Compliance with Laws; Enforceability; Modification; Required Documents, Etc Clause Samples
This clause requires all parties to adhere to applicable laws and regulations, ensures that the agreement is legally valid and enforceable, and outlines procedures for modifying the contract or providing necessary documentation. In practice, it obligates each party to obtain any permits, approvals, or documents needed to fulfill their obligations and allows for amendments to the agreement if required by law or mutual consent. The core function of this clause is to maintain the legality and enforceability of the contract throughout its term, while providing a mechanism to adapt to legal changes or administrative requirements.
Compliance with Laws; Enforceability; Modification; Required Documents, Etc. Each Collateral Loan and the Collateral Loan Documents related thereto (1) was made and has been serviced, to its knowledge, in compliance, in all respects, with all requirements of applicable laws, rules and regulations (such as OFAC checks, red flag rules, privacy notifications, usury laws, and other disclosures), (2) is genuine, valid, duly authorized, properly executed and enforceable in accordance with the terms set forth therein, without defense or offset, (3) complies with the terms of this Agreement, and (4) with respect to each Collateral Loan, has been fully advanced in the respective face amounts thereof.
Compliance with Laws; Enforceability; Modification; Required Documents, Etc. Each Collateral Loan and the Collateral Documents related thereto (i) has been made and serviced in compliance, in all respects, with all requirements of applicable laws, rules and regulations (such as OFAC checks, red flag rules, privacy notifications, usury laws, and GPS disclosures), (ii) is genuine, valid, duly authorized, properly executed and enforceable in accordance with the terms set forth therein, without defense or offset, (iii) has not been modified or amended and has not had any requirements thereof waived except for modifications in compliance with a material and substantial portion of the Guidelines, (iv) complies with the terms of this Agreement, and (v) such Collateral Loan has been fully advanced in the respective face amounts thereof.
Compliance with Laws; Enforceability; Modification; Required Documents, Etc. Each such Pledged Mortgage and documents related thereto (a) has been made (or, in the case of a Wet Loan, will be made upon the funding of the related Wet Mortgage Loan) in compliance, in all respects, with all requirements of the Real Estate Settlement Procedures Act, the Equal Credit Opportunity Act, the Federal Truth-In-Lending Act and all other applicable Laws, (b) is (or, in the case of a Wet Loan, will be upon the funding of the related Wet Mortgage Loan) genuine, valid, duly authorized, properly executed, properly recorded (or duly delivered to the appropriate recording office for recordation) and enforceable in accordance with its terms, without defense or offset, (c) has not been modified or amended and has not had any requirements thereof waived except (i) for minor modifications in the ordinary course of the Borrower's business which do not in any event adversely affect the value or marketability of the relevant item of Collateral or (ii) with respect to Conforming Mortgage Loans, modifications or waivers which are required by FNMA or FHLMC, in connection with changes to FNMA's or FHLMC's rules, regulations or regulations, (d) complies with the terms of this Agreement, (e) has been (or, in the case of a Wet Loan, will be upon the funding of the related Wet Mortgage Loan) fully advanced in the respective face amounts thereof and (f) is (or, in the case of a Wet Loan, will be upon the funding of the related Wet Mortgage Loan) secured by a Mortgage which is a first or second Lien on the respective Single Family Residence described therein or a first lien on the Multifamily/Mixed Use Property described therein, as applicable. With respect to each such Pledged Mortgage, the Borrower has (or, in the case of a Wet Loan, will have upon the funding of the related Wet Mortgage Loan) in its possession all documents and instruments required to be possessed by the Borrower (x) under this Agreement, (y) under FNMA's or FHLMC's rules, regulations or guidelines, if applicable, and (z) under a Purchase Commitment, if any, other than those documents and instruments which are in the possession of the Custodian.
Compliance with Laws; Enforceability; Modification; Required Documents, Etc. Each Consumer Loan and each Consumer Loan Document related thereto: (i) has been made and serviced in compliance, in all material respects, with the Underwriting Guidelines, Servicing Standards and all requirements of all Consumer Financial Services Laws; (ii) is genuine, valid, duly authorized, properly executed and enforceable in accordance with the terms set forth therein, without defense or offset an amount indisputably owed by the Consumer Obligor therein named, for a fixed sum as set forth in the Consumer Loan Note; (iii) has not been modified or amended and has not had any requirements thereof waived except as authorized by the Underwriting Guidelines and Servicing Standards; (iv) complies with the terms of this Agreement; (v) in the case of such Consumer Loan, it has been fully advanced in the face amount thereof; and (vi) all documents relating to a Consumer Loan shall be legally sufficient and compliant under all applicable Consumer Financial Services Laws and shall be legally enforceable in accordance with their terms except as limited by bankruptcy, insolvency or similar laws of general application relating to the enforcement of creditors’ rights and except to the extent specific remedies may generally be limited by equitable principles.