Representations and Warranties Regarding Mortgage Loans. (a) Seller represents and warrants to Purchaser as of the Closing Date with respect to each Mortgage Loan as follows:
(i) As of the Closing Date (and as of the applicable Transfer Date with respect to any Eligible Substitute Mortgage Loans) and, with respect to any HELOC Mortgage Loan, as of the date any Additional Balance is created, the information set forth in the Mortgage Loan Schedule for such Mortgage Loans is true and correct in all material respects;
(ii) Each Mortgage Loan is being serviced by the Servicer or a Person controlling, controlled by or under common control with the Servicer and qualified to service mortgage loans;
(iii) The Cut-Off Date Principal Balance has not been assigned or pledged, and the Sponsor is the sole owner and holder of such Cut-Off Date Principal Balance free and clear of any and all liens, claims, encumbrances, participation interests, equities, pledges, charges or security interests of any nature, and has full right and authority, under all governmental and regulatory bodies having jurisdiction over the ownership of the applicable Mortgage Loans, to sell, assign or transfer the same pursuant to this Agreement;
(iv) As of the Closing Date (or as of the applicable Transfer Date with respect to any Eligible Substitute Mortgage Loans), the Mortgage Loans have not been assigned or pledged, and the Sponsor is the sole owner and holder of such Mortgage Loans free and clear of any and all liens, claims, encumbrances, participation interests, equities, pledges, charges or security interests of any nature, and has full right and authority, under all governmental and regulatory bodies having jurisdiction over the ownership of the applicable Mortgage Loans, to sell and assign the same pursuant to this Agreement;
(v) As of the Closing Date (or as of the applicable Transfer Date with respect to any Eligible Substitute Mortgage Loans), the related Mortgage is a valid and subsisting first or second lien, as set forth on the Mortgage Loan Schedule with respect to each related Mortgaged Property, and as of the Cut-Off Date the related Mortgaged Property is free and clear of all encumbrances and liens having priority over the first or second lien, as applicable, of such Mortgage except for liens for (i) real estate taxes and special assessments not yet delinquent; (ii) any first mortgage loan secured by such Mortgaged Property and specified on the Mortgage Loan Schedule; (iii) covenants, conditions and restrictions, rights of way, easem...
Representations and Warranties Regarding Mortgage Loans. The Seller represents and warrants to the Buyer that, with respect to each Mortgage Loan sold in a Transaction hereunder, as of the related Purchase Date:
Representations and Warranties Regarding Mortgage Loans. 5 Section 4.03.
Representations and Warranties Regarding Mortgage Loans. BAC shall be deemed to make the following representations and warranties to the Buyer with respect to each Purchased Loan which is a Mortgage Loan sold in a Transaction hereunder, as of the related Purchase Date and as of each day such Transaction is in effect and except as shall be specifically disclosed in the schedule attached to the Request for Purchase. With respect to any representations and warranties made to the best of BAC's knowledge, to BAC's knowledge or in reliance on or based on information, in the event that it is discovered that the circumstances with respect to the related Mortgage Loan are not accurately reflected in such representation and warranty notwithstanding the actual knowledge or lack of knowledge of BAC, then, notwithstanding that such representation and warranty is made to the best of BAC's knowledge, to BAC's knowledge or in reliance on or based on information, the Market Value of such Mortgage Loans may, in the Buyer's sole good faith discretion, be reduced to zero.
Representations and Warranties Regarding Mortgage Loans. Each Seller represents and warrants to Buyer that, with respect to each Mortgage Loan sold in a Transaction hereunder, as of the related Purchase Date:
Representations and Warranties Regarding Mortgage Loans. Each Originator represents and warrants to Purchaser as of the Closing Date that, with respect to each Mortgage Loan conveyed by such Originator hereunder, each representation and warranty set forth in Exhibit A hereto is true and correct.
Representations and Warranties Regarding Mortgage Loans. 69 13.1 Seller's Representations and Warranties..................................................69 13.2 Trustee need not Test Warranties.........................................................72
Representations and Warranties Regarding Mortgage Loans. Except as set forth in the Disclosure Schedule, Seller hereby represents and warrants to Purchaser that, as of the date herein below specified or, if no such date is specified, as of the Closing Date:
Representations and Warranties Regarding Mortgage Loans. The Seller hereby represents, warrants and covenants as to each Mortgage Loan sold hereunder, as of the date herein below specified or, if no such date is specified, then as of the applicable Closing Date that:
(a) As of the Closing Date, the Seller has good title to, and is the sole owner of, such Loan delivered and sold to the Buyer. The assignment of the Mortgage Loan by the Seller validly transfers such Mortgage Loan to the Buyer free and clear of any pledge, lien, equity, charge, claim or security interest, or any other encumbrance. The sale and transfer of each Mortgage Loan to the Buyer do not violate any applicable state laws. To the extent that any applicable state law places any restrictions on the transfer of any Mortgage Loan, the Seller has notified the Buyer in writing of that restriction and any related state licensing or registration requirements.
(b) The origination and servicing of each Mortgage Loan have been in all respects legal, proper, prudent and customary, and have conformed to customary standards of the residential mortgage origination and servicing business.
(c) All parties (other than the Buyer) which have had any interest in the Mortgage Documents, whether as mortgagee, assignee, pledgee or otherwise, are (or, during the period in which they held and disposed of such interest, were)
(i) in compliance with any and all applicable licensing requirements of the laws of the state wherein the Mortgaged Property is located, and (ii) organized under the laws of such state, or qualified to do business in such state, or federal savings and Mortgage Loan associations or national banks having principal offices in such state, or not doing business in such state so as to require qualification as a foreign corporation in order to use the courts of such state to enforce the Mortgage Documents.
Representations and Warranties Regarding Mortgage Loans. 5 Section 4.03. Representations and Warranties of Purchaser................16 Section 4.04. Remedies for Breach of Representations and Warranties; Repurchase Obligation.....................................17
