Other Authorized Acts Sample Clauses

Other Authorized Acts. If, from time to time, any of the loans covered under this Agreement are endorsed or insured, or the obligations thereunder are further secured by other collateral, then it is agreed that Seller shall (and that Seller is authorized to appoint Servicer as its agent), act for Buyer. Upon Buyer's written consent, Seller is authorized to release collateral security other than the real property described in the security instrument, to waive or collect special fees or charges, and to agree to substitution of personal liability, or to release persons secondarily liable.

Other Authorized Acts. If, from time to time, any of the loans covered under this Agreement are endorsed, assumed, guaranteed, or insured, or the obligations there under are further secured by other collateral, then it is agreed that Servicer shall, and Servicer is authorized to, act for the Participants with respect to such matters, as their interests may appear; provided that in the event any of said loans are secured by a mortgage and are insured or guaranteed by a governmental agency, Seller shall be the mortgagee of record in relation to the contract of insurance or guaranty, and the insurer or guarantor shall have no obligation to recognize or deal with any other Party except the approved mortgagee of record with respect to the rights, benefits, and obligations of the mortgagee under the contract of insurance or guaranty. Servicer is authorized to waive or collect special fees or charges, and in the case of permitted loan assumptions or similar third-Party undertakings, to agree to an increased rate of interest. Substitution of Servicer. Participant may remove Servicer and substitute a new Servicer if Servicer, without reasonable business justification, fails to engage in active collection of the debt upon thirty