Where work has been commenced prior to the recording of the construction loan deed of trust
, all lien claimants have priority over the construction lender on both the land and improvements, even where the lien claimants thereafter receive money from the construction lender knowing of the loan and its function in the construction.
A second deed of trust
for $239,000 had been given to a different lender, also based on forged power of attorney instruments.
The buyer could request the intermediary to loan the seller the amount necessary to remodel and repair the property by securing a deed of trust
on the replacement property.
As a factual matter, in each of the foregoing cases, if the junior lienholder had withheld consent to the sale of the property by the original borrower and had instead triggered a foreclosure, the foreclosure by the first deed of trust
would have wiped out the lien of the second deed of trust
, and there would have been little or nothing left to satisfy the deficiency owed on the junior note.
Claims that MERS disrupts or creates a defect in the mortgage or deed of trust
are not supported by fact or legal precedents.
The money would be provided in the form of a second deed of trust
, to be combined with a private bank loan at a market-rate interest, said Dulce Conde-Sierra, the city's director of housing and special projects.
As security for its obligations under the contract, the city has granted to the deed of trust
trustee for the benefit of the corporation a lien on the city's City Hall and Public Safety Center.
The Lenders are foreclosing for lack of payment on a 1st Deed of Trust
and also on a 2nd Deed of Trust
The city's payments are further secured by a deed of trust
and security agreement that grants to the trustee, for the benefit of NCMLC, a lien on the police evidence storage and training facility and the city's firearms training facility.
As additional security for the city's obligations, a deed of trust
grants a first lien for the benefit of the corporation on the convention center, most recently appraised at $195 million, in excess of the par amount of COPs outstanding.
The essentiality to county operations of the mortgaged property conveyed under a deed of trust
for the benefit of the corporation, which consists of the county administration and satellite buildings, provides sufficient incentive to appropriate.
As additional security the county will convey the mortgaged property consisting of Mallard Creek High School and Flat Branch Elementary School to the deed of trust
trustee for the benefit of the Corporation.