Most states have statutes that provide that a mortgage or deed of trust may be discharged in the county land records by the recorder of deeds. Generally these statutes proved that a certificate must be filed with said recorder and executed by the mortgagee or on its behalf and acknowledged as prescribed by law. The certificate must specify that the mortgage has been paid or otherwise satisfied or discharged, and should make a reference to the book and page containing the original mortgage or deed of trust.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Illinois Satisfaction of Mortgage by a Corporation is a legal document that signifies the release or satisfaction of a mortgage loan secured by a property in the state of Illinois. When a corporation borrows funds to purchase or refinance a property, it typically pledges the property as collateral through a mortgage agreement. Once the corporation has repaid the loan in full, the Satisfaction of Mortgage by a Corporation is filed to provide evidence that the mortgage debt has been discharged and the corporation has fulfilled its financial obligations. Key elements of an Illinois Satisfaction of Mortgage by a Corporation may include: 1. Identification of Parties: The document will identify the mortgagor (the corporation) and the mortgagee (the lender). It will include the legal names and addresses of both parties involved. 2. Property Details: The document will describe the property that was secured by the mortgage. This includes the property's address, legal description, and any relevant identification numbers or other information used for public records. 3. Loan Details: The satisfaction document will specify the details of the mortgage agreement, such as the loan amount, interest rate, and repayment terms. It will also state the date when the loan was originally executed. 4. Satisfaction Language: The document will contain specific language indicating that the mortgage loan has been paid in full and satisfied. This includes the date of satisfaction and may reference the original loan agreement or mortgage document. 5. Signatures and Notarization: Both the corporation and the lender will need to sign the document to acknowledge the satisfaction of the mortgage. Additionally, the document will require notarization to certify the authenticity of the signatures. Different types of Satisfaction of Mortgage by a Corporation in Illinois may include: 1. Full Satisfaction: This type of satisfaction is filed when the corporation has completely paid off the mortgage loan as per the agreed-upon terms. It indicates that the obligation has been fulfilled entirely. 2. Partial Satisfaction: In some cases, the corporation may pay off a portion of the mortgage loan, whether due to refinancing or making additional principal payments. A partial satisfaction document is used to acknowledge the reduction in the loan balance. 3. Subordination Agreement: This type of agreement is not a satisfaction document but is relevant in certain situations. A subordination agreement allows the corporation to secure additional debt, which will take priority over the existing mortgage. It ensures that the original mortgage holder will maintain a secondary lien position. In conclusion, an Illinois Satisfaction of Mortgage by a Corporation is a vital legal document that confirms the release of a mortgage loan by a corporation in Illinois. It provides evidence that the loan has been fully or partially satisfied and helps clear the property title from any encumbrances.
