Common use of Termination by Custodian Clause in Contracts

Termination by Custodian. The Custodian may terminate its obligations under this Agreement upon at least 60 days' notice to the Servicer and the Owner. The costs associated with the termination of this Agreement by the Custodian, including all costs associated with the transfer of the Custodial Files shall be borne by the Custodian, provided that such costs shall not include any higher custodial fees paid by the Owner or the Servicer to a successor Custodian. In the event of such termination, the Owner shall appoint a successor Custodian. The payment of such successor Custodian's fees and expenses with respect to each Mortgage Loan shall be solely the responsibility of the Owner or the Servicer, as the case may be. Upon such appointment the Custodian shall promptly transfer to the successor Custodian, as directed, all Custodial Files being administered under this Agreement, and shall assign the Mortgages and endorse the Mortgage Notes to the successor Custodian, if the endorsements on the Mortgage Notes and the Assignments of Mortgage have been completed in the name of the Custodian, or as otherwise directed by the Owner.