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Use this form to release a portion of property secured by a mortgage and promissory note. Example: borrower has financed 5 lots for $100,000.00 which has since been paid down to a balance of $30,000.00. Borrower approaches Lender and would like the lender to release lot #3 because he has it sold. The lender might think, ok - he will owe me $30,000.00 on the remaining 4 lots, I consider this a good risk. The same can also be applicable to condominiums, apartments, parcels, etc.
This form is used by the (mortgagee or the personal representative, successor, or assign of the mortgagee), who (shall prepare a discharge of the mortgage, file the discharge with the register of deeds for the county where the mortgaged property is located, and pay the fee for recording the discharge.) (565.41 Sec. 41(1)) A mortgagee is often referred to as a lender.
Deeds.com Michigan Partial Discharge of Mortgage Forms Have Been Updated as Recently as Thursday June 9, 2022
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