Borrower Cancellation Sample Clauses

Borrower Cancellation a. A requirement for private mortgage insurance in connection with a residential mortgage transaction shall be canceled on the cancellation date or any later date that the mortgagor fulfills all of the requirements under paragraphs (i) through (iv), if the mortgagor: i. submits a request in writing to the servicer that cancellation be initiated; ii. has a good payment history with respect to the residential mortgage; iii. is current on the payments required by the terms of the residential mortgage transaction; and iv. has satisfied any requirement of the holder of the mortgage (as of the date of a request under paragraph (i)) for: a. evidence (of a type established in advance and made known to the mortgagor by the servicer promptly upon receipt of a request under paragraph (i)) that the value of the property securing the mortgage has not declined below the original value of the property; and b. certification that the equity of the mortgagor in the residence securing the mortgage is unencumbered by a subordinate lien.
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Related to Borrower Cancellation

  • Debt Cancellation Borrower shall not cancel or otherwise forgive or release any claim or debt (other than termination of Leases in accordance herewith) owed to Borrower by any Person, except for adequate consideration and in the ordinary course of Borrower’s business.

  • ORDER CANCELLATION Users of this contract are advised that orders (all or part) cancelled or returned after acceptance of requested merchandise will be subject to a restocking fee of ten percent (10%) of the invoice amount (not to exceed $500.00 per order) plus return freight charges. The amount authorized for payment of return freight will, in no instance, be more than original delivery charges documented by carrier. These charges may be applied, at the option of the supplier, to those orders which have been accepted. Orders cancelled prior to shipment or acceptance by ordering entity from the manufacturer will not be assessed charges.