Mortgage Note Rate definition
Examples of Mortgage Note Rate in a sentence
In connection with any assumption or substitution agreement, no material term of the Mortgage Loan (including, without limitation, the Scheduled Payment, the stated maturity, the Loan Balance or the Mortgage Note Rate) shall be changed, nor shall any required periodic payments of principal or interest be deferred or forgiven.
Blank 1(x) Mortgage Note Rate 10 6.3 Rate associated with the borrower’s scheduled payment Blank 1(x) Mortgage P&I Amount 11 13.2 Principal and interest portion of the borrowers minimum installment.
The disbursed and unpaid principal balances of the indebtedness secured hereby shall bear interest prior to repayment at a variable rate per annum (“Warehouse Rate”) which shall, from day to day, be equal to the lesser of (a) the maximum effective variable contract rate of interest (“Maximum Rate”) which Bank may from time to time lawfully charge, or (b) a rate equal to the Mortgage Note Rate.
In connection with any assumption or substitution agreement, no material term of the Mortgage Loan (including, without limitation, the Monthly Payment, the stated maturity, the Loan Balance or the Mortgage Note Rate) shall be changed nor shall any required monthly payments of principal or interest be deferred or forgiven.
However, if the Mortgage Note Rate is greater than the sum of the Base Rate plus two percent (2%) per annum, the Warehouse Rate shall be equal to the sum of the Base Rate plus two percent (2%) per annum, or if the Mortgage Note Rate is less than the sum of the Base Rate minus three percent (3%) per annum, the Warehouse Rate shall be equal to the sum of the Base Rate minus three percent (3%) per annum.