Responsibility of Lender. The Lender is only liable to the Borrower for the Lender's intentional fault or gross negligence.
Responsibility of Lender. Until Lender takes title and possession of the Property, it is expressly understood and agreed that Lender assumes no liability or responsibility for the satisfactory completion of the Construction, for the adequacy of funds advanced by it pursuant to this Agreement to complete the Construction, or for inspection during Construction, or for any other act on the part of Borrower or persons performing the Construction. Borrower hereby acknowledges that Lender is acting only as a lender in this transaction and is in no way: (1) acting as a principal in the matter of the purchase or construction of the security pledged in the Mortgage; or (2) responsible for Construction. Lender shall not be considered a principal with respect to the purchase of any goods or materials and shall not be responsible for any aspect of the Construction or procurement of lien waivers, licenses, or permits of any kind. Lender shall have no obligation or liability to any contractor, subcontractor, laborer, materialman, or other person or lien claimant furnishing goods or services for payment under any circumstances, it being intended and agreed that such persons are not, and shall not, become beneficiaries of this Agreement in any respect.
Responsibility of Lender. It is the Lender's responsibility to ensure that maintenance of the property meets Government requirements and the tenants' rights are protected, until such time that the property is liquidated by the Lender. . The Lender must update the Government monthly until the default is cured or a claim is filed. The Lender must maintain adequate records of any and all efforts to cure the default or to foreclose.
