Examples of Fixed Rate Mortgage Loan in a sentence
Notwithstanding Clause 8.1 herein, whenever Clause 8.6 of the Mortgage Sale Agreement applies to a Fixed Rate Mortgage Loan, the Administrator may accept an application from a Borrower to set the Existing Borrowers' Re-Fix Rate, subject to the terms of Clause 4.4 herein.
With respect to each Fixed Rate Mortgage Loan, the Purchaser shall execute and deliver to the Mortgagor any and all necessary notices required under applicable law and the terms of the related Mortgage Note and Mortgage regarding the maturity date if required under applicable law.
With respect to each Fixed Rate Mortgage Loan, the Mortgage Note is payable on the first day of each month in equal monthly installments of principal and interest, with interest in arrears, providing for full amortization by maturity over a scheduled term of not more than thirty (30) years.
With respect to any Fixed Rate Mortgage Loan which contains a temporary “buydown” provision, the value of such buydown funds does not exceed 6% of the Appraised Value of the Mortgaged Property securing such Mortgage Loan.
The Fixed Rate Mortgage Loan Agreement is evidenced by a certain Replacement Promissory Note A-1 (“Fixed Rate Note A-1”) and a certain Replacement Promissory Note A-2 (“Fixed Rate Note A-2”), each in the principal amount of $412,701,271 and each dated as of August 9, 2007.