Common use of Mortgage Lender Not to Resign Clause in Contracts

Mortgage Lender Not to Resign. The Mortgage Lender shall not resign from the obligations and duties hereby imposed on it except upon determination that its duties hereunder are no longer permissible under applicable law or regulation. Any such determination permitting the resignation of the Mortgage Lender shall be evidenced by an opinion of counsel satisfactory to the Authority and Servicer to such effect delivered to the Authority and the Servicer. No such resignation shall become effective until another Mortgage Lender, the Servicer or a successor servicer shall have assumed the Mortgage Lender’s responsibilities and obligations in accordance with Section 4.15 hereof.

Mortgage Lender Not to Resign. The Mortgage Lender Xxxxxx shall not resign from the obligations and duties hereby imposed on it except upon determination that its duties hereunder are no longer permissible under applicable law or regulation. Any such determination permitting the resignation of the Mortgage Lender shall be evidenced by an opinion of counsel satisfactory to the Authority and Servicer to such effect delivered to the Authority and the Servicer. No such resignation shall become effective until another Mortgage Lender, the Servicer or a successor servicer shall have assumed the Mortgage Lender’s responsibilities and obligations in accordance with Section 4.15 hereof.

Mortgage Lender Not to Resign. The Mortgage Lender shall not resign from the obligations and duties hereby imposed on it except upon determination that its duties hereunder are no longer permissible under applicable law or regulation. Any such determination permitting the resignation of the Mortgage Lender shall be evidenced by an opinion of counsel satisfactory to the Authority and Servicer Commission to such effect delivered to the Authority and the ServicerCommission. No such resignation shall become effective until another Mortgage Lender, the Servicer Servicer, or a successor servicer shall have assumed the Mortgage Lender’s responsibilities and obligations in accordance with Section 4.15 5.02 hereof.

Mortgage Lender Not to Resign. The Mortgage Lender Xxxxxx shall not resign from the obligations and duties hereby imposed on it except upon determination that its duties hereunder are no longer permissible under applicable law or regulation. Any such determination permitting the resignation of the Mortgage Lender shall be evidenced by an opinion of counsel satisfactory to the Authority and Servicer Commission to such effect delivered to the Authority and the ServicerCommission. No such resignation shall become effective until another Mortgage Lender, the Servicer Servicer, or a successor servicer shall have assumed the Mortgage Lender’s responsibilities and obligations in accordance with Section 4.15 4.16 hereof.