US SBA SOP 50 10 8.1 Lender and Development Company Loan Programs
Section B Ch 6: 7(a) terms, closing and disbursement – US SBA SOP 50 10 8.1 Lender and Development Company Loan Programs

US SBA SOP 50 10 8.1 Lender and Development Company Loan Programs B6-D4: Section B Ch 6 Para D.4: Required SBA forms and federal law clauses in notes, guaranties and liens

Whether it uses SBA Forms 147, 148 and 148L or its own, the 7(a) Lender ensures its note is legally enforceable and assignable, has a stated maturity and is not payable on demand, and carries SBA's federal law clause; its own guaranty form carries the guaranty federal law clause; and every mortgage, deed of trust and security agreement carries SBA's clause on federal law, use of state procedures without waiver of federal immunity, and unenforceability of arbitration clauses when SBA holds the note (lenders selling on the secondary market are urged to use Form 147). It completes SBA Form 159 for its own fees above the threshold and for any Agent, has SBA Form 722 (equal opportunity poster) and IRS Form 4506-C or 8821 in place, and uses the same other documentation as for its comparable non-SBA loans.

Maintained by Gerard Blokdyk

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