Deed Of Trust Modification With Future Advance Clause In Palm Beach

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

Description

The Deed of Trust Modification with Future Advance Clause in Palm Beach is a legal document that modifies an existing mortgage or deed of trust. This modification is effective upon its execution and is intended to secure the debt evidenced by a new agreement, creating a renewed and extended lien on the property. Key features include a clear outline of the Borrower's obligations, including renewal terms, interest rates, payment schedules, and rights regarding prepayments. The document mandates that any co-grantor, who may have an interest in the property, is not personally liable for the debt but must still agree to the modifications. This form is designed for attorneys, partners, owners, associates, paralegals, and legal assistants, providing them with a framework to navigate complex modifications. It is essential for scenarios where existing loans need adjustment while retaining the security interest in the property. The instructions emphasize clarity in filling out details about borrower identity, loan amount, and specific terms, ensuring all parties understand their commitments. This document is particularly useful in real estate transactions where additional financing or conditions require the alteration of trust agreements.