Common use of Prepayment Charge Clause in Contracts

Prepayment Charge. Each Mortgage Loan that is subject to a prepayment penalty as provided in the related Mortgage Note is identified on the Mortgage Loan Schedule. With respect to each Mortgage Loan that has a Prepayment Charge feature, each Prepayment Charge is permitted pursuant to federal, state and local law. Each such Prepayment Charge is in an amount not more than the maximum amount permitted under applicable law and no such Prepayment Charge may be imposed for a term in excess of five (5) years with respect to Mortgage Loans originated prior to October 1, 2002. With respect to Mortgage Loans originated on or after October 1, 2002, the duration of the Prepayment Charge period shall not exceed three (3) years from the date of the Mortgage Note unless the Mortgage Loan was modified to reduce the Prepayment Charge period to no more than three (3) years from the date of the related Mortgage Note and the Mortgagor was notified in writing of such reduction in Prepayment Charge period. This representation and warranty is a Deemed Material and Adverse Representation.;

Prepayment Charge. Each Mortgage Loan that is subject to a prepayment penalty as provided in the related Mortgage Note is identified on the Mortgage Loan Schedule. With respect to each Mortgage Loan that has a Prepayment Charge feature, each such Prepayment Penalty is enforceable and each Prepayment Charge is permitted pursuant to federal, state and local law. Each such Prepayment Charge is in an amount not more than the maximum amount permitted under applicable law and no such Prepayment Charge may be imposed provide for a term in excess of five (5) years with respect to Mortgage Loans originated prior to October 1, 2002. With respect to Mortgage Loans originated on or after October 1, 2002, the duration of the Prepayment Charge period shall not exceed three (3) years from the date of the Mortgage Note unless the Mortgage Loan was modified to reduce the Prepayment Charge period to no more than three (3) years from the date of the related Mortgage Note and the Mortgagor was notified in writing of such reduction in Prepayment Charge period. This representation and warranty is a Deemed Material and Adverse Representation.;

Prepayment Charge. Each Mortgage Loan that is subject to a prepayment penalty as provided in the related Mortgage Note is identified on the Mortgage Loan Schedule. With respect to each Mortgage Loan that has a Prepayment Charge feature, each such Prepayment Penalty is enforceable and each Prepayment Charge is permitted pursuant to federal, state and local law. Each such Prepayment Charge is in an amount not more than the maximum amount permitted under applicable law and no such Prepayment Charge may be imposed provide for a term in excess of five (5) years with respect to Mortgage Loans originated prior to October 1, 2002. With respect to Mortgage Loans originated on or after October 1, 2002, the duration of the Prepayment Charge period shall not exceed three (3) years from the date of the Mortgage Note unless the Mortgage Loan was modified to reduce the Prepayment Charge period to no more than three (3) years from the date of the related Mortgage Note and the Mortgagor was notified in writing of such reduction in Prepayment Charge period. This representation and warranty is a Deemed Material and Adverse Representation.;