The Floating Deed of Trust is a specialized security instrument used when borrowers need flexibility in their collateral arrangements while still providing adequate security to lenders. This document type is particularly useful in situations involving multiple properties or changing assets, such as development projects or business expansion. It combines the traditional deed of trust structure, common in many U.S. states, with the flexible security features of a floating charge. The document typically includes detailed provisions for property description, security interests, payment terms, and default remedies, while allowing for changes in the underlying collateral without requiring new documentation.
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1. Parties: Identifies the Trustor (borrower), Trustee, and Beneficiary (lender)
2. Background: States the purpose of the deed of trust and details of the underlying loan
3. Definitions: Defines key terms used throughout the document
4. Property Description: Legal description of the property being used as security
5. Security Interest: Details of the security interest being granted
6. Payment Terms: Terms of repayment including interest rates and payment schedule
7. Covenants: Borrower's promises regarding property maintenance, insurance, taxes
8. Default Provisions: Conditions constituting default and remedies available
9. Foreclosure Provisions: Process and terms for foreclosure in case of default
1. Environmental Provisions: Environmental warranties and indemnities for properties with potential environmental risks
2. Assignment Rights: Terms for assigning the deed of trust when assignment rights need to be specifically addressed
3. Subordination Provisions: Terms for subordinating to other liens when other liens may take priority
4. Future Advance Clause: Provisions for securing future loans when future advances may be contemplated
1. Schedule A - Property Description: Detailed legal description of the property
2. Schedule B - Permitted Encumbrances: List of existing liens or encumbrances allowed on the property
3. Schedule C - Loan Terms: Detailed terms of the underlying loan
4. Schedule D - Insurance Requirements: Specific insurance requirements for the property
5. Exhibit A - Form of Notice: Standard form for notices under the deed of trust
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