Omission, False or Inaccurate Information. Broker acknowledges that ARC HOME will rely on Broker to submit Packages in full compliance with ARC HOME Guidelines, Agency Guidelines (as applicable), and Applicable Law, as the same may evolve from time to time. In the event that ARC HOME discovers that (i) Broker submitted a Package to ARC HOME which (x) was incomplete or omitted information or (y) included information that was or is false, fraudulent, or noncompliant with this Agreement and (ii) Broker knew or should have known, in the exercise of reasonable diligence, of such omission, falsity, fraud, or noncompliance or (iii) if any representation or warranty made by Broker in this Agreement is or was untrue, then Broker shall pay a penalty to ARC HOME as set forth in Section 5.3 below. For purposes of this section, the term “information” shall mean all information obtained from any Borrower or any other verification or source that is within the scope, control or knowledge of Broker, including any appraisal- related information.
Appears in 5 contracts
Samples: Broker Agreement, Broker Agreement, Broker Agreement
