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.
Ohio Partial Release or Satisfaction of Mortgage by a Corporation is a legal document that signifies the release or satisfaction of a portion of a mortgage loan by a corporation in the state of Ohio. This document serves to acknowledge that a certain portion of the initial mortgage debt has been repaid by the borrower, and the corporation holding the mortgage is releasing its claim on that specific portion of the property. In Ohio, various types of Partial Release or Satisfaction of Mortgage by a Corporation can be categorized based on the purpose or circumstances of the release. Some different types include: 1. Partial Release of Collateral: This type of release occurs when a corporation agrees to release a specific collateral property that was initially pledged as security for the loan. By doing so, the corporation is acknowledging that the borrower has sufficiently paid off the portion of the mortgage associated with that particular collateral property. 2. Partial Satisfaction of Mortgage Debt: In some cases, the borrower may have made substantial payments towards the mortgage debt, but not enough to fully satisfy the loan. In such instances, a corporation may choose to acknowledge the partial satisfaction of the mortgage debt, releasing its claim on the portion of the property equal to the amount repaid. 3. Subordination Agreement: This type of release occurs when a corporation consents to subordinate its mortgage to another lien or mortgage on the same property. It signifies that the corporation's claim on the property is of a lower priority compared to the new lien or mortgage. 4. Release of Easements or Restrictions: A corporation may also choose to release certain easements or restrictions associated with the mortgage. For example, if the mortgage initially included restrictions on property usage, the corporation can release these restrictions upon payment of a specific amount, allowing the borrower more freedom in utilizing the property. 5. Release of Additional Property: If the original mortgage agreement included multiple properties as collateral, the corporation may agree to release one or more of these additional properties as the borrower makes substantial repayments. This type of release allows the borrower to regain full ownership of the released properties while keeping the mortgage intact for the remaining ones. It is crucial for all parties involved to ensure that any release or satisfaction of mortgage is properly documented and filed with the appropriate government authorities in Ohio. This ensures that the released portion of the property is no longer encumbered by the mortgage and gives the borrower the freedom to explore further financing options or sell the released property without any lingering mortgage claims by the corporation.
