Release Of Part Of Mortgaged Premises {NY 009}

NY 009 - RELEASE OF PART OF MORTGAGE PREMISES. This form is an agreement between two parties where the party of the first part, who holds a mortgage and bond or note secured by the mortgage, agrees to give up and surrender a portion of the mortgaged lands to the party of the second part. The first party will retain the remaining portion of the mortgaged lands as security for the remaining debt. The release is made in consideration of a specified amount of money paid by the party of the second part. The document includes a legal description of the released lands, along with any rights, fixtures, and personal property associated with those premises. It states that the released lands are to be discharged from the mortgage, while the rest of the lands specified in the mortgage will remain mortgaged to the party of the first part. The document also includes spaces for acknowledging the execution of the release, with separate sections for acknowledgments made in New York State and outside of New York State. www.FormsWorkflow.com