Common use of Qualified Trustees Clause in Contracts

Qualified Trustees. With respect to each Mortgage constituting a deed of trust, a trustee, duly qualified under applicable law to serve as such, has been properly designated and currently so serves and is named in such Mortgage, and no fees or expenses are or will become payable by Purchaser (or any other mortgagee) to the trustee under the deed of trust, except in connection with a trustee’s sale after default by the Borrower.

Qualified Trustees. With respect to each Mortgage constituting a deed of trust, a trustee, duly qualified under applicable law to serve as such, has been properly designated and currently so serves and is named in such Mortgage, and no fees or expenses are or will become payable by Purchaser Buyer or Custodian (or any other mortgagee) to the trustee under the deed of trust, except in connection with a trustee’s sale after default by the BorrowerMortgagor.