Representations and Warranties of the Seller Relating to the Mortgage Loans. The Seller hereby represents and warrants to the Purchaser that as to each Mortgage Loan as of the Closing Date (unless otherwise set forth herein):
(i) The information set forth in the Closing Schedule is true and correct in all material respects as of the Cut-Off Date;
(ii) No Monthly Payment required to be made under any Mortgage Loan has been contractually delinquent by one month or more at any time preceding the date such Mortgage Loan was purchased by the Seller;
(iii) To the best of the Seller’s knowledge, there are no delinquent taxes, assessment liens or insurance premiums affecting the related Mortgaged Property;
(iv) The buildings and improvements on the Mortgaged Property are insured against loss by fire and hazards of extended coverage (excluding earthquake insurance) in an amount which is at least equal to the lesser of (i) the amount necessary to compensate for any damage or loss to the improvements which are a part of such property on a replacement cost basis or (ii) the outstanding principal balance of the Mortgage Loan. To the best of the Seller’s knowledge, if the Mortgaged Property is in an area identified on a flood hazard map or flood insurance rate map issued by the Federal Emergency Management Agency as having special flood hazards (and such flood insurance has been made available), a flood insurance policy meeting the requirements of the current guidelines of the Federal Insurance Administration is in effect. All such insurance policies contain a standard mortgagee clause naming the originator of the Mortgage Loan, its successors and assigns as mortgagee and the Seller has not engaged in any act or omission which would impair the coverage of any such insurance policies. Except as may be limited by applicable law, the Mortgage obligates the Mortgagor thereunder to maintain all such insurance at the Mortgagor's cost and expense, and on the Mortgagor's failure to do so, authorizes the holder of the Mortgage to maintain such insurance at Mortgagor's cost and expense and to seek reimbursement therefor from the Mortgagor;
(v) Each Mortgage Loan and the related Prepayment Charge complied in all material respects with 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, predatory and abusive lending, fair housing, or disclosure laws applicable to the origination and servicing of Mortgage Lo...
Representations and Warranties of the Seller Relating to the Mortgage Loans. The Seller hereby represents and warrants to the Purchaser that as to each Mortgage Loan as of the Closing Date:
Representations and Warranties of the Seller Relating to the Mortgage Loans. The Seller hereby represents and warrants to the Purchaser that the representations and warranties set forth in Exhibit A are true and correct as of the Closing Date.
Representations and Warranties of the Seller Relating to the Mortgage Loans. The Seller hereby represents and warrants to the Purchaser that as to each Mortgage Loan as of the Closing Date:
(i) Information provided to the Rating Agencies, including the loan level detail, is true and correct according to the Rating Agency requirements;
Representations and Warranties of the Seller Relating to the Mortgage Loans. The Seller hereby represents and warrants to the Purchaser that as to each Mortgage Loan as of the Closing Date, the information set forth in Exhibit 4 is true and correct in all material respects as of the Closing Date.
Representations and Warranties of the Seller Relating to the Mortgage Loans. The Seller hereby assigns all of its rights under the Seller Purchase Agreement including the representations and warranties with respect to the Mortgage Loans and the repurchase obligations of WMC contained therein.
Representations and Warranties of the Seller Relating to the Mortgage Loans. The Seller hereby represents and warrants to the Purchaser that as to each Mortgage Loan as of the Closing Date (unless otherwise specified):
(i) Information provided to the Rating Agencies, including the loan level detail set forth on the Closing Schedule, is true and correct in all material respects as of the Cut-off Date according to the requirements of each Rating Agency;
(ii) With respect to each Mortgage Loan other than the Mortgage Loans identified on Schedule C attached hereto, no error, omission, misrepresentation, negligence, fraud or similar occurrence has taken place on the part of any person, including without limitation the Mortgagor, any appraiser, any builder or developer, or any other party involved in the origination of such Mortgage Loan or in the application of any insurance in relation to such Mortgage Loan. With respect to each Mortgage Loan identified on Schedule C attached hereto, no fraud has taken place on the part of the Seller, the Mortgagor or, to the Seller’s knowledge, any other person (other than any broker or appraiser) involved in the origination of the Mortgage Loan or in the application of any insurance in relation to such Mortgage Loan;
Representations and Warranties of the Seller Relating to the Mortgage Loans. The Seller hereby represents and warrants to the Purchaser that, as to each Mortgage Loan, as of the Closing Date (or such other date specified herein) for such Mortgage Loan:
(i) The information set forth in the Mortgage Loan Schedule is complete, true and correct as of the Cut-off Date;
(ii) To the best knowledge of the Seller, the Mortgage Loans are in compliance with all requirements set forth on Exhibit 1, and the characteristics of the Mortgage Loans as set forth on Exhibit 1 are true and correct;
Representations and Warranties of the Seller Relating to the Mortgage Loans. Capitalized terms used in this Section 6 but not defined herein or in the Pooling and Servicing Agreement, shall have the meanings given to such terms in Exhibit 4 hereto. The Seller hereby represents and warrants to the Purchaser that, as to each Mortgage Loan, as of the Closing Date for such Mortgage Loan:
(i) The information set forth in the Mortgage Loan Schedule is complete, true and correct;
(ii) The Mortgage Loan Documents are genuine, the Mortgage Notes and Mortgages are enforceable in accordance with their terms, each Mortgage and Mortgage Note is duly and properly executed by a Mortgagor of legal capacity, and all insertions in any Mortgage Loan Document are correct. To the Seller's knowledge, there are no facts that would impair the validity or value of the Mortgage Note, the Mortgage, any other Mortgage Loan Document or the collateral.
(iii) The amount of the unpaid balance for each Mortgage Loan which is reflected on the Mortgage Loan Schedule is correct as of the date thereof and there are no defenses, setoffs, rights of rescission or counterclaims against any Mortgage Loan.
(iv) The security interest granted by the Mortgagor in the Mortgaged Property described in the Mortgage is an enforceable and valid first lien on the Mortgaged Property described therein.
(v) The origination of each Mortgage Loan complies in all material respects with the Applicable Requirements.
(vi) All applicable taxes, special government assessments, ground rents and flood, hazard and PMI insurance premiums have been paid when due in accordance with Applicable Requirements.
(vii) All flood, hazard and PMI insurance policies and flood certifications were obtained where required and are in compliance with all Applicable Requirements and remain in full force and effect.
(viii) All real estate tax identifications relating to the Mortgage Loans are legally sufficient and in accordance with Applicable Requirements. Tax segregation, where required, has been completed.
(ix) All payoff and assumption statements with respect to each Mortgage Loan provided to Mortgagors or their agents were complete and accurate when provided.
(x) A title policy (except with respect to Mortgaged Properties located in Iowa, as to which an opinion of counsel of the type customarily rendered in Iowa in lieu of title insurance is acceptable), which is currently in effect, conforming to Applicable Requirements, and has not been modified, has been issued for each Mortgage Loan insuring, in an amount n...
Representations and Warranties of the Seller Relating to the Mortgage Loans. The Seller hereby assigns to the Purchaser all of its right, title and interest in, to and under the Sale Agreement to the extent of the Mortgage Loans and, further, represents and warrants to the Purchaser that as to each Mortgage Loan as of the Closing Date:
(a) The Seller is the sole owner and holder of the Mortgage Loan.
(b) The Seller has full right and authority to sell and assign such Mortgage Loan.
(c) The Seller is transferring such Mortgage Loan free and clear of any and all liens, pledges, charges or security interests of any nature encumbering such Mortgage Loan.
(d) The information set forth on the Mortgage Loan Schedule is true and correct in all material respects as of the Cut-off Date or such other date as may be indicated in such schedule.
(e) The Seller and the Originator have acquired, serviced, collected and otherwise dealt with each Mortgage Loan in compliance with of all applicable federal, state and local laws and regulations and the terms of the related Mortgage Note and Mortgage.
(f) The related Mortgage Note and Mortgage are genuine and each is the legal, valid and binding obligation of the maker thereof, enforceable in accordance with its terms except as such enforcement may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors' rights generally and by general equity principles (regardless of whether such enforcement is considered in a proceeding in equity or at law).
(g) The related Mortgage is a valid and enforceable first lien on the related Mortgaged Property, which Mortgaged Property is free and clear of all encumbrances and liens (including mechanics liens) having priority over the first lien of the Mortgage except for: (i) liens for real estate taxes and assessments not yet due and payable; (ii) covenants, conditions and restrictions, rights of way, easements and other matters of public record as of the date of recording of such Mortgage, such exceptions appearing of record being acceptable to mortgage lending institutions generally or specifically reflected in the appraisal made in connection with the origination of the related Mortgage Loan and (iii) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by such Mortgage.
(h) Any security agreement, chattel mortgage or equivalent document related to such Mortgage Loan establishes and creates a valid and enforceable l...
