I want to remove the text which shows up at the checkout page

When a customer is purchasing a subscription, Shopify automatically displays a special disclaimer text, such as this one:  "This item is a recurring or deferred purchase. By continuing, I agree to the cancellation policy and authorize you to charge my payment method at the prices, frequency and dates listed on this page until my order is fulfilled or I cancel, if permitted."

This text is added there by Shopify to make sure your shop is compliant with local laws and regulations and at the same time protects your business. 

But if you want to change this, you can try to change this in Shopify admin > Online store > click the three dots at the published theme > Edit default theme content. 

We generally recommend that you keep this text there, as this text is there to protect your business and keep it compliant with local laws and regulations.