Common use of Transfer of Lender’s Powers Clause in Contracts

Transfer of Lender’s Powers. Upon termination, we will automatically succeed to all the Lender's rights in and responsibilities for servicing of the affected mortgages. We will also have the option to exercise all the Lender's powers relating to these mortgages, and to designate any person or firm to exercise those powers. However, exercise of the Lender's powers must be consistent with the Lender's and our respective participation interests. The mortgage instruments for these mortgages and all related mortgage records will be delivered to us or a party we designate. The Lender will also deliver necessary assignments, transfers and documents of authority.

Transfer of Lender’s Powers. Upon termination, we will automatically succeed to all the Lender's ’s rights in and responsibilities for servicing of the affected mortgages. We will also have the option to exercise all the Lender's ’s powers relating to these mortgages, and to designate any person or firm to exercise those powers. However, exercise of the Lender's ’s powers must be consistent with the Lender's ’s and our respective participation interests. The mortgage instruments for these mortgages and all related mortgage records will be delivered to us or a party we designate. The Lender will also deliver necessary assignments, transfers and documents of authority.

Transfer of Lender’s Powers. Upon termination, we will automatically succeed to all the Lender's ’s rights in and responsibilities for servicing of the affected mortgages. We will also have the option to exercise all the Lender's ’s powers relating to these mortgages, and to designate any person or firm to exercise those powers. However, exercise of the Lender's ’s powers must be consistent with the Lender's ’s and our respective participation interests. The mortgage instruments for these mortgages and all related mortgage records will be delivered to us or a party we designate. The Lender will also deliver necessary assignments, transfers transfers, and documents of authority.