Legal Charge Discharge Form

LEGAL CHARGE DISCHARGE FORM

This Legal Charge Discharge Form is made as of between Chargee Name: of Address: (the "Chargee") and Chargor Name: of Address: (the "Chargor").

RECITALS

WHEREAS, on or about the Chargor executed a charge by instrument entitled Charge Instrument Number: to secure obligations including but not limited to the principal sum of (the "Original Charge").

WHEREAS the Original Charge affects the real property described as: and is recorded under reference: .

WHEREAS the Chargee has received full payment, performance or other good and valuable consideration sufficient to discharge the obligations secured by the Original Charge, and the Chargee wishes to release and discharge the Original Charge of record.

NOW THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

1. DISCHARGE AND RELEASE

1.1 Discharge. The Chargee hereby irrevocably declares that the Original Charge referenced above is fully paid, satisfied and discharged as of the Effective Date: . The Chargee releases, remises and forever discharges the Chargor, and the real property described above, from all obligations and liabilities secured by the Original Charge to the fullest extent permitted by applicable law.

1.2 Release of Liens and Remedies. The Chargee covenants that it will not enforce any lien, power of sale, or other remedy arising solely from the Original Charge after the Effective Date, and shall execute and deliver such instruments and take such actions as may be reasonably necessary to evidence the discharge and to remove the Original Charge from public records.

2. FURTHER ASSURANCES

The Chargee shall, at its expense, promptly execute, acknowledge and deliver to the Chargor any document reasonably necessary to release, discharge or cancel the Original Charge in any public office or registry and to reconvey any security interest or instrument created thereby.

3. REPRESENTATIONS AND WARRANTIES

3.1 Authority. Each party represents and warrants that it has the full power and authority to enter into and perform this Discharge and that execution and delivery hereof has been duly authorized by all necessary action.

3.2 No Other Encumbrances. The Chargee represents that, to the best of its knowledge, the Original Charge is the obligation described herein and that the Chargee has not granted, and shall not grant, any further security interest under the Original Charge after the Effective Date.

4. INDEMNITY

The Chargee agrees to indemnify and hold harmless the Chargor from and against any and all claims, losses, costs or expenses (including reasonable attorneys' fees) arising from any inaccuracy in the Chargee's representations contained in this Discharge or from the Chargee's failure to execute instruments necessary to effect the discharge.

5. EFFECT ON THIRD PARTIES

This Discharge is intended to be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns. The Chargee acknowledges that this Discharge may be presented for filing or recording in public records and that such filing or recording shall be conclusive evidence of the discharge as between the parties and as to third parties relying on the public record.

6. NOTICES

Any notice or other communication required or permitted under this Discharge shall be in writing and shall be given to the addresses set forth below or to such other address as a party may designate by notice in accordance with this section.

7. MISCELLANEOUS

7.1 Governing Law. This Discharge shall be governed by and construed in accordance with the laws of the state specified below, without regard to its conflict of law principles.

7.2 Entire Agreement. This Discharge constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, understandings and negotiations, both written and oral, between the parties relating thereto.

7.3 Severability. If any provision of this Discharge is held to be invalid or unenforceable, such provision shall be severed and the remaining provisions shall continue in full force and effect.

7.4 Amendments and Waiver. No amendment or waiver of any provision of this Discharge shall be effective unless in writing and signed by both parties. No failure or delay by any party in exercising any right will operate as a waiver of that right.

7.5 Counterparts. This Discharge may be executed in two or more counterparts, each of which will be deemed an original but all of which together will constitute one and the same instrument.

CERTIFICATION

The Chargee certifies that the obligations secured by the Original Charge have been fully satisfied and that the Chargee is authorized to deliver this Discharge and to request termination or cancellation of the Original Charge from any registry or recording office.

REGISTRATION STATUS

Charge recorded in public registry
Charge was unregistered (private instrument)

If the Original Charge is recorded, the Chargee agrees to deliver a certified release or cancellation instrument suitable for recording upon request by the Chargor.

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