Common use of Loan Document Status Clause in Contracts

Loan Document Status. Each related Mortgage Note, Mortgage, Assignment of Leases (if a separate instrument), guaranty and other agreement executed by or on behalf of the related Mortgagor, guarantor or other obligor in connection with such Mortgage Loan is the legal, valid and binding obligation of the related Mortgagor, guarantor or other obligor (subject to any non-recourse provisions contained in any of the foregoing agreements and any applicable state anti-deficiency or market value limit deficiency legislation), as applicable, and is enforceable in accordance with its terms, except as such enforcement may be limited by (i) bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law and except that certain provisions in such Mortgage Loan documents (including, without limitation, provisions requiring the payment of default interest, late fees or prepayment/yield maintenance

Loan Document Status. Each related Mortgage Note, Mortgage, Assignment of Leases (if a separate instrument), guaranty and other agreement that evidences or secures such Mortgage Loan and was executed by or on behalf of the related Mortgagor, Mortgagor or any guarantor or other obligor in connection with such Mortgage Loan of any non-recourse exceptions and environmental liability is the legal, valid and binding obligation of the related Mortgagor, guarantor or other obligor maker thereof (subject to any non-recourse provisions contained in any of the foregoing agreements and any applicable state anti-deficiency or market value limit deficiency legislation), as applicable, and is enforceable in accordance with its terms, except as such enforcement may be limited by (i) bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium reorganization or other similar laws affecting the enforcement of creditors’ ' rights generally generally, and (ii) by general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law law) and except that certain provisions in there is no valid defense, counterclaim or right of offset or rescission available to the related Mortgagor with respect to such Mortgage Loan documents (includingNote, without limitation, provisions requiring the payment of default interest, late fees Mortgage or prepayment/yield maintenanceother agreement.