Docstoc Legal Agreements
This Deed of Trust is an agreement under which a debtor (or borrower) conveys the right of
ownership of his or her real property to a trustee (often a title company) as a security for the
sum advanced by a lender. The terms of the deed provide that the transfer of legal title to
the trustee will be void on the timely payment of the debt. If the borrower defaults on the
payment of the debt, the trustee is empowered by the deed to sell the property and pay the
lender the proceeds to satisfy the debt. The deed of trust is the document that is recorded
in the public records. This document should be used by borrowers or lenders located in
Wyoming in the financing of real estate transactions.
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DEED OF TRUST
THIS INDENTURE, hereinafter referred to as the “Deed of Trust” made and entered into this
day of ______ [Month] ___ [Date], 20____ by and between __________________________
[Instruction: Insert the name of Debtor], whose address is __________________________
[Instruction: Insert the address of Debtor], hereinafter referred to as the "Debtor", and
_________________________________ [Instruction: Insert the name of Trustee], hereinafter
referred to as the “Trustee”, and _______________________ [Instruction: Insert the name of
Beneficiary], whose address is _______________________ [Instruction: Insert the address of
Beneficiary], hereinafter referred to as the "Beneficiary", WITNESSETH:
WHEREAS, the Debtor is indebted to the Beneficiary, evidenced by a Promissory Note of even
date herewith in favor of the Beneficiary, providing for payment of attorney's fees for collection
if not paid according to the terms thereof and being due and payable as set forth below:
Note in the amount of ________ ($___) [Instruction: Insert the amount, e.g., six hundred
dollars ($600)] payable in _______ [twelve (12)] monthly installments of ________ ($___)
[Instruction: Insert the monthly installment amount, e.g., fifty dollars ($50)] with the first
installment being due and payable on ______ [Month] [____] Date, 20___ and a like installment
on or before the _____ (__) [◊ fifth (5th)] day of each month following until paid in full.
WHEREAS, the Debtor desires to secure prompt payment of:
a. the indebtedness described above according to its terms and any extensions thereof,
b. any additional and future advances with interest thereon which the Beneficiary may make to
the Debtor as provided in Section 1,
c. any other indebtedness which the Debtor may now or hereafter owe to the Beneficiary as
provided in Section 2, and
d. any advances with interest which the Beneficiary may make to protect the Property herein
conveyed as provided in Sections 3, 4, 5 and 6, all being herein referred to as the
"Indebtedness".
NOW THEREFORE, In consideration of the Indebtedness herein recited, the Debtor hereby
conveys and warrants unto the Trustee the Property described below in “Exhibit A”, situated in
the County of _________________ [Instruction: Insert the County], State of Wyoming
together with all improvements and appurtenances now or hereafter erected on, and all fixtures
of any and every description now or hereafter attached to, all being herein referred to as the
"Property".
THIS CONVEYANCE, HOWEVER, IS IN TRUST (subject to the covenants, stipulations
and conditions below), to secure prompt payment of all existing and future indebtedness due by
the Debtor to the Beneficiary under the provisions of this Deed of Trust. If the Debtor shall pay
said indebtedness promptly when due and shall perform all covenants made by the Debtor, then
this conveyance shall be void and of no effect. If the Debtor shall be in default as provided in
Section 9, then in that event, the entire Indebtedness, together with all interest accrued thereon,
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shall, at the option of the Beneficiary, be and become at once due and payable without notice to
the Debtor, and the Trustee shall, at the request of the Beneficiary, sell the Property conveyed, or
a sufficiency thereof, to satisfy the Indebtedness in accordance with the laws of Wyoming in
which the Property is located.
Should Beneficiary be a corporation or an unincorporated association, then any officer thereof
may declare the Debtor to be in default as provided in Section 9, and request the Trustee to sell
the Property. The Beneficiary shall have the same right to purchase the Property at