Which example best describes negative leverage?

1- In a rising interest rate environment, if the Borrower had an Adjustable Rate Mortgage 5/1 so in year 5 the interest rate will reset at a higher interest rate with a higher mortgage payment exceeding the net operating income.

2- In a lowering interest rate environment, if the Borrower had an Adjustable Rate Mortgage 5/1 so in year 5 the interest rate will reset at a lower interest rate with a lower mortgage payment lower than the net operating income

3- In a rising interest rate environment, if the Borrower had a Fixed Mortgage with a fixed mortgage payment less than the net operating income

4-In a lowering interest rate environment, if the Borrower had a Fixed Mortgage with a fixed mortgage payment but net operating income had decreased below it