In terms of the Renewal and Extension section for a Texas DoT you correctly noted that our DoT contains a provision entitled "Renewal and Extension." Our loan documentation programs are compliant in all 50 states. In working with our local TX counsel, they had us insert this provision in our DOT whenever a loan is a refinance of existing debt. When our local Texas counsel reviews each deal, he will finalize this passage for you. Also, please note TX counsel will upload their reviewed package in the files page.
As it pertains to Section entitled "Renewal and Extension." do note that this is standard language. By paying off these existing debts, you (new lender) are “stepping into the shoes” of the prior lender. For the lawyers out there, this is equitable subrogation. Under Texas law, paying off the prior debts allows you (new lender) to assume the lien priority that the prior lender had when it made the loans; no intervening liens since the date of each loan can trump your lien priority. If the liens were extinguished at payoff, new lender would not get that benefit; its lien priority would date from today. Instead, you as the new lender are “renewing and extending” (continuing) the liens (and their priority).