Representations and Warranties of GSMC. (a) As to each Acoustic Mortgage Loan (except as otherwise set forth on Exhibit V hereto), GSMC hereby makes the representations and warranties set forth in Exhibit I hereto to the Depositor as of the Closing Date (or such other date as set forth herein).
(b) As to each ResMAE Mortgage Loan (except as otherwise set forth on Exhibit V hereto), GSMC hereby makes the representations and warranties set forth in Exhibit II hereto to the Depositor as of the Closing Date (or such other date as set forth herein).
(c) As to each Meritage Mortgage Loan (except as otherwise set forth on Exhibit V hereto), GSMC hereby makes the representations and warranties set forth in Exhibit III hereto to the Depositor as of the Closing Date (or such other date as set forth herein).
(d) As to each Conduit Mortgage Loan (except as otherwise set forth on Exhibit V hereto), GSMC hereby makes the representations and warranties set forth in Exhibit IV hereto to the Depositor as of the Closing Date (or such other date as set forth herein).
(e) None of the Group I Mortgage Loans has a Prepayment Premium in excess of three years.
Representations and Warranties of GSMC. (a) As to each Acoustic Mortgage Loan (except as otherwise set forth on Exhibit III hereto), GSMC hereby makes the representations and warranties set forth in Exhibit I hereto to the Depositor as of the Closing Date (or such other date as set forth herein).
(b) As to each Conduit Mortgage Loan (except as otherwise set forth on Exhibit III hereto), GSMC hereby makes the representations and warranties set forth in Exhibit II hereto to the Depositor as of the Closing Date (or such other date as set forth herein).
(c) None of the Group I Mortgage Loans has a Prepayment Premium in excess of three years.
Representations and Warranties of GSMC. (a) As to each Mortgage Loan (except as otherwise set forth on Exhibit II hereto), GSMC hereby makes the representations and warranties set forth in Exhibit I hereto to the Depositor as of the Closing Date (or such other date as set forth herein).
(b) None of the Group I Mortgage Loans has a Prepayment Premium in excess of three years.
Representations and Warranties of GSMC. As to each Mortgage Loan, GSMC hereby makes the representations and warranties as of the Closing Date.
(a) Any and all requirements of any federal, state or local law including, without limitation, usury, truth-in-lending, real estate settlement procedures, consumer credit protection, equal credit opportunity and disclosure laws, all applicable predatory and abusive lending laws or unfair and deceptive practices applicable to the Mortgage Loan, including, without limitation, any provisions related to Prepayment Premiums, have been complied with and the consummation of the transactions contemplated hereby will not involve the violation of any such laws or regulations;
(b) No monthly payment required under the Mortgage Loan is one month or more delinquent, nor has any payment under the Mortgage Loan been one month or more Delinquent since the origination of the Mortgage Loan;
(c) No Mortgage Loan is a High Cost Loan or Covered Loan, as applicable. No Mortgage Loan originated on or after October 1, 2002 through March 6, 2003 is governed by the Georgia Fair Lending Act; and
(d) None of the Group I Mortgage Loans has a Prepayment Premium in excess of three years.
Representations and Warranties of GSMC. As to each Acoustic Mortgage Loan (except as otherwise set forth on Exhibit V hereto), GSMC hereby makes the representations and warranties set forth in Exhibit I hereto to the Depositor as of the Closing Date (or such other date as set forth herein).
Representations and Warranties of GSMC. (i) As to each Conduit Mortgage Loan (except as otherwise set forth on Exhibit II hereto), GSMC hereby makes the representations and warranties set forth in Exhibit I hereto to the Depositor as of the Closing Date (or such other date as set forth herein).
Representations and Warranties of GSMC. As to each Mortgage Loan, GSMC hereby makes the representations and warranties as of the Closing Date.
(a) Any and all requirements of any federal, state or local law including, without limitation, usury, truth-in-lending, real estate settlement procedures, consumer credit protection, equal credit opportunity and disclosure laws, all applicable predatory and abusive lending laws or unfair and deceptive practices applicable to the Mortgage Loan, including, without limitation, any provisions related to Prepayment Premiums, have been complied with and the consummation of the transactions contemplated hereby will not involve the violation of any such laws or regulations;
(b) No monthly payment required under the Mortgage Loan is one month or more delinquent;
(c) No Mortgage Loan is a High Cost Loan or Covered Loan, as applicable. No Mortgage Loan originated on or after October 1, 2002 through March 6, 2003 is governed by the Georgia Fair Lending Act; and
(d) None of the Group I Mortgage Loans has a Prepayment Premium in excess of three years.
Representations and Warranties of GSMC. To GSMC's knowledge, all of the representations and warranties as to the Conduit Mortgage Loans, as set forth in the Goldman Sachs Mortgage Company Sellerx Xxxxx, xxxxd as of August 30, 2004 (the "Seller's Guide"), are true and correct in all respects as of the date hereof as if made on the date hereof. With respect to those representations and warranties which are made to the best of GSMC's knowledge, if it is discovered by GSMC that the substance of such representation and warranty is inaccurate, notwithstanding GSMC's lack of knowledge with respect to the substance of such representation and warranty, such inaccuracy shall be deemed a breach of the applicable representation and warranty. It is understood and agreed that the representations and warranties set forth in this Section 1 shall survive delivery of the Mortgage Loan Documents to the Depositor or its designee and shall inure to the benefit of the Depositor and its assigns notwithstanding any restrictive or qualified endorsement or assignment. Upon the discovery by GSMC or the Depositor and its assigns of a breach of the foregoing representations and warranties, the party discovering such breach shall give prompt written notice to the other parties to this Agreement, and in no event later than two (2) Business Days from the date of such discovery. It is understood and agreed that the obligations of GSMC set forth in Section 2 to repurchase or, in limited circumstances, substitute a Mortgage Loan constitute the sole remedies available to the Depositor and its assigns on their behalf respecting a breach of the representations and warranties contained in this Section 1.
Representations and Warranties of GSMC. As to each MILA Mortgage Loan (except as otherwise set forth on Exhibit VI hereto), GSMC hereby makes the representations and warranties set forth in Exhibit I hereto to the Depositor as of the Closing Date (or such other date as set forth herein).
Representations and Warranties of GSMC. GSMC hereby represents and warrants to the Depositor as follows:
(a) To GSMC’s knowledge, as to each of the Mortgage Loans, no event has occurred from and after the Original Sale Date to the date hereof that would cause any representation and warranty relating to such Mortgage Loan as set forth in Section 3.1 of the Purchase Agreement (other than the representations and warranties set forth in Section 3.1(z), (gg), (oo) and (aaa)) to be untrue in any material respect as of the date hereof as if made on the date hereof.
(b) Except with respect to approximately 0.71% of the Mortgage Loans which were one payment past due and approximately 0.31% of the Mortgage Loans which were two payments past due as of the Cut-off Date, there is no default, breach, violation or event of acceleration existing under the Mortgage or the related Mortgage Note. With respect to each Mortgage Loan (i) the first lien mortgage loan is in full force and effect and (ii) either (A) the first lien mortgage contains a provision which allows or (B) applicable law requires, the mortgagee under the Mortgage Loan to receive notice of, and affords such mortgagee an opportunity to cure any default by payment in full or otherwise under the first lien mortgage.
(c) Except with respect to approximately 0.71% of the Mortgage Loans which were one payment past due and approximately 0.31% of the Mortgage Loans which were two payments past due as of the Cut-off Date, the Monthly Payment due on such Mortgage Loan in the month immediately preceding the month of the Closing Date has been made.
(d) Except with respect to approximately 0.71% of the Mortgage Loans which were one payment past due and approximately 0.31% of the Mortgage Loans which were two payments past due as of the Cut-off Date, there are no defaults in complying with the terms of the Mortgage, and either (1) any taxes, governmental assessments, insurance premiums, water, sewer and municipal charges or ground rents which previously became due and owing have been paid, or (2) an escrow of funds has been established in an amount sufficient to pay for every such item which remains unpaid and which has been assessed but is not yet due and payable.
