Common use of Rights and Liabilities Clause in Contracts

Rights and Liabilities. The guarantee and right to require purchase will be directly enforceable by Holder notwithstanding any fraud or misrepresentations by Lender or any unenforceability of the Loan Note Guar- xxxxx—XXXXX by Xxxxxx. Nothing con- tained herein shall constitute any waiver by FmHA or its successor agency under Public Law 103–354 of any rights it possesses against the Lender, and the Lender agrees that Lender will be liable and will promptly xxxx- xxxxx FmHA or its successor agency under Public Law 103–354 for any payment made by FmHA or its successor agency under Public Law 103–354 to Holder which, if such Lender had held the guaranteed portion of the loan, FmHA or its successor agency under Public Law 103–354 would not be required to make. The Holder(s) upon written notice to the Lender may resell the unpaid balance of the guaranteed portion of the loan assigned here- under. An endorsement may be added to the Form FmHA or its successor agency under Public Law 103–354 1980–73 to effectuate the transfer.