Common use of REDEMPTION OF MORTGAGES Clause in Contracts

REDEMPTION OF MORTGAGES. 7.1 Upon repayment in full of all sums due in relation to Loans secured by a Mortgage and/or other Related Security comprised in the Portfolio, the Servicer is hereby authorised by the Issuer and the Seller to execute a receipt or discharge or the relevant Land Registry Form DS1 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, to implement an Electronic Notification of Discharge to the Land Registry (save in the case of a Mortgage and/or Related Security situated in Scotland where delivery of the executed discharge (in a form compliant with the requirements of the Conveyancing and Feudal Reform (Scotland) Act 1970) to the person or persons entitled thereto will satisfy the Servicer’s obligations hereunder) and to release the relevant Title Information Documents to the person or persons entitled thereto. 7.2 The Servicer undertakes that, prior to any actual release by it of the relevant Title Information Documents relating to unregistered land or land in Scotland it will take reasonable and appropriate steps to satisfy itself that the relevant Title Information Documents are being released to the person or persons entitled thereto. 7.3 The Servicer shall procure that if, upon completion of the Enforcement Procedures, an amount in excess of all sums due by the relevant Borrower under the relevant Loan or its Related Security is recovered or received, the balance, after discharge of all sums due by that Borrower under the relevant Loan or its Related Security, is paid to the relevant Borrower or the person or persons next entitled thereto or, if such person cannot be found, is paid into court.

REDEMPTION OF MORTGAGES. 7.1 Upon repayment in full of all sums due in relation to Loans secured by a Mortgage and/or other Related Security comprised in the Portfolio, the Servicer is hereby authorised by the Issuer and the Seller to execute a receipt or discharge or the relevant Land Registry Form DS1 of the Mortgage Mortgage, [NI counsel to advise on the land registry form of Norther Irish 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, to implement an Electronic Notification of Discharge to the Land Registry (save in the case of a Mortgage and/or Related Security situated in Scotland where delivery of the executed discharge (in a form compliant with the requirements of the Conveyancing and Feudal Reform (Scotland) Act 1970) to the person or persons entitled thereto will satisfy the Servicer’s obligations hereunder) and to release the relevant Title Information Documents to the person or persons entitled thereto. 7.2 The Servicer undertakes that, prior to any actual release by it of the relevant Title Information Documents relating to unregistered land or land in Scotland it will take reasonable and appropriate steps to satisfy itself that the relevant Title Information Documents are being released to the person or persons entitled thereto. 7.3 The Servicer shall procure that if, upon completion of the Enforcement Procedures, an amount in excess of all sums due by the relevant Borrower under the relevant Loan or its Related Security is recovered or received, the balance, after discharge of all sums due by that Borrower under the relevant Loan or its Related Security, is paid to the relevant Borrower or the person or persons next entitled thereto or, if such person cannot be found, is paid into court.