Common use of Multi-Note System Clause in Contracts

Multi-Note System. When this option is selected by the Lender, upon disposition the Holder will receive one of the Borrower’s ex- ecuted notes and Form FmHA or its suc- cessor agency under Public Law 103–354 1980– 72, ‘‘Loan Note Guarantee—DARBE,’’ at- tached to the Borrower’s note. However, all rights under the security instruments (in- cluding personal and/or corporate guaran- tees) will remain with the Lender and in all cases inure to its and the Government’s ben- efit notwithstanding any contrary provisions of state law. a. At Loan Closing: Provide for no more than 10 notes, unless the Borrower and FmHA or its successor agency under Public Law 103–354 agree otherwise, for the xxxxxx- xxxx portion and one note for the unguaranteed portion. When this option is selected, FmHA or its successor agency under Public Law 103–354 will provide the Lender with a Form FmHA or its successor agency under Public Law 103–354 1980–72, for each of the notes.