Partial Release of Mortgage
(NY)

Summary

This partial release of mortgage template may be used in New York 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 template assumes that the lender continues to have a mortgage secured by real property in New York but is releasing some part of that property from the lien of the mortgage. 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 a list of New York recording offices, see County Recording Offices (NY). For further information on recording real property documents in New York, see Recording Procedures (NY). For a discussion of financing real property in New York, see Commercial Real Estate Financing (NY). See N.Y. Real Prop. Acts. Law § 1921 and N.Y. Real Prop. Law §§ 275 and 321 for additional information on recording a release of mortgage in New York.