Common use of Compliance with Laws; Enforceability; Modification; Required Documents, Etc Clause in Contracts

Compliance with Laws; Enforceability; Modification; Required Documents, Etc. Each such Pledged Mortgage and documents related thereto (a) has been made (or, in the case of a Wet Loan, will be made upon the funding of the related Wet Mortgage Loan) in compliance, in all respects, with all requirements of the Real Estate Settlement Procedures Act, the Equal Credit Opportunity Act, the Federal Truth-In-Lending Act and all other applicable Laws, (b) is (or, in the case of a Wet Loan, will be upon the funding of the related Wet Mortgage Loan) genuine, valid, duly authorized, properly executed, properly recorded (or duly delivered to the appropriate recording office for recordation) and enforceable in accordance with its terms, without defense or offset, (c) has not been modified or amended and has not had any requirements thereof waived except (i) for minor modifications in the ordinary course of the Borrower's business which do not in any event adversely affect the value or marketability of the relevant item of Collateral or (ii) with respect to Conforming Mortgage Loans, modifications or waivers which are required by FNMA or FHLMC, in connection with changes to FNMA's or FHLMC's rules, regulations or regulations, (d) complies with the terms of this Agreement, (e) has been (or, in the case of a Wet Loan, will be upon the funding of the related Wet Mortgage Loan) fully advanced in the respective face amounts thereof and (f) is (or, in the case of a Wet Loan, will be upon the funding of the related Wet Mortgage Loan) secured by a Mortgage which is a first or second Lien on the respective Single Family Residence described therein or a first lien on the Multifamily/Mixed Use Property described therein, as applicable. With respect to each such Pledged Mortgage, the Borrower has (or, in the case of a Wet Loan, will have upon the funding of the related Wet Mortgage Loan) in its possession all documents and instruments required to be possessed by the Borrower (x) under this Agreement, (y) under FNMA's or FHLMC's rules, regulations or guidelines, if applicable, and (z) under a Purchase Commitment, if any, other than those documents and instruments which are in the possession of the Custodian.

Compliance with Laws; Enforceability; Modification; Required Documents, Etc. Each such Pledged Mortgage and documents related thereto (a) has been made (or, in the case of a Wet Loan, will be made upon the funding of the related Wet Mortgage Loan) in compliance, in all respects, with all requirements of the Real Estate Settlement Procedures Act, the Equal Credit Opportunity Act, the Federal Truth-In-Lending Act and all other applicable Laws, (b) is (or, in the case of a Wet Loan, will be upon the funding of the related Wet Mortgage Loan) genuine, valid, duly authorized, properly executed, properly recorded (or duly delivered to the appropriate recording office for recordation) and enforceable in accordance with its terms, without defense or offset, (c) has not been modified or amended and has not had any requirements thereof waived except (i) for minor modifications in the ordinary course of the Borrower's business which do not in any event adversely affect the value or marketability of the relevant item of Collateral or (ii) with respect to Conforming Mortgage Loans, modifications or waivers which are required by FNMA or FHLMC, in connection with changes to FNMA's or FHLMC's rules, regulations or regulationsCollateral, (d) complies with the terms of this Agreement, (e) has been (or, in the case of a Wet Loan, will be upon the funding of the related Wet Mortgage Loan) fully advanced in the respective face amounts thereof and (f) is (or, in the case of a Wet Loan, will be upon the funding of the related Wet Mortgage Loan) secured by a Mortgage which is a first or second Lien on the respective Single Family Residence described therein or a first lien on the Multifamily/Mixed Use Property described therein, as applicable. With respect to each such Pledged Mortgage, the Borrower has (or, in the case of a Wet Loan, will have upon the funding of the related Wet Mortgage Loan) in its possession all documents and instruments required to be possessed by the Borrower (x) under this Agreement, (y) under FNMA's or FHLMC's rules, regulations or guidelines, if applicable, and (z) under a Purchase Commitment, if any, other than those documents and instruments which are in the possession of the Custodian.

Compliance with Laws; Enforceability; Modification; Required Documents, Etc. Each such Pledged Mortgage and documents related thereto (a1) has been made (or, in the case of a Wet Loan, will be made upon the funding of the related Wet Mortgage Loan) in compliance, in all respects, with all requirements of the Real Estate Settlement Procedures Act, the Equal Credit Opportunity Act, the Federal Truth-In-Lending Act and all other applicable Laws, (b2) is (or, in the case of a Wet Loan, will be upon the funding of the related Wet Mortgage Loan) genuine, valid, duly authorized, properly executed, properly recorded (or duly delivered to the appropriate recording office for recordation) and enforceable in accordance with its terms, without defense or offset, (c3) has not been modified or amended and has not had any requirements thereof waived except (i) for minor modifications in the ordinary course of the Borrower's business which do not in any event materially adversely affect the value or marketability of the relevant item of Collateral or (ii) with respect to Conforming Mortgage LoansLoans creating a valid first lien, modifications or waivers which are required by FNMA or FHLMC, in connection with changes to FNMA's or FHLMC's rules, regulations or regulationsguidelines, (d4) complies with the terms of this Agreement, (e5) has been (or, in the case of a Wet Loan, will be upon the funding of the related Wet Mortgage Loan) fully advanced in the respective face amounts thereof and (f6) is (or, in the case of a Wet Loan, will be upon the funding of the related Wet Mortgage Loan) secured by a Mortgage which is a first or second Lien on the respective Single Family Residence described therein or a first lien on the Multifamily/Mixed Use Property residential real property described therein, as applicable. With respect to each such Pledged MortgageMortgages, the Borrower has (or, in the case of a Wet Loan, will have upon the funding of the related Wet Mortgage Loan) in its possession all documents and instruments required to be possessed by the Borrower (x) under this Agreement, (y) under FNMA's or FHLMC's rules, regulations or guidelines, if applicable, and (z) under a Purchase Take-Out Commitment, if any, other than those documents and instruments which are in the possession of the CustodianAgent.