Deed Of Trust Modification With Future Advance Clause In Cook

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

Description

The Deed of Trust Modification with Future Advance Clause in Cook is a legal document that modifies an existing deed of trust to facilitate future advances of credit. Key features include the renewal and extension of the lien, which secures new debt while allowing for additional borrowing under the same terms as the original deed of trust. The form outlines the responsibilities of the borrower and lender, including acknowledgment of existing liens, payment terms, including interest rates and late charges, and conditions for default. It is designed for ease of use, with clear instructions on how to fill out the various sections, including borrower and lender details, payment schedules, and terms of amendment. This document is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who need to modify existing trusts for their clients while ensuring legal compliance. The straightforward language and structure make it accessible for users with varying levels of legal experience, facilitating smoother transactions in real estate financing.