Common use of Removal or Resignation of Custodian Clause in Contracts

Removal or Resignation of Custodian. (a) The Custodian may at any time resign and terminate its obligations under this Custodial Agreement upon at least 60 days' prior written notice to the Borrower and the Lender. Promptly after receipt of notice of the Custodian's resignation, the Borrower shall appoint, by written instrument, a successor custodian, subject to written approval by the Lender (which approval shall not be unreasonably withheld). One original counterpart of such instrument of appointment shall be delivered to each of the Lender, the Borrower, the Custodian and the successor custodian. If the successor Custodian shall not have been appointed within 60 days of the Custodian's providing such notice, the Custodian may petition any court of competent jurisdiction to appoint a successor Custodian.

Removal or Resignation of Custodian. (a) The Custodian may at any time resign and terminate its obligations under this Custodial Agreement upon at least 60 sixty (60) days' ’ prior written notice to the Borrower and the Lender. Promptly after receipt of notice of the Custodian's ’s resignation, the Borrower Lender shall appoint, by written instrument, a successor custodian, custodian subject to written approval by the Lender Borrower (which approval shall not be unreasonably withheld, delayed or conditioned). One original counterpart of such instrument of appointment shall be delivered to each of the Lender, the Borrower, the Custodian and the successor custodian. If In the event that no successor Custodian custodian shall not have been appointed within 60 days of the Custodian's providing such noticesixty (60) day notice period, the Custodian may petition any court of competent jurisdiction to appoint a successor Custodiancustodian provided, however, Custodian may deliver the Mortgage Files to Lender or its designee in lieu of petitioning such court to appoint a successor custodian.

Removal or Resignation of Custodian. (a) The Custodian may at any time resign and terminate its obligations under this Custodial Tri-Party Agreement upon at least 60 sixty (60) days' ’ prior written notice to the Borrower and the Lender. Promptly after receipt of notice of the Custodian's ’s resignation, the Borrower shall appoint, with Lender’s consent, which shall not be unreasonably withheld, by written instrument, a successor custodian, subject to written approval by the Lender (which approval shall not be unreasonably withheld). One (1) original counterpart of such instrument of appointment shall be delivered to each of the Lender, the Borrower, the Custodian and the successor custodian. If the successor Custodian shall not have been appointed within 60 sixty (60) days of the Custodian's ’s providing such notice, the Custodian may petition any court of competent jurisdiction to appoint a successor Custodiancustodian; provided that, prior to such appointment, the Custodian shall continue to hold all Mortgage Files in accordance with the terms hereof and shall be entitled to such compensation therefor as is herein provided.