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Deed Of Partial Release

Deed Of Partial Release Template for New Zealand

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Key Requirements PROMPT example:

Deed Of Partial Release

"I need a Deed of Partial Release to release a portion of farmland (Lot 2, DP 123456) from an existing mortgage with ABC Bank Limited, while maintaining the security over the remaining rural property, with settlement scheduled for March 15, 2025."

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Document background
The Deed of Partial Release is a crucial document in New Zealand's secured lending landscape, commonly used when a portion of secured assets needs to be released from an existing security arrangement. This typically occurs in scenarios such as partial property sales, refinancing of specific assets, or restructuring of security arrangements. The document must be carefully drafted to ensure it meets the formal requirements of New Zealand law and clearly identifies both the released and retained security interests. The deed should include precise descriptions of the released property, confirm the continuing effectiveness of the security over retained assets, and address any registration requirements. It's essential to maintain clarity about the parties' rights and obligations regarding both the released and retained security.
Suggested Sections

1. Parties: Identifies the parties to the deed, including the secured party (typically a lender) and the grantor (typically a borrower)

2. Background: Recitals explaining the original security arrangement, reference to the original security document, and the circumstances leading to this partial release

3. Definitions: Defines key terms used in the deed, including references to the original security document, Released Property, and Retained Security

4. Release: The operative clause that legally releases the specified property or security interest from the original security arrangement

5. Confirmation of Retained Security: Confirms that the original security remains in full force and effect over any property or interests not specifically released

6. Costs: Specifies who bears the costs of preparing and registering the partial release

7. Governing Law: Specifies that the deed is governed by New Zealand law

8. Execution: Formal execution block meeting New Zealand requirements for deeds, including witness details

Optional Sections

1. Registration: Include when the partial release needs to be registered (e.g., with the Land Registry or Personal Property Securities Register)

2. Representations and Warranties: Include when specific confirmations are needed about the status of the security or underlying obligations

3. Conditions Precedent: Include when the release is conditional upon certain events or actions

4. Further Assurance: Include when parties need to take additional steps to give effect to the release

5. Notices: Include when ongoing communications between parties may be required

Suggested Schedules

1. Schedule 1 - Released Property: Detailed description of the property or security interests being released, including legal descriptions for land or specific asset details

2. Schedule 2 - Retained Security: Description of property or security interests that remain subject to the original security arrangement

3. Schedule 3 - Original Security Document: Copy or extract of relevant parts of the original security document

4. Appendix A - Plans or Diagrams: Include when visual representation of released property is needed (e.g., subdivision plans)

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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