Common use of Satisfaction and Release Clause in Contracts

Satisfaction and Release. If Borrower shall pay to Lender the Secured Indebtedness, at the times and in the manner stipulated in the Loan Documents, then this Security Instrument shall be satisfied and released of record by Lender in accordance with the laws of the State. Provided that all of the Assignment Conditions (as hereinafter defined) are satisfied, Lender agrees, upon request of Borrower, in lieu of executing a satisfaction and release of this Security Instrument, to assign this Security Instrument, without recourse, representation or warranty of any kind (other than that the Lender is the holder of the Security Instrument and is authorized to transfer the same) to any financial institution or other lender designated by Borrower. As used herein, the term “Assignment Conditions” shall mean all of the following: (i) Borrower shall have paid to Lender a non-refundable processing fee of $2,500.00 plus all of the reasonable out-of-pocket costs and expenses of Lender in connection with the proposed assignment of the Security Instrument and all related documents (including, without limitation, reasonable attorneys’ fees and disbursements); (ii) the request for assignment by Borrower is made not less than thirty (30) days (and not more than (90) days) prior to the date of the proposed payoff of the Loan; (iii) the form of the Assignment of Security Instrument and Allonge to the Note are reasonably satisfactory to Lender (and contain only those representations set forth in this Section 1.03); (iv) Borrower pays all transfer tax, mortgage recording tax, documentary stamp or intangibles tax due in connection with the assignment of the Security Instrument or other assignment documents being executed by Lender; (v) Borrower and Liable Party execute a release, with respect to the Loan and the Loan Documents, of Lender in such form as shall be reasonably required by Lender; and (vi) Lender is permitted by applicable federal or state law to assign the Security Instrument (it being understood that if there is any legal requirement to obtain consent prior to assignment, then in no event shall Lender be obligated to assign the Security Instrument until such time as consent is obtained).

Satisfaction and Release. If Borrower Mortgagor shall pay to Lender Mortgagee the Secured Indebtedness, at the times and in the manner stipulated in the Loan Documents, then this Security Instrument Mortgage shall be satisfied and released of record by Lender Mortgagee in accordance with the laws of the StateFlorida. Provided that all of the Assignment Conditions (as hereinafter defined) are satisfied, Lender Mortgagee agrees, upon request of BorrowerMortgagor, in lieu of executing a satisfaction and release of this Security Instrumentthe Mortgage, to assign this Security Instrumentthe Mortgage, without recourse, representation or warranty of any kind (other than that the Lender Mortgagee is the holder of the Security Instrument Mortgage and is authorized to transfer the same) to any financial institution or other lender designated by BorrowerMortgagor. As used herein, the term “Assignment Conditions” shall mean all of the following: (i) Borrower Mortgagor shall have paid to Lender Mortgagee a non-refundable processing fee of $2,500.00 plus all of the reasonable out-of-pocket costs and expenses of Lender Mortgagee in connection with the proposed assignment of the Security Instrument Mortgage and all related documents (including, without limitation, reasonable attorneys’ fees and disbursements); (ii) the request for assignment by Borrower Mortgagor is made not less than thirty (30) days (and not more than (90) days) prior to the date of the proposed payoff of the Loan; (iii) the form of the Assignment of Security Instrument Mortgage and Allonge to the Note are reasonably satisfactory to Lender Mortgagee (and contain only those representations set forth in this Section 1.03)1.04; (iv) Borrower Mortgagor pays all transfer tax, mortgage recording tax, documentary stamp or intangibles tax due in connection with the assignment of the Security Instrument Mortgage or other assignment documents being executed by LenderMortgagee; (v) Borrower Mortgagor and Liable Party execute a release, with respect to the Loan and the Loan Documents, of Lender Mortgagee in such form as shall be reasonably required by LenderMortgagee; and (vi) Lender Mortgagee is permitted by applicable federal or state law to assign the Security Instrument Mortgage (it being understood that if there is any legal requirement to obtain consent prior to assignment, then in no event shall Lender Mortgagee be obligated to assign the Security Instrument Mortgage until such time as consent is obtained).

Satisfaction and Release. If Borrower Mortgagor shall pay to Lender Mortgagee the Secured Indebtedness, at the times and in the manner stipulated in the Loan Documents, then this Security Instrument Mortgage shall be satisfied and released of record by Lender Mortgagee in accordance with the laws of the State. Provided that all of the Assignment Conditions (as hereinafter defined) are satisfied, Lender Mortgagee agrees, upon request of BorrowerMortgagor, in lieu of executing a satisfaction and release of this Security Instrumentthe Mortgage, to assign this Security Instrumentthe Mortgage, without recourse, representation or warranty of any kind (other than that the Lender Mortgagee is the holder of the Security Instrument Mortgage and is authorized to transfer the same) to any financial institution or other lender designated by BorrowerMortgagor. As used herein, the term “Assignment Conditions” shall mean all of the following: (i) Borrower Mortgagor shall have paid to Lender Mortgagee a non-refundable processing fee of $2,500.00 plus all of the reasonable out-of-pocket costs and expenses of Lender Mortgagee in connection with the proposed assignment of the Security Instrument Mortgage and all related documents (including, without limitation, reasonable attorneys’ fees and disbursements); (ii) the request for assignment by Borrower Mortgagor is made not less than thirty (30) days (and not more than (90) days) prior to the date of the proposed payoff of the Loan; (iii) the form of the Assignment of Security Instrument Mortgage and Allonge to the Note are reasonably satisfactory to Lender Mortgagee (and contain only those representations set forth in this Section 1.03); (iv) Borrower Mortgagor pays all transfer tax, mortgage recording tax, documentary stamp or intangibles tax due in connection with the assignment of the Security Instrument Mortgage or other assignment documents being executed by LenderMortgagee; (v) Borrower Mortgagor and Liable Party execute a release, with respect to the Loan and the Loan Documents, of Lender Mortgagee in such form as shall be reasonably required by LenderMortgagee; and (vi) Lender Mortgagee is permitted by applicable federal or state law to assign the Security Instrument Mortgage (it being understood that if there is any legal requirement to obtain consent prior to assignment, then in no event shall Lender Mortgagee be obligated to assign the Security Instrument Mortgage until such time as consent is obtained).