Common use of Merger or Consolidation of the Sub-Servicer Clause in Contracts

Merger or Consolidation of the Sub-Servicer. The Sub-Servicer shall keep in full effect its existence, rights and franchises as a limited partnership, limited liability company or corporation under the laws of the state of its organization or, as applicable, a national banking association under the laws of the United States of America. Any Person into which the Sub-Servicer may be merged or consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Sub-Servicer shall be a party, or any Person succeeding to the business of the Sub-Servicer, shall be the successor of the Sub-Servicer hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, however, that the successor or surviving Person (i) must be a company whose business includes the origination or servicing of mortgage loans and shall be authorized to transact business in the state or states in which the related Mortgaged Properties it is to service are situated (unless such authorization is not required), (ii) must be reasonably acceptable to the Master Servicer, and (iii) shall assume in writing the obligations of the Sub-Servicer under this Agreement.

Merger or Consolidation of the Sub-Servicer. The Sub-Servicer shall keep in full effect its existence, rights and franchises as a limited partnership, limited liability company or corporation under the laws of the state of its organization or, as applicable, a national banking association under the laws of the United States of AmericaStates. Any Person into which the Sub-Servicer may be merged or consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Sub-Servicer shall be a party, or any Person succeeding to all or substantially all of the business of the Sub-Servicer, shall be the successor of the Sub-Servicer hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, however, that the successor or surviving Person (i) must be a company business entity whose business includes the origination or and servicing of mortgage loans and shall be authorized to transact business in the state or states in which the related Mortgaged Properties it is to service are situated (unless such authorization is not required)situated, (ii) must be reasonably acceptable an approved servicer of multifamily mortgage loans for Freddie Mac or Fannie Mae or a HUD approved servicer, (iii) must be xxxxxxxble to the Master Servicertxx Xxxvicer, and (iiiiv) shall assume have assumed in writing the obligations of the Sub-Servicer under this Agreement.

Merger or Consolidation of the Sub-Servicer. The Sub-Servicer shall keep in full effect its existence, rights and franchises as a limited partnership, limited liability company or corporation duly formed business entity formed under the laws of the state of its organization or, as applicable, a national banking association under the laws of the United States of Americaorganization. Any Person into which the Sub-Servicer may be merged or consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Sub-Servicer shall be a party, or any Person succeeding to the business of the Sub-Servicer, shall be the successor of the Sub-Servicer hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, however, that the successor or surviving Person (i) must be a company whose business includes the origination or servicing of mortgage loans and shall be authorized to transact business in the state or states in which the related Mortgaged Properties Property it is to service are is situated (unless such authorization is not required)if and to the extent required by applicable law, (ii) must be reasonably acceptable to the Master ServicerServicer (in its reasonable discretion), and (iii) shall assume in writing the obligations of the Sub-Servicer under this Agreement.

Merger or Consolidation of the Sub-Servicer. The Sub-Servicer shall keep in full effect its existence, rights and franchises as a limited partnership, limited liability company or corporation under the laws of the state of its organization or, as applicable, a national banking association under the laws of the United States of America. Any Person into which the Sub-Servicer may be merged or consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Sub-Servicer shall be a party, or any Person succeeding to the business of the Sub-Servicer, shall be the successor of the Sub-Servicer hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, however, that the successor or surviving Person (i) must be a company whose business includes the origination or servicing of mortgage loans and shall be authorized to transact business in the state or states in which the related Mortgaged Properties it is to service are situated (unless such authorization is not required)situated, (ii) must be an approved servicer of multifamily mortgage loans for FHLMC or FNMA or a servicer approved by the Department of Housing and Urban Development, (iii) must be reasonably acceptable to the Master Servicer, and (iiiiv) shall assume in writing the obligations of the Sub-Servicer under this Agreement.