Common use of Lender responsibilities Clause in Contracts

Lender responsibilities. The lender is responsible for: (1) Monitoring the borrower’s compli- ance with the shared appreciation agreement; (2) Notifying the borrower of the amount of recapture due; and, (3) Beginning October 1, 1999, a notice of the agreement’s provisions not later than 12 months before the end of the agreement; and (4) Reimbursing the Agency for its pro-rata share of recapture due.