FHA/VA Insurance Sample Clauses
The FHA/VA Insurance clause outlines requirements related to obtaining mortgage insurance through the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA) for a property purchase. This clause typically specifies that the buyer must secure a loan that meets FHA or VA guidelines, and that the property must qualify for such insurance, which may involve certain inspections or repairs. Its core function is to ensure that both the buyer and the lender are protected by government-backed insurance, reducing financial risk and facilitating the transaction for eligible buyers.
FHA/VA Insurance. Each REO Property (i) is covered by FHA Mortgage Insurance and there exists no impairment to full recovery without indemnity to HUD or the FHA under the FHA Mortgage Insurance, or (ii) is guaranteed, or eligible to be guaranteed by a VA Loan Guaranty Agreement, under the VA Regulations and there exists no impairment to full recovery without indemnity to the VA under the VA Loan Guaranty Agreement. Any of the persons whose signatures and titles appear below are authorized, acting singly, to act for Seller and REO Subsidiary under this Agreement: Authorized Representatives for execution of Program Agreements and amendments ▇▇▇▇▇▇▇ ▇▇▇▇▇ President /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Senior Vice President /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇ Vice President & Treasurer /s/ ▇▇▇▇▇▇ ▇▇▇▇▇ Authorized Representatives for execution of Transaction Requests and day-to-day operational functions ▇▇▇▇▇▇▇ ▇▇▇▇▇ President /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇ Vice President & Treasurer /s/ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Vice President /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Any of the persons whose signatures and titles appear below, including any other authorized officers, are authorized, acting singly, to act for Administrative Agent and/or Buyers under this Agreement: ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Vice President /s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇ Vice President /s/ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ Vice President /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ Vice President /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇ Vice President /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ Vice President /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇ . LEGAL02/36925940v15 [NAME] (“Take-out Investor”) [Address] [Address] Attention: [__] Ladies and Gentlemen: Attached hereto is a correct and complete copy of your confirmation of commitment (the “Commitment”) for the following security (the “Security”): Trade Date: [__] Settlement Date: [__] Security Description: [__] Coupon: [__] Price: [__] Par Amount: [__] Pool Number: [__] The undersigned customer (the “Customer”) has assigned the Security to Credit Suisse First Boston Mortgage Capital LLC (“Credit Suisse”) as security for Customer’s Obligations under the Amended and Restated Master Repurchase Agreement, as amended (the “Agreement”), by and among Customer, Credit Suisse and [________]. This is to confirm that (i) Take-out Investor’s obligation to purchase the Security on the above terms in accordance with the Commitment is in full force and effect, (ii) Take-out Investor will accept delivery of the Security directly from Credit Suisse, (iii...
FHA/VA Insurance. Each REO Property (i) is covered by FHA Mortgage Insurance and there exists no impairment to full recovery without indemnity to HUD or the FHA under the FHA Mortgage Insurance, or (ii) is guaranteed, or eligible to be guaranteed by a VA Loan Guaranty Agreement, under the VA Regulations and there exists no impairment to full recovery without indemnity to the VA under the VA Loan Guaranty Agreement. LEGAL02/37648106v16 The Seller Parties makes the following representations and warranties to Administrative Agent with respect to the GNMA HMBS that are at all times subject to a Transaction hereunder and at all times while the Program Agreements and any Transaction hereunder is in full force and effect. With respect to those representations and warranties which are made to the best of a Seller’s knowledge, if it is discovered by such Seller Party or Administrative Agent that the substance of such representation and warranty is inaccurate, notwithstanding such Seller Party’s lack of knowledge with respect to the substance of such representation and warranty, such inaccuracy shall be deemed a breach of the applicable representation and warranty for purposes of determining Asset Value.
FHA/VA Insurance. Each REO Property (i) is covered by FHA Mortgage Insurance and there exists no impairment to full recovery without indemnity to the Department of Housing and Urban Development or the FHA under the FHA Mortgage Insurance, (ii) is guaranteed, or eligible to be guaranteed by a VA Loan Guaranty Agreement, under the VA Regulations and there exists no impairment to full recovery without indemnity to the VA under the VA Loan Guaranty Agreement or (iii) is guaranteed, or eligible to be guaranteed by a USDA Loan Guaranty Agreement, under the USDA Regulations and there exists no impairment to full recovery without indemnity to the USDA under the USDA Loan Guaranty Agreement.
FHA/VA Insurance. Each REO Property (i) is covered by FHA Mortgage Insurance and there exists no impairment to full recovery without indemnity to HUD or the FHA under the FHA Mortgage Insurance, or (ii) is guaranteed, or eligible to be guaranteed by a VA Loan Guaranty Agreement, under the VA Regulations and there exists no impairment to full recovery without indemnity to the VA under the VA Loan Guaranty Agreement. With respect to Pooled Mortgage Loans, Seller shall be deemed to make the representations and warranties set forth below to Buyer as of the Purchase Date and as of each date the Pooled Mortgage Loans are subject to a Transaction. Seller makes the following representations and warranties to Buyer with respect to each Pooled Mortgage Loan, as of the Purchase Date for the purchase of any Pooled Mortgage Loan by Buyer from Seller and as of the date of this Agreement and any Transaction hereunder and at all times while the Program Agreements and any Transaction hereunder is in full force and effect. For purposes of this Schedule 1-D and the representations and warranties set forth herein, a breach of a representation or warranty shall be deemed to have been cured with respect to a Pooled Mortgage Loan if and when Seller has taken or caused to be taken action such that the event, circumstance or condition that gave rise to such breach no longer adversely affects such Pooled Mortgage Loan. With respect to those representations and warranties which are made to the best of Seller’s knowledge, if it is discovered by Seller or Buyer that the substance of such representation and warranty is inaccurate, notwithstanding Seller’s lack of knowledge with respect to the substance of such representation and warranty, such inaccuracy shall be deemed a breach of the applicable representation and warranty.