TRUSTEE'S RESIGNATION Clause Samples

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 ...