A Second Deed of Trust Promissory Note is utilized when property owners seek additional financing while maintaining an existing first mortgage. This document type is common in U.S. real estate transactions where borrowers require supplemental funding for property improvements, debt consolidation, or other purposes. The Second Deed of Trust Promissory Note clearly establishes the loan amount, interest rate, payment terms, and the lender's security interest in the property, while acknowledging its subordinate position to the first deed of trust. This arrangement allows property owners to access their equity while maintaining their primary mortgage.
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1. Parties: Identifies the lender and borrower with full legal names and addresses
2. Principal Amount: States the exact amount being borrowed
3. Interest Rate: Specifies the interest rate, calculation method, and payment terms
4. Payment Terms: Details payment schedule, amounts, and methods
5. Security: References the deed of trust and property securing the note
6. Default Provisions: Defines events of default and consequences
1. Prepayment Provisions: Terms for early payment, used when prepayment penalties apply
2. Late Payment Charges: Optional penalties for late payments
3. Subordination Language: Specific language regarding priority of liens, used when required by first lienholder
1. Property Description: Legal description of the property securing the note
2. Payment Schedule: Detailed amortization schedule if applicable
3. First Deed of Trust Reference: Details of the senior lien including recording information
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