Common use of Binding Mortgages and Notes Clause in Contracts

Binding Mortgages and Notes. Each Mortgage and Note is the legal, valid and binding obligation of the maker thereof and is enforceable in accordance with its terms, except only as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity (whether considered in a proceeding or action in equity or at law). All parties to each Mortgage Loan had full legal capacity to execute all Mortgage Loan documents (including the Notes and Mortgages) and convey the estate therein purported to be conveyed, and all Mortgage Loan documents (including the Notes and Mortgages) have been duly and properly executed by such parties.

Binding Mortgages and Notes. Each Mortgage and Note is the legal, valid and binding obligation of the maker thereof and is enforceable in accordance with its terms, except only as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity (whether considered in a proceeding or action in equity or at law). All parties to each Mortgage Loan had has full legal capacity to execute all Mortgage Loan documents (including the Notes and Mortgages) and convey the estate therein purported to be conveyed, and all Mortgage Loan documents (including the Notes and Mortgages) have been duly and properly executed by such parties.