Fillable Printable Long Form Deed of Trust with Assignment of Rents - California

Long Form Deed of Trust with Assignment of Rents - California

RECORDING REQUESTED BY:

AND WHEN RECORDED MAILTO:

SPACE ABOVE THIS LINE IS FOR RECORDER'S USE

A.P.N.: Order No.: Escrow No.:_______________________________

ALL-INCLUSIVE DEED OF TRUST WITH ASSIGNMENT OF RENTS (LONG FORM)

This ALL-INCLUSIVE DEED OF TRUST, made ____________________, between __________________________________________

herein ca lled TRUSTOR , whose addre ss is __ _____________________ ____________ ______________________ ____________ ______,

___________________________________________________________, a California corporation, herein called TRUSTEE, and

______________________________________, herein called BENEFICIARY, WITNESSETH: That Trustor grants to Trustee in trust, with

power of sale, that property in the ____________ _______, County of ___ ___ _____________, State o f California, de scribed as:

together with the rents, issues and profits thereof, subject, however, to the right, power and authority hereinafter given to and conferred upon Beneficiary

to collect and apply such rents, issues and profits for the purpose of securing (1) payment of the sum of $_______________ with interest thereon

according to the terms of an all-inclusive promissory note of even date herewith (hereinafter "the Secured Note") made by Trustor, payable to order of

Beneficiary, and extensions or renewals thereof, and (2) the performance of each agreement of Trustor incorporated by reference or contained herein.

A. Senior Deed(s) of Trust: This is an All-Inclusive Deed of Trust, securing the Secured Note and is subject and

subordinate to the following instruments:

(1) A Deed of Tru st recorded ________________________________, as Instrumen t No . ____________________, in Boo k __ __________,

Page _______, of Official Records of __________________ County, California, in the original principal sum of

_______________________________________________________________________________ Dollars ($ ___________________ ) in

favor of ____________________________________________ as Payee, securing a note in the original amount of $ __________________.

(2) A Deed of Tru st recorded, ________________________________, as Instru ment No. __________________ __ , i n Book ______ __ ____,

Page _______, of Official Records of __________________ County, California, in the original principal sum of

________ __ ____________ ______________________ ____________ ______________________ _ Dollars ($ __ ____________________ ) in

favor of ____________________________________________ as Payee, securing a note in the original amount o f $ ____________ ______.

The Promissory Note(s) secured by said Deed(s) of Trust is (are) hereinafter referred to as the "Senior Note(s)."

B. To protect the security of the All-Inclusive Deed of Trust, Trustor agrees:

1) To keep sai d property in good condition and repa ir; not to remove or d emolish any buil ding thereon; to co mplete or restore promptly and in good

and

workmanlike manner any building which may be constructed, damaged or destroyed thereon and to pay when due all claims for labor performed and

materials furnished therefore, to compl y with all laws affecting said property or requiring an y alterations or improveme nts to be mad e thereon; not to commit or

permi t wa ste the reon; not to commit, suffe r or permit an y act upon said property in vi olation of law; to cultivate, irrigate , fertilize, fumigate, prune and do all other

acts which from the character or use of said property may be reasonably necessary, the specific enumerations herein not excluding the general.

2) To provide, maintain and deliver to Beneficiary fire, vandalism and malicious mischief insurance satisfactory to and with loss payable to Beneficiary. The

amount

collected under any fire or other insurance policy may be applied by Beneficiary upon any indebtedness secured hereby and in such order as

Beneficiary may

determine, or at option of Beneficiary the entire amount so collected or any part thereof may be released to Trustor. Such application or

relea se s hall not cure or waive any default or notice of default here under or invalidate any act done pursuant to such n otice. The provisions hereo f are subject

to the mutual agreements of the parties as below set forth.

3) To appear in and defend any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee and to pay all

costs and expenses, including cost of evidence of title and attorney's fees in a reasonable sum, in any such action or proceeding in which Beneficiary or

Trustee may appear, and in any suit brought by Beneficiary to foreclose this All-Inclusive Deed of Trust.

4) To pay: (a) at least ten days before delinquency all taxes and assessments affecting said property, including assessments on appurtenant water stock;

(b) when due, subject to the mutual agreements of the parties as below set forth, all encumbrances, charges and liens, with interest, on said property or any

part thereof, which appear to be prior or superior hereto; (c) all allowable expenses of this Trust.

Should Trustor fail to make any payment or to do any act as herein provided, then Beneficiary or Trustee, but without obligation so to do and without notice to

or demand upon Trustor and with out releasing Tru stor from an y obligation hereof, may: make or do the same in such manner an d to such extent as eit her ma y

deem necessary to protect the security hereof, Beneficiary or Trustee being authorized to enter upon said property for such purposes; appear in and defend

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any action or proceeding purporting to affect the security hereof or the rights or powers of Beneficiary or Trustee; pay, purchase, contest or comp ro m ise any

encumbrance, charge or lien which in the judgment of either appears to be prior or superior hereto; and, in exercising any such powers, pay allowable expenses.

5) To pay immediately and without demand all sums so expended by Beneficiary or Trustee, with interest from date of expenditure at the amount allowed by law

in effect at the date hereof.

C. It is mutually agreed:

1) That any award of damages in connection with any condemnation for public use of or injury to said property or any part thereof is hereby assigned and shall

paid to Beneficiary who may apply or release such moneys received by him in the same manner and with the same effect as above provided for

disposition of proceeds of fire or other insurance.

2) That by accepting payment of any sum secured hereby after its due date, Beneficiary does not waive his right either to require prompt payment when due of

all other sums so secured or to declare default for failure so to pay.

3) That at any time or from time to time, without liability therefore and without notice, upon written request of Beneficiary and presentation of this All-Inclusive

Deed of Trust and the Secured Note for endorsement, and without affecting the personal liability of any person for payment of the indebtedness secured hereby,

Trustee

may: reconvey any part of said property; consent to the making of any map or plat thereof; join in granting any easement thereon; or join in any

extension agreement or any agreement subordinating the lien or charge hereof.

4) That upon written request of Beneficiary stating that all sums secured hereby have been paid, and upon surrender of this All-Inclusive Deed of Trust and the

Secured Note to Trustee for cancellation and retention or other disposition as Trustee in its sole discretion may choose and upon payment of its fees, Trustee

shall

reconvey, without warranty, the property then held hereunder. The recitals in such reconveyance of any matters or facts shall be conclusive proof

of the truthfulness thereof. The Grantee in such reconveyan ce may be described as "the person or persons legally entitled thereto."

5) That as additional security, Trustor hereby gives to/and confers upon Beneficiary the right, power and authority, during the continuance of these Trusts, to

collect the rents, issues and profits of said property, reserving unto Trustor the right, prior to any default by Trustor in payment of any indebtedness secured

hereby or in performance of any agreement hereunder, to collect and retain such rents, issues and profits as they become due and payable. Upon a ny su ch

default, Beneficiary may at any time without notice, either in person, by agent, or by a receiver to be appointed by a court, and without regard to the adequacy

of any security for the indebtedness hereby secured, enter upon and take possession of said property or any part thereof, in his own name sue for or otherwise

collect such rents, issues and profits, including those past due and unpaid, and apply the same, less allowable expenses of operation, upon any indebtedness

secured hereby, and in such order as Beneficiary may determine. The entering upon and taking possession of said property, the collection of such rents, issues

and profits and the application thereof as aforesaid, shall not cure or waive any default or notice of default hereunder or invalidate any act done pursuant to such

notice.

6) That upon default by Trustor in payment of any indebtedness secured hereby or in performance of any agreement hereunder, Beneficiary may declare all

sums secured hereby immediately due and payable by delivery to Trustee of written declaration of default and demand for sale and of written notice of default

and of election to cause to b e sold sa id pr op er ty , which no t ice Tru ste e sha ll cau se t o be file d for re cord. B ene ficia ry also shall deposit with Trustee this All-

Inclusive Deed of Trust, the Secured Note and all documents evidencing expenditures secured hereby.

After the lapse of such time as may then be required by law following the recordation of said notice of default, and notice of sale having been given as then

required by law, Trustee, without demand on Trustor, shall sell said property at the time and place fixed by it in said notice of sale, either as a whole or in

separate parcels, and in such order as it may determine, at public auction to the highest bidder for cash in lawful money of the United States, payable at time of

sale. Trustee may postpone sale of all or any portion of said 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 fixed by the preceding postponement. Trustee shall deliver to such purchaser its deed conveying

the property so sold, but without any covenant or warranty, express or implied. The recitals in such deed of any matte rs or facts shall be conclusive proof of

the truthfulness thereof. Any person, including Trustor, Trustee, or Beneficiary as hereinafter defined, may purchase at such sale.

After deducting all costs, fees and expenses of Trustee and of this Trust, including cost of evidence of title in connection with sale, Trustee shall apply the

proceeds of sale to payment of all sums expended under the terms hereof, not then repaid, with accrued interest at the amount allowed by law in effect at the

date hereof; all other sums then secured hereby; and the remainder, if any, to the person or persons legally entitled thereto. However, all costs, fees and

expenses set forth in this paragraph shall not be applicable to or charged by the Trustor or his successor in interest.

7) Beneficiary, or any successor in ownership of any indebtedness secured hereby, may from time to time, by instrument in writing, substitute a successor

successors to any Trustee named herein or acting hereunder, which instrument, executed by the Beneficiary and duly acknowledged and recorded in the

office of the recorder of the county or counties where said property is situated, shall be conclusive proof of proper substitution of such successor Trustee or

Trustees, who shall, without conveyance from the Trustee predecessor, succeed to all its title, estate, rights, powers and duties. Said instrument must contain

the name of the original Trustor, Trustee and Beneficiary hereunder, the book and p age where this All-Inclusive Deed of Trust is recorded and the name and

address of the new Trustee.

8) That this All-Inclusive Deed of Trust applies to, inures to the benefit of, and binds all parties hereto, their heirs, legatees, devisees, administrators, executors,

successors and assigns. The term Beneficiary sha ll mean the o wne r and ho lder, includ ing pledg ees, of the note se cure d here b y , whether or not named

as Beneficiary herein. In this All-Inclusive Deed of Trust, whenever the context so requires, the masculine gender includes the feminine and/or neuter, and

the singular number includes the plural.

9) That Trustee accepts this Trust when this All-Inclusive Deed of Trust, duly executed and acknowledged, is made a public record as provided by law. Trustee

is not obligated to notify any party hereto of pending sale under any other Deed of Trust or of any action or proceeding in which Trustor, Beneficiary or Trustee

shall be a party unless brought by Trustee.

D. The Parties Further Agree:

1) By Beneficiary's acceptance of this All-Inclusive Deed of Trust, Beneficiary agrees that, provided Trustor is not in default on the Secured Note, Beneficiary

shall pay all installments of principal and interest which become due under the terms of the Senior Note(s). In the event Trustor shall be in default on the

Secured Note,

Beneficiary's obligation under the Senior Note(s) is deferred until the default under the Secured Note is cured. Should the Beneficiary

default in any of the

installments as to the payment on the Senior Note(s) at a time when Trustor is not in default in the performance of the obligations of the

Trustor under the Secured Note or this All-Inclusive Deed of Trust, the Trustor ma y make said payments directly to the holder of such Senior Note(s); any and

all payments so made shall be credited to the Secured Note against the next succeeding installments of principal and interest. Nothing contained herein shall be

construed to create a third party beneficiary relationship between the Beneficiary and any other person.

2) Notwithstanding any covenants contained in the Senior Note(s) or Deed(s) of Trust securing same, Beneficiary shall have no further duty under this All-

Inclusive Deed of Trust when: (i) the lien of this All-Inclusive Deed of Trust has been extinguished by foreclosure sale or (ii) this All-Inclusive Deed of Trust has

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been duly reconveyed after payment in full of the Secured Note and subsequent to the payment by the Beneficiary herein of Trustor's portion of the Senior

Note(s) which the Beneficiary herein is required to pay to the holder of said Senior Note(s).

Should Trustor be in default under the terms of the Secured Note and if Beneficiary consequently incurs any penalties, charges, or other expenses on

account of the Senior Note(s) during the period of such default, the amount of such penalties, charges and expenses shall be immediately added to the

principal amount of the Secured Note and shall be immediately payable by Trustor to Beneficiary.

If at any time the total of: the unpaid balance of the Secured Note, the accrued interest thereon, all other sums due under the terms thereof and all sums

advanced

by Beneficiary pursuant to the terms of this All-Inclusive Deed of Trust, is equal to or less than the unpaid principal balance of the Senior Note(s)

and accrued

interest thereon, the Secured Note, at the option of Beneficiary, shall be cancelled and said property shall be reconveyed from the lien of this All-

Inclusive Deed of Trust.

3) Trustor and Beneficiary agree that in the event the proceeds of any condemnation award or settlement in lieu thereof, or the proceeds of any casualty

insurance covering destructible improvements located upon said property, are applied by the holder of the Senior Note(s) in reduction of the unpaid principal

amount thereof, the unpaid principal balance of the Note secured hereby shall be reduced by an equivalent amount and be deemed applied to the last sums

due under the Secured Note.

4) At such time as the Secured Note becomes fully due and payable, the unpaid indebtedness of principal and interest owning thereon shall be reduced by the

then unpaid balance of pr incip al and inte rest du e on th e Seni or Not e(s ).

5) Any demand hereunder delivered by Beneficiary to Trustee for the foreclosure of the lien of this All-Inclusive Deed of Trust may be not more than the sum of

the following amounts: (i) The equity of Beneficiary in the note secured hereby being the difference between the then-unpaid balance of principal and interest

accrued and unpaid on the Secured Note on the date of such foreclosure sale and the then unpaid balance of principal and intere st so accrued and unpaid on

the Senior

Note(s) as of the date of such foreclosure sale; plus (ii) The aggregate of all amounts theretofore paid by Beneficiary pursuant to the terms of

this All-Inclusive

Deed of Trust prior to the date of such foreclosure sale, for taxes and assessments, insurance premiums, delinquency charges, foreclosure

costs, and any other sums advanced by Beneficiary pursuant to the terms of this All-Inclusive Deed of Trust, to the extent the same were not pr e vio u sly repaid

by Trustor to Beneficiary; plus (iii) The costs of foreclosure together with attorneys' fees and costs incurred by Beneficiary in enforcing this All-Inclusive Deed

of Trust or the Note secured hereby as permitted by law.

6) Notwithstanding any provision to the contrary herein contained, Beneficiary for himself, his successors and his assigns, agrees that, in the event of a

foreclosure of this All-Inclusive Deed of Trust, he will, at the trustee's sale, offset his bid by an amount not exceeding the amount representing the total amount

then due under the note secured hereby plus any advances or other disbursements which Beneficiary and his succes sors or assigns, may, by law, be

permitted to include as an offset to his bid, less the then actual total balance due upon any notes or obligations secured by any and all deeds of trust having

priority over this All-Inclusive Deed of Trust and covering the above described real property or any portion thereof. The Trustee may r e ly on any statem en t s

received fro m B en e f icia ry a s t o the unpaid total balance, advances or disbursements, and such statements shall be deemed binding and conclusive as

between Beneficiary and Trustor, on the one hand, and Trustee, on the other hand, to the extent of such reliance.

7) Trustor covenants and agrees that Trustor shall perform and observe all obligations to be performed and observed by Trustor under the Deed(s) of

Trust securing the Senior note(s).

The undersigned Trustor requests that a copy of any notice of default and of any notice of sale hereunder be mailed to him at his address

hereinbefore set forth.

____________________________________________________________ __________________________________________________________

Trustor Trustor

_______________________________________ ______ _______________ ______ _____________ _______________ ______ _______________ _______________

Trustor Trustor

______________________________________________________________ ____________________________________________________________

Beneficiary Beneficiary

__________________________________________________________________ ________________________________________________________________

Beneficiary Beneficiary

Dated ______________________________

STATE OF CALIFO RN IA

COUNTY OF ______________________________

On ________________________________ before me, ____________________________________________________________, personally appeared

_________________________________________________________________________________________________________________________,

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 p er son ( s), or

the entity upon behalf of which the person(s) acted, executed the instr um en t .

I certify under the 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.

____________________________________________________ (Notary seal)

Signature

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(IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS ALL-INCLUSIVE DEED OF TRUST,

THEPARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT TO SAME.)

DO NOT RECORD ____________________________________________

REQUEST FOR FULL RECONVEYANCE

TO ____________________________________________________________________, TRUSTEE:

The undersigned is the legal owner and holder of the n ote and of all indebtedness secured by the foregoing Deed of Trust. Said note, together with all

other indebtedness secured by said Deed of Trust, have been fully paid and satisfied; and you are hereby requested and directed , on payment to you of

any sums owing to you under the terms of said Deed of Trust, to cancel said note above mentioned, and all other evidences of indebtedness secured b y

said Deed of Trust delivered to you herewith, together with the said Deed of Trust, and to reconvey, without warranty, to the parties designated by the

terms of said Deed of Trust, all the estate now held by you under the same.

_____________________________________________________________________

Dated _______________________________________

Please mail Deed of Trust,

Note and Reconveyance to _______________________________________________________________________________________________________

DO NOT lose or destroy this Deed of Trust OR THE NOTE which it secures. BOTH must be delivered to the Trustee for cancellation before

reconveyanc e will be made.

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