Fillable Printable Land Deed of Trust - Mississippi
Fillable Printable Land Deed of Trust - Mississippi
Land Deed of Trust - Mississippi
Prepared By: Return To:
Christopher D. Hemphill Christopher D. Hemphill
Dunn & Hemphill, P.A. Dunn & Hemphill, P.A.
P.O. Drawer 1426 P.O. Drawer 1426
Columbus, MS 39703 Columbus, MS 39703
(662) 327-4211 (662) 327-4211
INDEXING INSTRUCTIONS: _________________________________
LAND DEED OF TRUST
THIS INDENTURE, made and entered into this day by and between _________________________, whose address
is _____________________________________, as Grantor (herein designated as "Debtor"), and W. DAVID DUNN, as
Trustee, and ROSANN D. HUDSON, whose address is 1004 Woodland Lane, Oxford, Mississippi 38655, as Beneficiary
(herein designated as "Secured Party"), WITNESSETH:
WHEREAS, Debtor is indebted to Secured Party evidenced by a Promissory Note of even date herewith in favor of
Secured Party. Providing for payment of attorney's fees for collection if not paid according to the terms thereof and being
due and payable as set forth below:
Note in the amount of $________________ payable in eleven (11) monthly installments of $___________
with the first installment being due and payable on the first (1
st
) day of _____, 2012 and a like installment
on the first day of each month following with the entire principal balance and all accrued interest being due
and payable in full on the ____ day of ________, 2013.
WHEREAS, Debtor desires to secure prompt payment of (a) the indebtedness described above according to its terms
and any extensions thereof, (b) any additional and future advances with interest thereon which Secured Party may make to
Debtor as provided in Paragraph 1, (c) any other indebtedness which Debtor may now or hereafter owe to Secured Party as
provided in Paragraph 2 and (d) any advances with interest which Secured Party may make to protect the property herein
conveyed as provided in Paragraphs 3, 4, 5 and 6 (all being herein referred to as the "indebtedness").
NOW THEREFORE, In consideration of the indebtedness herein recited, Debtor hereby conveys and warrants unto
Trustee the land described below situated in the County of ___________, State of Mississippi:
See legal description attached as Exhibit “A”.
together with all improvements and appurtenances now or hereafter erected on, and all fixtures of any and every description
now or hereafter attached to, said land (all being herein referred to as the "Property").
THIS CONVEYANCE, HOWEVER, IS IN TRUST (subject to the covenants, stipulations and conditions below), to
secure prompt payment of all existing and future indebtedness due by Debtor to Secured Party under the provisions of this
Deed of Trust. If Debtor shall pay said indebtedness promptly when due and shall perform all covenants made by Debtor,
then this conveyance shall be void and of no effect. If Debtor shall be in default as provided in Paragraph 9, then, in that
event, the entire indebtedness, together with all interest accrued thereon, shall, at the option of Secured Party, be and become
at once due and payable without notice to Debtor, and Trustee shall, at the request of Secured Party, sell the Property
conveyed, or a sufficiency thereof, to satisfy the indebtedness at public outcry to the highest bidder for cash. Sale of the
property shall be advertised for three consecutive weeks preceding the sale in a newspaper published in the county where the
Property is situated, or if none is so published, then in some newspaper having a general circulation therein, and by posting a
notice for the same time at the courthouse of the same county. The notice and advertisement shall disclose the names of the
original debtors in this Deed of Trust. Debtors waive the provisions of Section 89-1-55 of the Mississippi Code of 1972 as
amended, if any, as far as this section restricts the right of Trustee to offer at sale more than 160 acres at a time, and Trustee
may offer the property herein conveyed as a whole, regardless of how it is described.
If the Property is situated in two or more counties, or in two judicial districts of the same county, Trustee shall have
full power to select in which county, or judicial district, the sale of the property is to be made, newspaper advertisement
published and notice of sale posted, and Trustee's selection shall be binding upon Debtor and Secured Party. Should Secured
Party be a corporation or an unincorporated association, then any officer thereof may declare Debtor to be in default as
provided in Paragraph 9 and request Trustee to sell the Property. Secured Party shall have the same right to purchase the
property at the foreclosure sale as would a purchaser who is not a Party to this Deed of Trust.
From the proceeds of the sale Trustee shall first pay all costs of the sale then the indebtedness due Secured Party by
Debtor, including accrued interest and attorney's fees due for collection of the debt; and then, lastly, any balance remaining to
Debtor.
IT IS AGREED that this conveyance is made subject to the covenants, stipulations and conditions set forth below
which shall be binding upon all parties hereto.
1. This Deed of Trust shall also secure all future and additional advances which Secured Party may make to Debtor
from time to time upon the security herein conveyed. Such advances shall be optional with Secured Party and shall be on
such terms as to amount, maturity and rate of interest as may be mutually agreeable to both Debtor and Secured Party. Any
such advance may be made to any one of the Debtors should there be more than one, and if so made, shall be secured by this
Deed of Trust to the same extent as if made to all Debtors. However, on all transactions covered by Truth in Lending, when
Debtor's notes, debts, obligations and liabilities to Secured Party (in any form) arising out of existing, concurrent and future
credit granted by Secured Party are secured by this Deed of Trust, it will be so indicated on the document that evidences the
transaction. Therefore this Deed of Trust will in no way secure any form of credit governed by the Truth in Lending Act
unless the document which evidences the Credit Transaction indicates by proper disclosure that the Transaction is secured by
this Deed of Trust.
2. This Deed of Trust shall also secure any and all other indebtedness of Debtor due to Secured Party with interest
thereon as specified, or of any one of the Debtors should there be more than one, whether direct or contingent, primary or
secondary, sole, joint or several, now existing or hereafter arising at any time before cancellation of this Deed of Trust. Such
indebtedness may be evidenced by note, open account, overdraft, endorsement, guaranty or otherwise. However, on all
transactions covered by Truth in Lending, when Debtor's notes, debts, obligations and liabilities to Secured Party (in any
form) arising out of existing, concurrent and future credit granted by Secured Party are secured by this Deed of Trust, it will
be so indicated on the document that evidences the transaction. Therefore this Deed of Trust will in no way secure any form
of credit governed by the Truth in Lending Act unless the document which evidences the Credit Transaction indicates by
proper disclosure that the Transaction is secured by this Deed of Trust.
3. Debtor shall keep all improvements on the land herein conveyed insured against fire, all hazards included within
the term "extended coverage", flood in areas designated by the U. S. Department of Housing and Urban Development as
being subject to overflow and such other hazards as Secured Party may reasonable require in such amounts as Debtor may
determine but for not less than the indebtedness secured by this Deed of Trust. All policies shall be written by reliable
insurance companies acceptable to Secured Party, shall include standard loss payable clauses in favor of Secured Party and
shall be delivered to Secured Party, Debtor shall promptly pay when due all premiums charged for such insurance, and shall
furnish Secured Party the premium receipts for inspection. Upon Debtor's failure to pay the premiums, Secured Party shall
have the right, but not the obligation, to pay such premiums. In the event of a loss covered by the insurance in force, Debtor
shall promptly notify Secured Party who may make proof of loss if timely proof is not made by Debtor. All loss payments
shall be made directly to Secured Party as loss payee who may either apply the proceeds to the repair or restoration of the
damaged improvements or to the indebtedness of Debtor, or release such proceeds in whole or in part to Debtor.
4. Debtor shall pay all taxes and assessments, general or special, levied against the Property or upon the Interest of
Trustee or Secured Party therein, during the term of this Deed of Trust before such taxes or assessments become delinquent,
and shall furnish Secured Party the tax receipts for inspection. Should Debtor fail to pay all taxes and assessments when due,
Secured Party shall have the right, but not the obligation, to make these payments.
5. Debtor shall keep the Property in good repair and shall not permit or commit waste, impairment or deterioration
thereof. Debtor shall use the Property for lawful purposes only. Secured Party may make or arrange to be made entries upon
and inspections of the Property after first giving Debtor notice prior to any inspection specifying a just cause related to
Secured Party's interest in the Property. Secured Party shall have the right, but not the obligation, to cause needed repairs to
be made to the Property after first affording Debtor a reasonable opportunity to make the repairs. Debtor may not make any
structural changes, additions or modifications, to the improvements, neither inside nor outside, without the prior written
consent of Secured Party until all amounts secured by this deed of trust have been paid in full.
6. Any sums advanced by Secured Party for Insurance, taxes, repairs or construction as provided in Paragraphs 3, 4
and 5 shall be secured by this Deed of Trust as advances made to protect the Property and shall be payable by Debtor to
Secured Party, with interest at the rate specified in the note representing the primary indebtedness, within thirty days
following written demand for payment sent by Secured Party to Debtor by certified mail. Receipts for insurance premiums,
taxes and repair or construction costs for which Secured Party has made payment shall serve as conclusive evidence thereof.
7. As additional security Debtor hereby assigns to Secured Party all rents accruing on the Property. Debtor shall
have the right to collect and retain the rents as long as Debtor is not in default as provided in Paragraph 9. In the event of
default, Secured Party in person, by an agent or by a judicially appointed receiver shall be entitled to enter upon, take
possession of and manage the Property and collect the rents. All rents so collected shall be applied first to the costs of
managing the Property and collecting the rents, including fees for a receiver and an attorney, commissions to rental agents,
repairs and other necessary related expenses and then to payments on the indebtedness.
8. This Deed of Trust (indenture) may not be assumed by any buyer from Debtor. Any attempted transfer of any
interest in this property (including, but not limited to possession) will constitute a default and Secured Party may accelerate
the entire balance of the indebtedness.
If Secured Party elects to exercise the option to accelerate, Secured Party shall send Debtor notice of acceleration by
certified mail. Such notice shall provide a period of thirty days from the date of mailing within which Debtor may pay the
indebtedness in full. If Debtor fails to pay such indebtedness prior to the expiration of thirty days. Secured Party may,
without further notice to Debtor, invoke any remedies set forth in this Deed of Trust.
9. Debtor shall be in default under the provisions of the Deed of Trust if Debtor (a) shall fail to comply with any of
Debtor's covenants or obligations contained herein, (b) shall fail to pay any of the indebtedness secured hereby, or any
installment thereof or interest thereon, as such indebtedness, installment or interest shall be due by contractual agreement or
by acceleration, (c) shall become bankrupt or insolvent or be placed in receivership, (d) shall, if a corporation, a partnership
or an unincorporated association be dissolved voluntarily or involuntarily, or (e) if Secured Party in good faith deems itself
insecure and its prospect of repayment seriously impaired.
10. Secured Party may at any time, without giving formal notice to the original or any successor Trustee, or to
Debtor, and without regard to the willingness or inability of any such Trustee to execute this trust, appoint another person or
succession of persons to act as Trustee, and such appointee in the execution of this trust shall have all the powers vested in
and obligations imposed upon Trustee. Should Secured Party be a corporation or an unincorporated association, then any
officer thereof may make such appointment.
11. Each privilege, option or remedy provided in this Deed of Trust to Secured Party is distinct from every other
privilege, option or remedy contained herein or afforded by law or equity, and may be exercised independently, concurrently,
cumulatively or successively by Secured Party or any other owner or holder of the indebtedness. Forbearance by Secured
Party in exercising any privilege, option or remedy after the right to do so has accrued shall not constitute a waiver of
Secured Party's right to exercise such privilege, option or remedy in event of any subsequent accrual.
12. The words "Debtor" or "Secured Party" shall each embrace one individual, two or more individuals, a
corporation, a partnership or an unincorporated association, depending on the recital herein of the parties to this Deed of
Trust. The covenants herein contained shall bind, and the benefits herein provided shall inure to, the respective legal or
personal representatives, successors or assigns of the parties hereto subject to the provisions of Paragraph 8. If there be more
than one Debtor, then Debtor's obligations shall be joint and several. Whenever in this Deed of Trust the context so requires,
the singular shall include the plural and the plural the singular. Notices required herein from Secured Party to Debtor shall be
sent to the address of Debtor shown in the Deed of Trust.
IN WITNESS WHEREOF, Debtor has executed this Deed of Trust on the _______ day of _________________,
2012.
___________________________________________
_____________________
STATE OF MISSISSIPPI
COUNTY OF __________
THIS day personally appeared before me, the undersigned authority in and for the State and County aforesaid, the within
named ________________________, who acknowledged to me that he signed and delivered the foregoing Deed of Trust on
the day and year therein mentioned.
GIVEN under my hand and official seal of office, this the _____________ day of _______________, 2010.
____________________________________________
NOTARY PUBLIC
MY COMMISSION EXPIRES:
2286/misc/50658
