Common use of Borrower’s Loan Application Clause in Contracts

Borrower’s Loan Application. Borrower’s actions will constitute actual fraud under Section 50(a)(6)(c), Article XVI of the Texas Constitution and Borrower will be in Default and may be held personally liable for the debt evidenced by the Note and this Security Instrument if, during the loan application process, Borrower or any persons or entities acting at Borrower’s direction or with Borrower’s knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (or failed to provide Lender with material information) in connection with the loan or any other action or inaction that is determined to be actual fraud. Material representations include, but are not limited to, overstating Borrower’s income or assets, understating or failing to provide documentation of Borrower’s debt obligations and liabilities, and misrepresenting Borrower’s occupancy or intended occupancy of the Property as a Texas homestead, the representations and warranties contained in the Texas Home Equity Affidavit and Agreement, and the execution of an acknowledgment of fair market value of the property as described in Section 28.