A Deed of Partial Release is a crucial document in Indian property and financing transactions where a lender agrees to release their security interest over a portion of mortgaged or charged property while retaining security over the remainder. This document is commonly used when borrowers seek to free up specific assets from a larger security package, perhaps for sale or development, while maintaining the original financing arrangement for other properties. The deed must comply with Indian legal requirements, including those under the Transfer of Property Act, Registration Act, and applicable stamp duty laws. It includes detailed descriptions of both the released and retained properties, terms of release, and necessary representations and warranties. This document type is particularly relevant in scenarios involving multiple properties under a single charge or when development projects are completed in phases.
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1. Parties: Identification of the Releasor (typically the lender/charge-holder) and the Releasee (typically the property owner/mortgagor)
2. Background: Recitals explaining the original charge/mortgage, its registration details, and the context for the partial release
3. Definitions: Definitions of key terms used in the deed, including property descriptions, original charge details, and release terms
4. Details of Original Charge: Specific details of the original charge/mortgage including date, amount, and registration information
5. Release Declaration: The operative part declaring what specifically is being released from the charge/mortgage
6. Retained Security: Clear statement of what security/charge remains in force after the partial release
7. Representations and Warranties: Standard warranties about the authority to release and validity of the remaining charge
8. Registration and Stamp Duty: Provisions regarding registration requirements and responsibility for stamp duty payment
9. Execution and Attestation: Formal execution blocks including witness requirements as per Indian law
1. Conditions Precedent: Include when the release is subject to fulfillment of specific conditions
2. Covenant for Further Assurance: Include when additional documentation or actions may be required in the future
3. Costs and Expenses: Include when there's a need to specify who bears various costs related to the release
4. Multiple Releases: Include when releasing multiple properties or charges in stages
5. Governing Law and Jurisdiction: Include when parties are from different states or when specifically requested
6. Notices: Include when ongoing obligations or future communications are anticipated
1. Schedule 1 - Property Description: Detailed description of the property being released, including boundaries and measurement details
2. Schedule 2 - Original Charge Details: Complete details of the original charge/mortgage document including registration particulars
3. Schedule 3 - Remaining Charged Property: Description of property/assets that continue to remain under charge
4. Appendix A - Property Documents: List of property documents being released or retained
5. Appendix B - Maps and Plans: Property maps, layout plans, or other visual representations if applicable
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