Imposition of a Premium. With respect to any Mortgage Loan that contains a provision permitting imposition of a premium upon a prepayment prior to maturity: (i) the prepayment premium is disclosed to the borrower in the loan documents pursuant to applicable state and federal law, and (ii) notwithstanding any state or federal law to the contrary, the Company shall recommend that such prepayment premium is not imposed in any instance when the mortgage debt is accelerated as the result of the borrower’s default in making the loan payments;
Appears in 3 contracts
Samples: Custodial Agreement (Prime Mortgage Trust 2007-1), Pooling and Servicing Agreement (Prime Mortgage Trust 2006-2), Custodial Agreement (Bear Stearns Asset Backed Securities I Trust 2006-He3)
Imposition of a Premium. With respect to any Mortgage Loan that contains a provision permitting imposition of a premium upon a prepayment prior to maturity: (i) the prepayment premium is disclosed to the borrower in the loan documents pursuant to applicable state and federal law, and (ii) notwithstanding any state or federal law to the contrary, the Company Mortgage Loan Seller shall recommend that such prepayment premium is not imposed in any instance when the mortgage debt is accelerated as the result of the borrower’s default in making the loan payments;
Appears in 3 contracts
Samples: Mortgage Loan Purchase Agreement (Bear Stearns Asset Backed Securities I LLC), Mortgage Loan Purchase Agreement (Bear Stearns ARM Trust 2006-1), Mortgage Loan Purchase Agreement (Bear Stearns ARM Trust 2006-1)
