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.
South Carolina Partial Release or Satisfaction of Mortgage by a Corporation is a legal document used to release a portion of a property from a mortgage held by a corporation in the state of South Carolina. This document signifies that the mortgagee, who is the lender or the corporation holding the mortgage, acknowledges that a specific part of the property no longer serves as collateral for the loan. In South Carolina, there are different types of Partial Release or Satisfaction of Mortgage by a Corporation depending on the situation: 1. Partial Release: This type of release is used when the borrower has made substantial payments towards the mortgage, leading to an equity buildup in a specific portion of the property. A corporation may agree to release this portion from the mortgage, reducing the encumbrance on the property. 2. Partial Satisfaction: This type of satisfaction occurs when the corporation agrees to mark a portion of the mortgage loan as "satisfied" or "paid" due to the borrower fulfilling their financial obligations. This partial satisfaction can represent a lump sum payment or regular payments that substantially reduce the outstanding loan balance. 3. Subordination Agreement: In some cases, a corporation may agree to partially release or satisfy a mortgage by signing a subordination agreement. This agreement allows the borrower to secure a new loan or additional financing using a specific portion of the property, while the existing mortgage remains in place for the remaining portion. 4. Partial Release with Reciprocal Easement Agreement: This type of release involves the corporation granting a partial release while also stipulating certain conditions and restrictions on both the released portion and the remaining property. These conditions and restrictions typically revolve around the shared use and maintenance responsibilities between the borrower and the corporation. When drafting a South Carolina Partial Release or Satisfaction of Mortgage by a Corporation, it is crucial to include key information such as the borrower and corporation's names, the property's address, legal description or identification number, the original mortgage date, the release amount or percentage, and any relevant terms and conditions. It is advisable to consult with a legal professional to ensure accuracy and compliance with South Carolina state laws.
