release clause.Real estate. 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.] [Blacks Law 8th]