a defeasance clause in a security agreement provides that
“ Defeasance Account Agreement ”: The Defeasance Account Agreement, dated as of the Closing Date, among Pledgor, Pledgee, Servicer, and Intermediary. “ Defeasance Assignment, Assumption and Release Agreement ”: The Defeasance Assignment, Assumption and Release Agreement, dated as of the Closing Date, among Pledgor, Pledgee, Successor Borrower, Servicer, and acknowledged by Intermediary. A provision of a mortgage an interest in land given to mortgagee lender secure the payment debt which promises that mortgagor borrower will regain title mortgaged property when all terms have been met definition defeasance clause included agreement permits designated buyer received (deed) is deed provides conveyance be ineffective if pays on indicating once are. “ Defeasance Documents ”: This Agreement; the Note; the Loan Agreement; the Defeasance Assignment, Assumption and Release Agreement; the Defeasance Account Agreement; the Modification, Waiver and Consent Agreement, dated as of the Closing Date, by and between Pledgor and Pledgee; the Certificate of Borrower, dated as of the Closing Date, executed by Pledgor; and all financing statements filed in connection with this Agreement, all as amended, continued or otherwise modified. Defeasance Pledge And Security Agreement - This Security Agreement Involves Casa Munras Hotel Partners L P , U.s. Bank National Association , Wells Fargo Bank , Amresco Capital L.p Menu Plans & Pricing What is 'Defeasance Clause' A mortgage provision indicating that the borrower will be given the title to the property once all mortgage terms are met. The defeasance clause is not required in states using property liens as collateral for a mortgage. In this sense, the clause is a substitute for collateral. A mortgage provision indicating that the borrower will be given the title to the property once all mortgage terms are met.  In this sense, the clause is a substitute for collateral. The Defeasance Clause. As part of a mortgage agreement, the defeasance clause provides the buyer the right to secure the title, or deed, for the property once the debt is paid in full. Prior to that time, the financial institution backing the loan has all rights to the title as it functions as collateral for the associated debt. The buzzle write up below will explain the meaning of defeasance (or defeazance) (french dfaire, to undo), in law, an instrument which defeats a clause mortgage granting borrower exclusive ownership property after debt is repaid,; A corporate finance technique where definition stipulation agreement provides for its cancellation under specified conditions. This Security Agreement involves casa munras hotel partners l p | u.s. bank national association | wells fargo bank, | amresco capital, l.p RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. THIS DEFEASANCE PLEDGE AND SECURITY AGREEMENT, dated as of November 18, 2005 (this “ Agreement ”) made by and among CASA MUNRAS HOTEL PARTNERS, L.P., a California limited partnership (“ Pledgor ”), U.S. BANK NATIONAL ASSOCIATION, successor-in-interest to State Street Bank and Trust Company, as Trustee under the Pooling and Servicing Agreement, dated as of October 1, 1998 (the “ Pooling and Servicing Agreement ”), for the Registered Holders of Credit Suisse First Boston Mortgage ... THIS DEFEASANCE PLEDGE AND SECURITY AGREEMENT (this “ Agreement ”) is dated as of December 15, 2005, by and among FPR HOLDINGS LIMITED PARTNERSHIP, a Delaware limited partnership (“ Pledgor ”), JPMORGAN CHASE BANK, f/k/a The Chase Manhattan Bank, as trustee, under the Pooling and Servicing Agreement, dated as of December 18, 1998 (as amended from time to time, the “ Pooling and Servicing Agreement ”), for the registered holders of Credit Suisse First Boston Mortgage Securities ...
A defeasance clause in a security agreement provides that the buyer the right to secure the title, or deed, for the property once the debt is paid in full.