Defective Documents Sample Clauses

Defective Documents. If the Purchaser finds any document or documents constituting a part of a Submitted Mortgage File which was delivered or which was to be delivered by the Seller to the Purchaser (including documents in the Submitted Mortgage File which were received by the Seller from its borrower) to be defective or missing in any material respect (a “Defect”), the Purchaser shall so notify the Seller within sixty (60) days of discovery by the Purchaser of the Defect. If the Seller finds a Defect, the Seller shall promptly so notify the Purchaser. The Seller shall have a period of forty (40) days following receipt of written demand for correction or cure from the Purchaser within which to correct or cure any such Defect after the Seller is notified of same. If the Defect is capable of cure, but is not reasonably expected to be cured within such forty (40) day period, the Seller may, by written notice to the Purchaser, request additional time within which to effect correction or cure. The Purchaser shall have no obligation to grant any such extension of time for correction or cure. If the Purchaser does grant such an extension of time, the Seller shall have such additional time for correction or cure as is expressly granted in writing by the Purchaser. The Seller hereby covenants and agrees that, if the Defect is not corrected or cured within the applicable cure period described above, the Seller will, upon the expiration of such cure period, repurchase the related Mortgage Loan in the manner set forth in Section 3.03. Discovery by the Purchaser or the Seller of the possible existence of fraud in connection with a Mortgage Loan shall not constitute a Defect, but shall be governed by the provisions of Sections 3.02(iv) and 3.03.
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Defective Documents. (a) Notwithstanding the review of the Mortgage Loan File and accompanying documents by the Authority and/or delivery of a Certificate of Code Compliance Review by the Authority pursuant to Sections 3.05 and 3.06 hereof, if at any time any document or documents constituting a part of a Mortgage Loan File are, in the reasonable opinion of the Authority, Servicer or Trustee, defective or inaccurate in any material respect, Lender shall cure the defect or inaccuracy within thirty (30) days (or such shorter period of time as may be required by law) from the time Trustee, Servicer, or the Authority notifies it of the existence of such defect or inaccuracy. Lender hereby covenants and agrees as to all Mortgage Loans originated by it that, if any such material defect cannot be cured to the satisfaction of the Authority, Servicer or Trustee within such thirty (30)-day period (or such shorter period of time as may be required by law), it shall indemnify and hold harmless the Authority, Servicer and Trustee for any and all loss, damage or expense (including attorneys' fees) incurred by them in connection with any challenge to, or loss of, the tax-exempt status of the Bonds arising out of such defect, inaccuracy, non-delivery or unauthorized assumption. On or before the expiration of the cure periods as set forth above, Lender shall purchase the affected Mortgage Loans from the Authority of the Servicer or the applicable Certificate Provider (if any), as the case may be, for its own account at a price equal to the outstanding principal balance thereof plus accrued interest thereon, and, if applicable, Trustee and Servicer shall consider such purchase to be a prepayment of a Mortgage Loan within the Mortgage Loan Pool backing a Certificate.
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Related to Defective Documents

  • Related Documents The words “Related Documents” mean all promissory notes, credit agreements, loan agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments, agreements and documents, whether now or hereafter existing, executed in connection with the Loan.

  • Seller's Documents At Closing, Seller shall deliver or cause to be delivered to Buyer:

  • Ancillary Documents (a) Project Co shall not:

  • Restrictive Documents The Purchaser is not subject to, or a party to, any charter or by-law restriction, Encumbrance, Contractual or Other Right or Obligation, law, rule, ordinance, regulation, or any other restriction of any kind or character which would prevent the consummation of the transactions contemplated by this Agreement or compliance by the Purchaser with the terms, conditions and provisions hereof.

  • Operative Documents The RFP, which is attached hereto as Appendix 1, and the Proposal, is attached hereto as Appendix 2, are incorporated herein and are made part of this Agreement. With regard to the governance of such documents, it is agreed that:

  • Related Agreements Any agreement related to this Plan shall be in writing and shall provide that: (i) such agreement may be terminated at any time, without payment of any penalty, by a vote of a majority of the Independent Trustees or by a vote of the holders of a “majority” (as defined in the 0000 Xxx) of the Fund's outstanding Class C voting shares; (ii) such termination shall be on not more than sixty days’ written notice to any other party to the agreement; (iii) such agreement shall automatically terminate in the event of its “assignment” (as defined in the 1940 Act); (iv) such agreement shall go into effect when approved by a vote of the Board and its Independent Trustees cast in person at a meeting called for the purpose of voting on such agreement; and (v) such agreement shall, unless terminated as herein provided, continue in effect from year to year only so long as such continuance is specifically approved at least annually by a vote of the Board and its Independent Trustees cast in person at a meeting called for the purpose of voting on such continuance.

  • Bid Documents The terms and conditions of the Invitation to Bid attached hereto and made a part hereof as Exhibit "B" shall be incorporated herein as a part of this Agreement.

  • Ancillary Agreements Except as expressly set forth herein, this Agreement is not intended to address, and should not be interpreted to address, the matters specifically and expressly covered by the Ancillary Agreements.

  • Bidding Documents The Construction Documents, the Invitation to Bid, the Instructions to Bidders, the Bid Form, and all Addenda, upon which the Bidder submits a Bid.

  • Other Transaction Documents Each representation and warranty made by the Servicer under each other Transaction Document to which it is a party (including, without limitation, the Purchase and Sale Agreement) is true and correct in all material respects as of the date when made.

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