Common use of Termination of Servicing Clause in Contracts

Termination of Servicing. If Colonial’s duty to service one or more Serviced Mortgages should be terminated for any reason, Colonial shall transfer the Servicing Responsibilities to a successor servicer in accordance with applicable MPF Bank agreements; provided, however, that the successor servicer must be qualified, competent and in good standing with all applicable regulators and under the MPF Program.

Termination of Servicing. If Colonial’s duty to service one or more Serviced Mortgages should be terminated for any reason, Colonial shall transfer the Servicing Responsibilities to a successor servicer in accordance with applicable MPF Bank agreements; provided, however, that the successor servicer must be qualified, competent and in good standing with all applicable regulators and under the MPF Program.FRPSHWHQW DQG LQ JRRG VWDQGLQJ ZLWK DOO DSSOLFDEOH UHJXODWRUV DQG XQGHU WKH 03) 3URJUDP