Common use of Multi-note Clause in Contracts

Multi-note. If the loan was closed with the multi-note option, the lender may need to possess all notes to take some servicing actions. In those situa- tions when the Agency is holder of some of the notes, the Agency may en- xxxxx the notes back to the lender, pro- vided a proper receipt is received from the lender which defines the reason for the transfer. Under no circumstances will the Agency endorse the original Loan Note Guarantee to the lender.