Mississippi Purchase Money Deed of Trust

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Mississippi Purchase Money Deed of Trust Powered By Docstoc
					        MISSISSIPPI PURCHASE MONEY DEED OF TRUST
                             (with right to substitute trustee at will)

WHEREAS, the undersigned ____________________ and wife, ____________________,
whose mailing address is _____________________________________________, hereinafter
jointly called "Grantor(s)," owe to ________________________________, whose mailing
address is _______________________________________________, hereinafter called the
"Beneficiary,"    the    sum      of   ______________________________________           Dollars
($__________________), evidenced by a Promissory Note of even date herewith, bearing
interest from date at the rate of ________ Percent (_______%) per annum, as follows, to-wit:

       One Promissory Note of even date herewith in the amount of
       ______________________________________                                   Dollars
       ($__________________), bearing interest from date at the rate of ________
       percent (____%) per annum, due and payable in ________________ (_______)
       monthly installments of ________________________________ Dollars
       ($__________), the first of said monthly installments being due and payable on
       the _____ day of ______________, _______, and with a similar monthly
       installment being due and payable on the first day of each and every month
       thereafter until all of said ______________ (_____) installments have matured,
       except any remaining indebtedness, if not sooner paid, shall be due and payable
       on _____________________.

AND WHEREAS, the undersigned are anxious to secure the payment of said indebtedness at
the maturity thereof; therefore in consideration of the sum of Five and No/100 Dollars ($5.00) to
him paid by _____________________________, Trustee, the receipt of which is hereby
acknowledged, the undersigned Grantor(s) do hereby convey and warrant unto the said
Trustee, the following-described real estate, together with any buildings and improvements
thereon (or that may hereafter be erected thereon) and the hereditaments and appurtenances
and all other rights thereunto belonging or in anywise now or hereafter appertaining, and all
plumbing, heating, and lighting fixtures and equipment now or hereafter attached to or used in
connection with said premises, which said real estate, with the improvements thereon
(hereinafter called "real estate" or "Property"), is situated in ______________ County, State of
Mississippi, and is described as follows, to-wit:

     [Give legal description of the property]




It is understood and agreed that this conveyance is made subject to and that the parties hereto
have agreed on and are bound by and will observe and fulfill the following covenants,
stipulations, and conditions as obligatory upon the respective parties:

        1.      In addition to the aforesaid indebtedness and any and all extensions or renewals
of the same, or any part thereof, this instrument is intended to secure and does secure any and
all debts that the said Grantor(s) may incur with or owe the said Beneficiary during the term of
this loan, whether the same be evidenced by note, open account, assignment, endorsement, or
otherwise, and said Grantor(s) promise(s) to pay said debts at their maturity.
        2.     Payment of Principal and Interest. Grantor(s) shall promptly pay when due the
principal of and interest on the indebtedness evidenced by the Note, prepayment and late
charges as provided in the Note, and the principal of and interest on any future advances
secured by this Deed of Trust.

        3.     Application of Payments. Unless applicable law provides otherwise, all
payments received by Beneficiary under the Note shall be applied by Beneficiary first to interest
payable on the Note, then to the principal of the Note, and then to interest and principal on any
future advances.

       4.      Charges; Liens. Grantor(s) shall pay all taxes, assessments, and other
charges, fines and impositions attributable to the Property which may attain a priority over this
Deed of Trust. Grantor(s) shall promptly furnish to Beneficiary all notices of amounts due under
this paragraph, and in the event Grantor(s) shall make payment directly, Grantor(s) shall
promptly furnish to Beneficiary receipts evidencing such payments.

        5.      In the event Grantor(s), or his/her/their vendees of the Property herein conveyed,
immediate or remote, should become insolvent, or apply to a bankruptcy court to be adjudicated
a voluntary bankrupt, or proceedings be instituted to put them in involuntary bankruptcy, or
should any proceedings be taken against the Grantor(s) or the said vendees, immediate or
remote, or either of them, looking to the appointment of a receiver, assignee, or trustee, or
should any default be made in the payment of the indebtedness secured hereby, or should there
be any breach of the covenants or agreements contained herein, then in either or any such case
all rents becoming due thereafter on the Property herein conveyed shall, at the option of the
Beneficiary, be due and payable to the Beneficiary herein to be applied to the indebtedness
secured hereby, and the whole indebtedness hereby secured may, at the option of said
Beneficiary or their assigns, be declared due and payable.

        6.      The undersigned further represents unto the said Beneficiary for the purpose of
obtaining the loan or of obtaining deferred payment on the debt, as the case may be, secured
by this instrument, that there are no liens, leases, or encumbrances of any sort against the
Property conveyed herein, except, if any, as shown by the records of said County.

        7.     Grantor(s) agree(s) not to abandon said Property, and a breach of this condition
shall cause the entire indebtedness secured hereby to become due and payable at the option of
the said Beneficiary or their assigns.

        8.       If the title to all or any part of the Property described herein is sold, conveyed or
transferred by act of Grantor(s), the indebtedness secured hereby shall, at the option of the
Beneficiary or the legal holder of the indebtedness, become immediately due and payable, and
a failure to pay the same within ten (10) days after such transfer of title shall constitute a default
hereunder according to the terms and conditions of this instrument. If the maturity date of said
Note is accelerated due to any such sale of the Property, Grantor(s) agrees to use as much of
the proceeds of any such sale as necessary to pay the remaining principal and interest due on
the Note, as well as any other sums due pursuant to any document securing said indebtedness
for benefit of Beneficiary, and Grantor(s) do(es) hereby grant a security interest in such
proceeds to Beneficiary.

        9.     Should Grantor(s) fail to pay, as hereinabove stipulated, all taxes, assessments,
liens, or judgments, then the said Beneficiary, their successors and assigns, may at their option
pay any such unpaid taxes, assessments, liens, or judgments, and, without notice, at their
option, declare the whole debt secured by this Deed of Trust to be due and payable and
proceed to foreclose same at once. All taxes, assessments, liens, and judgments paid by the
said Beneficiary, and all necessary expenses incurred by said Beneficiary in connection
therewith, including any expense incurred in defending the title of Grantor(s) to this real estate,
where necessary for the protection of the said Beneficiary's interests, or in defending this Deed
of Trust as a valid first lien on the real estate described or intended to be described herein,
where necessary, or in seeking to have this Deed of Trust reformed by judicial proceedings,
where necessary because of mistake therein, shall constitute a part of the debt secured by this
Deed of Trust and become immediately due and payable to the said Beneficiary. Grantor(s)
agree(s) to pay all necessary and usual charges incident to the consummation of this loan, and
likewise the usual and necessary costs incident to the cancellation upon the record or records of
this Deed of Trust after the loan has been paid in full.

       10.      Grantor(s) covenants that he/she/they will keep the Property in good condition
and repair at his/her expense and will not damage or demolish any part or do any act by which
the value of said Property will be impaired. It is further agreed that Grantor(s) will commit no
waste on the Property conveyed herein.

       11.      It is distinctly understood and agreed that a failure by Grantor(s) to pay the
above Note or any installments of principal, or the interest as it shall become due, or to do or
perform any of the agreements set forth herein, shall cause the entire indebtedness to fall due
and payable at the option of said Beneficiary, or their assigns, and shall fully empower the said
Beneficiary or their assigns to have the Trustee, or any successor in said trust herein, to
execute this trust, and said Beneficiary or their assigns shall not be required
				
DOCUMENT INFO
Description: Transfer title of a Mississippi real estate property from a seller to a trustee with this Mississippi Purchase Money Deed of Trust. - A Deed of Trust is often used instead of a mortgage in the sale and purchase of real property. - Title to the property is conveyed to the trustee instead of to the buyer. The title is then held as security to ensure the buyer's performance of its obligations (including payment of the purchase price, maintenance and upkeep of the property, payment of taxes, etc). - If the buyer defaults in payment, the balance becomes due and payable and the trustee may sell the property. - The buyer is responsible for paying all taxes, assessments, liens and other charges against the property. - The lender has the right to appoint a successor trustee at any time, at its option. This Mississippi Purchase Money Deed of Trust form is provided in MS Word format, and is fully editable to meet your needs.
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