Common use of Discharge of Mortgage Clause in Contracts

Discharge of Mortgage. When the Indebtedness and all Obligations are satisfied in full by the Borrower, and the Borrower has no further liability under any Agreement, and the Lender has no obligation to make any further advances or extend credit to the Borrower under any Agreement, this Mortgage will have no further effect and the Borrower will be entitled to obtain a discharge of this Mortgage. Where the Borrower is entitled to such discharge of this Mortgage, the discharge will be prepared and signed by the Lender and is to be registered by the Borrower, at the Borrower's expense, in the appropriate registry of deeds, land titles or land registration office to cause cancellation or release of this Mortgage against the Property.

Discharge of Mortgage. When the Indebtedness and all Obligations are satisfied in full by the Borrower, and the Borrower has no further liability under any Agreement, and the Lender has no obligation to make any further advances or extend credit to the Borrower under any Agreement, this Mortgage will have no further effect and the Borrower will be entitled to obtain a discharge of this Mortgage. Where the Borrower is entitled to such discharge of this Mortgage, the discharge will be prepared and signed by the Lender and is to be registered by the Borrower, at the Borrower's ’s expense, in the appropriate registry of deeds, land titles or land registration office to cause cancellation or release of this Mortgage against the Property.