Sec. 12.
(1) If a claim of lien recorded under this act has been partially paid, the real estate broker shall provide a partial satisfaction and release of lien in the form provided in subsection (2) within 5 days after written demand by the owner of record or the owner's agent.
(2) A partial satisfaction and release of lien under this section shall meet the requirements of 1937 PA 103, MCL 565.201 to 565.203, and be in substantially the following form:
| PARTIAL SATISFACTION AND RELEASE OF LIEN |
| [Legal description] |
Therefore, the claimant, for and in consideration of the payment, waives, to the extent of the payment, the claim of or right to a lien under the commercial real estate broker's lien act against the property described above, the building or buildings on the property, and the tenant spaces in the building or buildings.
| [Name of Claimant] |
| By:________________________ |
| Its Authorized Agent |
| Signed and sworn to before me in ____________ County, Michigan, on ________________, ______[year]. |
| _______________________________ |
| [Notary's name, county, acting |
| in county, state, and date |
| commission expires] |
| Prepared By: |
| Return To: |
History: 2010, Act 201, Imd. Eff. Oct. 5, 2010