REPRESENTATIONS AND WARRANTIES WITH RESPECT TO LOANS. (a) The Issuer hereby represents and warrants to the Trustee for the benefit of the Noteholders as of the date hereof with respect to each Loan as follows:
(i) Immediately prior to the collateral assignment of the Loan to the Trustee, the Issuer had good title to, and was the sole owner of, the Loan free and clear of all Liens. Except for the Issuer, no Person other than the Trustee has any interest in the Mortgage, whether as mortgagee, assignee, pledgee or otherwise. Immediately upon the collateral assignment of the Loan and taking possession thereof, the Trustee will have a first priority perfected security interest in each Loan, free and clear of all Liens.
(ii) The Loan was originated in the United States, in a state where the originator of such Loan is qualified to transact such business, in the ordinary course of its business, except to the extent that any failure to be so qualified would not adversely affect the Loan or the Mortgage or the transfer thereof or the enforceability of the Obligor's obligations thereunder. The Issuer acquired title to the Loans in good faith, without notice of any adverse claim.
(iii) The Loan has not been originated in, nor is such Loan subject to the laws of, any jurisdiction under which the transfer and assignment of such Loan to the Issuer would be unlawful, void or voidable.
(iv) The information set forth in the Loan Schedule is true and correct in all material respects.
(v) The terms of the Underlying Note and the Mortgage have not been impaired, waived, altered or modified in any respect, except by written instruments, executed in accordance with the customary credit policies of PMC or PMCT, as the case may be, which are reflected on the Loan Schedule. No Obligor has been released, in whole or in part, except pursuant to the terms of an assumption agreement which is part of the related Loan File and the terms of which are reflected in the Loan Schedule.
(vi) The Underlying Note and the related Mortgage are not subject to any right of rescission, setoff, abatement, diminution, counterclaim or defense, including the defense of usury, nor will the operation of any of the terms of the Underlying Note or the TRUST INDENTURE - Page 14 Mortgage, or the exercise of any right thereunder in accordance with the terms thereof, render the Underlying Note or the Mortgage unenforceable, in whole or in part, or subject to any right of rescission, setoff, abatement, diminution, counterclaim or defense, including the defense of us...
REPRESENTATIONS AND WARRANTIES WITH RESPECT TO LOANS. The Sellers represent and warrant to the Buyer that, with respect to each Loan sold in a Transaction hereunder, as of the related Purchase Date and the related Repurchase Date and on each date that the Loans are subject to a Transaction:
REPRESENTATIONS AND WARRANTIES WITH RESPECT TO LOANS. The Seller is the sole owner of such Loan, free and clear of any liens, claims or encumbrances of any nature; and the Seller is free to transfer, and has transferred, title to such Loan to the Purchaser.
REPRESENTATIONS AND WARRANTIES WITH RESPECT TO LOANS. Broker represents and warrants to Pinnacle as to each Loan that:
a. the Loan has been originated according to acceptable mortgage industry standards, in compliance with all applicable federal, state and local statutes, regulations, guidelines, handbooks and bulletins, and is or will be secured by one-to-four unit family residential real estate;
b. there are no agreements with the borrower other than those set forth in the Loan documents;
c. all information contained in the Loan documents submitted to Pinnacle is true and correct and has not been altered or modified by Broker;
d. Broker has no knowledge of, and has not concealed any information which would adversely or materially affect, Pinnacle’s decision to fund the Loan submitted by Broker to Pinnacleor which would otherwise cause the Loan to be considered not of investment quality;
e. the real property securing the Loan is free and clear of all mechanics’ liens or liens in the nature thereof, and no rights are outstanding that under law could give rise to any such lien, nor is Broker aware of any facts which could give rise to any such lien;
f. all federal and state statutes, regulations, handbooks and bulletins applicable to the Loan have been complied with, including, without limitation: the Truth-in-Lending Act, and Regulation Z; the Real Estate Settlement Procedures Act, and Regulation X; the Flood Disaster Protection Act; the S.A.F.E. Mortgage Licensing Act, and Regulation H; the Mortgage Acts and Practices Act, and Regulation N; the Xxxxx-Xxxxx-Xxxxxx Act, and Regulation P; the Fair Credit Reporting Act, and Regulation V; the Xxxx-Xxxxx Xxxx Street Reform and Consumer Protection Act including, without limitation, its prohibition on unfair, deceptive or abusive acts and practices (“UDAAP”); the Equal Credit Opportunity Act, and Regulation B; the Fair Housing Act; and, all applicable federal and state statutes, regulations and rules governing fraud, consumer protection, predatory lending, lack of consideration, unconscionability, consumer credit transactions, consumer protection, interest or other charges, licensing and mortgage insurance;
g. no Loan is the subject of, and Xxxxxx is not aware of any facts which could give rise to, litigation which could affect Pinnacle’s ability to enforce the terms of the obligation or its rights under the Loan documents;
h. no improvement located on or being part of the real property securing the Loan is in violation of any applicable zoning law or regulation;
i....
REPRESENTATIONS AND WARRANTIES WITH RESPECT TO LOANS. Broker represents and warrants to Silvan as to each Loan that:
REPRESENTATIONS AND WARRANTIES WITH RESPECT TO LOANS
