Common use of CHANGE IN OWNERSHIP AND/OR ADDRESS Clause in Contracts

CHANGE IN OWNERSHIP AND/OR ADDRESS. It is the responsibility of the lender or his/her agent to notify the borrower promptly in writing if there is any change in ownership of the items or if there is a change in the identity or address of the lender. If the legal ownership of the objects changes during the pendency of this loan, the new owner may prior to its return, be required to establish his/her legal right to receive the items.

CHANGE IN OWNERSHIP AND/OR ADDRESS. ● It is the responsibility of the lender Lender or his/her agent to notify the borrower Borrower promptly in writing if there is any change in ownership of the items object (whether through death, sale, gift, insolvency, or otherwise) or if there is a change in the identity or address of the lenderLender. ● If the legal ownership of the objects changes during the pendency period of this loan, the new owner may may, prior to its return, be required to establish his/her legal right to receive the itemsobject.