Examples of Representation and Warranty in a sentence
A breach of the “1-4 Family; U.S.” Representation and Warranty that caused a Significant Actual Loss to the Trust.
A breach of the “Title, Lien Priority” or “Taxes Paid” Representation and Warranty that caused the mortgage to not be in first lien position as of the Closing Date and Seller had not provided title insurance insuring that the mortgage was in first lien position.
A breach of the “Data” Representation and Warranty that caused a Significant Actual Loss to the Trust or a material diminution in value of such Mortgage Loan.
A breach of the “No Encumbrances or Pledges” Representation and Warranty that resulted in Seller being unable to convey ownership of the Mortgage Loan on the Closing Date.
A breach of the “Hazard Insurance” or “Flood Insurance” Representation and Warranty and (i) the physical condition of the mortgaged property was substantially different on the Closing Date from the information provided in the BPOs and servicing notes provided with the offering materials, and (ii) such difference resulted in a Significant Actual Loss.