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Second Trust Deed
"I need a Second Trust Deed for a commercial property in Dubai Marina, where the trustor is seeking additional financing of AED 5 million from an Islamic bank, with the deed to be effective from March 1, 2025."
1. Parties: Identification of the Trustor (property owner), Trustee, and Beneficiary (second lender)
2. Background: Context of the transaction, including reference to the first trust deed and the reason for this second trust deed
3. Definitions: Key terms used throughout the deed, including property description, secured obligations, and relevant dates
4. Grant of Security: The formal grant of security interest over the property, subject to the first trust deed
5. Subordination Provisions: Express acknowledgment of and subordination to the first trust deed
6. Secured Obligations: Details of the debt or obligations secured by this second trust deed
7. Covenants of the Trustor: Trustor's obligations regarding property maintenance, insurance, taxes, and other ongoing commitments
8. Default Provisions: Events of default and their consequences
9. Enforcement Rights: Trustee's rights and remedies upon default, subject to first trust deed rights
10. Registration and Notices: Requirements for registration and recording of the deed
11. Governing Law and Jurisdiction: Specification of UAE law application and jurisdiction
1. Shariah Compliance: Required if the transaction needs to comply with Islamic finance principles
2. Insurance Requirements: Detailed insurance provisions if not covered in main covenants
3. Environmental Matters: Required for commercial properties or when environmental risks are present
4. Cross-Default Provisions: Optional provisions linking defaults under other facilities
5. Assignment and Transfer: Required if parties want to allow transfer of rights under the deed
6. Further Assurance: Optional provisions for additional documentation or actions that may be required
7. Power of Attorney: Optional provision granting specific powers to the Trustee
1. Property Description: Detailed legal description of the property including title details and registration information
2. Form of Notices: Standard forms for various notices required under the deed
3. Secured Obligations Details: Detailed description of the secured debt or obligations
4. First Trust Deed Details: Summary of key terms from the first trust deed affecting this security
5. Registration Requirements: Specific requirements for registration with relevant UAE authorities
6. Fees and Costs: Schedule of applicable fees, charges and cost arrangements
7. Required Insurance: Detailed insurance requirements and minimum coverage levels
Authors
Applicable Law
Beneficiary
Business Day
Completion Date
Default Event
Effective Date
Enforcement Action
Existing Security
First Trust Deed
First Trust Deed Holder
Governing Law
Insurance Requirements
Legal Charges
Lien
Loan Agreement
Material Adverse Effect
Mortgage
Parties
Permitted Encumbrances
Property
Property Rights
Registration Authority
Relevant Jurisdiction
Secured Obligations
Secured Property
Security
Security Interest
Security Period
Shariah Principles
Subordination
Succeeding Security
Title Deed
Transaction Documents
Trust
Trust Assets
Trust Property
Trustee
Trustor
UAE
Underlying Documents
Assignment
Compliance
Confidentiality
Covenants
Default
Enforcement
Events of Default
Fees and Expenses
Further Assurance
Governing Law
Grant of Security
Indemnification
Insurance
Notices
Property Maintenance
Property Rights
Registration
Remedies
Representations and Warranties
Security Interest
Shariah Compliance
Subordination
Succession
Taxes
Term and Termination
Title Protection
Transfer Rights
Trust Property
Variation
Real Estate
Banking & Finance
Islamic Finance
Commercial Property
Residential Property
Construction
Property Development
Investment
Asset Management
Legal
Real Estate
Finance
Compliance
Risk Management
Property Management
Islamic Banking
Security Administration
Corporate Finance
Asset Management
Legal Counsel
Property Finance Manager
Real Estate Manager
Compliance Officer
Islamic Finance Specialist
Property Rights Registrar
Mortgage Officer
Trust Administrator
Finance Director
Real Estate Director
Risk Manager
Property Portfolio Manager
Security Trustee
Transaction Manager
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