Common use of Authorization and Binding Obligations Clause in Contracts

Authorization and Binding Obligations. The borrowing evidenced by the Notes and the execution, delivery and performance of this Agreement and all other Loan Documents by Homestead and each Borrower (i) are within the power of the subject entity and (ii) have been duly authorized. Each of the Loan Documents executed by Homestead and/or any Borrower, when executed and delivered, will constitute the legal, valid and binding obligations of such entity and are enforceable against such entity in accordance with its respective terms, subject to bankruptcy and insolvency laws, equitable principles, and laws affecting creditors rights generally.