The Release of Assignment of Leases and Rents is a crucial document in Canadian real estate finance that serves to formally terminate a lender's rights over property rents and leases. This document becomes necessary when a loan secured by an Assignment of Leases and Rents has been fully repaid, refinanced, or when the original security is no longer required. The release must comply with provincial registration requirements and typically includes details of the original assignment, property descriptions, and clear release language. It's an essential step in clearing title and returning full control of rental income and lease rights to the property owner. The document is commonly used in commercial real estate transactions and requires careful attention to provincial-specific requirements for registration and execution.
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1. Parties: Identification of the Releasor (typically the lender/assignee) and the Releasee (typically the borrower/assignor)
2. Background: Recitals describing the original Assignment of Leases and Rents, its registration details, and the reason for the release
3. Definitions: Key terms used in the release document, including reference to the original assignment, property details, and relevant dates
4. Release and Discharge: The operative clause that releases and discharges the Assignment of Leases and Rents
5. Authorization for Registration: Authorization for the registration or recording of the release in relevant land registries
6. Return of Original Documents: Confirmation of return or cancellation of original assignment documents
7. Further Assurances: Commitment to execute any additional documents necessary to give effect to the release
8. Governing Law: Specification of the applicable provincial law governing the release
9. Execution: Signature blocks and execution requirements
1. Representations and Warranties: Additional confirmations from the releasor regarding authority and validity of the release, used in more complex transactions
2. Partial Release: Used when only certain leases or properties are being released while others remain under assignment
3. Consideration: Required if there is specific consideration being paid for the release beyond loan repayment
4. Survival: Specifies which provisions survive the release, used in more complex transactions
5. Notice Provisions: Required if ongoing obligations or communications are contemplated
1. Schedule A - Property Description: Legal description of the property or properties affected by the release
2. Schedule B - Original Assignment Details: Details of the original Assignment of Leases and Rents including registration particulars
3. Schedule C - Affected Leases: List of specific leases being released, if not all leases are covered by the release
4. Schedule D - Registration Particulars: Details required for registration of the release in relevant land registries
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