Common use of Substitute Trustee Clause in Contracts

Substitute Trustee. Trustee may resign by an instrument in writing addressed to Holder or Trustee may be removed at any time with or without cause by an instrument in writing executed by Xxxxxx. In case of the resignation, removal or disqualification of Trustee, or if for any reason Holder shall deem it desirable to appoint a substitute or successor trustee to act instead of the herein-named trustee or any substitute or successor trustee, then Holder shall have the right and is hereby authorized and empowered to appoint a successor trustee(s) or a substitute trustee(s) without any formality other than appointment and designation in writing executed by Xxxxxx and the authority hereby conferred shall extend to the appointment of other successor and substitute trustees successively until the Secured Indebtedness has been paid in full or until the Property is fully and finally sold hereunder. If Holder is a corporation or association and such appointment is executed on its behalf by an officer of such corporation or association, such appointment 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 corporation or association. Upon the making of any such appointment and designation, all of the estate and title of Trustee in the Property shall vest in the named successor or substitute Trustee(s) and it shall thereupon succeed to, and shall hold, possess and execute, all of the rights, powers, privileges, immunities and duties herein conferred upon Trustee.

Substitute Trustee. The Trustee may resign by an instrument in writing addressed to Holder Holder, or Trustee may be removed at any time with or without cause by an instrument in writing executed by XxxxxxHolder. In case of the death, resignation, removal removal, or disqualification of Trustee, or if for any reason Holder shall deem it desirable to appoint a substitute or successor trustee to act instead of the herein-herein named trustee or any substitute or successor trustee, then Holder shall have the right and is hereby authorized and empowered to appoint a successor trustee(s) ), or a substitute trustee(s) ), without any other formality other than appointment and designation in writing executed by Xxxxxx Holder and the authority hereby conferred shall extend to the appointment of other successor and substitute trustees successively until the Secured Indebtedness has been paid in full full, or until the Property is fully and finally sold hereunder. If Holder is a corporation or association and such appointment is executed on its behalf by an officer of such corporation or association, such appointment 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 corporation or association. Upon the making of any such appointment and designation, all of the estate and title of Trustee in the Property shall vest in the named successor or substitute Trustee(s) and it he shall thereupon succeed to, and shall hold, possess and execute, all of the rights, powers, privileges, immunities and duties herein conferred upon Trustee. All references herein to "Trustee" shall be deemed to refer to Trustee (including any successor(s) or substitute(s) appointed and designated as herein provided) from time to time acting hereunder.

Substitute Trustee. The Trustee may resign by an instrument in writing addressed to Holder Beneficiary, or Trustee may be removed at any time with or without cause by an instrument in writing executed by XxxxxxBeneficiary. In case of the death, resignation, removal removal, or disqualification of Trustee, or if for any reason Holder Beneficiary shall deem it desirable to appoint a substitute or successor trustee to act instead of the herein-herein named trustee or any substitute or successor trustee, then Holder Beneficiary shall have the right and is hereby authorized and empowered to appoint a successor trustee(s) ), or a substitute trustee(s) ), without any other formality other than appointment and designation in writing executed by Xxxxxx Beneficiary and the authority hereby conferred shall extend to the appointment of other successor and substitute trustees successively until the Secured Indebtedness has been paid in full full, or until the Property is fully and finally sold hereunder. If Holder Beneficiary is a corporation or association and such appointment is executed on its behalf by an officer of such corporation or association, such appointment 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 corporation or association. Upon the making of any such appointment and designation, all of the estate and title of Trustee in the Property shall vest in the named successor or substitute Trustee(s) and it he shall thereupon succeed to, and shall hold, possess and execute, all of the rights, powers, privileges, immunities and duties herein conferred upon Trustee. All references herein to "Trustee" shall be deemed to refer to Trustee (including any successor(s) or substitute(s) appointed and designated as herein provided) from time to time acting hereunder.

Substitute Trustee. Beneficiary may appoint a substitute Trustee may resign by an instrument in writing addressed (a) if Trustee herein named or any substitute Trustee shall die, resign, or fail, refuse or be unable, for any reason, to Holder make any such sale or Trustee may be removed to perform any of the trusts herein declared; or (b) at any the option of Beneficiary from time to time as often and whenever Beneficiary prefers and with or without cause any reason or cause. Each appointment shall be in writing, but without the necessity of recordation, notice to Grantor, or any other action or formality. Each substitute trustee so appointed shall thereupon by an instrument in writing such appointment become Trustee and succeed to all the estates, titles, rights, powers, trusts and duties of predecessor Trustee. Any such appointment may be executed by Xxxxxx. In case of the resignation, removal or disqualification of Trustee, or if for any reason Holder shall deem it desirable to appoint a substitute or successor trustee to act instead of the herein-named trustee Beneficiary or any substitute or successor trusteeauthorized representative of Beneficiary, then Holder shall have the right and is hereby authorized and empowered to appoint a successor trustee(s) or a substitute trustee(s) without any formality other than appointment and designation in writing executed by Xxxxxx and the authority hereby conferred shall extend to the appointment of other successor and substitute trustees successively until the Secured Indebtedness has been paid in full or until the Property is fully and finally sold hereunder. If Holder is a corporation or association and such appointment is executed on its behalf by an officer of such corporation or association, such appointment shall be presumed conclusively presumed to have been executed with due and proper authority. Without limiting the generality of the foregoing, if Beneficiary is a corporation, bank or association, of any type or character, such appointment may be executed with authority in its behalf by any officer of Beneficiary and shall be valid presumed conclusively to have been executed with due and sufficient proper authority without necessity of proof of any action by the board of directors or any superior officer of officer. Wherever herein the corporation or association. Upon word “Trustee” is used, the making of any such appointment and designation, all of same shall mean the estate and title of Trustee in the Property shall vest in the named successor duly appointed trustee or substitute Trustee(s) and it shall thereupon succeed to, and shall hold, possess and execute, all of trustee hereunder at the rights, powers, privileges, immunities and duties herein conferred upon Trusteetime in question. Trustee may resign by written notice to Beneficiary.

Substitute Trustee. The Trustee may resign by an instrument in writing addressed to Holder Agent, or Trustee may be removed at any time with or without cause by an instrument in writing executed by XxxxxxAgent. In case of the death, resignation, removal removal, or disqualification of Trustee, or if for any reason Holder Agent shall deem it desirable to appoint a substitute or successor trustee to act instead of the herein-herein named trustee or any substitute or successor trustee, then Holder Agent shall have the right and is hereby authorized and empowered to appoint a successor trustee(s) trustee, or a substitute trustee(s) trustee, without any other formality other than appointment and designation in writing writing, executed by Xxxxxx Agent and the authority hereby conferred shall extend to the appointment of other successor and substitute trustees successively until the Secured Indebtedness indebtedness secured hereby has been paid in full full, or until the Mortgaged Property is fully and finally sold hereunder. If Holder Agent is a corporation or association and such appointment is executed on its behalf by an officer officers of such corporation or association, such appointment 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 corporation or association. Upon the making of any such appointment and designation, all of the estate and title of Trustee in the Mortgaged Property shall vest in the named successor or substitute Trustee(s) Trustee and it he or she shall thereupon succeed to, and shall hold, possess and execute, all of the rights, powers, privileges, immunities and duties herein conferred upon Trustee. All references herein to "Trustee" shall be deemed to refer to Trustee (including any successor or substitute appointed and designated as herein provided) from time to time acting hereunder.

Substitute Trustee. The Trustee may resign by an instrument in writing addressed to Holder Administrative Lender, or the Trustee may be removed at any time with or without cause by an instrument in writing executed by XxxxxxAdministrative Lender. In case of the death, resignation, removal removal, or disqualification of the Trustee, or if for any reason Holder Administrative Lender shall deem it desirable to appoint a substitute or successor trustee to act instead of the herein-herein named trustee or any substitute or successor trustee, then Holder Administrative Lender shall have the right and is hereby authorized and empowered to appoint a successor trustee(s) trustee, or a substitute trustee(s) trustee, without any other formality other than appointment and designation in writing executed by Xxxxxx Administrative Lender and the authority hereby conferred shall extend to the appointment of other successor and substitute trustees successively until the Secured Indebtedness has been paid in full full, or until the Mortgaged Property is fully and finally sold hereunder. If Holder Administrative Lender is a corporation or association and such appointment is executed on its behalf by an officer of such corporation or association, such appointment 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 corporation or association. Upon the making of any such appointment and designation, all of the estate and title of the Trustee in the Mortgaged Property shall vest in the named successor or substitute Trustee(s) Trustee and it he shall thereupon succeed to, and shall hold, possess and execute, all of the rights, powers, privileges, immunities and duties herein conferred upon the Trustee. All references herein to "Trustee" shall be deemed to refer to the Trustee (including any successor or substitute appointed and designated as herein provided) from time to time acting hereunder.

Substitute Trustee. Trustee may resign by an instrument in writing addressed to Holder Lender, or Trustee may be removed at any time with or without cause by an instrument in writing executed by XxxxxxLender. In case of the death, resignation, removal or disqualification of Trustee, or if for any reason Holder Lender shall deem it desirable to appoint a substitute or successor trustee to act instead of the herein-herein named trustee or any substitute or successor trustee, then Holder Lender shall have the right and is hereby authorized and empowered to appoint a successor trustee(s) trustee, or a substitute trustee(s) trustee, without any other formality other than appointment and designation in writing executed by Xxxxxx Lender, and the authority hereby conferred shall extend to the appointment of other successor and substitute trustees successively until the Secured Indebtedness Debt secured hereby has been paid in full full, or until the Property is fully and finally sold hereunder. In the event that the Debt is owned by more than one person or entity, the holder or holders of not less than a majority in amount of such indebtedness shall have the right and authority to make the appointment of a successor or substitute trustee as provided for in the preceding sentence or to remove Trustee as provided in the first sentence of this Section 18.37(e). Such appointment and designation by Lender, or by the holder or holders of not less than a majority of the Debt secured hereby, shall be full evidence of the right and authority to make the same and of all facts therein recited. If Holder Lender is a corporation or association or trust and such appointment is executed on in its behalf by an officer or trustee of such corporation or associationassociation or trust, such appointment 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 corporation or associationassociation or trust. Upon the making of any such appointment and designation, all of the estate and title of Trustee in the Property shall vest in the named successor or substitute Trustee(s) trustee, and it shall thereupon succeed to, to and shall hold, possess and execute, all of the rights, powers, privileges, immunities and duties herein conferred upon Trustee; but, nevertheless, upon the written request of Lender 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 Property of the trustee so ceasing to act, together with all the rights, powers, privileges, immunities and duties herein conferred upon the Trustee, and shall duly assign, transfer and deliver any of the properties and moneys held by said trustee hereunder to said successor or substitute trustee. All references herein to “Trustee” shall be deemed to refer to Trustee (including any successor or substitute appointed and designated as herein provided) from time to time acting hereunder.

Substitute Trustee. The Trustee may resign by an instrument in writing addressed to Holder Agent, or Trustee may be removed at any time with or without cause by an instrument in writing executed by XxxxxxAgent. In case of the death, resignation, removal removal, or disqualification of Trustee, or if for any reason Holder Agent shall deem it desirable to appoint a substitute or successor trustee to act instead of the herein-herein named trustee or any substitute or successor trustee, then Holder Agent shall have the right and is hereby authorized and empowered to appoint a successor trustee(s) trustee, or a substitute trustee(s) trustee, without any other formality other than appointment and designation in writing executed by Xxxxxx Agent and the authority hereby conferred shall extend to the appointment of other successor and substitute trustees successively until the Secured Indebtedness indebtedness secured hereby has been paid in full full, or until the Mortgaged Property is fully and finally sold hereunder. If Holder Agent is a corporation or association and such appointment is executed on its behalf by an officer of such corporation or association, such appointment 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 corporation or association. Upon the making of any such appointment and designation, all of the estate and title of Trustee in the Mortgaged Property shall vest in the named successor or substitute Trustee(s) Trustee and it he shall thereupon succeed to, and shall hold, possess and execute, all of the rights, powers, privileges, immunities and duties herein conferred upon Trustee. All references herein to "Trustee" shall be deemed to refer to Trustee (including any successor or substitute appointed and designated as herein provided) from time-to-time acting hereunder.

Substitute Trustee. Trustee may resign by an instrument in writing addressed to Holder Lender, or Trustee may be removed at any time with or without cause by an instrument in writing executed by XxxxxxLender. In case of the death, resignation, removal or disqualification of Trustee, or if for any reason Holder Lender shall deem it desirable to appoint a substitute or successor trustee to act instead of the herein-herein named trustee or any substitute or successor trustee, then Holder Lender shall have the right and is hereby authorized and empowered to appoint a successor trustee(s) trustee, or a substitute trustee(s) trustee, without any other formality other than appointment and designation in writing 115 executed by Xxxxxx Lender, and the authority hereby conferred shall extend to the appointment of other successor and substitute trustees successively until the Secured Indebtedness Debt secured hereby has been paid in full full, or until the Property is fully and finally sold hereunder. In the event that the Debt is owned by more than one person or entity, the holder or holders of not less than a majority in amount of such indebtedness shall have the right and authority to make the appointment of a successor or substitute trustee as provided for in the preceding sentence or to remove Trustee as provided in the first sentence of this Section 18.39(e). Such appointment and designation by Lender, or by the holder or holders of not less than a majority of the Debt secured hereby, shall be full evidence of the right and authority to make the same and of all facts therein recited. If Holder Lender is a corporation or association or trust and such appointment is executed on in its behalf by an officer or trustee of such corporation or associationassociation or trust, such appointment 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 corporation or associationassociation or trust. Upon the making of any such appointment and designation, all of the estate and title of Trustee in the Property shall vest in the named successor or substitute Trustee(s) trustee, and it shall thereupon succeed to, to and shall hold, possess and execute, all of the rights, powers, privileges, immunities and duties herein conferred upon Trustee; but, nevertheless, upon the written request of Lender 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 Property of the trustee so ceasing to act, together with all the rights, powers, privileges, immunities and duties herein conferred upon the Trustee, and shall duly assign, transfer and deliver any of the properties and moneys held by said trustee hereunder to said successor or substitute trustee. All references herein to “Trustee” shall be deemed to refer to Trustee (including any successor or substitute appointed and designated as herein provided) from time to time acting hereunder.

Substitute Trustee. The Trustee may resign by an instrument in writing addressed to Holder Xxxxxx, or Trustee may be removed at any time with or without cause by an instrument in writing executed by Xxxxxx. In case of the death, resignation, removal removal, or disqualification of Trustee, or if for any reason Holder shall deem it desirable to appoint a substitute or successor trustee to act instead of the herein-herein named trustee or any substitute or successor trustee, then Holder Xxxxxx shall have the right and is hereby authorized and empowered to appoint a successor trustee(s) trustee, or a substitute trustee(s) trustee, without any other formality other than appointment and designation in writing executed by Xxxxxx Holder and the authority hereby conferred shall extend to the appointment of other successor and substitute trustees successively until the Secured Indebtedness indebtedness secured hereby has been paid in full full, or until the Mortgaged Property is fully and finally sold hereunder. If Holder is a corporation or association and such appointment is executed on its behalf by an officer of such corporation or association, such appointment 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 corporation or association. Upon the making of any such appointment and designation, all of the estate and title of Trustee in the Mortgaged Property shall vest in the named successor or substitute Trustee(s) Trustee and it he shall thereupon succeed to, and shall hold, possess and execute, all of the rights, powers, privileges, immunities and duties herein conferred upon Trustee. All references herein to "TRUSTEE" shall be deemed to refer to Trustee (including any successor or substitute appointed and designated as herein provided) from time to time acting hereunder.

Substitute Trustee. The Trustee may resign by an instrument in writing addressed to Holder Xxxxxx, or Trustee may be removed at any time with or without cause by an instrument in writing executed by Xxxxxx. In case of the death, resignation, removal removal, or disqualification of Trustee, or if for any reason Holder shall deem it desirable to appoint a substitute or successor trustee to act instead of the herein-herein named trustee or any substitute or successor trustee, then Holder Xxxxxx shall have the right and is hereby authorized and empowered to appoint a successor trustee(s) ), or a substitute trustee(s) ), without any other formality other than appointment and designation in writing executed by Xxxxxx and the authority hereby conferred shall extend to the appointment of other successor and substitute trustees successively until the Secured Indebtedness has been paid in full full, or until the Property is fully and finally sold hereunder. If Holder is a corporation or association and such appointment is executed on its behalf by an officer of such corporation or association, such appointment 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 corporation or association. Upon the making of any such appointment and designation, all of the estate and title of Trustee in the Property shall vest in the named successor or substitute Trustee(s) and it he shall thereupon succeed to, and shall hold, possess and execute, all of the rights, powers, privileges, immunities and duties herein conferred upon Trustee. All references herein to "Trustee" shall be deemed to refer to Trustee (including any successor(s) or substitute(s) appointed and designated as herein provided) from time to time acting hereunder.