Prepayment Penalty. No Mortgage Loan has a prepayment penalty period in excess of three years. Any prepayment penalty is in an amount equal to the lesser of (a) the maximum amount permitted under applicable state law, and (b) if the Mortgaged Property is secured by residential real property located in a state other than Arizona, Maine, Massachusetts, New York, South Carolina or Wisconsin, six months interest on the related prepaid amount;
Appears in 43 contracts
Samples: Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2006-Nc3), Mortgage Loan Purchase and Warranties Agreement (Morgan Stanley Abs Capital I Inc Series 2004-He1), Pooling and Servicing Agreement (Morgan Stanley Abs Capital I Trust 2003- Nc6)