LTV, PMI Policy definition

LTV, PMI Policy. No Mortgage Loan has an LTV at origination in excess of 95%. With respect to each Mortgage Loan with an LTV at origination in excess of 80% that is subject to a PMI Policy, such PMI Policy was issued by an insurer acceptable to Fannie Mae or Freddie Mac at the time of origination, which insuxxx xhat portixx xx the Mortgage Loan in excess of the portion of the Appraised Value of the Mortgaged Property as required by Fannie Mae. All provisions of such PMI Policy have been and are beixx xxxplied with, such policy is in full force and effect, and all premiums due thereunder have been paid. Any Mortgage subject to any such PMI Policy obligates the Mortgagor thereunder to maintain such insurance and to pay all premiums and charges in connection therewith at least until the LTV of such Mortgage Loan is reduced to less than 80%. The Mortgage Interest Rate for the Mortgage Loan does not include any such insurance premium. No Mortgage Loan requires payment of such premiums, in whole or in part, by the Purchaser; provided, however, that a PMI Policy will not be required for any Cooperative Loan if (i) the proceeds of such Cooperative Loan were used to purchase a Cooperative Unit at the "insider's price" when the building was converted to a Cooperative Corporation, (ii) the value of the Cooperative Unit for purposes of establishing the LTV at origination was such "insider's price", (iii) the principal amount of the Cooperative Loan at origination was not more than 100% of such "insider's price".