Standard guarantee plan. If the buyer fails to pay an annual amortized installment or a portion of an install- ment on the contract, then the seller has the option of either liquidating the real estate, or having the amount of the loss established by the Agency by an appraisal of the real estate. For ei- ther option, the servicing agent: (1) Must make a written demand on the buyer for payment of the defaulted amount within 30 days of the missed payment, and send a copy of the xx- xxxx letter to the Agency and to the seller; and (2) Must immediately inform the Agency which option the seller has chosen for establishing the amount of the loss, in the event the buyer does not make the payment within 60 days of the demand letter.
Appears in 3 contracts
Samples: Loan Guarantee Agreement, Loan Guarantee Agreement, Loan Guarantee Agreement
Standard guarantee plan. If the buyer fails to pay an annual amortized installment or a portion of an install- ment on the contract, then the seller has the option of either liquidating the real estate, or having the amount of the loss established by the Agency by an appraisal of the real estate. For ei- ther option, the servicing agent:
(1) Must make a written demand on the buyer for payment of the defaulted amount within 30 days of the missed payment, and send a copy of the xx- xxxx letter to the Agency and to the seller; and
(2) Must immediately inform the Agency which option the seller has chosen for establishing the amount of the loss, in the event the buyer does not make the payment within 60 days of the demand letter.of
Appears in 1 contract
Samples: Land Contract Agreement for Prompt Payment Guarantee
