Loan Purchase Approval Sample Clauses

Loan Purchase Approval. After the Authority has reviewed and approved the Compliance Package, the Mortgage File will be reviewed by the Servicer pursuant to the Program Manual which sets forth procedures for all Mortgage Lenders by the Authority and Servicer, prior to the Purchase Date arranged for the Mortgage Loan between the Servicer and Mortgage Lender consistent with Section 4.09(b) and (f) hereto. Upon the Servicer’s approval of the Mortgage Loan for Purchase, the Servicer will (i) deliver an advice of purchase to the Mortgage Lender and the Authority signed by the Servicer as evidence of such approval, and (ii) forward to the Custodian of the Mortgage File documents for GNMA, Xxxxxxx Mac and Xxxxxx Mae, such documents as may be required by GNMA, Xxxxxxx Mac and Xxxxxx Mae. Any Mortgage Loan with respect to which the Mortgage File is deemed by the Servicer or the Authority in their discretion to be defective will be returned to the Mortgage Lender by the Servicer with all instruments submitted in accordance with this Section. To be purchased, such defective mortgage loan must be resubmitted in accordance with the procedures of this Section. The examination and acceptance of a Mortgage File by the Servicer hereunder shall not constitute a waiver of any warranty, representation or covenant by the Mortgage Lender or the Mortgagor with respect to the Mortgage Loan to which the Compliance Package and Mortgage File pertains. The Mortgage Lender shall pay all costs of preparing and furnishing the Compliance Package and the Mortgage File to the Authority and Servicer.
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Related to Loan Purchase Approval

  • Approval/Non-Approval We will notify you whether your Application has been approved or denied within 14 days after the date we receive a completed Application. Notification may be in person or by mail or telephone unless you have requested that notification be by mail. You must not assume approval until you receive actual notice of approval. The 14-day time period may be changed only by separate written agreement.

  • REQUIRED APPROVAL Any indemnification under this Article shall be made by the Trust if authorized in the specific case on a determination that indemnification of the Agent is proper in the circumstances by (i) a final decision on the merits by a court or other body before whom the proceeding was brought that the Agent was not liable by reason of Disqualifying Conduct (including, but not limited to, dismissal of either a court action or an administrative proceeding against the Agent for insufficiency of evidence of any Disqualifying Conduct) or, (ii) in the absence of such a decision, a reasonable determination, based upon a review of the facts, that the Agent was not liable by reason of Disqualifying Conduct, by (1) the vote of a majority of a quorum of the Trustees who are not (x) “interested persons” of the Trust as defined in Section 2(a)(19) of the 1940 Act, (y) parties to the proceeding, or (z) parties who have any economic or other interest in connection with such specific case (the “disinterested, non-party Trustees”); or (2) by independent legal counsel in a written opinion.

  • FAA APPROVAL This Agreement may be subject to approval of the FAA. If the FAA disapproves this Agreement, it will become null and void, and both Parties will bear their own expenses relative to this Agreement, up to the date of disapproval.

  • ROAD WORK PHASE APPROVAL Purchaser shall obtain written approval from the Contract Administrator upon completion of each of the following phases of road work:  Drainage installation  Subgrade compaction  Rock compaction SUBSECTION RESTRICTIONS

  • CONTRACT APPROVAL All Membership Contracts are subject to final approval by Crunch Management. Crunch reserves the right to refuse this contract for any reason at our sole discretion.

  • Preliminary Approval Within a reasonable time after execution of this Settlement Agreement by the Parties, Plaintiff shall apply to the Court for the entry of an Order:

  • Stockholder Approval The Company Stockholder Approval shall have been obtained.

  • Shareholder Approval The Company Shareholder Approval shall have been obtained.

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