Delaware Partial Release of Mortgage / Deed of Trust on A Mineral / Royalty Interest Sold by Grantor

• Category: Oil Gas and Minerals - Releases
• State: Multi-State
• Control #: US-OG-130
• Format: Word; Rich Text

Description

If an owner of a mineral or royalty interest, whose interest is subject to a mortgage/deed of trust, desires to sell or convey an interest, it is appropriate to obtain a release of that lien as to the interest conveyed. This form addresses that situation. A Delaware Partial Release of Mortgage/Deed of Trust on a Mineral/Royalty Interest Sold by Granter is a legal document that releases a specific portion or interest in a property from the terms and conditions of a mortgage or deed of trust. This release is executed by the original mortgage holder (the granter) upon receiving payment for the sale of a mineral or royalty interest. The Delaware Partial Release of Mortgage/Deed of Trust on a Mineral/Royalty Interest Sold by Granter serves to document the release of the mortgage lien on the specific interest or portion of the property that has been sold. The document ensures that the grantee, the purchaser of the mineral or royalty interest, obtains clear ownership and title to the interest, free from any encumbrances associated with the original mortgage or deed of trust. Keywords: 1. Partial Release: The term "partial release" refers to the fact that only a specific portion or interest in the property is released from the mortgage or deed of trust, rather than the entire property. This distinction is important as it allows the granter to maintain the mortgage or deed of trust on any remaining portions or interests. 2. Mortgage: A mortgage is a legal agreement in which a lender provides funds to a borrower in exchange for a security interest in the borrower's property. In this case, the mortgage was established on the property but is being partially released due to the sale of a mineral or royalty interest. 3. Deed of Trust: A deed of trust is similar to a mortgage and serves as a security instrument in a loan agreement. It involves three parties: the borrower (granter), the lender (grantee), and a trustee. The trustee holds the property in trust as security for the loan. The deed of trust can also be partially released when a mineral or royalty interest is sold. 4. Mineral Interest: A mineral interest refers to the ownership or right to extract minerals, such as oil, gas, coal, or metal ores, from the property. It is an economic interest that can be bought, sold, or leased separately from the surface rights. A partial release of a mortgage or deed of trust ensures the grantee's ownership of the mineral interest. 5. Royalty Interest: Royalty interest refers to the right to receive a portion of the profits or revenue generated from the production of minerals from the property. It entitles the holder to a percentage of the income generated by the mineral extraction on the property. Similar to the mineral interest, a royalty interest can be sold separately, triggering the need for a partial release. Types of Delaware Partial Release of Mortgage/Deed of Trust on a Mineral/Royalty Interest Sold by Granter: 1. Partial Release on Specific Mineral Interest: This type of release involves the granter releasing a particular portion or percentage of a specific mineral interest from the mortgage or deed of trust. 2. Partial Release on Specific Royalty Interest: This release type occurs when the granter releases a designated portion or percentage of a specific royalty interest from the terms and conditions of the mortgage or deed of trust. 3. Partial Release on Multiple Mineral/Royalty Interests: In some cases, the granter may sell multiple mineral or royalty interests separately, triggering the need for a partial release on each individual interest. Concluding Note: The Delaware Partial Release of Mortgage/Deed of Trust on a Mineral/Royalty Interest Sold by Granter is a crucial document to ensure the proper transfer of ownership and title to the purchaser of a mineral or royalty interest. It allows the grantee to have a clear and encumbrance-free ownership of the specified interest, while the granter still maintains the mortgage or deed of trust on any remaining portions or interests.

A Delaware Partial Release of Mortgage/Deed of Trust on a Mineral/Royalty Interest Sold by Granter is a legal document that releases a specific portion or interest in a property from the terms and conditions of a mortgage or deed of trust. This release is executed by the original mortgage holder (the granter) upon receiving payment for the sale of a mineral or royalty interest. The Delaware Partial Release of Mortgage/Deed of Trust on a Mineral/Royalty Interest Sold by Granter serves to document the release of the mortgage lien on the specific interest or portion of the property that has been sold. The document ensures that the grantee, the purchaser of the mineral or royalty interest, obtains clear ownership and title to the interest, free from any encumbrances associated with the original mortgage or deed of trust. Keywords: 1. Partial Release: The term "partial release" refers to the fact that only a specific portion or interest in the property is released from the mortgage or deed of trust, rather than the entire property. This distinction is important as it allows the granter to maintain the mortgage or deed of trust on any remaining portions or interests. 2. Mortgage: A mortgage is a legal agreement in which a lender provides funds to a borrower in exchange for a security interest in the borrower's property. In this case, the mortgage was established on the property but is being partially released due to the sale of a mineral or royalty interest. 3. Deed of Trust: A deed of trust is similar to a mortgage and serves as a security instrument in a loan agreement. It involves three parties: the borrower (granter), the lender (grantee), and a trustee. The trustee holds the property in trust as security for the loan. The deed of trust can also be partially released when a mineral or royalty interest is sold. 4. Mineral Interest: A mineral interest refers to the ownership or right to extract minerals, such as oil, gas, coal, or metal ores, from the property. It is an economic interest that can be bought, sold, or leased separately from the surface rights. A partial release of a mortgage or deed of trust ensures the grantee's ownership of the mineral interest. 5. Royalty Interest: Royalty interest refers to the right to receive a portion of the profits or revenue generated from the production of minerals from the property. It entitles the holder to a percentage of the income generated by the mineral extraction on the property. Similar to the mineral interest, a royalty interest can be sold separately, triggering the need for a partial release. Types of Delaware Partial Release of Mortgage/Deed of Trust on a Mineral/Royalty Interest Sold by Granter: 1. Partial Release on Specific Mineral Interest: This type of release involves the granter releasing a particular portion or percentage of a specific mineral interest from the mortgage or deed of trust. 2. Partial Release on Specific Royalty Interest: This release type occurs when the granter releases a designated portion or percentage of a specific royalty interest from the terms and conditions of the mortgage or deed of trust. 3. Partial Release on Multiple Mineral/Royalty Interests: In some cases, the granter may sell multiple mineral or royalty interests separately, triggering the need for a partial release on each individual interest. Concluding Note: The Delaware Partial Release of Mortgage/Deed of Trust on a Mineral/Royalty Interest Sold by Granter is a crucial document to ensure the proper transfer of ownership and title to the purchaser of a mineral or royalty interest. It allows the grantee to have a clear and encumbrance-free ownership of the specified interest, while the granter still maintains the mortgage or deed of trust on any remaining portions or interests.