1983-008 - Laserfiche WebLink

Home Browse Search

! t I l ~ , ! , L ARTICLE IX THE SERVICING AGENT Section 9.01. Appointment of Servicing Agent. Marine National Bank at its main office in Irvine, California, is hereby appointed Servicing Agent of the Authority for the purpose of receiving all moneys required to be paid to the Servicing Agent hereunder, to allocate, use and apply the same, to hold, receive and disburse Base Loan Payments and other funds pledged or held hereunder, and otherwise to hold all the offices and perform all the functions and duties provided in this Resolution to be held and performed by the Servicing Agent. All funds and documents (including without limitation the Deed of Trust) shall be held by the Servicing Agent for the benefit of the Bond Owners as provided herein. The Servicing Agent shall signify its acceptance of the duties and obligations imposed upon it by thi s Reso 1 ut i on by execut i ng a cert ifi cate to that effect to the Authority on the Delivery Date. The Authority may remove the Servicing Agent initially appointed, and any successor thereto, with the consent of a majority of the Owners of the Bonds and may appoint a successor or successors thereto, but any such successor shall be a bank or trust company or savings and loan association doing business and having an office in the City of Santa Ana or the City of Irvine, California, and having a combined capital (exclusive of borrowed capital) and surplus aggregating at least Six Million Dollars ($6,000,000). The Servicing Agent may at any time resign by giving written notice to the Authority and by giving to the Bond Owners notice by mailing to the Owners at their address as shown on the Bond registration records held by the Servicing Agent pursuant to this Resolution. Upon receiving notice of such resignation, the Authority shall promptly appoint a successor Servicing Agent. Section 9.02. Liability of Servicing Agent. The recitals' of facts, covenants and agreements herein and in the Bonds contained shall be taken as statements, covenants and agreements of the Authori ty, and the Servi ci ng Agent assumes no responsibility for the correctness of the same, or makes any representations as to the validity or sufficiency of this Resolution or of the Bonds, or shall incur any responsibility in respect hereof or thereof, other than in connection with the duties or obligations herein or in the Bonds assigned to or imposed upon it. The Servicing Agent shall not be liable in connection with the performance of its duties hereunder, except for its own gross negligence or willful default. The Servicing Agent shall not be under any obligation or duty to perform or act which would involve it in expense or liability or to institute or defend any suit in repect hereof, or to advance any of its own moneys, unless properly indemnified to its satisfaction. Section 9.03. Notice to Servicing Agent. The Servicing Agent shall be protected in acting upon any notice, resolution, request, consent, order, certificate, report, warrant, Bond or other paper or document believed by it to be genuine and to have been signed or presented by the proper party. The Servicing Agent may consult with counsel, who may be counsel to the Authority, with regard to legal questions, and the opinion of such counsel shall be full and complete 23