The Promissory Note and Deed of Trust is essential in Pakistani secured lending transactions where lenders require robust security arrangements. This document type combines the features of a negotiable instrument under the Negotiable Instruments Act 1881 with a security mechanism under the Trust Act 1882. It is commonly used in property financing, business loans, and other scenarios where significant assets serve as collateral. The document establishes clear payment obligations, creates a trust structure for holding security, and provides enforcement mechanisms. It must comply with local registration requirements, stamp duty regulations, and other relevant Pakistani laws. This arrangement offers advantages over simple promissory notes by providing additional security through the trust mechanism, making it particularly suitable for high-value transactions or where multiple assets are involved as security.
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1. Parties: Identifies the Promisor (borrower), Promisee (lender), and Trustee with their full legal names and addresses
2. Background: States the context of the loan arrangement and the purpose of creating the trust deed as security
3. Definitions: Defines key terms used throughout the document including 'Trust Property', 'Secured Obligations', 'Event of Default'
4. Promise to Pay: Contains the fundamental promise to pay, stating the principal amount, interest rate, and payment terms
5. Declaration of Trust: Establishes the trust, specifying the trust property and its purpose as security for the promissory note
6. Trustee Powers and Duties: Details the powers granted to the trustee and their responsibilities in managing the trust property
7. Representations and Warranties: States the promisor's declarations regarding their authority, property ownership, and absence of encumbrances
8. Security Covenants: Specifies the promisor's obligations to maintain and protect the trust property
9. Events of Default: Lists circumstances that constitute default and trigger enforcement rights
10. Enforcement Rights: Details the rights and remedies available to the trustee and promisee upon default
11. Governing Law and Jurisdiction: Specifies Pakistani law as governing law and designates jurisdiction for disputes
1. Prepayment Provisions: Optional section detailing terms for early repayment, including any penalties or notice requirements
2. Insurance Requirements: Required when trust property needs specific insurance coverage
3. Assignment and Transfer: Include when parties want to allow transfer of rights under the note or trust deed
4. Additional Security: Used when multiple properties or assets are placed in trust
5. Successor Trustee Provisions: Include when specific succession arrangements for the trustee role are needed
6. Environmental Covenants: Required when trust property includes land or buildings with environmental considerations
7. Co-promisors: Include when multiple parties are jointly making the promise to pay
1. Schedule A - Trust Property Description: Detailed legal description of all property placed in trust
2. Schedule B - Payment Schedule: Amortization schedule showing payment dates, amounts, and interest calculations
3. Schedule C - Permitted Encumbrances: List of any pre-existing liens or encumbrances on the trust property
4. Schedule D - Insurance Requirements: Specific insurance requirements for the trust property
5. Appendix 1 - Form of Notice: Standard forms for various notices required under the agreement
6. Appendix 2 - Property Documents: Copies of property titles and relevant registration documents
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