Deed of Cancellation of Hypothec

{{company_name}}

{{company_address}}

Phone: {{phone}}

Email: {{email}}

Website: {{website}}

DEED OF CANCELLATION OF HYPOTHEC

This Deed of Cancellation of Hypothec is made and entered into on this {{day}} day of {{month}}, {{year}}.

PARTIES

BETWEEN:

{{lender_name}} (hereinafter referred to as “the Lender”)

Address: {{lender_address}}

AND

{{borrower_name}} (hereinafter referred to as “the Borrower”)

Address: {{borrower_address}}

BACKGROUND

WHEREAS, prior to the date hereof, the Borrower did, in favour of the Lender, execute a Deed of Hypothec (hereinafter referred to as “the Hypothec”) dated {{hypothec_date}} and registered with the appropriate authority under reference number {{hypothec_reference_number}}.

AND WHEREAS the Hypothec was passed over the following property/asset owned by the Borrower:

{{property_description}}

AND WHEREAS the Hypothec was granted to secure certain indebtedness of the Borrower to the Lender, the details of which are more fully set forth in the Hypothec.

AND WHEREAS the Borrower has fully and finally repaid all amounts due and owing to the Lender in terms of the Hypothec and the underlying loan agreement, and the Lender acknowledges receipt of such full and final payment.

CANCELLATION

NOW THEREFORE, in consideration of the full and final settlement of all indebtedness secured by the Hypothec, the Lender hereby declares that the Hypothec granted by the Borrower in favour of the Lender on {{hypothec_date}} over the {{property_description}} is hereby cancelled and discharged in full.

The Lender hereby authorises and instructs the Registrar of Deeds, or other relevant authority, to cancel the registration of the Hypothec against the said property/asset.

The Lender further warrants that it has received full satisfaction of all claims, demands, and obligations arising from or in connection with the Hypothec.

INDEMNITY

The Borrower hereby indemnifies and holds harmless the Lender against any claims, damages, costs, or expenses arising from any errors or omissions in the original registration of the Hypothec or any subsequent fraudulent activity related thereto, save for the Lender's own gross negligence or wilful misconduct.

GOVERNING LAW

This Deed of Cancellation shall be governed by and construed in accordance with the laws of {{country}}.

SIGNATURES

THUS DONE AND SIGNED AT {{place_of_signing}} ON THE DATE FIRST ABOVE WRITTEN.

_____________________________

For and on behalf of {{lender_name}}

Name: {{lender_representative_name}}

Title: {{lender_representative_title}}

As duly authorised

_____________________________

For and on behalf of {{borrower_name}}

Name: {{borrower_representative_name}}

Title: {{borrower_representative_title}}

As duly authorised

WITNESSES:

1. _____________________________

Name: {{witness_1_name}}

Address: {{witness_1_address}}

2. _____________________________

Name: {{witness_2_name}}

Address: {{witness_2_address}}