Common use of DEFEASEANCE Clause in Contracts

DEFEASEANCE. If Owner shall pay and discharge or provide, in a manner satisfactory to THDA, for the payment and discharge of all sums payable hereunder, including all sums due under the Note, and the Section 1602 Loan Agreement, and if the Note and interest and all sums due under the Section 1602 Loan Agreement are paid or forgiven, then, all property, rights and interest hereby conveyed or assigned or pledged shall revert to Owner, and the estate, right, title and interest of the Trustee and THDA therein shall thereupon cease, terminate and become void; and this Deed of Trust, and the covenants of Owner contained herein, shall be discharged. In such case, THDA, on demand of Owner and at Owner’s cost and expense, shall execute and deliver to Owner an instrument, in proper form for recording, acknowledging the satisfaction and termination of this Deed of Trust.

DEFEASEANCE. If Owner shall pay and discharge or provide, in a manner satisfactory to THDA, for the payment and discharge of all sums payable hereunder, including all sums due under the Note, and the Section 1602 TCAP Loan Agreement, and if the Note and interest and all sums due under the Section 1602 TCAP Loan Agreement are paid or forgivenforegiven, then, all property, rights and interest hereby conveyed or assigned or pledged shall revert to Owner, and the estate, right, title and interest of the Trustee and THDA therein shall thereupon cease, terminate and become void; and this Deed of Trust, and the covenants of Owner contained herein, shall be discharged. In such case, THDA, on demand of Owner and at Owner’s cost and expense, shall execute and deliver to Owner an instrument, in proper form for recording, acknowledging the satisfaction and termination of this Deed of Trust.

DEFEASEANCE. If Owner shall pay and discharge or provide, in a manner satisfactory to THDA, for the payment and discharge of all sums payable hereunder, including all sums due under the Note, and the Section 1602 TCAP Loan Agreement, and if the Note and interest and all sums due under the Section 1602 TCAP Loan Agreement are paid or forgivenpaid, then, all property, rights and interest hereby conveyed or assigned or pledged shall revert to Owner, and the estate, right, title and interest of the Trustee and THDA therein shall thereupon cease, terminate and become void; and this Deed of Trust, and the covenants of Owner contained herein, shall be discharged. In such case, THDA, on demand of Owner and at Owner’s cost and expense, shall execute and deliver to Owner an instrument, in proper form for recording, acknowledging the satisfaction and termination of this Deed of Trust.

DEFEASEANCE. If Owner shall pay and discharge or provide, in a manner satisfactory to THDA, for the payment and discharge of all sums payable hereunder, including all sums due under the Note, and the Section 1602 Loan Agreement, and if the Note and interest and all sums due under the Section 1602 Loan Agreement are paid or forgivenpaid, then, all property, rights and interest hereby conveyed or assigned or pledged shall revert to Owner, and the estate, right, title and interest of the Trustee and THDA therein shall thereupon cease, terminate and become void; and this Deed of Trust, and the covenants of Owner contained herein, shall be discharged. In such case, THDA, on demand of Owner and at Owner’s cost and expense, shall execute and deliver to Owner an instrument, in proper form for recording, acknowledging the satisfaction and termination of this Deed of Trust.