Common use of Application Period Clause in Contracts

Application Period. The Sponsor, or any Borrower, may present the Seller with Applications for Mortgages on or before the Application Due Date. So long as F▇▇▇▇▇▇ Mac has received all documentation and information that it requires to underwrite a Property from the Seller and/or from the applicable Borrower by the Application Due Date, F▇▇▇▇▇▇ Mac will make reasonable efforts to underwrite such Property and issue a Commitment prior to the Expiration Date. Until F▇▇▇▇▇▇ Mac issues a Commitment for a Property, F▇▇▇▇▇▇ Mac is not obligated to purchase any Mortgage for which it has received an Application. The Seller must originate each Mortgage that F▇▇▇▇▇▇ Mac has agreed to purchase as set forth in a Commitment by the date necessary to cause the Final Delivery Package (as defined in the Guide) for such Mortgage to be received by F▇▇▇▇▇▇ Mac by the Mandatory Delivery Date for such Mortgage as set forth in the applicable Commitment.

Application Period. The Sponsor, or any Borrower, may present the Seller with Applications for Mortgages on or before the Application Due Date. So long as F▇▇▇▇▇▇▇ Mac has received all documentation and information that it requires to underwrite a Property from the Seller and/or from the applicable Borrower by the Application Due Date, F▇▇▇▇▇▇▇ Mac will make reasonable efforts to underwrite such Property and issue a Commitment prior to the Expiration Date. Until F▇▇▇▇▇▇▇ Mac issues a Commitment for a Property, F▇▇▇▇▇▇▇ Mac is not obligated to purchase any Mortgage for which it has received an Application. The Seller must originate each Mortgage that F▇▇▇▇▇▇▇ Mac has agreed to purchase as set forth in a Commitment by the date necessary to cause the Final Delivery Package (as defined in the Guide) for such Mortgage to be received by F▇▇▇▇▇▇▇ Mac by the Mandatory Delivery Date for such Mortgage as set forth in the applicable Commitment.