Finance
A 'partial release' clause in a blanket mortgage allows a developer to:
APartially pay off the mortgage
BObtain the release of individual lots from the mortgage lien as each lot is sold✓ Correct
CRelease one borrower from joint liability
DPartially subordinate the mortgage to a new lien
Explanation
A blanket mortgage covers multiple parcels (used by developers to finance subdivisions). A partial release clause allows the developer to sell individual lots, and as each lot is sold, that lot is released from the lien upon payment of a specified amount, while the remaining lots stay under the blanket mortgage.
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