Document Correction Sample Clauses
A Document Correction clause establishes the process and rights for correcting errors or omissions in contractual documents after they have been executed. Typically, this clause allows either party to request amendments to rectify clerical mistakes, typographical errors, or inconsistencies, often requiring mutual agreement and written confirmation for any changes. Its core function is to ensure the accuracy and integrity of the contract, preventing misunderstandings or disputes that could arise from inadvertent mistakes in the documentation.
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Document Correction. Borrower agrees that, should any document be lost or misplaced, misstated, or inaccurately reflect the true and correct terms and conditions of the Loan, upon the request of the Lender, Borrower will comply with Lender’s reasonable request to execute, acknowledge, initial, and deliver to Lender any documentation Lender deems necessary to replace or correct the lost, misplaced, misstated, or inaccurate documents. Borrower agrees to comply with Lender’s reasonable request to supply additional documentation and/or to pay Lender any additional sums previously disclosed to Borrower as a cost or fee associated with the Loan which for whatever reason was not collected at closing. Failure to comply with this paragraph shall be an Event of Default under the Note and the Security Documents, at the election of the Lender.