Common use of Termination of Security Interest and Release of Bailee Clause in Contracts

Termination of Security Interest and Release of Bailee. Buyer's status and obligations as bailee shall automatically terminate, without further action by any party, upon the earliest to occur of: (i) payment of the Purchase Price to Seller, as set forth in Section 4 hereof (the "Purchase Date"); or (ii) return of the Collateral to Lender, as set forth in Section 5 hereof. Lender agrees that its security interest in the Collateral and that all right, title, and interest it may have in each related Mortgage Loan purchased by Buyer are and shall be fully released effective as of the Purchase Date, whereupon Buyer will have no further obligations to Lender with respect to such Collateral.

Termination of Security Interest and Release of Bailee. Buyer's status and obligations as bailee shall automatically terminate, without further action by any party, upon the earliest to occur of: (i) payment of the Purchase Price to SellerFirst Collateral, as set forth in Section 4 9 hereof (the "Purchase Date"); or (ii) return of the Collateral Mortgage Documents to LenderFirst Collateral, as set forth in Section 5 10 hereof. Lender First Collateral agrees that its security interest in the Collateral and that all right, title, and interest it may have in each and to the Mortgage Documents and the related Mortgage Loan Loans purchased by Buyer are and shall be fully released effective as of the Purchase Date, whereupon Buyer will have no further obligations to Lender First Collateral with respect to such CollateralMortgage Documents or related Mortgage Loans.