The Promissory Note Secured By Deed Of Trust is commonly used in Indian lending transactions where lenders require both a clear debt obligation and robust security over real property. This document type combines the straightforward nature of a promissory note with the security benefits of a trust deed, making it particularly suitable for real estate financing, property development loans, and other secured lending arrangements. It's governed by Indian law and must comply with multiple regulations including the Negotiable Instruments Act, Transfer of Property Act, and Registration Act. The document typically includes comprehensive details about the loan terms, property security, trustee obligations, and enforcement mechanisms, providing protection for lenders while giving borrowers clear terms for their obligations. It's frequently used by banks, housing finance companies, and private lenders for both commercial and residential property transactions.
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1. Parties: Identifies the Maker (borrower), Beneficiary (lender), and Trustee
2. Background: Brief context of the loan arrangement and security creation
3. Definitions: Key terms used throughout the document
4. Promise to Pay: Unconditional promise to pay the principal amount with specified terms
5. Interest Rate and Calculations: Details of interest rate, calculation method, and payment frequency
6. Payment Terms: Schedule of payments, including principal and interest payment dates
7. Security Interest: Creation of security interest through deed of trust on the property
8. Property Description: Legal description of the property serving as security
9. Trustee Powers and Duties: Powers and responsibilities of the trustee regarding the security
10. Default Provisions: Events of default and consequences
11. Enforcement Rights: Rights and remedies of the beneficiary upon default
12. Representations and Warranties: Standard declarations by the maker regarding legal capacity and property ownership
13. Governing Law: Specification of Indian law as governing law and jurisdiction
1. Prepayment Provisions: Include when early payment options are to be allowed, specifying any penalties or conditions
2. Insurance Requirements: Include when specific insurance coverage for the security property is required
3. Late Payment Charges: Include when additional penalties for late payments are to be imposed
4. Assignment Rights: Include when transfer or assignment of the note or security interest is to be permitted
5. Co-signer Provisions: Include when there are co-signers or guarantors for the note
6. Property Maintenance Covenants: Include when specific property maintenance obligations are required
7. Additional Security: Include when additional collateral or security is being provided
1. Schedule A - Property Details: Detailed legal description of the property, including boundaries and title details
2. Schedule B - Payment Schedule: Amortization schedule showing all payment dates, principal and interest breakup
3. Schedule C - Insurance Requirements: Detailed insurance requirements and minimum coverage amounts
4. Appendix 1 - Property Documents: Copies of property title documents and encumbrance certificates
5. Appendix 2 - Borrower KYC: Know Your Customer documents of the borrower
6. Appendix 3 - Property Valuation Report: Independent valuation report of the security property
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Real Estate
Housing Finance
Construction
Property Development
Mortgage Lending
Private Lending
Investment Management
Commercial Real Estate
Relevant Teams
Legal
Finance
Real Estate
Risk Management
Compliance
Credit
Property Management
Loan Operations
Documentation
Corporate Affairs
Relevant Roles
Legal Counsel
Finance Manager
Loan Officer
Property Manager
Real Estate Manager
Risk Manager
Compliance Officer
Trust Officer
Credit Manager
Property Valuation Officer
Mortgage Specialist
Legal Documentation Specialist
Corporate Lawyer
Banking Operations Manager
Real Estate Attorney
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