RESIGNATION AND SUCCESSOR a. Any Trustee may resign his office with thirty (30) days written notice to Beneficiaries and Beneficiaries shall proceed to elect a new Trustee to take the place of the Trustee who had resigned, but the resignation shall not take effect until a certificate thereof, signed, sealed, and acknowledged by the Trustee, and a certificate of the election of the new Trustee, signed and sworn to by the Beneficiaries and containing an acceptance of the office, signed and acknowledged by the new Trustee, shall have been procured in a form which is acceptable for recording in the registries of deeds of all the counties in which properties held under this instrument are situated. If the Beneficiaries shall fail to elect a new Trustee within thirty (30) days after the resignation, then the Trustee may petition any appropriate court in this state to accept his resignation and appoint a new Trustee.
b. Any vacancy in the office of Trustee, whether arising from death or from any other cause not herein provided for, shall be filled within thirty (30) days from the date of the vacancy and the Beneficiaries shall proceed to elect a new Trustee to fill the vacancy, and immediately thereafter shall cause to be prepared a certificate of the election containing an acceptance of the office, signed, sealed, and acknowledged by the new Trustee, which shall be in a form acceptable for recording in the registries of deeds of all the counties in which properties held under this instrument are situated.
c. Whenever a new Trustee shall have been elected or appointed to the office of Trustee and shall have assumed the duties of office, he shall succeed to the title of all the properties of the Trust and shall have all the powers and be subject to all the restrictions granted to or imposed upon the Trustee by this agreement, and every Trustee shall have the same powers, rights, and interests regarding the Trust Property, and shall be subject to the same restrictions and duties as the original Trustee, except as the same shall have been modified by amendment, as herein provided for.
d. Notwithstanding any such resignation, the Trustee shall continue to have a lien on the Trust Property for all costs, expenses and attorney's fees incurred and for said Trustee's reasonable compensation.
RESIGNATION AND SUCCESSOR. The Escrow Agent may resign at any time by giving sixty (60) days written notice to Lender, Bayview and J&J Health; provided, that such resignation shall not be effective unless and until a successor Escrow Agent has been appointed and accepts such position pursuant to the terms of this Section 5.5. In such event, Lender, Bayview and J&J Health shall jointly appoint a successor Escrow Agent. If a successor Escrow Agent is not appointed within the 30-day period following such notice, the Escrow Agent may petition any court of competent jurisdiction to name a successor Escrow Agent. Such appointment shall be effective on the effective date of the aforesaid resignation (the "Escrow Transfer Date"). On the Escrow Transfer Date, all right title and interest to the Escrow Fund, including interest thereon, shall be transferred to the successor Escrow Agent and this Escrow Agreement shall be assigned by the Escrow Agent to such successor Escrow Agent, and thereafter, the resigning Escrow Agent shall be released from any further obligations hereunder. The Escrow Agent shall continue to serve until its successor is appointed, assumes this Escrow Agreement and receives the transferred Escrow Fund.
RESIGNATION AND SUCCESSOR. The Trustee may resign by giving written notice to the Beneficiaries of his intention to resign. The Beneficiaries shall have the power to elect a successor trustee. If the Beneficiaries have not elected a successor trustee within thirty (30) days of the date of the notice from the Trustee of his resignation, then the Trustee shall have the right to convey the Trust Property to the Beneficiaries in the same proportion as their interests in the Trust may appear at the time of said conveyance. If the office of the Trustee shall become vacant for any reason, then the Beneficiaries shall proceed to elect a successor trustee. Said election shall occur within thirty (30) days of the occurrence of the vacancy. Upon election, the new Trustee shall cause to be prepared a certificate of his election containing a notice of election and his acceptance thereof in a form acceptable for recording in the office of the register of deeds of all of the counties in which the Trust Property is located. The certificate of election shall be filed in the office of the register of deeds of all of the counties in which the Trust Property is located. A successor Trustee shall have all of the rights, duties and powers of the original Trustee as if the successor Trustee was the original Trustee. The removal, resignation or death of the Trustee shall not affect the lien of the Trustee upon the Trust Property for compensation or expenses owed to the Trustee.
RESIGNATION AND SUCCESSOR. The Trustee may resign by giving written notice to the Beneficiary of his intention to resign. The Beneficiary shall have the power to elect a successor trustee. If the Beneficiary has not elected a successor trustee within thirty (30) days of the date of the notice from the Trustee of his resignation, then the Trustee shall have the right to convey the Trust Property to the Beneficiary. If the office of the Trustee shall become vacant for any reason, then the Beneficiary shall proceed to elect a successor trustee. Said election shall occur within thirty (30) days of the occurrence of the vacancy. A successor Trustee shall have all of the rights, duties and powers of the original Trustee as if the successor Trustee was the original Trustee. The removal, resignation or death of the Trustee shall not affect the lien of the Trustee upon the Trust Property for compensation or expenses owed to the Trustee.
RESIGNATION AND SUCCESSOR. 82 13.5 NOTEHOLDERS.................................................. 82 13.6
RESIGNATION AND SUCCESSOR. Subject to the appointment and acceptance of a successor Agent as provided below, the Agent may resign at any time by giving written notice thereof to the Lenders and Borrowers and the Agent may be removed at any time with or without cause by the Lenders. Upon any such resignation or removal, the Lenders shall have the right to appoint a successor Agent. If no successor Agent shall have been so appointed by the Lenders and shall have accepted such appointment within thirty (30) days after the retiring Agent's giving of notice of resignation or the Lenders' removal of the retiring Agent, then the retiring Agent may, on behalf of the Lenders, appoint a successor Agent. Upon the acceptance of any appointment as Agent hereunder by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent, and the retiring Agent shall be discharged from its duties and obligations hereunder and under each of the other Loan Documents. After any retiring Agent's resignation or removal hereunder as Agent, the provisions of this Article shall continue in effect for its benefit in respect to any actions taken or omitted to be taken by it while it was acting as the Agent.
RESIGNATION AND SUCCESSOR. The Escrow Agent may resign and be discharged of its duties and obligations under this Agreement by written notice provided to Acquiror and the Shareholder Representative not less than 15 days before the date when such resignation is to take effect. A successor escrow agent shall be selected by Acquiror and the Shareholder Representative. Any successor escrow agent shall execute, acknowledge and deliver to Acquiror and the Shareholder Representative an instrument accepting such duties and obligations hereunder; and thereupon such successor escrow agent, without any further act, deed or conveyance, shall become fully vested with all rights, duties and obligations of its predecessor under this Agreement, with like effect as if originally named Escrow Agent. The Escrow Agent, ceasing to act hereunder, shall turn over to the successor escrow agent the Escrow Funds. If Acquiror and the Shareholder Representative fail to designate a substitute escrow agent within 30 days after the giving of such notice, the Escrow Agent may institute a bill of interpleader with any court of competent jurisdiction. The Esxxxx Agent's sole responsibility after the notice period expires shall be to keep safely the Escrow Funds and to deliver the same to a designated substitute escrow agent, if any, or in accordance with the directions of a final order or judgment of a court of competent jurisdiction, at which time the Escrow Agent's obligations hereunder shall cease and terminate. Subject to the Escrow Agent's right to institute a bill of interpleader, the Escrow Agent may not resign until a successxx xscrow agent has been appointed and accepts such function as provided in this Section 6.6.
RESIGNATION AND SUCCESSOR. The Trustee may resign by giving written notice to the Beneficiaries of his intention to resign.
RESIGNATION AND SUCCESSOR. The Trustee may resign by giving written notice to the Beneficiary of his intention to resign. The Beneficiary shall have the power to elect a successor trustee. If the Beneficiary has not elected a successor trustee within thirty (30) days of the date of the notice from the Trustee of his resignation, then the Trustee shall have the right to convey the Trust Property to the Beneficiary. If the office of the Trustee shall become vacant for any reason, then the Beneficiary shall proceed to elect a successor trustee. Said election shall occur within thirty (30) days of the occurrence of the vacancy. Upon election, the new Trustee shall cause to be prepared a certificate of his election containing a notice of election and his acceptance thereof in a form acceptable for recording in the office of the register of deeds of all of the counties in which the Trust Property is located. The certificate of election shall be filed in the office of the register of deeds of all of the jurisdictions in which the Trust Property is located. A successor Trustee shall have all of the rights, duties and powers of the original Trustee as if the successor Trustee was the original Trustee. The removal, resignation or death of the Trustee shall not affect the lien of the Trustee upon the Trust Property for compensation or expenses owed to the Trustee.
