Common use of Reservation Requests and Reservation Fees Clause in Contracts

Reservation Requests and Reservation Fees. For each Loan or group of Loans which the Participant desires to originate through the Program, the Participant shall make a Reservation Request pursuant to the procedures set forth in the applicable Program Guide. The accepted Reservation Request shall constitute the Participant's agreement to originate the particular Loan(s) as soon as practicable pursuant to the procedures set forth in the applicable Program Guide, the GNMA Guide, the FHMLC Guide or FNMA guidelines, as applicable to the type of financing. The Participant agrees that prior to issuing a commitment for a Loan to an Eligible Borrower for the purchase of a one (1) unit dwelling, the Participant shall have first received an accepted Reservation Request from the Authority with respect to the particular Loan.

Reservation Requests and Reservation Fees. For each Loan or group of Loans which the Participant desires to originate through the Program, the Participant shall make a Reservation Request pursuant to the procedures set forth in the applicable Program Guide. The accepted Reservation Request shall constitute the Participant's agreement to originate the particular Loan(s) as soon as practicable pursuant to the procedures set forth in the applicable Program Guide, the GNMA Guide, the FHMLC Guide or FNMA guidelinesGuide, as applicable to the type of financing. The Participant agrees that prior to issuing a commitment for a Loan to an Eligible Borrower for the purchase of a one (1) unit dwelling, the Participant shall have first received an accepted Reservation Request from the Authority with respect to the particular Loan.