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LSDefine

Simple English definitions for legal terms

A quick definition of release clause:

A release clause is a part of a mortgage agreement that allows the borrower to pay off a specific portion of the loan and obtain a release of the mortgage on that portion of the property. However, if the borrower is in default on any part of the mortgage, the lender may not allow a partial release.

A more thorough explanation:

A release clause is a provision in a mortgage that allows the borrower to obtain a release of a specific portion of the property from the mortgage upon paying a specific portion of the loan. This provision is commonly included in blanket mortgages.

For example, let's say a borrower has a blanket mortgage on a property that includes several buildings. The release clause in the mortgage allows the borrower to obtain a release of one of the buildings from the mortgage upon paying a specific portion of the loan. This can be useful if the borrower wants to sell one of the buildings but doesn't want to pay off the entire mortgage.

Another example would be if a borrower has a mortgage on a large piece of land that includes several parcels. The release clause in the mortgage allows the borrower to obtain a release of one of the parcels from the mortgage upon paying a specific portion of the loan. This can be useful if the borrower wants to sell one of the parcels but doesn't want to pay off the entire mortgage.

These examples illustrate how a release clause can be a useful tool for borrowers who want to sell a portion of their property without having to pay off the entire mortgage.

relaxatio | release deed

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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