Merger or Consolidation of Participating Lending Institution. The Participating Lending Institution agrees and covenants that, during the term of this Mortgage Origination Agreement, it will: (i) remain a lending or financial institution subject to supervision and examination by federal and state authorities, where applicable; (ii) to the extent it is originating FHA Mortgage Loans, remain an FHA-approved mortgagee in good standing; (iii) to the extent it is originating VA or RHS Mortgage Loans, remain an eligible lender in good standing for mortgages guaranteed by VA or RHS, as applicable; (iv) and to the extent it is originating Conventional Mortgage Loans, remain a lender approved by Xxxxxx Xxx or Freddie Mac, as applicable, to sell and service Conventional Mortgage Loans; and (v) remain in good standing and qualified to do business under the Laws of its jurisdiction of organization and of the State, and will not dissolve or otherwise dispose of all or substantially all of its assets, will not voluntarily consolidate with or merge into any other entity or permit one or more other entities to consolidate with or merge into it. The Participating Lending Institution, without violating this section, may consolidate with or merge into another lending or financial institution, or permit one or more lending or financial institutions to consolidate with or merge into it, or sell or otherwise transfer to another such lending or financial institution all or substantially all of its assets and thereafter dissolve, provided that the surviving, resulting or transferee lending or financial institution, as the case may be: (i) shall be subject to the supervision and examination of federal and state authorities to the same extent as the Participating Lending Institution, where applicable; (ii) shall be an FHA-approved mortgagee in good standing, and/or an eligible lender in good standing for mortgages guaranteed by the VA or RHS, to the extent it is originating such loans; (iii) shall be approved by Xxxxxx Xxx or Freddie Mac, as applicable, to sell and service Conventional Mortgage Loans, to the extent it is originating such loans; (iv) shall have a net worth, after giving effect to such transaction, at least equal to that of the Participating Lending Institution immediately prior to such transaction; (v) shall assume in writing all the obligations of the Participating Lending Institution under the Program Agreement; and (vi) shall obtain the written consent of the Division to serve as a Participating Lending Institution. In the ...
