Document Deficiencies Sample Clauses

The Document Deficiencies clause defines the process for identifying and addressing errors, omissions, or inadequacies in documents submitted under a contract. Typically, this clause requires the party responsible for providing documents—such as drawings, specifications, or reports—to correct any deficiencies identified by the other party within a specified timeframe. For example, if a contractor submits incomplete design plans, the owner can request revisions to ensure compliance with project requirements. The core function of this clause is to ensure that all contractual documents meet agreed standards, thereby reducing misunderstandings and preventing delays or disputes arising from inadequate documentation.
POPULAR SAMPLE Copied 6 times
Document Deficiencies. If within sixty (60) days of the applicable Sale Date, the Custodian finds any document or documents constituting a part of a Mortgage File to be missing, mutilated, torn, damaged or defective on its face, the Custodian shall notify the Seller and the Purchaser of such fact in writing. The Seller shall then correct or cure the subject matter of such notice within one hundred eighty (180) days from the date of such notice. If (x) the Seller does not correct or cure the subject matter of such notice within such one hundred eighty day period and (y) such omission or defect relates to any document identified in Section 2.03(b)(i) - (iv), the Seller shall repurchase the related Defective Loan at the Repurchase Price. Upon receipt of the Repurchase Price, the Purchaser promptly shall release, or cause the Custodian to release, to the Seller the related Mortgage File, and shall also execute and deliver such instruments of transfer or assignment prepared by the Seller, in each case without recourse, as may be necessary to effectuate the transfer to the Seller of all right, title and interest of the Purchaser in and to each applicable Defective Loan.
View SourceView Similar (4)
Document Deficiencies. The Servicer shall have no obligations to (i) address or any deficiencies in Mortgage Loan documents transferred to it, (ii) seek any document missing from any assignments relating to the transfer of any Mortgage Loan to or from the Owner. The Servicer's responsibility is solely limited to notifying the Owner as to any missing or document deficiency it becomes aware of.
View SourceView Similar (4)
Document Deficiencies. Following the Transfer Date, the Purchaser agrees to exercise reasonable and prudent efforts to assist the Seller in curing the document deficiencies identified on Exhibit 7 hereto with respect to the Mortgage Loans; provided that, the Purchaser shall not be responsible for any out of pocket costs incurred in connection with curing any such document deficiencies. The Purchaser agrees to designate sufficient personnel to assist in curing any such document deficiencies and to cooperate with the Trustees and Custodians in connection with tracking, identifying and curing same. In the event that the Purchaser incurs any such out of pocket costs, the Purchaser shall be reimbursed for such costs (up to a maximum of $25,000) from the Hold Back Amount as provided in Section 2.03(c) of this Agreement, and, in the event that the Hold Back Amount is not sufficient to reimburse the Purchaser for the full amount of such costs (up to a maximum of $25,000), the Seller shall reimburse such amounts to the Purchaser.
View Source
Document Deficiencies. Following the Closing Date, the Seller agrees to exercise best efforts to cure (i) the document deficiencies identified on Exhibit 9 hereto with respect to the Mortgage Loans and (ii) any document deficiencies that arise following the Closing Date that are not identified on Exhibit 9. The Seller shall be responsible for all out of pocket costs and expenses incurred in connection with curing any such document deficiencies. The Seller agrees to designate sufficient personnel to assist in curing any such document deficiencies and to cooperate with the Trustees and Custodians in connection with tracking, identifying and curing same. In the event that the Purchaser incurs any such out of pocket costs, the Purchaser shall be reimbursed for such reasonable costs from the Hold Back Amount to the extent not recoverable under the related MBS Servicing Agreement, and, in the event that the Hold Back Amount is not sufficient to reimburse the Purchaser for the full amount of such costs, the Seller shall reimburse such amounts to the Purchaser. In the event that the Seller fails to cure any document deficiency specified on Exhibit 9 with respect to any Mortgage Loan within one hundred twenty (120) days following the Transfer Date, the Seller shall be required to indemnify the Purchaser for any losses related to the missing documentation as provided in Section 5.01 of this Agreement.
View Source
Document Deficiencies. If the team’s review reveals deficiencies in the applicant’s submitted documents, the Accreditation Team should negotiate resolution of the deficiencies. The team should be ready to offer suggestions on how to improve the product, but avoid “writing” the applicant’s manual. The
View Source
Document Deficiencies. Within forty-five (45) days following the applicable Transfer Date, the Subservicer shall deliver to Metropolitan, on behalf of the Owners, the list of servicing-related documents which have not been previously delivered to the Subservicer or its designee and shall notify Metropolitan, on behalf of the Owners, or any errors with respect to the reconciliation statement error, (a "Servicing Document Deficiency"). The Subservicer shall not have any responsibility to cure or correct any documentary or collateral defects with respect to any Custodial File, including but not limited to the preparation and recordation of Assignments of Mortgage. However, the Subservicer will not suspend its servicing of any Asset with a Servicing Document Deficiency and will notify Metropolitan, on behalf of the related Owners, of any such Servicing Document Deficiency within five (5) Business Days of Subservicer's determination that servicing of the Asset cannot continue without the missing documentation. In the event that Metropolitan or the related Owner does not cure the Servicing Document Deficiency within ten (10) Business Days of notification, the Subservicer shall attempt to cure such deficiency. Notwithstanding the foregoing, a Servicing Document Deficiency consisting of a mortgage or assignment thereof not being returned from the relevant recording office shall not be deemed to be a deficiency for which servicing shall be suspended with respect to an Asset. In the event that the Subservicer incurs any out-of-pocket costs in attempting to cure or correct such defects, the Subservicer shall be reimbursed for such costs by the related Owner.
View Source

Related to Document Deficiencies

  • Deficiencies a. The Contractor agrees to cure transactions errors or deficiencies identified by DHCS, and transactions errors or deficiencies identified by an enrolled provider if the Contractor is acting as a clearinghouse for that provider. If the Contractor is a clearinghouse, the Contractor agrees to properly communicate deficiencies and other pertinent information regarding electronic transactions to enrolled providers for which they provide clearinghouse services.

  • Material Contract Defaults The Company is not in default in any material respect under the terms of any outstanding contract, agreement, lease, or other commitment which is material to the business, operations, properties, assets, or financial condition of either of them, and there is no event of default or other event which, with notice or lapse of time or both, would constitute a default in any material respect under any such contract, agreement, lease, or other commitment in respect of which the Company has not taken adequate steps to prevent such a default from occurring.

  • Payment Defaults Tenant shall fail to pay any installment of Rent or any other payment hereunder when due; provided, however, that Landlord will give Tenant notice and an opportunity to cure any failure to pay Rent within 3 days of any such notice not more than once in any 12 month period and Tenant agrees that such notice shall be in lieu of and not in addition to, or shall be deemed to be, any notice required by law.

  • Payment Default Borrower fails to (a) make any payment of principal or interest on any Credit Extension on its due date, or (b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day grace period shall not apply to payments due on the Maturity Date or the date of acceleration pursuant to Section 9.1 (a) hereof). During the cure period, the failure to cure the payment default is not an Event of Default (but no Credit Extension will be made during the cure period);

  • Other Payment Default The Borrower shall default in the payment when and as due (whether at maturity, by reason of acceleration or otherwise) of interest on any Loan or Reimbursement Obligation or the payment of any other Obligation, and such default shall continue for a period of three (3) Business Days.