Common use of Termination of Servicing Clause in Contracts

Termination of Servicing. On or after the receipt by CFC of any written notice of termination of CFC's servicing rights and obligations as provided in section 8.02, all authority and power of CFC as servicing agent under this agreement, whether with respect to the loans or otherwise, shall, without further action, pass to and be vested in the Cooperative or a successor servicing agent as may be appointed hereunder with USDA concurrence and, without limitation, CFC is hereby authorized and empowered to execute and deliver, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement of the loans and related documents, or otherwise. In connection with any such termination of servicing, CFC as the predecessor servicing agent shall cooperate with the successor servicing agent in effecting the termination of the responsibilities and rights of CFC as the predecessor servicing agent under this agreement, including the transfer to the successor servicing agent for administration by it of all cash amounts that shall at the time be held by CFC, as the predecessor servicing agent, for deposit, or shall thereafter be received by it with (07-07-99) PN 307 RD Instruction 2000-KKK Exhibit A respect to any loan. All reasonable costs and expenses (including attorneys' fees) incurred in connection with transferring the loan files to the successor servicing agent and amending this agreement to reflect such succession as servicing agent shall be paid by CFC, as predecessor servicing agent, upon presentation of reasonable documentation of such costs and expenses.