Fillable Printable Deed of Trust - Tennessee

Deed of Trust - Tennessee

COMPLIMENTS OF ALLIED TITLE COMPANY... "

GOOD DEEDS ARE OUR BUSINESS.”

6324 Papermill Drive, Suite D, Knoxville, Tennessee 37919

PHONE: (865) 694-4111/ FAX: (865) 531-2026 / E-Mail: deeds@alliedti tle.com

www.alliedtitle.com

THIS DOCUMENT CREATES LEGAL CONSEQUENCES, WHICH SHOULD BE DEFINED, DISCUSSED, AND

CONFIRMED WITH COMPETENT LEGAL REPRESENTATION. THERE IS NOT ANY ASSURANCE TO THE

USER THAT THIS DOCUMENT WILL ACCOMPLISH A PARTICULAR LEGAL RESULT OR OBJECTIVE

WITHOUT REVIEW OF ALL CIRCUMSTANCES WH ICH REQUIRE ITS’ COMPLETION.

MAXIMUM PRINCIPAL INDEBTEDNESS FOR TENNESSEE RECORDING TAX PURPOSES IS $________________________.

DEED OF TRUST

THIS INDENTURE,

made and entered into this ________ day of ________________, 20_____, by and between

___________________________________________________,

hereinafter referred to as Grantor, and

___________________________________________________,

hereinafter referred to as Trustee, of _______________ Count y, Tennessee, and

___________________________________________________,

hereinafter referred to as Beneficiary

WITNESSETH:

That for and in consideration of FIVE AND 00/100****Dollars ($5.00) cash in hand paid by the Trustee to

the Grantee, and the debt and trusts hereinafter mentioned, said Grantor has bargained and sold and does hereby bargain, sell,

convey and confirm unto the said Trustee the following described real estate situated and being in the _______________

(_____) Civil District of the County of _________________, State of Tennessee, and being more particularly described as

follows, to wit:

TO HAVE AND TO HOLD

the aforedescribed real estate, together with all the hereditaments and appurtenances thereunto

belonging or in any wise appertaining unto the said Trustee, his successors and assigns, in fee simple forever, and the said

Grantor does hereby covenant with the said Trustee, his successors and assigns, that he is lawfully seized in fee of the

aforedescribed real estate; that he has a good right to sell and convey the same; that the same is unencumbered, and that the

title and quiet possession thereto he will an d h is heirs and perso nal rep resen tatives sh all warrant and forever defend against the

lawful claim s of all persons.

But this is a Deed of Trust, and is made for the following uses and purposes, and none other; that is to say the said Grantor is

justly indebted to ____________________________________________, or the holder of the notes hereinafter mentioned, in

the principal sum of ___________________________________________________________****Dollars

$______________)), evidenced by a Deed of Trust Note of even date herewith, being in the principal sum of

________________________________________________****Dollars $______________)), payable according to the terms

thereof, provided that if not sooner paid the principal balance shall be due on or before _______ day of _______________,

20______.

TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER. If all or any part of the

real property herein described, or any interest in it, is sold or transferred, or if a beneficial interest in Borrowers is

sold or transferred, without Noteholder's prior written consent, Noteholder may at his option, require immediate

payment in full of all sums evidenced hereby due and payable.

The Grantor desires to secure and make certain the payment of said indebtedness, and any and all renewals and extensions

thereof. NOW, THEREFORE, the Grantor agrees and binds himself that so long as any part of the indebtedness aforesaid shall

remain unpaid, he will pay all taxes and assessments against said property promptly when due, and deposit all tax receipts with

the holder of the g reater portion o f the outstandin g indebtedness secu red hereby; will insure the b uildings on said property fo r

not less than the lesser of (1) th e insurable value thereof or (2) the total indebtedness secured by mortgages, deeds of trust or

COMPLIMENTS OF ALLIED TITLE COMPANY... "

GOOD DEEDS ARE OUR BUSINESS.”

6324 Papermill Drive, Suite D, Knoxville, Tennessee 37919

PHONE: (865) 694-4111/ FAX: (865) 531-2026 / E-Mail: deeds@alliedti tle.com

www.alliedtitle.com

other security instruments encumbering the aforedescribed real estate against loss or damage by fire and the perils against

which insurance is afforded by extended coverage endorsement in some insurance company or companies approved by the

holder of the greater portion of the out st andi ng i ndebt edness secured hereby, cause said policies to contai n a standard m ort gage

clause in favor of the holder of said indebtedness and deposit said policies with the holder of the greater portion of the

outstanding indebtedness secured hereby as further security for said debt; will protect the improvements on said property by

proper repairs, and maintain them in good repair and condition; will not do anything or suffer or permit anything to be done

whereby the lien of this Deed of Trust might or could be impaired; will pay such expenses and fees as may be necessary in the

protection of the property and the maintenance and execution of this of this trust, including, but not being limited to, expenses

incurred by the Trustee in any legal proceeding to which he is made or becomes a party. The net proceeds resulting from the

taking of all or any part of the property by eminent domain, or from any sale in lieu thereof, shall be applied upon the

indebtedness in inverse order of its maturity; and in the event of the destruction of the improvements by fire or other casualty,

the net proceeds of the insurance shall be applied upon the indebtedness secured hereby in inverse order of its maturity, or at

the option of the Grantor, his heirs and assigns, such proceeds may be used to restore the improvements to their former

condition.

The owner of any part of the indebtedness aforesaid may, at his discretion, advance and pay such sums as may be proper to

satisfy taxes, maintain insurance and repairs, and protect and preserve the property; and such amount s so pai d shal l be hel d and

treated as part of the expense of administering this trust, shall be repaid on demand with interest at the highest rate legally

chargeable on the date of the advance, and shall be secured by the li en of thi s Deed of Trust.

If the said Grantor shall pay said indebtedness when due, and shall pay such sums as shall be necessary to discharge taxes and

maintain insurance and repairs and the costs, fees, and expenses of making, enforcing and executing this trust, when they shall

severally be due and payable, then this conveyance shall become void, and the owner of the indebtedness shall execute proper

deed of release or enter marginal satisfaction on the record of this deed of trust, or in the alternative, the Trustee shall reconvey

by quitclai m the property herein descri bed, al l at expense of sai d Grantor.

But if said Grantor shall fail to pay any part of said indebtedness, whether principal or interest, promptly when the same

becomes due, or shall fail to pay any sum necessary to satisfy and discharge taxes and assessments before they become

delinquent, or to maintain insurance or repairs, or the necessary expense of protecting the property and executing this trust,

then, or in either event, all of th e indebtedness h erein secured shall, at the option of the owner of any of said indebtedness and

without notice, become immediately due and payable, principal and interest, and the said Trustee is hereby authorized and

empowered to enter and take possession of said property, and before or after such entry to advertise the sale of said property

for twenty-one (21) days by three (3) consecutive weekly notices in some newspaper published in Wartburg, Tennessee, if the

land described in this Deed of Trust is situated in Morgan County, Tennessee, or in some newspaper published in the County

or Counties in which the land described in this Deed of Trust is situated, if other than Morgan County, Tennessee, and sell the

said property for cash to the highest bidder, free from equity of redemption, statutory right of redemption, homestead, dower,

and all other elective rights and exemptions of every kind, all of which are hereby expressly waived, and said Trustee shall

execute a conveyance t the purchaser in fee simple, and deliver possession to the purchaser, which the party of the first part

binds himsel f shall be given wit hout obst ruction, hi ndrance or delay .

The owners of any part of the indebtedness hereby secured m ay becom e the purchaser at any sale under thi s conveyance.

If the notes secured hereby are placed in the hands of an attorney for collection, by suit or otherwise, or to enforce their

collection by foreclosu re or to protect the security for their payment, the Granto r will pay all cost of collection and litigation,

together with an attorney's fee as provided in said notes due on demand, or, if none is so provided, a reasonable attorney's fee,

and the same shall be a l ien on the prem i ses herein conveye d and enforced by a sal e of the propert y as herein provi ded.

The proceeds of any sale shall be applied as follows: first, to the payment of the expenses of making, maintaining, and

executing this trust, the protection of the property, including the expense of any litigation and attorney's fees, and the usual

comm i ssions to the Trustee; second, t o the pay ment of the indebtedness herein secured or intended so to be, without preference

or priority of any part over any other part, and any balance of said indebtedness remaining unpaid shall be the subject of

immediate suit; and third, should there by any surplus, the Trustee will pay it to the Grantor of the first part, or his assign

s. In

the event of the death, refusal, or of inability for any cause, on the part of the Trustee named herein, or of any successor

Trustee, to act hereunder, or for any other reason satisfactory to the owner of the said indebtedness, the owner or owners of the

majority of the outstanding indebtedness aforesaid are authorized either in their own name or through an attorney or attorneys

in fact appointed for that purpose by written instrument duly registered, to name and appoint a successor or successors to

execute this trust, such appointment to be evidenced by writing, duly acknowledged; and when such writing shall have been

registered, the substituted trustee named therein shall thereupon be vested with all the right and title, and clothed with all the

power of the Trustee named herein and such like power of substitution shall continue so long as any part of the indebtedness

secured hereby remains unpaid. The Grantor, for himself, his heirs, representatives, successors and assigns, covenants and

agrees that at any time after default in payment of any of the indebtedness hereby secured, or upon failure to perform any of

the covenants to be kept and performed by him, said Trustee may enter upon and take possession of said property and collect

the rents and profits therefrom with payment of such to the Trustee after default being full acquittance to the tenant but the

trustee shall be required to account only for the net rents received by him; and from and after the conveyance of said property

under this Deed of Trust, the Grantor, and all persons under him, shall, at the option of the purchaser, be and become the

tenants at will of the purchaser, at a reasonable monthly rental, commencing with the date of delivery of the Trustee's Deed.

In the event that more than one Trustee be named herein, any one of such Trustees shal l be cl ot hed wi t h ful l power t o act when

action hereunder shall be required, and to execute any conveyance of said property. In the event that more than one Trustee be

COMPLIMENTS OF ALLIED TITLE COMPANY... "

GOOD DEEDS ARE OUR BUSINESS.”

6324 Papermill Drive, Suite D, Knoxville, Tennessee 37919

PHONE: (865) 694-4111/ FAX: (865) 531-2026 / E-Mail: deeds@alliedti tle.com

www.alliedtitle.com

named herein and the substitution of a trustee shall become necessary for any reason, the substitution of one trustee in the place

of those named herein shall be sufficient. The term "Trustee" shall be construed to mean "Trustees" whenever the sense

requires. The necessity of the Trustee herein named, or any successor in trust, making oath or giving bond, is expressly

waived.

No waiver by the Trustee, the Beneficiary, or by the holder of the indebtedness secured hereby shall be construed as a waiver

of a subsequent simil ar default or any ot her default by the Grant or.

The singular number may be construed as plural, and the plural as singular and pronouns occurring herein shall be construed

according to their proper gender and number, as the context of this instrum ent m ay require.

IN WITNESS WHEREOF

, the Grantor has executed or has caused to be executed this instrument on the day and year first

above written.

__________________________________________ __________________________________________

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STATE OF TENNESSEE, COUNTY OF _________________:ss

On this _____th day of _________, 20____, before me personally appeared ________________________ and spouse,

_________________________________, to me known to be the person(s) described in and who executed the foregoing

instrument, and acknowl edged that he/ she/t hey executed t he sam e as his/ her/their free act and deed.

WITNESS my hand and Notarial Seal at office t his _____ day of _______________________, 20_____.

My Com m issi on Expires: _________ ___________________________________, NOTARY PUBL IC

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State Tax...................$____________________ RESPONSIBLE TAXPAYER:

Recording Fee.............$__________________ ______________________________________________________

Total.....................$______________________ ______________________________________________________