Common use of Waiver Conditions Clause in Contracts

Waiver Conditions. For any Mortgage Loan (other than a GPM or GPARM Loan which provides for negative amortization in the future) that has amortized down so that its current LTV is 80% or less, the Servicer may waive the Borrower's future obligation to make Escrow Funds payments provided: (a) the Unpaid Principal Balance of such Mortgage Note divided by the value of the Mortgaged Property based on an appraisal made within 60 days of the date of determination is 80% or less; (b) such Mortgage Loan is at least 12 months old; and (c) such Mortgage Loan has not been more than 30 days delinquent during the preceding 12 months.

Waiver Conditions. For any Mortgage Loan (other than a GPM or GPARM Loan which provides for negative amortization in the future) that has amortized down so that its current LTV is 80% or less, the Servicer may waive the Borrower's ’s future obligation to make Escrow Funds payments provided: (a) the Unpaid Principal Balance of such Mortgage Note divided by the value of the Mortgaged Property based on an appraisal made within 60 days of the date of determination is 80% or less; (b) such Mortgage Loan is at least 12 months old; and (c) such Mortgage Loan has not been more than 30 days delinquent during the preceding 12 months.