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Hereby is used in connection with what is present with the speaker or what the speaker has just mentioned or the speaker's present words (i.e. the present document); thereby is used in connection with what is at a distance from the speaker or what has been mentioned by the speaker or by someone else.
Now therefore, the undersigned hereby substitutes himself/herself/themselves as Trustee under said Deed of. Trust and does hereby reconvey, without warranty, to the person or persons legally entitled hereto, the Estate now. held by him thereunder.