Common use of New Home Warranties Clause in Contracts

New Home Warranties. If the Hypothecated Property includes a newly or recently constructed house, the Borrower agrees to meet all of the requirements to obtain and maintain the warranty in the new home warranty program applicable in the Province of Québec. The Borrower agrees to provide to the Lender copies of the New Home Warranty Certificate and Certificate of Possession or other applicable certificates. The Borrower hereby hypothecates in favour of the Lender its right to any proceeds it may receive under such warranty and allows the Lender the right to enforce all benefit of such warranty. The Borrower agrees to reimburse the Lender for any costs that the Lender incurs in complying with the warranty program requirements, or enforcing the Borrower’s rights on the Borrower’s behalf if the Borrower fails to do so.