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.
Oregon Partial Release or Satisfaction of Mortgage by a Corporation is a legal procedure that allows a corporation to release or satisfy a portion of a mortgage on a property. This process is typically initiated when a corporation has paid off or settled a portion of the mortgage debt and wants to clear the lien on a specific part of the property. A partial release or satisfaction of mortgage is necessary when a corporation owns a property with multiple parcels, and it wants to release the lien on one or more of these parcels while keeping the mortgage intact on the remaining parcels. By doing so, the corporation can sell or transfer ownership of the released parcels without any encumbrance. In Oregon, there are two types of partial releases or satisfactions of mortgage commonly used by corporations: 1. Parcel-Specific Partial Release: This type of release involves removing the mortgage lien from a specific parcel of the property while keeping the mortgage active on the remaining parcels. By obtaining a parcel-specific partial release, the corporation can transfer the ownership of the released parcel(s) to another party or use it as collateral for a separate loan without affecting the mortgage on the rest of the property. 2. Percentage-Based Partial Satisfaction: In some cases, a corporation may fulfill a percentage of the mortgage debt while keeping a percentage unpaid. This type of partial satisfaction is used when there isn't a clear separation between parcels, such as in large commercial or industrial properties. By satisfying a specific percentage of the mortgage, the corporation can gain more flexibility in utilizing the property while still maintaining the mortgage lien on the unsatisfied percentage. To initiate an Oregon Partial Release or Satisfaction of Mortgage by a Corporation, certain steps need to be taken. First, the corporation should consult with an attorney or a title company experienced in real estate law to draft the necessary legal documents. These documents, typically including a partial release or satisfaction agreement, should state the specific parcel(s) or percentage being released, the remaining mortgage obligations, and any other relevant terms. Once the documents are prepared, they should be signed and notarized by both the corporation and the mortgage lender. The corporation should then file the executed documents with the appropriate county land records office to officially record the partial release or satisfaction. It is crucial to comply with all legal requirements and deadlines when executing a partial release or satisfaction of mortgage by a corporation in Oregon. Failure to do so may result in complications during property transfers or potential disputes in the future. Therefore, it is advisable for corporations to seek professional guidance and ensure complete adherence to the applicable laws and regulations.
