Grantor’s Obligations - Posted by Bud Branstetter
Posted by Bud Branstetter on July 20, 2002 at 17:49:52:
Here is the verbage from a standard Texas Deed of Trust. Notice it says to pay the taxes. It also says to maintain the property. The remedy is normally to foreclose if they do not keep up their obligations.
Keep all property in good repair and condition:
Pay all taxes and assessments on the property when due;
Preserve the lien’s priority as it is established in this deed of trust;
Maintain, in a form acceptable to Beneficiary, an insurance policy that:
a. covers all improvements for their full insurable value as determined when the policy is issued and renewed, unless Beneficiary approves a smaller amount in writing;
b. provides fire and extended coverage, including windstorm coverage;
c. protects Beneficiary with a standard mortgage clause; and
d. contains such other coverage as Beneficiary may reasonably require.
5. deliver the insurance policy to Beneficiary and deliver renewals to Beneficiary at least ten days before expiration;
- keep any buildings occupied as required by the insurance policy; and