Common use of No Fraudulent Activity; Negligence Clause in Contracts

No Fraudulent Activity; Negligence. No Fraudulent Activity, negligence or similar occurrence with respect to any Loan has taken place on the part of Servicer or any third party involved in the arranging or making of any Loan to whom Servicer subcontracted any of its obligations hereunder. Servicer represents and warrants that the true identity of each Borrower was ascertained in order to avoid dealing with persons committing identity theft or other forms of Fraudulent Activity. Servicer has established and maintains a customer identification program and a suspicious activity reporting program in material compliance with Applicable Law, including the requirements of 31 CFR 1020.220 and 31 CFR Part 103, and has performed its customer identification program with respect to each applicant and Borrower. Servicer acknowledges that Lender will rely on the performance of Servicer for Lender’s customer identification program. Servicer will retain for six years after a Loan is repaid and deliver to Bank upon request the applicant or Borrower’s name, physical address, social security number and date of birth obtained pursuant to such customer identification procedures; a description of the methods and the results of any measures undertaken to verify the identity of the applicant or Borrower and a description of the resolution of any substantive discrepancy discovered when verifying the identifying information obtained. Servicer will certify annually to Lender that Servicer has implemented Servicer’s customer identification program with respect to each Borrower.

No Fraudulent Activity; Negligence. No Fraudulent Activityfraudulent activity, negligence or similar occurrence with respect to any Loan has taken place on the part of the Servicer or any third party involved in the arranging or making of any services contemplated by this Loan Origination Agreement to whom Servicer subcontracted any of its obligations hereunder. Servicer represents and warrants that the true identity of each Borrower was ascertained in order to avoid dealing with persons committing identity theft or other forms of Fraudulent Activityfraudulent activity. Servicer has established and maintains a customer identification program and a suspicious activity reporting program in material compliance with Applicable Law, including the requirements of 31 CFR 1020.220 and 31 CFR Part 103, and has performed its customer identification program with respect to each applicant and Borrower. Servicer acknowledges that Lender will rely on the performance of Servicer for Lender’s customer identification program. Servicer will retain for six 6 years after a Loan is repaid and deliver to Bank upon request the applicant or Borrower’s name, physical address, social security number and date of birth obtained pursuant to such customer identification procedures; a description of the methods and the results of any measures undertaken to verify the identity of the applicant or Borrower and a description of the resolution of any substantive discrepancy discovered when verifying the identifying information obtained. Upon Lender’s request, Servicer will certify annually to Lender that Servicer has implemented Servicer’s customer identification program with respect to each Borrower.