Common use of Assumption or Termination of Subservicing Agreements Clause in Contracts

Assumption or Termination of Subservicing Agreements. In the event that Mxxxxx Sxxxxxx Credit Corporation, or its successors (collectively, “MSCC”) shall for any reason cease to be the servicer of the Mortgage Loans under this Agreement, Owner or its designee may, if MSCC does not terminate any Subservicing Agreement in accordance with its terms, thereupon assume all of the rights and obligations of MSCC under such Subservicing Agreement. Upon such assumption, Owner or its designee shall be deemed to have assumed all of MSCC’s interest therein and to have replaced MSCC as a party to each Subservicing Agreement to the same extent as if the Subservicing Agreements had been assigned to the assuming party, except that MSCC shall not thereby be relieved of any liability or obligations under the Subservicing Agreements and MSCC shall continue to be entitled to any rights or benefits, in each case, which arose prior to its termination as servicer. The Servicer at its expense shall, upon the request of Owner, deliver to the assuming party all documents and records relating to each Subservicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by it and otherwise use reasonable efforts to effect the orderly and efficient transfer of the Subservicing Agreements to the assuming party.

Assumption or Termination of Subservicing Agreements. In the event that Mxxxxx Sxxxxxx Xxxxxx Xxxxxxx Credit Corporation, or its successors (collectively, “MSCC”) shall for any reason cease to be the servicer of the Mortgage Loans under this Agreement, Owner or its designee may, if MSCC does not terminate any Subservicing Agreement in accordance with its terms, thereupon assume all of the rights and obligations of MSCC under such Subservicing Agreement. Upon such assumption, Owner or its designee shall be deemed to have assumed all of MSCC’s interest therein and to have replaced MSCC as a party to each Subservicing Agreement to the same extent as if the Subservicing Agreements had been assigned to the assuming party, except that MSCC shall not thereby be relieved of any liability or obligations under the Subservicing Agreements and MSCC shall continue to be entitled to any rights or benefits, in each case, which arose prior to its termination as servicer. The Servicer at its expense shall, upon the request of Owner, deliver to the assuming party all documents and records relating to each Subservicing Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by it and otherwise use reasonable efforts to effect the orderly and efficient transfer of the Subservicing Agreements to the assuming party.