Common use of Termination of Servicing Clause in Contracts

Termination of Servicing. The Servicing Agreement may be terminated by either CNB or Participant upon providing the other with least 60 days’ advance written notice. Notice of termination may be given at any time. Such termination shall be effective as of the last day of the first (1st) calendar month following the calendar month in which notice is given. The termination of servicing will be effective as follows: (a) If CNB terminates the servicing portion of this Agreement, Participant will not pay CNB a termination fee; (b) If Participant terminates the servicing portion of this Agreement without cause and with the intention of transferring the servicing to a third party, Participant will be entitled to the proceeds of the sale of such servicing rights and will bear the cost and expenses related to the sale and transfer of such servicing rights. In such event, Participant will not pay CNB a termination fee; and (c) If Participant terminates the Servicing Agreement for cause, including, without limitation, a breach by CNB of any of its representations and warranties as provided in Article V hereof, such termination will be effective fifteen days after giving of notice unless such breach is cured within fifteen days, and no termination fee will be paid by Participant to CNB. Upon such termination, Participant will automatically resume all its rights in and responsibilities for servicing the Affected Loans. Participant will also have the right to designate any person to exercise those powers. The Affected Loan Documents will be delivered to Participant or a party that it designates. CNB will also promptly deliver to Participant any necessary assignment, transfers and documents of authority.

Termination of Servicing. The Servicing Agreement may be terminated by either CNB or Participant upon providing the other with least 60 days’ ' advance written notice. Notice of termination may be given at any time. Such termination shall be effective as of the last day of the first (1st) calendar month following the calendar month in which notice is given. The termination of servicing will be effective as follows: (a) If CNB terminates the servicing portion of this Agreement, Participant will not pay CNB a termination fee; (b) If Participant terminates the servicing portion of this Agreement without cause and with the intention of transferring the servicing to a third party, Participant will be entitled to the proceeds of the sale of such servicing rights and will bear the cost and expenses related to the sale and transfer of such servicing rights. In such event, Participant will not pay CNB a termination fee; and (c) If Participant terminates the Servicing Agreement for cause, including, without limitation, a breach by CNB of any of its representations and warranties as provided in Article V hereof, such termination will be effective fifteen days after giving of notice unless such breach is cured within fifteen days, and no termination fee will be paid by Participant to CNB. Upon such termination, Participant will automatically resume all its rights in and responsibilities for servicing the Affected Loans. Participant will also have the right to designate any person to exercise those powers. The Affected Loan Documents will be delivered to Participant or a party that it designates. CNB will also promptly deliver to Participant any necessary assignment, transfers and documents of authority.