No Negative Amortization Loans. The Mortgage Loans have an original term to maturity of not more than 30 years, with interest payable in arrears on the first day of each month. Each Mortgage Note requires a monthly payment which is sufficient to fully amortize the original principal balance over the original term thereof (except in the case of interest only loans) and to pay interest at the related Mortgage Interest Rate. No Mortgage Loan contains terms or provisions which would result in negative amortization.
Appears in 15 contracts
Samples: Mortgage Loan Purchase and Sale Agreement, Flow Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-7), Flow Mortgage Loan Purchase and Sale Agreement (Sequoia Mortgage Trust 2013-6)
No Negative Amortization Loans. The Mortgage Loans have an original term to maturity of not more than 30 thirty (30) years, with interest payable in arrears on the first day of each month. Each Mortgage Note requires a monthly payment which is sufficient to fully amortize the original principal balance over the original term thereof (except in the case of interest only loansInterest Only Mortgage Loans) and to pay interest at the related Mortgage Interest Rate. No Mortgage Loan contains terms or provisions which would result in negative amortization.
Appears in 1 contract
Samples: Mortgage Loan Sale and Servicing Agreement (Sequoia Mortgage Trust 2011-2)
