Common use of Release and Reconveyance Clause in Contracts

Release and Reconveyance. Upon payment of all sums secured by this Deed, including the Principal Amount and interest, the Lender will request the Trustee to reconvey the Property and must surrender this Deed and the Note evidencing debt secured by this Deed to the Trustee. The Trustee must reconvey the Property without warranty to the person or persons legally entitled to it. Such person or persons will pay any recordation costs. The Lender may charge such person or persons a fee for reconveying the Property, but only if the fee is paid to a third party (such as the Trustee) for services rendered and the charging of the fee is permitted under applicable law.