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

• Category: Oil Gas and Minerals - Releases
• State: Multi-State
• County: Cuyahoga
• 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 Cuyahoga Ohio Partial Release of Mortgage / Deed of Trust on a Mineral / Royalty Interest Sold by Granter refers to a legal document that releases a portion of the mortgage or deed of trust on a mineral or royalty interest in Cuyahoga County, Ohio. This release occurs when the granter sells a percentage or specific portion of their mineral or royalty interest to a third party. The purpose of a partial release is to transfer ownership rights over a particular fraction of the mineral or royalty interest while keeping the remaining interest as collateral for the mortgage or deed of trust. By executing this release, the granter can create a secondary lien demarcating the percentage or fraction that no longer belongs to them. This type of transaction commonly occurs in the context of oil, gas, or mineral rights ownership. The partial release allows the granter to monetize a portion of their interest while maintaining some security for the lender. It provides flexibility for the granter to benefit from their property rights while ensuring the lender still has adequate security for the outstanding loan. Different types or variations of the Cuyahoga Ohio Partial Release of Mortgage / Deed of Trust on A Mineral / Royalty Interest Sold by Granter may include: 1. Fractional Release: This type of partial release involves selling a specific fraction or percentage of the mineral or royalty interest. For example, the granter may sell 25% of their interest to a third party while still retaining ownership of the remaining 75%. 2. Partial Release by Tract: In some cases, the granter may own multiple tracts of land with separate mortgages or deeds of trust on each. This variation involves releasing a portion of the mortgage or deed of trust on a specific tract where the mineral or royalty interest has been sold. 3. Release of Specific Mineral Interest: Instead of selling a percentage, the granter may choose to sell a particular mineral interest within their overall ownership. For instance, they could release the mortgage or deed of trust on the rights related to natural gas while retaining ownership of oil or other minerals. 4. Partial Release with Proportional Retention: This type of partial release allows the granter to sell a specific fraction of their mineral or royalty interest while maintaining proportional ownership of the remaining interest. For example, the granter may sell 50% of their ownership but still retain 50%. It is essential to consult with legal professionals experienced in real estate law and mineral rights transactions to ensure the correct execution of a Cuyahoga Ohio Partial Release of Mortgage / Deed of Trust on A Mineral / Royalty Interest Sold by Granter. This ensures compliance with local laws and protects the interests of all parties involved.

A Cuyahoga Ohio Partial Release of Mortgage / Deed of Trust on a Mineral / Royalty Interest Sold by Granter refers to a legal document that releases a portion of the mortgage or deed of trust on a mineral or royalty interest in Cuyahoga County, Ohio. This release occurs when the granter sells a percentage or specific portion of their mineral or royalty interest to a third party. The purpose of a partial release is to transfer ownership rights over a particular fraction of the mineral or royalty interest while keeping the remaining interest as collateral for the mortgage or deed of trust. By executing this release, the granter can create a secondary lien demarcating the percentage or fraction that no longer belongs to them. This type of transaction commonly occurs in the context of oil, gas, or mineral rights ownership. The partial release allows the granter to monetize a portion of their interest while maintaining some security for the lender. It provides flexibility for the granter to benefit from their property rights while ensuring the lender still has adequate security for the outstanding loan. Different types or variations of the Cuyahoga Ohio Partial Release of Mortgage / Deed of Trust on A Mineral / Royalty Interest Sold by Granter may include: 1. Fractional Release: This type of partial release involves selling a specific fraction or percentage of the mineral or royalty interest. For example, the granter may sell 25% of their interest to a third party while still retaining ownership of the remaining 75%. 2. Partial Release by Tract: In some cases, the granter may own multiple tracts of land with separate mortgages or deeds of trust on each. This variation involves releasing a portion of the mortgage or deed of trust on a specific tract where the mineral or royalty interest has been sold. 3. Release of Specific Mineral Interest: Instead of selling a percentage, the granter may choose to sell a particular mineral interest within their overall ownership. For instance, they could release the mortgage or deed of trust on the rights related to natural gas while retaining ownership of oil or other minerals. 4. Partial Release with Proportional Retention: This type of partial release allows the granter to sell a specific fraction of their mineral or royalty interest while maintaining proportional ownership of the remaining interest. For example, the granter may sell 50% of their ownership but still retain 50%. It is essential to consult with legal professionals experienced in real estate law and mineral rights transactions to ensure the correct execution of a Cuyahoga Ohio Partial Release of Mortgage / Deed of Trust on A Mineral / Royalty Interest Sold by Granter. This ensures compliance with local laws and protects the interests of all parties involved.