Common use of Substitution of Trustees Clause in Contracts

Substitution of Trustees. The Beneficiary shall have, and is hereby granted with warranty of further assurance, the irrevocable power to appoint a substitute trustee(s) hereunder to be exercised at any time without notice by filing for record in the office where this instrument is recorded a deed of appointment. Upon the recordation of such deed of appointment, the trustee(s) so appointed shall become fully vested with identically the same title and estate in and to the Property and with all the rights, powers, trusts and duties of their/his/her predecessor in trust, with like effect as if originally named as Trustee or Trustees hereunder.

Substitution of Trustees. The Beneficiary shall have, and is hereby granted with warranty of further assurance, the irrevocable power to appoint a substitute trustee(s) Trustee or Trustees hereunder to be exercised at any time without notice by filing for record in the office where this instrument is recorded a deed of appointment. Upon the recordation of such deed of appointment, the trustee(s) Trustee or Trustees so appointed shall become fully vested with identically the same title and estate in and to the Property and with all the rights, powers, trusts and duties of their/his/, his or her predecessor in trust, trust hereunder with like effect as if originally named as Trustee or Trustees hereunder.