Representations and Warranties Regarding Loans. The Loan Originator makes each of the representations and warranties set forth on Exhibit E hereto with respect to each Loan, provided, however, that with respect to each Loan transferred to the Issuer by a QSPE Affiliate, to the extent that the Loan Originator has at the time of such transfer actual knowledge of any facts or circumstances that would render any of such representations and warranties materially false, the Loan Originator shall notify the Initial Noteholder of such facts or circumstances and, in such event, shall have no obligation to make such materially false representation and warranty. In addition, the Loan Originator represents and warrants with respect to each Loan sold by a QSPE Affiliate that the Loan Originator has not been required to pay any amount to or on behalf of such QSPE Affiliate that lowered the recourse to the Loan Originator available to such QSPE Affiliate below the maximum recourse to the Loan Originator available to such QSPE Affiliate under the terms of any loan purchase agreement providing for recourse by that QSPE Affiliate to the Loan Originator.
Representations and Warranties Regarding Loans. 49 Section 3.06
Representations and Warranties Regarding Loans. After a diligent investigation and inquiry, Seller further represents and warrants to Arc that as of the Purchase Date:
A. Each Loan has been originated by Seller and Seller has complied with all of its obligations under this Agreement. Seller warrants that all loans under the terms of this agreement will be originated by the Seller;
B. Seller has the authority to sell, transfer, and assign such Loan on the terms herein set forth; there has been no assignment, sale or pledge thereof by Seller, (except any pledge required pursuant to a line of credit agreement between Seller and its warehouse lender previously disclosed to Arc); and as of the Purchase Date, the Loan will be free and clear of liens, claims, security interests, or encumbrances of any type (including, but not limited to any pledge in favor of any warehouse lender);
C. All Loans purchased by Arc comply with all of the FHA, VA, GNMA, FNMA, FHLMC, FHLB, USDA, Arc and applicable private investor regulations, requirements, guidelines and standards, and all representations and warranties required to be made by sellers therein are hereby made by Seller to Arc except to the extent Arc has agreed to provide non-delegated underwriting services to Seller with respect to the applicable Loans, in which case, the foregoing representation and warranty shall be not apply to such underwriting services rendered by Arc;
D. All FHA Loans are fully insurable by FHA and a mortgage insurance certificate will be issued by FHA. All VA Loans are eligible for guaranty by VA and a loan guaranty certificate will be issued by VA. All Conventional Loans are insurable by private mortgage guaranty insurers, when required, and an appropriate certificate or other evidence of such insurance will be issued by the insurer. All USDA Loans are eligible for a USDA guaranty. There are no defenses, counter claims or rights of set-off affecting the validity or enforceability of any private mortgage insurance, USDA guaranty, FHA insurance or VA guaranty with respect to the Loan or eligibility of such Loan for insurance or guaranty. Where applicable, the representations and warranties in Section 4.2(d) shall be limited to the extent non-delegated underwriting services rendered by Seller relate to the insurability or eligibility for guaranty of any such applicable Loan;
E. All FHA, USDA and VA Loans are eligible for inclusion in pools of mortgages for GNMA, FNMA or FHLMC mortgage-backed securities;
F. With respect to the Mortgagor, the Pro...
Representations and Warranties Regarding Loans. The Loan Originator hereby represents and warrants to the Depositor, the Issuer, the Indenture Trustee and the Noteholders, with respect to each Loan as of the related Transfer Date (except as otherwise expressly agreed in writing by the Majority Noteholders):
(a) Immediately prior to sale to the Depositor, the Loan Originator is the sole owner and holder of the Loan.
(b) Immediately prior to sale to the Depositor, the Loan Originator has full right and authority to sell, assign, transfer and pledge the Loan.
(c) The Loan Originator is transferring the Loan free and clear of any and all liens, pledges, equities, charges, claims or security interests of any nature encumbering the Loan, except those removed immediately prior to sale to the Depositor and except any security interest created pursuant to the terms of this Agreement.
(d) With respect to each Mortgage Loan, the related Servicer's Loan File includes a survey, certified to the Loan Originator and the title insurance company, which is prepared in accordance with minimum standards for surveys as determined by ALTA or equivalent at the time of origination of such Mortgage Loan and contains the signature and seal of a licensed engineer or surveyor affixed thereto.
(e) With respect to each Mortgage Loan, the related Assignment of Mortgage and assignment of assignment of leases and rents (if any), except for the name of the assignee, which is left blank, constitutes the legal, valid and binding assignment of the Mortgage and the related assignment of leases and rents from the Loan Originator. The endorsement of each Promissory Note, except for the name of the assignee, which is left blank, constitutes the legal, valid and binding assignment of the Promissory Note, and together with the Assignment of Mortgage and Assignment of Loan Documents, legally and validly conveys all right, title and interest in the subject Loan to the Indenture Trustee.
(f) With respect to each Equipment Loan, the endorsement of the related Promissory Note, except for the name of the assignee, which is left blank, constitutes the legal, valid and binding assignment of the Promissory Note, and together with the Assignment of Loan Documents, legally and validly conveys all right, title and interest in the subject Equipment Loan to the Indenture Trustee.
(g) With respect to each Mortgage Loan, the lien of the related Mortgage is insured by an ALTA lender's title insurance policy (or a policy on an equivalent form), issued (or to be i...
Representations and Warranties Regarding Loans. Seller hereby represents and warrants to Purchaser, with respect to the Loans purchased by Purchaser, as of each Transfer Date or such other date as expressly stated herein, as follows:
Representations and Warranties Regarding Loans. The Loan Originator makes each of the representations and warranties set forth on Exhibit E hereto with respect to each Loan and makes each representation and warranty set forth in Section 3 of the Residual Securities Transfer Agreement with respect to each Residual Security, provided, however, that with respect to each Loan transferred to the Issuer by a QSPE Affiliate, to the extent that the Loan Originator has at the time of such transfer actual knowledge of any facts or circumstances that would render any of such representations and warranties materially false, the Loan Originator shall notify the Initial Noteholder of such facts or circumstances and, in such event, shall have no obligation to make such materially false representation and warranty. In addition, the Loan Originator represents and warrants with respect to each Loan sold by a QSPE Affiliate that the Loan Originator has not been required to pay any amount to or on behalf of such QSPE Affiliate that lowered the recourse to the Loan Originator available to such QSPE Affiliate below the maximum recourse to the Loan Originator available to such QSPE Affiliate under the terms of any loan purchase agreement providing for recourse by that QSPE Affiliate to the Loan Originator.
Representations and Warranties Regarding Loans. The Loan Originator which sold the related Loan hereby represents and warrants to the other parties hereto and the Securityholders, with respect to each such Loan as of the related Transfer Date (except as otherwise expressly agreed in writing by the Majority Noteholders):
Representations and Warranties Regarding Loans. After due diligent investigation and inquiry, the Correspondent further represents and warrants to CHMC that as of the date of payment of the Loan purchase price by CHMC:
(a) The Loan has been originated by Correspondent and Correspondent has the authority to sell, transfer, and assign such Loan on the terms herein set forth; there has been no assignment, sale or pledge thereof by Correspondent, except any pledge required by Correspondent's lender pursuant to a line of credit Agreement; and the Loan is or upon such payment will be free and clear of claims or encumbrances of any type (including any pledge in favor of Correspondent's lender);
(b) Correspondent has complied with all applicable federal and state laws, rules and regulations, as amended, including: licensing requirements, usury limitations, the Real Estate Settlement Procedures Act, the Fair Housing Act, the Equal Credit Opportunity Act, the Flood Disaster Protection Act (as if it were a covered entity), the Truth-In-Lending Act of 1969, the Fair Credit Reporting Act, the Home Mortgage Disclosure Act, the Financial Institutions Reform Recovery and Enforcement Act of 1989, and all regulations issued pursuant thereto. Correspondent shall timely deliver to each applicant a completed Regulation Z disclosure statement, Good Faith Estimate of Closing Costs, Federally mandated ARM disclosures and HUD booklets. Correspondent shall be responsible for compliance with ECOA concerning notification of adverse action to an applicant whose Loan Package CHMC does not accept (CHMC may, at its option, deliver notice of adverse action to Correspondent for further delivery to applicant). Correspondent shall deliver evidence of such compliance upon demand by CHMC; [ILLEGIBLE] private mortgage insurance companies, hazard insurance companies or other insurers have been properly satisfied; insurance policies are in effect as required by CHMC; all premiums due have been paid and all insurance is valid and enforceable. There are no defenses, counter claims or rights of set-off affecting the validity or enforceability of any private mortgage insurance, FHA insurance or VA guaranty with respect to the Loan or eligibility of such Loan for insurance or guaranty.
Representations and Warranties Regarding Loans. After due and diligent investigation and inquiry, Correspondent further represents and warrants to Chase that as of the Purchase Date:
A. Each Loan has been originated by Correspondent and Correspondent has complied with all of its obligations under this Agreement. Correspondent warrants that all Loans under the terms of this Agreement will be originated by the Correspondent, unless specific approval has been granted for third party originations and a Third Party Origination Rider has been executed by Correspondent and Chase;
B. Correspondent has the authority to sell, transfer, and assign such Loan on the terms herein set forth; there has been no assignment, sale or pledge thereof by Correspondent, (except any pledge required pursuant to a line of credit agreement between Correspondent and its warehouse lender); and as of the Purchase Date, the Loan will be free and clear of liens, claims, security interests, or encumbrances of any type (including, but not limited to any pledge in favor of any warehouse lender);
C. All Loans purchased by Chase comply with all of the FHA, VA, GNMA, FNMA, FHLMC, Chase, and applicable private investor regulations, requirements, and standards, and all representations and warranties required to be made by sellers therein are hereby made by Correspondent to Chase;
D. All FHA Loans are fully insurable by FHA and a mortgage insurance certificate will be issued by FHA; all VA Loans are eligible for guaranty by VA and a loan guaranty certificate will be issued by VA; and all Conventional Loans are insurable by private mortgage insurers, when required, and an appropriate certificate or other evidence of such insurance will be issued by the insurer. There are no defenses, counterclaims or rights of set-off affecting the validity or enforceability of any private mortgage insurance, FHA insurance or VA guaranty with respect to the Loan or eligibility of such Loan for insurance or guaranty;
E. All FHA and VA Loans are eligible for inclusion in pools of mortgages for GNMA, FNMA, or FHLMC mortgage-backed securities;
F. With respect to the Mortgagor, the Property, or the Loan, there are no facts or circumstances that exist which could be reasonably expected to cause private institutional investors to regard the Loan as an unacceptable investment, cause the Loan to become delinquent, or adversely affect the value or marketability of the Loan;
G. Correspondent has conducted its business and fully complied with all applicable Federal, State, ...
Representations and Warranties Regarding Loans. After due and diligent investigation and inquiry, Correspondent further represents and warrants to Chase that as of the Purchase Date:
A. Except for Mortgages on leasehold property, the Mortgage creates a valid, subsisting and enforceable first lien or a first priority ownership interest in an estate in fee simple in real property securing the related Mortgage Note subject to principles of equity, bankruptcy, insolvency and other laws of general application affecting the rights of creditors.
B. All payments due prior to the Purchase Date for such Loan have been made, the Loan has not been dishonored; there are no material defaults under the terms of the Loan; Correspondent has not advanced its own funds, or induced, solicited or knowingly received any
