Common use of Termination of the Mortgage Clause in Contracts

Termination of the Mortgage. The Mortgagee hereby agrees that, upon payment of all monies hereby secured before this security shall have become enforceable and upon payment of all costs and the discharge of all liabilities incurred by the Mortgagee in relation to these presents, it will, at the expense of the Shipowner, discharge this security and retransfer or re-assign to the Shipowner all charterparties, freights, policies, certificates of entry and other documents relating to the Vessel, as may remain in its possession, freed and discharged from the provisions herein contained.

Termination of the Mortgage. The Mortgagee hereby agrees that, upon full payment of all monies hereby secured before this security shall have become enforceable and upon payment of all costs and the discharge of all liabilities incurred by the Mortgagee in relation to these presents, it will, at the expense of the Shipowner, discharge this security and retransfer or re-assign to the Shipowner all charterpartiescharter parties, freights, policies, certificates of entry and other documents relating to the Vessel, Vessel as may remain in its possession, possession freed and discharged from the provisions herein contained.

Termination of the Mortgage. The Mortgagee hereby agrees that, upon payment of all monies hereby secured before this security shall have become enforceable and upon payment of all costs and the discharge of all liabilities incurred by the Mortgagee in relation to these presents, it will, at the expense of the Shipowner, discharge this security and retransfer or re-assign to the Shipowner all charterparties, freights, policies, certificates of entry and other documents relating to the Vessel, Vessel as may remain in its possession, possession freed and discharged from the provisions herein contained.