Satisfaction of Mortgage (Commercial Property Loan) (Ohio)

This legal template titled "Satisfaction of Mortgage (Commercial Property Loan) (Ohio)" is a document that outlines the process and necessary language to officially release and satisfy a mortgage on a commercial property in the state of Ohio.

When a borrower successfully repays their loan in full, they are entitled to have their mortgage marked as "satisfied" in the public records. This template serves as a standardized form that both the lender and the borrower can use to formally acknowledge and document the discharge of the mortgage lien from the property.

The template will generally include sections for providing essential information about the mortgage, such as the borrower's name, the original mortgage amount, and the property's legal description, along with the details of the lender, including their contact information and the recording information of the original mortgage document. Additionally, there will be a space to enter the date of full repayment and any other relevant details.

Apart from the basic information, the template will contain standardized language that certifies that the debt has been fully satisfied and the mortgage release is now in effect. It may include specific references to Ohio laws and regulations governing the filing of mortgage satisfactions to ensure compliance with the state's requirements.

By utilizing this legal template, both lenders and borrowers can effectively process the satisfaction of a commercial mortgage loan in Ohio, providing them with the necessary documentation to release the mortgage lien on the property and conclude their financial relationship.