This clause in a note and trust deed that permits the payee or beneficiary to declare the entire unpaid balance immediately due and payable when a given condition occurs. Such a condition can be the sale of the land. This clause is sometimes called an “alienation clause.”
Literally, “according to value.” This term is usually used in reference to real property taxes which are assessed according to value, ie., ad valorem.
ALL INCLUSIVE TRUST DEED: (AITD/WRAP-AROUND)
A junior Deed of Trust securing a promissory note, the face amount of which is the sum of the liability secured by prior Trust Deeds plus the cash or equity advanced by the AITD lender.
Provision for the payment of a debt as to both principal and interest in equal installments over a period of time.
An opinion as to the fair market value of land and improvements on it.
The value placed on land and improvements as a basis for taxation. In California this is usually accomplished by the tax assessor’s office, and the assessed values for real estate taxes are
usually one quarter of market value.
Special and local levies on local property in the immediate vicinity of an improvement. Assessments can be imposed by such entities as flood control districts, street lighting districts and air
pollution control districts which serve an area.
One to whom a transfer of interest is made. For example, the assignee of a Deed of Trust or contract.
The transfer, in writing, of a person’s interest to another person or entity in an asset, such as an assignment of stock, a Deed of Trust and note or a lease.
One who make an assignment. For example, the assignor of a Deed of Trust or contract.
An agreement by one party to pay an obligation previously owned by another. For example, the assumption of an existing Trust Deed by anew owner may occur when property is sold.
ATTORNEY IN FACT
One who holds a power of attorney from another allowing him to act on behalf of the grantor of the power.