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
Relevant legal definitions
Agreement
Applicable Law
Borrower
Business Day
Completion Date
Default Event
Default Interest Rate
Default Notice
Deed
Enforcement Action
Event of Default
Facility
First Charge
First Charge Holder
Interest Payment Date
Interest Period
Interest Rate
Land Registry
Lender
Loan
Loan Amount
Material Adverse Effect
Maturity Date
Parties
Payment Date
Permitted Encumbrance
Principal
Property
Repayment Date
Repayment Schedule
Second Charge
Secured Obligations
Security
Security Interest
Title Documents
Transaction Documents
Trust Property
Trustee
Applicable Law
Borrower
Business Day
Completion Date
Default Event
Default Interest Rate
Default Notice
Deed
Enforcement Action
Event of Default
Facility
First Charge
First Charge Holder
Interest Payment Date
Interest Period
Interest Rate
Land Registry
Lender
Loan
Loan Amount
Material Adverse Effect
Maturity Date
Parties
Payment Date
Permitted Encumbrance
Principal
Property
Repayment Date
Repayment Schedule
Second Charge
Secured Obligations
Security
Security Interest
Title Documents
Transaction Documents
Trust Property
Trustee
Clauses
Promise to Pay
Security Grant
Interest
Repayment Terms
Default
Acceleration
Subordination
Property Maintenance
Insurance
Representations and Warranties
Covenants
Assignment
Transfer
Notice Requirements
Remedies
Enforcement
Priority
Prepayment
Due on Sale
Property Use
Tax Provisions
Further Assurance
Severability
Governing Law
Jurisdiction
Amendments
Force Majeure
Registration
Costs and Expenses
Indemnification
Security Grant
Interest
Repayment Terms
Default
Acceleration
Subordination
Property Maintenance
Insurance
Representations and Warranties
Covenants
Assignment
Transfer
Notice Requirements
Remedies
Enforcement
Priority
Prepayment
Due on Sale
Property Use
Tax Provisions
Further Assurance
Severability
Governing Law
Jurisdiction
Amendments
Force Majeure
Registration
Costs and Expenses
Indemnification
Relevant Industries
Relevant Teams
Relevant Roles
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