The Partial Mortgage Release Agreement is a specialized legal instrument used in Nigerian property transactions when a property owner (mortgagor) needs to release a specific portion of land from an existing mortgage while maintaining the mortgage over the remaining property. This situation commonly arises in property development, subdivision of land, or partial property sales. The document must comply with the Land Use Act 1978, state property laws, and Central Bank of Nigeria regulations. It includes crucial elements such as property descriptions, release terms, and continuing security provisions. The agreement requires careful drafting to ensure proper registration with relevant land authorities and to maintain the enforceability of the mortgage over the remaining property. This document type is particularly important in Nigeria's growing real estate market where partial property developments and sales are increasingly common.
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1. Parties: Identifies the Mortgagor (property owner), Mortgagee (lender), and any other relevant parties to the agreement
2. Background: Recitals describing the original mortgage, its registration details, and the reason for partial release
3. Definitions: Defines key terms used in the agreement, including 'Released Property', 'Remaining Property', 'Original Mortgage', etc.
4. Details of Original Mortgage: Specific details of the original mortgage including date, registration number, and current outstanding amount
5. Property Description: Detailed description of both the portion being released and the portion remaining under mortgage
6. Release Terms: Specific terms of the partial release, including any payments or conditions required
7. Continuing Security: Confirmation that the original mortgage remains in full force over the Remaining Property
8. Representations and Warranties: Statements by parties confirming their authority and capacity to enter into the agreement
9. Execution Requirements: Details of how the document should be executed, including witnessing requirements
1. Consideration: Required if there is a payment or other consideration for the partial release
2. Consent of Other Parties: Required if there are other interested parties whose consent is needed for the release
3. Future Obligations: Include when there are specific ongoing obligations related to the released or remaining property
4. Tax Provisions: Include when there are specific tax implications or requirements related to the partial release
5. Registration Instructions: Include when specific registration requirements need to be detailed for the parties
1. Schedule 1 - Released Property: Detailed legal description and/or plan of the portion of property being released from the mortgage
2. Schedule 2 - Remaining Property: Detailed legal description and/or plan of the property remaining under mortgage
3. Schedule 3 - Original Mortgage: Copy or extract of relevant portions of the original mortgage document
4. Appendix A - Property Plans: Survey plans or drawings showing the division between released and remaining property
5. Appendix B - Required Consents: Copies of any required third-party consents or approvals
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