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Wraparound Deed Of Trust

Wraparound Deed Of Trust Template for Philippines

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Key Requirements PROMPT example:

Wraparound Deed Of Trust

"I need a Wraparound Deed of Trust for a commercial property in Manila with an existing loan of 5M PHP, seeking additional financing of 3M PHP, with the original lender being BPI Bank and the new lender being a private investment company; document must include environmental warranties and property management provisions."

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Document background
The Wraparound Deed of Trust is a sophisticated financing instrument utilized in the Philippine real estate market when a property owner seeks additional financing while an existing mortgage remains in place. This document is particularly useful in situations where the existing loan has favorable terms that the borrower wishes to preserve, or when a complete refinancing is not practical or desirable. The document establishes a trust arrangement governed by Philippine law, where the new lender takes responsibility for the existing loan payments while creating a new, larger loan that "wraps around" the original one. This structure must comply with Philippine property and banking regulations, including the Civil Code of the Philippines and relevant banking laws. The document typically includes comprehensive details about both loans, payment structures, default provisions, and the responsibilities of all parties involved.
Suggested Sections

1. Parties: Identifies all parties: the Trustor (borrower), Beneficiary (new lender), Trustee, and acknowledgment of the existing lender

2. Background: Recitals explaining the existing loan, the property details, and the purpose of the wraparound arrangement

3. Definitions: Defines key terms including Property, Senior Loan, Wraparound Loan, Trust Estate, and Payment Terms

4. Grant of Trust: Formal conveyance of the property into trust as security for the wraparound loan

5. Loan Terms: Details of the wraparound loan amount, interest rate, payment schedule, and total indebtedness

6. Senior Loan Provisions: Acknowledgment of senior loan, terms for handling payments, and responsibilities regarding the senior loan

7. Trustor's Covenants: Borrower's obligations including property maintenance, insurance, taxes, and compliance with senior loan terms

8. Default and Remedies: Events of default, cure periods, and available remedies including foreclosure procedures

9. Release and Reconveyance: Conditions and process for releasing the trust deed upon full payment

10. Trustee's Powers and Duties: Scope of trustee's authority and responsibilities

11. Notice Provisions: Requirements for all communications between parties

12. Governing Law and Jurisdiction: Specifies Philippine law governance and jurisdiction for disputes

Optional Sections

1. Due-on-Sale Clause: Optional provision triggering full payment if the property is sold, used when specifically requested by the lender

2. Acceleration Clause: Optional provision allowing lender to demand full payment under specified circumstances

3. Partial Release Provisions: Include when the property consists of multiple parcels that may be released separately

4. Environmental Warranties: Added for commercial properties or when environmental concerns exist

5. Assignment and Subordination: Include when there may be future financing needs or potential assignment of the wraparound loan

6. Property Management Provisions: Added for income-producing properties requiring specific management standards

Suggested Schedules

1. Schedule A - Property Description: Legal description of the property and title details

2. Schedule B - Senior Loan Details: Complete terms and conditions of the existing senior loan

3. Schedule C - Payment Schedule: Detailed amortization schedule showing payments for both senior and wraparound loans

4. Schedule D - Permitted Encumbrances: List of approved existing liens or encumbrances on the property

5. Appendix 1 - Copy of Senior Loan Agreement: Attached copy of the original loan agreement being wrapped

6. Appendix 2 - Insurance Requirements: Detailed specifications for required property insurance coverage

7. Appendix 3 - Property Maintenance Standards: Specific requirements for property upkeep and maintenance

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Property
Trust Estate
Senior Loan
Senior Lender
Wraparound Loan
Wraparound Amount
Combined Indebtedness
Trustor
Beneficiary
Trustee
Deed of Trust
Payment Date
Interest Rate
Default Rate
Event of Default
Permitted Encumbrances
Business Day
Security Interest
Insurance Requirements
Loan Documents
Effective Date
Due Date
Notice
Principal Balance
Senior Loan Agreement
Required Insurance
Title
Liens
Reconveyance
Transfer
Improvements
Governing Law
Foreclosure
Cure Period
Material Adverse Effect
Philippine Peso
Registry of Deeds
Execution Date
Maturity Date
Clauses
Grant of Trust
Loan Terms
Security Interest
Payment Obligations
Senior Loan Administration
Insurance Requirements
Property Maintenance
Default and Remedies
Foreclosure Rights
Notice Requirements
Assignment and Transfer
Property Taxes
Trust Administration
Representations and Warranties
Environmental Compliance
Due-on-Sale
Acceleration
Release and Reconveyance
Governing Law
Dispute Resolution
Force Majeure
Severability
Amendment
Recording and Registration
Indemnification
Compliance with Laws
Title Warranties
Property Use and Maintenance
Encumbrances
Default Interest
Cure Rights
Subordination
Trust Powers
Trustee Succession
Relevant Industries

Real Estate

Banking & Finance

Property Development

Construction

Commercial Property

Residential Property

Legal Services

Insurance

Property Management

Investment & Asset Management

Relevant Teams

Legal

Real Estate

Compliance

Risk Management

Finance

Property Management

Investment

Operations

Credit Analysis

Documentation

Relevant Roles

Real Estate Attorney

Property Manager

Loan Officer

Mortgage Broker

Real Estate Developer

Investment Manager

Trust Officer

Legal Counsel

Compliance Officer

Real Estate Agent

Property Developer

Financial Advisor

Risk Manager

Real Estate Investment Manager

Title Officer

Industries
Civil Code of the Philippines (Republic Act No. 386): Provides the fundamental legal framework for property rights, contracts, and obligations in the Philippines, particularly Book V on Property and Book IV on Obligations and Contracts
Property Registration Decree (Presidential Decree No. 1529): Governs the registration of real property and land titles, crucial for recording the deed of trust and ensuring proper documentation of property interests
Trust Receipts Law (Presidential Decree No. 115): Regulates trust receipt transactions and secured financing arrangements, relevant for the trust aspect of the wraparound deed
National Internal Revenue Code: Covers tax implications and documentary stamp tax requirements for real estate transactions and trust arrangements
General Banking Law (Republic Act No. 8791): Provides regulations for banking institutions and financial transactions, including rules on mortgage and trust arrangements
Anti-Money Laundering Act (Republic Act No. 9160): Ensures compliance with anti-money laundering requirements in real estate and trust transactions
Rules of Court (Rule 74): Provides procedures for the settlement of estate matters and trust arrangements in court proceedings if disputes arise
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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