Lien Release Agreement Template for Hong Kong

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Key Requirements PROMPT example:

Lien Release Agreement

"I need a Lien Release Agreement under Hong Kong law for releasing a construction lien on a commercial property in Kowloon, where multiple contractors are involved and the release needs to be effective from March 15, 2025."

Document background

The Lien Release Agreement is a crucial document in Hong Kong's secured financing and property transactions landscape. It is typically used when a debt or obligation secured by a lien has been fully satisfied, or when parties agree to release a security interest for other valid considerations. The document must comply with Hong Kong's Conveyancing and Property Ordinance and other relevant legislation, ensuring proper discharge of the security interest. A well-drafted Lien Release Agreement includes specific details about the original lien, the property being released, and clear release language that will be recognized by Hong Kong registries and courts. This document is particularly important in complex financing transactions where multiple security interests may exist, and clear documentation of their release is essential for clean title and future transactions.

Suggested Sections

1. Parties: Identification of the Lienholder (releasing party) and the Property Owner/Debtor (party whose property is being released)

2. Background: Recitals describing the original lien, its registration details, the underlying obligation, and the circumstances leading to the release

3. Definitions: Key terms used in the agreement, including 'Lien', 'Property', 'Release Date', and 'Security Interest'

4. Acknowledgment of Satisfaction: Confirmation that the underlying obligation has been satisfied or conditions for release have been met

5. Release and Discharge: The operative provision releasing and discharging the lien and any related security interests

6. Representations and Warranties: Lienholder's confirmation of authority to release and that no assignment or transfer of the lien has occurred

7. Further Assurances: Commitment to execute additional documents or take further actions if needed to effect the release

8. Governing Law and Jurisdiction: Specification of Hong Kong law as governing law and Hong Kong courts' jurisdiction

9. Execution: Signature blocks and execution requirements

Optional Sections

1. Partial Release Provisions: Required when only a portion of the property or collateral is being released from the lien

2. Consideration: Needed if the release is given in exchange for specific payment or other consideration

3. Continuing Obligations: Required when certain obligations survive the release

4. Multiple Lienholder Provisions: Necessary when there are multiple lienholders and specific provisions regarding their respective rights

5. Conditions Precedent: Required when the release is subject to certain conditions being satisfied

6. Indemnification: Optional protection for the lienholder against future claims

7. Confidentiality: Required when parties wish to keep the terms of the release confidential

Suggested Schedules

1. Property Description: Detailed legal description of the property or assets being released

2. Original Lien Details: Copy or details of the original lien registration, including filing numbers and dates

3. Payment Details: If applicable, breakdown of any payments or consideration given for the release

4. Form of Release Documents: Any statutory or required forms for recording the release

5. Related Security Interests: List of any related security interests also being released

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

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