A Texas Partial Release of Lien on Leasehold Interest in Part of Lands Subject to Lease is a legal document that serves as a written agreement between a lien holder (typically a lender or construction company) and a lessee (tenant or leaseholder) in the state of Texas. This document allows for the partial release of a lien that has been placed on a leasehold interest in a specific portion of land subject to a lease. When a property is leased, it is common for the lessee to make improvements or modifications to the leased land or property. In some cases, the lessee may need financing to carry out these alterations, and therefore, the lien holder may place a lien on the leasehold interest as security. However, there may be instances where the lessee, or a portion of the leased land, is no longer subject to the lien or requires partial lien release due to various reasons. The Texas Partial Release of Lien on Leasehold Interest in Part of Lands Subject to Lease provides a legal framework to release a lien on a specified portion of the leasehold interest. This document outlines the parties involved, including the lien holder and the lessee, and the specific details of the lien being released, such as the legal description of the lands and the lease agreement's terms. Keywords: Texas, partial release, lien, leasehold interest, lands, lease, lessee, lien holder, legal document, agreement, tenant, leaseholder, improvements, modifications, financing, security, legal framework, parties involved, legal description, terms. Different types of Texas Partial Release of Lien on Leasehold Interest in Part of Lands Subject to Lease may include: 1. Partial Release of Lien on Specific Leasehold Area: This type of release involves the removal of a lien placed on a specific area or portion of land subject to a lease. It could be due to the completion of the necessary improvements or modifications in that specific area. 2. Partial Release of Lien on Leasehold Interest Percentage: In some cases, a lien may have been placed on the lessee's leasehold interest, encompassing the entirety of the leased land. However, if the lessee only requires a partial lien release, this type of document specifies the percentage or portion of the leasehold interest that is being released from the lien. 3. Partial Release of Lien on Time-Frame Basis: This type of partial release may occur when the lien holder agrees to release the lien on the leasehold interest for a specific time frame or until certain conditions are met. For example, if the lessee completes a certain phase of improvements, the lien on that phase can be released temporarily or until another condition is fulfilled. 4. Partial Release of Lien on Specific Leasehold Improvements: In some cases, the lien may only be related to specific improvements made by the lessee on the leased land or property. This type of partial lien release document outlines the details of the improvements being released from the lien, while the lien on the remaining leasehold interest continues to exist.
Texas Partial Release of Lien on Leasehold Interest in Part of Lands Subject to Lease
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FAQ
If a lien is filed on your property and you believe the lien is wrongful, you, the property owner have a right to contest the lien. In some cases, you may be able to file a summary motion to remove a lien. This is a lawsuit filed in district court that will allow the almost immediate removal of the lien.
Lenders in Texas customarily use a release of lien when the loan secured by a deed of trust has been paid in full or otherwise satisfied. The release of lien is recorded in the county where the real property collateral is located.
Typically, it's the responsibility of the seller to pay off the lien on his or her property on or before the day of closing. Most liens are paid off from the proceeds of the sale at the time of closing.
Filing a Judgment Lien If the debtor sells any non-exempt real property, the creditor may be able to get all or some of the money owed from the proceeds of the sale. A judgment lien lasts for ten years.
A release of a lien may be executed in the lien release section located on the front of the certificate of title, on this form, or on the lienholder's letterhead. A release of lien on the lienholder's letterhead must contain the same information as required in the ?Vehicle Information? section of this form.
Deposit the Lien Amount with the Court: A lien can be removed from the property if you file a lawsuit and deposit the lien amount into the court's registry. This allows the parties to litigate the validity of the claim, without the lien encumbering the property.
Leasehold interest is the temporary and exclusive right to possess, occupy and use land or property for a definitive period of time pursuant to a lease. The owner of the freehold interest grants the leasehold interest to the lessor pursuant to a lease which creates the relationship of landlord and tenant.
