The Conditional Release of Lien is a crucial document in Malaysian property and construction transactions where a lien holder agrees to release their security interest in a property upon the satisfaction of specific conditions. This document is commonly used in situations where partial payments are made, work completion is pending, or other conditions need to be met before a full release can be granted. The document must comply with Malaysian legal requirements, particularly the National Land Code 1965 and the Contracts Act 1950. It typically includes detailed property descriptions, the original lien information, specific release conditions, and the process for verifying condition fulfillment. The conditional nature of the release provides protection for the lien holder while offering a clear path to lien discharge for the property owner.
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1. Parties: Identification of the Lien Holder and the Property Owner/Debtor, including full legal names and addresses
2. Background: Details of the original lien, including date of filing, amount, and property reference
3. Definitions: Key terms used in the document including 'Lien', 'Property', 'Conditions', 'Release Date'
4. Property Description: Legal description of the property subject to the lien
5. Original Lien Details: Reference to the original lien document, filing details, and current amount owing
6. Conditions for Release: Clear statement of all conditions that must be met for the lien to be released
7. Release Terms: The specific terms of release once conditions are met, including timing and process
8. Representations and Warranties: Statements by both parties regarding their authority and the validity of the lien
9. Governing Law: Specification that Malaysian law governs the agreement
10. Execution: Signature blocks and witnessing requirements
1. Multiple Lien Holders: Required when there are multiple lien holders involved in the release
2. Partial Release Terms: Needed when only a portion of the lien is being released
3. Payment Terms: Detailed payment conditions if the release is contingent on specific payment arrangements
4. Dispute Resolution: Specific procedures for resolving disputes about condition fulfillment
5. Survival Clause: Specifying which provisions survive after the release
6. Time Extension Provisions: Terms for extending the time to meet conditions if needed
7. Notice Requirements: Specific requirements for how notices must be given between parties
1. Schedule A - Property Details: Detailed legal description of the property, including lot numbers, boundaries, and title details
2. Schedule B - Original Lien Documentation: Copies or details of the original lien registration documents
3. Schedule C - Payment Schedule: If applicable, detailed payment terms and schedule
4. Schedule D - Condition Fulfillment Requirements: Detailed requirements for proving conditions have been met
5. Appendix 1 - Required Forms: Standard forms required for lien release in the relevant jurisdiction
6. Appendix 2 - Evidence of Authority: Documentation proving authority of signatories to execute the release
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