Loan Repurchase. For a period of twelve (12) months following the Closing, the Purchaser may put back, or cause the Seller to repurchase, at par, any Loan having a balance of greater than $50,000 if the enforceability of the Loan has been substantially impaired because of documentation errors (excluding with respect to the Credit Underwriting Documents) on the part of Seller (a “Documentation Put”). If Purchaser elects to exercise its right of a Documentation Put with respect to a Loan, such election shall be Purchaser’s sole remedy with respect to such Loan, and Purchaser may not otherwise make a claim for indemnification or damages with respect thereto.
Appears in 5 contracts
Samples: Purchase and Assumption Agreement, Purchase and Assumption Agreement (First Bancorp /Nc/), Purchase and Assumption Agreement (First Bancorp /Nc/)
