Common use of Transfer of Servicing Clause in Contracts

Transfer of Servicing. Upon a transfer of Mortgage Loans or of servicing pursuant to Section 2.08(b) or upon termination of the Servicer's responsibilities and duties under this Agreement pursuant to Section 9 herein, the following shall be performed: (a) With respect to each Mortgage Loan, on the related Servicing Transfer Date, the Owner, or its appointed successor servicer (collectively referred to as "Successor Servicer"), shall assume all Servicing responsibilities related to, and the Servicer shall cease all Servicing responsibilities related to the Mortgage Loans. On or prior to the related Servicing Transfer Date the Servicer shall take such steps as may be necessary or appropriate to effectuate and evidence the transfer of the Servicing of the Mortgage Loans to the Successor Servicer, including but not limited to the following:

Transfer of Servicing. Upon a transfer of Mortgage Loans or of servicing pursuant to Section 2.08(b) or upon termination of the Servicer's ’s responsibilities and duties under this Agreement pursuant to Section 9 herein, the following shall be performed: (a) With respect to each Mortgage Loan, on the related Servicing Transfer Date, the Owner, or its appointed successor servicer (collectively referred to as "“Successor Servicer"”), shall assume all Servicing responsibilities related to, and the Servicer shall cease all Servicing responsibilities related to the Mortgage Loans. On or prior to the related Servicing Transfer Date the Servicer shall take such steps as may be necessary or appropriate to effectuate and evidence the transfer of the Servicing of the Mortgage Loans to the Successor Servicer, including but not limited to the following: