Common use of Duties of Lender Clause in Contracts

Duties of Lender. a. Lender will be solely responsible for ensuring that all of its application, origination and closing guidelines and procedures and documentation, including without limitation the Policies and Procedures and the Loan Documents, comply with all federal and state laws, regulations, rulings and interpretations applicable to Lender and/or with respect to the related Loan. b. Lender shall be solely responsible for the closing of the Loan, receipt of the Loan Documents and receipt of any fees to be charged by Lender to the Borrower. c. Within ten (10) Business Days following the cure period described herein, Lender will repurchase Participant’s Participation Interest in such Loan (at par plus accrued unpaid interest) a Loan, if with respect to such Loan, Lender’s Personnel failed to comply with the Policies and Procedures in underwriting, approving or closing the Loan (except to the extent that such failure relates to obtaining or maintaining the Loan Documents), the non-compliance was caused by the gross negligence or fraudulent or deliberate misconduct by Lender’s Personnel, and such failure has not been cured within thirty (30) days after discovery thereof by Lender. d. Participant, its duly authorized representatives, and any other governmental or quasi-governmental authority regulating the activities of Participant or the Loans shall have the privilege of auditing, whenever it desires during regular business hours (provided that, in the case of an audit by Participant or its representatives, reasonable advance notice has been provided to Lender), the books and records of the Lender pertaining to all Loans covered by this Agreement.

Duties of Lender. a. Lender will be solely responsible for ensuring that all of its application, origination and closing guidelines and procedures and documentation, including without limitation the Policies and Procedures and the Loan Documents, comply with all federal and state laws, regulations, rulings and interpretations applicable to Lender and/or with respect to the related Loan. b. Lender shall be solely responsible for the closing of the Loan, receipt of the Note, Mortgage, and other Loan Documents and receipt of any fees to be charged by Lender to the Borrowercustomer, including but not limited to Origination Fees. c. Within ten (10) Business Days following the cure period described herein, Lender will remove from the Participation Portfolio (and repurchase Participant’s Participation Interest in such Loan (at par plus accrued unpaid interest) a Loan, if with respect to such Loan, Lender’s Personnel failed to comply with the Policies and Procedures Underwriting Criteria in underwriting, approving or closing the Loan (except to the extent that such failure relates to obtaining or maintaining the Loan Documents), the non-compliance was caused by the gross negligence or fraudulent or deliberate misconduct by Lender’s Personnel, and such failure has not been cured within thirty (30) days after discovery thereof by Lender. d. Lender shall furnish to Participant copies of its financial statements and such other information or reports relating to its financial condition and/or the Loans covered under this Agreement as Participant may reasonably request from time to time. e. Participant, its duly authorized representatives, and any other governmental or quasi-governmental authority regulating the activities of Participant or the Loans shall have the privilege of auditing, whenever it desires during regular business hours (provided that, in the case of an audit by Participant or its representatives, reasonable advance notice has been provided to Lender), the books and records of the Lender pertaining to all Loans covered by this Agreement.

Duties of Lender. a. Lender will be solely responsible for ensuring that all of its application, origination and closing guidelines and procedures and documentation, including without limitation the Policies and Procedures and the Loan Documents, comply with all federal and state laws, regulations, rulings and interpretations applicable to Lender and/or with respect to the related Loan. b. Lender shall be solely responsible for the closing of the Loan, receipt of the Loan Documents and receipt of any fees to be charged by Lender to the Borrower. c. Within ten (10) Business Days following the cure period described herein, Lender will repurchase Participant’s Participation Interest in such Loan (at par plus accrued unpaid interest) a Loan), if with respect to such Loan, Lender’s Personnel failed to comply with the Policies and Procedures in underwriting, approving or closing the Loan (except to the extent that such failure relates to obtaining or maintaining the Loan Documents), the non-compliance was caused by the gross negligence or fraudulent or deliberate misconduct by Lender’s Personnel, and such failure has not been cured within thirty (30) days after discovery thereof by Lender. d. Participant, its duly authorized representatives, and any other governmental or quasi-governmental authority regulating the activities of Participant or the Loans shall have the privilege of auditing, whenever it desires during regular business hours (provided that, in the case of an audit by Participant or its representatives, reasonable advance notice has been provided to Lender), the books and records of the Lender pertaining to all Loans covered by this Agreement.