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Mortgage Release Deed

Mortgage Release Deed Template for Nigeria

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Key Requirements PROMPT example:

Mortgage Release Deed

"I need a Mortgage Release Deed under Nigerian law for First Bank of Nigeria releasing its security interest over a commercial property in Lagos, where the borrower has fully repaid the mortgage loan ahead of schedule."

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Document background
The Mortgage Release Deed is a crucial document in Nigerian property transactions that formally terminates a mortgage security interest over real property. It is used when a borrower has fully repaid their mortgage loan or otherwise satisfied all secured obligations, and the lender needs to formally release their security interest in the property. The deed must comply with Nigerian federal and state property laws, including the Land Use Act 1978 and state-specific mortgage regulations. This document includes essential details such as property description, original mortgage particulars, confirmation of debt satisfaction, and formal release declarations. The Mortgage Release Deed requires proper execution, witnessing, and registration with relevant land registry authorities to be legally effective.
Suggested Sections

1. Parties: Details of the Mortgagee (Lender) and Mortgagor (Borrower), including full legal names, addresses, and any registration numbers for corporate entities

2. Background: Recitals detailing the original mortgage, its registration details, the property secured, and confirmation that all secured obligations have been satisfied

3. Definitions: Definitions of key terms used in the deed, including 'Property', 'Mortgage', 'Release Date', and any other relevant terms

4. Release Declaration: The formal declaration releasing and discharging the property from the mortgage and all claims under it

5. Return of Title Documents: Confirmation of the return of all original title documents to the Mortgagor

6. Further Assurance: Mortgagee's undertaking to execute any additional documents necessary to perfect the release

7. Governing Law: Specification that the deed is governed by Nigerian law

Optional Sections

1. Outstanding Payments: Include when there are any final payments or adjustments to be made as part of the release

2. Partial Release: Required when only part of the secured property is being released from the mortgage

3. Surviving Provisions: Include when certain obligations or rights need to survive the release

4. Costs: Include when there's a need to specify who bears the costs of preparing and registering the release

5. Third Party Rights: Include when there are other parties with interests in the property that need to be addressed

Suggested Schedules

1. Property Description Schedule: Detailed description of the property being released, including land registration details and boundaries

2. Original Mortgage Details: Details of the original mortgage including date, parties, registration particulars, and any modifications

3. Title Documents: List of title documents being returned to the Mortgagor

4. Required Registrations: List of registrations to be made at various registries to perfect the release

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
Relevant legal definitions
























Clauses




















Relevant Industries

Banking

Real Estate

Financial Services

Construction

Housing Development

Legal Services

Property Management

Mortgage Lending

Corporate Real Estate

Relevant Teams

Legal

Real Estate

Mortgage Operations

Compliance

Credit Risk

Property Administration

Corporate Secretariat

Document Management

Land Registry Liaison

Relevant Roles

Legal Counsel

Property Lawyer

Mortgage Officer

Real Estate Manager

Compliance Officer

Title Officer

Property Administrator

Bank Manager

Credit Risk Manager

Corporate Secretary

Real Estate Partner

Conveyancing Lawyer

Property Rights Specialist

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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