The participating lender is responsible for servicing the guaranteed loan throughout the term of the loan or guarantee, whichever is less. In all cases, the lender remains responsible for liquidation of the property in accordance with the Loan Note Agreement, unless otherwise determined by the Agency. A lender-servicing plan must be designed and implemented to achieve the following objectives.
To preserve the value of the loan and the real estate;
To avoid a loss to the lender or the Agency and to limit exposure to potential loss;
To protect the interests of the tenants; and
To further program objectives.
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