The Existing First Trust Deed Loan document is utilized when parties need to document or modify a first-ranking security interest in real property under English and Welsh law. This arrangement is commonly used in secured lending transactions where a trustee holds the legal title to property as security for the loan. The document encompasses crucial elements including loan terms, security provisions, trustee duties, default provisions, and enforcement mechanisms. It's particularly relevant for refinancing existing loans or modifying current security arrangements while maintaining first-ranking priority.
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1. Parties: Identification of lender, borrower, and trustee
2. Background: Context of the loan and trust arrangement
3. Definitions: Key terms used throughout the document including relevant legislation references
4. Loan Terms: Principal amount, interest rate, repayment terms and conditions
5. Security Provisions: Details of the property and security arrangements under the trust deed
6. Trustee Powers and Duties: Scope of trustee authority and responsibilities under the deed
7. Events of Default: Circumstances constituting default and consequences thereof
8. Enforcement Provisions: Rights and remedies available upon default
1. Insurance Requirements: Optional section detailing property insurance obligations when specific requirements need to be imposed
2. Further Advances: Optional provisions for additional borrowing when the facility may be extended in future
3. Substitution of Security: Optional section covering process for changing secured property when borrower needs flexibility
1. Property Schedule: Detailed description and particulars of the secured property
2. Payment Schedule: Detailed repayment terms, dates, and amortization schedule
3. Form of Transfer: Standard form template for transferring trust property
4. Security Documents: Forms of additional security documents and supporting materials
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