Representations and Warranties of the Company Concerning the Mortgage Loans. With respect to the conveyance of the Mortgage Loans provided for in Section 2.04 herein, the Company hereby represents and warrants to the Trust that as of the Cut-Off Date unless otherwise indicated:
Representations and Warranties of the Company Concerning the Mortgage Loans. With respect to the conveyance of the PNC Mortgage Loans provided for in Section 2.01 herein and the conveyance of the Clipper Mortgage Loans provided for in the Clipper Loan Sale Agreement, the Company hereby represents and warrants to the Trustee that as of the Cut-Off Date unless otherwise indicated:
Representations and Warranties of the Company Concerning the Mortgage Loans. The Company hereby represents and warrants to the Trustee that:
Representations and Warranties of the Company Concerning the Mortgage Loans. With respect to the conveyance of the PNC Mortgage Loans provided for in Section 2.01 herein and the conveyance of the Clipper Mortgage Loans provided for in the Clipper Loan Sale Agreement, the Company hereby represents and warrants to the Trustee that as of the Cut-Off Date unless otherwise indicated: (i) The information set forth in the Mortgage Loan Schedule was true and correct in all material respects at the date or dates respecting which such information is furnished; (ii) As of the Closing Date, each Mortgage relating to a Mortgage Loan that is not a Cooperative Loan is a valid and enforceable (subject to Section 2.03(xvi)) first lien on an unencumbered estate in fee simple or leasehold estate in the related Mortgaged Property subject only to (a) liens for current real property taxes and special assessments; (b) covenants, conditions and restrictions, rights of way, easements and other matters of public record as of the date of recording such Mortgage, such exceptions appearing of record being acceptable to mortgage lending institutions generally or specifically reflected in the appraisal obtained in connection with the origination of the Mortgage Loan; (c) exceptions set forth in the title insurance policy relating to such Mortgage, such exceptions being acceptable to mortgage lending institutions generally; and (d) other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to be provided by the Mortgage; (iii) Immediately upon the transfer and assignment contemplated herein and in the Clipper Loan Sale Agreement, the Trustee shall have good title to, and will be the sole legal owner of, each PNC Mortgage Loan and Clipper Mortgage Loan, respectively, free and clear of any encumbrance or lien (other than any lien under this Agreement); (iv) As of the day prior to the Cut-Off Date, all payments due on each Mortgage Loan had been made and no Mortgage Loan had been delinquent (i.e., was more than 30 days past due) more than once in the preceding 12 months and any such delinquency lasted for no more than 30 days; (v) As of the Closing Date, there is no late assessment for delinquent taxes outstanding against any Mortgaged Property; (vi) As of the Closing Date, there is no offset, defense or counterclaim to any Mortgage Note, including the obligation of the Mortgagor to pay the unpaid principal or interest on such Mortgage Note except to the extent that the Buydown Agreement f...
Representations and Warranties of the Company Concerning the Mortgage Loans. With respect to the conveyance of the Mortgage Loans provided for in Section 2.01 herein, the Company hereby represents and warrants to the Trustee that as of the Cut-Off Date unless otherwise indicated (provided, however, that, with respect to the November Loans, all principal balances and percentages in this Section 2.03 are calculated after the deduction of the principal portion of the November 1, 2001, scheduled monthly payments):
