Common use of Negative Amortization Mortgage Loans Clause in Contracts

Negative Amortization Mortgage Loans. Each negative amortization Mortgage Loan is payable each month in monthly installments of principal and interest in accordance with the terms of the related Mortgage Note, as indicated on the related Mortgage Loan Schedule. With respect to each negative amortization Mortgage Loan, during the term of the Mortgage Loan, the unpaid principal balance of the Mortgage Loan (not including Mortgage Loans where the related Mortgaged Property is located in the state of New York) shall not exceed 110% of the initial approved principal balance of the Mortgage Loan. During the term of each negative amortization Mortgage Loan where the related Mortgaged Property is located in the state of New York, the unpaid principal balance of the Mortgage Loan shall not exceed 115% of the initial unpaid principal balance of the Mortgage Loan

Negative Amortization Mortgage Loans. Each negative amortization Mortgage Loan is payable each month in monthly installments of principal and interest in accordance with the terms of the related Mortgage Note, as indicated on the related Mortgage Loan Schedule. With respect to each negative amortization Mortgage Loan, during the term of the Mortgage Loan, the unpaid principal balance of the Mortgage Loan (not including Mortgage Loans where the related Mortgaged Property is located in the state of New York) shall not exceed 110% of the initial approved principal balance of the Mortgage Loan. During the term of each negative amortization Mortgage Loan where the related Mortgaged Property is located in the state of New York, the unpaid principal balance of the Mortgage Loan shall not exceed 115% of the initial unpaid principal balance of the Mortgage Loan.

Negative Amortization Mortgage Loans. Each negative amortization Mortgage Loan is payable each month in monthly installments of principal and interest interest, as applicable, in accordance with the terms of the related Mortgage Note, as indicated on the related Mortgage Loan Schedule. With respect to each negative amortization Mortgage Loan, during the term of the Mortgage Loan, the unpaid principal balance of the Mortgage Loan (not including Mortgage Loans where the related Mortgaged Property is located in the state of New York) shall not exceed 110% of the initial approved principal balance of the Mortgage Loan. During the term of each negative amortization Mortgage Loan where the related Mortgaged Property is located in the state of New York, the unpaid principal balance of the Mortgage Loan shall not exceed 115% of the initial unpaid principal balance of the Mortgage Loan.