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The mortgage agreement has a standard defeasance clause.
  a contractual clause that cancels a condition upon the completion of another condition (such as eliminating a lien once a debt is paid)


often thought of as a type of pre-payment penalty on a loan (one form of security is substituted for another such as substituting a property lien with government bonds whose interest and principle will continue to make the originally scheduled payments)
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defeasance defeasances
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  • The mortgage agreement has a standard defeasance clause.
  • I’d like to sell the property, but the defeasance on the existing loan is too expensive.
  • "Defeasance," I said.
    Patrick Rothfuss  --  The Name of the Wind
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Associated words [difficulty]:   defeasance [9]
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Most commonly used in these subjects:   Business, Personal Finance, Law
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