The Lender is responsible for monitoring and servicing the Guaranteed Loan in the manner that it would monitor and service its portfolio of conventional loans and consistent with the Lender's responsibilities pursuant to this Manual, the Master Guarantee Agreement and the loan documents.
Provide WHEDA with access to the Borrower's loan file, as well as other records relative to the Borrower's loan file, if requested.
Notify WHEDA within thirty (30) days if there are adverse changes in a Borrower's financial situation or if there is an occurrence or likelihood of an occurrence that would result in the default of the Guaranteed Loan.
Prior to taking any action against the Borrower, the Lender must notify WHEDA of the situation. WHEDA understands that on rare occasion's time is of the essence and prior notification may not always be possible. The Lender is expected, however, to act expeditiously when informing WHEDA of the actions taken. If timely notification is not followed and WHEDA discovers that action, or inaction, of the Lender jeopardized WHEDA's interest in the loan, WHEDA reserves the right to terminate or reduce the level of the guarantee.
Actions which require immediate notification to WHEDA include, but are not limited to:
 | Borrower is prohibited from incurring outside business debt, except for those payables accrued in the normal course of business, without the written consent of the Lender and review by WHEDA. |
| Deferral of payment. |
| Making or consenting to any alteration in the terms of any loan document(s) |
| Making or consenting to release(s) of collateral |
| Accelerating the maturity of the Note |
| Taking legal action necessary to enforce the documents |
| Waiving any claim against the Borrower, guarantor, obligor or standby creditor arising out of any loan document(s) |
| Assigning Lender's or Borrower's rights or obligations under the Loan Document(s) |
| Knowledge of any misrepresentations or fraudulent acts committed by the Borrower or guarantor relative to the Guarantee Loan |
| For in-Home businesses that cease operation where the real estate is being guaranteed by WHEDA |
