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DEED OF TRUST
(Water and Wastewater Infrastructure Program)
______________________________________________________________________________
Requested By:
Maricopa County Human Services Department
Administration – ARPA Unit
234 North Central Avenue, Third Floor
Phoenix, Arizona 85004
DEED OF TRUST
Effective Date: Date of contract signing
County and State where Real Property is
located: Maricopa County, Arizona
TRUSTOR :
Client name(s) and identifiers from title
search
BENEFICIARY:
Maricopa County through its Human Services
Department –
Administration – ARPA Unit
234 North Central Ave., Third Floor
Phoenix, AZ 85004
Subject Real Property address:
address
See Exhibit A
Obligation Secured
Promissory Note Amount: $ job cost
initial estimate.
Subject Real Property Legal: Subject Real Property is a Multi-Family property more fully
described in the attached Exhibit A and by this reference made a part hereof.
1. Conveyance. Trustor irrevocably grants and conveys to Trustee in trust, with power of sale,
the Subject Real Property, subject to existing taxes, covenants, conditions, restrictions, rights of
way and easements of record, to be held as security for the payment by Trustor of the Obligation
Secured and for the performance of other obligations of Trustor as set forth in this Deed of Trust:
including without limitation for the purpose of securing:
(a) Performance of each agreement of Trustor herein contained ( see Riders 1 and 2 attached
hereto); and
DEED OF TRUST
FIRST AND LAST NAME OF CLIENT(S)
Page 2 of 14
(b) Payment of the obligation secured as evidenced by promissory note or notes of even date
herewith, and any extension or renewal thereof, in the principal sum of [Write out dollar
amount of project lien] ($XXX,XXX.XX), executed by Trustor in favor of Beneficiary or
order. Payment of additional sums and interest thereon which may hereafter be loaned to
Trustor, or his successors or assigns, when evidenced by a promissory note or notes; and
(c) this Deed of Trust, the Promissory Note; and
(d) (Rider #1) Forgivable Loan Note; and
(e) (Rider #2). Forgivable Loan Agreement: Water and Wastewater Infrastructure Program;
and
(f) The position of Beneficiary in relation to other creditors.
2. Appurtenances. Trustor grants, together with the Subject Real Property, all buildings and
improvements now or hereafter erected thereon and all fixtures attached to or used in connection
with the Subject Real Property (including, without limiting the generality of the foregoing, all
ventilating, heating, air conditioning, refrigeration, plumbing and lighting fixtures), together with
all leases, rents, issues, profits or income therefrom (hereinafter “Property Income”), subject,
however, to the right power and authority hereinafter given to Beneficiary to collect and apply
such Property Income.
3. Taxes, Assessments and Trust Expenses. Trustor shall pay, before delinquent, all taxes and
assessments affecting the Subject Real Property, all encumbrances, charges and liens, when due,
with interest, on the Subject Real Property or any part thereof, which appear to be prior or superior
hereto; all costs, fees and expenses of this trust and all lawful charges, costs and expenses of any
reinstatement of this Deed of Trust following a default.
4. Fire Insurance. Trustor shall, at Trustor’s expense, maintain in force fire and extended
coverage insurance in any amount of not less than the full replacement value of any buildings
which may exist on the Subject Real Property with loss payable to Beneficiary. Trustor shall
provide fire insurance protection on its furniture, fixtures and other personal property on the
Subject Real Property in an amount equal to the full insurable value thereof and promises that any
insurance coverage in this regard will contain a waiver of the insurer’s right of subrogation against
Beneficiary. The amount collected under any insurance policy may be applied to any indebtedness
hereby secured and in such order as the Beneficiary may determine, or at the option of the
Beneficiary the entire amount so collected or any part thereof may be released to Trustor. Such
application or release shall not cure or waive any default hereunder or cause discontinuance of any
action that may have been or may thereafter be taken by Beneficiary or Trustee because of such
default.
5. Liability Insurance. Trustor shall, at Trustor’s expense, maintain in force policies of liability
insurance, with Beneficiary as an additional insured thereunder, insuring Trustor against any
claims resulting from the injury to or the death of any person or the damage to or the destruction
of any property belonging to any person by reason of Beneficiary’s interest hereunder or the use
and occupancy of Subject Real Property by Trustor. Such insurance shall include coverage:
5a. Against any claim resulting from injury to or the death of any one person.
DEED OF TRUST
FIRST AND LAST NAME OF CLIENT(S)
Page 3 of 14
5b. Against any claim resulting from injury to or deaths of any number of persons from any one
accident.
5c. Against any claim resulting from the damage to or destruction of any property belonging to
any person.
6. Processing of Insurance Policies. Trustor shall promptly deliver to Beneficiary the originals
or true and exact copies of all insurance policies including flood insurance (if required) by this
Deed of Trust. Trustor shall not do or omit to do any act which will in any way impair or invalidate
any insurance policy required by this Deed of Trust. All insurance policies shall contain a written
obligation of the insurer to notify Beneficiary in writing at least 10 days prior to any cancellation
thereof.
7. Indemnification of Trustee and Beneficiary. Trustor shall hold Trustee and Beneficiary, and
its Maricopa County Rural and Unincorporated Water Infrastructure program contractors harmless
from and indemnify them for any and all claims or actions raised by any third party against Trustee,
Beneficiary, or Program Contractors resulting from their interests hereunder or the acts of Trustor.
Such indemnification shall include reasonable attorneys’ fees and costs, including cost of evidence
of title. Trustor shall appear in, and defend, any action or proceeding purporting to affect the
security hereof or the rights or powers of the Trustee, Beneficiary, or Program Contractors; and
shall pay all costs and expenses of Trustee, Beneficiary, or Program Contractors, including costs
of evidence of title and attorneys’ fees in a reasonable sum in such action or proceeding which
Trustee, Beneficiary, or Program Contractors may appear, and in suit brought by Beneficiary to
foreclose on this Deed of Trust.
8. Right of Beneficiary or Trustee to Pay Obligations of Trustor. If Trustor fails or refuses to
pay any sums due to be paid by it under the provisions of this Deed of Trust, or fails or refuses to
take any action as herein provided, then Beneficiary or Trustee shall have the right to pay any such
sum due to be paid by Trustor and to perform any act necessary. The amount of such sums paid
by Beneficiary or Trustee for the account of Trustor and the cost of any such action, together with
interest thereon at the maximum legal contractual rate per annum, from the date of payment until
satisfaction, shall be added to the Obligation Secured, unless otherwise specified by Beneficiary
at the time of such payment.
The payment by Beneficiary or Trustee of any such sums or the performance of any such action
shall be prima facie evidence of the necessity therefore.
9. Condemnation. Any award of damages in connection with any condemnation or injury to any
of the Subject Real Property by reason of Public use or for damages for private trespass or injury
thereto are assigned in full and shall be paid to Beneficiary, who shall apply them to the payment
of the principal of the Obligation Secured, the interest thereon, and any other charges and amounts
secured hereby in such manner as Beneficiary may elect. Any remaining balance shall be paid to
Trustor. Beneficiary may, at Beneficiary’s option, appeal from any such award in the name of
Trustor.
DEED OF TRUST
FIRST AND LAST NAME OF CLIENT(S)
Page 4 of 14
Unless Trustor and Beneficiary otherwise agree in writing, any application of such proceeds to
principal shall not extend or postpone the due dates of any installment payments of the Obligation
Secured or change the amount of such payments.
10. Care of Property. Trustor shall take reasonable care of the Subject Real Property and the
buildings thereon and shall adequately maintain the Subject Real Property in good repair and
condition as at the original date of this Deed of Trust, ordinary depreciation excepted. Trustor
shall commit or permit no waste and do no act which will unduly impair or depreciate the value of
the Subject Real Property. For purposes of this section, adequate maintenance includes
maintaining compliance with regulatory agencies including but not limited Maricopa County
Environmental Services Division and Arizona Department of Environmental Quality. If the
Trustor fails to so care for the Subject Real Property, then Beneficiary, at its option, may make or
contract for the necessary repairs or remediation necessary to restore the Subject Real Property
and, the Trustor shall, at the option of the Beneficiary, reimburse Beneficiary for the reasonable
cost of such repairs and remediation, or execute a promissory note for the amount of repairs and
remediation secured by a deed of trust in favor of Beneficiary or the Beneficiary may add the cost
thereof to the Obligation Secured. Trustor shall purchase and use on the Subject Real Property the
amount of water to which it is or shall be entitled and shall not abandon any water rights, power
rights or any rights of whatever nature which are appurtenant to the Subject Real Property.
11. Right to Inspect Subject Real Property. At all convenient and reasonable times, upon prior
notice to Trustor, Beneficiary or Trustee shall have the right and license to go on and into the
Subject Real Property to inspect it in order to determine whether the provisions of this Deed of
Trust are being kept and performed.
12. Event of Default. Each of the following shall be considered an event of default of this Deed
of Trust:
12a. The failure of Trustor to make any payment hereunder or under the Obligation Secured on or
before the due date thereof;
12b. The failure of Trustor to perform any duty required by this Deed of Trust;
12c. The removal or attempted removal by Trustor of any property included in the Subject Real
Property without the consent of Beneficiary;
12d. Abandonment of the Subject Real Property by Trustor;
12e. The filing, execution or occurrence of:
(1) A petition in bankruptcy by or against Trustor.
(2) A petition or answer seeking a reorganization, composition, readjustment, liquidation,
dissolution or other relief of the same or different kind under any provision of the
Bankruptcy Act.
DEED OF TRUST
FIRST AND LAST NAME OF CLIENT(S)
Page 5 of 14
(3) Adjudication of Trustor as a bankrupt or insolvent, or insolvency in the bankruptcy
equity sense.
(4) An assignment by Trustor for the benefit of creditors, whether by trust, mortgage or
otherwise.
(5) A petition or other proceedings by or against Trustor for the appointment of a trustee,
receiver, guardian, conservator or liquidator of Trustor with respect to all or substantially
all its property.
6) Trustor’s dissolution or liquidation or the taking of possession of Trustor’s property by
any governmental authority in connection with dissolution or liquidation.
12f. A determination by Beneficiary that the security of the Deed of Trust is inadequate or in
danger of being impaired or threatened from any cause whatsoever.
12g. The sale, conveyance, transfer or attempted conveyance or transfer, or subjection to a
mortgage or deed of trust, whether voluntary, involuntary or by operation of law, of the Subject
Real Property or any interest in it, without prior written consent of Beneficiary. Notwithstanding
the forgoing, Beneficiary expressly agrees that any refinance of indebtedness on the Property to
which this Note and Deed of Trust are subordinate does not constitute a default so long as such
refinancing is conducted for the sole purpose of loss mitigation, foreclosure prevention or retention
of the Property as the Borrower’s primary residence. Any refinance activity regarding
indebtedness on the Property for purposes of “cashing out,” equity or that is otherwise not for the
purpose of loss mitigation, foreclosure prevention, or retention of the property for use as the
Borrower’s primary residence is hereby deemed to constitute a default of the Note and Deed of
Trust during the 84 month duration of the Note.
13. Acceleration. In the event of default by Trustor, Beneficiary may declare all sums secured
hereby immediately due and payable by delivery to Trustee of written notice setting forth the
nature thereof and of Beneficiary’s election to cause the Subject Real Property to be sold under
this Deed of Trust. Beneficiary shall also deposit with Trustee all documents evidencing the
Obligation Secured and any expenditures secured hereby.
14. Trustee’s Sale. Upon receipt of Beneficiary’s notice of election to cause the Subject Real
Property to be sold, Trustee shall, in accordance with all provisions of law, give notice of Trustee’s
Sale and, after the lapse of the required amount of time, sell the Subject Real Property at public
auction, at the time and place specified in the Notice of Trustee’s Sale, to the highest bidder of
cash in lawful money of the United States, payable at the time of sale. Any persons, including
Trustor, Trustee or Beneficiary may purchase at the Trustee’s Sale.
Trustee may postpone or continue the sale by giving notice of postponement or continuance by
public declaration at the time and place last appointed for sale.
Upon sale, Trustee shall deliver to the purchaser a Trustee’s Deed conveying the Subject Real
Property, but without any covenant or warranty, expressed or implied.
DEED OF TRUST
FIRST AND LAST NAME OF CLIENT(S)
Page 6 of 14
15. Proceeds of Trustee’s Sale. After deducting all costs, fees and expenses of Trustee and of
this trust, including the cost of evidence of title in connection with the sale and reasonable
attorney’s fees, Trustee shall apply the proceeds of sale to payment of all sums then secured hereby
and all other sums due under the terms hereof, with accrued interest, and the remainder, if any, to
the persons legally entitled thereto or as provided by ARS §33-812 as currently codified or as
amended.
16. Defaults on Prior Encumbrances. If there are mortgages upon the Subject Real Property or
other encumbrances which are prior in time or prior in right, then Trustor promises to comply with
the terms of those prior mortgages or encumbrances. If Trustor fails to comply with such terms
and defaults on those mortgages or obligations, such default shall also be considered a default of
this Deed of Trust, and Trustee or Beneficiary herein may advance the monies necessary to remedy
such defaults, and, if it does, such monies shall be added to the Obligation Secured and shall bear
the Maximum contractual legal rate of interest from the date monies are tendered unless otherwise
specified by Beneficiary at the time of such payment. Beneficiary may also proceed on this default
by exercising the same remedies it has on this Deed of Trust.
17. Deficiency Judgment. Unless prohibited by law, Beneficiary shall be entitled to a deficiency
judgment against Trustor if the Trustee’s Sale yields an amount insufficient to fully satisfy
Trustor’s obligation hereunder pursuant to A.R.S §33-814 as presently codified or amended.
18. Foreclosure and Other Remedies. In lieu of sale pursuant to the power of sale conferred
hereby, this Deed of Trust may be foreclosed in the same manner provided by law for the
foreclosure of mortgages on real property. Beneficiary shall also have all other rights and remedies
available hereunder and at law or in equity. All rights and remedies shall be cumulative.
19. Reinstatement After Default. Notwithstanding Beneficiary’s acceleration of sums secured
by this Deed of Trust, Trustor shall have the right to have any proceedings begun by Beneficiary
to enforce this Deed Trust discontinued and to have the Deed of Trust reinstated at any time before
the day of the Trustee’s Sale or before the filing of a foreclosure action. In order to have the Deed
of Trust reinstated after default, the Trustor must:
19a. Pay to Beneficiary the entire amount due under this Deed of Trust and the Obligation Secured,
other than such portion of the principal as would not be due had no default occurred;
19b. Cure all defaults or covenants or agreements of Trustor as contained in this Deed of Trust;
19c. Pay costs and expenses incurred by Beneficiary and Trustee in enforcing the terms of this
Deed of Trust and pursuing remedies;
19d. Pay reasonable attorney’s fees actually incurred by Beneficiary and Trustee
19e. Pay the recording fee for any cancellation of notice of sale;
DEED OF TRUST
FIRST AND LAST NAME OF CLIENT(S)
Page 7 of 14
19f. Pay the Trustee’s fees, in an amount not to exceed $600 or one half of one per cent of the
entire unpaid principal sum secured, whichever is greater.
Upon reinstatement, this Deed of Trust and the obligation secured hereby shall remain in full force
and effect as if no acceleration had occurred.
20. Assignment of Property Income. As additional security, Trustor hereby gives Beneficiary
the right, power and authority, during the continuance of this Trust, to collect the Property Income,
reserving to Trustor the right, prior to any default by Trustor in payment of any indebtedness
secured hereby or in performance of any agreement hereunder, to collect and retain such Property
Income as it becomes due and payable.
Upon any such default, Beneficiary may at any time, without notice, either in person, by agent or
by a receiver to be appointed by a court, and without regard to the adequacy of any security for the
indebtedness hereby secured, enter upon and take possession of the Property Income; in its own
name sue for or otherwise collect such Property Income, including amounts past due and unpaid;
and apply the same, less costs and expenses of operation and collection, including reasonable
attorney’s fees, upon any indebtedness secured hereby, and in such order as Beneficiary may
determine.
The entering upon and taking possession of the Property Income, the collection of such Property
Income and the application thereof, shall not cure or waive any default or notice of Trustee’s Sale
hereunder or invalidate any act done pursuant to such notice.
21. Acts of Trustee Affecting Subject Real Property. At any time, without notice, upon written
request of Beneficiary and presentation of this Deed of Trust and the Obligation Secured for
endorsement, Trustee may, without liability, release and reconvey all or any part of the Subject
Real Property, consent to the making and recording, or either, of any map or plat of all or any part
of the Subject Real Property; join in granting any easement thereon; join in or consent to any
extension agreement or any agreement subordinating the lien, encumbrance or charge hereof.
Any such action by Trustee may be taken without affecting the personal liability of any person for
payment of the indebtedness secured hereby, without affecting the security hereof for the full
amount secured hereby on all property remaining subject hereto, and without the necessity that
any sum representing the value or any portion thereof of the property affected by Trustee’s action
be credited on the indebtedness.
22. Satisfaction of the Obligation. Upon written request of Beneficiary stating that all sums
secured hereby have been paid, and upon surrender of this Deed of Trust and the Obligation
Secured to Trustee for cancellation, and upon payment of Trustee’s fees, Trustee shall release and
re-convey, without covenant or warranty, express or implied, the Subject Real Property held
hereunder. The recitals in such re-conveyance of any matters or facts shall be conclusive proof of
the truthfulness thereof. The grantee in such re-conveyance may be described as “the person or
persons legally entitled thereto.”
23. Notices. Copies of all notices and communications concerning this Deed of Trust shall be
mailed to the Parties at the addresses specified in this Deed of Trust. Any change of address shall
DEED OF TRUST
FIRST AND LAST NAME OF CLIENT(S)
Page 8 of 14
be communicated to the other Parties in writing. Any documents which may adversely affect the
rights of any party to this Deed of Trust shall be dispatched by Certified Mail, Return Receipt
Requested.
24. Headings. The marginal or topical headings of the provisions herein are for convenience only
and do not define, limit or construe the contents of these provisions.
25. Interpretation. In this Deed of Trust, whenever the context so requires, masculine gender
includes the feminine and neuter, and the singular includes the plural and vice versa.
26. Applicable Law. This Deed of Trust shall be subject to and governed by the laws of the State
of Arizona, in particular the provisions of ARS Title 33, Chapter 6.1, regardless of the fact that
one or more Parties now is or may become a resident of a different state.
27. Waiver. The failure of the Beneficiary at any time to require performance of any provision
or to resort to any remedy provided under this Agreement, or the Beneficiary’s agreement to
provide accommodation outside the terms of this Agreement, shall in no way affect the right of
the Beneficiary to require contract performance or to resort to a remedy at any time, or to refuse
to make accommodation thereafter, nor shall the waiver by any party of a breach be deemed to be
a waiver of any subsequent breach. A waiver shall not be effective unless it is in writing and signed
by the party against whom the waiver is being enforced. No course of dealing or any failure to
exercise, nor any delay in exercising any right, power or privilege hereunder shall operate as a
waiver thereof.
28. Succession of Benefits. The provisions of this Deed of Trust shall inure to the benefit of and
be binding upon the Parties hereto, their heirs, personal representatives, conservators and permitted
assigns.
29. Successor Trustee. Beneficiary may appoint a Successor Trustee in the manner prescribed by
law. A Successor Trustee herein shall, without conveyance from the predecessor Trustee, succeed
to all the predecessor’s title, estate, rights, powers and duties. Trustee may resign by mailing or
delivering notice thereof to Beneficiary and Trustor.
30. Entire Agreement. The terms of this Deed of Trust constitute the entire agreement among
the Parties and the Parties represent that there are no collateral or side agreements not otherwise
provided for within the terms of this Deed of Trust.
31. Time of Essence. Time is of the essence in this Deed of Trust and every term, condition,
covenant and provision hereof.
32. Modification. No modification of this Deed of Trust shall be binding unless evidenced by an
agreement in writing and signed by all Parties.
33. Partial Invalidity. If any provision of this Deed of Trust is held to be invalid or unenforceable
all the remaining provisions shall nevertheless continue in full force and effect.
DEED OF TRUST
FIRST AND LAST NAME OF CLIENT(S)
Page 9 of 14
34.
This agreement is subject to the statutory language of A.R.S. §38-511 which is
incorporated by reference.
TRUSTOR/OWNER:
____________________________
Trustor/Owner Signature
_____________________________
Trustor/Owner Signature
STATE OF ARIZONA
)
) ss.
County of Maricopa
)
The foregoing instrument was acknowledged before me this _____ day of
,
20___, by
.
(Name and Title)
Notary Public
BENEFICIARY:
MARICOPA COUNTY
By:_____________________________________
Title: Chairman, Board of Supervisor
STATE OF ARIZONA
County of Maricopa
The foregoing instrument was acknowledged before me this _____ day of
,
20___, by
.
(Name and Title)
Notary Public
Do not destroy this Deed of Trust or the note that it secures. Both must be delivered to the Trustee for
cancellation before release and conveyance will be made.
APPROVED AS TO FORM:
_____________________________
DEPUTY COUNTY ATTORNEY
DEED OF TRUST
FIRST AND LAST NAME OF CLIENT(S)
Page 10 of 14
RIDER # 1 TO DEED OF TRUST
FORGIVABLE LOAN PROMISSORY NOTE
Maricopa County, Arizona
date of contract signing
For value received, Client name(s) promises to pay to Maricopa County Human Services
Department, Administration – ARPA Unit the sum of [Write out dollar amount of project lien]
($XXX,XXX.XX), payable in accordance with the terms of the FORGIVABLE LOAN
AGREEMENT, attached hereto and incorporated herein.
The loan shall bear interest in accordance with the terms of the FORGIVABLE LOAN
AGREEMENT. No payments are required other than to pay such sum in full without penalty
whenever the OWNER(S) wishes or whenever the OWNER(S) ceases to occupy the property or
the property is sold or otherwise transferred.
Principal and interest shall be payable in lawful money of the United States of America.
The prevailing party in a suit on this note shall recover, as part of the judgment, reasonable
attorney’s fees that may be fixed by the judge of the court.
This note is secured by a deed of trust upon real property.
_____________________________
Trustor/Owner Signature
_____________________________
Trustor/Owner Signature
STATE OF ARIZONA
)
) ss
COUNTY OF MARICOPA
)
Before me, this ______ day of _______________________, 20____, the undersigned Notary
Public, ____Client name________________________________, personally appeared before me,
avowing to be the OWNER(S) and executed the foregoing instrument for the purposes therein
contained by signing his/her/their names hereto.
_____________________________
Notary Public
My Commission Expires:
__________________________
DEED OF TRUST
FIRST AND LAST NAME OF CLIENT(S)
Page 11 of 14
RIDER #2 TO DEED OF TRUST
FORGIVABLE LOAN AGREEMENT
Water and Wastewater Infrastructure Program
THIS AGREEMENT made and entered into this XX day of XXXX, 20XX, by and between
Client name(s) hereinafter referred to as OWNER(S), and Maricopa County through its Human
Services Department, Administration – ARPA Unit, hereinafter referred to as LENDER.
WHEREAS, the LENDER, has received certain funds from the U.S. Department of
Treasury, American Rescue Plan Act (ARPA) which are funds to be administered as Forgivable
or Deferred Payment Loans; and
WHEREAS, the LENDER agrees to provide a Forgivable Loan to OWNER(S) subject to the
following conditions, restrictions and covenants:
LENDER shall provide a Forgivable Loan to OWNER(S) in the amount [Write out dollar
amount of project lien] ($XXX,XXX.XX), (the "Debt Amount") to remediate the OWNER
(S) Multi-Family property described by a legal description as set forth in Exhibit A hereto
and by this reference made a part hereof.
OWNER(S) acknowledges and agreed that this Forgivable Loan is subject to all of the
requirements outlined in the Deed of Trust which period shall extend from the date of this
Forgivable Loan Agreement through the performance period. This period shall hereinafter
be referred to as the "Period of Loan" and shall run for 20 years in which $50,000.00 per year
is forgiven up to the total cost of the repairs in the amount of $ total amount on job cost
estimated.
$10,000 is forgiven per year as described in the Forgivable Loan Schedule is as follows:
September 15, 2017 remaining balance on loan, $175,854.80
September 15, 2018 remaining balance on loan, $165,854.80
September 15, 2019 remaining balance on loan, $155,854.80
September 15, 2020 remaining balance on loan, $145,854.80
September 15, 2021 remaining balance on loan, $135,854.80
September 15, 2022 remaining balance on loan, $125,854.80
September 15, 2023 remaining balance on loan, $115,854.80
September 15, 2024 remaining balance on loan, $105,854.80
DEED OF TRUST
FIRST AND LAST NAME OF CLIENT(S)
Page 12 of 14
The covenants and agreements herein contained shall bind and inure to the benefit of the
respective successors and assigns of the OWNER(S) AND LENDER throughout the period
of affordability for the term of the loan or until [Month Day, Year].
A "Loan Year" shall be each twelve (12) month period commencing on the date of this
agreement.
This Forgivable Loan is made at 0% interest as long as the subject property is owned by
person listed in this document and as long as the OWNER is not declared in default of the
requirements as specified below.
The loan secured by this agreement shall be forgiven at 100% at the end of the Period of
Loan, if the property is continuously occupied by the original borrower throughout the term of the
Period of Loan.
The balance due under this agreement shall become due and payable upon any transfer,
voluntary or involuntary, of the property to another owner. Said payment shall be made in lawful
money of the United States of America at the administrative offices of: Maricopa County
Human Services Department, Administration – ARPA Unit at the following address: 234 N.
Central Ave, 3rd Floor, Phoenix, Arizona, 85004.
The full amount remaining of this loan shall be due upon sale or transfer of the property.
Repayment of the debt amount will depend on the number of years in the home and shall have the
effect of ending the Period of Loan for this property and the LENDER will return the recaptured
funds (i.e., sale proceeds) to Maricopa County Human Services Department.
The OWNER(S) agree(s) that the forgivable loan herein may be secured by:
1.
Deed of Trust and Assignment of Rents;
2.
A Promissory Note, attached as RIDER #1 TO THE DEED OF TRUST,
3. This agreement, attached as RIDER #2 TO THE DEED OF TRUST,
executed by OWNER(S) which will be duly recorded in the Office of the County
Recorder of Maricopa County, Arizona.
The OWNER(S) further agree(s) to insurance in an amount sufficient to cover any and all
indebtedness against the property described herein and will cause OWNER(S) insurance agency
to issue a certificate attesting to such insurance.
IN WITNESS HEREOF, the parties have hereunto set their hands.
DEED OF TRUST
FIRST AND LAST NAME OF CLIENT(S)
Page 13 of 14
Maricopa County
BY:
TITLE:
DATE:
Name of OWNER
OWNER authorized signature
________________________________
_______________________________
Name of OWNER
OWNER authorized signature
STATE OF ARIZONA
)
) ss
County of Maricopa
)
Before me this ____ day of _______________, 20____, the undersigned Notary Public,
___Client name __________________________________________________, personally
appeared as the OWNER(S) and executed the foregoing instrument for the purpose therein
contained by signing their names hereto.
Notary Public
My Commission Expires:
APPROVED AS TO FORM:
_____________________________
DEPUTY COUNTY ATTORNEY
EXHIBIT A
DEED OF TRUST
FIRST AND LAST NAME OF CLIENT(S)
Page 14 of 14
LEGAL DESCRIPTION:
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