Representations and Warranties Relating to the Mortgage Loans. The Seller or its affiliate is the sole owner of record and holder of the Mortgage Loan and the indebtedness evidenced by the Mortgage Note. Immediately prior to the transfer and assignment to the Depositor on the Closing Date, The Mortgage Loan, including the Mortgage Note and the Mortgage, were not subject to an assignment or pledge, and the Seller had good and marketable title to and was the sole owner thereof and had full right to transfer and sell the Mortgage Loan to the Depositor free and clear of any encumbrance, equity, lien, pledge, charge, claim or security interest and has the full right and authority subject to no interest or participation of, or agreement with, any other party, to sell and assign the Mortgage Loan and following the sale of the Mortgage Loan, The Depositor will own such Mortgage Loan free and clear of any encumbrance, equity, participation interest, lien, pledge, charge, claim or security interest.
Representations and Warranties Relating to the Mortgage Loans. DLJMC, in its capacity as Seller, hereby makes the representations and warranties set forth in this Schedule IV to the Depositor and the Trustee, as of the Closing Date, or the date specified herein, with respect to the Mortgage Loans identified on Schedule I hereto.
Representations and Warranties Relating to the Mortgage Loans. The Originator hereby represents and warrants to the Purchaser, with respect to each Mortgage Loan that is a Mortgage Loan as of the Closing Date (or in the case of certain specified representations and warranties, as of the Cut-off Date) or as of such other date specifically provided herein (except that with respect to any Qualified Substitute Mortgage Loan such representations and warranties shall be as of the date of substitution and made by the Originator), that:
Representations and Warranties Relating to the Mortgage Loans. The Unaffiliated Seller represents and warrants to the Depositor, as of the Closing Date, as to each Mortgage Loan, that immediately prior to the sale and transfer of the relevant Mortgage Loans on such date by the Unaffiliated Seller to the Depositor and immediately prior to the sale of the Mortgage Loans from the Depositor to the Trust pursuant to the Sale and Servicing Agreement and the pledge thereof by the Trust to the Indenture Trustee pursuant to the Indenture:
(a) The information with respect to each Mortgage Loan set forth in the Schedule of Mortgage Loans is true and correct as of the related Cut-off Date;
(b) All of the original or certified documentation required to be delivered to the Trust, pursuant to the Sale and Servicing Agreement (including all material documents related thereto) with respect to each Mortgage Loan has been or will be delivered to the Indenture Trustee, in accordance with the terms of such Sale and Servicing Agreement. Each of the documents and instruments specified to be included therein has been duly executed and in due and proper form, and each such document or instrument is in a form generally acceptable to prudent mortgage lenders that regularly originate or purchase mortgage loans comparable to the Mortgage Loans for sale to prudent investors in the secondary market that invest in mortgage loans such as the Mortgage Loans;
(c) Except as otherwise disclosed on the Mortgage Loan Schedule, each Mortgaged Property is improved by a single (one-to-four) family residential dwelling, which may include condominiums, townhouses and units in planned unit developments, or manufactured housing, but shall not include cooperatives;
(d) No Mortgage Loan had an original Loan-to-Value Ratio in excess of 140%;
(e) Each Mortgage is a valid and subsisting first or junior lien of record on the Mortgaged Property subject in all cases to the exceptions to title set forth in the title insurance policy, with respect to the related Mortgage Loan, which exceptions are generally acceptable to banking institutions in connection with their regular mortgage lending activities, and such other exceptions to which similar properties are commonly subject and which do not individually, or in the aggregate, materially and adversely affect the benefits of the security intended to be provided by such Mortgage;
(f) Immediately prior to the transfer and assignment herein contemplated, the Unaffiliated Seller held good and indefeasible title to, and was the ...
Representations and Warranties Relating to the Mortgage Loans. The Originator and the Obligor hereby represent and warrant with respect to the Mortgage Loans to the Purchaser that as of the Closing Date or as of such date specifically provided herein:
Representations and Warranties Relating to the Mortgage Loans. As to each Mortgage Loan (and the related Mortgage, Mortgage Notes or Loan Agreements, as applicable, Assignments and Mortgaged Property), Seller shall be deemed to make the following representations and warranties to Purchaser and Indenture Trustee as of the Closing Date.
(a) The information set forth in the Mortgage Loan Schedule is complete, true and correct in all material respects;
(b) None of the Mortgage Loans by Stated Principal Balance have no payment which is greater than 29 days past due and the remainder of the Mortgage Loans have no payment which is greater than 59 days past due. No Mortgage Loan has been dishonored. To the best of Seller’s knowledge, there are no material defaults under the terms of the Mortgage Loan, except as set forth in this paragraph;
(c) To the best of Seller’s knowledge, there is no valid offset, right of rescission, defense or counterclaim of any obligor under any Mortgage Note, Loan Agreement or Mortgage, including the obligation of the Mortgagor to pay the unpaid principal of or interest on such Mortgage Note or Loan Agreement, and any applicable right of rescission has expired, nor will the operation of any of the terms of such Mortgage Note, Loan Agreement or Mortgage, or the exercise of any right thereunder, render either the Mortgage Note, Loan Agreement or the Mortgage unenforceable, in whole or in part, or subject to any right of rescission, set-off, recoupment, counterclaim or defense, including, without limitation, the defense of usury, and no such right of rescission, set-off, recoupment, counterclaim or defense has been asserted with respect thereto. To the best of Seller’s knowledge, no Mortgage Loan is subject to any pending bankruptcy, insolvency, reorganization or moratorium;
(d) Other than amounts that constitute Permitted Liens, to the best of Seller’s knowledge, there are no mechanics’ liens or similar liens or claims for work, labor or material affecting any Mortgaged Property which have been filed (and no rights are outstanding that under law could give rise to such liens), which are or may be a lien prior to, or equal with, the lien of such Mortgage;
(e) To the best of Seller’s knowledge, as of the Closing Date, there was and there currently is no material damage to any Mortgaged Property. To the best of Seller’s knowledge, there is no proceeding pending or threatened for the total or partial condemnation of any of the Mortgaged Properties. The Seller has not received notification that any such p...
Representations and Warranties Relating to the Mortgage Loans. The Seller represents and warrants to the Depositor as of the Closing Date that, as to each Mortgage Loan, immediately prior to the sale and transfer of such Mortgage Loan by the Seller to the Depositor:
(a) The HELOCs had, as of the initial Cut-Off Date, an aggregate Principal Balance equal to $43,293,515.97 and the HELs had, as of the initial Cut-Off Date, an aggregate Principal Balance equal to $36,642,160.75, and all of the information set forth in the Mortgage Loan Schedule is complete, true and correct;
(b) All payments required to be made up to the Cut-Off Date for the Mortgage Loan under the terms of the Mortgage Note have been made and credited. Unless otherwise specified on the Mortgage Loan Schedule, no payment required under the Mortgage Loan is more than 30 days delinquent nor has any payment under the Mortgage Loan been delinquent for more than 30 days more than once in the 12 months preceding the Cut-Off Date; and the first Monthly Payment has been made or shall be made, as the case may be, with respect to the Mortgage Loan on the Due Date or within the grace period;
(c) Except as previously disclosed to the Certificate Insurer, to the best of Seller's knowledge, there are no defaults in complying with the terms of the Mortgage, and all taxes, governmental assessments, insurance premiums, water, sewer and municipal charges, leasehold payments or ground rents which previously became due and owing have been paid, or 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. The Seller has not advanced funds, or induced, solicited or knowingly received any advance of funds by a party other than the Mortgagor, directly or indirectly, for the payment of any amount required under the Mortgage Loan;
(d) The terms of the Mortgage Note and Mortgage have not been impaired, waived, altered or modified in any respect, except by a written instrument which has been recorded, if necessary to protect the interests of the Trustee on behalf of the Certificateholders and which has been delivered to the Trustee. The substance of any such waiver, alteration or modification has been approved by the title insurer, to the extent required by the policy, and its terms are reflected on the Mortgage Loan Schedule. No Mortgagor has been released, in whole or in part, except in connection with an assumption agreement approved by the title insurer, to the exten...
Representations and Warranties Relating to the Mortgage Loans. In connection with the Mortgage Loans transferred and assigned hereunder, Xxxxxx Mae may, at its option, elect to repurchase any Mortgage Loan as to which there shall have occurred (i) a material breach of any representation and warranty made (including, for this purpose, any eligibility requirement) under the Sale and Servicing Agreement and (ii) the failure by any responsible party to take appropriate action with respect thereto pursuant to the Sale and Servicing Agreement. The Trustee agrees to release any Mortgage Loan from the Trust upon payment of the Purchase Price therefor in the event that such Mortgage Loan is the subject of a breach of a representation and warranty and an election has been made to repurchase the Mortgage Loan.
Representations and Warranties Relating to the Mortgage Loans. In addition to the assignment of the TMFI Contractual Rights, the Seller hereby makes the representations and warranties set forth in Schedule III hereto applicable to the Mortgage Loans and by this reference incorporated herein, as of the Closing Date.
Representations and Warranties Relating to the Mortgage Loans. Each Originator represents and warrants to the Indenture Trustee, the Collateral Agent, the Trust and the Noteholders that, as of the related Transfer Date, immediately prior to the sale and transfer of the related Mortgage Loan by such Originator to the Depositor: