A deed of trust is a formal document, which is used to add security to a property purchase. It is a way to structure the real estate purchases, where the title of the property is held in trust until the required loan amount for the property is paid fully. According to the deed of trust agreement, the lender gives money to the borrower to buy the property. The trust deed is different from mortgages in the aspect that the mortgagor offers the legal title directly to the mortgagee. However, the trust deed involves at least three parties and the third party holds the legal title.
The deed of trust for Fitzgeralds Las Vegas agreement is a legal contract document shared between the Fitzgeralds Las Vegas hotels as trustor, and the trustee and the beneficiary. The legal document outlines various aspects such as the insurance policies associated with the property, all the regulatory matters, the representations and warranties and the conditions related to the event of default etc.
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