Lightning Docs Updates 7.10.26
We have issued an update to the system that modified the following:
- *New Feature* Produce a Separate Guaranty for Each Guarantor: We have enhanced the available options for Guaranties so you can elect whether to create a separate Guaranty for each Guarantor. On the Guaranty screen, you will now see the below question appear at the the very top of the page.
- As part of ongoing outside counsel reviews, we have made the following amendments:
- Agreement (all states):
- Force Majeure Event definition. To provide Lender greater protection, we have added language that requires Borrower to take reasonable steps to mitigate the effects of an event, and to provide timely notice to Lender.
- Construction loans only. Use of Construction Reserve Proceeds section expanded to add language regarding Lender’s right to retain the Construction Reserve until certain conditions are met to Lender’s satisfaction.
- Security Instrument (Texas only) :
- Acceleration and Sale on Default section expanded to include public auction timing requirements, in accordance with local practice.
- Guaranty (Texas only):
- Waiver section has been expanded to conform to local practice, with the addition of applicable sections of the Texas Property Code.
- Agreement (all states):
- West Virginia Updates: As part of an annual review by outside local counsel, we have made an update to the Security Instrument, Non-Uniform Covenant of Acceleration and Sale on Default to specifically reference the applicable West Virginia Code sections.
