Common use of Receipt or Discharge Clause in Contracts

Receipt or Discharge. Upon repayment in full of all sums secured by a Mortgage and/or other Related Security comprised in the Mortgage Portfolio, the Administrator shall, and is hereby authorised by the Mortgages Trustee as trustee for the Beneficiaries to, execute a receipt or discharge or relevant Form DS1 (of the H.M. Land Registry) of the Mortgage and any such other or further instrument or deed of satisfaction regarding such Mortgage and/or the Related Security as it considers to be necessary or advisable and to release the relevant Title Deeds to the person or persons entitled thereto.

Receipt or Discharge. Upon repayment in full of all sums secured by a Mortgage and/or other Related Security comprised in the Mortgage Portfolio, the Administrator shall, and is hereby authorised by the Mortgages Trustee as trustee for the Beneficiaries to, execute a receipt or discharge or relevant Form DS1 (of the H.M. United Kingdom Land Registry) of the Mortgage and any such other or further instrument or deed of satisfaction regarding such Mortgage and/or the Related Security as it considers to be necessary or advisable and to release the relevant Title Deeds to the person or persons entitled thereto.