Common use of Right to Act Clause in Contracts

Right to Act. No registration with or approval of any governmental agency of any kind is required for the due execution and delivery of, or for the enforceability of, this Loan Agreement, the Note or any of the Security Instruments or other Loan Documents except for the recording in the appropriate public office of the Mortgage and the Financing Statement(s). The Borrower has the legal power and right to execute and deliver this Loan Agreement, the Note, the Security Instruments and the other Loan Documents and to observe and perform all of the provisions of such instruments and documents. The Borrower's execution and delivery of this Loan Agreement, the Note and Security Instruments or of any other writing relating to the Loan, or the performance or observance by the Borrower of the provisions of any of such instruments, do not violate or will violate any law applicable to it or otherwise constitute a default or violation under any existing contract or other obligation binding upon it or its property, with or without the passage of time or the giving of notice, or both. The persons or entities executing and delivering this Loan Agreement, the Note, Security Instruments and other Loan Documents on behalf of the Borrower have been duly authorized to do so, and this Loan Agreement, the Note, the Security Instruments and the other Loan Documents are legally binding upon the Borrower, and are enforceable in accordance with their respective terms.