Common use of Lender notification to Agency Clause in Contracts

Lender notification to Agency. The lender must notify the Agency when a borrower is 30 days past due on a pay- ment, has not met its responsibilities of providing the required financial statements, or is otherwise in default. The lender will continue to keep the Agency informed on a bimonthly basis until such time as the loan is no longer in default. If a monetary default ex- ceeds 60 days, the lender will arrange a meeting with the borrower to resolve the default. The lender will provide a summary of the meeting and any deci- sions or actions agreed upon.

Lender notification to Agency. The lender must notify the Agency when a borrower is 30 days past due on a pay- ment, has not met its responsibilities of providing the required financial statements, or is otherwise in default. The lender will continue to keep the Agency informed on a bimonthly basis until such time as the loan is no longer in default. If a monetary default ex- ceeds 60 days, the lender will arrange a meeting with the borrower to resolve the default. The lender will provide a summary of the meeting and any deci- sions or actions agreed upon.longer