Common use of Replacement of Directors Clause in Contracts

Replacement of Directors. Notwithstanding any other provision contained in this Loan Agreement, if a receiver is appointed pursuant to this Loan Agreement or otherwise, which receiver has authority to replace any director or trustee of the Condominium Association pursuant to the terms of the receivership order, then: (i) Borrower will, if directed by Lender, cause any trustee or director of the Condominium Association to resign or otherwise be removed effective as of the date of such appointment. (ii) Borrower agrees that such receiver may thereafter appoint any replacement trustee or director, to the extent permitted by the receivership order.

Replacement of Directors. Notwithstanding any other provision contained in this Loan Agreement, if a receiver is appointed pursuant to this Loan Agreement or otherwise, which receiver has authority to replace any director or trustee of the Condominium Association pursuant to the terms of the receivership order, then: (i) Borrower will, if directed by Lender, cause any trustee or director of the Condominium Association appointed by Borrower to resign or otherwise be removed effective as of the date of such appointment., and (ii) Borrower agrees that such receiver may thereafter appoint any replacement trustee or director, to the extent permitted by the receivership order.

Replacement of Directors. Notwithstanding any other provision contained in this Loan Agreement, if Borrower controls the Condominium Association, and if a receiver is appointed pursuant to this Loan Agreement or otherwise, which receiver has authority to replace any director or trustee of the Condominium Association pursuant to the terms of the receivership order, then: (i) Borrower will, if directed by Lender, cause any trustee or director of the Condominium Association to resign or otherwise be removed effective as of the date of such appointment., and (ii) Borrower agrees that such receiver may thereafter appoint any replacement trustee or director, to the extent permitted by the receivership order.

Replacement of Directors. Notwithstanding any other provision contained in this Loan Agreement, if a receiver is appointed pursuant to this Loan Agreement or otherwise, which receiver has authority to replace any director or trustee of the Condominium Association pursuant to the terms of the receivership order, then: (i) Borrower will, if directed by Lender, cause any trustee or director of the Condominium Association to resign or otherwise be removed effective as of the date of such appointment., and (ii) Borrower agrees that such receiver may thereafter appoint any replacement trustee or director, to the extent permitted by the receivership order.