Common use of Legal Effect of the Guides Clause in Contracts

Legal Effect of the Guides. ‌ This section addresses the structure and effective date of the Guides. 1 MPF Announcement 2017-13 (3/28/17) Amendment and Effective Date (3/28/17)2‌ The Guides are updated and supplemented by communications to PFIs and Servicers participating in the MPF Program that are published as MPF Marketing Bulletins and MPF Announcements. The effective date of a specific section is noted in parentheses next to the title of the section. If no such date is provided, the effective date of a session is deemed to be the date the requirement was added to the Guides prior to July 29, 2016. Any Guide sections amended after July 29, 2016 will contain a footnote indicating the MPF Announcement that corresponds to the amendment. As deemed appropriate by the MPF Provider, the Guides may be published in various formats, including hard copies or electronically, and distributed or posted on electronic sites, such as AllRegs Online. The Guides as published on AllRegs can be accessed through the MPF Website. In the event of a conflict between various versions of the Guides, the official version of the current Guides published on AllRegs will prevail. The Guides are considered effective on the date they are published on AllRegs. Pre-July 29, 2016 Guide References‌ On July 29, 2016, a new reorganized version of the Guides was published. The reorganization did not change the requirements of the Guides; it consisted instead of consolidating like content, and deleting obsolete, outdated, and duplicative content. The terms of all Applicable Agreements and any other MPF Program related agreement, contract, announcement, or other document or communication that pre-date the reorganized Guide publication of July 29, 2016, that include prior Guide references, remain legally binding and enforceable. It is understood that any reference in any Applicable Agreement to the “Guides”, the “MPF Origination Guide”, or the “MPF Servicing Guide” shall mean and be deemed to refer to the Guides as that term is used in these Guides and defined in the Glossary. Status as a Contract (3/28/17)3‌ The Guides supplement the obligations and requirements for participating in the MPF Program set forth in any Applicable Agreement, and all of their terms are incorporated by reference into, and constitute a part of, each Applicable Agreement. All Mortgage Loans must be originated and serviced in accordance with the standards set forth in the Guides and Applicable Agreements. All of the PFI’s or Servicer’s obligations to originate and service Mortgage Loans for the MPF Bank shall be considered to constitute, and shall be performed pursuant to, a unitary, indivisible Applicable Agreement, and the obligations assumed pursuant to any Applicable 2 MPF Announcement 2017-13 (3/28/17) PFI Notice 2016-12 (9/1/16)‌ Agreement to originate or service Mortgage Loans for the MPF Bank shall be deemed to be merged into, and shall be performed pursuant to, such Applicable Agreement. Any failure by a PFI or Servicer to perform pursuant to the requirements provided in the Guides or in accordance with the terms of Applicable Agreements shall be deemed to constitute a breach of the Applicable Agreements and shall entitle the MPF Bank to terminate the Applicable Agreements. Guide Changes and Waivers (3/28/17)4‌ The Guides may not be amended or modified orally; they may only be amended or supplemented in writing by the MPF Provider from time to time, with notice provided pursuant to the applicable notice provisions in the Guides and the Applicable Agreements, including communications published as MPF Marketing Bulletins and MPF Announcements. Amendments apply to any mandatory Delivery Commitment having a date of PFI’s offer on or after the effective date of the amendment. In addition, pursuant to a written request from a PFI, a Servicer or an MPF Bank, the MPF Provider, at its sole discretion, may agree in writing, to waive or amend certain provisions of the Guides. Reliance‌ By entering into an Applicable Agreement with the MPF Bank, the PFI or Servicer, as applicable, acknowledges that it is not relying upon the MPF Provider or the MPF Bank or any employee, agent or representative thereof, in making its decision to enter into the agreement, and that it has relied upon the advice and counsel of its own employees, agents and representatives as to the regulatory, business, corporate, tax, accounting and other consequences of entering into and performing its obligations under an Applicable Agreement.

Legal Effect of the Guides. ‌ This section addresses the structure and effective date of the Guides. 1 MPF Announcement 2017-13 (3/28/17) Amendment and Effective Date (3/28/17)2‌ 3/28/17)2‌‌ The Guides are updated and supplemented by communications to PFIs and Servicers participating in the MPF Program that are published as MPF Marketing Bulletins and MPF Announcements. The effective date of a specific section is noted in parentheses next to the title of the section. If no such date is provided, the effective date of a session is deemed to be the date the requirement was added to the Guides prior to July 29, 2016. Any Guide sections amended after July 29, 2016 will contain a footnote indicating the MPF Announcement that corresponds to the amendment. As deemed appropriate by the MPF Provider, the Guides may be published in various formats, including hard copies or electronically, and distributed or posted on electronic sites, such as AllRegs Online. The Guides as published on AllRegs can be accessed through the MPF Website. In the event of a conflict between various versions of the Guides, the official version of the current Guides published on AllRegs will prevail. The Guides are considered effective on the date they are published on AllRegs. Pre-July 29, 2016 Guide References‌ On July 29, 2016, a new reorganized version of the Guides was published. The reorganization did not change the requirements of the Guides; it consisted instead of consolidating like content, and deleting obsolete, outdated, and duplicative content. The terms of all Applicable Agreements and any other MPF Program related agreement, contract, announcement, or other document or communication that pre-date the reorganized Guide publication of July 29, 2016, that include prior Guide references, remain legally binding and enforceable. It is understood that any reference in any Applicable Agreement to the “Guides”, the “MPF Origination Guide”, or the “MPF Servicing Guide” shall mean and be deemed to refer to the Guides as that term is used in these Guides and defined in the Glossary. Status as a Contract (3/28/17)3‌ The Guides supplement the obligations and requirements for participating in the MPF Program set forth in any Applicable Agreement, and all of their terms are incorporated by reference into, and constitute a part of, each Applicable Agreement. All Mortgage Loans must be originated and serviced in accordance with the standards set forth in the Guides and Applicable Agreements. All of the PFI’s or Servicer’s obligations to originate and service Mortgage Loans for the MPF Bank shall be considered to constitute, and shall be performed pursuant to, a unitary, indivisible Applicable Agreement, and the obligations assumed pursuant to any Applicable 2 MPF Announcement 2017-13 (3/28/17) PFI Notice 2016-12 (9/1/16)‌ 9/1/16) Agreement to originate or service Mortgage Loans for the MPF Bank shall be deemed to be merged into, and shall be performed pursuant to, such Applicable Agreement. Any failure by a PFI or Servicer to perform pursuant to the requirements provided in the Guides or in accordance with the terms of Applicable Agreements shall be deemed to constitute a breach of the Applicable Agreements and shall entitle the MPF Bank to terminate the Applicable Agreements. Guide Changes and Waivers (3/28/17)4‌ The Guides may not be amended or modified orally; they may only be amended or supplemented in writing by the MPF Provider from time to time, with notice provided pursuant to the applicable notice provisions in the Guides and the Applicable Agreements, including communications published as MPF Marketing Bulletins and MPF Announcements. Amendments apply to any mandatory Delivery Commitment having a date of PFI’s offer on or after the effective date of the amendment. In addition, pursuant to a written request from a PFI, a Servicer or an MPF Bank, the MPF Provider, at its sole discretion, may agree in writing, to waive or amend certain provisions of the Guides. Reliance‌ By entering into an Applicable Agreement with the MPF Bank, the PFI or Servicer, as applicable, acknowledges that it is not relying upon the MPF Provider or the MPF Bank or any employee, agent or representative thereof, in making its decision to enter into the agreement, and that it has relied upon the advice and counsel of its own employees, agents and representatives as to the regulatory, business, corporate, tax, accounting and other consequences of entering into and performing its obligations under an Applicable Agreement.

Legal Effect of the Guides. ‌ This section addresses the structure and effective date of the Guides. 1 MPF Announcement 2017-13 (3/28/17) Amendment and Effective Date (3/28/17)2‌ 3/28/17)2‌‌ The Guides are updated and supplemented by communications to PFIs and Servicers participating in the MPF Program that are published as MPF Marketing Bulletins and MPF Announcements. The effective date of a specific section is noted in parentheses next to the title of the section. If no such date is provided, the effective date of a session is deemed to be the date the requirement was added to the Guides prior to July 29, 2016. Any Guide sections amended after July 29, 2016 will contain a footnote indicating the MPF Announcement that corresponds to the amendment. As deemed appropriate by the MPF Provider, the Guides may be published in various formats, including hard copies or electronically, and distributed or posted on electronic sites, such as AllRegs Online. The Guides as published on AllRegs can be accessed through the MPF Website. In the event of a conflict between various versions of the Guides, the official version of the current Guides published on AllRegs will prevail. The Guides are considered effective on the date they are published on AllRegs. Pre-July 29, 2016 Guide References‌ On July 29, 2016, a new reorganized version of the Guides was published. The reorganization did not change the requirements of the Guides; it consisted instead of consolidating like content, and deleting obsolete, outdated, and duplicative content. The terms of all Applicable Agreements and any other MPF Program related agreement, contract, announcement, or other document or communication that pre-date the reorganized Guide publication of July 29, 2016, that include prior Guide references, remain legally binding and enforceable. It is understood that any reference in any Applicable Agreement to the “Guides”, the “MPF Origination Guide”, or the “MPF Servicing Guide” shall mean and be deemed to refer to the Guides as that term is used in these Guides and defined in the Glossary. Status as a Contract (3/28/17)3‌ The Guides supplement the obligations and requirements for participating in the MPF Program set forth in any Applicable Agreement, and all of their terms are incorporated by reference into, and constitute a part of, each Applicable Agreement. All Mortgage Loans must be originated and serviced in accordance with the standards set forth in the Guides and Applicable Agreements. All of the PFI’s or Servicer’s obligations to originate and service Mortgage Loans for the MPF Bank shall be considered to constitute, and shall be performed pursuant to, a unitary, indivisible Applicable Agreement, and the obligations assumed pursuant to any Applicable 2 MPF Announcement 2017-13 (3/28/17) PFI Notice 2016-12 (9/1/16)‌ 9/1/16) Agreement to originate or service Mortgage Loans for the MPF Bank shall be deemed to be merged into, and shall be performed pursuant to, such Applicable Agreement. Any failure by a PFI or Servicer to perform pursuant to the requirements provided in the Guides or in accordance with the terms of Applicable Agreements shall be deemed to constitute a breach of the Applicable Agreements and shall entitle the MPF Bank to terminate the Applicable Agreements. Guide Changes and Waivers (3/28/17)4‌ The Guides may not be amended or modified orally; they may only be amended or supplemented in writing by the MPF Provider from time to time, with notice provided pursuant to the applicable notice provisions in the Guides and the Applicable Agreements, including communications published as MPF Marketing Bulletins and MPF Announcements. Amendments apply to any mandatory Delivery Commitment having a date of PFI’s offer on or after the effective date of the amendment. In addition, pursuant to a written request from a PFI, a Servicer or an MPF Bank, the MPF Provider, at its sole discretion, may agree in writing, to waive or amend certain provisions of the Guides. Reliance‌ By entering into an Applicable Agreement with the MPF Bank, the PFI or Servicer, as applicable, acknowledges that it is not relying upon the MPF Provider or the MPF Bank or any employee, agent or representative thereof, in making its decision to enter into the agreement, and that it has relied upon the advice and counsel of its own employees, agents and representatives as to the regulatory, business, corporate, tax, accounting and other consequences of entering into and performing its obligations under an Applicable Agreement.