Most states have statutes that provide that a mortgage or deed of trust may be partially discharged or released in the county land records by the recorder of deeds. Generally these statutes proved that a certificate must be filed with said recorder and executed by the mortgagee or on its behalf and acknowledged as prescribed by law.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
A Partial Release or Satisfaction of Mortgage by a Corporation is a legal document used in Arizona to release a portion of the mortgaged property from the encumbrance of a mortgage loan held by a corporation. This document is usually executed when certain conditions have been met, such as partial repayment of the loan or when a property is being sold and only a portion of it needs to be released from the mortgage. The Arizona Partial Release or Satisfaction of Mortgage by a Corporation serves as evidence that the corporation has released its claim on a specified portion of the property being mortgaged. It effectively reduces the mortgage lien on that particular portion, allowing the property owner to have more flexibility in dealing with that specific area. This release enables the property owner to sell, transfer, or utilize the released portion without any restrictions imposed by the mortgage loan. In Arizona, there are different types of Partial Release or Satisfaction of Mortgage by a Corporation that may be used depending on the specific circumstances. These include: 1. Partial Release of Mortgage: This type of release occurs when only a portion of the mortgaged property is being released from the mortgage lien. It allows the property owner to use or sell the released portion independently of the remaining property. 2. Partial Satisfaction of Mortgage: When a portion of the outstanding mortgage loan is paid off, this type of release is executed. It acknowledges the partial repayment and reduces the mortgage lien accordingly, offering relief to the property owner. 3. Release of Specific Lot or Parcel: In cases where a property consists of multiple lots or parcels, a release may be granted for only one of them. This option allows the owner to divide or deal with the property on a lot-by-lot basis. 4. Release of Easement: If the mortgaged property includes an easement that is no longer needed or desired, a release of that specific easement can be obtained. This removes any encumbrances or restrictions associated with the easement on the property. The Arizona Partial Release or Satisfaction of Mortgage by a Corporation is a crucial legal document that requires proper execution and recording. It provides clarity and peace of mind to the property owner, ensuring their rights, and facilitating transactions related to the released portion of the mortgaged property. It is important to consult with a legal professional to ensure accurate completion and adherence to Arizona state laws when executing such releases.
