The Release Of Liability Mortgage is a crucial document in Canadian real estate and lending practices, used when a borrower has fully satisfied their mortgage obligations and requires formal discharge of the security interest held by the lender. This document becomes necessary upon full repayment of the mortgage, refinancing with a different lender, or sale of the property. It must comply with both federal banking regulations and provincial property laws, particularly regarding registration requirements in the relevant land registry system. The document typically includes details of the original mortgage, confirmation of payment, explicit release language, and authorization for registration of the discharge. It serves as definitive evidence that the property is free from the specified mortgage encumbrance and protects both parties' interests by clearly documenting the termination of their mortgage relationship.
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1. Parties: Identification of the Mortgagee (Lender), Mortgagor (Borrower), and any guarantors or other relevant parties
2. Background: Details of the original mortgage agreement, including registration date, amount, and property description
3. Definitions: Key terms used throughout the document including 'Mortgage', 'Property', 'Release Date', etc.
4. Acknowledgment of Payment: Confirmation that all mortgage obligations have been satisfied in full
5. Release and Discharge: Formal release of the mortgage and discharge of all claims and interests in the property
6. Return of Security: Commitment to return or destroy original security documentation
7. Registration Authorization: Authorization for registration of the discharge in relevant land registry offices
8. Representations and Warranties: Statements confirming authority to release and absence of assignments or encumbrances
9. Governing Law: Specification of applicable jurisdiction and governing law
10. Execution: Signature blocks and execution requirements for all parties
1. Partial Release: Used when only a portion of the mortgaged property is being released
2. Conditions Precedent: Any conditions that must be met before the release becomes effective
3. Surviving Provisions: Identification of any terms from the original mortgage that survive the release
4. Third Party Consents: Required when additional parties' approvals are needed for the release
5. Release of Guarantors: Specific provisions releasing any guarantors from their obligations
6. Future Assurances: Commitment to execute additional documents if needed for full effect of release
1. Schedule A - Property Description: Legal description of the property being released
2. Schedule B - Original Mortgage Details: Copy or summary of the original mortgage registration details
3. Schedule C - Payment Confirmation: Evidence of final payment and satisfaction of mortgage obligations
4. Schedule D - Registration Particulars: Details required for land registry office registration
5. Appendix 1 - Supporting Documents: Additional documentation such as corporate resolutions or powers of attorney
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