Common use of Custody of Loan Files Clause in Contracts

Custody of Loan Files. To assure uniform quality in servicing the loans and to reduce administrative costs, the Cooperative hereby appoints CFC as servicing agent of the loans, and the CFC hereby accepts such appointment, to act for the benefit of the Cooperative as custodian of the following documents or instruments (which are hereby constructively delivered to CFC) with respect to each loan: a.) the fully executed original of each loan agreement, promissory note, and security agreement; b.) the original credit application fully executed by the borrower; and c.) any and all other documents that CFC, as servicing agent, shall keep on file, in accordance with its customary procedures, relating to a Loan; Provided, however: That upon appointment of a successor servicing agent, the CFC shall promptly deliver all such documents or instruments with respect to any loan in its possession to such successor servicing agent. (07-07-99) PN 307 RD Instruction 2000-KKK Exhibit A

Custody of Loan Files. To assure uniform quality in servicing the loans and to reduce administrative costs, the Cooperative hereby appoints CFC as servicing agent of the loans, and the CFC hereby accepts such appointment, to act for the benefit of the Cooperative as custodian of the following documents or instruments (which are hereby constructively delivered to CFC) with respect to each loan: a.) the fully executed original of each loan agreement, promissory note, and security agreement; b.) the original credit application fully executed by the borrower; and c.) any and all other documents that CFC, as servicing agent, shall keep on file, in accordance with its customary procedures, relating to a Loan; Provided, however: That upon appointment of a successor servicing agent, the CFC shall promptly deliver all such documents or instruments with respect to any loan in its possession to such successor servicing agent. (07-07-99) PN 307 RD Instruction 2000-KKK Exhibit A