Representations Regarding Loans Sample Clauses

Representations Regarding Loans. Seller represents and warrants to Buyer as to each Loan Participation sold under this Agreement that as of the date of Buyer’s purchase of each loan identified in a Loan Participation Purchase Certificate (each a “Loan“): 1. To Seller’s knowledge, the Loan Documents have been duly executed by the borrower and trustor/mortgagor, acknowledged and recorded; each Loan is valid, the Loan Documents constitute the entire agreement between the borrower and trustor/mortgagor and the beneficiary mortgagee, and there is no verbal understanding, waiver, alteration, modification which would affect the terms of the Loan Documents except by written instrument delivered and expressly made known to the Buyer and recorded if recording is necessary to protect the interests of the Buyer. 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 Loan Purchase Certificate. With respect to the Loan Documents, no obligor has been released by the Seller, or to the best of the Seller’s knowledge, by anyone else, in whole or in part. 2. Seller is the sole owner of the Loan Participation and has authority to sell, transfer and assign the same on the terms set forth herein and in the Loan Participation Agreement. There has been no assignment, sale or hypothecation thereof by Seller, except the usual hypothecation of the documents in connection with Seller’s normal banking transactions in the conduct of its business. 3. The unpaid principal balance of the Loan Participation is as represented by Seller. All costs, fees and expenses incurred in making, closing and recording the Loan have been paid. No part of the mortgaged property has been released from the lien of the Loan, the terms of the Loan have in no way been changed or modified, and the Loan is current and not in default. 4. The Loan Participations are intended to be made or have been made in compliance with all applicable federal and state laws, rules and regulations. 5. No Loan is the subject of, and Seller is not aware of any facts which could give rise to litigation which could affect Buyer’s ability to enforce the terms of the obligation or its rights under the mortgage documents. 6. There is in force for each Loan a paid-up title insurance policy on the Loan in an amount at least equal to the outstanding principal balance of the Loan. 7. The mortgage, deed of trust, or lien securing the Loan has not been sat...