Deed of Cancellation of Hypothec
Deed of Cancellation of Hypothec
This Deed of Cancellation of Hypothec (the "Deed") is made on [Date], between, [Your Company Name], a company incorporated under the laws of [State/Country], with its principal place of business at [Your Company Address] (the "Lender"). and, [Name of Borrower], a company incorporated under the laws of [State/Country], with its principal place of business at [BorrowerAddress] (the "Borrower").
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I. Background
Whereas, the Lender and Borrower entered into a Loan Agreement dated [Date], whereby the Lender provided a loan to the Borrower in the principal amount of [Amount], secured by a hypothec on the property located at [Property Address] (the "Property").
Whereas, the Borrower has fully satisfied and discharged all obligations under the Loan Agreement, including repayment of the entire loan amount and all accrued interest.
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II. Cancellation of Hypothec
Now, therefore, in consideration of the mutual covenants herein contained, and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties agree as follows:
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The Lender hereby acknowledges that the Loan Agreement has been fully satisfied and discharged by the Borrower.
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The Lender agrees to cancel and release the hypothec held on the Property in favor of the Borrower.
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The Lender agrees to execute and deliver all necessary documents to effectuate the release of the hypothec from the Property.
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III. Release of Hypothec
The Lender hereby irrevocably releases and discharges the hypothec held on the Property and acknowledges that the Property is no longer encumbered by any security interest in favor of the Lender.
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IV. Miscellaneous
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This Deed constitutes the entire agreement between the parties concerning the cancellation of the hypothec and supersedes all prior agreements and understandings, whether written or oral.
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This Deed shall be governed by and construed by the laws of [State/Country].
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V. Execution
IN WITNESS WHEREOF, the parties hereto have executed this Deed as of the day and year first above written.
[YOUR COMPANY NAME]
Date:
[BORROWER NAME]
Date:
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This deed was acknowledged before me on this date by [YOUR COMPANY NAME], Lender, and [BORROWER'S NAME], Borrower.
[NOTARY PUBLIC]
Date:
My commission expires:
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