Multi-Note System. Under this option, the Lender may provide one note for the unguaranteed portion of the loan and no more than five notes for the guaranteed portion. All promissory notes must reflect the same payment terms. The Lender must retain its interest in the collateral and servicing responsibilities for the guaranteed loan. When the Lender selects this option, the Holder will receive one of the Borrower’s executed notes and Loan Note Guarantee attached to the Borrower’s note. An Assignment Guarantee Agreement will not be used when the multi-note option is used.
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