Acknowledgement and Agreement
Acknowledgement and Agreement
The undersigned specifically represents the following to Lender and to Lender’s actual or potential agents, brokers, processors, attorneys, insurers, investors, servicers, successors and assigns and agrees and acknowledges that: (1) the information provided in this application is true and correct as of the date set forth opposite my signature and that any intentional or negligent misrepresentation of this information contained in this application may result in civil liability, including monetary damages, to any person who may suffer any loss due to reliance upon any misrepresentation that I have made on this application, and/or in criminal penalties; (2) the loan requested pursuant to this application (the “Loan”) will be secured by a mortgage(s) or deed(s) of trust on the property or properties described in this application; (3) all statements made in this application are made for the purpose of obtaining a business purpose loan; (4) all statements made in this application are made for the purpose of obtaining a business purpose loan; (5) the property or properties will be occupied or used as indicated in this application; (6) the Lender, its servicers, successors or assigns may retain the original and/or an electronic record of this application, whether or not the Loan is approved; (7) the Lender and its agents, brokers, insurers, investors, servicers, successors, and assigns may continuously rely on the information contained in the application, and I am obligated to amend and/or supplement the information provided in this application if any of the material facts that I have represented herein should change prior to closing of the Loan; (8) in the event that my payments on the Loan become delinquent, the Lender, its servicers, successors or assigns may, in addition to any other rights and remedies that it may have relating to such delinquency, report my name and account information to one or more credit reporting agencies; (9) ownership of the Loan and/or administration of the Loan account may be transferred with such notice as may be required by law; (10) neither Lender nor anyone on Lender’s behalf has made any representation or warranty, express or implied, to me regarding the property or the condition or value of the property. I understand that, even if I was provided with a copy of the Lender’s appraisal, I cannot rely on that appraisal which was obtained solely for the Lender’s information and use; (11) this application, so long as it is prepared by me (or at my direction) and submitted by me, shall entitle Lender to rely upon it, even if not signed by me, and my transmission of this application as an “electronic record” containing my “electronic signature,” as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or my facsimile transmission of this application containing a facsimile of my signature, shall be as effective, enforceable and valid as if a paper version of this application were delivered containing my original written signature; (12) Lender will retain this application and any other credit information Lender receives, even if no loan or credit is granted; (13) Lender is authorized by me to provide to any insurer, lender, or investor, or their successors, with any information and documentation they may request with respect to my/our application, credit or loan; (14) Lender may rely on the representations set forth herein without verifying the information provided by the borrower; (15) the term “Lender” shall include the plural (“Lenders”) where more than one Lender makes, funds or purchase my loan.