Defeasance Clause

1. Clause used to defeat or
cancel a certain right upon the occurrence of a
specific event (e.g., on final payment, words of
grant in a mortgage are void and the mortgage
is thereby cancelled and title is revested to
mortgagor). 2. Clause used to give a borrower
the right to redeem real estate after default on a
note by paying the full amount due plus fees and
court costs.

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