A provision in a trust deed, mortgage or land contract that permits the borrower or buyer to secure the release of part of the property by complying with certain terms, such as the payment of a certain sum of money.
A provision in a land sales contract permitting release to the purchaser of part of the property when certain conditions have been met, e.g., payment of a specified amount of the consideration.
A mortgage provision under which the mortgagee agrees to release certain parcels from the lien of the blanket mortgage upon payment by the mortgagor of a certain sum of money. The clause is frequently found in tract development construction loans.
Provision in a land contract, deed of trust or mortgage for a conveyance of a portion of the property to buyer upon satisfaction of specified conditions.
A clause found in a blanket mortgage or trust deed that allows reconveyance of a portion of the property when part of the loan is paid off.