Waivers and Alterations Sample Clauses
The Waivers and Alterations clause defines the conditions under which the terms of an agreement may be modified or certain rights may be relinquished. Typically, this clause requires that any changes to the contract or waivers of specific provisions must be made in writing and agreed upon by all parties involved. For example, if one party wishes to excuse the other from a contractual obligation or amend a deadline, such changes must be formally documented. The core function of this clause is to ensure that all modifications or waivers are intentional and clearly recorded, thereby preventing misunderstandings or disputes about the contract’s terms.
Waivers and Alterations. The terms, covenants and conditions of the Mortgage Loan shall not have been (and shall not, prior to the Mortgage Purchase Date, be) waived, altered, impaired or modified in any respect which would materially affect the value, validity, enforceability, or prompt payment of the Mortgage Loan, or the enforceability of the lien securing the Mortgage Loan, except for such waivers, alterations and the like accomplished by the Mortgage Lender prior to the Mortgage Purchase Date and disclosed in writing to and acceptable to the Servicer.
Waivers and Alterations to the Agreement ----------------------------------------
59.1 Any alteration to the conditions of this Agreement shall be in force only if executed in writing and signed by both parties.
59.2 Any waiver of the rights of either party under this Agreement shall be effected only in writing and under the signature of those authorised to bind that party. Any delay in the utilisation of any rights under this Agreement shall not be regarded as a waiver.