P&I Payment definition
Examples of P&I Payment in a sentence
Loan Modifications (Pertains only to loans modified for loss mitigation purposes) Numeric – Decimal 0.075 9.999999 Modified Loans Only >= 0 to <= 1 150 Pre-Modification P&I Payment Scheduled Total Principal And Interest Payment Amount Preceding The Modification Effective Payment Date – or if servicer is no longer advancing P&I, the payment that would be in effect if the loan were current.
To The Note Rate Allowed Per The Loan Agreement Periodic Pay Adjustment Max-% 30 Numeric 0.03 Max Periodic % Increase To The P&I Payment Allowed Per The Loan Agreement Periodic Pay Adjustment Max-$ 31 Numeric 5000.00 Max Periodic Dollar Increase To The P&I Payment Allowed Per The Loan Agreement Payment Frequency 32 Numeric 1 1=Monthly, 3=Quarterly, 6=Semi-Annually, 12=Annually...
The P&I Payment Amount shall be applied (a) first, to accrued but unpaid interest on the Note; and (b) second, to the unpaid principal balance of the Note.
If all or any portion of any payment (including, without limitation, any payment of any interest, the P&I Payment Amount, Impounds or other deposit(s)) required hereunder (other than the payment due on the Maturity Date) is not paid or deposited on or before the day on which the payment is due, Borrower shall pay a late or collection charge, as liquidated damages, equal to four percent (4%) of the amount of such unpaid payment (herein called “Late Charge”).
Monthly payments, each in the P&I Payment Amount, shall commence on the First P&I Due Date and continue on each Due Date thereafter.
Borrower acknowledges that the P&I Payment Amount was determined using a 30/360 Basis despite the fact that interest on the Note accrues on an Actual /360 Basis.
Lender Name Lender Name ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ Zip Name of Borrower on Loan Name of Borrower on Loan P&I Payment: $ Impound Payment: $ Loan Number P&I Payment: $ Impound Payment: $ Loan Number Servicer is hereby irrevocably authorized and directed to disburse the principal and interest payment, plus applicable reserve funds and fees on the prior lien(s) from the monthly installments received from Payor as stated above.
No partial prepayment of the Loan shall change any Due Date or the P&I Payment Amount unless Lender otherwise agrees in writing.
Notwithstanding the foregoing, no prepayment charge of any kind shall apply in respect to any prepayment resulting from Lender’s application of any insurance proceeds or condemnation awards (including as set forth in Section 12.7(d) hereof) or scheduled P&I Payment Amount to the outstanding principal balance of the Loan.
No partial prepayment of the Loan shall change any Due Date or the I/O Payment Amount or the P&I Payment Amount unless Lender otherwise agrees in writing.