Common use of Assumption or Termination of Subservicing Agreement by Successor Servicer Clause in Contracts

Assumption or Termination of Subservicing Agreement by Successor Servicer. In connection with the assumption of the responsibilities, duties and liabilities and of the authority, power and rights of the Servicer hereunder by a successor servicer pursuant to this Agreement, it is understood and agreed that the Servicer’s rights and obligations under any Subservicing Agreement then in force between the Servicer and a Subservicer shall be assumed simultaneously by such successor servicer without act or deed on the part of such successor servicer; provided, however, that any successor servicer may terminate the Subservicer. The Servicer shall, upon the reasonable request of the Owner, but at its own expense, deliver to the assuming party documents and records relating to each Subservicing Agreement and an accounting of amounts collected and held by it and otherwise use its best efforts to effect the orderly and efficient transfer of the Subservicing Agreements to the assuming party. The Servicing Fee payable to any such successor servicer shall be payable from payments received on the Mortgage Loans in the amount and in the manner set forth in this Agreement.

Assumption or Termination of Subservicing Agreement by Successor Servicer. In connection with the assumption of the responsibilities, duties and liabilities and of the authority, power and rights of the Servicer hereunder by a successor servicer Servicer pursuant to this AgreementSection 9.02, it is understood and agreed that the Servicer’s rights and obligations under any Subservicing Agreement then in force between the Servicer servicer and a Subservicer shall may be assumed simultaneously or terminated by such the successor servicer Servicer at its option without act or deed on the part payment of such successor servicer; provided, however, that any successor servicer may terminate the Subservicerfee (notwithstanding any contrary provision in any Subservicing Agreement). The Servicer shall, upon the reasonable request of the Ownersuccessor Servicer, but at its own expensethe expense of the Servicer, deliver to the assuming party documents and records relating to each Subservicing Agreement and an accounting of amounts collected and held by it and otherwise use its best reasonable efforts to effect the orderly and efficient transfer of the Subservicing Agreements to the assuming party. The Servicing Fee payable to , without the payment of any such fee by the successor servicer shall be payable from payments received on the Mortgage Loans Servicer, notwithstanding any contrary provision in the amount and in the manner set forth in this any Subservicing Agreement.

Assumption or Termination of Subservicing Agreement by Successor Servicer. In connection with the assumption of the responsibilities, duties and liabilities and of the authority, power and rights of the Servicer hereunder by a successor servicer Servicer pursuant to this AgreementSection 9.02, it is understood and agreed that the Servicer’s 's rights and obligations under any Subservicing Agreement then in force between the Servicer and a Subservicer shall may be assumed simultaneously or terminated by such the successor servicer Servicer at its option without act or deed on the part payment of such successor servicer; provided, however, that any successor servicer may terminate the Subservicerfee (notwithstanding any contrary provision in any Subservicing Agreement). The Servicer shall, upon the reasonable request of the Ownersuccessor Servicer, but at its own expensethe expense of the Servicer, deliver to the assuming party documents and records relating to each Subservicing Agreement and an accounting of amounts collected and held by it and otherwise use its best reasonable efforts to effect the orderly and efficient transfer of the Subservicing Agreements to the assuming party. The Servicing Fee payable to , without the payment of any such fee by the successor servicer shall be payable from payments received on the Mortgage Loans Servicer, notwithstanding any contrary provision in the amount and in the manner set forth in this any Subservicing Agreement.

Assumption or Termination of Subservicing Agreement by Successor Servicer. In connection with the assumption of the responsibilities, duties and liabilities and of the authority, power and rights of the Servicer hereunder by a successor servicer pursuant to this Agreement, it is understood and agreed that the Servicer’s 's rights and obligations under any Subservicing Agreement then in force between the Servicer and a Subservicer shall be assumed simultaneously by such successor servicer without act or deed on the part of such successor servicer; provided, however, that any successor servicer may terminate the Subservicer. The Servicer shall, upon the reasonable request of the Owner, but at its own expense, deliver to the assuming party documents and records relating to each Subservicing Agreement and an accounting of amounts collected and held by it and otherwise use its best efforts to effect the orderly and efficient transfer of the Subservicing Agreements to the assuming party. The Servicing Fee payable to any such successor servicer shall be payable from payments received on the Mortgage Loans in the amount and in the manner set forth in this Agreement.