Deed of Release of Immovable Property mortgaged as a collateral security against the principal mortgage, where mortgage debt is discharged in part and principal mortgage is considered as sufficient security by the mortgagee
THIS RELEASE is made on ________ day of ________
between
______________ [mortgagee] of [address, etc.] (hereinafter called the mortgagee) of the One Part
and
______________ [collateral surety] of [address, etc.] (hereinafter called the surety) of the Other Part.
WHEREAS :
- By a legal charge (hereinafter called the collateral mortgage) dated the __________ day of _______ and made between the parties hereto the property hereinafter described was charged by way of legal mortgage to the mortgagee to secure the payment of Rs._______ with interest thereon such charge being by way of collateral security to a mortgage (hereinafter called the principal mortgage) dated the ______day of _______ and made between [parties].
- The mortgage debt has been so reduced that the mortgagee is satisfied that the property charged by the principal mortgage is adequate security for the amount now outstanding.
- The mortgagee has agreed to release the property charged by the surety in the collateral mortgage.
NOW THIS DEED WITNESSETH that in consideration of the premises the mortgagee hereby releases unto the surety all that [parcels] TO HOLD the same up to the surety free from the collateral mortgage and all principal monies and interest secured thereby or by the principal mortgage and from all claims under or relating to the collateral mortgage or the principal mortgage.
IN WITNESS etc.
[Signature of the mortgagee]
