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Deed of Trust Securing Obligations Pursuant to Indemnification Agreement - Mississippi

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The document is a Deed of Trust from the State of Mississippi, outlining the terms under which a Grantor conveys real estate to a Trustee for the benefit of a Beneficiary. It secures obligations arising from an Indemnification Agreement, detailing responsibilities for debt repayment, property maintenance, and compliance with legal regulations. The document includes provisions for default, foreclosure, and environmental liabilities related to hazardous substances.

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What is the purpose of an indemnity deed of trust?

THIS DEED OF TRUST IS GIVEN TO SECURE: Payment and performance of the Guaranteed Obligations; advances made by Beneficiary to protect the Premises or the lien of this Deed of Trust or to pay taxes, assessments, insurance premiums, and all other amounts that Grantor has agreed to pay pursuant to the provisions hereof;

What is the meaning of deed of indemnity?

A deed of indemnity is an agreement between two or more parties, the purpose of which is to specify the actions and consequences which will result should a particular event or events occur. The agreement essentially attempts to negate or limit the risk which one of the parties is exposed to.

What is the indemnity of a trust?

Indemnity/indemnification: A trustee is entitled to reasonable compensation for her services. The amount payable can either come from the trust agreement itself or be fixed by the court (taking into account the trustees skill level and actual duties performed) or state statute.

What is an indemnity deed of trust?

An indemnity deed is a type of agreement, which can be used in lieu of the sale or exchange of property. The deed makes the grantor liable for any damages caused by certain types of accidents on the property. This deed will also protect someone who might buy it from some liability.

Why would someone use a deed of trust?

Deeds of trust are used in financed real estate transactions: that is, when someone borrows money to buy real estate. During such a transaction, a lender gives the borrower money in exchange for one or more promissory notes linked to a deed of trust.

What is the trustees role when a deed of trust is used to secure property for a loan?

In a deed of trust, the borrower is called the trustor and the lender is the beneficiary. The trustee holds title to the property until the trustor has fully repaid the loan to the beneficiary, at which time the lender notifies the trustee, who then transfers full title of the property to the trustor.

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