1. A blanket-mortgage provision that enables the mortgagor to obtain a release from the mortgage of a specific portion of the property upon paying a specific (usu. more than pro rata) portion of the loan. • Mortgagees commonly include a clause that disallows a partial release if the mortgagor is in default on any part of the mortgage. [Cases: Mortgages 310. C.J.S. Mortgages § 488.]
2. A purchase-agreement provision that allows a seller who has accepted an offer containing a contingency to continue to market the property and accept other offers. • If the seller accepts another buyer’s offer, the original buyer typically has a specified time (such as 72 hours) to waive the contingency (such as the sale of the buyer’s present house) or to release the seller from the agreement. [Cases: Vendor and Purchaser 79. C.J.S. Vendor and Purchaser §§ 125, 141.]
