Common use of Splitting the Loan Clause in Contracts

Splitting the Loan. Lender shall have the right from time to time to sever the Note and the other Loan Documents into one or more separate notes, mortgages, deeds of trust and other security documents (the “Severed Loan Documents”) in such denominations and priorities as Lender shall determine in its sole discretion, provided, however, that the terms, provisions and clauses of the Severed Loan Documents shall be no more adverse to Borrower than those contained in the Note, this Mortgage and the other Loan Documents. Borrower shall execute and deliver to Lender from time to time, promptly after the request of Lender, a severance agreement and such other documents as Lender shall reasonably request in order to effect the severance described in the preceding sentence, all in form and substance reasonably satisfactory to Lender. Borrower hereby absolutely and irrevocably appoints Lender as its true and lawful attorney, coupled with an interest, in its name and stead to make and execute all documents necessary or desirable to effect the aforesaid severance, Borrower ratifying all that its said attorney shall do by virtue thereof; provided, however, that Lender shall not make or execute any such documents under such power until not less than three (3) days has passed after notice has been given to Borrower by Lender of Lender’s intent to exercise its rights under such power.

Splitting the Loan. Lender Lender, at no cost to Indemnitor, shall have the right from time to time to sever the Note and the other Loan Documents into one or more separate notes, mortgages, deeds of trust and other security documents (the “Severed Loan Documents”) in such denominations and priorities as Lender shall determine in its sole discretion, provided, however, that the terms, provisions and clauses of the Severed Loan Documents shall be no more adverse to Borrower Indemnitor than those contained in the Note, this the Mortgage and the other Loan DocumentsDocuments and there shall be no additional obligations of Indemnitor and no change in the Note Rate (as defined in the Note). Borrower Indemnitor shall execute and deliver to Lender Lender, at Indemnitor’s sole cost and expense, from time to time, promptly after the request of Lender, a severance agreement and such other documents as Lender shall reasonably request in order to effect the severance described in the preceding sentence, all in form and substance reasonably satisfactory to Lender. Borrower Indemnitor hereby absolutely and irrevocably appoints Lender as its true and lawful attorney, coupled with an interest, in its name and stead to make and execute all documents necessary or desirable to effect the aforesaid severance, Borrower Indemnitor ratifying all that its said attorney shall do by virtue thereof; provided, however, that Lender shall not make or execute any such documents under such power until not less than three ten (310) business days has passed after notice has been given to Borrower Indemnitor by Lender of Lender’s intent to exercise its rights under such power.

Splitting the Loan. Lender Lender, at no cost to Borrower, shall have the right from time to time to sever the Note and the other Loan Documents into one or more separate notes, mortgages, deeds of trust and other security documents (the “Severed Loan Documents”) in such denominations and priorities as Lender shall determine in its sole discretion, provided, however, that the terms, provisions and clauses of the Severed Loan Documents shall be no more adverse to Borrower than those contained in the Note, this the Mortgage and the other Loan DocumentsDocuments and there shall be no additional obligations of Borrower and no change in the Note Rate (as defined in the Note). Borrower shall execute and deliver to Lender Lender, at Borrower’s sole cost and expense, from time to time, promptly after the request of Lender, a severance agreement and such other documents as Lender shall reasonably request in order to effect the severance described in the preceding sentence, all in form and substance reasonably satisfactory to Lender. Borrower hereby absolutely and irrevocably appoints Lender as its true and lawful attorney, coupled with an interest, in its name and stead to make and execute all documents necessary or desirable to effect the aforesaid severance, Borrower ratifying all that its said attorney shall do by virtue thereof; provided, however, that Lender shall not make or execute any such documents under such power until not less than three ten (310) business days has passed after notice has been given to Borrower by Lender of Lender’s intent to exercise its rights under such power.

Splitting the Loan. Lender Payee shall have the right at no cost to Maker from time to time to sever the this B Note and the other Loan Documents into one or more separate notes, mortgages, deeds of trust and other security documents (the “Severed Loan Documents”"SEVERED LOAN DOCUMENTS") in such denominations and priorities as Lender Payee shall determine in its sole discretion, provided, however, that the terms, provisions and clauses of the Severed Loan Documents shall be no more adverse to Borrower Maker than those contained in the this B Note, this Mortgage the Security Instrument and the other Loan Documents. Borrower Maker shall execute and deliver to Lender Payee from time to time, promptly after the request of LenderPxxxx, a severance agreement and such other documents as Lender Payee shall reasonably request in order to effect the severance described in the preceding sentence, all in form and substance reasonably satisfactory to LenderPayee. Borrower Maker hereby absolutely and irrevocably appoints Lender Payee as its true and lawful attorney, coupled with an interest, in its name and stead to make and execute all documents necessary or desirable to effect the aforesaid severance, Borrower Maker ratifying all that its said attorney shall do by virtue thereof; provided, however, that Lender Payee shall not make or execute any such documents under such power until not less than three (3) days has passed after notice has been given to Borrower Maker by Lender Payee of Lender’s Payee's intent to exercise its rights under such power.

Splitting the Loan. Lender Payee shall have the right at no cost to Maker from time to time to sever the this B Note and the other Loan Documents into one or more separate notes, mortgages, deeds of trust and other security documents (the “Severed Loan Documents”) in such denominations and priorities as Lender Payee shall determine in its sole discretion, provided, however, that the terms, provisions and clauses of the Severed Loan Documents shall be no more adverse to Borrower Maker than those contained in the this B Note, this Mortgage the Security Instrument and the other Loan Documents. Borrower Maker shall execute and deliver to Lender Payee from time to time, promptly after the request of LenderPaxxx, a severance agreement and such other documents as Lender Payee shall reasonably request in order to effect the severance described in the preceding sentence, all in form and substance reasonably satisfactory to LenderPayee. Borrower Maker hereby absolutely and irrevocably appoints Lender Payee as its true and lawful attorney, coupled with an interest, in its name and stead to make and execute all documents necessary or desirable to effect the aforesaid severance, Borrower Maker ratifying all that its said attorney shall do by virtue thereof; provided, however, that Lender Payee shall not make or execute any such documents under such power until not less than three (3) days has passed after notice has been given to Borrower Maker by Lender Payee of Lender’s Paxxx’x intent to exercise its rights under such power.

Splitting the Loan. Lender Xxxxx, at no cost to Maker, shall have the right from time to time to sever the this Note and the other Loan Documents into one or more separate notes, mortgages, deeds of trust and other security documents (the “Severed Loan Documents”) in such denominations and priorities as Lender Payee shall determine in its sole discretion, provided, however, that the terms, provisions and clauses of the Severed Loan Documents shall be no more adverse to Borrower Maker than those contained in the this Note, this Mortgage the Security Instrument and the other Loan DocumentsDocuments and there shall be no additional obligations of Maker and no change in the Note Rate. Borrower Maker shall execute and deliver to Lender Payee at Xxxxx’s sole cost and expense, from time to time, promptly after the request of LenderXxxxx, a severance agreement and such other documents as Lender Payee shall reasonably request in order to effect the severance described in the preceding sentence, all in form and substance reasonably satisfactory to LenderPayee. Borrower Maker hereby absolutely and irrevocably appoints Lender Payee as its true and lawful attorney, coupled with an interest, in its name and stead to make and execute all documents necessary or desirable to effect the aforesaid severance, Borrower Maker ratifying all that its said attorney shall do by virtue thereof; provided, however, that Lender Payee shall not make or execute any such documents under such power until not less than three ten (310) business days has passed after notice has been given to Borrower Maker by Lender Payee of LenderXxxxx’s intent to exercise its rights under such power.