New York 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 New York Partial Release of Mortgage / Deed of Trust on a Mineral / Royalty Interest Sold by Granter is a legal document used in the state of New York to release a portion of a mortgage or deed of trust that is held against a property that includes mineral or royalty interests. This release allows the granter to sell a specific portion or percentage of their mineral or royalty interest while still maintaining a mortgage or deed of trust on the remaining interest. There are different types of New York Partial Release of Mortgage / Deed of Trust on a Mineral / Royalty Interest Sold by Granter based on the specific conditions and terms involved. Here are some variations: 1. Fixed Percentage Partial Release: This type of release involves releasing a fixed percentage of the granter's mineral or royalty interest. For example, if the granter owns a 100% mineral interest and decides to release 50%, this type of partial release will be executed. 2. Fixed Quantity Partial Release: In this scenario, the release is based on a specific quantity of mineral or royalty interest. For instance, if the granter owns 1,000 net mineral acres and decides to release 500 acres, a fixed quantity partial release will be used. 3. Timed Partial Release: This type of release is based on a predetermined period. The granter releases a specific portion of their mineral or royalty interest for a defined duration. After the agreed-upon time has elapsed, the released interest reverts to the granter. 4. Specific Mineral or Royalty Interest Partial Release: This release pertains to a specific mineral or royalty interest within the property. The granter may own multiple interests, and this type of release allows them to release only one interest while maintaining the mortgage or deed of trust on the others. 5. Fractional Partial Release: A fractional release involves releasing a fraction or fractional interest in the mineral or royalty interest. For example, the granter may own a 2/3 interest and decides to release 1/3 through this type of partial release. When executing a New York Partial Release of Mortgage / Deed of Trust on a Mineral / Royalty Interest Sold by Granter, it is imperative to consult with an experienced attorney to ensure compliance with state laws and regulations.

A New York Partial Release of Mortgage / Deed of Trust on a Mineral / Royalty Interest Sold by Granter is a legal document used in the state of New York to release a portion of a mortgage or deed of trust that is held against a property that includes mineral or royalty interests. This release allows the granter to sell a specific portion or percentage of their mineral or royalty interest while still maintaining a mortgage or deed of trust on the remaining interest. There are different types of New York Partial Release of Mortgage / Deed of Trust on a Mineral / Royalty Interest Sold by Granter based on the specific conditions and terms involved. Here are some variations: 1. Fixed Percentage Partial Release: This type of release involves releasing a fixed percentage of the granter's mineral or royalty interest. For example, if the granter owns a 100% mineral interest and decides to release 50%, this type of partial release will be executed. 2. Fixed Quantity Partial Release: In this scenario, the release is based on a specific quantity of mineral or royalty interest. For instance, if the granter owns 1,000 net mineral acres and decides to release 500 acres, a fixed quantity partial release will be used. 3. Timed Partial Release: This type of release is based on a predetermined period. The granter releases a specific portion of their mineral or royalty interest for a defined duration. After the agreed-upon time has elapsed, the released interest reverts to the granter. 4. Specific Mineral or Royalty Interest Partial Release: This release pertains to a specific mineral or royalty interest within the property. The granter may own multiple interests, and this type of release allows them to release only one interest while maintaining the mortgage or deed of trust on the others. 5. Fractional Partial Release: A fractional release involves releasing a fraction or fractional interest in the mineral or royalty interest. For example, the granter may own a 2/3 interest and decides to release 1/3 through this type of partial release. When executing a New York Partial Release of Mortgage / Deed of Trust on a Mineral / Royalty Interest Sold by Granter, it is imperative to consult with an experienced attorney to ensure compliance with state laws and regulations.