Common use of Term Renewal Termination Clause in Contracts

Term Renewal Termination. This Agreement has an initial one-year term and is subject to annual renewal upon Broker’s recertification per ARC HOME Guidelines, including Broker providing satisfactory evidence of compliance with terms of this Agreement. Either Party may terminate this Agreement, with or without cause, by providing a written notice of termination to the other Party, to be effective immediately upon receipt. Notwithstanding any such termination, this Agreement shall apply to any Package received by ARC HOME prior to termination and termination shall not affect any alleged breach of this Agreement as to any Package received by ARC HOME prior to termination. If ARC HOME terminates this Agreement, then ARC HOME has the option, in its sole discretion, to promptly return any pending Package to Broker without further obligation to accept, underwrite, approve, close or fund the Loan.