Common use of Primary Mortgage Insurance Clause in Contracts

Primary Mortgage Insurance. Except as set forth on the Mortgage Loan Schedule, each Mortgage Loan with an LTV of greater than 80%, the excess over 78% is and will be insured as to payment defaults by a LPMI Policy. All provisions of such LPMI Policy have been and are being complied with, such policy is in full force and effect, and all premiums due thereunder have been paid. The Mortgage Interest Rate for the Mortgage Loan as set forth on the Mortgage Loan Schedule is net of any such insurance premium;