Defeased Note definition
Examples of Defeased Note in a sentence
The Defeased Note and Undefeased Note shall have identical terms as the Note except for the principal balance.
Borrower shall pay $1,000 to any such Successor Borrower as consideration for assuming the obligations under the Note or the Defeased Note, as applicable, and the Security Agreement.
Such Successor Borrower shall assume the obligations under the Note or the Defeased Note, as applicable, and the Security Agreement and Borrower shall be relieved of its obligations under such documents.
The Defeased Note and Undefeased Note shall have identical terms as the Note except for the principal balance and monthly payments.
Borrower shall transfer and assign all obligations, rights and duties under and to the Defeased Note, together with the Defeasance Collateral to such Successor Borrower.