Common use of Lender responsibilities Clause in Contracts

Lender responsibilities. The lender is responsible for servicing the entire loan in accordance with the lender’s loan agreement. The unguaranteed por- tion of the loan will not be paid first nor given any preference or priority over the guaranteed portion of the loan. The lender is responsible for tak- ing all servicing actions that a prudent lender would perform in servicing a portfolio of loans that are not xxxxxx- xxxx. This responsibility includes, but is not limited to, the collection of pay- ments; obtaining compliance with the covenants and provisions in the note, loan agreement, security instrument, or any supplemental agreements; ob- taining and analyzing financial state- ments; verifying the payment of taxes and insurance premiums; and main- taining liens on collateral. The lender must notify the Agency of any xxxxx- tion of the loan agreement with the borrower within 30 days of such xxxxx- tion.