Common use of Partial Release of Mortgaged Property Clause in Contracts

Partial Release of Mortgaged Property. Lender agrees to release from the lien of the Mortgage and the other Loan Documents, as applicable, portions of the Mortgaged Property upon the closing of the sale thereof or by request of the Borrower (hereinafter referred to as a “Release Parcel”), upon satisfaction by Borrower of the following terms and conditions:

Partial Release of Mortgaged Property. Lender Mortgagee agrees to release from the lien of the Mortgage and the other Loan Documents, as applicable, portions of the Mortgaged Property upon the closing of the sale thereof or by request of the Borrower Mortgagor (hereinafter referred to as a “Release Parcel”), upon satisfaction by Borrower Mortgagor of the following terms and conditions: