Partial Release of Mortgage
(NJ)

Summary

This partial release of mortgage template may be used in New Jersey to release a portion of mortgaged property from an existing mortgage while retaining the lender's lien on the remainder of the property. This template includes practical guidance, drafting notes, alternate clauses, and optional clauses. This partial release can be used for commercial or residential property and should be recorded in the county or counties where the released property is located. Counsel should consult the recording office where the real property is located to determine the local customs and recording fees. For further information on recording real property documents in New Jersey, see Recording Procedures (NJ). For a template for a satisfaction of mortgage releasing all of the lender's lien on the property, see Satisfaction of Mortgage (NJ). For a discussion of financing real property in New Jersey, see Commercial Real Estate Financing (NJ). See N.J. Stat. § 46:26A-3 for additional information on recording a release of mortgage in New Jersey. See N.J. Stat. § 46:18-11.6 for additional information on preparing and recording a partial release of mortgage in New Jersey. For template may be used by the holder of a mortgage on New Jersey real property to evidence the satisfaction and release of the mortgage, see Satisfaction of Mortgage (NJ). For information on financing commercial real estate in New Jersey, see Commercial Real Estate Acquisition Loan Resource Kit (NJ).