Deed of Release of part of mortgaged property upon partial redemption of mortgage
THIS DEED OF RELEASE is made on _____________
BETWEEN
______________ [mortgagee] of [address, etc.] (hereinafter called the lender) of the One Part
AND
_____________ [mortgagor] of [address, etc.] (hereinafter called the borrower) of the Other Part.
WHEREAS:
- By a charge by way of mortgage (hereinafter called the mortgage) dated the _______ day of ______ 20____ and made between the borrower of the one part and the lender of the other part the property hereby released together with other property was charged by way of legal mortgage to the lender to secure repayment to him of Rs._________ with interest for the same as therein expressed.
- The lender has agreed with the borrower to release the property described in the first schedule hereto from the mortgage upon the payment of Rs.________ [the principal money owing to the lender having been reduced to Rs._______].
- The documents of title specified in the third schedule hereto which are now in the possession of the lender relate as well to the property hereby released as to other property comprised in the mortgage.
NOW THIS DEED WITNESSETH as follows:
- In pursuance of the said agreement and in consideration of the sum of Rs._________ now paid [or having been repaid before the execution hereof] by the borrower to the lender (the receipt whereof the lender hereby acknowledges) the lender as mortgagee hereby releases unto the borrower all that the property described in the first schedule hereto TO HOLD the same unto the borrower free from the mortgage and all principal monies and interest claims and demands thereunder.
- The mortgage shall remain in full force and effect with regard to the property described in the second schedule hereto.
- The lender hereby acknowledges the right of the borrower to production of the documents specified in the third schedule hereto and to delivery of copies thereof.
FIRST SCHEDULE?
[Property to be released from the mortgage]
SECOND SCHEDULE?
[Property to remain subject to the mortgage]
THIRD SCHEDULE
[Particulars of documents of title]
IN WITNESS etc.
[Signatures of both parties]
