Original Value. The lesser of (i) the Appraised Value or (ii) the sales price of a Mortgaged Property at the time of origination of a Mortgage Loan, except in instances where either clauses (i) or (ii) is unavailable, the other may be used to determine the Original Value, or if both clauses (i) and (ii) are unavailable, Original Value may be determined from other sources reasonably acceptable to the Depositor.
Appears in 2 contracts
Sources: Trust, Pooling and Servicing Agreement (Thornburg Mortgage Securities Trust 2003 5), Trust, Pooling and Servicing Agreement (Thornburg Mortgage Securities Trust 2004-4)
Original Value. The lesser of (i) the Appraised Value or (ii) the sales price of a Mortgaged Property at the time of origination of a Mortgage Loan, except in instances where either clauses (i) or (ii) is unavailable, the other may be used to determine the Original Value, or if both clauses (i) and (ii) are unavailable, Original Value may be determined from other sources reasonably acceptable to the DepositorSeller.
Appears in 1 contract
Sources: Trust, Pooling and Servicing Agreement (Structured Asset Mortgage Investments Inc)