"Deed of Trust Form" - Alabama

An Alabama Deed of Trust is a legal agreement that accompanies many real estate conveyances and involves three parties: a trustor (a borrower), a trustee, and a beneficiary (a lender). The trustee holds title to the real property, conveyed by the trustor to the beneficiary until the loan is paid off. An Alabama Deed of Trust accompanies many real property transfers when the buyer requires a loan to pay for the real property. Following the provisions of the Alabama Code, your trust deed must be executed in writing and signed by the trustor in the presence of witnesses (35-4-20).


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Recording requested by:
When recorded mail to and mail tax
statements to:
Space above this line for recorder's use
Alabama Deed of Trust
This ​ D eed of Trust is made on ______________________ (hereinafter referred to as the
“Effective Date”) by and between:
1. Lender(s) (collectively referred to as the “Lender”):
____________________
____________________
____________________
Name
Entity Type
Incorporated In (State)
_______________________________________________________________________
Mailing Address
____________________
____________________
____________________
Name
Entity Type
Incorporated In (State)
_______________________________________________________________________
Mailing Address
____________________
____________________
____________________
Name
Entity Type
Incorporated In (State)
_______________________________________________________________________
Mailing Address
2. Borrower(s) (collectively referred to as the “Borrower”):
____________________
____________________
____________________
Name
Entity Type
Incorporated In (State)
_______________________________________________________________________
Mailing Address
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Recording requested by:
When recorded mail to and mail tax
statements to:
Space above this line for recorder's use
Alabama Deed of Trust
This ​ D eed of Trust is made on ______________________ (hereinafter referred to as the
“Effective Date”) by and between:
1. Lender(s) (collectively referred to as the “Lender”):
____________________
____________________
____________________
Name
Entity Type
Incorporated In (State)
_______________________________________________________________________
Mailing Address
____________________
____________________
____________________
Name
Entity Type
Incorporated In (State)
_______________________________________________________________________
Mailing Address
____________________
____________________
____________________
Name
Entity Type
Incorporated In (State)
_______________________________________________________________________
Mailing Address
2. Borrower(s) (collectively referred to as the “Borrower”):
____________________
____________________
____________________
Name
Entity Type
Incorporated In (State)
_______________________________________________________________________
Mailing Address
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____________________
____________________
____________________
Name
Entity Type
Incorporated In (State)
_______________________________________________________________________
Mailing Address
____________________
____________________
____________________
Name
Entity Type
Incorporated In (State)
_______________________________________________________________________
Mailing Address
3. Co-Signer(s) (collectively referred to as the “Co-Signer” and together with the
Borrower, “Trustor”):
____________________
____________________
____________________
Name
Entity Type
Incorporated In (State)
_______________________________________________________________________
Mailing Address
____________________
____________________
____________________
Name
Entity Type
Incorporated In (State)
_______________________________________________________________________
Mailing Address
____________________
____________________
____________________
Name
Entity Type
Incorporated In (State)
_______________________________________________________________________
Mailing Address
4. Trustee(s) (collectively referred to as the “Trustee”):
____________________
____________________
____________________
Name
Entity Type
Incorporated In (State)
_______________________________________________________________________
Mailing Address
____________________
____________________
____________________
Name
Entity Type
Incorporated In (State)
_______________________________________________________________________
Mailing Address
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____________________
____________________
____________________
Name
Entity Type
Incorporated In (State)
_______________________________________________________________________
Mailing Address
IN CONSIDERATION OF the sum lent to the Borrower by the Lender in the
amount of $______________________ (hereinafter referred to as the “Principal
Amount”) together with interest of
_ ______% on the outstanding balance as evidenced by
______________________________________ dated ______________________ by and
Loan Agreement/Promissory Note/Other
between the Lender and the Borrower and ________________________, acting as
guarantor, (hereinafter referred to as the “Note”), this Deed of Trust secures to Lender the
repayment of the Note, and all renewals, extensions, and modifications of the Note, and
the performance of the Borrower’s covenants and agreements under this Deed of Trust
and the Note.
FOR THIS PURPOSE, the Trustor irrevocably grants and conveys to the Trustee,
in trust, with the power of sale, the following described property located in ___________
_______________________________________________________________________,
together with all the improvements now or hereafter erected on the Property, and all
easements, appurtenances, and fixtures now or hereafter a part of the Property. All
replacements and additions shall also be covered by this Deed of Trust. All of the
foregoing is referred to in this Deed of Trust as the “Property.”
NOW THEREFORE, in consideration of the mutual covenants and obligations set
forth herein, the parties agree as follows:
1. Payment of Principal and Interest. ​ T he Borrower shall pay when due the principal,
together with any interest, fees, charges, escrow funds, and other costs associated with
this Deed of Trust, including any amendment, extension, or renewal thereof, according to
the terms specified in the Note. Payments are deemed received by the Lender when
received at the location designated in the Note or at such other location as may be
designated by the Lender.
2. Partial Payments. ​ T he Lender may return any payment or partial payment if the
payment or partial payments are insufficient to bring the loan current. The Lender may
accept any payment or partial payment insufficient to bring the loan current, without
waiver of any rights hereunder or prejudice to its rights to refuse such payment or partial
payments in the future, but the Lender is not obligated to apply such payments at the time
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such payments are accepted. No offset or claim which the Borrower might have now or in
the future against the Lender shall relieve the Borrower from making payments due under
the Note and this Deed of Trust or performing the covenants and agreements secured by
this Deed of Trust.
3. Prepayments. If the Borrower is not in default of this Deed of Trust, the Borrower
may prepay all or a portion of the Principal Amount, without penalty and according to the
terms of the Note. Prepayment shall not relieve the Borrower of its obligation from
making payments when due under the Note and this Deed of Trust or performing the
covenants and agreements secured by this Deed of Trust.
4. Application of Payments. ​ E xcept as otherwise described in this Deed of Trust, all
payments accepted by the Lender shall be applied in the following order of priority:
● Interest due under the Note;
● Principal due under the Note;
● Amounts due for Escrow Items (as defined herein) due under this Deed of Trust.
Such payments shall be applied to each payment in the order in which it became due.
Any remaining amounts shall be applied first to late charges, second to any other
amounts due under this Deed of Trust, and then to reduce the principal balance of the
Note. Any application of payments, insurance proceeds, or other amounts to principal due
under the Note shall not extend or postpone the due date, or change the amount, of the
periodic payments due under the Note.
5. Funds for Escrow Items.
5.1. Escrow Items. The Borrower shall pay to the Lender on the day periodic payments
are due under the Note, until the Note is paid in full, a sum to provide for payment of
amounts due for:
● Taxes and assessments and other items which can attain priority over this Deed of
Trust, such as a lien or encumbrance on the Property;
● Leasehold payments or ground rents on the Property, if any;
● Premiums for any and all insurance required by the Lender under this Deed of
Trust.
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These items are called “Escrow Items.” At origination or at any time during the term of
the loan, the Lender may require that community association dues, fees, and/or
assessments, if any, be escrowed by the Borrower, and such dues, fees, and assessments
shall also be an Escrow Item. The Borrower shall promptly furnish to the Lender all
notices of amounts to be paid under this Section.
5.2. Payment for Escrow Items. ​ T he Borrower shall pay the Lender amounts for the
Escrow Items unless the Lender waives the Borrower’s obligation to pay the Lender for
any or all Escrow Items. The Lender may waive the Borrower’s obligation to pay to the
Lender for any or all Escrow Items at any time. Any such waiver may only be in writing.
In the event of such waiver, the Borrower shall pay directly, when and where payable, the
amounts due for any Escrow Items and, if the Lender requires, shall furnish to the Lender
receipts evidencing such payment. If the Borrower fails to pay the amount due for an
Escrow Item, the Lender may pay such amount and the Borrower shall then be obligated
to repay to the Lender any such amount. The Lender may revoke the waiver as to any or
all Escrow Items at any time.
5.3. Escrow Fund. ​ T he Lender may, at any time, collect and hold amounts for the
Escrow Items in accordance with the Real Estate Settlement Procedures Act (“RESPA”).
The Lender shall estimate the amount for the Escrow Items due on the basis of current
data and reasonable estimates of expenditures of future Escrow Items or otherwise in
accordance with applicable law. If there is a surplus of sums for the Escrow Items held in
escrow, as defined under RESPA, the Lender shall account to the Borrower for the excess
funds in accordance with RESPA. If there is a shortage of sums for Escrow Items held in
escrow, as defined under RESPA, the Lender shall notify the Borrower as required by
RESPA, and the Borrower shall pay to the Lender the amount necessary to make up the
shortage in accordance with RESPA. Upon payment in full of all sums secured by this
Deed of Trust, the Lender shall promptly refund to the Borrower any sums for the Escrow
Items held by the Lender.
6. Borrower’s Representations and Warranties. ​ T he Borrower hereby represents and
warrants the following (check one):
☐ The Borrower is the legal owner of and has the right to grant and convey the
Property.
☐ The Property is free and clear of all encumbrances, except for encumbrances of
record.
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