Change Deed Trust With Future Advance Clause In Minnesota

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

Description

The Change Deed Trust with Future Advance Clause in Minnesota is a legal document designed to modify an existing deed of trust by securing additional future advances or debts against a property. This form clarifies the renewal and extension of the lien associated with the original Security Instrument, lasting until the debt is paid in full. Key features include explicit terms regarding payment structure, interest rates, prepayment rights, and provisions for co-grantors who are not personally liable for the debt. Filling in the form requires accurate entries regarding parties involved, the property description, and financial details. Attorneys, paralegals, and legal assistants will find this document useful for representing clients in equity-related matters and real estate transactions. It serves as a protective mechanism for lenders while formalizing agreements between borrower's and lender's obligations. This form also provides guidance on defaults and the obligation of individuals under the agreement, ensuring minimal legal risks while facilitating smooth lending operations.