Common use of Lender responsibilities Clause in Contracts

Lender responsibilities. When a Loan Note Guarantee or Assignment Guarantee Agreement is lost, stolen, destroyed, mutilated, or defaced while in the custody of the lender or holder, the lender will coordinate the activi- ties of the party who seeks the replace- ment documents and will submit the required documents to the Agency for processing. The requirements for re- placement are as follows: (1) A certificate of loss properly nota- rized which includes: (i) Legal name and present address of either the lender or the holder who is requesting the replacement forms; (ii) Legal name and address of the lender of record; (iii) Capacity of person certifying; (iv) Full identification of the Loan Note Guarantee or Assignment Guar- xxxxx Agreement, including the name of the borrower, Agency case number, date of the Loan Note Guarantee, As- signment Guarantee Agreement, face amount of the evidence of debt pur- chased, date of evidence of debt, present balance of the loan, percent- ages of guarantee and, if Assignment Guarantee Agreement, the original named holder and the percentage of the guaranteed portion of the loan assigned to that holder. Any existing parts of the document to be replaced must be attached to the certificate; (v) A full statement of circumstances of the loss, theft, or destruction of the Loan Note Guarantee or Assignment Guarantee Agreement; and (vi) The holder shall present evidence demonstrating current ownership of the Loan Note Guarantee and Note or Assignment Guarantee Agreement. If the present holder is not the same as the original holder, a copy of the en- dorsement of each successive holder in the chain of transfer from the initial holder to present holder must be in- cluded. If copies of the endorsement cannot be obtained, best available records of transfer must be presented to the Agency (e.g., order confirma- tion, canceled checks). (2) An indemnity bond acceptable to the Agency shall accompany the re- quest for replacement except when the holder is the United States, a Federal Reserve Bank, a Federal Government corporation, a State or Territory, or the District of Columbia. (3) All indemnity bonds must be issued and payable to the United States of America. The bond shall be in an amount not less than the unpaid principal and interest. The bond shall hold the Government harmless against any claim or demand which might arise or against any damage, loss, costs, or expenses which might be sustained or incurred by reasons of the loss or re- placement of the instruments.