Common use of TRUSTEE'S RESIGNATION Clause in Contracts

TRUSTEE'S RESIGNATION. The Trustee may resign by an instrument in writing addressed to the Beneficiary, or the Trustee may be removed at any time with or without cause by an instrument in writing executed by the Beneficiary. In case of the death, resignation, removal or disqualification of the Trustee or if for any reason the Beneficiary shall deem it desirable to appoint a substitute or successor trustee to act instead of the Trustee named in this Deed of Trust or instead of any substitute or successor Trustee, then the Beneficiary shall have the right and is hereby authorized and empowered to appoint a successor Trustee, or a substitute Trustee, without other formality than appointment and designation in writing executed by the Beneficiary, and the authority conferred by this Paragraph B shall extend to the appointment of other successor and substitute Trustees successively until the Obligations have been paid in full or until the Trust Property is sold under this Deed of Trust. Such appointment and designation by the Beneficiary shall be full evidence of the right and authority to make the same and of all facts therein recited. Any such appointment executed on behalf of the Beneficiary by an officer of the Beneficiary shall be conclusively presumed to be executed with authority and shall be valid and sufficient without proof of any action by the board of directors or any superior officer of the Beneficiary. Upon the making of such appointment and designation, all of the estate and title of the Trustee in the Trust Property shall vest in the named successor or substitute Trustee, and the named successor or substitute Trustee shall thereupon succeed to and shall hold, possess and execute all the rights, powers, privileges, immunities and duties conferred upon the Trustee in this Deed of Trust. Upon the written request of the Beneficiary or of the successor or substitute Trustee, the Trustee ceasing to act shall execute and deliver an instrument transferring to such successor or substitute Trustee all of the estate and title in the Trust Property of the Trustee so ceasing to act, together with all the rights, powers, privileges, immunities and duties conferred upon the Trustee in this Deed of Trust, and shall duly assign, transfer and deliver any of the properties and moneys held by said Trustee under this Deed of Trust to said successor or substitute Trustee. All references in this Deed of Trust to the Trustee shall be deemed to refer to the Trustee (including any successor or substitute appointed and designated as provided in this Deed of Trust) from time to time acting under this Deed of Trust. The Grantor hereby ratifies and confirms any and all acts which the Trustee or its successor or successors, substitute or substitutes, in this trust, shall do lawfully by virtue of this Deed of Trust.

TRUSTEE'S RESIGNATION. The Trustee may resign by an instrument --------------------- in writing addressed to the Beneficiary, or the Trustee may be removed at any time with or without cause by an instrument in writing executed by the Beneficiary. In case of the death, resignation, removal or disqualification of the Trustee or if for any reason the Beneficiary shall deem it desirable to appoint a substitute or successor trustee to act instead of the Trustee named in this Deed of Trust or instead of any substitute or successor Trustee, then the Beneficiary shall have the right and is hereby authorized and empowered to appoint a successor Trustee, or a substitute Trustee, without other formality than appointment and designation in writing executed by the BeneficiaryBeneficiary and recorded in the real estate records of the county where the Mortgaged Property is located, and the authority conferred by this Paragraph B Section 7.03 shall extend to the appointment of other successor and substitute Trustees successively until the Obligations have been paid in full or until the Trust Mortgaged Property is sold under this Deed of Trust. Such appointment and designation by the Beneficiary shall be full evidence of the right and authority to make the same and of all facts therein recited. Any such appointment executed on behalf of the Beneficiary by an officer of the Beneficiary shall be conclusively presumed to be executed with authority and shall be valid and sufficient without proof of any action by the board of directors or any superior officer of the Beneficiary. Upon the making of such appointment and designation, all of the estate and title of the Trustee in the Trust Mortgaged Property shall vest in the named successor or substitute Trustee, and the named successor or substitute Trustee shall thereupon succeed to and shall hold, possess and execute all the rights, powers, privileges, immunities and duties conferred upon the Trustee in this Deed of Trust. Upon the written request of the Beneficiary or of the successor or substitute Trustee, the Trustee ceasing to act shall execute and deliver an instrument transferring to such successor or substitute Trustee all of the estate and title in the Trust Mortgaged Property of the Trustee so ceasing to act, together with all the rights, powers, privileges, immunities and duties conferred upon the Trustee in this Deed of Trust, and shall duly assign, transfer and deliver any of the properties and moneys held by said Trustee under this Deed of Trust to said successor or substitute Trustee. All references in this Deed of Trust to the Trustee shall be deemed to refer to the Trustee (including any successor or substitute appointed and designated as provided in this Deed of Trust) from time to time acting under this Deed of Trust. Trust The Grantor hereby ratifies and confirms any and all acts which the Trustee or its successor or successors, substitute or substitutes, in this trust, shall do lawfully by virtue of this Deed of Trust.

TRUSTEE'S RESIGNATION. If any cause exists enabling Trustee to resign, Trustee shall inform the same to Settlor, Trust Beneficiaries in the First Place and Trust Beneficiary in the Second Place in writing, clearly expressing the reasons that ground such resignation. Settlor, Trust Beneficiary in the First Place and Trust Beneficiary in the Second Place shall jointly inform to Trustee, within a 60-calendar-day period from the date on which they receive such notice, the name of the institution(s) that shall act as substitute trustee, so that Trustee may deliver the Trust Assets to the same. The parties hereby expressly agree that Trustee may resign if the fees corresponding to three or more consecutive periods are not timely paid, as provided for in Clause 5 above, regardless that Trustee hereby reserves the right to bring any applicable legal actions in order to collect such fees. If Settlor and Trust Beneficiaries in the First Place fail to designate the substitute trustee within the aforementioned period, this Trust shall be terminated by operation of law in accordance with Article 385, third paragraph, of NICTA. In such case, Trustee shall declare such termination for any legal purposes that may apply and send an instrument informative notice to Settlor and Trust Beneficiaries in writing addressed the First Place confirming the termination of the Trust and requesting written instructions for the delivery or transfer of the assets or rights, which instructions shall be given within a 30-calendar-day period from the date on which the informative notice is received. Upon expiration of such period referred to in the preceding paragraph, any existing amounts shall be transferred to Settlor and Trust Beneficiaries in the First Place, as applicable, by depositing the same to the Beneficiary, checking account to which Trustee shall have made the latest deposit in accordance with this Agreement. If any doubt or the Trustee may be removed at any time with or without cause by an instrument opposition arises in writing executed by the Beneficiary. In case respect of the deathdelivery, resignation, removal the assets or disqualification of the Trustee or if for any reason the Beneficiary rights shall deem it desirable to appoint a substitute or successor trustee to act instead of the Trustee named in this Deed of Trust or instead of any substitute or successor Trustee, then the Beneficiary shall have the right and is hereby authorized and empowered to appoint a successor Trustee, or a substitute Trustee, without other formality than appointment and designation in writing executed by the Beneficiary, and the authority conferred by this Paragraph B shall extend be made available to the appointment court of other successor and substitute Trustees successively until the Obligations have been paid in full or until the Trust Property is sold under this Deed of Trust. Such appointment and designation by the Beneficiary shall be full evidence of the right and authority to make the same and of all facts therein recited. Any such appointment executed on behalf of the Beneficiary by an officer of the Beneficiary shall be conclusively presumed to be executed with authority and shall be valid and sufficient without proof of any action by the board of directors or any superior officer of the Beneficiary. Upon the making of such appointment and designation, all of the estate and title of the Trustee in the Trust Property shall vest in the named successor or substitute Trustee, and the named successor or substitute Trustee shall thereupon succeed to and shall hold, possess and execute all the rights, powers, privileges, immunities and duties conferred upon the Trustee in this Deed of Trust. Upon the written request of the Beneficiary or of the successor or substitute Trustee, the Trustee ceasing to act shall execute and deliver an instrument transferring to such successor or substitute Trustee all of the estate and title in the Trust Property of the Trustee so ceasing to act, together with all the rights, powers, privileges, immunities and duties conferred upon the Trustee in this Deed of Trust, and shall duly assign, transfer and deliver any of the properties and moneys held by said Trustee under this Deed of Trust to said successor or substitute Trustee. All references in this Deed of Trust to the Trustee shall be deemed to refer to the Trustee (including any successor or substitute appointed and designated as provided in this Deed of Trust) from time to time acting under this Deed of Trust. The Grantor hereby ratifies and confirms any and all acts which the Trustee or its successor or successors, substitute or substitutescompetent jurisdiction, in this trust, shall do lawfully by virtue accordance with Article 393 of this Deed of TrustNICTA.

TRUSTEE'S RESIGNATION. If any cause exists enabling Trustee to resign, Trustee shall inform the same to Settlor, Trust Beneficiaries in the First Place and Trust Beneficiary in the Second Place in writing, clearly expressing the reasons that ground such resignation. Settlor, Trust Beneficiary in the First Place and Trust Beneficiary in the Second Place shall jointly inform to Trustee, within a 60-calendar-day period from the date on which they receive such notice, the name of the institution(s) that shall act as substitute trustee, so that Trustee may deliver the Trust Assets to the same. The parties hereby expressly agree that Trustee may resign if the fees corresponding to three or more consecutive periods are not timely paid, as provided for in Clause 5 above, regardless that Trustee hereby reserves the right to bring any applicable legal actions in order to collect such fees. If Settlor and Trust Beneficiaries in the First Place fail to designate the substitute trustee within the aforementioned period, this Trust shall be terminated by operation of law in accordance with Article 385, third paragraph, of NICTA. In such case, Trustee shall declare such termination for any legal purposes that may apply and send an instrument informative notice to Settlor and Trust Beneficiaries in writing addressed the First Place confirming the termination of the Trust and 25 <PAGE> requesting written instructions for the delivery or transfer of the assets or rights, which instructions shall be given within a 30-calendar-day period from the date on which the informative notice is received. Upon expiration of such period referred to in the preceding paragraph, any existing amounts shall be transferred to Settlor and Trust Beneficiaries in the First Place, as applicable, by depositing the same to the Beneficiary, checking account to which Trustee shall have made the latest deposit in accordance with this Agreement. If any doubt or the Trustee may be removed at any time with or without cause by an instrument opposition arises in writing executed by the Beneficiary. In case respect of the deathdelivery, resignation, removal the assets or disqualification of the Trustee or if for any reason the Beneficiary rights shall deem it desirable to appoint a substitute or successor trustee to act instead of the Trustee named in this Deed of Trust or instead of any substitute or successor Trustee, then the Beneficiary shall have the right and is hereby authorized and empowered to appoint a successor Trustee, or a substitute Trustee, without other formality than appointment and designation in writing executed by the Beneficiary, and the authority conferred by this Paragraph B shall extend be made available to the appointment court of other successor and substitute Trustees successively until the Obligations have been paid in full or until the Trust Property is sold under this Deed of Trust. Such appointment and designation by the Beneficiary shall be full evidence of the right and authority to make the same and of all facts therein recited. Any such appointment executed on behalf of the Beneficiary by an officer of the Beneficiary shall be conclusively presumed to be executed with authority and shall be valid and sufficient without proof of any action by the board of directors or any superior officer of the Beneficiary. Upon the making of such appointment and designation, all of the estate and title of the Trustee in the Trust Property shall vest in the named successor or substitute Trustee, and the named successor or substitute Trustee shall thereupon succeed to and shall hold, possess and execute all the rights, powers, privileges, immunities and duties conferred upon the Trustee in this Deed of Trust. Upon the written request of the Beneficiary or of the successor or substitute Trustee, the Trustee ceasing to act shall execute and deliver an instrument transferring to such successor or substitute Trustee all of the estate and title in the Trust Property of the Trustee so ceasing to act, together with all the rights, powers, privileges, immunities and duties conferred upon the Trustee in this Deed of Trust, and shall duly assign, transfer and deliver any of the properties and moneys held by said Trustee under this Deed of Trust to said successor or substitute Trustee. All references in this Deed of Trust to the Trustee shall be deemed to refer to the Trustee (including any successor or substitute appointed and designated as provided in this Deed of Trust) from time to time acting under this Deed of Trust. The Grantor hereby ratifies and confirms any and all acts which the Trustee or its successor or successors, substitute or substitutescompetent jurisdiction, in this trust, shall do lawfully by virtue accordance with Article 393 of this Deed of TrustNICTA.