Common use of Full and Partial Satisfaction of Mortgage Clause in Contracts

Full and Partial Satisfaction of Mortgage. If all of the secured indebtedness be paid as the same becomes due and payable and all of the covenants, warranties, undertakings and agreements made in this Mortgage are kept and performed, and all obligations, if any, of the Lender for further advances have been terminated, then, and in that event only, all rights under this Mortgage shall terminate (except to the extent, if any, expressly provided with respect to indemnifications, representations and warranties and other rights which are to continue following the release hereof) and the Property shall become wholly clear of the liens, security interests, conveyances and assignments evidenced by this Mortgage, and such liens and security interests shall be released by the Lender in due form at the Borrower’s cost. The Lender in its discretion may authorize partial satisfactions and/or may release portion(s) of the Property from this Mortgage at any time and from time to time, upon such terms and/or conditions as the Lender deems appropriate. Without limitation, all provisions for indemnity of the Lender shall survive discharge of the secured indebtedness and any foreclosure, release or termination of this Mortgage. At the time of any release, the Borrower shall pay the Lender’s then-standard release fees.