Deed Of Trust Modification With Future Advance Clause In Ohio

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

Description

The Deed of Trust Modification with Future Advance Clause in Ohio is a legal agreement used to modify existing mortgage or deed of trust instruments regarding secured debts. This modification allows for adjustments concerning the payment terms, security interests, and inclusion of future advances to the original loan, ensuring clarity and authority over the borrower's obligations. Key features of the form include provisions for renewal and extension of the lien, clarity regarding co-grantor liabilities, and explicit terms outlining payment schedules and interest rates. Filling instructions require clear identification of all parties involved, the original loan's details, and the terms of the new modification. It is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in real estate transactions, loan management, and debt restructuring, as it provides legal protection and clarity in financial agreements. This document streamlines the modification process and offers a legally binding framework for updating terms while securing lender interests.