diff --git a/binfmt/libelf/libelf_bind.c b/binfmt/libelf/libelf_bind.c
index d046b7a7b35..da2dcd4ceac 100644
--- a/binfmt/libelf/libelf_bind.c
+++ b/binfmt/libelf/libelf_bind.c
@@ -195,42 +195,14 @@ static int elf_relocate(FAR struct elf_loadinfo_s *loadinfo, int relidx,
 
       addr = dstsec->sh_addr + rel.r_offset;
 
-      /* If CONFIG_ARCH_ADDRENV=y, then 'addr' lies in a virtual address space that
-       * may not be in place now.  elf_addrenv_select() will temporarily
-       * instantiate that address space.
-       */
-
-#ifdef CONFIG_ARCH_ADDRENV
-      ret = elf_addrenv_select(loadinfo);
-      if (ret < 0)
-        {
-          bdbg("ERROR: elf_addrenv_select() failed: %d\n", ret);
-          return ret;
-        }
-#endif
-
       /* Now perform the architecture-specific relocation */
 
       ret = up_relocate(&rel, &sym, addr);
       if (ret < 0)
         {
-#ifdef CONFIG_ARCH_ADDRENV
-          (void)elf_addrenv_restore(loadinfo);
-#endif
           bdbg("ERROR: Section %d reloc %d: Relocation failed: %d\n", ret);
           return ret;
         }
-
-      /* Restore the original address environment */
-
-#ifdef CONFIG_ARCH_ADDRENV
-      ret = elf_addrenv_restore(loadinfo);
-      if (ret < 0)
-        {
-          bdbg("ERROR: elf_addrenv_restore() failed: %d\n", ret);
-          return ret;
-        }
-#endif
     }
 
   return OK;
@@ -263,6 +235,9 @@ static int elf_relocateadd(FAR struct elf_loadinfo_s *loadinfo, int relidx,
 int elf_bind(FAR struct elf_loadinfo_s *loadinfo,
              FAR const struct symtab_s *exports, int nexports)
 {
+#ifdef CONFIG_ARCH_ADDRENV
+  int status;
+#endif
   int ret;
   int i;
 
@@ -285,6 +260,20 @@ int elf_bind(FAR struct elf_loadinfo_s *loadinfo,
       return -ENOMEM;
     }
 
+#ifdef CONFIG_ARCH_ADDRENV
+  /* If CONFIG_ARCH_ADDRENV=y, then the loaded ELF lies in a virtual address
+   * space that may not be in place now.  elf_addrenv_select() will
+   * temporarily instantiate that address space.
+   */
+
+  ret = elf_addrenv_select(loadinfo);
+  if (ret < 0)
+    {
+      bdbg("ERROR: elf_addrenv_select() failed: %d\n", ret);
+      return ret;
+    }
+#endif
+
   /* Process relocations in every allocated section */
 
   for (i = 1; i < loadinfo->ehdr.e_shnum; i++)
@@ -332,5 +321,19 @@ int elf_bind(FAR struct elf_loadinfo_s *loadinfo,
   up_coherent_dcache(loadinfo->textalloc, loadinfo->textsize);
 #endif
 
+#ifdef CONFIG_ARCH_ADDRENV
+  /* Restore the original address environment */
+
+  status = elf_addrenv_restore(loadinfo);
+  if (status < 0)
+    {
+      bdbg("ERROR: elf_addrenv_restore() failed: %d\n", status);
+      if (ret == OK)
+        {
+          ret = status;
+        }
+    }
+#endif
+
   return ret;
 }
diff --git a/binfmt/libelf/libelf_load.c b/binfmt/libelf/libelf_load.c
index 81016a9085a..de3165606f5 100644
--- a/binfmt/libelf/libelf_load.c
+++ b/binfmt/libelf/libelf_load.c
@@ -132,9 +132,8 @@ static void elf_elfsize(struct elf_loadinfo_s *loadinfo)
  * Name: elf_loadfile
  *
  * Description:
- *   Allocate memory for the file and read the section data into the
- *   allocated memory.  Section addresses in the shdr[] are updated to point
- *   to the corresponding position in the allocated memory.
+ *   Read the section data into memory. Section addresses in the shdr[] are
+ *   updated to point to the corresponding position in the memory.
  *
  * Returned Value:
  *   0 (OK) is returned on success and a negated errno is returned on
@@ -150,15 +149,6 @@ static inline int elf_loadfile(FAR struct elf_loadinfo_s *loadinfo)
   int ret;
   int i;
 
-  /* Allocate (and zero) memory for the ELF file. */
-
-  ret = elf_addrenv_alloc(loadinfo, loadinfo->textsize, loadinfo->datasize);
-  if (ret < 0)
-    {
-      bdbg("ERROR: elf_addrenv_alloc() failed: %d\n", ret);
-      return ret;
-    }
-
   /* Read each section into memory that is marked SHF_ALLOC + SHT_NOBITS */
 
   bvdbg("Loaded sections:\n");
@@ -196,39 +186,14 @@ static inline int elf_loadfile(FAR struct elf_loadinfo_s *loadinfo)
 
       if (shdr->sh_type != SHT_NOBITS)
         {
-          /* If CONFIG_ARCH_ADDRENV=y, then 'text' lies in a virtual address
-           * space that may not be in place now.  elf_addrenv_select() will
-           * temporarily instantiate that address space.
-           */
-
-#ifdef CONFIG_ARCH_ADDRENV
-          ret = elf_addrenv_select(loadinfo);
-          if (ret < 0)
-            {
-              bdbg("ERROR: elf_addrenv_select() failed: %d\n", ret);
-              return ret;
-            }
-#endif
-
           /* Read the section data from sh_offset to the memory region */
 
           ret = elf_read(loadinfo, *pptr, shdr->sh_size, shdr->sh_offset);
           if (ret < 0)
             {
-              bdbg("Failed to read section %d: %d\n", i, ret);
+              bdbg("ERROR: Failed to read section %d: %d\n", i, ret);
               return ret;
             }
-
-          /* Restore the original address environment */
-
-#ifdef CONFIG_ARCH_ADDRENV
-          ret = elf_addrenv_restore(loadinfo);
-          if (ret < 0)
-            {
-              bdbg("ERROR: elf_addrenv_restore() failed: %d\n", ret);
-             return ret;
-            }
-#endif
         }
 
       /* Update sh_addr to point to copy in memory */
@@ -275,7 +240,7 @@ int elf_load(FAR struct elf_loadinfo_s *loadinfo)
   ret = elf_loadshdrs(loadinfo);
   if (ret < 0)
     {
-      bdbg("elf_loadshdrs failed: %d\n", ret);
+      bdbg("ERROR: elf_loadshdrs failed: %d\n", ret);
       goto errout_with_buffers;
     }
 
@@ -283,13 +248,36 @@ int elf_load(FAR struct elf_loadinfo_s *loadinfo)
 
   elf_elfsize(loadinfo);
 
-  /* Allocate memory and load sections into memory */
+  /* Allocate (and zero) memory for the ELF file. */
+
+  ret = elf_addrenv_alloc(loadinfo, loadinfo->textsize, loadinfo->datasize);
+  if (ret < 0)
+    {
+      bdbg("ERROR: elf_addrenv_alloc() failed: %d\n", ret);
+      goto errout_with_buffers;
+    }
+
+#ifdef CONFIG_ARCH_ADDRENV
+  /* If CONFIG_ARCH_ADDRENV=y, then the loaded ELF lies in a virtual address
+   * space that may not be in place now.  elf_addrenv_select() will
+   * temporarily instantiate that address space.
+   */
+
+  ret = elf_addrenv_select(loadinfo);
+  if (ret < 0)
+    {
+      bdbg("ERROR: elf_addrenv_select() failed: %d\n", ret);
+      goto errout_with_buffers;
+    }
+#endif
+
+  /* Load ELF section data into memory */
 
   ret = elf_loadfile(loadinfo);
   if (ret < 0)
     {
-      bdbg("elf_loadfile failed: %d\n", ret);
-      goto errout_with_buffers;
+      bdbg("ERROR: elf_loadfile failed: %d\n", ret);
+      goto errout_with_addrenv;
     }
 
   /* Load static constructors and destructors. */
@@ -298,14 +286,25 @@ int elf_load(FAR struct elf_loadinfo_s *loadinfo)
   ret = elf_loadctors(loadinfo);
   if (ret < 0)
     {
-      bdbg("elf_loadctors failed: %d\n", ret);
-      goto errout_with_buffers;
+      bdbg("ERROR: elf_loadctors failed: %d\n", ret);
+      goto errout_with_addrenv;
     }
 
   ret = elf_loaddtors(loadinfo);
   if (ret < 0)
     {
-      bdbg("elf_loaddtors failed: %d\n", ret);
+      bdbg("ERROR: elf_loaddtors failed: %d\n", ret);
+      goto errout_with_addrenv;
+    }
+#endif
+
+#ifdef CONFIG_ARCH_ADDRENV
+  /* Restore the original address environment */
+
+  ret = elf_addrenv_restore(loadinfo);
+  if (ret < 0)
+    {
+      bdbg("ERROR: elf_addrenv_restore() failed: %d\n", ret);
       goto errout_with_buffers;
     }
 #endif
@@ -314,6 +313,11 @@ int elf_load(FAR struct elf_loadinfo_s *loadinfo)
 
   /* Error exits */
 
+errout_with_addrenv:
+#ifdef CONFIG_ARCH_ADDRENV
+  (void)elf_addrenv_restore(loadinfo);
+#endif
+
 errout_with_buffers:
   elf_unload(loadinfo);
   return ret;