COM 0585.000 2010-2012 - Laserfiche WebLink

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(f) The designated bank agrees to disburse the loan proceeds directly to the contractor performing the connection. (g) The designated bank agrees to provide information on the number of its guaranteed loans and the amount outstanding on a quarterly basis to the director. 4. Default; Guaranteed Payment; Assignment of Note and Mortgage. (a) In the event that a guaranteed borrower fails to pay the required payment on the loan within ninety days of the date upon which payment is due, the loan shall be considered in default. The designated bank shall immediately notify the director by sending in a Request for Guaranteed Payment and Assignment of Note and Mortgage form. The County may revoke its guarantee if the County is not notified within 30 days of default. (b) The designated bank will also assign the note and mortgage to the County. All assignments will be executed by employees previously authorized to sign this agreement with the County unless notified in writing of a change in authorized signer(s). (c) The guaranteed payment will include the outstanding principal and accrued interest without additional charges for late penalty. Payment will be made within 30 days of the receipt of required documents. Acceptance of this payment fully satisfies the guaranteed borrower's obligation to the designated bank. 5. Entire Agreement; Amendment. This agreement between the County and designated bank is intended to be a complete agreement of the terms, superseding all prior written and oral agreements. This agreement may be amended or modified only in writing by both parties. 6. Governing Law. This agreement shall be governed by the laws of the State of Hawaii. COUNTY OF HAWAII Name of Designated Bank By: By: Name: Name: Title: Title: