Promissory Note Secured By Deed Of Trust printable pdf download

PROMISSORY NOTE SECURED BY DEED OF TRUST

Provo

, Utah County, Utah,

, 201_

FOR VALUE RECEIVED, the undersigned promise to pay the PCRA, and its Home Purchase Plus Loan

Program, the sum of

, ($

) without interest. Principal shall be payable as

follows:

All principal shall become due and payable in full upon the earliest of the following events:

Properties sold within two years of closing shall be subject to a $5,000 penalty.

Payor sells, gives, donates, abandons, leases, rents any part of the real estate that is the subject matter of

the Deed of Trust which secures this note.

The death of the last surviving payor.

Either payor files any petition in bankruptcy.

The divorce of the payors unless the decree of divorce grants on Payor the right to maintain and to

possess the real estate which is the subject matter of this Deed of Trust that secures this note to one of

the Payors and that one of the Payors continues to use the real estate as a primary residence.

Payor no longer uses the real estate that is the subject matter of the Deed of Trust that secures the note as

their primary residence.

Repayment shall be made in lawful money of the United States. If any installment (including any balloon

payment) is not paid within fifteen (15) days of its due date, there shall be a late charge of four percent (4%).

The undersigned promise(s) and agree(s) that in case of default in the payment of any installment of principal

and/or interest as provided herein, or in the event of default of the payment of any installment of principal

and/or interest on any other promissory note secured by the Deed of Trust securing payment of this note and

described herein, or in the case of failure to perform any covenant in the Deed of Trust securing this Note, or in

the event of failure to pay any installment of principal and/or interest in accordance with the terms of any note

secured by a Deed of Trust having priority over the Deed of Trust to be performed by the Trustor named therein,

or in the event that any maker of this Note shall make a general assignment for the benefit of the creditors to be

judged bankrupt, then upon the happening of any one of such events, the whole sum of principal and interest

which shall then remain unpaid shall become forthwith due and payable although the time of maturity as

expressed in this promissory note shall not have arrived. In the event of such default the undersigned agree(s) to

pay all costs of collection, including any attorneys’ fees, in addition to and at the time of payment of such sum

of money and/or the performance of such acts as may be required to cure such default. Provided, however, not

withstanding the above, the PCRA Deferred Payment Loan shall not be accelerated, where to do so would

violate applicable federal law.

The undersigned promise(s) and agree(s) that in case of any suit or equitable action is instituted to collect this

note, or any portion thereof, or any interest thereon, to pay all costs and expenses and such additional sum as the

Court may adjudge reasonable for an attorney’s fees in said suit or action, the same to be included in any

judgement obtained on this notice.

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Promissory Note Secured By Deed Of Trust