Code of Maine Rules
94 - INDEPENDENT AGENCIES
457 - FINANCE AUTHORITY OF MAINE (FAME)
Chapter 204 - SECONDARY MARKET PROGRAM
Section 457-204-14 - The Authority Repurchase

A. If Lender does not repurchase as provided by paragraph 13 hereof, the Authority will purchase from Holder the unpaid principal balance of the Guaranteed Portion together with accrued interest to date of repurchase less Lender's servicing fee, as provided, and subject to the limitations set forth, in the Program Documents. The Authority will be subrogated to all rights of Holder upon repurchase.

B. The Authority shall promptly notify the Lender of its receipt of a demand for payment of a Guaranteed Portion. The Lender shall promptly provide the Authority with the information necessary for the Authority's determination of the appropriate amount due the Holder. If there is any discrepancy between the amount claimed by the Holder and the information submitted by the Lender, the Authority will notify both parties, who must resolve the conflict before payment by the Authority will be approved. Upon receipt of the appropriate information, the Authority will review the demand, issue the appropriate check and remit the required payment as provided in the related Program Documents.

C. The Lender shall agree to consent to the purchase by the Authority and agrees to furnish on request by the Authority a current statement certified by an appropriate authorized officer of the Lender of the unpaid principal and interest then owed by Borrowers on the Eligible Loan. The Lender shall agree that any purchase by the Authority does not change, alter or modify any of the Lender's obligations to the Authority arising from said Eligible Loan or guarantee nor does it waive any of the Authority's rights against Lender, and that the Authority will have the right to set off against Lender all rights inuring to the Authority as the Holder against the Authority's obligation to Lender under the Loan Note Guarantee.