The Deed of Trust and Assignment of Rents is a sophisticated security instrument commonly used in U.S. real estate transactions where traditional mortgages are not preferred. This document is particularly valuable when financing income-producing properties, as it provides dual security through both the property itself and its rental income stream. It is typically used in states that favor non-judicial foreclosure procedures, offering lenders a more streamlined enforcement process. The document establishes specific rights and obligations for all parties, including property maintenance standards, insurance requirements, and default remedies, while providing a mechanism for direct assignment of rental payments to the lender if needed.
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Key Requirements PROMPT example:
Deed Of Trust And Assignment Of Rents
"I need a Deed Of Trust And Assignment Of Rents to secure a $2.5M commercial property loan in California, with specific provisions for collecting rents from three existing retail tenants if the borrower defaults, to be executed by March 2025."
1. Parties: Identifies the Grantor (borrower), Trustee, and Beneficiary (lender)
2. Background/Recitals: States the purpose of the deed and basic transaction details
3. Definitions: Defines key terms used throughout the document
4. Property Description: Legal description of the property being conveyed
5. Security Agreement: Terms of the security interest being granted
6. Assignment of Rents: Terms governing the assignment of rental income
7. Covenants and Warranties: Grantor's promises regarding property maintenance, insurance, taxes
8. Default Provisions: Conditions constituting default and consequences
9. Remedies: Rights and remedies of the Beneficiary upon default
1. Power of Sale: Non-judicial foreclosure provisions - include in states allowing non-judicial foreclosure
2. Due-on-Sale Clause: Acceleration of debt upon property transfer - include when lender requires immediate repayment upon property transfer
3. Subordination Provisions: Terms for subordinating to other liens - include when multiple liens exist or are anticipated
1. Schedule A - Property Description: Detailed legal description of the property
2. Schedule B - Permitted Encumbrances: List of existing liens or encumbrances allowed by lender
3. Schedule C - Insurance Requirements: Detailed insurance requirements and minimum coverage amounts
4. Exhibit A - Promissory Note: Copy of the underlying promissory note being secured
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