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. Most states allow property liens when mortgages are issued, and don't follow the common law theory requiring a defeasance clause. In real estate, a lien gives the mortgagee the right to foreclose the property upon default of the terms in order to recoup what was owed.
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A department in a government that is responsible for standards in occupational safety, wages, and insurance benefits .
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Land Lease Option
An option in a lease contract, which grants the lessee the right to lengthen the lease period beyond the specified original time frame. Normally, t ...
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