Common use of OTHER AUTHORIZED ACTS Clause in Contracts

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 thereunder are further secured by other collateral, then it is agreed that the Seller shall and the Seller is authorized to, act for Buyer with respect to such matters, as its interests may appear; provided that in the event any of said Loans are insured or guaranteed by a governmental agency or a private mortgage insurance company, the 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.

OTHER AUTHORIZED ACTS. If from time to time any of the Loans Pledged Mortgage Loan covered under this Agreement are is endorsed, assumed, guaranteed or insured, or the obligations thereunder are further secured by other collateral, then it is agreed that the Seller Borrower shall and the Seller Borrower is authorized to, act for Buyer Lender with respect to such matters, as its interests may appear; provided that in the event any of said Loans are such Pledged Mortgage Loan is insured or guaranteed by a governmental agency or a private mortgage insurance company, the Seller Borrower 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.