Mortgage Release Document

MORTGAGE RELEASE DOCUMENT

This Mortgage Release Document (the "Release") is made as of by and between Mortgagee Name: with a principal place of business at (hereinafter "Mortgagee"), and Mortgagor Name: having an address at (hereinafter "Mortgagor"). This Release pertains to that certain Mortgage dated recorded on in the Official Records of at Instrument/Book & Page: encumbering the real property commonly known as .

RECITALS

WHEREAS, Mortgagee is the holder of the Mortgage described above which secured certain obligations of Mortgagor to Mortgagee under one or more promissory notes and related loan documents (collectively, the "Loan Documents"); and

WHEREAS, Mortgagor has paid in full, satisfied, or caused to be satisfied the indebtedness secured by the Mortgage, or Mortgagee otherwise determines that the lien created by the Mortgage should be released; and

WHEREAS, Mortgagee desires to release and discharge the lien and security interest created by the Mortgage of record against the Property upon the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

1. RELEASE

Upon the Effective Date, and subject to the terms of this Release, Mortgagee hereby fully and unconditionally releases, reconveys, and discharges the lien, security interest and encumbrance created by the Mortgage against the Property described above, and relinquishes all rights, title and interest in and to the Mortgage to the extent necessary to remove the Mortgage as a lien on the Property of record.

2. EFFECTIVE DATE

The release provided in Section 1 shall be effective as of the date first written above, or such later date as Mortgagee may specify in writing following satisfaction of all conditions precedent to release (the "Effective Date"). Mortgagee represents that, as of the Effective Date, the indebtedness secured by the Mortgage has been satisfied to Mortgagee's satisfaction or Mortgagee otherwise elects to release the Mortgage.

3. AUTHORIZATION TO RECORD

Mortgagee authorizes and requests that this Release be recorded in the county land records where the Mortgage is recorded, and Mortgagee further authorizes any representative or agent to execute and deliver any additional documents reasonably necessary to effect or confirm the release and reconveyance set forth herein. Mortgagee shall pay any recording fees reasonably necessary to record this Release unless otherwise agreed in writing.

4. REPRESENTATIONS AND WARRANTIES

Mortgagee represents and warrants that (a) it is the lawful owner and holder of the Mortgage and has full authority to execute this Release; (b) to Mortgagee's actual knowledge, there are no other outstanding assignments of the Mortgage that would prevent the release of the Mortgage as provided herein; and (c) the execution and delivery of this Release by Mortgagee will not violate any agreement to which Mortgagee is a party.

5. COVENANTS AND INDEMNITY

Mortgagor covenants that Mortgagor has no present interest in defeating the effect of this Release and agrees to execute any additional instruments reasonably necessary to effectuate the release. Mortgagee and Mortgagor each agree to indemnify, defend and hold harmless the other party from and against any losses, claims, liabilities or expenses arising from any misstatement or breach of the representations and warranties made by such party herein.

6. NOTICES

Mortgagee Notice Address:

Mortgagor Notice Address:

Any notices under this Release shall be in writing and shall be deemed given when delivered in person, sent by nationally recognized overnight courier, or three business days after deposit in the United States mail, postage prepaid, addressed to the party at the notice address set forth above or at such other address as a party may designate by written notice.

7. AMENDMENT; WAIVER

This Release may not be amended, modified or waived except by an instrument in writing signed by both Mortgagee and Mortgagor. No failure or delay by either party in exercising any right under this Release shall operate as a waiver of such right.

8. GOVERNING LAW

This Release shall be governed by and construed in accordance with the laws of the state in which the Property is located, without regard to its conflicts of law principles.

9. ENTIRE AGREEMENT; SEVERABILITY

This Release constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements and understandings, whether written or oral. If any provision of this Release is held to be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

10. COUNTERPARTS; EXECUTION

This Release may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. Signatures transmitted by facsimile, electronic image or other electronic means shall be binding for all purposes.

11. ADDITIONAL MATTERS

Legal Description of Property (if different from street address):

The parties acknowledge that the statements contained in this Release are true and correct to the best of their knowledge and that each party has had the opportunity to seek independent legal advice prior to executing this Release.

ACKNOWLEDGMENT FOR RECORDING

State of , County of . On the date set forth below, before me, a notary public, personally appeared the individuals executing this Release, personally known to me or proved to me on the basis of satisfactory evidence to be the persons whose names are signed below, and acknowledged that they executed the same for the purposes therein contained.

Notary Printed Name:

Notary Commission Number: Commission Expiration:

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