Chicago Illinois Partial Release of Mortgage / Deed of Trust Lien on Leasehold Interest in Part of Lands Subject to Mortgage / Deed of Trust is a legal document that allows for the partial release of a mortgage or deed of trust lien on a leasehold interest in a specific portion of the property, while keeping the lien intact on the remaining lands subject to the mortgage or deed of trust. In Chicago, Illinois, there are various types of partial releases of mortgage or deed of trust liens on leasehold interests: 1. Partial Release of Mortgage/Deed of Trust Lien on Leasehold Interest: This type of partial release is used when a property owner has obtained a mortgage or deed of trust lien on their property, but wishes to release the lien on a specific portion of the property that is subject to a leasehold interest. By doing so, the property owner can transfer the leasehold interest to another party free of the mortgage or deed of trust lien. 2. Partial Release of Mortgage/Deed of Trust Lien on Leasehold Interest in Part of the Lands Subject to Mortgage/Deed of Trust: This type of partial release is used when there are multiple leasehold interests within a larger property that is subject to a mortgage or deed of trust lien. The property owner may choose to release the lien on only a specific portion of the lands subject to the mortgage or deed of trust, while keeping the lien intact on the remaining lands. 3. Partial Release of Mortgage/Deed of Trust Lien on Leasehold Interest for Specific Purposes: This type of partial release is used when the property owner wishes to release the mortgage or deed of trust lien on a leasehold interest for a specific purpose or use. For example, if a property owner wants to allow a tenant to sublease a portion of the property, they may choose to release the lien on that specific leasehold interest while keeping the lien intact on the remaining lands subject to the mortgage or deed of trust. 4. Partial Release of Mortgage/Deed of Trust Lien on Leasehold Interest for Development or Construction Purposes: This type of partial release is used when the property owner intends to develop or construct on a specific portion of the property subject to the mortgage or deed of trust lien. By releasing the lien on the leasehold interest for development or construction purposes, the property owner can secure financing or obtain necessary approvals for the project. In conclusion, Chicago Illinois Partial Release of Mortgage / Deed of Trust Lien on Leasehold Interest in Part of Lands Subject to Mortgage / Deed of Trust provides a legal framework for property owners and lenders to release specific portions of a leasehold interest from the mortgage or deed of trust lien while maintaining the lien on the remaining lands. The different types allow for flexibility in managing leasehold interests and property development within the context of mortgage or deed of trust liens in Chicago, Illinois.
Chicago Illinois Partial Release of Mortgage / Deed of Trust Lien on Leasehold Interest in Part of Lands Subject to Mortgage / Deed of Trust
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