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 Delaware Partial Release or Satisfaction of Mortgage by a Corporation refers to the legal process through which a corporation, as the mortgagee, releases or satisfies a portion of a mortgage loan. This allows the mortgagor (borrower) to free a specific property or parcel of land from the mortgage lien, typically in cases where the mortgage covers multiple properties or parcels. The Delaware Partial Release or Satisfaction of Mortgage by a Corporation is an important mechanism that enables corporations to effectively manage their mortgage portfolios by granting borrowers the ability to free specific properties from their mortgage obligations. This process is often employed in situations such as land development projects or when corporations hold mortgages on multiple properties. Delaware recognizes different types of Partial Release or Satisfaction of Mortgage by a Corporation, including: 1. Parcel-specific release: In this type, the corporation releases a single parcel or piece of property from the mortgage, thereby allowing the mortgagor to sell, transfer, or refinance that particular property independently of the remaining mortgaged properties. This is useful when corporations hold mortgages covering multiple properties with discrete values and purposes. 2. Building-specific release: This type allows the corporation to release a specific building or structure from the mortgage attachment, while leaving the land itself still subject to the mortgage. This is commonly utilized in cases where a corporation owns multiple buildings on the same property, but wishes to sell or transfer a single building. 3. Partial principal reduction: Sometimes, a corporation may agree to reduce a portion of the outstanding principal for a particular property while keeping the mortgage intact. This allows the mortgagor to decrease the burden of the mortgage loan, making it easier to manage and potentially facilitating refinancing efforts in the future. 4. Subordinate release: In certain situations, a corporation may subordinate a particular property from the primary mortgage lien, granting priority to another mortgage or loan on that property. This allows the mortgagor to obtain additional financing backed by the subordinated property, while the corporation maintains the primary lien on the remaining properties. Delaware Partial Release or Satisfaction of Mortgage by a Corporation ensures flexibility and efficiency in managing mortgage portfolios for corporations. It provides the ability to adapt to changing financial circumstances and allows for the strategic release of properties or portions of a mortgage, while still maintaining the overall mortgage security. It is essential to consult an attorney or experienced professionals to properly execute a Delaware Partial Release or Satisfaction of Mortgage by a Corporation.
