Common use of Due Organization, Qualification and Authority Clause in Contracts

Due Organization, Qualification and Authority. Midland is a division of a national bank association duly organized, validly existing and in good standing under the laws of the United States of America, and has and shall maintain all requisite licenses to the extent necessary to ensure the enforceability of each Mortgage Loan and to perform its duties and obligations under this Agreement in accordance with the terms of this Agreement; Midland has the full power, authority and legal right to execute and deliver this Agreement and to perform in accordance herewith; Midland has duly authorized the execution, delivery and performance of this Agreement and has duly executed and delivered this Agreement; this Agreement constitutes the valid, legal, binding obligation of Midland, except as enforceability may be limited by bankruptcy, insolvency, reorganization, receivership, moratorium or other laws relating to or affecting the rights of creditors generally and by general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law);