Written Homework #8
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    Satisfaction of Mortgage

    Writing Assignment
    • Prepare a document entitled "Satisfaction of Mortgage" in a form suitable for recordation in the Public Records.  Its purpose is to provide documentation in the chain of title that a certain mortgage securing a loan has been fully satisfied.

    Facts:
    • A lender provided a construction loan to a borrower.  Its purpose was to provide funds for the construction of a house.  The loan was to be repaid upon the sale of the house to a homebuyer.  The borrower gave the lender a mortgage on the property as collateral for the loan.  The mortgage was recorded in the Public Records of Miami Dade County.  The borrower is now ready to repay the loan.

    Description of the Mortgage
    • "Mortgagor" (the borrower) is Neighborhood Housing LLC (790 Ali Baba Ave., Opa-locka FL 33055)

    • "Mortgagee" (the lender) is Community Fund of North Miami Dade, Inc. (790 Ali Baba Ave., Opa-locka FL 33055) - Wally Joiner, president

    • Miami-Dade County Public Records recording information for the Mortgage

      • Book - 28602
      • Page - 3396
      • Date of Recording: 4/26/13

    • Legal Description of the mortgaged property:

        • Parcel Identification Number: 08-2122-003-1820

        Lot 43 and 44, Block 10, of MAGNOLIA SUBDIVISION, according to the Plat thereof, as recorded in Plat Book 40, at Page 80, of the Public Records of Miami-Dade County, Florida

    Miscellaneous
    • Because the document will be executed by a corporation make sure that the signature block is adequate.

    • Because this document is essentially a conveyance of an interest in real estate that is to be recorded in the Public Records it must be executed in accordance with the statutory requirements.  Here are the relevant statutes

      • 689.01(2) FS
      • 695.03 FS
      • 695.25 FS
      • 695.26 FS