Common use of Prepayment Penalties Clause in Contracts

Prepayment Penalties. The Mortgage Loan is subject to a prepayment penalty as provided in the related Mortgage Note except as set forth on the related Mortgage Loan Schedule. With respect to each Mortgage Loan that has a prepayment penalty feature, each such prepayment penalty is enforceable and will be enforced by the Seller for the benefit of the Purchaser, and each prepayment penalty is permitted pursuant to federal, state and local law. Each such prepayment penalty is in an amount not more than the maximum amount permitted under applicable law and no such prepayment penalty may be imposed for a term in excess of five (5) years with respect to Mortgage Loans originated prior to October, 1, 2002. With respect to Mortgage Loans originated on or after October 1, 2002, the duration of the prepayment period shall not exceed three (3) years from the date of the Mortgage Note unless the Mortgage Loan was modified to reduce the prepayment period to no more than three (3) years from the date of such Mortgage Loan and the Mortgagor was notified in writing of such reduction in prepayment period. With respect to any Mortgage Loan that contains a provision permitting imposition of a premium upon a prepayment prior to maturity: (i) prior to the Mortgage Loan’s origination, the Mortgagor agreed to such premium in exchange for a monetary benefit, including but not limited to a rate or fee reduction, (ii) prior to the Mortgage Loan’s origination, the Mortgagor was offered the option of obtaining a mortgage loan that did not require payment of such a premium and (iii) the prepayment premium is disclosed to the Mortgagor in the loan documents pursuant to applicable state, local and federal law. This representation and warranty is a Deemed Material Breach Representation;

Prepayment Penalties. The All information on the Mortgage Loan Schedule and electronic data file delivered to the Purchaser regarding the Prepayment Premium is subject complete and accurate in all material respects and each Prepayment Premium is permissible and enforceable in accordance with its terms under applicable law. Prepayment Premiums on the Mortgage Loans are applicable to a prepayment penalty as provided in prepayments resulting from both refinancings and sales of the related Mortgage Note except Mortgaged Properties, as set forth on disclosed in the related Mortgage Loan Schedule, and the terms of such Prepayment Premiums do not provide for a waiver or release (i.e., "holidays") during the term of the Prepayment Premium. With respect to each No Mortgage Loan that has a prepayment penalty feature, each such prepayment penalty is enforceable and will be enforced by the Seller for the benefit of the Purchaser, and each prepayment penalty is permitted pursuant to federal, state and local law. Each such prepayment penalty is in an amount not more than the maximum amount permitted under applicable law and no such prepayment penalty may be imposed for a term in excess of five (5) years with respect to Mortgage Loans originated prior to October, 1, 2002. With respect to Mortgage Loans originated on or after October 1, 2002, 2002 provides for the duration payment of a Prepayment Premium beyond the prepayment period shall not exceed three (3) years from year term following the date origination of the Mortgage Note unless Loan. No Mortgage Loan originated prior to such date provides for the payment of a Prepayment Premium beyond the five-year term following the origination of the Mortgage Loan was modified to reduce the prepayment period to no more than three (3) years from the date of such Mortgage Loan and the Mortgagor was notified in writing of such reduction in prepayment periodLoan. With respect to any Mortgage Loan that contains a provision permitting imposition of a premium upon a prepayment prior to maturityPrepayment Premium: (i) prior to the Mortgage Loan’s 's origination, the Mortgagor agreed to such premium Prepayment Premium in exchange for a monetary benefit, including including, but not limited to to, a rate or fee reduction, (ii) prior to the Mortgage Loan’s 's origination, the Mortgagor was offered the option choice of obtaining a another mortgage loan product that did not require payment of such a premium and premium, (iii) the prepayment premium Prepayment Premium is disclosed to the Mortgagor in the loan documents pursuant to applicable state, local state and federal law. This representation , and warranty (iv) notwithstanding any state or federal law to the contrary, the Company shall not impose such Prepayment Premium in any instance when the mortgage debt is a Deemed Material Breach Representationaccelerated as the result of the Mortgagor's default in making the Monthly Payments;

Prepayment Penalties. The Mortgage Loan is subject to a prepayment penalty as provided in the related Mortgage Note except as set forth on the related Mortgage Loan Schedule. With respect to each any Mortgage Loan that has contains a prepayment penalty featurePrepayment Penalty: (a) the Mortgage Loan provides some benefit to the Mortgagor (e.g., each a rate or fee reduction) in exchange for accepting such prepayment penalty is enforceable Prepayment Penalty; (b) the Mortgage Loan's originator had a written policy of offering the Mortgagor, or requiring third-party brokers to offer the Mortgagor, the option of obtaining a mortgage loan that did not require payment of such a Prepayment Penalty; (c) the Prepayment Penalty was adequately disclosed to the Mortgagor pursuant to applicable state and federal law; (d) no subprime Mortgagor Loan originated on or after October 1, 2002 will be enforced by the Seller provide for the benefit Prepayment Penalties for a term in excess of the Purchaserthree (3) years and any Mortgage Loans originated prior to such date, and each prepayment penalty is permitted pursuant to federalany non-subprime loans, state and local law. Each such prepayment penalty is in an amount will not more than the maximum amount permitted under applicable law and no such prepayment penalty may be imposed provide for Prepayment Penalties for a term in excess of five (5) years with respect to Mortgage Loans originated prior to October, 1, 2002. With respect to Mortgage Loans originated on or after October 1, 2002, the duration of the prepayment period shall not exceed three (3) years from the date of the Mortgage Note years; in each case unless the Mortgage Loan was modified to reduce the prepayment period to no more than three (3) years from the date of such Mortgage Loan the note and the Mortgagor was notified in writing of such reduction in prepayment period. With respect to ; and (e) such Prepayment Penalty may be imposed in any instance when the Mortgage Loan is accelerated or paid off in connection with the workout of a delinquent Mortgage Loan or due to the Mortgagor's default, notwithstanding that contains a provision permitting the terms of the Mortgage Loan or state or federal law might permit the imposition of a premium upon a prepayment prior to maturity: (i) prior to the Mortgage Loan’s origination, the Mortgagor agreed to such premium in exchange for a monetary benefit, including but not limited to a rate or fee reduction, (ii) prior to the Mortgage Loan’s origination, the Mortgagor was offered the option of obtaining a mortgage loan that did not require payment of such a premium and (iii) the prepayment premium is disclosed to the Mortgagor in the loan documents pursuant to applicable state, local and federal law. This representation and warranty is a Deemed Material Breach Representation;Prepayment Penalty.

Prepayment Penalties. The Mortgage Loan is subject to a prepayment penalty Prepayment Penalty as provided in the related Mortgage Note and rider except as set forth on the related Mortgage Loan Schedule. With respect to each Mortgage Loan that has a prepayment penalty feature, each such prepayment penalty Prepayment Penalty is enforceable and will be enforced by the Seller Company for the benefit of the Purchaser, and each prepayment penalty Prepayment Penalty is permitted pursuant to federal, state and local law. Each such prepayment penalty Prepayment Penalty is in an amount not more than the maximum amount permitted under applicable law and no such prepayment penalty Prepayment Penalty may be imposed provide for a term in excess of five (5) years with respect to Mortgage Loans originated prior to October, October 1, 2002. With respect to Mortgage Loans originated on or after October 1, 2002, the duration of the prepayment Prepayment Penalty period shall not exceed three (3) years from the date of the Mortgage Note unless the Mortgage Loan was modified to reduce the prepayment Prepayment Penalty period to no more than three (3) years from the date of such Mortgage Loan and the Mortgagor was notified in writing of such reduction in prepayment Prepayment Penalty period. With respect to any Mortgage Loan that contains a provision permitting imposition of a premium penalty upon a prepayment prior to maturity: (i) prior the Mortgage Loan provides some benefit to the Mortgage Loan’s originationMortgagor (e.g., the Mortgagor agreed to such premium in exchange for a monetary benefit, including but not limited to a rate or fee reduction, ) in exchange for accepting such Prepayment Penalty (ii) prior to the Mortgage Loan’s origination, origination the Mortgagor was offered offered, the option of obtaining a mortgage loan that did not require payment of such a premium penalty and (iii) the prepayment premium is Prepayment Penalty was adequately disclosed to the Mortgagor in the mortgage loan documents pursuant to applicable state, local and federal law. This representation and warranty is a Deemed Material Breach Representation;