This form is a deed of trust modification. It is to be entered into by a borrower, co-grantor, and the lender. The agreement modifies the mortgage or deed of trust to secure a debt described within the agreement. Other provisions include: renewal and extension of the lien, co-grantor liability, and note payment terms.
Change Deed Trust With Future Advance Clause In Harris
State:
Multi-State
County:
Harris
Control #:
US-00183
Format:
Word;
Rich Text
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The granting clause grants the property with its related rights and appurtenances, beginning with “grants, sells, and conveys.” The habendum clause defines the extent of property ownership conveyed to the grantee, beginning with “to have and to hold.” The warranty clause describes the warranties of title made by the ...
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Deed of Trust Modification means, with respect to any Deed of Trust, a modification agreement entered into between the Borrower or the Project Owner, as applicable, and the Lender, modifying the terms and conditions of the Deed of Trust in order to (i) add to the lien of the Deed of Trust Additional Lots, or (ii) make ...
Power of Sale Clause A power of sale provision is a significant element of a deed of trust, as it states the conditions when a trustee can sell the property on behalf of the beneficiary. Typically, this predicts when you will be delinquent on your mortgage.
A deed of trust can benefit the lender because it allows for a faster and simpler way to foreclose on a home — typically months or even years faster.
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The important feature is that the mortgage secures frequent and routine future advances to be added to the loan balance. This Deed of Trust is a "Future Advance Deed of Trust" under the laws of the State.Advance clause is a part of a contract that allows for additional loans to be made in the future, even if the lender is not obligated to do so. Current writing on the subject of secured future advances loans gives the impression that they are used chiefly if not solely to finance building construction. Here, the junior trust. You will want to secure proper coverage of your asset. Comments on this publication, and suggestions as to future updates, including published and unpublished cases, may be addressed to:. Powerful companies require workers to sign noncompete agreements that restrict their ability to change jobs. Harris, 550 U.S. 372, 380 (2007)). In the Real Property Indenture.