New Hampshire Revised Statutes 479-A:13 – Blanket Mortgages and Other Blanket Liens Affecting a Unit at Time of First Conveyance
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Terms Used In New Hampshire Revised Statutes 479-A:13
- Common areas and facilities: unless otherwise provided in the declaration or lawful amendments thereto, means and includes: the land on which the building is located. See New Hampshire Revised Statutes 479-A:1
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Unit: means a part of the property intended for any type of independent use, including one or more rooms or enclosed spaces located on one or more floors (or part or parts thereof) in a building, and with a direct exit to a public street or highway or to a common area leading to such street or highway. See New Hampshire Revised Statutes 479-A:1
At the time of the first conveyance of each unit, every mortgage and other lien affecting such unit, including the percentage of undivided interest of the unit in the common areas and facilities, shall be paid and satisfied of record, or the unit being conveyed and its percentage of undivided interest in the common areas and facilities shall be released therefrom by partial release duly recorded.