Change Deed Trust With Future Advance Clause In Franklin

• Category: Real Estate - Mortgages and Deeds of Trust
• State: Multi-State
• County: Franklin
• Control #: US-00183
• Format: Word; Rich Text

Description

The Change Deed Trust with Future Advance Clause in Franklin is a formal instrument designed to modify existing mortgage agreements, allowing for the renewal and extension of security interests related to real property. This agreement serves to secure debt through a deed of trust, acknowledging the validity of the lien against the property prior to modification. It contains essential terms regarding the renewal of the mortgage, amendments to existing security instruments, and outlines the responsibilities of co-grantors who may not be directly liable for the debt but whose interest in the property is acknowledged. Clear stipulations regarding interest rates, payment schedules, prepayment rights, and consequences for default are included, offering transparency to all parties involved. The form is particularly useful for attorneys, paralegals, and legal assistants as it clarifies the rights and obligations of borrowers and lenders, facilitates the documentation process, and ensures compliance with state laws. To effectively utilize this form, users should carefully complete all sections, including borrower and lender information, payment terms, and property details, ensuring accuracy to uphold the legal integrity of the modification.