Closing Agent Approval Process Clause Samples
The Closing Agent Approval Process clause outlines the procedures and requirements for selecting and approving the agent responsible for managing the closing of a transaction. Typically, this clause specifies the qualifications the closing agent must meet, the steps for obtaining approval from all relevant parties, and any documentation or disclosures required before finalizing the appointment. Its core function is to ensure that all parties agree on a competent and impartial closing agent, thereby reducing the risk of disputes or delays during the closing process.
Closing Agent Approval Process. Upon delivery of the documents as required under Section 3.6(a), the related Closing Agent shall be an Approved Payee with respect to such Purchase Price. Buyer may withdraw its approval of any Closing Agent as an Approved Payee if Buyer becomes aware of any facts or circumstances at any time related to such Closing Agent which Buyer determines adversely affects the Closing Agent or otherwise makes the Closing Agent unacceptable as an Approved Payee. Buyer shall promptly notify Seller of any withdrawal of approval of an Approved Payee.
Closing Agent Approval Process. Upon possession and retention by Seller of the documents set forth in Section 3.7(a) in accordance with Section 3.7(a) and Section 9.9, such Closing Agent shall be an Approved Payee with respect to such Purchase Price. Buyer may withdraw its approval of any Closing Agent as an Approved Payee if Seller does not deliver such documents set forth in Section 3.7(a) to Buyer in accordance with Section 3.7(a) or if Buyer becomes aware of any facts or circumstances at any time related to such Closing Agent which Buyer determines materially and adversely affects the Closing Agent or otherwise makes the Closing Agent unacceptable as an Approved Payee. Buyer shall promptly notify Seller of any withdrawal of approval of an Approved Payee.
Closing Agent Approval Process. Upon possession and retention by Guarantor of the documents set forth in Section 3.6(a) in accordance with Section 3.6(a) and Section 9.9, such Closing Agent shall be an Approved Payee with respect to such Purchase Price. Buyer may withdraw its approval of any Closing Agent as an Approved Payee if Seller does not deliver such documents set forth in Section 3.6(a) to Buyer in accordance with Section 3.6(a) or if Buyer becomes aware of any facts or circumstances at any time related to such Closing Agent which Buyer determines materially and adversely affects the Closing Agent or otherwise makes the Closing Agent unacceptable as an Approved Payee. Buyer shall promptly notify Seller of any withdrawal of approval of an Approved Payee. Notwithstanding anything to the contrary herein, the withdrawal of any such approval described herein shall not (a) cause the termination or modification of any existing Transaction, or (b) void the terms of any Funding Notice except to the extent it relates to Mortgage Loans to be processed by a Closing Agent that is not an Approved Payee for specific Mortgage Loans delivered by the Buyer to the Seller on or before Seller or Guarantor receives written notice of such withdrawal.