described "as the person or persons legally entitled thereto." When the Property has been fully reconveyed, the

last such reconveyance shall operate as a reassignment of all of the rents, royalties, issues, accounts and profits of the

Property to the person or persons legally entitled thereto unless such reconveyance expressly provides to the contrary.

Events of Default. Any one or more of the following events shall constitute a default under

this Deed of Trust: (a) failure of Homeowner to observe or to perform any covenant, condition or agreement to be

observed or performed by Homeowner pursuant to the Note or this Deed of Trust; or (b) the occurrence of any event

which, under the terms of the Note, shall entitle CalHFA MAC to exercise the rights or remedies thereunder; or (c) the

occurrence of any event of default under the terms of any superior note or deed of trust on the Property.

5.2 Acceleration and Sale.

(a) Acceleration. In the event of any default CalHFA MAC, without demand on

Homeowner, may declare all sums hereby secured immediately due and payable by notice thereof to Homeowner or by

executing and recording or by causing Trustee to execute and record a notice of default and election to cause the

Property to be sold to satisfy the obligations secured hereby or by the commencement of an appropriate action to

foreclose this Deed of Trust or by any other appropriate manner;

(b) Sale. After delivery to Trustee of a notice of default and demand for sale and after

the expiration of such time and the giving of such notice of default and sale as may then be required by law, and without

demand on Homeowner, Trustee shall sell the Property at the time and place of sale fixed by it in said notice of sale, at

public auction to the highest bidder for cash in lawful money of the United States of America, payable at time of sale.

Trustee may postpone sale of all or any portion of the Property by public announcement at such time and place of sale

and from time to time thereafter may postpone such sale by public announcement at the time and place fixed by the

preceding postponement. Any person, including Homeowner, Trustee or CalHFA MAC, may purchase at such sale.

Upon such sale by Trustee it shall deliver to such purchaser its deed conveying the Property so sold, but without any

covenant or warranty expressed or implied.

The recitals in such deed of any matters or facts shall be conclusive proof of their truthfulness. Upon sale by

Trustee, and after deducting all costs, expenses and fees of Trustee and of this Deed of Trust, Trustee shall apply the

proceeds of sale to the payment of the principal indebtedness hereby secured, whether evidenced by the Note or

otherwise, or representing advances made or costs or expenses paid or incurred by CalHFA MAC under this Deed of

Trust, or any other instrument evidencing or securing any indebtedness hereby secured and to the payment of all other

sums then secured hereby as provided in this Deed of Trust, or any other instrument evidencing or securing any

indebtedness hereby secured, in such order as CalHFA MAC shall direct; and then the remainder, if any, shall be paid to

the person or persons legally entitled thereto.

5.3 Attorney's Fees. If Trustee or CalHFA MAC shall be made parties to or shall intervene in

any action or proceeding affecting the Property or the title thereto or the interest of Trustee or CalHFA MAC under this

Deed of Trust, or if CalHFA MAC employs an attorney to collect any or all of the indebtedness hereby secured or to

foreclose this Deed of Trust, or authorizes Trustee to conduct trustee's sale proceedings hereunder, then Trustee and

CalHFA MAC shall be reimbursed by Homeowner, immediately and without demand, for all reasonable costs, charges

and attorney's fees incurred by them or either of them in any such case whether or not suit be commenced, and the same.

5.4

Trustee hereunder shall constitute a waiver of any other right or remedy herein contained or provided by law, and no

delay by CalHFA MAC or Trustee in exercising any such right or remedy hereunder shall operate as a waiver thereof or

preclude the exercise thereof during the continuance of any default hereunder.

5.5 Trustee Substitution. The irrevocable power to appoint a substitute trustee or trustees hereunder is

hereby expressly granted to CalHFA MAC, to be exercised at any time hereafter, without specifying any reason therefor

by filing for record in the office where this Deed of Trust is recorded a deed of appointment, and said power of

appointment of successor trustee or trustees may be exercised as often as and whenever CalHFA MAC deems advisable.

The exercise of said power of appointment, no matter how often, shall not be deemed an exhaustion thereof, and upon

recording of such deed or deeds of appointment, trustee or trustees so appointed shall thereupon, without further act or

deed of conveyance, succeed to and become fully vested with identically the same title and estate in and to the Property

hereby conveyed and with all the rights, powers, trusts and duties of the predecessor in the trust hereunder, with the like

effect as if originally named as trustee or as one of the trustees.

Trustee is intended to be exclusive of any other remedy or remedies afforded by law or by the terms hereof to CalHFA

MAC or Trustee but each and every such remedy shall be cumulative and shall be in addition to every other remedy

given hereunder or now or hereafter existing at law or in equity.

Successors, Assigns, Gender, Number. The covenants and agreements herein contained shall

bind, and the benefit and advantages shall inure to, the respective heirs, executors, administrators, successors and assigns

of the parties. Wherever used, the singular number shall include the plural, and the plural the singular, and the use of any

Headings. The headings are inserted only for convenience of reference and in no way define,

limit, or describe the scope or intent of this Deed of Trust, or of any particular provision thereof, or the proper

6.3 Actions on Behalf of CalHFA MAC. Except as is otherwise specifically provided herein,

whenever any approval, notice, direction, consent, request or other action by CalHFA MAC is required or permitted

under this Deed of Trust, such action shall be in writing.

6.4 Terms. The word "CalHFA MAC" means the present CalHFA MAC, or any future owner or

holder, including pledgee, of the indebtedness secured hereby.

6.5. Qualified Homeowner means CalHFA MAC has determined, in its sole discretion from

documentation provided by the Homeowner, that Homeowner is eligible to receive financial assistance under CalHFA

MAC’s Keep Your Home California Program and has satisfied all of the program criteria disclosed in writing to

Homeowner, including without limitation occupying the Property as his/her principal residence.

6.6 Obligations of Homeowner. If more than one person has executed this Deed of Trust as

"Homeowner", the obligations of all such persons hereunder shall be joint and several.

6.7 Severability. If any provision of this Deed of Trust shall be invalid, illegal or unenforceable,

the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired.

6.8 Indemnification. Homeowner shall indemnify and hold CalHFA MAC, its officers and

agents harmless against any and all losses, claims, demands, penalties and liabilities which CalHFA MAC, its officers or

agents may sustain or suffer by reason of anything done or omitted in good faith pursuant to or in connection with this

Deed of Trust and not assert any claim against CalHFA MAC, its officers or agents by reason of any action so taken or

omitted. Homeowner shall, at Homeowner's expense, defend, indemnify, save and hold CalHFA MAC, its officers and

agents harmless from any and all claims, demands, losses, expenses, damages (general, punitive or otherwise), causes of

action (whether legal or equitable in nature) asserted by any person, firm, corporation or other entity arising out of this

Deed of Trust and Homeowner shall pay CalHFA MAC upon demand all claims, judgments, damages, losses or

expenses (including reasonable legal expense) incurred by CalHFA MAC as a result of any legal action arising out of

this Deed of Trust.

IN WITNESS WHEREOF, Homeowner has executed this Deed of Trust on the day and year as acknowledged by

Notary Public.

Homeowner

______________________________________________

Homeowner

______________________________________________

Homeowner

ALL-PURPOSE ACKNOWLEDGMENT NOTARY FOR CALIFORNIA

STATE OF CALIFORNIA )

COUNTY OF )

On , before me, ,

Date Name And Title Of Officer (e.g. “Jane Doe, Notary Public”)

personally appeared ,

Name of Signer(s)

who proved to me on the basis of satisfactory evidence to be the

person(s) whose name(s) is/are subscribed to the within

instrument and acknowledged to me that he/she/they executed the

same in his/her/their authorized capacity(ies), and that by

his/her/their signature(s) on the instrument the person(s), or the

entity upon behalf of which the person(s) acted, executed the

instrument.

I certify under PENALTY OF PERJURY under the laws of the

State of California that the foregoing paragraph is true and

correct.

WITNESS my hand and official seal.

Signature of Notary Public