Common use of Transfer of Loans Clause in Contracts

Transfer of Loans. (a) On or prior to the Closing Date, or the Subsequent Transfer Date in the case of Subsequent Loans, CFC shall deliver the Loan Files to CFSC. CFC has filed a form UCC-1 financing statement regarding the sale of the Loans to CFSC, and shall file continuation statements in respect of such UCC-1 financing statement as if such financing statement were necessary to perfect such sale. CFC shall take any other actions necessary to maintain the perfection of the sale of the Loans to CFSC. (b) CFC shall file promptly in the appropriate recording offices the assignments to the Trustee on behalf of the Trust of the mortgage, deed of trust or security deed securing each Loan relating to real estate located in Maryland, and shall deliver to the Trustee an Opinion of Counsel to the effect that the recordation of assignments of the mortgages, deeds of trust and security deeds, securing Loans relating to real estate located in any state other than Maryland, is not necessary to effect the assignment to the Trustee on behalf of the Trust of CFC's lien on the real property securing such Loans.

Transfer of Loans. (a) On or prior to the Closing Date, or the Subsequent Transfer Date in the case of Subsequent Loans, CFC shall deliver the Loan Files to CFSCthe Trustee or its custodian. CFC has filed a form UCC-1 financing statement regarding the sale of the Loans to CFSC, and shall file continuation statements in respect of such UCC-1 financing statement as if such financing statement were necessary to perfect such sale. CFC shall take any other actions necessary to maintain the perfection of the sale of the Loans to CFSC. (b) CFC shall file promptly in the appropriate recording offices the assignments to the Trustee on behalf of the Trust of the mortgage, deed of trust or security deed securing each Loan relating to secured by real estate located in Maryland, and shall deliver to the Trustee an Opinion of Counsel to the effect that the recordation of assignments of the mortgages, deeds of trust and security deeds, securing Loans relating to real estate located in any state other than Maryland, is not necessary to effect the assignment to the Trustee on behalf of the Trust of CFC's lien on the real property securing such Loans.