The Promissory Note And Deed Of Trust is a fundamental document in German secured lending, particularly in real estate financing transactions. It provides lenders with both a clear evidence of debt and a strong security position through real property collateral. This document type is commonly used when financing commercial or residential property purchases, refinancing existing debt, or securing business loans with real estate. The German legal framework requires specific formalities, including notarization and registration in the land register (Grundbuch), making it a highly formal and regulated instrument. The document must comply with German Civil Code (BGB) requirements, banking regulations, and property law provisions. It's particularly valuable in situations requiring a structured security arrangement with professional trustee oversight of the collateral.
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1. Parties: Identification of the lender (beneficiary), borrower (promisor), and trustee
2. Background: Context of the loan agreement and security arrangement
3. Definitions: Key terms used throughout the document, including property description, loan amount, and security interests
4. Promise to Pay: Core provision containing the borrower's unconditional promise to pay the specified sum, including principal amount, interest rate, and payment terms
5. Security Grant: Creation of the security interest in the specified real property, including detailed property description and registration requirements
6. Trustee Powers and Duties: Specification of trustee's role, responsibilities, and authority in managing the security interest
7. Default Provisions: Events of default and consequences, including acceleration rights and enforcement procedures
8. Property Maintenance and Insurance: Borrower's obligations regarding property maintenance, insurance, and taxes
9. Assignment and Transfer: Provisions regarding the transferability of the note and security interest
10. Governing Law and Jurisdiction: Specification of German law application and jurisdiction for disputes
11. Execution: Formal execution requirements including notarization provisions
1. Prepayment Provisions: Optional terms allowing early repayment, including any prepayment penalties - include if early repayment is to be permitted
2. Additional Security: Provisions for additional collateral or guarantees - include if additional security is being provided
3. Insurance Requirements: Detailed insurance obligations beyond standard requirements - include if specific insurance requirements are needed
4. Property Use Restrictions: Specific limitations on property use - include if there are special property use conditions
5. Consumer Protection Provisions: Additional protective clauses required by German consumer law - include if borrower is a consumer
6. Cross-Default Provisions: Links to other loan documents - include if part of larger financing arrangement
7. Trustee Succession: Detailed provisions for trustee replacement - include if specific succession rules are needed
1. Property Description Schedule: Detailed legal description of the mortgaged property, including land register details
2. Payment Schedule: Amortization schedule showing payment dates, amounts, and interest calculations
3. Insurance Requirements Schedule: Detailed list of required insurance coverage and terms
4. Property Title Documentation: Copies of relevant land register excerpts and title documents
5. Form of Transfer Certificate: Template for documenting any future transfers of the note or security interest
6. Required Notices: Forms of notices required for various circumstances under the agreement
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