Principal Residence Clause Samples

Principal Residence. The home buyer must occupy the home as a principal residence within a reasonable period which, under most circumstances, may not exceed 60 days after financing is provided. A principal residence is a home occupied primarily for residential purposes and does not include a home used as an investment property, as a recreational home or a home in which 15 percent or more of its total area is used for a trade or business.

Principal Residence. The related Mortgaged Property is the Mortgagor's principal residence. This representation and warranty is a Deemed Material and Adverse Representation.

Principal Residence. The address shown under the Shareholder’s signature on the signature page hereof is the Shareholder’s principal residence.

Principal Residence. The Borrowers will, for all time periods that any amount is due and owing under the Note and this Mortgage is outstanding, occupy the Mortgaged Property as its principal residence.

Principal Residence. Buyer intends to use the Condominium Unit as his or her principal residence.

Principal Residence. With respect to each Second Lien Loan, the related Mortgaged Property was the Mortgagor’s principal residence or second home at the time of the origination of such Second Lien Loan, as set forth on the related Mortgage Loan Schedule. This representation and warranty is a Deemed Material and Adverse Representation;

Principal Residence. During the Affordability Period, barring a sale or transfer of title to the Property, which shall be governed by Section 8 below, the Homebuyer shall at all times maintain the Property as his/her principal residence. Should the Homebuyer cease to maintain the Property as his/her principal residence, rent the residence to another party, or convert the Property to a non-residential use, the Homebuyer will be in breach of this Agreement and subject to the Default and Enforcement provisions under Section 12.

Principal Residence. If the Subscriber is a natural person, the Subscriber’s domicile and principal residence are maintained at the legal address provided to the General Partner in the Subscription Information Sheet (and any accompanying attachments) submitted by the Subscriber herewith, and the Subscriber has no present intention of becoming a resident of any other state or jurisdiction. If the Subscriber is a corporation, trust, partnership, joint venture or other organization, the Subscriber has its domicile, principal place of business, or principal office at the legal address provided to the General Partner in the Subscription Information Sheet (and any accompanying attachments) submitted by the Subscriber herewith, and the Subscriber has no present intention of relocating such domicile, principal place of business, or principal office to any other state or jurisdiction.

Principal Residence. The related Mortgaged Property is the Mortgagor's principal residence or second home. SCHEDULE V GSAMP Mortgage Loan Trust 2006-NC2, Mortgage Pass-Through Certificates The Responsible Party hereby makes the representations and warranties set forth in this Schedule V to the Depositor, Ocwen, NCMC, the Securities Administrator, the Master Servicer and the Trustee, as of the Closing Date.