Examples of Simple Interest Mortgage Loan in a sentence
As to any Simple Interest Mortgage Loan that becomes a Relief Act Mortgage Loan, the excess of (i) the amount of any payment that would have been allocated to interest on the basis of the related Net Mortgage Rate over (ii) the amount of such payment allocated to interest on the basis of the Net Mortgage Rate required to be paid by the Mortgagor as limited by the application of the Relief Act, in each case calculated in accordance with the Simple Interest Method.
Notwithstanding the foregoing, all references to scheduled interest or interest due on a related Due Date with respect to a Simple Interest Mortgage Loan will mean an amount equal to the excess of (i) 30 days' interest at the applicable Net Mortgage Rate on the Stated Principal Balance of such Simple Interest Mortgage Loan as of the last day of the related Due Period over (ii) the portion of any monthly payment received from the borrower during the related Due Period which was allocable to interest.
There will be a single REMIC BT Regular Interest for each Simple Interest Mortgage Loan, having an Uncertificated Balance equal to the balance of the corresponding Simple Interest Mortgage Loan and Remittance Rate equal to that of the corresponding Simple Interest Mortgage Loan adjusted to treat such Mortgage Loans as if payments thereon were made on a 360-day year consisting of twelve 30- day months.
The principal portions of any Monthly Payments made by the related Mortgagor on a Simple Interest Mortgage Loan before any Due Date in excess of the portion which would have been the principal portion had such Monthly Payment been made on the related Due Date shall be allocated to the corresponding REMIC BT Regular Interest as if a Curtailment had been paid in the amount of such excess on the corresponding Mortgage Loan.
Each Guarantor represents to the Beneficiaries that such Guarantor has been represented by counsel in connection with this Guaranty, that such Guarantor has discussed this Guaranty with its counsel and that any and all issues with respect to this Guaranty have been resolved as set forth herein.