A Second Trust Deed is utilized in Philippine real estate transactions when a property owner seeks additional financing while an existing trust deed is in place. This document is crucial in establishing a secondary security interest in real property, subordinate to the first trust deed. It must comply with Philippine property and security laws, including the Civil Code, Property Registration Decree, and Act No. 3135. The document details the secured obligations, property description, parties' rights and obligations, default provisions, and remedies available under Philippine law. It's commonly used in refinancing, renovation projects, or when property owners need additional capital while maintaining their primary mortgage. The document must be properly executed, notarized, and registered with the Land Registration Authority to be enforceable.
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1. Parties: Identification of the Trustor (borrower/grantor), Trustee, and Beneficiary (lender)
2. Background: Recitals explaining the context of the deed, including reference to the first trust deed and the new loan arrangement
3. Definitions: Key terms used throughout the document, including specific Philippine legal terminology
4. Grant of Security Interest: Legal language creating the trust deed and specifically acknowledging its subordinate position to the first trust deed
5. Property Description: Detailed legal description of the secured property, including its certificate of title number
6. Secured Obligations: Description of the debt or obligations secured by this second trust deed
7. Covenants and Warranties: Trustor's promises regarding property maintenance, insurance, taxes, and compliance with laws
8. Default Provisions: Events of default and remedies available to the Beneficiary
9. Power of Sale: Provisions for non-judicial foreclosure under Act No. 3135
10. Notice Requirements: Specific requirements for notices under Philippine law
11. Governing Law: Confirmation of Philippine law as governing law and jurisdiction
12. Execution: Signature blocks and notarial requirements
1. Assignment Rights: Section detailing the right to assign the trust deed, used when assignability needs to be specifically addressed
2. Insurance Requirements: Detailed insurance provisions, used when standard covenants need expansion
3. Environmental Provisions: Additional environmental warranties and covenants, used for commercial properties
4. Due on Sale Clause: Provision making the loan due upon property sale, used when required by lender
5. Cross-Default Provisions: Provisions linking defaults under this deed to other agreements, used in complex lending relationships
6. Subordination Terms: Detailed subordination provisions, used when relationship with first trust deed needs specific regulation
1. Schedule A - Property Description: Detailed technical description of the property, including boundaries and technical specifications
2. Schedule B - Permitted Encumbrances: List of existing liens and encumbrances, including details of the first trust deed
3. Schedule C - Form of Notice: Prescribed form for notices under the deed
4. Appendix 1 - Copy of First Trust Deed: Reference copy of the senior trust deed
5. Appendix 2 - Secretary's Certificate: If Trustor is a corporation, certificate authorizing the transaction
6. Appendix 3 - Special Power of Attorney: If applicable, POA authorizing execution of the deed
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