Common use of Removal of the Electronic Agent Clause in Contracts

Removal of the Electronic Agent. (a) The Purchaser, with or without cause, may remove and discharge the Electronic Agent and MERS from the performance of its duties under this Agreement with respect to some or all of the MERS Designated Mortgage Loans by written notice from the Purchaser to the Electronic Agent and the Seller. (b) In the event of termination of this Agreement, at the Seller’s sole cost and expense, the Electronic Agent shall follow the instructions of the Purchaser for the disposition of the documents in its possession pursuant to this Agreement, and deliver to the Purchaser an Assignment of Mortgage, in blank, in recordable form but unrecorded for each MERS Designated Mortgage Loan identified by the Purchaser as owned by the Purchaser. Notwithstanding the foregoing, in the event that the Purchaser terminates this Agreement with respect to some, but not all, of the MERS Designated Mortgage Loans, this Agreement shall remain in full force and effect with respect to any MERS Designated Mortgage Loans for which this Agreement is not terminated hereunder. Notwithstanding any termination of this Agreement, the provisions of Section 10 shall survive any termination.

Removal of the Electronic Agent. (a) The Purchaser, with or without cause, may remove and discharge the Electronic Agent and MERS from the performance of its duties under this Agreement with respect to some or all of the MERS Designated Mortgage Loans by written notice from the Purchaser to the Electronic Agent and the Seller. (b) In the event of termination of this Agreement, at the Seller’s sole cost and expense, the Electronic Agent shall follow the instructions of the Purchaser for the disposition of the documents in its possession pursuant to this Agreement, and deliver to the Purchaser an Assignment of Mortgage, in blank, in recordable form but unrecorded for each MERS Designated Mortgage Loan identified by the Purchaser as owned by the Purchaser. Notwithstanding the foregoing, in the event that the Purchaser terminates this Agreement with respect to some, but not all, of the MERS Designated Mortgage Loans, this Agreement shall remain in full force and effect with respect to any MERS Designated Mortgage Loans for which this Agreement is not terminated hereunder. Notwithstanding any termination of this Agreement, the provisions of Section Sections 10 shall survive any termination.

Removal of the Electronic Agent. (a) The PurchaserBank, with or without cause, may remove and discharge the Electronic Agent and MERS from the performance of its duties under this Agreement with respect to some or all of the MERS Designated Mortgage Loans by written notice from the Purchaser Bank to the Electronic Agent and the SellerCompany. (b) In the event of termination of this Agreement, at the SellerCompany’s sole cost and expense, the Electronic Agent shall follow the instructions of the Purchaser Bank for the disposition of the documents in its possession pursuant to this Agreement, and deliver to the Purchaser Bank an Assignment of Mortgage, in blank, in recordable form but unrecorded for each MERS Designated Mortgage Loan identified by the Purchaser Bank as owned collateralized by the PurchaserBank. Notwithstanding the foregoing, in the event that the Purchaser Bank terminates this Agreement with respect to some, but not all, of the MERS Designated Mortgage Loans, this Agreement shall remain in full force and effect with respect to any MERS Designated Mortgage Loans for which this Agreement is not terminated hereunder. Notwithstanding any termination of this Agreement, the provisions of Section Sections 10 shall survive any termination.

Removal of the Electronic Agent. (a) The PurchaserBuyer, with or without cause, may remove and discharge the Electronic Agent and MERS from the performance of its duties under this Agreement with respect to some or all of the MERS Designated Mortgage Loans by written notice from the Purchaser Buyer to the Electronic Agent and the Seller. (b) In the event of termination of this Agreement, at the Seller’s sole cost and expense, the Electronic Agent shall follow the instructions of the Purchaser Buyer for the disposition of the documents in its possession pursuant to this Agreement, and deliver to the Purchaser Buyer an Assignment of Mortgage, in blank, in recordable form but unrecorded for each MERS Designated Mortgage Loan identified by the Purchaser Buyer as owned by the PurchaserBuyer. Notwithstanding the foregoing, in the event that the Purchaser Buyer terminates this Agreement with respect to some, but not all, of the MERS Designated Mortgage Loans, this Agreement shall remain in full force and effect with respect to any MERS Designated Mortgage Loans for which this Agreement is not terminated hereunder. Notwithstanding any termination of this Agreement, the provisions of Section 10 shall survive any termination.

Removal of the Electronic Agent. (a) The PurchaserBuyer or Custodian, with or without cause, may remove and discharge the Electronic Agent and MERS from the performance of its duties under this Agreement with respect to some or all of the MERS Designated Mortgage Loans by written notice from the Purchaser Custodian to the Electronic Agent and the Seller. (b) In the event of termination of this Agreement, at the Seller’s 's sole cost and expense, the Electronic Agent shall follow the instructions of the Purchaser Buyer or Custodian (acting at Buyer's direction) for the disposition of the documents in its possession pursuant to this Agreement, and deliver to the Purchaser Custodian an Assignment of Mortgage, in blank, in recordable form but unrecorded for each MERS Designated Mortgage Loan identified by the Purchaser Custodian as owned by the PurchaserBuyer. Notwithstanding the foregoing, in the event that the Purchaser Buyer terminates this Agreement with respect to some, but not all, of the MERS Designated Mortgage Loans, this Agreement shall remain in full force and effect with respect to any MERS Designated Mortgage Loans for which this Agreement is not terminated hereunder. Notwithstanding any termination of this Agreement, the provisions of Section 10 13 shall survive any termination.

Removal of the Electronic Agent. (a) The PurchaserBuyer, with or without cause, may remove and discharge the Electronic Agent and MERS from the performance of its duties under this Agreement with respect to some or all of the MERS Designated Mortgage Loans by written notice from the Purchaser Buyer to the Electronic Agent and the Seller. (b) In the event of termination of this Agreement, at the Seller’s sole cost and expense, the Electronic Agent shall follow the instructions of the Purchaser Buyer for the disposition of the documents in its possession pursuant to this Agreement, and deliver to the Purchaser Buyer an Assignment of Mortgage, in blank, in recordable form but unrecorded for each MERS Designated Mortgage Loan identified by the Purchaser Buyer as owned purchased by the PurchaserBuyer. Notwithstanding the foregoing, in the event that the Purchaser Buyer terminates this Agreement with respect to some, but not all, of the MERS Designated Mortgage Loans, this Agreement shall remain in full force and effect with respect to any MERS Designated Mortgage Loans for which this Agreement is not terminated hereunder. Notwithstanding any termination of this Agreement, the provisions of Section Sections 10 shall survive any termination.

Removal of the Electronic Agent.  (a) The PurchaserLender, with or without cause, may remove and discharge the Electronic Agent and MERS from the performance of its duties under this Agreement with respect to some or all of the MERS Designated Mortgage Loans by written notice from the Purchaser Lender to the Electronic Agent and the Seller.Borrower.  (b) In the event of termination of this Agreement, at the Seller’s Borrower's sole cost and expense, the Electronic Agent shall follow the instructions of the Purchaser Lender for the disposition of the documents in its possession pursuant to this Agreement, and deliver to the Purchaser Lender an Assignment of Mortgage, in blank, in recordable form but unrecorded for each MERS Designated Mortgage Loan identified by the Purchaser Lender as owned collateralized by the PurchaserLender. Notwithstanding the foregoing, in the event that the Purchaser Lender terminates this Agreement with respect to some, but not all, of the MERS Designated Mortgage Loans, this Agreement shall remain in full force and effect with respect to any MERS Designated Mortgage Loans for which this Agreement is not terminated hereunder. Notwithstanding any termination of this Agreement, the provisions of Section 10 shall survive any termination.. 

Removal of the Electronic Agent. (a) The PurchaserLender, with or without cause, may remove and discharge the Electronic Agent and MERS from the performance of its duties under this Agreement with respect to some or all of the MERS Designated Mortgage Loans by written notice from the Purchaser Lender to the Electronic Agent and the SellerBorrower. (b) In the event of termination of this Agreement, at the SellerBorrower’s sole cost and expense, the Electronic Agent shall follow the instructions of the Purchaser Lender for the disposition of the documents in its possession pursuant to this Agreement, and deliver to the Purchaser Lender an Assignment of Mortgage, in blank, in recordable form but unrecorded for each MERS Designated Mortgage Loan identified by the Purchaser Lender as owned collateralized by the PurchaserLender. Notwithstanding the foregoing, in the event that the Purchaser Lender terminates this Agreement with respect to some, but not all, of the MERS Designated Mortgage Loans, this Agreement shall remain in full force and effect with respect to any MERS Designated Mortgage Loans for which this Agreement is not terminated hereunder. Notwithstanding any termination of this Agreement, the provisions of Section 10 shall survive any termination.