Common use of Repurchase by lender Clause in Contracts

Repurchase by lender. The lender has the option to repurchase the loan from a holder within 30 days of written demand from the holder when the bor- rower is in default not less than 60 days on payment. The repurchase will be for an amount equal to the unpaid xxxxxx- xxxx portion of principal and accrued interest less the lender’s servicing fee. The guarantee does not cover the note interest to the holder on the xxxxxx- xxxx loan accruing after 90 days from the date of the demand letter to the lender. The holder will concurrently send a copy of the demand to the Agen- cy. The lender will accept an assign- ment without recourse from the holder