Common use of Monthly Payment Reserve Clause in Contracts

Monthly Payment Reserve. I elect to pay from the Loan Commitment Amount the first monthly payments of principal and interest and Escrow Items on the dates those payments become due. These payments designated by Lender are called the “Monthly Payment Reserve Account.” If the amount in the Monthly Payment Reserve Account is not enough to pay in full a payment of principal and interest or Escrow Item, I will pay those amounts directly to Lender from my own funds.

Monthly Payment Reserve. I elect to pay from the Loan Commitment Amount the first _______ monthly payments of principal and interest and Escrow Items on the dates those payments become due. These payments designated by Lender are called the “Monthly Payment Reserve Account.” If the amount in the Monthly Payment Reserve Account is not enough to pay in full a payment of principal and interest or Escrow Item, I will pay those amounts directly to Lender from my own funds.

Monthly Payment Reserve. My Loan is a Renovation Mortgage. I elect Lender requires me to pay from the Loan Commitment Amount the first monthly payments of principal and interest and Escrow Items on the dates those payments become due. These payments designated by Lender are called the “Monthly Payment Reserve Account.” If the amount in the Monthly Payment Reserve Account is not enough to pay in full a payment of principal and interest or Escrow Item, I will pay those amounts directly to Lender from my own funds.

Monthly Payment Reserve. I elect to pay from the Loan Commitment Amount the first __ monthly payments of principal and interest and Escrow Items on the dates those payments become due. These payments designated by Lender are called the “Monthly Payment Reserve Account.” If the amount in the Monthly Payment Reserve Account is not enough to pay in full a payment of principal and interest or Escrow Item, I will pay those amounts directly to Lender from my own funds.