The Second Lien Deed of Trust is commonly used when property owners need additional financing beyond their primary mortgage. This instrument, widely used in U.S. real estate transactions, provides lenders with security while explicitly acknowledging their subordinate position to the first lienholder. It includes crucial provisions about property maintenance, insurance requirements, payment terms, and default remedies. The document is particularly important in scenarios involving property improvements, debt consolidation, or business expansion where additional financing is needed but the primary mortgage remains in place.
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1. Parties: Identifies the Trustor (borrower), Trustee, and Beneficiary (lender)
2. Background: States the existence of first lien and circumstances leading to second lien
3. Definitions: Key terms used throughout the deed of trust
4. Property Description: Legal description of the secured property
5. Security Interest: Declaration of the security interest being granted
6. Payment Terms: Terms of repayment including amount, interest, and schedule
7. Covenants: Borrower's obligations regarding property maintenance, insurance, and taxes
8. Default Provisions: Events of default and remedies
9. Subordination Terms: Explicit acknowledgment of subordinate position to first lien
1. Environmental Provisions: Environmental warranties and indemnities for commercial properties or properties with potential environmental risks
2. Assignment of Rents: Right to collect rents upon default for income-producing properties
3. Due-on-Sale Clause: Acceleration of debt upon property transfer when lender wants to prevent unauthorized transfers
4. Cross-Default Provisions: Default triggers from other loans when borrower has multiple loans with same lender
1. Property Description Schedule: Detailed legal description of the property including boundaries and easements
2. Permitted Encumbrances Schedule: List of approved existing liens and encumbrances
3. Payment Schedule: Detailed amortization schedule
4. Insurance Requirements Schedule: Specific insurance requirements and minimum coverage amounts
5. Prior Liens Schedule: Details of the first lien and any other senior liens
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