Yes, it will work fine.
Keep in mind: you bought an OBi 202. The 202 can (but doesn't have to) support two different telephone lines, which are plugged into its two telephone jacks. The cordless phone is a one-line phone. If you plan to use both jacks on the OBi, you will need to either buy a two-line phone, or plug in a different phone to the other jack. Otherwise, you can ignore the second line.