The borrower gives the lender a promissory note in exchange for the deed of trust. Find out about Arizona Deed of Trust requirements, including legal steps, roles, and benefits, to ensure proper real estate transactions.Learn how the Arizona foreclosure process works, including preforeclosure steps, state foreclosure laws, and homeowner rights. A trust deed is always used together with a promissory note (also called "prom note") that sets out the amount and terms of the loan. In a home loan transaction, the lender commonly requires the borrower to sign a mortgage or a deed of trust, along with a promissory note. A discussion of legal principles applicable to foreclosing mortgage liens in Arizona. Lender conducts trustee's sale but may not have promissory note: Hogan v. Trustees shall be vested with all powers of trustees under deeds of trust covering real property in the state of Arizona. There is no limit on the developer fee for non-assisted units. F. Security: A Deed of Trust, Promissory Note, Declaration of Affirmative Land Use Restrictions,.