The Second Deed of Trust Promissory Note is utilized when property owners seek additional financing while maintaining an existing first charge. This document type is common in England and Wales for securing secondary financing against real property. It provides lenders with security while acknowledging the priority of the first charge holder. The document typically includes detailed repayment terms, interest provisions, default remedies, and specific requirements for maintaining both the first and second charges. It's particularly important in scenarios where property owners need to access additional equity without refinancing their primary mortgage.
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1. Parties: Identification of lender, borrower, and trustee
2. Background/Recitals: Context of the second charge, reference to first charge, property details
3. Definitions: Key terms used throughout the document including Property, First Charge, Security
4. Promise to Pay: Core promise to repay principal and interest, payment terms
5. Security Grant: Creation of the second charge over the property
6. Interest Provisions: Interest rate, calculation method, payment schedules
7. Default Provisions: Events of default and consequences
8. Execution Block: Signature sections for all parties
1. Prepayment Provisions: Terms for early repayment when permitted
2. Insurance Requirements: Property insurance obligations when specific insurance requirements exist
3. Assignment Rights: Rights to assign the note when assignment is contemplated
4. Subordination Provisions: Detailed terms of subordination to first charge when first charge holder requires specific terms
1. Property Description Schedule: Detailed legal description of the secured property
2. Payment Schedule: Amortization table or payment terms
3. First Charge Details: Summary of first charge terms affecting this security
4. Property Title Information: Land Registry details and title number
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