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Partial Mortgage Release Agreement

Partial Mortgage Release Agreement Template for Canada

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Key Requirements PROMPT example:

Partial Mortgage Release Agreement

"I need a Partial Mortgage Release Agreement for a commercial property in Ontario, where we're releasing 2 acres of a 10-acre mortgaged industrial site for immediate development, with the release payment to be made by March 15, 2025."

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Document background
The Partial Mortgage Release Agreement is a specialized legal document used when a property owner needs to release a specific portion of mortgaged property from the existing mortgage security while maintaining the mortgage on the remaining portion. This situation commonly arises in property development, lot severances, or partial property sales in Canada. The agreement must comply with both federal banking regulations and provincial property laws, requiring careful attention to legal descriptions, registration requirements, and ongoing mortgage obligations. The document serves multiple purposes: it legally releases the specified portion, adjusts the mortgage terms for the remaining property, ensures proper registration with land registry offices, and maintains the lender's security interests. This agreement type is particularly important in Canadian jurisdictions where property development and subdivision activities require formal partial releases from existing mortgages.
Suggested Sections

1. Parties: Identification of all parties including the mortgagor, mortgagee, and any other relevant parties such as guarantors

2. Background: Details of the original mortgage including date, registration particulars, and reason for partial release

3. Definitions: Definition of key terms used throughout the agreement

4. Property Description: Detailed description of the portion of property to be released and the portion remaining under mortgage

5. Release Terms: Specific terms and conditions of the partial release, including any payments required

6. Remaining Security: Confirmation of the continuing validity of the mortgage over the remaining property

7. Representations and Warranties: Statements confirming the accuracy of information and authority to enter into the agreement

8. Release Payment: Details of any payment required for the partial release and payment terms

9. Registration and Documentation: Requirements for registration of the partial release and associated documentation

10. Continuing Obligations: Outline of ongoing obligations under the remaining mortgage

11. Governing Law: Specification of applicable jurisdiction and governing law

12. Execution: Signature blocks and execution requirements

Optional Sections

1. Multiple Properties: Additional section required when the original mortgage covers multiple properties

2. Consent of Guarantors: Required when there are guarantors to the original mortgage who must consent to the partial release

3. Insurance Provisions: Required when specific insurance arrangements need to be modified due to the partial release

4. Environmental Matters: Required when environmental issues or certificates are relevant to the released portion

5. Subdivision Approval: Required when the partial release involves subdivision of the original property

6. Priority Agreements: Required when there are other registered interests that need to be addressed

7. Special Conditions: Any unique conditions specific to the particular release situation

Suggested Schedules

1. Schedule A - Released Property Description: Detailed legal description and/or survey of the portion of property being released

2. Schedule B - Remaining Property Description: Detailed legal description of the property remaining under mortgage

3. Schedule C - Original Mortgage: Copy or summary of the original mortgage agreement

4. Schedule D - Release Payment Calculation: Detailed calculation of any release payment required

5. Schedule E - Registration Particulars: Details of original mortgage registration and requirements for release registration

6. Appendix 1 - Property Plans: Survey plans or drawings showing the released and remaining portions

7. Appendix 2 - Supporting Documents: Any required certificates, approvals, or supporting documentation

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Banking & Financial Services

Real Estate

Legal Services

Property Development

Construction

Land Development

Mortgage Lending

Insurance

Relevant Teams

Legal

Real Estate

Mortgage Administration

Commercial Banking

Risk Management

Compliance

Property Development

Title Processing

Document Management

Real Estate Operations

Relevant Roles

Real Estate Lawyer

Mortgage Specialist

Property Developer

Banking Officer

Real Estate Manager

Legal Counsel

Title Officer

Mortgage Administrator

Real Estate Development Manager

Commercial Banking Manager

Property Manager

Risk Assessment Officer

Compliance Officer

Real Estate Paralegal

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