Common use of Substitute Trustee Clause in Contracts

Substitute Trustee. Trustee shall not be liable for any error of judgment or act done by Trustee, or be otherwise responsible or accountable under any circumstances whatsoever, except Trustee’s gross negligence or willful misconduct. Trustee shall not be personally liable in case of entry by it or anyone acting by virtue of the powers herein granted it upon the Premises for debts contracted or liability or damages incurred in the management or operation of the Premises. All monies received by Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated in any manner from any other monies (except to the extent required by law) and Trustee shall be under no liability for interest on any monies received by it hereunder. Trustee may resign by giving notice of such resignation in writing to Beneficiary. If Trustee shall die, resign or become disqualified from acting, or shall fail or refuse to exercise its powers hereunder when requested by Beneficiary so to do, or if for any reason and without cause Beneficiary shall prefer to appoint a substitute trustee to act instead of the original Trustee named herein, or any prior successor or substitute trustee, Beneficiary shall have full power to appoint a substitute trustee and, if preferred, several substitute trustees in succession who shall succeed to all the estate, rights, powers and duties of the aforenamed Trustee. Upon appointment by ▇▇▇▇▇▇▇▇▇▇▇, any new Trustee appointed pursuant to any of the provisions hereof shall, without any further act, deed or conveyance, become vested with all the estates, properties, rights, powers and trusts of its predecessor in the rights hereunder with the same effect as if originally named as Trustee herein.

Substitute Trustee. Trustee shall not be liable for under no duty to take any error of judgment action hereunder except as expressly required hereunder or by law, or to perform any act done by which would involve Trustee in any expense or liability or to institute or defend any suit in respect hereof, unless properly indemnified to Trustee’s reasonable satisfaction. Trustee, or be otherwise responsible or accountable under any circumstances whatsoeverby acceptance of this Security Instrument, except Trustee’s covenants to perform and fulfill the trusts herein created, being liable, however, only for gross negligence or willful misconduct, and hereby waives any statutory fee and agrees to accept reasonable compensation, in lieu thereof, for any services rendered by Trustee in accordance with the terms hereof. Trustee shall not be personally liable in case of entry by it or anyone acting by virtue In the event of the powers herein granted it upon resignation or death of Trustee, or Trustee’s failure, refusal or inability, for any reason, or, at the Premises for debts contracted or liability or damages incurred option of Lender, without cause, Lender may appoint, in the management or operation of the Premises. All monies received by Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, writing (but need not be segregated in any manner from without any other monies (except formality or need to record same of public record, to the extent required permitted by law) and Trustee shall be under no liability for interest on any monies received by it hereunder. Trustee may resign by giving notice of such resignation in writing to Beneficiary. If Trustee shall die), resign or become disqualified from acting, or shall fail or refuse to exercise its powers hereunder when requested by Beneficiary so to do, or if for any reason and without cause Beneficiary shall prefer to appoint a substitute trustee to act instead of the original Trustee named herein, or any prior successor or substitute trustee, Beneficiary shall have full power to appoint a substitute trustee and, if preferred, several substitute trustees in succession who shall thereupon succeed to all the estate, rights, powers and duties of the aforenamed Trustee. Upon appointment by ▇▇▇▇▇▇▇▇▇▇▇, any new Trustee appointed pursuant to any of the provisions hereof shall, without any further act, deed or conveyance, become vested with all the estates, propertiestitles, rights, powers and trusts herein granted to and vested in Trustee. Lender may remove Trustee at any time or from time to time and select a successor trustee. In the event of the death, removal, resignation, refusal to act, or inability to act of Trustee, or in its predecessor sole discretion for any reason whatsoever, Lender may, without notice and without specifying any reason therefor and without applying to any court, select and appoint a successor trustee, by an instrument recorded wherever this Security Instrument is recorded and all powers, rights, duties and authority of Trustee, as aforesaid, shall thereupon become vested in such successor. Such substitute trustee shall not be required to give bond for the rights faithful performance of the duties of Trustee hereunder with the same effect as if originally named as unless required by Lender. The procedure provided for in this paragraph for substitution of Trustee hereinshall be in addition to and not in exclusion of any other provisions for substitution, by law or otherwise.

Substitute Trustee. Trustee shall not be liable for any error of judgment or act done by Trustee, or be otherwise responsible or accountable under any circumstances whatsoever, except Trustee’s gross negligence or willful misconduct. Trustee shall not be personally liable in case of entry by it or anyone acting by virtue of the powers herein granted it upon the Premises Property for debts contracted or liability or damages incurred in the management or operation of the PremisesProperty. All monies received by Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated in any manner from any other monies (except to the extent required by law) and Trustee shall be under no liability for interest on any monies received by it hereunder. Trustee may resign by giving of notice of such resignation in writing to BeneficiaryBank. If Trustee shall die, resign or become disqualified from acting, or shall fail or refuse to exercise its powers hereunder when requested by Beneficiary Bank so to do, or if for any reason and without cause Beneficiary Bank shall prefer to appoint a substitute trustee to act instead of the original Trustee named herein, or any prior successor or substitute trustee, Beneficiary Bank shall have full power to appoint a substitute trustee and, if preferred, several substitute trustees in succession who shall succeed to all the estate, rights, powers and duties of the aforenamed Trustee. Upon appointment by ▇▇▇▇▇▇▇▇▇▇▇Bank, any new Trustee appointed pursuant to any of the provisions hereof shall, without any further act, deed or conveyance, become vested with all the estates, properties, rights, powers and trusts of its predecessor in the rights hereunder with the same effect as if originally named as Trustee herein.

Substitute Trustee. Trustee shall not be liable for any error of judgment or act done by Trustee, or be otherwise responsible or accountable under any circumstances whatsoever, except Trustee’s gross negligence or willful misconduct. Trustee shall not be personally liable in case of entry by it or anyone acting by virtue of the powers herein granted it upon the Premises for debts contracted or liability or damages incurred in the management or operation of the Premises. All monies received by Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated in any manner from any other monies (except to the extent required by law) and Trustee shall be under no liability for interest on any monies received by it hereunder. The Trustee may resign by giving notice of such resignation an instrument in writing addressed to Beneficiary. If Trustee shall die, resign or become disqualified from actingAdministrative Lender, or shall fail the Trustee may be removed at any time with or refuse to exercise its powers hereunder when requested without cause by Beneficiary so to doan instrument in writing executed by Administrative Lender. In case of the death, resignation, removal, or disqualification of the Trustee, or if for any reason and without cause Beneficiary Administrative Lender shall prefer deem it desirable to appoint a substitute or successor trustee to act instead of the original Trustee herein named hereintrustee or any substitute or successor trustee, then Administrative Lender 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 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, or until the Mortgaged Property is fully and finally sold hereunder. If 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 prior 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 trusteeTrustee and he shall thereupon succeed to, Beneficiary and shall have full power to appoint a substitute trustee andhold, if preferredpossess and execute, several substitute trustees in succession who shall succeed to all the estate, rights, powers powers, privileges, immunities and duties of herein conferred upon the aforenamed Trustee. Upon appointment by ▇▇▇▇▇▇▇▇▇▇▇, All references herein to "Trustee" shall be deemed to refer to the Trustee (including any new Trustee successor or substitute appointed pursuant and designated as herein provided) from time to any of the provisions hereof shall, without any further act, deed or conveyance, become vested with all the estates, properties, rights, powers and trusts of its predecessor in the rights hereunder with the same effect as if originally named as Trustee hereintime acting hereunder.

Substitute Trustee. Trustee shall not be liable for any error of judgment or act done by Trustee, or be otherwise responsible or accountable under any circumstances whatsoever, except Trustee’s gross negligence or willful misconduct. Trustee shall not be personally liable in case of entry by it or anyone acting by virtue of the powers herein granted it upon the Premises for debts contracted or liability or damages incurred in the management or operation of the Premises. All monies received by Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated in any manner from any other monies (except to the extent required by law) and Trustee shall be under no liability for interest on any monies received by it hereunder. Trustee may resign by giving notice of such resignation in writing to Beneficiary. If Trustee shall die, resign or become disqualified from acting, or shall fail or refuse to exercise its powers hereunder when requested by Beneficiary so to do, or if for any reason and without cause Beneficiary shall prefer to appoint a substitute trustee to act instead of the original Trustee named herein, or any prior successor or substitute trustee, Beneficiary shall have full power to appoint a substitute trustee and, if preferred, several substitute trustees in succession who shall succeed to all the estate, rights, powers and duties of the aforenamed Trustee. Upon appointment by ▇▇▇▇▇▇▇▇▇▇▇Beneficiary, any new Trustee appointed pursuant to any of the provisions hereof shall, without any further act, deed or conveyance, become vested with all the estates, properties, rights, powers and trusts of its predecessor in the rights hereunder with the same effect as if originally named as Trustee herein.

Substitute Trustee. Trustee shall not be liable for under no duty to take any error of judgment action hereunder except as expressly required hereunder or by law, or to perform any act done by which would involve Trustee in any expense or liability or to institute or defend any suit in respect hereof, unless properly indemnified to Trustee’s reasonable satisfaction. Trustee, or be otherwise responsible or accountable under any circumstances whatsoeverby acceptance of this Security Instrument, except Trustee’s covenants to perform and fulfill the trusts herein created, being liable, however, only for gross negligence or willful misconduct, and hereby waives any statutory fee and agrees to accept reasonable compensation, in lieu thereof, for any services rendered by Trustee in accordance with the terms hereof. Trustee shall not be personally liable in case of entry by it or anyone acting by virtue In the event of the powers herein granted it upon resignation or death of Trustee, or Trustee’s failure, refusal or inability, for any reason, or, at the Premises for debts contracted or liability or damages incurred option of Lender, without cause, Lender may appoint, in the management or operation of the Premises. All monies received by Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, writing (but need not be segregated in any manner from without any other monies (except formality or need to record same of public record, to the extent required permitted by law) and Trustee shall be under no liability for interest on any monies received by it hereunder. Trustee may resign by giving notice of such resignation in writing to Beneficiary. If Trustee shall die), resign or become disqualified from acting, or shall fail or refuse to exercise its powers hereunder when requested by Beneficiary so to do, or if for any reason and without cause Beneficiary shall prefer to appoint a substitute trustee to act instead of the original Trustee named herein, or any prior successor or substitute trustee, Beneficiary shall have full power to appoint a substitute trustee and, if preferred, several substitute trustees in succession who shall thereupon succeed to all the estateestates, titles, rights, powers and trusts herein granted to and vested in Trustee. Lender may remove Trustee at any time or from time to time and select a successor trustee. In the event of the death, removal, resignation, refusal to act, or inability to act of Trustee, or in its sole discretion for any reason whatsoever, Lender may, without notice and without specifying any reason therefor and without applying to any court, select and appoint a successor trustee, by an instrument recorded wherever this Security Instrument is recorded and all powers, rights, duties and authority of Trustee, as aforesaid, shall thereupon become vested in such successor. Such substitute trustee shall not be required to give bond for the faithful performance of the duties of the aforenamed Trustee. Upon appointment Trustee hereunder unless required by ▇▇▇▇▇▇▇▇▇▇▇. The procedure provided for in this paragraph for substitution of Trustee shall be in addition to and not in exclusion of any other provisions for substitution, any new Trustee appointed pursuant to any of the provisions hereof shall, without any further act, deed by law or conveyance, become vested with all the estates, properties, rights, powers and trusts of its predecessor in the rights hereunder with the same effect as if originally named as Trustee hereinotherwise.

Substitute Trustee. Trustee shall not be liable for any error of judgment or act done by Trustee, or be otherwise responsible or accountable under any circumstances whatsoever, except Trustee’s gross negligence or willful misconduct. Trustee shall not be personally liable in case of entry by it or anyone acting by virtue of the powers herein granted it upon the Premises Property for debts contracted or liability or damages incurred in the management or operation of the PremisesProperty. All monies received by Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated in any manner from any other monies (except to the extent required by law) and Trustee shall be under no liability for interest on any monies received by it hereunder. Trustee may resign by giving of notice of such resignation in writing to BeneficiaryGE CAPITAL. If Trustee shall die, resign or become disqualified from acting, or shall fail or refuse to exercise its powers hereunder when requested by Beneficiary GE CAPITAL so to do, or if for any reason and without cause Beneficiary GE CAPITAL shall prefer to appoint a substitute trustee to act instead of the original Trustee named herein, or any prior successor or substitute trustee, Beneficiary GE CAPITAL shall have full power to appoint a substitute trustee and, if preferred, several substitute trustees in succession who shall succeed to all the estate, rights, powers and duties of the aforenamed Trustee. Upon appointment by ▇▇▇▇▇▇▇▇▇▇▇GE CAPITAL, any new Trustee appointed pursuant to any of the provisions hereof shall, without any further act, deed or conveyance, become vested with all the estates, properties, rights, powers and trusts of its predecessor in the rights hereunder with the same effect as if originally named as Trustee herein.

Substitute Trustee. Trustee shall not be liable for any error of judgment or act done by Trustee, or be otherwise responsible or accountable under any circumstances whatsoever, except Trustee’s gross negligence or willful misconduct. Trustee shall not be personally liable in case of entry by it or anyone acting by virtue of the powers herein granted it upon the Premises for debts contracted or liability or damages incurred in the management or operation of the Premises. All monies received by Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated in any manner from any other monies (except to the extent required by law) and Trustee shall be under no liability for interest on any monies received by it hereunder. The Trustee may resign by giving notice of such resignation an instrument in writing addressed to the Beneficiary, or Trustee may be removed at any time with or without cause by an instrument in writing executed by the Beneficiary. If Trustee shall dieIn case of the death, resign or become disqualified from actingresignation, removal, or shall fail or refuse to exercise its powers hereunder when requested by Beneficiary so to dodisqualification of Trustee, or if for any reason and without cause the Beneficiary shall prefer deem it desirable to appoint a substitute or successor trustee to or act instead of the original Trustee herein named hereintrustee or 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 hereby conferred shall extend to the appointment of other successor and substitute trustees successively until the indebtedness secured hereby has been paid in full, or until the Mortgaged Property is fully and finally sold hereunder. If the 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 prior 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 trusteeTrustee and he shall thereupon succeed to, Beneficiary and shall have full power to appoint a substitute trustee andhold, if preferredpossess and execute, several substitute trustees in succession who shall succeed to all the estate, rights, powers power, privileges, immunities and duties of the aforenamed herein conferred upon Trustee. Upon appointment by ▇▇▇▇▇▇▇▇▇▇▇, All references herein to "Trustee" shall be deemed to refer to Trustee (including any new Trustee successor or substitute appointed pursuant and designated as herein provided) from time to any of the provisions hereof shall, without any further act, deed or conveyance, become vested with all the estates, properties, rights, powers and trusts of its predecessor in the rights hereunder with the same effect as if originally named as Trustee hereintime acting hereunder.

Substitute Trustee. Lender has the irrevocable right and power to substitute without cause or notice a trustee or trustees in the place of any Trustee shall not be liable named under this Deed of Trust by filing for any error record among the land records where this Deed of judgment or act done by TrusteeTrust is recorded a deed of appointment, or be otherwise responsible or accountable under any circumstances whatsoever, except Trustee’s gross negligence or willful misconduct. Trustee shall not be personally liable in case and upon the filing of entry by it or anyone acting by virtue a deed of appointment all of the powers herein granted it upon the Premises for debts contracted or liability or damages incurred in the management or operation of the Premises. All monies received by Trustee shalltitle and estate, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated in any manner from any other monies (except to the extent required by law) and Trustee shall be under no liability for interest on any monies received by it hereunder. Trustee may resign by giving notice of such resignation in writing to Beneficiary. If Trustee shall die, resign or become disqualified from acting, or shall fail or refuse to exercise its powers hereunder when requested by Beneficiary so to do, or if for any reason and without cause Beneficiary shall prefer to appoint a substitute trustee to act instead of the original Trustee named herein, or any prior successor or substitute trustee, Beneficiary shall have full power to appoint a substitute trustee and, if preferred, several substitute trustees in succession who shall succeed to all the estatepowers, rights, powers and duties of the aforenamed Trustee or the Trustees thus superseded shall terminate and shall be vested in the successor trustee or trustees. Such power of appointment and substitution may be exercised at any time hereafter and as many times as Lender, its successors or assigns, may desire. The Grantor, the Lender and the Trustee. Upon appointment , their substitutes and successors, expressly waive notice of the exercise of this power, the giving of bond by ▇▇▇▇▇▇▇▇▇▇▇any Trustee, and any new Trustee appointed pursuant requirement for application to any court for removal, substitution or appointment of a Trustee hereunder. In addition, the act of any one (1) Trustee, whether such Trustee is a sole acting Trustee or whether there is more than one (1) acting Trustee, shall be sufficient and effective for all purposes set forth herein and any person may rely upon any document or instrument executed and delivered by one (1) Trustee to the same extent as though the document had been executed by all of the provisions hereof shall, without any further act, deed or conveyance, become vested with all the estates, properties, rights, powers and trusts Trustees. Nothing herein contained shall deprive Lender of its predecessor in right to apply for and receive any relief regarding the rights Trustee hereunder with which is now, or which may hereafter be, provided for by the same effect as if originally named as Trustee hereininternal laws of the jurisdiction where the Property is located or applicable federal law.

Substitute Trustee. Trustee shall not be liable for under no duty to take any error of judgment action hereunder except as expressly required or by law, or to perform any act done by which would involve Trustee in any expense or liability or to institute or defend any suit in respect hereof, unless properly indemnified to Trustee's reasonable satisfaction. Trustee, or be otherwise responsible or accountable under any circumstances whatsoeverby acceptance of this Deed of Trust, except Trustee’s covenants to perform and fulfill the trusts herein created, being liable, however, only for gross negligence or willful misconduct. Trustee shall not be personally liable , and hereby waives any statutory fee and agrees to accept reasonable compensation, in case of entry by it or anyone acting by virtue of the powers herein granted it upon the Premises lieu thereof, for debts contracted or liability or damages incurred in the management or operation of the Premises. All monies received any services rendered by Trustee shall, until used or applied as herein provided, be held in trust for accordance with the purposes for which they were received, but need not be segregated in any manner from any other monies (except to the extent required by law) and Trustee shall be under no liability for interest on any monies received by it hereunderterms hereof. Trustee may resign by at any time upon giving thirty (30) days' notice to Company and to Collateral Agent. Collateral Agent may in its sole and absolute discretion and with or without cause remove Trustee at any time or from time to time and select a successor trustee. In the event of such resignation in writing the death, removal, resignation, refusal to Beneficiary. If Trustee shall die, resign or become disqualified from actingact, or shall fail or refuse inability to exercise its powers hereunder when requested by Beneficiary so to doact of Trustee, or if in its sole and absolute discretion for any reason whatsoever Collateral Agent may, without notice and without cause Beneficiary shall prefer specifying any reason therefor and without applying to any court, select and appoint a substitute trustee to act instead successor trustee, by an instrument recorded wherever this Deed of Trust is recorded and all powers rights, duties and authority of Trustee, as aforesaid, shall thereupon become vested in such successor and without conveyance of the original Trustee named hereinCollateral, or any prior the successor or substitute trustee, Beneficiary shall have full power to appoint a substitute trustee and, if preferred, several substitute trustees in succession who shall succeed to all the estatetitle, rightspowers, powers and duties conferred upon Trustee herein and by applicable laws as if the successor had been named Trustee at the time this Deed of Trust was recorded. Such substitute trustee shall not be required to give bond for the faithful performance of the aforenamed duties of Trustee hereunder unless required to do so by Collateral Agent. Company shall pay all costs, fees and expenses incurred by Trustee and Trustee. Upon appointment by 's agents and counsel in connection with the performance ▇▇ ▇▇▇▇▇▇▇▇▇▇▇tee of Trustee's duties hereunder and all such costs, any new Trustee appointed pursuant to any fees and expenses shall be secured by this Deed of the provisions hereof shall, without any further act, deed or conveyance, become vested with all the estates, properties, rights, powers and trusts of its predecessor in the rights hereunder with the same effect as if originally named as Trustee hereinTrust.