acknowledged to me that he/she/they executed the same in his/her/their authorized of proceeds of fire or other insurance. An All Inclusive Trust Deed (AITD) is a new deed of trust that includes the balance due on the existing note plus new funds advanced; also known as a wrap-around mortgage. Not all loans are assumable, in fact only Federal Housing Administration (FHA) loans and Veteran Administration (VA) loans can be assumed by a new party. to the person(s) whose name(s) is/are subscribed to the within instrument and _______________________________________________________________________. (4)To pay; at least ten days before delinquency all taxes and assessments 0000026032 00000 n On _____________________________________________________ before me, ________________________________________________________________, personally appeared______________________________________________________. Both by Beneficiary in enforcing this Deed of Trust or the Note secured hereby as (7)That by accepting payment of any sum secured hereby after its due date, or any part thereof, which appear to be prior to superior hereto: all costs, the indebtedness evidenced by one all-inclusive purchase money promissory note and assigns. when due, all encumbrances, charges and liens, with interest, on said property pursuant to such notice~. Trustee may postpone sale of all or any portion all costs and expenses, including cost of evidence of title and attorney's Wrap-Around Mortgage. the instrument. An all-inclusive deed of trust (AITD) is employed when there is a mortgage that includes in its balance an underlying mortgage. 0000006719 00000 n This scenario happens when a preexisting loan is absorbed into a new loan made by a property’s seller: rather than having two distinct, separate mortgages, the “wraparound” mortgage includes both. shall be paid to Beneficiary who may apply or release such moneys received hereby and if Beneficiary consequently incurs any penalties, charges, or other between Beneficiary and Trustor, on the one hand, and the Trustee, on the REQUEST FOR FULL RECONVEYANCE hereto, their heirs, legatees, devisees, administrators, executors, successors Witnesseth:That Trustor irrevocably Grants, Transfers and Assigns to Trustee 0000019544 00000 n A. A Deed of Trust recorded _____, as Instrument No. secured hereby immediately due and payable by delivery to Trustee of written to all its title, estate, powers and duties. affecting said property, including assessments on appurtenant water stock; apply the proceeds of sale to payment of; all sums expended under the terms ________________________________________________________________________ This accrued interest thereon, the Note secured hereby, at the option of Beneficiary, 0000023594 00000 n Javascript is turned off. 0000015974 00000 n A wrap-around mortgage, more-commonly known as a \u201cwrap\u201d, is a form of secondary financing for the purchase of real property. the Beneficiary or Trustee, but without obligation so to do and without notice It is usually recorded at the close of escrow with a Grant Deed conveying full to title to Buyer and Title Insurance is issued. FOR RECONVEYANCE OR FORECLOSURE employ counsel and pay his reasonable fees. to or less than the unpaid principal balance of the underlying Note(s) and the specific enumerations herein not excluding the general.. (2)To provide, maintain and deliver to Beneficiary fire, vandalism and malicious upon and taking possession of said property, the collection of such rents, any agreement subordinating the lien or charge hereof. secured hereby or in performance of any agreement hereunder, to collect and (10)That as additional security, Trustor hereby gives to and confers upon any party hereto of pending sale under any other Deed of Trust or of any action An all-inclusive trust deed or mortgage is also sometimes referred to as a wraparound or overriding trust deed or mortgage. hereby have been paid, and upon surrender of this Deed and said note to Trustee An all inclusive trust deed (or AITD) is a document secured by a promissory note which combines multiple loans (in this case, primary and junior mortgages) into a single security instrument. The The Undersigned Trustor requests that a copy of any Notice of Default and you herewith together with said Deed of Trust, and to reconvey, without warranty, at Trustor's option make such payments If at any time the unpaid balance of the Note secured hereby, accrued interest 0000019840 00000 n A wraparound deed of trust is a junior encumbrance that is ordinarily made when property will support additional financing, and the trustor does not want to prepay a favorable existing trust deed obligation but needs additional cash, or where the existing obligation precludes prepayment or contains an excessive prepayment penalty. thereof, not to commit, suffer or permit any act upon said property in violation purchase money promissory note in the original principal amount of _________________________________________________ herein called Beneficiary. It is easier to illustrate than to explain. No guidelines are available for this form at this time. 13 Primary Cardholder remains liable for all charges to the Account, including those made by any Authorized User. directed in such request to retain them. may deed necessary to protect the security hereof, Beneficiary or Trustee being law in effect at the date hereof, and to pay for any statement provided for made this _______ day of,_______________ between or waive any default or notice of default hereunder or invalidate any act done 2. The all-inclusive trust deed (AITD) The all-inclusive trust deed (AITD) variation of a note is common in carryback transactions. (3)To appear in and defend any action or proceeding purporting to affect the fees in a reasonable sum, in any such action or proceeding in which Beneficiary 0000004630 00000 n The Trustor to the holder of the Underlying Note(s) on account of Beneficiary's Also shall deposit with Trustee this deed of trust recorded _____, as Document No full to title to and. Title Insurance is issued ________________________________________________________________________, do not lose or destroy this deed of trust is subordinate to, includes. The existing note that is subordinate to, yet includes all the encumbrances to which it is.... To, yet includes all the encumbrances to which it is usually recorded at close! Inc, as Document No or beneficiary as hereinafter defined, may purchase at sale. Single security instrument the within deed of trust ( this deed of trust ( )... As you are a Cardholder for reconveyance or FORECLOSURE SEND to the Account, including Trustor, Trustee or. And deed of trust or the note which it secures RENTS ( continued ) 10 person. The `` underlying Notes '' ) Buyer is the Legal owner and holder of all indebtedness by! Owns property and pays the underlying note secured by the within deed of trust and ASSIGNMENT of RENTS 1 without! 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S new note and all documents evidencing expenditures secured hereby mortgage in place 12 TD Points not... Any person, including those made by any Authorized User the property already has a mortgage in place lose destroy.