Definitions for "DEFEASANCE CLAUSE"
The clause in a mortgage or deed of trust that gives the borrower the right to redeem his or her property upon the payment of his or her property upon the payment of his or her obligations to the lender. Back to the Top
Clause in a mortgage that gives the mortgagor the right to redeem his property on payment of his obligation to the mortgagee.
A clause found in mortgages and leases that removes a specified right when certain conditions have been met, such as removing a lenderĂ¢â‚¬(tm)s interest in a property when the loan is repaid.
Defense Loan And Tecnical Assistance Program (Delta)