Payoff Statements Sample Clauses
A Payoff Statements clause outlines the requirements and procedures for providing a detailed statement of the outstanding balance and amounts due on a loan or financial obligation. Typically, this clause specifies when and how a borrower or third party can request such a statement, what information must be included (such as principal, interest, fees, and any prepayment penalties), and the timeframe within which the lender must respond. Its core practical function is to ensure transparency and accuracy in financial transactions, particularly during loan payoffs or refinancing, by providing all parties with a clear accounting of the amounts necessary to satisfy the debt.
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Payoff Statements. All payoff and assumption statements with respect to each Mortgage Loan were, at the time provided, complete and accurate in all material respects.
Payoff Statements. All payoff and assumption statements with respect to each Purchaser Loan were, at the time provided, true and correct, except for immaterial discrepancies as, individually or in the aggregate, do not have, and would not be reasonably likely to have, a Material Adverse Effect on the Purchaser.
Payoff Statements. Each Mortgage Loan payoff and assumption statement provided by the Seller or a Prior Servicer to a Mortgagor, Borrower, or his/her agent was complete and accurate.
Payoff Statements. All payoff and assumption statements with respect to each Mortgage provided by Seller, its agent, or any Prior Servicers to mortgagors or their agents were complete and accurate.
Payoff Statements. Not less than three (3) Business Days prior to the Closing Date, the Sellers shall cause to be delivered to the Purchaser, a written statement from each Person to whom the Company owes any Indebtedness (each such written statement being hereinafter a “Payoff Statement”), which Payoff Statements shall be in form and substance reasonably acceptable to Purchaser and as to each Person to whom the Company owes any Indebtedness: (i) shall set forth the full amount (or a methodology for calculating the full amount) which is to be paid, on the Closing Date, to the Person to whom the Company owes the Indebtedness; and (ii) shall provide that upon payment on the Closing Date to the Person which has issued the Payoff Statement of the amount stated or described in the Payoff Statement, the Company shall be fully released and discharged from any and all Indebtedness owed to such Person;
Payoff Statements. All payoff and assumption statements with respect to each Loan were, at the time provided, true and correct, except for immaterial discrepancies.
Payoff Statements. Current statements from the mortgagee or holder of any security interest in the Property stating the principal balance, accrued interest as of the date thereof and per diem interest required for full satisfaction of the debt secured thereby.