Original Value. With respect to any Mortgage Loan other than a Mortgage Loan originated for the purpose of refinancing an existing mortgage debt, the lesser of (a) the Appraised Value of the Mortgaged Property at the time the Mortgage Loan was originated or (b) the purchase price paid for the Mortgaged Property by the Mortgagor. With respect to a Mortgage Loan originated for the purpose of refinancing existing mortgage debt, the Original Value shall be equal to the Appraised Value of the Mortgaged Property at the time the Mortgage Loan was originated.
Appears in 3 contracts
Sources: Mortgage Loan Purchase Agreement (GSR Mortgage Loan Trust 2007-2f), Mortgage Loan Purchase Agreement (GSR Mortgage Loan Trust 2007-3f), Mortgage Loan Purchase Agreement (GSR Mortgage Loan Trust 2007-1f)