EXECUTION COPY
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RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC.,
Company,
GMAC MORTGAGE CORPORATION,
Servicer
and
NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION,
Trustee
POOLING AND SERVICING AGREEMENT
Dated as of June 27, 2000
GMACM Mortgage Loan Trust 2000-J2
Residential Asset Mortgage Products, Inc.
GMACM Mortgage Pass-Through Certificates, Series 2000-J2
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TABLE OF CONTENTS
Page
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Article I DEFINITIONS...............................................................3
Section 1.01. Definitions..........................................................3
Section 1.02. Use of Words and Phrases............................................40
Article II CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES..........40
Section 2.01. Conveyance of Mortgage Loans........................................40
Section 2.02. Acceptance by Trustee...............................................46
Section 2.03. Representations, Warranties and Covenants of the Servicer and
the Company.................................................................47
Section 2.04. Representations and Warranties of the Seller........................48
Section 2.05. Execution and Authentication of Certificates........................50
Article III ADMINISTRATION AND SERVICING OF MORTGAGE LOANS...........................50
Section 3.01. Servicer to Act as Servicer.........................................50
Section 3.02. Subservicing Agreements Between Servicer and Subservicers;
Enforcement of Subservicers' and Sellers' Obligations.......................51
Section 3.03. Successor Subservicers..............................................52
Section 3.04. Liability of the Servicer...........................................52
Section 3.05. No Contractual Relationship Between Subservicer and Trustee or
Certificateholders..........................................................52
Section 3.06. Assumption or Termination of Subservicing Agreements by Trustee.....52
Section 3.07. Collection of Certain Mortgage Loan Payments; Deposits to
Custodial Account...........................................................53
Section 3.08. Subservicing Accounts; Servicing Accounts...........................55
Section 3.09. Access to Certain Documentation and Information Regarding the
Mortgage Loans..............................................................56
Section 3.10. Permitted Withdrawals from the Custodial Account....................56
Section 3.11. Maintenance of the Primary Insurance Policies; Collections
Thereunder..................................................................58
Section 3.12. Maintenance of Fire Insurance and Omissions and Fidelity
Coverage....................................................................59
Section 3.13. Enforcement of Due-on-Sale Clauses; Assumption and
Modification Agreements; Certain Assignments................................60
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Section 3.14. Realization Upon Defaulted Mortgage Loans...........................62
Section 3.15. Trustee to Cooperate; Release of Mortgage Files.....................65
Section 3.16. Servicing and Other Compensation; Compensating Interest.............66
Section 3.17. Periodic Filings with the Securities and Exchange Commission;
Additional Information......................................................67
Section 3.18. Annual Statement as to Compliance...................................68
Section 3.19. Annual Independent Public Accountants' Servicing Report.............68
Section 3.20. Rights of the Company in Respect of the Servicer....................68
Section 3.21. Administration of Buydown Funds.....................................68
Article IV PAYMENTS TO CERTIFICATEHOLDERS...........................................69
Section 4.01. Payment Account.....................................................69
Section 4.02. Distributions.......................................................70
Section 4.03. Statements to Certificateholders....................................79
Section 4.04. Distribution of Reports to the Trustee and the Company;
Advances by the Servicer....................................................80
Section 4.05. Allocation of Realized Losses.......................................81
Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property.......83
Section 4.07. Optional Purchase of Defaulted Mortgage Loans.......................83
Section 4.08. Insured Reserve Fund................................................83
Section 4.09. Rounding Account....................................................84
Section 4.10. Principal Distributions on the Insured Certificates.................84
Article V THE CERTIFICATES.........................................................89
Section 5.01. The Certificates....................................................89
Section 5.02. Registration of Transfer and Exchange of Certificates...............90
Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates...................96
Section 5.04. Persons Deemed Owners...............................................96
Section 5.05. Appointment of Paying Agent.........................................96
Section 5.06. Optional Purchase of Certificates...................................97
Article VI THE COMPANY AND THE SERVICER.............................................98
Section 6.01. Respective Liabilities of the Company and the Servicer..............98
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Section 6.02. Merger or Consolidation of the Company or the Servicer;
Assignment of Rights and Delegation of Duties by Servicer...................98
Section 6.03. Limitation on Liability of the Company, the Servicer and Others....99
Section 6.04. Company and Servicer Not to Resign.................................100
Article VII DEFAULT.................................................................100
Section 7.01. Events of Default..................................................100
Section 7.02. Trustee or Company to Act; Appointment of Successor................102
Section 7.03. Notification to Certificateholders.................................104
Section 7.04. Waiver of Events of Default........................................104
Article VIII CONCERNING THE TRUSTEE..................................................104
Section 8.01. Duties of Trustee..................................................104
Section 8.02. Certain Matters Affecting the Trustee..............................106
Section 8.03. Trustee Not Liable for Certificates or Mortgage Loans..............107
Section 8.04. Trustee May Own Certificates.......................................108
Section 8.05. Servicer to Pay Trustee's Fees and Expenses; Indemnification.......108
Section 8.06. Eligibility Requirements for Trustee...............................108
Section 8.07. Resignation and Removal of the Trustee.............................109
Section 8.08. Successor Trustee..................................................110
Section 8.09. Merger or Consolidation of Trustee.................................110
Section 8.10. Appointment of Co-Trustee or Separate Trustee......................110
Section 8.11. Appointment of Custodians..........................................111
Section 8.12. Appointment of Office or Agency....................................112
Article IX TERMINATION.............................................................112
Section 9.01. Termination Upon Purchase by the Servicer or the Company or
Liquidation of All Mortgage Loans..........................................112
Section 9.02. Additional Termination Requirements................................114
Article X REMIC PROVISIONS........................................................115
Section 10.01. REMIC Administration..............................................115
Section 10.02. Servicer, REMIC Administrator and Trustee Indemnification.........118
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Section 10.04. Distributions on the Uncertificated REMIC I and REMIC II
Regular Interests..........................................................119
Section 10.05. Compliance with Withholding Requirements..........................121
Article XI CERTAIN MATTERS REGARDING FINANCIAL SECURITY............................121
Section 11.02. Claims Upon the FSA Policy; FSA Policy Payments Account...........121
Section 11.03. Effect of Payments by Financial Security; Subrogations............123
Section 11.04. Notices and Information to Financial Security; Financial
Security as Third Party Beneficiary........................................123
Section 11.05. Trustee to Hold FSA Policy........................................123
Section 11.06. Payment of Insurance Premium......................................124
Article XII MISCELLANEOUS PROVISIONS................................................124
Section 12.01. Amendment.........................................................124
Section 12.02. Recordation of Agreement; Counterparts............................126
Section 12.03. Limitation on Rights of Certificateholders........................126
Section 12.04. Governing Law.....................................................127
Section 12.05. Notices...........................................................127
Section 12.06. Required Notices to Rating Agency and Subservicer.................128
Section 12.07. Severability of Provisions........................................129
Section 12.08. Supplemental Provisions for Resecuritization......................129
Section 12.09. Allocation of Voting Rights.......................................130
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EXHIBITS
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Exhibit A-1: Form of Class A Certificate
Exhibit A-2: Form of Class IO Certificate
Exhibit A-3: Form of Class PO Certificate
Exhibit B: Form of Class M Certificate
Exhibit C: Form of Class B Certificate
Exhibit D: Form of Class R Certificate
Exhibit E: Mortgage Loan Schedule
Exhibit F: Form of Request for Release
Exhibit G-1: Form of Transfer Affidavit and Agreement
Exhibit G-2: Form of Transferor Certificate
Exhibit H-1: Form of Investor Representation Letter
Exhibit H-2: Form of ERISA Representation Letter
Exhibit H-3: Form of ERISA Legend
Exhibit I: Form of Transferor Representation Letter
Exhibit J: Form of Rule 144A Investment Representation Letter
Exhibit K: Form of Lender Certification for Assignment of Mortgage Loan
Exhibit L: Schedule of Discount Fractions
Exhibit M: Information to be Included in Monthly Distribution Date Statement
Exhibit N: Form of Initial Certification
Exhibit O: Form of Final Certification
Exhibit P: FSA Policy
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This is the Pooling and Servicing Agreement, dated as of June 27, 2000
(the "Pooling and Servicing Agreement" or "Agreement"), among RESIDENTIAL ASSET
MORTGAGE PRODUCTS, INC., as the company (together with its permitted successors
and assigns, the "Company"), GMAC MORTGAGE CORPORATION, as servicer (together
with its permitted successors and assigns, the "Servicer"), and NORWEST BANK
MINNESOTA, NATIONAL ASSOCIATION, a national banking association, as Trustee
(together with its permitted successors and assigns, the "Trustee").
PRELIMINARY STATEMENT:
The Company intends to sell mortgage pass-through certificates
(collectively, the "Certificates"), to be issued hereunder in multiple classes,
which in the aggregate will evidence the entire beneficial ownership interest in
the Mortgage Loans. As provided herein, the REMIC Administrator will make an
election to treat the entire segregated pool of assets described in the
definition of Trust Fund, and subject to this Agreement (including the Mortgage
Loans), as one or more real estate mortgage investment conduits (each, a
"REMIC") for federal income tax purposes.
The following table sets forth the designation, type, Pass-Through Rate,
aggregate Initial Certificate Principal Balance, Maturity Date, initial ratings
and certain features for each Class of Certificates comprising the interests in
the Trust Fund created hereunder.
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Aggregate Initial
Pass- Certificate Fitch/
Through Principal Maturity Standard & Minimum
Designation Rate Balance Features(1) Date Poor's Denominations(2)
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Class A-1 7.75% $71,248,000.00 Senior/ August 25, 2030 AAA/AAA $25,000.00
Accretion
Directed
Class A-2 7.75% $8,775,000.00 Senior/Accrual August 25, 2030 AAA/AAA $25,000.00
Class A-3 7.50% $15,300,000.00 Senior/ August 25, 2030 AAA/AAA $1,000.00
Retail/Insured
Class A-4 7.75% $0.00(3) Senior/InterestAugust 25, 2030 AAA/AAAr $25,000.00(4)
Only
Class A-5 7.75% $15,937,600.00 Senior/ August 25, 2030 AAA/AAA $25,000.00
Prepayment
Lockout
Class A-6 7.75% $20,200,000.00 Senior/ August 25, 2030 AAA/AAA $25,000.00
Accretion
Directed/
Companion
Class A-7 7.75% $16,335,000.00 Senior/ August 25, 2030 AAA/AAA $25,000.00
Accretion
Directed/PAC
Class A-8 7.75% $3,565,000.00 Senior/ August 25, 2030 AAA/AAA $25,000.00
Accretion
Directed/
Companion/
Accrual
Class PO 0.00% $1,639,884.62 Senior/PrincipaAugust 25, 2030 AAA/AAAr $25,000.00
Only
Class IO Variable $0.00(6) Senior/InterestAugust 25, 2030 AAA/AAAr (7)
Rate(5) Only
Class R-I 7.75% $100.00 Senior/ResidualAugust 25, 2030 AAA/AAA (8)
Class R-II 7.75% $100.00 Senior/ResidualAugust 25, 2030 AAA/AAA (8)
Class M-1 7.75% $2,868,794.00 Mezzanine August 25, 2030 AA/NA $25,000.00
Class M-2 7.75% $1,354,708.00 Mezzanine August 25, 2030 A/NA $250,000.00
Class M-3 7.75% $796,887.00 Mezzanine August 25, 2030 BBB/NA $250,000.00
Class B-1 7.75% $557,821.00 Subordinate August 25, 2030 BB/NA $250,000.00
Class B-2 7.75% $398,444.00 Subordinate August 25, 2030 B/NA $250,000.00
Class B-3 7.75% $398,443.16 Subordinate August 25, 2030 NA/NA $250,000.00
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_______________________
(1) The Certificates, other than the Class PO, Class IO, Class B and Class R
Certificates shall be Book-Entry Certificates. The Class PO, Class IO,
Class B and Class R Certificates shall be delivered to the holders thereof
in physical form.
(2) The Certificates, other than the Class IO and Class R Certificates, shall
be issuable in minimum dollar denominations as indicated above (by
Certificate Principal Balance or Notional Amount) and integral multiples of
$1 (or $1,000 in the case of the Class PO, Class B-1, Class B-2 and Class
B-3 Certificates) in excess thereof, except that one Certificate of any of
the Class PO and Class B-1, Class B-2 and Class B-3 Certificates that
contain an uneven multiple of $1,000 shall be issued in a denomination
equal to the sum of the related minimum denomination set forth above and
such uneven multiple for such Class or the sum of such denomination and an
integral multiple of $1,000.
(3) The initial Notional Amount for the Class A-4 Certificates shall be equal
to $375,096.77.
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(4) The Class A-4 Certificates shall be issuable in minimum denominations of
not less than $25,000 of Notional Amount.
(5) With respect to the Class IO Certificates and any Distribution Date, a rate
equal to the weighted average of the Pool Strip Rate of each Non-Discount
Mortgage Loan weighted on the basis of the respective Stated Principal
Balances of such Mortgage Loans as of the day immediately preceding such
Distribution Date (or, with respect to the initial Distribution Date, at
the close of business on the Cut-off Date). The initial Pass-Through Rate
for the Class IO Certificates shall be equal to 0.454%.
(6) The initial Notional Amount for the Class IO Certificates shall be equal to
$113,766,762.13.
(7) The Class IO Certificates shall be issuable in minimum denominations of not
less than a 20% Percentage Interest.
(8) The Class R Certificates shall be issuable in minimum denominations of not
less than a 20% Percentage Interest; provided, however, that one Class R-I
Certificate and one Class R-II Certificate will be issuable to GMAC
Mortgage Corporation as "tax matters person" pursuant to Section 10.01(c)
and (e) in a minimum denomination representing a Percentage Interest of not
less than 0.01%.
The Mortgage Loans have an aggregate principal balance as of the Cut-off
Date of $159,375,781.78.
In consideraton of the mutual agreements herein contained, the Company,
the Servicer and the Trustee agree as follows:
Article I
DEFINITIONS
Section 1.01...Definitions.
Whenever used in this Agreement, the following words and phrases, unless
the context otherwise requires, shall have the meanings specified in this
Article.
Accretion Directed Certificate: Any one of the Certificates designated as a
Class A-1 Certificate, Class A-6 Certificate, Class A-7 Certificate or Class A-8
Certificate.
Accretion Termination Date: The Class A-2 Accretion Termination Date or the
Class A-8 Accretion Termination Date, as applicable.
Accrual Certificate: Any one of the Certificates designated as a Class A-2
Certificate or Class A-8 Certificate.
Accrual Distribution Amount: The Class A-2 Accrual Distribution Amount or
the Class A-8 Accrual Distribution Amount, as applicable.
Accrued Certificate Interest: With respect to each Distribution Date,
(a) as to any Class of Certificates (other than any Class PO or Interest Only
Certificates), interest accrued during the related Interest Accrual Period at
the related Pass-Through Rate on the Certificate Principal Balance thereof
immediately prior to such Distribution Date and (b) in the case of the Interest
Only Certificates, interest accrued during the related Interest Accrual Period
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at the related Pass-Through Rate on the Notional Amount thereof immediately
prior to such Distribution Date. Accrued Certificate Interest will be calculated
on the basis of a 360-day year, consisting of twelve 30-day months. In each case
Accrued Certificate Interest on any Class of Certificates will be reduced by the
amount of:
(i) Prepayment Interest Shortfalls on all Mortgage Loans (to the
extent not offset by the Servicer with a payment of Compensating
Interest as provided in Section 4.01),
(ii) the interest portion (adjusted to the Net Mortgage Rate (or the
Modified Net Mortgage Rate in the case of a Modified Mortgage
Loan)) of Realized Losses on all Mortgage Loans (including Excess
Special Hazard Losses, Excess Fraud Losses, Excess Bankruptcy
Losses and Extraordinary Losses) not allocated solely to one or
more specific Classes of Certificates pursuant to Section 4.05,
(iii) the interest portion of Advances that were made with respect to
delinquencies that were ultimately determined to be Excess
Special Hazard Losses, Excess Fraud Losses, Excess Bankruptcy
Losses or Extraordinary Losses, and
(iv) any other interest shortfalls not covered by the subordination
provided by the Class M Certificates and Class B Certificates,
including interest that is not collectible from the Mortgagor
pursuant to the Relief Act,
with all such reductions allocated among all of the Certificates in proportion
to their respective amounts of Accrued Certificate Interest payable on such
Distribution Date absent such reductions. In addition to that portion of the
reductions described in the preceding sentence that are allocated to any Class
of Class B Certificates or any Class of Class M Certificates, Accrued
Certificate Interest on such Class of Class B Certificates or such Class of
Class M Certificates will be reduced by the interest portion (adjusted to the
Net Mortgage Rate) of Realized Losses that are allocated solely to such Class of
Class B Certificates or such Class of Class M Certificates pursuant to Section
4.05.
Advance: As to any Mortgage Loan, any advance made by the Servicer,
pursuant to Section 4.04.
Affiliate: With respect to any Person, any other Person controlling,
controlled by or under common control with such first Person. For the purposes
of this definition, "control" means the power to direct the management and
policies of such Person, directly or indirectly, whether through the ownership
of voting securities, by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.
Amount Held for Future Distribution: As to any Distribution Date, the
total of the amounts held in the Custodial Account at the close of business on
the preceding Determination Date on account of (i) Liquidation Proceeds,
Insurance Proceeds, Curtailments, Mortgage Loan purchases made pursuant to
Section 2.02, 2.03, 2.04 or 4.07 and Mortgage Loan substitutions made pursuant
to Section 2.03 or 2.04 received or made in the month of such Distribution Date
(other than such Liquidation Proceeds, Insurance Proceeds and purchases of
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Mortgage Loans that the Servicer has deemed to have been received in the
preceding month in accordance with Section 3.07(b)), and Principal Prepayments
in Full received or made after the related Prepayment Period, and (ii) payments
which represent early receipt of scheduled payments of principal and interest
due on a date or dates subsequent to the related Due Date.
Appraised Value: As to any Mortgaged Property, the lesser of (i) the
appraised value of such Mortgaged Property based upon the appraisal made at the
time of the origination of the related Mortgage Loan, and (ii) the sales price
of the Mortgaged Property at such time of origination, except in the case of a
Mortgaged Property securing a refinanced or modified Mortgage Loan as to which
it is either the appraised value determined above or the appraised value
determined in an appraisal at the time of refinancing or modification, as the
case may be, provided that if permitted by the applicable underwriting standards
of the Seller, the Appraised Value shall be the value of the Mortgaged Property
as stated by the Mortgagor.
Assignment: An assignment of the Mortgage, notice of transfer or
equivalent instrument, in recordable form, sufficient under the laws of the
jurisdiction wherein the related Mortgaged Property is located to reflect of
record the sale of the Mortgage Loan to the Trustee for the benefit of
Certificateholders, which assignment, notice of transfer or equivalent
instrument may be in the form of one or more blanket assignments covering
Mortgages secured by Mortgaged Properties located in the same county, if
permitted by law and accompanied by an Opinion of Counsel to that effect.
Assignment of Proprietary Lease: With respect to a Cooperative Loan, the
assignment of the related Cooperative Lease from the Mortgagor to the originator
of the Cooperative Loan.
Available Distribution Amount: As to any Distribution Date, an amount
equal to (a) the sum of (i) the amount relating to the Mortgage Loans on deposit
in the Custodial Account as of the close of business on the immediately
preceding Determination Date and amounts deposited in the Custodial Account in
connection with the substitution of Qualified Substitute Mortgage Loans, (ii)
the amount of any Advance made on the immediately preceding Payment Account
Deposit Date, (iii) any amount deposited in the Payment Account on the related
Payment Account Deposit Date pursuant to the second paragraph of Section
3.12(a), (iv) any amount deposited in the Payment Account pursuant to Section
4.07, and (v) any amount that the Servicer is not permitted to withdraw from the
Custodial Account pursuant to Section 3.16(e), reduced by (b) the sum as of the
close of business on the immediately preceding Determination Date of (w)
aggregate Foreclosure Profits, (x) the Amount Held for Future Distribution and
(y) amounts permitted to be withdrawn by the Servicer from the Custodial Account
in respect of the Mortgage Loans pursuant to clauses (ii)-(x), inclusive, of
Section 3.10(a).
Bankruptcy Amount: As of any date of determination prior to the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of (A)
$100,000 over (B) the aggregate amount of Bankruptcy Losses allocated solely to
one or more specific Classes of Certificates in accordance with Section 4.05. As
of any date of determination on or after the first anniversary of the Cut-off
Date, an amount equal to the excess, if any, of
(1) the lesser of (a) the Bankruptcy Amount calculated as of the
close of business on the Business Day immediately preceding the most
recent anniversary of the Cut-off Date coinciding with or preceding such
date of determination (or, if such date of determination is an
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anniversary of the Cut-off Date, the Business Day immediately preceding
such date of determination) (for purposes of this definition, the
"Relevant Anniversary") and (b) the greater of
(A) the greater of (i) 0.0006 times the aggregate
principal balance of all the Mortgage Loans in the Mortgage Pool
as of the Relevant Anniversary having a Loan-to-Value Ratio at
origination which exceeds 75% and (ii) $100,000; and
(B) the greater of (i) the product of (x) an amount equal
to the largest difference in the related Monthly Payment for any
Non-Primary Residence Loan remaining in the Mortgage Pool which
had an original Loan-to-Value Ratio of 80% or greater that would
result if the Net Mortgage Rate thereof was equal to the weighted
average (based on the principal balance of the Mortgage Loans as
of the Relevant Anniversary) of the Net Mortgage Rates of all
Mortgage Loans as of the Relevant Anniversary less 1.25% per
annum, (y) a number equal to the weighted average remaining term
to maturity, in months, of all Non-Primary Residence Loans
remaining in the Mortgage Pool as of the Relevant Anniversary,
and (z) one plus the quotient of the number of all Non-Primary
Residence Loans remaining in the Mortgage Pool divided by the
total number of Outstanding Mortgage Loans in the Mortgage Pool
as of the Relevant Anniversary, and (ii) $50,000, over (2) the
aggregate amount of Bankruptcy Losses allocated solely to one or
more specific Classes of Certificates in accordance with Section
4.05 since the Relevant Anniversary.
The Bankruptcy Amount may be further reduced by the Servicer (including
accelerating the manner in which such coverage is reduced) provided that prior
to any such reduction, the Servicer shall (i) obtain written confirmation from
each Rating Agency that such reduction shall not reduce the rating assigned to
any Class of Certificates by such Rating Agency (without giving effect to the
FSA Policy in the case of the Class A-3 Certificates) below the lower of the
then-current rating or the rating assigned to such Certificates as of the
Closing Date by such Rating Agency and (ii) provide a copy of such written
confirmation to the Trustee and to Financial Security.
Bankruptcy Code: The Bankruptcy Code of 1978, as amended.
Bankruptcy Loss: With respect to any Mortgage Loan, a Deficient
Valuation or Debt Service Reduction; provided, however, that neither a Deficient
Valuation nor a Debt Service Reduction shall be deemed a Bankruptcy Loss
hereunder so long as the Servicer has notified the Trustee in writing that the
Servicer is diligently pursuing any remedies that may exist in connection with
the representations and warranties made regarding the related Mortgage Loan and
either (A) the related Mortgage Loan is not in default with regard to payments
due thereunder or (B) delinquent payments of principal and interest under the
related Mortgage Loan and any premiums on any applicable primary hazard
insurance policy and any related escrow payments in respect of such Mortgage
Loan are being advanced on a current basis by the Servicer or a Subservicer, in
either case without giving effect to any Debt Service Reduction.
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Book-Entry Certificate: Any Certificate registered in the name of the
Depository or its nominee.
Business Day: Any day other than (i) a Saturday or a Sunday or (ii) a
day on which banking institutions in the State of New York, the State of
Pennsylvania, the State of Minnesota or the State of Maryland (and such other
state or states in which the Custodial Account or the Payment Account are at the
time located) are required or authorized by law or executive order to be closed.
Buydown Funds: Any amount contributed by the seller of a Mortgaged
Property, the Company or other source in order to enable the Mortgagor to reduce
the payments required to be made from the Mortgagor's funds in the early years
of a Mortgage Loan. Buydown Funds are not part of the Trust Fund prior to
deposit into the Custodial or Payment Account.
Buydown Mortgage Loan: Any Mortgage Loan as to which a specified amount
of interest is paid out of related Buydown Funds in accordance with a related
buydown agreement.
Cash Liquidation: As to any defaulted Mortgage Loan other than a
Mortgage Loan as to which an REO Acquisition occurred, a determination by the
Servicer that it has received all Insurance Proceeds, Liquidation Proceeds and
other payments or cash recoveries which the Servicer reasonably and in good
faith expects to be finally recoverable with respect to such Mortgage Loan.
Certificate: Any Class A, Class M, Class B or Class R Certificate.
Certificateholder or Holder: The Person in whose name a Certificate is
registered in the Certificate Register, and , in respect of the Insured
Certificates, Financial Security to the extent of Cumulative Insurance Payments,
except that neither a Disqualified Organization nor a Non-United States Person
shall be a holder of a Class R Certificate for purposes hereof and, solely for
the purpose of giving any consent or direction pursuant to this Agreement, any
Certificate, other than a Class R Certificate, registered in the name of the
Company, the Servicer or any Subservicer or any Affiliate thereof shall be
deemed not to be outstanding and the Percentage Interest or Voting Rights
evidenced thereby shall not be taken into account in determining whether the
requisite amount of Percentage Interests or Voting Rights necessary to effect
any such consent or direction has been obtained. All references herein to
"Holders" or "Certificateholders" shall reflect the rights of Certificate Owners
as they may indirectly exercise such rights through the Depository and
participating members thereof, except as otherwise specified herein; provided,
however, that the Trustee shall be required to recognize as a "Holder" or
"Certificateholder" only the Person in whose name a Certificate is registered in
the Certificate Register.
Certificate Owner: With respect to a Book-Entry Certificate, the Person
who is the beneficial owner of such Certificate, as reflected on the books of an
indirect participating brokerage firm for which a Depository Participant acts as
agent, if any, and otherwise on the books of a Depository Participant, if any,
and otherwise on the books of the Depository.
Certificate Principal Balance: With respect to each Certificate (other than
any Interest Only Certificate), on any date of determination, an amount equal
to:
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(i) the Initial Certificate Principal Balance of such Certificate as
specified on the face thereof, plus
(ii) in the case of each Class of Accrual Certificates, an amount
equal to the aggregate Accrued Certificate Interest added to the
Certificate Principal Balance thereof prior to such date of
determination, minus
(iii) the sum of (x) the aggregate of all amounts previously
distributed with respect to such Certificate (or any predecessor
Certificate) and applied to reduce the Certificate Principal
Balance thereof pursuant to Section 4.02(a) and (y) the aggregate
of all reductions in Certificate Principal Balance deemed to have
occurred in connection with Realized Losses which were previously
allocated to such Certificate (or any predecessor Certificate)
pursuant to Section 4.05;
provided, however, that solely for the purpose of determining Financial
Security's rights as subrogee, the Certificate Principal Balance of any Insured
Certificate shall be deemed to not be reduced by any principal amounts paid to
the Holder thereof from FSA Insurance Payments, unless such amounts have been
reimbursed to Financial Security pursuant to Section 4.02(a)(xvi) or Section
4.02(f); and provided, that the Certificate Principal Balance of the Class of
Subordinate Certificates with the Lowest Priority at any given time shall be
calculated to equal the Percentage Interest evidenced by such Certificate times
the excess, if any, of (A) the then aggregate Stated Principal Balance of the
Mortgage Loans over (B) the then aggregate Certificate Principal Balance of all
other Classes of Certificates then outstanding.
Certificate Register and Certificate Registrar: The register maintained and
the registrar appointed pursuant to Section 5.02.
Class: Collectively, all of the Certificates bearing the same designation.
Class A Certificate: Any one of the Class A-1, Class A-2, Class A-3,
Class A-4, Class A-5, Class A-6, Class A-7, Class A-8, Class IO and Class PO
Certificates, executed by the Trustee and authenticated by the Certificate
Registrar substantially in the form annexed hereto as Exhibit A-1, Exhibit A-2
or Exhibit A-3, as applicable.
Class A-2 Accretion Termination Date: The earlier to occur of (i) the
Distribution Date immediately following the Distribution Date on which the
aggregate Certificate Principal Balance of the Accretion Directed Certificates
has been reduced to zero; and (ii) the Credit Support Depletion Date.
Class A-2 Accrual Distribution Amount: With respect to each Distribution
Date on or prior to the Class A-2 Accretion Termination Date, an amount equal to
the amount of Accrued Certificate Interest on the Class A-2 Certificates for
such date, which will be added to the Certificate Principal Balance thereof to
the extent payable to the Accretion Directed Certificates pursuant to Section
4.02(b)(ii); provided that, with respect to each Distribution Date on or after
the Class A-2 Accretion Termination Date, the entire Accrued Certificate
Interest on the Class A-2 Certificates for such date will be payable to the
Class A-2 Certificateholders pursuant to Section 4.02(a)(i) hereof to the extent
that payments are not required to fully reduce the Accretion Directed
Certificates to zero on the Class A-2 Accretion Termination Date; and provided
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further, that if the Class A-2 Accretion Termination Date is the Credit Support
Depletion Date, the entire amount of Accrued Certificate Interest for that date
will be payable to the Class A-2 Certificateholders pursuant to Section
4.02(a)(i) hereof.
Class A-8 Accretion Termination Date: The earlier to occur of (i) the
Distribution Date immediately following the Distribution Date on which the
aggregate Certificate Principal Balance of the A-6 Certificates has been reduced
to zero; and (ii) the Credit Support Depletion Date.
Class A-8 Accrual Distribution Amount: With respect to each Distribution
Date on or prior to the Class A-8 Accretion Termination Date, an amount equal to
the amount of Accrued Certificate Interest on the Class A-8 Certificates for
such date, which will be added to the Certificate Principal Balance thereof to
the extent payable to the Class A-6 Certificates pursuant to Section
4.02(b)(ii); provided that, with respect to each Distribution Date on or after
the Class A-8 Accretion Termination Date, the entire Accrued Certificate
Interest on the Class A-8 Certificates for such date will be payable to the
Class A-8 Certificateholders pursuant to Section 4.02(a)(i) hereof to the extent
that payments are not required to fully reduce the Class A-6 Certificates to
zero on the Class A-8 Accretion Termination Date; and provided further, that if
the Class A-8 Accretion Termination Date is the Credit Support Depletion Date,
the entire amount of Accrued Certificate Interest for that date will be payable
to the Class A-8 Certificateholders pursuant to Section 4.02(a)(i) hereof.
Class B Certificate: Any one of the Certificates designated as a Class
B-1 Certificate, Class B-2 Certificate or Class B-3 Certificate.
Class IO Certificate: Any one of the Certificates designated as a Class
IO Certificate, executed by the Trustee and authenticated by the Certificate
Registrar substantially in the form annexed hereto as Exhibit A-2.
Class M Certificate: Any one of the Certificates designated as a Class
M-1 Certificate, Class M-2 Certificate or Class M-3 Certificate.
Class PO Certificate: Any one of the Certificates designated as a Class
PO Certificate, executed by the Trustee and authenticated by the Certificate
Registrar substantially in the form annexed hereto as Exhibit A-3.
Class PO Collection Shortfall: With respect to the Cash Liquidation or
REO Disposition of a Discount Mortgage Loan and any Distribution Date, the
excess of the amount described in Section 4.02(b)(i)(C)(1) over the amount
described in Section 4.02(b)(i)(C)(2).
Class PO Principal Distribution Amount: As defined in Section 4.02.
Class R Certificate: Any one of the Certificates designated as a Class R-I
Certificate or Class R-II Certificate.
Class R-I Certificate: Any one of the Class R-I Certificates executed by
the Trustee and authenticated by the Certificate Registrar substantially in the
form annexed hereto as Exhibit D and evidencing an interest designated as a
"residual interest" in REMIC I for purposes of the REMIC Provisions.
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Class R-II Certificate: Any one of the Class R-II Certificates executed
by the Trustee and authenticated by the Certificate Registrar substantially in
the form annexed hereto as Exhibit D and evidencing an interest designated as a
"residual interest" in REMIC II for purposes of the REMIC Provisions.
Closing Date: June 27, 2000.
Code: The Internal Revenue Code of 1986.
Compensating Interest: With respect to any Distribution Date, an amount
(but not in excess of the Servicing Fee for such Distribution Date) equal to
Prepayment Interest Shortfalls resulting from Principal Prepayments in Full
during the related Prepayment Period and resulting from Curtailments during the
prior calendar month.
Cooperative: A private, cooperative housing corporation which owns or
leases land and all or part of a building or buildings, including apartments,
spaces used for commercial purposes and common areas therein and whose board of
directors authorizes, among other things, the sale of Cooperative Stock.
Cooperative Apartment: A dwelling unit in a multi-dwelling building
owned or leased by a Cooperative, which unit the Mortgagor has an exclusive
right to occupy pursuant to the terms of a proprietary lease or occupancy
agreement.
Cooperative Lease: With respect to a Cooperative Loan, the proprietary
lease or occupancy agreement with respect to the Cooperative Apartment occupied
by the Mortgagor and relating to the related Cooperative Stock, which lease or
agreement confers an exclusive right to the holder of such Cooperative Stock to
occupy such apartment.
Cooperative Loans: Any of the Mortgage Loans made in respect of a
Cooperative Apartment, evidenced by a Mortgage Note and secured by (i) a
Security Agreement, (ii) the related Cooperative Stock Certificate, (iii) an
assignment of the Cooperative Lease, (iv) financing statements and (v) a stock
power (or other similar instrument), and ancillary thereto, a recognition
agreement between the Cooperative and the originator of the Cooperative Loan,
each of which was transferred and assigned to the Trustee pursuant to Section
2.01 and are from time to time held as part of the Trust Fund.
Cooperative Stock: With respect to a Cooperative Loan, the single
outstanding class of stock, partnership interest or other ownership instrument
in the related Cooperative.
Cooperative Stock Certificate: With respect to a Cooperative Loan, the
stock certificate or other instrument evidencing the related Cooperative Stock.
Corporate Trust Office: The principal office of the Trustee at which at
any particular time its corporate trust business with respect to this Agreement
shall be administered, which office at the date of the execution of this
instrument is located at Norwest Center, Sixth and Marquette, Minneapolis,
Minnesota 55479-1026, Attention: Corporate Trust, GMACM Mortgage Pass-Through
Certificates, Series 2000-J2.
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Credit Support Depletion Date: The first Distribution Date on which the
Certificate Principal Balances of the Subordinate Certificates have been reduced
to zero.
Cumulative Insurance Payments: As of any time of determination, the
aggregate of all FSA Insurance Payments previously made by Financial Security
under the FSA Policy minus the aggregate of all payments previously made to
Financial Security pursuant to Sections 4.02(a)(xvi) and 4.02(f) hereof or
otherwise as reimbursement for FSA Insurance Payments.
Curtailment: Any Principal Prepayment made by a Mortgagor which is not a
Principal Prepayment in Full.
Custodial Account: The custodial account or accounts created and
maintained pursuant to Section 3.07, into which the amounts set forth in Section
3.07 shall be deposited directly.
Custodial Agreement: An agreement that may be entered into among the
Servicer, the Trustee and a Custodian pursuant to which the Custodian will hold
certain documents relating to the Mortgage Loans on behalf of the Trustee.
Custodian: A custodian appointed pursuant to a Custodial Agreement.
Cut-off Date: June 1, 2000.
Cut-off Date Principal Balance: As to any Mortgage Loan, the unpaid
principal balance thereof at the Cut-off Date after giving effect to all
installments of principal due on or prior thereto, whether or not received.
Debt Service Reduction: With respect to any Mortgage Loan, a reduction
in the scheduled Monthly Payment for such Mortgage Loan by a court of competent
jurisdiction in a proceeding under the Bankruptcy Code, except such a reduction
constituting a Deficient Valuation or any reduction that results in a permanent
forgiveness of principal.
Deceased Owner: A Certificate Owner of an Insured Certificate who was
living at the time such interest was acquired and whose authorized personal
representative, surviving tenant by the entirety, surviving joint tenant or
surviving tenant in common or other person empowered to act on behalf of a
deceased Certificate Owner causes to be furnished to the Depository evidence of
death satisfactory to the Depository Participant and any tax waivers requested
by the Depository Participant.
Deficient Valuation: With respect to any Mortgage Loan, a valuation by a
court of competent jurisdiction of the Mortgaged Property in an amount less than
the then outstanding indebtedness under the Mortgage Loan, or any reduction in
the amount of principal to be paid in connection with any scheduled Monthly
Payment that constitutes a permanent forgiveness of principal, which valuation
or reduction results from a proceeding under the Bankruptcy Code.
Definitive Certificate: Any Certificate other than a Book-Entry
Certificate.
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Deleted Mortgage Loan: A Mortgage Loan replaced or to be replaced with a
Qualified Substitute Mortgage Loan.
Delinquent: As used herein, a Mortgage Loan is considered to be: "30 to
59 days" or "30 or more days" delinquent when a payment due on any scheduled due
date remains unpaid as of the close of business on the last business day
immediately prior to the next following monthly scheduled due date; "60 to 89
days" or "60 or more days" delinquent when a payment due on any scheduled due
date remains unpaid as of the close of business on the last business day
immediately prior to the second following monthly scheduled due date; and so on.
The determination as to whether a Mortgage Loan falls into these categories is
made as of the close of business on the last business day of each month. For
example, a Mortgage Loan with a payment due on July 1 that remained unpaid as of
the close of business on July 31 would then be considered to be 30 to 59 days
delinquent. Delinquency information as of the Cut-off Date is determined and
prepared as of the close of business on the last business day immediately prior
to the Cut-off Date.
Depository: The Depository Trust Company, or any successor Depository
hereafter named. The nominee of the initial Depository for purposes of
registering those Certificates that are to be Book-Entry Certificates is Cede &
Co. The Depository shall at all times be a "clearing corporation" as defined in
Section 8-102(a)(5) of the Uniform Commercial Code of the State of New York and
a "clearing agency" registered pursuant to the provisions of Section 17A of the
Securities Exchange Act of 1934, as amended.
Depository Participant: A broker, dealer, bank or other financial
institution or other Person for whom from time to time a Depository effects
book-entry transfers and pledges of securities deposited with the Depository.
Destroyed Mortgage Note: A Mortgage Note the original of which was
permanently lost or destroyed and has not been replaced.
Determination Date: With respect to any Distribution Date, the 15th day
(or if such 15th day is not a Business Day, the Business Day immediately
following such 15th day) of the month of the related Distribution Date.
Discount Fraction: With respect to each Discount Mortgage Loan, the
fraction expressed as a percentage, the numerator of which is the Discount Net
Mortgage Rate minus the Net Mortgage Rate (or the initial Net Mortgage Rate with
respect to any Discount Mortgage Loans as to which the Mortgage Rate is modified
pursuant to 3.07(a)) for such Mortgage Loan and the denominator of which is the
Discount Net Mortgage Rate. The Discount Fraction with respect to each Discount
Mortgage Loan is set forth as on Exhibit L attached hereto.
Discount Mortgage Loan: Any Mortgage Loan having a Net Mortgage Rate (or
the initial Net Mortgage Rate) of less than the Discount Net Mortgage Rate per
annum and any Mortgage Loan deemed to be a Discount Mortgage Loan pursuant to
the definition of Qualified Substitute Mortgage Loan.
Discount Net Mortgage Rate: 7.75% per annum.
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Disqualified Organization: Any organization defined as a "disqualified
organization" under Section 860E(e)(5) of the Code, and if not otherwise
included, any of the following: (i) the United States, any State or political
subdivision thereof, any possession of the United States, or any agency or
instrumentality of any of the foregoing (other than an instrumentality which is
a corporation if all of its activities are subject to tax and, except for
Freddie Mac, a majority of its board of directors is not selected by such
governmental unit), (ii) a foreign government, any international organization,
or any agency or instrumentality of any of the foregoing, (iii) any organization
(other than certain farmers' cooperatives described in Section 521 of the Code)
which is exempt from the tax imposed by Chapter 1 of the Code (including the tax
imposed by Section 511 of the Code on unrelated business taxable income), (iv)
rural electric and telephone cooperatives described in Section 1381(a)(2)(C) of
the Code, (v) any "electing large partnership," as defined in Section 775(a) of
the Code and (vi) any other Person so designated by the Trustee based upon an
Opinion of Counsel that the holding of an Ownership Interest in a Class R
Certificate by such Person may cause the Trust Fund or any Person having an
Ownership Interest in any Class of Certificates (other than such Person) to
incur a liability for any federal tax imposed under the Code that would not
otherwise be imposed but for the Transfer of an Ownership Interest in a Class R
Certificate to such Person. The terms "United States", "State" and
"international organization" shall have the meanings set forth in Section 7701
of the Code or successor provisions.
Distribution Date: The 25th day of any month beginning in the month
immediately following the month of the initial issuance of the Certificates or,
if such 25th day is not a Business Day, the Business Day immediately following
such 25th day.
Due Date: With respect to any Distribution Date and any Mortgage Loan, the
day during the related Due Period on which the Monthly Payment is due.
Due Period: With respect to each Distribution Date and any Mortgage
Loan, the period commencing on the second day of the month prior to the month in
which such Distribution Date occurs and ending on the first day of the month in
which such Distribution Date occurs.
Eligible Account: An account that is any of the following: (i)
maintained with a federal or state chartered depository institution the accounts
of which are insured by the FDIC (to the limits established by the FDIC) and the
short-term debt ratings and the long-term deposit ratings of which are rated in
one of the two highest rating categories by the Rating Agencies, or (ii) a trust
account or accounts maintained with a federal or state chartered depository
institution or trust company with trust powers acting in its fiduciary capacity,
or (iii) in the case of the Payment Account, a trust account or accounts
maintained in the corporate trust division of the Trustee, or (iv) an account or
accounts of a depository institution acceptable to each Rating Agency (as
evidenced in writing by each Rating Agency that use of any such account as the
Custodial Account or the Payment Account will not reduce the rating assigned to
any Class of Certificates by such Rating Agency (without giving effect to the
FSA Policy in the case of the Class A-3 Certificates) below the lower of the
then-current rating or the rating assigned to such Certificates as of the
Closing Date by such Rating Agency).
Eligible Funds: On any Distribution Date, the portion, if any, of the
Available Distribution Amount remaining after reduction by the sum of (i) the
aggregate amount of Accrued Certificate Interest on the Senior Certificates,
(ii) the Senior Principal Distribution Amount (determined without regard to
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Section 4.02(a)(ii)(Y)(D) hereof), (iii) the Class PO Principal Distribution
Amount (determined without regard to Section 4.02(b)(i)(E) hereof) and (iv) the
aggregate amount of Accrued Certificate Interest on the Class M, Class B-1 and
Class B-2 Certificates.
Event of Default: As defined in Section 7.01.
Excess Bankruptcy Loss: Any Bankruptcy Loss, or portion thereof, which
exceeds the then applicable Bankruptcy Amount.
Excess Fraud Loss: Any Fraud Loss, or portion thereof, which exceeds the
then applicable Fraud Loss Amount.
Excess Special Hazard Loss: Any Special Hazard Loss, or portion thereof,
that exceeds the then applicable Special Hazard Amount.
Excess Subordinate Principal Amount: With respect to any Distribution
Date on which the aggregate Certificate Principal Balance of the Class of
Subordinate Certificates then outstanding with the Lowest Priority is to be
reduced to zero and on which Realized Losses are to be allocated to such class
or classes, the excess, if any, of (i) the amount that would otherwise be
distributable in respect of principal on such class or classes of Certificates
on such Distribution Date over (ii) the excess, if any, of the aggregate
Certificate Principal Balance of such class or classes of Certificates
immediately prior to such Distribution Date over the aggregate amount of
Realized Losses to be allocated to such classes of Certificates on such
Distribution Date as reduced by any amount calculated pursuant to Section
4.02(b)(i)(E) hereof.
Extraordinary Events: Any of the following conditions with respect to a
Mortgaged Property (or, with respect to a Cooperative Loan, the Cooperative
Apartment) or Mortgage Loan causing or resulting in a loss which causes the
liquidation of such Mortgage Loan:
(a) losses that are of the type that would be covered by the fidelity bond
and the errors and omissions insurance policy required to be maintained
pursuant to Section 3.12(b) but are in excess of the coverage maintained
thereunder;
(b) nuclear reaction or nuclear radiation or radioactive contamination, all
whether controlled or uncontrolled, and whether such loss be direct or
indirect, proximate or remote or be in whole or in part caused by,
contributed to or aggravated by a peril covered by the definition of the
term "Special Hazard Loss";
(c) hostile or warlike action in time of peace or war, including action in
hindering, combating or defending against an actual, impending or
expected attack:
1. by any government or sovereign power, de jure or de facto, or by any
authority maintaining or using military, naval or air forces; or
2. by military, naval or air forces; or
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3. by an agent of any such government, power, authority or forces;
(d) any weapon of war employing atomic fission or radioactive force whether in
time of peace or war; or
(e) insurrection, rebellion, revolution, civil war, usurped power or action
taken by governmental authority in hindering, combating or defending
against such an occurrence, seizure or destruction under quarantine or
customs regulations, confiscation by order of any government or public
authority; or risks of contraband or illegal transportation or trade.
Extraordinary Losses: Any loss incurred on a Mortgage Loan caused by or
resulting from an Extraordinary Event.
Fannie Mae: Federal National Mortgage Association, or Fannie Mae, a
federally chartered and privately owned corporation organized and existing under
the Federal National Mortgage Association Charter Act, or any successor thereto.
FASIT: A "financial asset securitization investment trust" within the
meaning of Section 860L of the Code.
FDIC: Federal Deposit Insurance Corporation or any successor thereto.
Final Distribution Date: The Distribution Date on which the final
distribution in respect of the Certificates will be made pursuant to Section
9.01, which Final Distribution Date shall in no event be later than the end of
the 90-day liquidation period described in Section 9.02.
Financial Security: Financial Security Assurance Inc.
Fitch: Fitch, Inc. or its successor in interest.
Foreclosure Profits: As to any Distribution Date or related
Determination Date and any Mortgage Loan, the excess, if any, of Liquidation
Proceeds, Insurance Proceeds and REO Proceeds (net of all amounts reimbursable
therefrom pursuant to Section 3.10(a)(ii)) in respect of each Mortgage Loan or
REO Property for which a Cash Liquidation or REO Disposition occurred in the
related Prepayment Period over the sum of the unpaid principal balance of such
Mortgage Loan or REO Property (determined, in the case of an REO Disposition, in
accordance with Section 3.14) plus accrued and unpaid interest at the Mortgage
Rate on such unpaid principal balance from the Due Date to which interest was
last paid by the Mortgagor to the first day of the month following the month in
which such Cash Liquidation or REO Disposition occurred.
Fraud Losses: Losses on Mortgage Loans as to which there was fraud in the
origination of such Mortgage Loan.
Fraud Loss Amount: As of any date of determination after the Cut-off
Date, an amount equal to: (X) prior to the third anniversary of the Cut-off Date
an amount equal to 1.00% of the aggregate outstanding principal balance of all
of the Mortgage Loans as of the Cut-off Date minus the aggregate amount of Fraud
Losses allocated solely to one or more specific Classes of Certificates in
accordance with Section 4.05 since the Cut-off Date up to such date of
determination and (Y) from the third to the fifth anniversary of the Cut-off
Date, an amount equal to (1) the lesser of (a) the Fraud Loss Amount as of the
most recent anniversary of the Cut-off Date and (b) 0.50% of the aggregate
outstanding principal balance of all of the Mortgage Loans as of the most recent
anniversary of the Cut-off Date minus (2) the aggregate amount of Fraud Losses
allocated solely to one or more specific Classes of Certificates in accordance
with Section 4.05 since the most recent anniversary of the Cut-off Date up to
such date of determination. On and after the fifth anniversary of the Cut-off
Date, the Fraud Loss Amount shall be zero.
The Fraud Loss Amount may be further reduced by the Servicer (including
accelerating the manner in which such coverage is reduced) provided that prior
to any such reduction, the Servicer shall (i) obtain written confirmation from
each Rating Agency that such reduction shall not reduce the rating assigned to
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any Class of Certificates by such Rating Agency (without giving effect to the
FSA Policy in the case of the Class A-3 Certificates) below the lower of the
then-current rating or the rating assigned to such Certificates as of the
Closing Date by such Rating Agency and (ii) provide a copy of such written
confirmation to the Trustee and to Financial Security.
Freddie Mac: Federal Home Loan Mortgage Corporation, or Freddie Mac, a
corporate instrumentality of the United States created and existing under Title
III of the Emergency Home Finance Act of 1970, as amended, or any successor
thereto.
FSA Default: The existence and continuance of a failure by Financial
Security to make a payment required under the FSA Policy in accordance with its
terms.
FSA Insurance Payment: Any payment made by Financial Security with
respect to the Insured Certificates under the FSA Policy.
FSA Policy: The Certificate Guaranty Insurance Policy (No. 50946-N) issued
by Financial Security for the benefit of the Holders of the Insured
Certificates, including any endorsements thereto, attached as Exhibit P.
FSA Policy Payments Account: The account established pursuant to Section
11.02(b) hereof.
GMAC Mortgage Corporation: GMAC Mortgage Corporation, a Pennsylvania
corporation, in its capacity as seller of the Mortgage Loans to the Company, and
any successor thereto.
Group A Certificates: Collectively, the Class A-6, Class A-8 and PAC
Certificates.
Group A Distribution Priorities: Amounts allocated to the Group A
Certificates in respect of principal shall be applied in the following order of
priority:
(i) first, to the PAC Certificates, until the Certificate Principal
Balance thereof has been reduced to the Planned Principal Balance for such
Distribution Date;
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(ii) second, to the Class A-6 Certificates until the Certificate Principal
Balance thereof has been reduced to zero;
(iii) third, to the Class A-8 Certificates until the Certificate Principal
Balance thereof has been reduced to zero; and
(iv) fourth, to the PAC Certificates, without regard to its Planned
Principal Balance, until the Certificate Principal Balance thereof has been
reduced to zero.
Guaranteed Distribution: With respect to the Class A-3 Certificates as
of any Distribution Date (after application of amounts in the Insured Reserve
Fund and any Compensating Interest allocated to the Class A-3 Certificates), the
distribution to be made to the Holders of the Class A-3 Certificates in an
aggregate amount equal to the sum of (1) interest for the related Interest
Accrual Period on the Certificate Principal Balance of the Class A-3
Certificates at the related Pass-Through Rate (net of any Prepayment Interest
Shortfalls or Relief Act Shortfalls allocated to the Insured Certificates but
only to the extent covered by the Servicer pursuant to Section 3.16(e) or the
Insured Reserve Fund), (2) the principal portion of any Realized Losses
allocated to the Class A-3 Certificates on such Distribution Date, and (3) the
Certificate Principal Balance of the Class A-3 Certificates to the extent unpaid
on the final Distribution Date or earlier termination of the Trust Fund pursuant
to the terms of the Agreement.
Highest Priority: As of any date of determination, the Class of
Subordinate Certificates then outstanding with the earliest priority for
payments pursuant to Section 4.02(a), in the following order: Class M-1, Class
M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates.
Independent: When used with respect to any specified Person, means such
a Person who (i) is in fact independent of the Company, the Servicer and the
Trustee, or any Affiliate thereof, (ii) does not have any direct financial
interest or any material indirect financial interest in the Company, the
Servicer or the Trustee or in an Affiliate thereof, and (iii) is not connected
with the Company, the Servicer or the Trustee as an officer, employee, promoter,
underwriter, trustee, partner, director or person performing similar functions.
Indirect Depository Participant: An institution that is not a Depository
Participant but clears through or maintains a custodial relationship with
Participants and has access to the Depository's clearing system.
Individual Insured Certificate: An Insured Certificate that evidences
$1,000 Initial Certificate Principal Balance.
Initial Certificate Principal Balance: With respect to each Class of
Certificates, the Certificate Principal Balance of such Class of Certificates as
of the Cut-off Date, as set forth in the Preliminary Statement hereto.
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Initial Subordinate Class Percentage: Initial Subordinate Class
Percentage: With respect to each Class of Subordinate Certificates, an amount
which is equal to the initial aggregate Certificate Principal Balance of such
Class of Subordinate Certificates divided by the aggregate Stated Principal
Balance of all the Mortgage Loans as of the Cut-off Date as follows:
Class M-1: 1.80% Class B-1: 0.35%
Class M-2: 0.85% Class B-2: 0.25%
Class M-3: 0.50% Class B-3: 0.25%
Insurance Premium: With respect to the FSA Policy and any Distribution
Date, an amount equal to one-twelfth (1/12) of 0.06% of the Certificate
Principal Balance of the Insured Certificates immediately prior to such
Distribution Date.
Insurance Proceeds: Proceeds paid in respect of the Mortgage Loans
pursuant to any Primary Insurance Policy or any other related insurance policy
covering a Mortgage Loan (excluding the FSA Policy), to the extent such proceeds
are payable to the mortgagee under the Mortgage, any Subservicer, the Servicer
or the Trustee and are not applied to the restoration of the related Mortgaged
Property (or, with respect to a Cooperative Loan, the related Cooperative
Apartment) or released to the Mortgagor in accordance with the procedures that
the Servicer would follow in servicing mortgage loans held for its own account.
Insured Certificateholder: A Holder of an Insured Certificate.
Insured Certificates: Any one of the Class A-3 Certificates.
Insured Reserve Fund: The account established and maintained pursuant to
Section 4.08 herein.
Insured Reserve Withdrawal: As defined in Section 4.08.
Insurer: Any named insurer under any Primary Insurance Policy or any
successor thereto or the named insurer in any replacement policy.
Interest Accrual Period: With respect to any Certificates and any
Distribution Date, the calendar month preceding the month in which such
Distribution Date occurs.
Interest Only Certificates: Any one of the Certificates designated as a
Class A-4 Certificate or Class IO Certificate. The Interest Only Certificates
will have no Certificate Principal Balance.
Junior Certificateholder: The Holder of not less than 95% of the Percentage
Interests of the Junior Class of Certificates.
Junior Class of Certificates: The Class of Subordinate Certificates
outstanding as of the date of the repurchase of a Mortgage Loan pursuant to
Section 4.07 herein that has the Lowest Priority.
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Late Collections: With respect to any Mortgage Loan, all amounts
received during any Due Period, whether as late payments of Monthly Payments or
as Insurance Proceeds, Liquidation Proceeds or otherwise, which represent late
payments or collections of Monthly Payments due but delinquent for a previous
Due Period and not previously recovered.
Liquidation Proceeds: Amounts (other than Insurance Proceeds) received
by the Servicer in connection with the taking of an entire Mortgaged Property by
exercise of the power of eminent domain or condemnation or in connection with
the liquidation of a defaulted Mortgage Loan through trustee's sale, foreclosure
sale or otherwise, other than REO Proceeds.
Living Owner: A Certificate Owner of an Insured Certificate other than a
Deceased Owner.
Loan-to-Value Ratio: As of any date, the fraction, expressed as a
percentage, the numerator of which is the current principal balance of the
related Mortgage Loan at the date of determination and the denominator of which
is the Appraised Value of the related Mortgaged Property.
Lockout Prepayment Percentage: With respect to any Distribution Date
occurring prior to the Distribution Date in July 2005, 0%. With respect to any
Distribution Date thereafter, the percentage indicated below:
Distribution Date Lockout Distribution Percentage
July 2005 through June 2006 30%
July 2006 through June 2007 40%
July 2007 through June 2008 60%
July 2008 through June 2009 80%
July 2009 and thereafter 100%
Lower Priority: As of any date of determination and any Class of
Subordinate Certificates, any other Class of Subordinate Certificates then
outstanding with a later priority for payments pursuant to Section 4.02(a).
Lowest Priority: As of any date of determination, the Class of
Subordinate Certificates then outstanding with the latest priority for payments
pursuant to Section 4.02(a), in the following order: Class B-3, Class B-2, Class
B-1, Class M-3, Class M-2 and Class M-1 Certificates.
Maturity Date: With respect to each Class of Certificates, August 25, 2030.
MERS: Mortgage Electronic Registration Systems, Inc., a corporation
organized and existing under the laws of the State of Delaware, or any successor
thereto.
MERS(@) System: The system of recording transfers of Mortgages
electronically maintained by MERS.
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MIN: The Mortgage Identification Number for Mortgage Loans registered with
MERS on the MERS(R)System.
Modified Mortgage Loan: Any Mortgage Loan that has been the subject of a
Servicing Modification.
Modified Net Mortgage Rate: As to any Mortgage Loan that is the subject
of a Servicing Modification, the Net Mortgage Rate minus the rate per annum by
which the Mortgage Rate on such Mortgage Loan was reduced.
MOM Loan: With respect to any Mortgage Loan, MERS acting as the
mortgagee of such Mortgage Loan, solely as nominee for the originator of such
Mortgage Loan and its successors and assigns, at the origination thereof.
Monthly Payment: With respect to any Mortgage Loan (including any REO
Property) and any Due Date, the payment of principal and interest due thereon in
accordance with the amortization schedule at the time applicable thereto (after
adjustment, if any, for Curtailments and for Deficient Valuations occurring
prior to such Due Date but before any adjustment to such amortization schedule
by reason of any bankruptcy, other than a Deficient Valuation, or similar
proceeding or any moratorium or similar waiver or grace period and before any
Servicing Modification that constitutes a reduction of the interest rate on such
Mortgage Loan).
Mortgage: With respect to each Mortgage Note related to a Mortgage Loan
which is not a Cooperative Loan, the mortgage, deed of trust or other comparable
instrument creating a first lien on an estate in fee simple or leasehold
interest in real property securing a Mortgage Note.
Mortgage File: The mortgage documents listed in Section 2.01 pertaining
to a particular Mortgage Loan and any additional documents required to be added
to the Mortgage File pursuant to this Agreement.
Mortgage Loans: Such of the mortgage loans transferred and assigned to
the Trustee pursuant to Section 2.01 as from time to time are held or deemed to
be held as a part of the Trust Fund, the Mortgage Loans originally so held being
identified in the initial Mortgage Loan Schedule, and Qualified Substitute
Mortgage Loans held or deemed held as part of the Trust Fund including, without
limitation, (i) with respect to each Cooperative Loan, the related Mortgage
Note, Security Agreement, Assignment of Proprietary Lease, Cooperative Stock
Certificate, Cooperative Lease and Mortgage File and all rights appertaining
thereto, and (ii) with respect to each Mortgage Loan other than a Cooperative
Loan, each related Mortgage Note, Mortgage and Mortgage File and all rights
appertaining thereto.
Mortgage Loan Schedule: The list or lists of the Mortgage Loans attached
hereto as Exhibit E (as amended from time to time to reflect the addition of
Qualified Substitute Mortgage Loans), which list or lists shall set forth the
following information as to each Mortgage Loan:
(a) loan number and name of the Mortgagor;
(b) the street address of the Mortgaged Property (or, with respect to a
Cooperative Loan, the related Cooperative Apartment) including
state and zip code;
20
<PAGE>
(c) the Loan-to-Value Ratio;
(d) the original principal balance and date of the Mortgage Note;
(e) the first Due Date;
(f) the type of Mortgaged Property;
(g) the scheduled monthly payment in effect as of the Cut-off Date;
(h) the principal balance as of the Cut-off Date;
(i) the Mortgage Rate as of the Cut-off Date;
(j) the occupancy status;
(k) the purpose of the Mortgage Loan;
(l) the paid-through date of the Mortgage Loan;
(m) the documentation type; and
(n) the code "Y" under the column "BUYDOWN", indicating that the
Mortgage Loan is a Buydown Mortgage Loan.
Such schedule may consist of multiple reports that collectively set
forth all of the information required.
Mortgage Note: The originally executed note or other evidence of
indebtedness evidencing the indebtedness of a Mortgagor under a Mortgage Loan,
together with any modification thereto.
Mortgage Pool: The pool of mortgage loans consisting of the Mortgage Loans.
Mortgage Rate: As to any Mortgage Loan, the interest rate borne by the
related Mortgage Note, or any modification thereto other than a Servicing
Modification.
Mortgaged Property: The underlying real property securing a Mortgage
Loan or, with respect to a Cooperative Loan, the related Cooperative Lease and
Cooperative Stock.
Mortgagor: The obligor on a Mortgage Note.
Net Mortgage Rate: As to each Mortgage Loan, the related Mortgage Rate
minus the Servicing Fee Rate.
Non-Discount Mortgage Loan: A Mortgage Loan that is not a Discount Mortgage
Loan.
Non-Primary Residence Loans: The Mortgage Loans designated as secured by
second or vacation residences, or by non-owner occupied residences, on the
Mortgage Loan Schedule.
21
<PAGE>
Non-United States Person: Any Person other than a United States Person.
Nonrecoverable Advance: Any Advance previously made or proposed to be
made by the Servicer in respect of a Mortgage Loan (other than a Deleted
Mortgage Loan) which, in the good faith judgment of the Servicer, will not, or,
in the case of a proposed Advance, would not, be ultimately recoverable by the
Servicer from related Late Collections, Insurance Proceeds, Liquidation
Proceeds, REO Proceeds or amounts reimbursable to the Servicer pursuant to
Section 4.02(a) hereof. The determination by the Servicer that it has made a
Nonrecoverable Advance or that any proposed Advance would constitute a
Nonrecoverable Advance, shall be evidenced by an Officers' Certificate delivered
to the Company, the Trustee and Financial Security promptly following such
determination.
Nonsubserviced Mortgage Loan: Any Mortgage Loan that, at the time of
reference thereto, is not subject to a Subservicing Agreement.
Notional Amount: As of any Distribution Date, the Notional Amount of the
Class A-4 Certificates is equal to the product of (1) 2.4516129% and (2) the
Certificate Principal Balance of the Insured Certificates immediately prior to
that Distribution Date. As of the date of determination, the Notional Amount of
the Class IO Certificates is equal to the aggregate Stated Principal Balance of
the Non-Discount Mortgage Loans immediately prior to that date.
Officers' Certificate: A certificate signed by the Chairman of the
Board, the President or a Vice President or Assistant Vice President, or a
Director or Managing Director, and by the Treasurer, the Secretary, or one of
the Assistant Treasurer or Assistant Secretaries of the Company or the Servicer,
as the case may be, and delivered to the Trustee, as required by this Agreement.
Opinion of Counsel: A written opinion of counsel acceptable to the
Trustee and the Servicer, who may be counsel for the Company or the Servicer,
provided that any opinion of counsel (i) referred to in the definition of
"Disqualified Organization" or (ii) relating to the qualification of each REMIC
or compliance with the REMIC Provisions must, unless otherwise specified, be an
opinion of Independent counsel.
Outstanding Mortgage Loan: As to any Due Date, a Mortgage Loan
(including an REO Property) which was not the subject of a Principal Prepayment
in Full, Cash Liquidation or REO Disposition and which was not purchased,
deleted or substituted for prior to such Due Date pursuant to Section 2.02,
2.03, 2.04 or 4.07.
Ownership Interest: As to any Certificate, any ownership or security
interest in such Certificate, including any interest in such Certificate as the
Holder thereof and any other interest therein, whether direct or indirect, legal
or beneficial, as owner or as pledgee.
PAC Certificate: Any one of the Certificates designated as a Class A-7
Certificate.
Pass-Through Rate: With respect to the Class A Certificates (other than
the Class IO and the Class PO Certificates), Class M Certificates, Class B
Certificates and Class R Certificates and any Distribution Date, the per annum
rates set forth in the Preliminary Statement hereto. With respect to the Class
IO Certificates and any Distribution Date, a rate equal to the weighted average,
expressed as a percentage, of the Pool Strip Rates of all Non-Discount Mortgage
22
<PAGE>
Loans as of the Due Date in the related Due Period, weighted on the basis of the
respective Stated Principal Balances of such Mortgage Loans as of the day
immediately preceding such Distribution Date (or, with respect to the initial
Distribution Date, at the close of business on the Cut-off Date). With respect
to the Class IO Certificates and the initial Distribution Date the Pass-Through
Rate is equal to 0.454% per annum. The Class PO Certificates have no
Pass-Through Rate and are not entitled to Accrued Certificate Interest.
Paying Agent: The Trustee or any successor Paying Agent appointed by the
Trustee.
Payment Account: The separate account or accounts created and maintained
pursuant to Section 4.01, which shall be entitled "Norwest Bank Minnesota,
National Association, as trustee, in trust for the registered holders of
Residential Asset Mortgage Products, Inc., GMACM Mortgage Pass-Through
Certificates, Series 2000-J2" and which must be an Eligible Account.
Payment Account Deposit Date: As to any Distribution Date, the Business Day
prior thereto.
Percentage Interest: With respect to any Certificate (other than a Class
R Certificate), the undivided percentage ownership interest in the related Class
evidenced by such Certificate, which percentage ownership interest shall be
equal to the Initial Certificate Principal Balance thereof divided by the
aggregate Initial Certificate Principal Balance of all the Certificates of the
same Class. With respect to an Interest Only Certificate or a Class R
Certificate, the interest in distributions to be made with respect to such Class
evidenced thereby, expressed as a percentage, as stated on the face of each such
Certificate.
Permitted Investments: One or more of the following:
(i) obligations of or guaranteed as to principal and interest by the United
States or any agency or instrumentality thereof when such obligations
are backed by the full faith and credit of the United States;
(ii) repurchase agreements on obligations specified in clause (i) maturing
not more than one month from the date of acquisition thereof, provided
that the unsecured obligations of the party agreeing to repurchase such
obligations are at the time rated by each Rating Agency in its highest
short-term rating available;
(iii)federal funds, certificates of deposit, demand deposits, time deposits and
bankers' acceptances (which shall each have an original maturity of not
more than 90 days and, in the case of bankers' acceptances, shall in no
event have an original maturity of more than 365 days or a remaining
maturity of more than 30 days) denominated in United States dollars of any
U.S. depository institution or trust company incorporated under the laws of
the United States or any state thereof or of any domestic branch of a
foreign depository institution or trust company; provided that the debt
obligations of such depository institution or trust company (or, if the
only Rating Agency is Standard & Poor's, in the case of the principal
depository institution in a depository institution holding company, debt
obligations of the depository institution holding company) at the date of
acquisition thereof have been rated by each Rating Agency in its highest
short-term rating available; and provided further that, if the only Rating
Agency is Standard & Poor's and if the depository or trust company is a
23
<PAGE>
principal subsidiary of a bank holding company and the debt obligations of
such subsidiary are not separately rated, the applicable rating shall be
that of the bank holding company; and, provided further that, if the
original maturity of such short-term obligations of a domestic branch of a
foreign depository institution or trust company shall exceed 30 days, the
short-term rating of such institution shall be A-1+ in the case of Standard
& Poor's if Standard & Poor's is the Rating Agency;
(iv) commercial paper and demand notes (having original maturities of not
more than 365 days) of any corporation incorporated under the laws of
the United States or any state thereof which on the date of acquisition
has been rated by each Rating Agency in its highest short-term rating
available; provided that such commercial paper shall have a remaining
maturity of not more than 30 days;
(v) any mutual fund, money market fund, common trust fund or other pooled
investment vehicle, the assets of which are limited to instruments that
otherwise would constitute Permitted Investments hereunder, including
any such fund that is managed by the Trustee or any affiliate of the
Trustee or for which the Trustee or any of its affiliates acts as an
adviser; and
(vi) other obligations or securities that are acceptable to each Rating
Agency as a Permitted Investment hereunder and will not reduce the
rating assigned to any Class of Certificates by such Rating Agency below
the lower of the then-current rating or the rating assigned to such
Certificates as of the Closing Date by such Rating Agency, as evidenced
in writing;
provided, however, no instrument shall be a Permitted Investment if it
represents, either (1) the right to receive only interest payments with respect
to the underlying debt instrument or (2) the right to receive both principal and
interest payments derived from obligations underlying such instrument and the
principal and interest payments with respect to such instrument provide a yield
to maturity greater than 120% of the yield to maturity at par of such underlying
obligations. References herein to the highest rating available on unsecured
long-term debt shall mean AAA in the case of Standard & Poor's and Fitch, and
references herein to the highest rating available on unsecured commercial paper
and short-term debt obligations shall mean A-1 in the case of Standard & Poor's,
and either A-1 by Standard & Poor's or F-1 by Fitch in the case of Fitch.
Permitted Transferee: Any Transferee of a Class R Certificate, other than a
Disqualified Organization or Non-United States Person.
Person: Any individual, corporation, limited liability company,
partnership, joint venture, association, joint-stock company, trust,
unincorporated organization or government or any agency or political subdivision
thereof.
24
<PAGE>
Planned Principal Balance: With respect to each Distribution Date and
the PAC Certificates, the amount set forth opposite that Distribution Date in
the following table:
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
June 1, 2000 $16,335,000.00 March 25, 2003 $9,028,131.58
--------------------------------------------------------------------------------------
July 25, 2000 $16,258,629.24 April 25, 2003 $8,710,370.05
--------------------------------------------------------------------------------------
August 25, 2000 $16,172,376.08 May 25, 2003 $8,393,958.19
--------------------------------------------------------------------------------------
September 25, 2000 $16,076,327.18 June 25, 2003 $8,078,887.61
--------------------------------------------------------------------------------------
October 25, 2000 $15,970,502.16 July 25, 2003 $7,770,659.94
--------------------------------------------------------------------------------------
November 25, 2000 $15,854,925.63 August 25, 2003 $7,463,756.83
--------------------------------------------------------------------------------------
December 25, 2000 $15,729,627.19 September 25, 2003 $7,158,169.95
--------------------------------------------------------------------------------------
January 25, 2001 $15,594,641.43 October 25, 2003 $6,853,891.04
--------------------------------------------------------------------------------------
February 25, 2001 $15,450,007.90 November 25, 2003 $6,550,911.85
--------------------------------------------------------------------------------------
March 25, 2001 $15,295,771.10 December 25, 2003 $6,249,224.17
--------------------------------------------------------------------------------------
April 25, 2001 $15,131,980.48 January 25, 2004 $5,948,819.82
--------------------------------------------------------------------------------------
May 25, 2001 $14,958,690.36 February 25, 2004 $5,649,690.67
--------------------------------------------------------------------------------------
June 25, 2001 $14,775,959.99 March 25, 2004 $5,351,828.60
--------------------------------------------------------------------------------------
July 25, 2001 $14,583,853.43 April 25, 2004 $5,055,225.53
--------------------------------------------------------------------------------------
August 25, 2001 $14,382,439.54 May 25, 2004 $4,759,873.42
--------------------------------------------------------------------------------------
September 25, 2001 $14,171,791.98 June 25, 2004 $4,465,764.26
--------------------------------------------------------------------------------------
October 25, 2001 $13,951,989.10 July 25, 2004 $4,172,890.07
-------------------------------------------- ----------------
November 25, 2001 $13,723,113.93 August 25, 2004 $3,881,242.88
--------------------------------------------------------------------------------------
December 25, 2001 $13,485,254.11 September 25, 2004 $3,590,814.80
--------------------------------------------------------------------------------------
January 25, 2002 $13,238,501.85 October 25, 2004 $3,301,597.92
--------------------------------------------------------------------------------------
February 25, 2002 $12,982,953.83 November 25, 2004 $3,013,584.40
--------------------------------------------------------------------------------------
March 25, 2002 $12,718,711.19 December 25, 2004 $2,726,766.40
--------------------------------------------------------------------------------------
April 25, 2002 $12,445,879.40 January 25, 2005 $2,441,136.13
--------------------------------------------------------------------------------------
May 25, 2002 $12,164,568.22 February 25, 2005 $2,156,685.83
------------------------ ------------------------------------------
June 25, 2002 $11,874,891.62 March 25, 2005 $1,873,407.77
--------------------------------------------------------------------------------------
July 25, 2002 $11,576,967.69 April 25, 2005 $1,591,294.23
--------------------------------------------------------------------------------------
August 25, 2002 $11,270,918.57 May 25, 2005 $1,310,337.54
--------------------------------------------------------------------------------------
September 25, 2002 $10,956,870.32 June 25, 2005 $1,030,530.07
--------------------------------------------------------------------------------------
October 25, 2002 $10,637,481.47 July 25, 2005 $763,652.89
--------------------------------------------------------------------------------------
--------------------------
November 25, 2002 $10,312,844.08 August 25, 2005 $497,867.03
--------------------------------------------------------------------------------------
December 25, 2002 $9,989,598.97 September 25, 2005 $233,164.76
--------------------------------------------------------------------------------------
January 25, 2003 $9,667,737.55 October 25, 2005 $0
--------------------------------------------------------------------------------------
February 25, 2003 $9,347,251.26
--------------------------------------------------------------------------------------
</TABLE>
Pool Stated Principal Balance: As to any Distribution Date, the aggregate
of the Stated Principal Balances of each Mortgage Loan.
Pool Strip Rate: With respect to each Mortgage Loan, a per annum rate
equal to the excess of (a) the Net Mortgage Rate of such Mortgage Loan over (b)
the Discount Net Mortgage Rate (but not less than 0.00% per annum).
Prepayment Assumption: A prepayment assumption of 250% of the prepayment
speed assumption, used for determining the accrual of original issue discount
and market discount and premium on the Certificates for federal income tax
25
<PAGE>
purposes. The prepayment speed assumption assumes a constant rate of prepayment
of mortgage loans of 0.2% per annum of the then outstanding principal balance of
such mortgage loans in the first month of the life of the mortgage loans,
increasing by an additional 0.2% per annum in each succeeding month until the
thirtieth month, and a constant 6% per annum rate of prepayment thereafter for
the life of the mortgage loans.
Prepayment Distribution Percentage: With respect to any Distribution
Date and each Class of Subordinate Certificates, under the applicable
circumstances set forth below, the respective percentages set forth below:
(i) For any Distribution Date prior to the Distribution Date in
July 2005 (unless the Certificate Principal Balances of the Senior
Certificates (other than the Class PO Certificates) have been reduced to
zero), 0%.
(ii) For any Distribution Date for which clause (i) above does
not apply, and on which any Class of Subordinate Certificates are
outstanding:
in the case of the Class of Subordinate Certificates then
outstanding with the Highest Priority and each other Class of
Subordinate Certificates for which the related Prepayment
Distribution Trigger has been satisfied, a fraction, expressed as
a percentage, the numerator of which is the Certificate Principal
Balance of such Class immediately prior to such date and the
denominator of which is the sum of the Certificate Principal
Balances immediately prior to such date of (1) the Class of
Subordinate Certificates then outstanding with the Highest
Priority and (2) all other Classes of Subordinate Certificates
for which the respective Prepayment Distribution Triggers have
been satisfied; and
in the case of each other Class of Subordinate
Certificates for which the Prepayment Distribution Triggers have
not been satisfied, 0%; and
(iii) Notwithstanding the foregoing, if the application of the
foregoing percentages on any Distribution Date as provided in Section
4.02 (determined without regard to the proviso to the definition of
"Subordinate Principal Distribution Amount") would result in a
distribution in respect of principal of any Class or Classes of
Subordinate Certificates in an amount greater than the remaining
Certificate Principal Balance thereof (any such class, a "Maturing
Class"), then: (a) the Prepayment Distribution Percentage of each
Maturing Class shall be reduced to a level that, when applied as
described above, would exactly reduce the Certificate Principal Balance
of such Class to zero; (b) the Prepayment Distribution Percentage of
each other Class of Subordinate Certificates (any such Class, a
"Non-Maturing Class") shall be recalculated in accordance with the
provisions in paragraph (ii) above, as if the Certificate Principal
Balance of each Maturing Class had been reduced to zero (such percentage
as recalculated, the "Recalculated Percentage"); (c) the total amount of
the reductions in the Prepayment Distribution Percentages of the
Maturing Class or Classes pursuant to clause (a) of this sentence,
expressed as an aggregate percentage, shall be allocated among the
26
<PAGE>
Non-Maturing Classes in proportion to their respective Recalculated
Percentages (the portion of such aggregate reduction so allocated to any
Non-Maturing Class, the "Adjustment Percentage"); and (d) for purposes
of such Distribution Date, the Prepayment Distribution Percentage of
each Non-Maturing Class shall be equal to the sum of (1) the Prepayment
Distribution Percentage thereof, calculated in accordance with the
provisions in paragraph (ii) above as if the Certificate Principal
Balance of each Maturing Class had not been reduced to zero, plus (2)
the related Adjustment Percentage.
Prepayment Distribution Trigger: With respect to any Distribution Date
and any Class of Subordinate Certificates (other than the Class M-1
Certificates), a test that shall be satisfied if the fraction (expressed as a
percentage) equal to the sum of the Certificate Principal Balances of such Class
and each Class of Subordinate Certificates with a Lower Priority than such Class
immediately prior to such Distribution Date divided by the aggregate Stated
Principal Balance of all of the Mortgage Loans (or related REO Properties)
immediately prior to such Distribution Date is greater than or equal to the sum
of the related Initial Subordinate Class Percentages of such Classes of
Subordinate Certificates.
Prepayment Interest Shortfall: As to any Distribution Date and any
Mortgage Loan (other than a Mortgage Loan relating to an REO Property) that was
the subject of (a) a Principal Prepayment in Full during the related Prepayment
Period, an amount equal to the excess of one month's interest at the Net
Mortgage Rate (or Modified Net Mortgage Rate in the case of a Modified Mortgage
Loan) on the Stated Principal Balance of such Mortgage Loan over the amount of
interest (adjusted to the Net Mortgage Rate (or Modified Net Mortgage Rate in
the case of a Modified Mortgage Loan)) paid by the Mortgagor for such Prepayment
Period to the date of such Principal Prepayment in Full or (b) a Curtailment
during the preceding calendar month, an amount equal to one month's interest at
the Net Mortgage Rate (or Modified Net Mortgage Rate in the case of a Modified
Mortgage Loan) on the amount of such Curtailment.
Prepayment Lockout Certificates: Any one of the Certificates designated as
a Class A-5 Certificate.
Prepayment Period: As to any Distribution Date and Prepayment in Full,
the period commencing of the 16th day of the month prior to that Distribution
Date and ending on the 15th day of the month in which the Distribution Date
occurs.
Primary Insurance Policy: Each primary policy of mortgage guaranty
insurance or any replacement policy therefor referred to in Section 2.03(b)(iv)
and (v).
Principal Prepayment: Any payment of principal or other recovery on a
Mortgage Loan, including a recovery that takes the form of Liquidation Proceeds
or Insurance Proceeds, which is received in advance of its scheduled Due Date
and is not accompanied by an amount as to interest representing scheduled
interest on such payment due on any date or dates in any month or months
subsequent to the month of prepayment.
Principal Prepayment in Full: Any Principal Prepayment of the entire
principal balance of a Mortgage Loan.
27
<PAGE>
Purchase Agreement: The Mortgage Loan Purchase Agreement, dated as of
the Closing Date, between GMAC Mortgage Corporation, as seller, and the Company,
as purchaser, and all amendments thereof and supplements thereto.
Purchase Price: With respect to any Mortgage Loan (or REO Property)
required to be or otherwise purchased on any date pursuant to Section 2.02, 2.04
or 4.07, an amount equal to the sum of (i) 100% of the Stated Principal Balance
thereof plus the principal portion of any related unreimbursed Advances and (ii)
unpaid accrued interest at the Mortgage Rate (or Modified Net Mortgage Rate plus
the rate per annum at which the Servicing Fee is calculated in the case of a
Modified Mortgage Loan) (or at the Net Mortgage Rate (or Modified Net Mortgage
Rate in the case of a Modified Mortgage Loan) in the case of a purchase made by
the Servicer) on the Stated Principal Balance thereof to the Due Date in the Due
Period related to the Distribution Date occurring in the month following the
month of purchase from the Due Date to which interest was last paid by the
Mortgagor.
Qualified Substitute Mortgage Loan: A Mortgage Loan substituted by the
Seller for a Deleted Mortgage Loan which must, on the date of such substitution,
as confirmed in an Officers' Certificate delivered to the Trustee, with a copy
to the Custodian,
(i) have an outstanding principal balance, after deduction of the
principal portion of the monthly payment due in the month of
substitution (or in the case of a substitution of more than one
Mortgage Loan for a Deleted Mortgage Loan, an aggregate
outstanding principal balance, after such deduction), not in
excess of the Stated Principal Balance of the Deleted Mortgage
Loan (the amount of any shortfall to be deposited by the Seller
in the Custodial Account in the month of substitution);
(ii) have a Mortgage Rate and a Net Mortgage Rate no lower than and
not more than 1% per annum higher than the Mortgage Rate and Net
Mortgage Rate, respectively, of the Deleted Mortgage Loan as of
the date of substitution;
(iii) have a Loan-to-Value Ratio at the time of substitution no higher
than that of the Deleted Mortgage Loan at the time of
substitution;
(iv) have a remaining term to stated maturity not greater than (and
not more than one year less than) that of the Deleted Mortgage
Loan;
(v) comply with each representation and warranty set forth in Section
7.02 of the Purchase Agreement; and
(vi) have a Pool Strip Rate equal to or greater than that of the
Deleted Mortgage Loan.
Notwithstanding any other provisions herein, (x) with respect to any Qualified
Substitute Mortgage Loan substituted for a Deleted Mortgage Loan which was a
Discount Mortgage Loan, such Qualified Substitute Mortgage Loan shall be deemed
to be a Discount Mortgage Loan and to have a Discount Fraction equal to the
Discount Fraction of the Deleted Mortgage Loan and (y) in the event that the
"Pool Strip Rate" of any Qualified Substitute Mortgage Loan as calculated
pursuant to the definition of "Pool Strip Rate" is greater than the Pool Strip
Rate of the related Deleted Mortgage Loan,
28
<PAGE>
(i) the Pool Strip Rate of such Qualified Substitute Mortgage Loan
shall be equal to the Pool Strip Rate of the related Deleted
Mortgage Loan for purposes of calculating the Pass-Through Rate
on the Class IO Certificates; and
(ii) the excess of the Pool Strip Rate on such Qualified Substitute
Mortgage Loan as calculated pursuant to the definition of "Pool
Strip Rate" over the Pool Strip Rate on the related Deleted
Mortgage Loan shall be payable to the Class R Certificates
pursuant to Section 4.02 hereof.
Random Lot: With respect to any Distribution Date, the method by which
the Depository will determine which Insured Certificates will be paid, using its
established random lot procedures or, if the Insured Certificates are no longer
represented by a Book-Entry Certificate, using the Trustee's procedures.
Rating Agency: Standard & Poor's and Fitch with respect to the Senior
Certificates and Fitch with respect to the Class M-1, Class M-2, Class M-3,
Class B-1 and Class B-2 Certificates. If any agency or a successor is no longer
in existence, "Rating Agency" shall be such statistical credit rating agency, or
other comparable Person, designated by the Company, notice of which designation
shall be given to the Trustee and the Servicer.
Realized Loss: With respect to each Mortgage Loan (or REO Property):
(a) as to which a Cash Liquidation or REO Disposition has occurred,
an amount (not less than zero) equal to (i) the Stated Principal
Balance of the Mortgage Loan (or REO Property) as of the date of
Cash Liquidation or REO Disposition, plus (ii) interest (and REO
Imputed Interest, if any) at the Net Mortgage Rate from the Due
Date as to which interest was last paid or advanced to
Certificateholders up to the Due Date in the Due Period related
to the Distribution Date on which such Realized Loss will be
allocated pursuant to Section 4.05 on the Stated Principal
Balance of such Mortgage Loan (or REO Property) outstanding
during each Due Period that such interest was not paid or
advanced, minus (iii) the proceeds, if any, received during the
month in which such Cash Liquidation (or REO Disposition)
occurred, to the extent applied as recoveries of interest at the
Net Mortgage Rate and to principal of the Mortgage Loan, net of
the portion thereof reimbursable to the Servicer or any
Subservicer with respect to related Advances or expenses as to
which the Servicer or Subservicer is entitled to reimbursement
thereunder but which have not been previously reimbursed,
(b) which is the subject of a Servicing Modification, (i) the amount
by which the interest portion of a Monthly Payment or the
principal balance of such Mortgage Loan was reduced, and (ii) any
such amount with respect to a Monthly Payment that was or would
have been due in the month immediately following the month in
which a Principal Prepayment or the Purchase Price of such
Mortgage Loan is received or is deemed to have been received,
29
<PAGE>
(c) which has become the subject of a Deficient Valuation, the
difference between the principal balance of the Mortgage Loan
outstanding immediately prior to such Deficient Valuation and the
principal balance of the Mortgage Loan as reduced by the
Deficient Valuation, or
(d) which has become the object of a Debt Service Reduction, the
amount of such Debt Service Reduction.
Notwithstanding the above, neither a Deficient Valuation nor a Debt Service
Reduction shall be deemed a Realized Loss hereunder so long as the Servicer has
notified the Trustee in writing that the Servicer is diligently pursuing any
remedies that may exist in connection with the representations and warranties
made regarding the related Mortgage Loan and either (A) the related Mortgage
Loan is not in default with regard to payments due thereunder or (B) delinquent
payments of principal and interest under the related Mortgage Loan and any
premiums on any applicable primary hazard insurance policy and any related
escrow payments in respect of such Mortgage Loan are being advanced on a current
basis by the Servicer or a Subservicer, in either case without giving effect to
any Debt Service Reduction.
Record Date: With respect to each Distribution Date, the close of
business on the last Business Day of the month next preceding the month in which
the related Distribution Date occurs.
Regular Certificate: Any of the Certificates other than a Class R
Certificate.
Related Classes: As to any Uncertificated REMIC I Regular Interest,
those classes of Certificates identified as "Related Classes of Certificates" to
such Uncertificated REMIC I Regular Interest in the definition of Uncertificated
REMIC I Regular Interest.
Relief Act: The Soldiers' and Sailors' Civil Relief Act of 1940, as
amended, or similar legislation or regulations as in effect from time to time.
Relief Act Shortfalls: Shortfalls in interest payable by a Mortgagor that
is not collectible from the Mortgagor pursuant to the Relief Act.
REMIC: A "real estate mortgage investment conduit" within the meaning of
Section 860D of the Code.
REMIC Administrator: Norwest Bank Minnesota, National Association;
provided that if the REMIC Administrator is found by a court of competent
jurisdiction to no longer be able to fulfill its obligations as REMIC
Administrator under this Agreement the Servicer or Trustee acting as Servicer
shall appoint a successor REMIC Administrator, subject to assumption of the
REMIC Administrator obligations under this Agreement.
REMIC I: The segregated pool of assets in the Trust Fund with respect to
which a REMIC election is to be made.
REMIC I Certificates: The Class R-I Certificates.
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REMIC II: The segregated pool of assets consisting of the Uncertificated
REMIC I Regular Interests conveyed in trust to the Trustee for the benefit of
the holders of each Class of Certificates (other than the Class R-I
Certificates) pursuant to Section 2.06, with respect to which a separate REMIC
election is to be made.
REMIC II Certificates: Any Class of Certificates (other than the Class R-I
Certificates).
REMIC Provisions: Provisions of the federal income tax law relating to
real estate mortgage investment conduits, which appear at Sections 860A through
860G of Subchapter M of Chapter 1 of the Code, and related provisions, and
temporary and final regulations (or, to the extent not inconsistent with such
temporary or final regulations, proposed regulations) and published rulings,
notices and announcements promulgated thereunder, as the foregoing may be in
effect from time to time.
REO Acquisition: The acquisition by the Servicer on behalf of the
Trustee for the benefit of the Certificateholders of any REO Property pursuant
to Section 3.14.
REO Disposition: As to any REO Property, a determination by the Servicer
that it has received all Insurance Proceeds, Liquidation Proceeds, REO Proceeds
and other payments and recoveries (including proceeds of a final sale) which the
Servicer expects to be finally recoverable from the sale or other disposition of
the REO Property.
REO Imputed Interest: As to any REO Property, for any period, an amount
equivalent to interest (at the Net Mortgage Rate that would have been applicable
to the related Mortgage Loan had it been outstanding) on the unpaid principal
balance of the Mortgage Loan as of the date of acquisition thereof for such
period.
REO Proceeds: Proceeds, net of expenses, received in respect of any REO
Property (including, without limitation, proceeds from the rental of the related
Mortgaged Property or, with respect to a Cooperative Loan, the related
Cooperative Apartment) which proceeds are required to be deposited into the
Custodial Account only upon the related REO Disposition.
REO Property: A Mortgaged Property acquired by the Servicer through
foreclosure or deed in lieu of foreclosure in connection with a defaulted
Mortgage Loan.
Request for Release: A request for release, the forms of which are
attached as Exhibit F hereto, or an electronic request in a form acceptable to
the Custodian.
Required Insurance Policy: With respect to any Mortgage Loan, any
insurance policy which is required to be maintained from time to time under this
Agreement or the related Subservicing Agreement in respect of such Mortgage
Loan.
Responsible Officer: When used with respect to the Trustee, any officer
of the Corporate Trust Department of the Trustee, including any Senior Vice
President, any Vice President, any Assistant Vice President, any Assistant
Secretary, any Trust Officer or Assistant Trust Officer, or any other officer of
the Trustee customarily performing functions similar to those performed by any
of the above designated officers to whom, with respect to a particular matter,
such matter is referred.
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Rounding Account: With respect to the Insured Certificates, the account
created and maintained pursuant to Section 4.09.
Rounding Amount: With respect to the Rounding Account, the amount of
funds, if any, needed to be withdrawn and used to round the amount of any
distributions in reduction of the Certificate Principal Balance of the Insured
Certificates upward to the next higher integral multiple of $1,000.
Schedule of Discount Fractions: The schedule setting forth the Discount
Fractions with respect to the Discount Mortgage Loans, attached hereto as
Exhibit L.
Security Agreement: With respect to a Cooperative Loan, the agreement
creating a security interest in favor of the originator in the related
Cooperative Stock.
Seller: As to any Mortgage Loan, GMAC Mortgage Corporation.
Senior Accelerated Distribution Percentage: With respect to any
Distribution Date occurring on or prior to the 60th Distribution Date, 100%.
With respect to any Distribution Date thereafter, as follows:
(i) for any Distribution Date after the 60th Distribution Date but on or
prior to the 72nd Distribution Date, the related Senior Percentage for
such Distribution Date plus 70% of the related Subordinate Percentage
for such Distribution Date;
(ii) for any Distribution Date after the 72nd Distribution Date but on or
prior to the 84th Distribution Date, the related Senior Percentage for
such Distribution Date plus 60% of the related Subordinate Percentage
for such Distribution Date;
(iii) for any Distribution Date after the 84th Distribution Date but on or
prior to the 96th Distribution Date, the related Senior Percentage for
such Distribution Date plus 40% of the related Subordinate Percentage
for such Distribution Date;
(iv) for any Distribution Date after the 96th Distribution Date but on or
prior to the 108th Distribution Date, the related Senior Percentage for
such Distribution Date plus 20% of the related Subordinate Percentage
for such Distribution Date; and
(v) for any Distribution Date thereafter, the Senior Percentage for such
Distribution Date;
provided, however,
(i) that any scheduled reduction to the Senior Accelerated Distribution
Percentage described above shall not occur as of any Distribution Date unless
either
(a)(1)(X) the outstanding principal balance of the Mortgage Loans
delinquent 60 days or more averaged over the last six months, as a
percentage of the aggregate outstanding Certificate Principal Balance of
the Subordinate Certificates, is less than 50% or (Y) the outstanding
principal balance of Mortgage Loans delinquent 60 days or more averaged
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over the last six months, as a percentage of the aggregate outstanding
principal balance of all Mortgage Loans averaged over the last six
months, does not exceed 2% and (2) Realized Losses on the Mortgage Loans
to date for such Distribution Date if occurring during the sixth,
seventh, eighth, ninth or tenth year (or any year thereafter) after the
Closing Date are less than 30%, 35%, 40%, 45% or 50%, respectively, of
the sum of the Initial Certificate Principal Balances of the Subordinate
Certificates or
(b)(1) the outstanding principal balance of Mortgage Loans
delinquent 60 days or more averaged over the last six months, as a
percentage of the aggregate outstanding principal balance of all
Mortgage Loans averaged over the last six months, does not exceed 4% and
(2) Realized Losses on the Mortgage Loans to date for such Distribution
Date, if occurring during the sixth, seventh, eighth, ninth or tenth
year (or any year thereafter) after the Closing Date are less than 10%,
15%, 20%, 25% or 30%, respectively, of the sum of the Initial
Certificate Principal Balances of the Subordinate Certificates, and
(ii) that for any Distribution Date on which the Senior Percentage is
greater than the Senior Percentage as of the Closing Date, the Senior
Accelerated Distribution Percentage for such Distribution Date shall be 100%.
Notwithstanding the foregoing, upon the reduction of the Certificate Principal
Balances of the related Senior Certificates (other than the Class PO
Certificates, if any) to zero, the related Senior Accelerated Distribution
Percentage shall thereafter be 0%.
Senior Certificate: Any one of the Class A or Class R Certificates,
executed by the Trustee and authenticated by the Certificate Registrar
substantially in the form annexed hereto as Exhibit A and Exhibit D
respectively.
Senior Percentage: As of any Distribution Date, the lesser of 100% and a
fraction, expressed as a percentage, the numerator of which is the aggregate
Certificate Principal Balance of the Senior Certificates (other than the Class
PO Certificates) immediately prior to such Distribution Date and the denominator
of which is the aggregate Stated Principal Balance of all of the Mortgage Loans
(or related REO Properties) (other than the related Discount Fraction of each
Discount Mortgage Loan) immediately prior to such Distribution Date.
Senior Principal Distribution Amount: As to any Distribution Date, the
lesser of (a) the balance of the Available Distribution Amount remaining after
the distribution of all amounts required to be distributed pursuant to Section
4.02(a)(i), Section 4.02(a)(ii)(X), Section 4.02(b)(ii), and the amount of the
Insurance Premium; or, after the Credit Support Depletion Date, the amount
required to be distributed to the Class PO Certificateholders pursuant to
Section 4.02(d), Section 4.02(b)(ii), and the amount of the Insurance Premium;
and (b) the sum of the amounts required to be distributed to the Senior
Certificateholders on such Distribution Date pursuant to Section 4.02(a)(ii)(Y),
(xvii) and (xix).
Series: All of the Certificates issued pursuant to a Pooling and Servicing
Agreement and bearing the same series designation.
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Servicing Accounts: The account or accounts created and maintained pursuant
to Section 3.08.
Servicing Advances: All customary, reasonable and necessary "out of
pocket" costs and expenses incurred in connection with a default, delinquency or
other unanticipated event by the Servicer in the performance of its servicing
obligations, including, but not limited to, the cost of (i) the preservation,
restoration and protection of a Mortgaged Property or, with respect to a
Cooperative Loan, the related Cooperative Apartment, (ii) any enforcement or
judicial proceedings, including foreclosures, including any expenses incurred in
relation to any such proceedings that result from the Mortgage Loan being
registered on the MERS System, (iii) the management and liquidation of any REO
Property and (iv) compliance with the obligations under Sections 3.01, 3.08,
3.12(a) and 3.14, including, if the Servicer or any Affiliate of the Servicer
provides services such as appraisals and brokerage services that are customarily
provided by Persons other than servicers of mortgage loans, reasonable
compensation for such services.
Servicing Fee: With respect to any Mortgage Loan and Distribution Date,
the fee payable monthly to the Servicer in respect of servicing compensation
that accrues at the Servicing Fee Rate.
Servicing Fee Rate: 0.265% per annum.
Servicing Modification: Any reduction of the interest rate on or the
outstanding principal balance of a Mortgage Loan that is in default, or for
which, in the judgment of the Servicer, default is reasonably foreseeable,
pursuant to a modification of such Mortgage Loan in accordance with Section
3.07(a).
Servicing Officer: Any officer of the Servicer involved in, or
responsible for, the administration and servicing of the Mortgage Loans whose
name and specimen signature appear on a list of servicing officers furnished to
the Trustee by the Servicer, as such list may from time to time be amended.
Special Hazard Amount: As of any Distribution Date, an amount equal to
$2,168,544 minus the sum of (i) the aggregate amount of Special Hazard Losses
allocated solely to one or more specific Classes of Certificates in accordance
with Section 4.05 and (ii) the Adjustment Amount (as defined below) as most
recently calculated. For each anniversary of the Cut-off Date, the Adjustment
Amount shall be equal to the amount, if any, by which the amount calculated in
accordance with the preceding sentence (without giving effect to the deduction
of the Adjustment Amount for such anniversary) exceeds the greater of (A) the
greatest of (i) twice the outstanding principal balance of the Mortgage Loan in
the Trust Fund which has the largest outstanding principal balance on the
Distribution Date immediately preceding such anniversary, (ii) the product of
1.00% multiplied by the outstanding principal balance of all Mortgage Loans on
the Distribution Date immediately preceding such anniversary and (iii) the
aggregate outstanding principal balance (as of the immediately preceding
Distribution Date) of the Mortgage Loans in any single five-digit California zip
code area with the largest amount of Mortgage Loans by aggregate principal
balance as of such anniversary and (B) the greater of (i) the product of 0.50%
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multiplied by the outstanding principal balance of all Mortgage Loans on the
Distribution Date immediately preceding such anniversary multiplied by a
fraction, the numerator of which is equal to the aggregate outstanding principal
balance (as of the immediately preceding Distribution Date) of all of the
Mortgage Loans secured by Mortgaged Properties located in the State of
California divided by the aggregate outstanding principal balance (as of the
immediately preceding Distribution Date) of all of the Mortgage Loans, expressed
as a percentage, and the denominator of which is equal to 48.73% (which
percentage is equal to the percentage of Mortgage Loans initially secured by
Mortgaged Properties located in the State of California) and (ii) the aggregate
outstanding principal balance (as of the immediately preceding Distribution
Date) of the largest Mortgage Loan secured by a Mortgaged Property located in
the State of California.
The Special Hazard Amount may be further reduced by the Servicer
(including accelerating the manner in which coverage is reduced) provided that
prior to any such reduction, the Servicer shall (i) obtain written confirmation
from each Rating Agency that such reduction shall not reduce the rating assigned
to any Class of Certificates by such Rating Agency (without giving effect to the
FSA Policy in the case of the Class A-3 Certificates) below the lower of the
then-current rating or the rating assigned to such Certificates as of the
Closing Date by such Rating Agency and (ii) provide a copy of such written
confirmation to the Trustee and to Financial Security.
Special Hazard Loss: Any Realized Loss not in excess of the cost of the
lesser of repair or replacement of a Mortgaged Property (or, with respect to a
Cooperative Loan, the related Cooperative Apartment) suffered by such Mortgaged
Property (or Cooperative Apartment) on account of direct physical loss,
exclusive of (i) any loss of a type covered by a hazard policy or a flood
insurance policy required to be maintained in respect of such Mortgaged Property
pursuant to Section 3.12(a), except to the extent of the portion of such loss
not covered as a result of any coinsurance provision and (ii) any Extraordinary
Loss.
Standard & Poor's: Standard & Poor's, a division of The McGraw-Hill
Companies, Inc., or its successor in interest.
Stated Principal Balance: With respect to any Mortgage Loan or related
REO Property, at any given time, (i) the Cut-off Date Principal Balance of the
Mortgage Loan, minus (ii) the sum of (a) the principal portion of the Monthly
Payments due with respect to such Mortgage Loan or REO Property during each Due
Period ending prior to the most recent Distribution Date which were received or
with respect to which an Advance was made, and (b) all Principal Prepayments
with respect to such Mortgage Loan or REO Property, and all Insurance Proceeds,
Liquidation Proceeds and REO Proceeds, to the extent applied by the Servicer as
recoveries of principal in accordance with Section 3.14 with respect to such
Mortgage Loan or REO Property, in each case which were distributed pursuant to
Section 4.02 on any previous Distribution Date, and (c) any Realized Loss
allocated to Certificateholders with respect thereto for any previous
Distribution Date.
Subordinate Certificate: Any one of the Class M Certificates or Class B
Certificates, executed by the Trustee and authenticated by the Certificate
Registrar substantially in the form annexed hereto as Exhibit B and Exhibit C,
respectively.
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Subordinate Class Percentage: With respect to any Distribution Date and
any Class of Subordinate Certificates, a fraction, expressed as a percentage,
the numerator of which is the aggregate Certificate Principal Balance of such
Class of Subordinate Certificates immediately prior to such date and the
denominator of which is the aggregate Stated Principal Balance of all of the
Mortgage Loans (or related REO Properties) (other than the related Discount
Fraction of each Discount Mortgage Loan) immediately prior to such Distribution
Date.
Subordinate Percentage: As of any Distribution Date, 100% minus the related
Senior Percentage as of such Distribution Date.
Subordinate Principal Distribution Amount: With respect to any
Distribution Date and each Class of Subordinate Certificates, (a) the sum of (i)
the product of (x) the related Subordinate Class Percentage for such Class and
(y) the aggregate of the amounts calculated for such Distribution Date under
clauses (1), (2) and (3) of Section 4.02(a)(ii)(Y)(A) to the extent not payable
to the Senior Certificates; (ii) such Class's pro rata share, based on the
Certificate Principal Balance of each Class of Subordinate Certificates then
outstanding, of the principal collections described in Section
4.02(a)(ii)(Y)(B)(b) to the extent such collections are not otherwise
distributed to the Senior Certificates; (iii) the product of (x) the related
Prepayment Distribution Percentage and (y) the aggregate of all Principal
Prepayments in Full received in the related Prepayment Period and Curtailments
received in the preceding calendar month (other than the related Discount
Fraction of such Principal Prepayments in Full and Curtailments with respect to
a Discount Mortgage Loan) to the extent not payable to the Senior Certificates;
(iv) if such Class is the Class of Subordinate Certificates with the Highest
Priority, any Excess Subordinate Principal Amount for such Distribution Date;
and (v) any amounts described in clauses (i), (ii) and (iii) as determined for
any previous Distribution Date, that remain undistributed to the extent that
such amounts are not attributable to Realized Losses which have been allocated
to a Class of Subordinate Certificates minus (b) with respect to the Class of
Subordinate Certificates with the Lowest Priority, any Excess Subordinate
Principal Amount for such Distribution Date; provided, however, that the
Subordinate Principal Distribution Amount for any Class of Subordinate
Certificates on any Distribution Date shall in no event exceed the outstanding
Certificate Principal Balance of such Class of Certificates immediately prior to
such date.
Subserviced Mortgage Loan: Any Mortgage Loan that, at the time of reference
thereto, is subject to a Subservicing Agreement.
Subservicer: Any Person with whom the Servicer has entered into a
Subservicing Agreement.
Subservicer Advance: Any delinquent installment of principal and interest
on a Mortgage Loan which is advanced by the related Subservicer (net of its
Subservicing Fee) pursuant to the Subservicing Agreement.
Subservicing Account: An account established by a Subservicer in accordance
with Section 3.08.
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Subservicing Agreement: The written contract between the Servicer and any
Subservicer relating to servicing and administration of certain Mortgage Loans
as provided in Section 3.02.
Subservicing Fee: As to any Mortgage Loan, the fee payable monthly to the
related Subservicer, if any.
Tax Returns: The federal income tax return on Internal Revenue Service
Form 1066, U.S. Real Estate Mortgage Investment Conduit Income Tax Return,
including Schedule Q thereto, Quarterly Notice to Residual Interest Holders of
REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed
on behalf of each REMIC due to their classification as a REMIC under the REMIC
Provisions, together with any and all other information, reports or returns that
may be required to be furnished to the Certificateholders or filed with the
Internal Revenue Service or any other governmental taxing authority under any
applicable provisions of federal, state or local tax laws.
Transfer: Any direct or indirect transfer, sale, pledge, hypothecation or
other form of assignment of any Ownership Interest in a Certificate.
Transferee: Any Person who is acquiring by Transfer any Ownership Interest
in a Certificate.
Transferor: Any Person who is disposing by Transfer of any Ownership
Interest in a Certificate.
Trust Fund: The segregated pool of assets, with respect to which a REMIC is
made pursuant to this Agreement, consisting of:
(i) the Mortgage Loans and the related Mortgage Files and collateral securing
such Mortgage Loans,
(ii) all payments on and collections in respect of the Mortgage Loans due
after the Cut-off Date as shall be on deposit in the Custodial Account
or in the Payment Account and identified as belonging to the Trust Fund,
(iii) property that secured a Mortgage Loan and that has been acquired for the
benefit of the Certificateholders by foreclosure or deed in lieu of
foreclosure,
(iv) the hazard insurance policies and Primary Insurance Policies, if any, and
(v) all proceeds of clauses (i) through (iv) above.
Uncertificated Accrued Interest: With respect to each Distribution Date,
(i) as to each Uncertificated REMIC I Regular Interest other than the
Uncertificated REMIC I Regular Interest Z, an amount equal to the aggregate
amount of Accrued Certificate Interest that would result under the terms of the
definition thereof on the Related Classes of Certificates if the Pass-Through
Rate on such Classes were equal to the Uncertificated Pass-Through Rate on such
Uncertificated REMIC I Regular Interest, (ii) as to each Uncertificated REMIC I
Regular Interest Z and each Uncertificated REMIC II Regular Interest, an amount
equal to one month's interest at the Pool Strip Rate of the related Mortgage
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Loan on the principal balance of such Mortgage Loan reduced by such Interest's
pro-rata share of any prepayment interest shortfalls or other reductions of
interest allocable to the Class IO Certificates.
Uncertificated Pass-Through Rate: With respect to each of the
Uncertificated REMIC Regular Interests the per annum rate specified in the
definition of Uncertificated REMIC Regular Interest. With respect to each
Uncertificated REMIC I Regular Interest Z and each Uncertificated REMIC II
Regular Interest, the Pool Strip Rate for the related Mortgage Loan.
Uncertificated Principal Balance: With respect to each Uncertificated REMIC
I Regular Interest, as defined in the definition of Uncertificated REMIC Regular
Interest.
Uncertificated REMIC Regular Interests: The Uncertificated REMIC I
Regular Interest Z together with the interests identified in the table below,
each representing an undivided beneficial ownership interest in REMIC I, and
having the following characteristics:
1. The principal balance from time to time of each REMIC I Regular Interest
identified in the table below shall be the amount identified as the Initial
Principal Balance thereof in such table, minus (ii) the sum of (x) the
aggregate of all amounts previously deemed distributed with respect to such
interest and applied to reduce the Uncertificated Principal Balance thereof
pursuant to Section 4.02(a)(ii) and (y) the aggregate of all reductions in
Certificate Principal Balance deemed to have occurred in connection with
Realized Losses that were previously deemed allocated to the Uncertificated
Principal Balance of such Uncertificated REMIC I Regular Interest pursuant
to Section 4.02(d), which equals the aggregate principal balance of the
Classes of Certificates identified as related to such Regular Interest in
such table.
2. The Uncertified Pass-Through Rate for each REMIC I Regular Interest
identified in the table below shall be the per annum rate set forth in the
Pass-Through Rate column of such table.
3. The Uncertificated REMIC I Distribution Amount for each REMIC I Regular
Interest identified in the table below shall be, for any Distribution Date,
the amount deemed distributed with respect to such Uncertificated REMIC I
Regular Interest on such Distribution Date pursuant to the provisions of
Section 4.02(a).
<TABLE>
<CAPTION>
----------------------- --------------------------------- ------------------- -------------------
Uncertificated REMIC Related Classes of Certificates Pass-Through Rate Initial Principal
I Regular Interest Balance
----------------------- --------------------------------- ------------------- -------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
V A-1, A-2, A-5, A-6, A-7, A-8, 7.75% $142,435,697.16
M-1, M-2, M-3, B-1, B-2, B-3
----------------------- --------------------------------- ------------------- -------------------
W A-3 and A-4 7.75% $15,300,000
----------------------- --------------------------------- ------------------- -------------------
X PO 0.00% $1,639,884.62
----------------------- --------------------------------- ------------------- -------------------
Y R-II 7.75% $100
----------------------- --------------------------------- ------------------- -------------------
</TABLE>
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Uncertificated REMIC I Regular Interest Z: The 329 uncertificated
partial undivided beneficial ownership interests in the Trust Fund, numbered
sequentially from 1 to 329, each relating to the particular Non-Discount
Mortgage Loan, numbered in sequential order in the order in which such Mortgage
Loans appear on the Mortgage Loan Schedule, each having no principal balance,
and each bearing interest at the respective Pool Strip Rate on the Stated
Principal Balance of the related Mortgage Loan.
Uncertificated REMIC I Regular Interest Z Distribution Amount: With
respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC I Regular Interest Z for such
Distribution Date pursuant to Section 4.02(a).
Uncertificated REMIC I Regular Interest Distribution Amounts: With
respect to each Uncertificated REMIC I Regular Interest, other than the
Uncertificated REMIC I Regular Interest Z, the amount specified as the
Uncertificated REMIC I Regular Interest Distribution Amount with respect thereto
in the definition of Uncertificated REMIC I Regular Interest. With respect to
the Uncertificated REMIC I Regular Interest Z, the Uncertificated REMIC I
Regular Interest Z Distribution Amount.
Uncertificated REMIC II Regular Interests: The 329 Uncertificated
partial undivided beneficial ownership interests in REMIC II numbered
sequentially from 1 through 329 each relating to the identically numbered
Uncertificated REMIC I Regular Interest Z, each having no principal balance and
bearing interest at a rate equal to the related Pool Strip Rate on the Stated
Principal Balance of the Mortgage Loan related to the identically numbered
Uncertificated REMIC I Regular Interest Z, comprising such Uncertificated REMIC
II Regular Interest's pro rata share of the amount distributed pursuant to
Sections 4.02(a) and (b).
Uncertificated REMIC II Regular Interests Distribution Amount: With
respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC I Regular Interest Z for such
Distribution Date pursuant to Section 4.02(a).
Underwriter: has the meaning given in Section 4.08 of this Agreement.
Uniform Single Attestation Program for Mortgage Bankers: The Uniform
Single Attestation Program for Mortgage Bankers, as published by the Mortgage
Bankers Association of America and effective with respect to fiscal periods
ending on or after December 15, 1995.
Uninsured Cause: Any cause of damage to property subject to a Mortgage
such that the complete restoration of such property is not fully reimbursable by
the hazard insurance policies.
United States Person: A citizen or resident of the United States, a
corporation, partnership or other entity created or organized in, or under the
laws of, the United States, any state thereof, or the District of Columbia
(except in the case of a partnership, to the extent provided in Treasury
regulations) or any political subdivision thereof, or an estate that is
described in Section 7701(a)(30)(D) of the Code, or a trust that is described in
Section 7701(a)(30)(E) of the Code.
Voting Rights: The portion of the voting rights of all of the Certificates
which is allocated to any Certificate, as designated in Section 12.09.
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Section 1.02. Use of Words and Phrases.
"Herein," "hereby," "hereunder," `hereof," "hereinbefore," "hereinafter"
and other equivalent words refer to the Pooling and Servicing Agreement as a
whole. All references herein to Articles, Sections or Subsections shall mean the
corresponding Articles, Sections and Subsections in the Pooling and Servicing
Agreement. The definition set forth herein include both the singular and the
plural.
Article II
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01. Conveyance of Mortgage Loans.
(a) The Company, concurrently with the execution and delivery hereof, does
hereby assign to the Trustee for the benefit of the Certificateholders without
recourse all the right, title and interest of the Company in and to the Mortgage
Loans, including all interest and principal received on or with respect to the
Mortgage Loans after the Cut-off Date (other than payments of principal and
interest due on the Mortgage Loans on or before the Cut-off Date). In connection
with such transfer and assignment, the Company does hereby deliver the FSA
Policy to the Trustee for the benefit of the Holders of the Class A-3
Certificates.
(b) In connection with such assignment, except as set forth in Section 2.01(c)
and subject to Section 2.01(d) below, the Company does hereby deliver to, and
deposit with, the Trustee, or to and with one or more Custodians, as the duly
appointed agent or agents of the Trustee for such purpose, the following
documents or instruments (or copies thereof as permitted by this Section) (I)
with respect to each Mortgage Loan so assigned (other than a Cooperative Loan):
(i) The original Mortgage Note, endorsed without recourse in blank, or in the
name of the Trustee as trustee, and signed by an authorized officer (which
endorsement shall contain either an original signature or a facsimile
signature of an authorized officer of the Seller, and if in the form of an
allonge, the allonge shall be stapled to the Mortgage Note), with all
intervening endorsements showing a complete chain of title from the
originator to the Seller. If the Mortgage Loan was acquired by the endorser
in a merger, the endorsement must be by "____________, successor by merger
to [name of predecessor]". If the Mortgage Loan was acquired or originated
by the endorser while doing business under another name, the endorsement
must be by "____________ formerly known as [previous name]";
(ii) The original Mortgage, noting the presence of the MIN of the Mortgage
Loan, if the Mortgage is registered on the MERS(R) System, and language
indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is
a MOM Loan, with evidence of recording indicated thereon or a copy of
the Mortgage certified by the public recording office in which such
Mortgage has been recorded;
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(iii)The original of any guarantee executed in connection with the Mortgage
Note, if applicable;
(iv) Any rider or the original of any modification agreement executed in
connection with the related Mortgage Note or Mortgage, with evidence of
recording if required by applicable law;
(v) Unless the Mortgage Loan is registered on the MERS(R)System, an original
Assignment or Assignments of the Mortgage (which may be included in a
blanket assignment or assignments) from the Seller to "Norwest Bank
Minnesota, National Association, as Trustee under that certain Pooling and
Servicing Agreement dated as of June 27, 2000, for GMACM Mortgage
Pass-Through Certificates, Series 2000-J2" c/o the Servicer at an address
specified by the Servicer, and signed by an authorized officer, which
assignment shall be in form and substance acceptable for recording. If the
Mortgage Loan was acquired by the assignor in a merger, the assignment must
be by " , successor by merger to [name of predecessor]". If the Mortgage
Loan was acquired or originated by the assignor while doing business under
another name, the assignment must be by " formerly known as [previous
name]";
(vi) Originals of all intervening assignments of mortgage, which together
with the Mortgage shows a complete chain of title from the originator to
the Seller (or to MERS, if the Mortgage Loan is registered on the
MERS(R) System, and which notes the presence of a MIN), with evidence of
recording thereon;
(vii)The original mortgagee policy of title insurance, including riders and
endorsements thereto, or if the policy has not yet been issued, (i) a
written commitment or interim binder for title issued by the title
insurance or escrow company dated as of the date the Mortgage Loan was
funded, with a statement by the title insurance company or closing attorney
that the priority of the lien of the related Mortgage during the period
between the date of the funding of the related Mortgage Loan and the date
of the related title policy (which title policy shall be dated the date of
recording of the related Mortgage) is insured, (ii) a preliminary title
report issued by a title insurer in anticipation of issuing a title
insurance policy which evidences existing liens and gives a preliminary
opinion as to the absence of any encumbrance on title to the Mortgaged
Property, except liens to be removed on or before purchase by the Mortgagor
or which constitute customary exceptions acceptable to lenders generally or
(iii) other evidence of title insurance acceptable to Fannie Mae or Freddie
Mac, in accordance with the Fannie Mae Seller/Servicer Guide or Freddie Mac
Seller/Servicer Guide, respectively;
(viii) A certified true copy of any power of attorney, if applicable; and
(ix) Originals of any security agreement, chattel mortgage or the equivalent
executed in connection with the Mortgage, if any.
and (II) with respect to each Cooperative Loan so assigned:
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(i) The original Mortgage Note, endorsed without recourse to the order of
the Trustee and showing an unbroken chain of endorsements from the
originator thereof to the Seller;
(ii) A counterpart of the Cooperative Lease and the Assignment of Proprietary
Lease to the originator of the Cooperative Loan with intervening
assignments showing an unbroken chain of title from such originator to
the Trustee;
(iii) The related Cooperative Stock Certificate, representing the related
Cooperative Stock pledged with respect to such Cooperative Loan,
together with an undated stock power (or other similar instrument)
executed in blank;
(iv) The original recognition agreement by the Cooperative of the interests of
the mortgagee with respect to the related Cooperative Loan;
(v) The Security Agreement;
(vi) Copies of the original UCC-1 financing statement, and any continuation
statements, filed by the originator of such Cooperative Loan as secured
party, each with evidence of recording thereof, evidencing the interest
of the originator under the Security Agreement and the Assignment of
Proprietary Lease;
(vii) Copies of the filed UCC-3 assignments of the security interest
referenced in clause (vi) above showing an unbroken chain of title from
the originator to the Trustee, each with evidence of recording thereof,
evidencing the interest of the originator under the Security Agreement
and the Assignment of Proprietary Lease;
(viii) An executed assignment of the interest of the originator in the Security
Agreement, Assignment of Proprietary Lease and the recognition agreement
referenced in clause (iv) above, showing an unbroken chain of title from
the originator to the Trustee;
(ix) The original of each modification, assumption agreement or preferred
loan agreement, if any, relating to such Cooperative Loan; and
(x) An executed UCC-1 financing statement showing the Seller as debtor, the
Company as secured party and the Trustee as assignee and an executed
UCC-1 financing statement showing the Company as debtor and the Trustee
as secured party, each in a form sufficient for filing, evidencing the
interest of such debtors in the Cooperative Loans.
(c) In the event that in connection with any Mortgage Loan the Company cannot
deliver (a) the original recorded Mortgage (or evidence of submission to the
recording office), (b) all interim recorded assignments, (c) the original
recorded modification agreement, if required, or (d) the original lender's title
insurance policy (together with all riders thereto) satisfying the requirements
of clause (b)(I)(ii), (iv), (vi) or (vii) above, respectively, concurrently with
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the execution and delivery hereof because such document or documents have not
been returned from the applicable public recording office in the case of clause
(b)(I)(ii), (iv) or (vi) above, or because the title policy has not been
delivered to the Seller by the title insurer in the case of clause (b)(I)(vii)
above, the Company shall request the Seller to use its best efforts to deliver
to the Custodian, if any, or the Trustee, in the case of clause (b)(I)(ii), (iv)
or (vi) above, such original Mortgage, such interim assignment, or such
modification agreement, with evidence of recording indicated thereon upon
receipt thereof from the public recording office, or a copy thereof, certified,
if appropriate, by the relevant recording office, but in no event shall any such
delivery of the original Mortgage and each such interim assignment or
modification agreement or a copy thereof, certified, if appropriate, by the
relevant recording office, or the original lender's title policy be made later
than one (1) year following the Closing Date; provided, however, in the event
the Company is unable to deliver by such dates each Mortgage and each such
interim assignment or modification agreement by reason of the fact that any such
documents have not been returned by the appropriate recording office, or, in the
case of each such interim assignment or modification agreement, because the
related Mortgage has not been returned by the appropriate recording office, the
Company shall request the Seller to deliver such documents to the Custodian, if
any, or the Trustee as promptly as possible upon receipt thereof and, in any
event, within 540 days following the Closing Date. In lieu of the Mortgage Notes
relating to the Mortgage Loans, each as identified in the list delivered by the
Seller to the Trustee or Custodian on the Closing Date, the Seller may deliver a
lost note affidavit from the Seller stating that the original Mortgage Note was
lost, misplaced or destroyed, and, if available, a copy of each original
Mortgage Note; provided, however, that in the case of Mortgage Loans which have
been prepaid in full after the Cut-off Date and prior to the Closing Date, the
Seller, in lieu of delivering the above documents, may deliver to the Custodian,
if any, or the Trustee a certification to such effect and shall deposit all
amounts paid in respect of such Mortgage Loan in the Payment Account on the
Closing Date.
In connection with any Mortgage Loan, if the Company cannot deliver the
Mortgage, any assignment, modification, assumption agreement or preferred loan
agreement (or copy thereof certified by the public recording office) with
evidence of recording thereon concurrently with the execution and delivery of
this Agreement because of (i) a delay caused by the public recording office
where such Mortgage, assignment, modification, assumption agreement or preferred
loan agreement as the case may be, has been delivered for recordation, or (ii) a
delay in the receipt of certain information necessary to prepare the related
assignments, the Company shall deliver or cause to be delivered to the
Custodian, if any, or the Trustee a true and correct photocopy of such Mortgage,
assignment, modification, assumption agreement or preferred loan agreement.
(d) The Servicer shall forward or cause to be forwarded to the Custodian, if
any, or the Trustee (a) from time to time additional original documents
evidencing an assumption or modification of a Mortgage Loan and (b) any other
documents required to be delivered by the Seller.
All original documents relating to the Mortgage Loans which are not
delivered to the Custodian, if any, or the Trustee are and shall be held by the
Servicer in trust as agent for the Trustee on behalf of the Certificateholders.
Except as may otherwise expressly be provided herein, none of the
Seller, the Servicer or the Trustee shall assign, sell, dispose of or transfer
any interest in the Trust Fund or any portion thereof, or permit the Trust Fund
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or any portion thereof to be subject to any lien, claim, mortgage, security
interest, pledge or other encumbrance of, any other Person.
The Seller shall cause to be filed the Form UCC-3 assignment and UCC-1
financing statement referred to in clause (II)(vii) and (x), respectively, of
Section 2.01(b). If any Form UCC-3 or Form UCC-1, as applicable, is lost or
returned unfiled to the Servicer because of any defect therein, the Servicer
shall prepare a substitute Form UCC-3 or Form UCC-1, as applicable, or cure such
defect, and cause such Form UCC-3 or Form UCC-1, as applicable, to be filed in
accordance with this paragraph. The Servicer shall promptly deliver or cause to
be delivered to the Trustee or the respective Custodian such Form UCC-3 or Form
UCC-1, as applicable, (or copy thereof certified by the public filing office)
with evidence of filing indicated thereon upon receipt thereof from the public
filing office, but in no event shall such Form UCC-3, Form UCC-1 or a Form UCC-1
required to be delivered pursuant to clause (II)(vi) of Section 2.01(b) be
delivered to the Custodian, if any, or the Trustee, later than 540 days
following the Closing Date. In connection with its servicing of Cooperative
Loans, the Servicer will use its best efforts to file timely continuation
statements with regard to each financing statement and assignment relating to
Cooperative Loans as to which the related Cooperative Apartment is located
outside of the State of New York.
In connection with the assignment of any Mortgage Loan registered on the
MERS(R) System, the Servicer further agrees that it will cause, at the
Servicer's own expense, on or prior to the Closing Date, the MERS(R) System to
indicate that such Mortgage Loans have been assigned by the Servicer to the
Trustee in accordance with this Agreement for the benefit of the
Certificateholders by including (or deleting, in the case of Mortgage Loans
which are repurchased in accordance with this Agreement) in such computer files
(a) the code "[IDENTIFY TRUSTEE SPECIFIC CODE]" in the field "[IDENTIFY THE
FIELD NAME FOR TRUSTEE]" which identifies the Trustee and (b) the code
"[IDENTIFY SERIES SPECIFIC CODE NUMBER]" in the field "Pool Field" which
identifies the series of the Certificates issued in connection with such
Mortgage Loans. The Servicer agrees that it will not alter the codes referenced
in this paragraph with respect to any Mortgage Loan during the term of this
Agreement unless and until such Mortgage Loan is repurchased in accordance with
the terms of this Agreement.
(e) [Reserved].
(f) It is intended that the conveyance by the Company to the Trustee of the
Mortgage Loans as provided for in this Section 2.01 be construed as a sale by
the Company to the Trustee of the Mortgage Loans for the benefit of the
Certificateholders. Further, it is not intended that such conveyance be deemed
to be a pledge of the Mortgage Loans by the Company to the Trustee to secure a
debt or other obligation of the Company. However, if the Mortgage Loans are held
to be property of the Company or of GMAC Mortgage Corporation, or if for any
reason this Agreement is held or deemed to create a security interest in the
Mortgage Loans, then it is intended that (a) this Agreement shall be a security
agreement within the meaning of Articles 8 and 9 of the New York Uniform
Commercial Code and the Uniform Commercial Code of any other applicable
jurisdiction; (b) the conveyance provided for in Section 2.01 shall be deemed to
be, and hereby is, (1) a grant by the Company to the Trustee of a security
interest in all of the Company's right (including the power to convey title
thereto), title and interest, whether now owned or hereafter acquired, in and to
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any and all general intangibles, accounts, chattel paper, instruments,
documents, money, deposit accounts, certificates of deposit, goods, letters of
credit, advices of credit and investment property and other property of whatever
kind or description now existing or hereafter acquired consisting of, arising
from or relating to any of the following: (A) the Mortgage Loans, including (i)
with respect to each Cooperative Loan, the related Mortgage Note, Security
Agreement, Assignment of Proprietary Lease, Cooperative Stock Certificate and
Cooperative Lease, (ii) with respect to each Mortgage Loan other than a
Cooperative Loan, the related Mortgage Note and Mortgage, and (iii) any
insurance policies and all other documents in the related Mortgage File, (B) all
amounts payable pursuant to the Mortgage Loans in accordance with the terms
thereof and (C) all proceeds of the conversion, voluntary or involuntary, of the
foregoing into cash, instruments, securities or other property, including
without limitation all amounts from time to time held or invested in the Payment
Account or the Custodial Account, whether in the form of cash, instruments,
securities or other property and (2) an assignment by the Company to the Trustee
of any security interest in any and all of GMAC Mortgage Corporation's right
(including the power to convey title thereto), title and interest, whether now
owned or hereafter acquired, in and to the property described in the foregoing
clauses (1)(A), (B), (C) and (D) granted by GMAC Mortgage Corporation to the
Company pursuant to the Purchase Agreement; (c) the possession by the Trustee,
the Custodian or any other agent of the Trustee of Mortgage Notes or such other
items of property as constitute instruments, money, negotiable documents, goods,
letters of credit, advices of credit, investment property, certificated
securities or chattel paper shall be deemed to be "possession by the secured
party," or possession by a purchaser or a person designated by such secured
party, for purposes of perfecting the security interest pursuant to the
Minnesota Uniform Commercial Code and the Uniform Commercial Code of any other
applicable jurisdiction (including, without limitation, Sections 8-106, 9-305
and 9-115 thereof); and (d) notifications to persons holding such property, and
acknowledgments, receipts or confirmations from persons holding such property,
shall be deemed notifications to, or acknowledgments, receipts or confirmations
from, securities intermediaries, bailees or agents of, or persons holding for
(as applicable) the Trustee for the purpose of perfecting such security interest
under applicable law.
The Company and, at the Company's direction, GMAC Mortgage Corporation
and the Trustee shall, to the extent consistent with this Agreement, take such
reasonable actions as may be necessary to ensure that, if this Agreement were
determined to create a security interest in the Mortgage Loans and the other
property described above, such security interest would be determined to be a
perfected security interest of first priority under applicable law and will be
maintained as such throughout the term of this Agreement. Without limiting the
generality of the foregoing, the Company shall prepare and deliver to the
Trustee not less than 15 days prior to any filing date and, the Trustee shall
forward for filing, or shall cause to be forwarded for filing, at the expense of
the Company, all filings necessary to maintain the effectiveness of any original
filings necessary under the Uniform Commercial Code as in effect in any
jurisdiction to perfect the Trustee's security interest in or lien on the
Mortgage, as evidenced by an Officers' Certificate of the Company, including
without limitation (x) continuation statements, and (y) such other statements as
may be occasioned by (1) any change of name of GMAC Mortgage Corporation, the
Company or the Trustee (such preparation and filing shall be at the expense of
the Trustee, if occasioned by a change in the Trustee's name), (2) any change of
location of the place of business or the chief executive office of GMAC Mortgage
Corporation or the Company and (3) any transfer of any interest of GMAC Mortgage
Corporation or the Company in any Mortgage Loan. The Company shall file or cause
to be filed the original filing necessary under the Uniform Commercial Code to
perfect the Trustee's security interest in or lien on the Mortgages.
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Section 2.02. Acceptance by Trustee.
The Trustee acknowledges that the Custodian, acting on behalf of the
Trustee, has received (subject to any exceptions noted in the initial
certification described below), the documents referred to in Section 2.01 and
that the Trustee has received all other assets included in the definition of
"Trust Fund" and declares that it holds or will hold the assets included in the
definition of "Trust Fund" (to the extent delivered or assigned to the Trustee),
in trust for the exclusive use and benefit of all present and future
Certificateholders.
The Trustee agrees, for the benefit of the Certificateholders and
Financial Security, to cause the Custodian to review each Mortgage File on or
before the Closing Date to verify that such Mortgage File includes a Mortgage
Note and to execute and deliver, or cause to be executed and delivered, to the
Seller, the Trustee, the Servicer and Financial Security an initial
certification substantially in the form annexed hereto as Exhibit N. Pursuant to
the Custodial Agreement, in conducting such review, the Custodian is required to
ascertain whether all required documents have been executed and received, and
whether those documents relate, determined on the basis of the Mortgagor name,
original principal balance and loan number, to the Mortgage loans it has
received. Neither the Custodian nor the Trustee shall be under any duty or
obligation to inspect, review or examine said documents, instruments,
certificates or other papers to determine that the same are genuine, enforceable
or appropriate for the represented purpose or that they have actually been
recorded, or are in recordable form or that they are other than what they
purport to be on their face.
Within 180 days of the Closing Date the Trustee will cause the Custodian
to review, for the benefit of the Certificateholders, the Mortgage Files
delivered to it and will execute and deliver to the Seller, the Servicer and
Financial Security a final certification substantially in the form annexed
hereto as Exhibit O.
If, in the process of reviewing the Mortgage Files and preparing the
certifications referred to above, the Custodian finds any document or documents
constituting a part of a Mortgage File to be missing or defective in any
material respect, the Custodian is required pursuant to the Custodial Agreement,
to notify the Trustee, Financial Security, the Company and the Seller, and the
Trustee shall request that the Seller cure any such defect within 90 days from
the date on which the Seller was notified of such defect, and if the Seller does
not cure such defect in all material respects during such period, the Trustee
shall request on behalf of the Certificateholders that the Seller either (i)
substitute for such Mortgage Loan a Qualified Substitute Mortgage Loan, which
substitution shall be accomplished in the manner and subject to the conditions
set forth in Section 2.04, or (ii) purchase such Mortgage Loan from the Trust
Fund at the Purchase Price within 90 days after the date on which the Seller was
notified of such defect; provided that if such defect would cause the Mortgage
Loan to be other than a "qualified mortgage" as defined in Section 860G(a)(3) of
the Code, any such cure, substitution or repurchase must occur within 90 days
from the date such breach was discovered. It is understood and agreed that the
obligation of the Seller to cure a material defect in, or substitute for, or
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purchase any Mortgage Loan as to which a material defect in or omission of a
constituent document exists shall constitute the sole remedy respecting such
defect or omission available to Certificateholders or the Trustee on behalf of
Certificateholders. The Purchase Price for the purchased Mortgage Loan shall be
deposited or caused to be deposited upon receipt by the Trustee in the Payment
Account, or upon receipt by the Servicer in the Custodial Account. Upon receipt
by the Trustee of written notification of such deposit signed by a Servicing
Officer, the Trustee shall release or cause to be released to the Seller the
related Mortgage File and shall execute and deliver such instruments of transfer
or assignment, in each case without recourse, as the Seller shall require as
necessary to vest in the Seller ownership of any Mortgage Loan released pursuant
hereto and at such time the Trustee shall have no further responsibility with
respect to the related Mortgage File.
In furtherance of the foregoing, if the Subservicer or Seller that
repurchases the Mortgage Loan is not a member of MERS and the Mortgage is
registered on the MERS(R) System, the Servicer, at its own expense and without
any right of reimbursement, shall cause MERS to execute and deliver an
assignment of the Mortgage in recordable form to transfer the Mortgage from MERS
to such Subservicer or Seller and shall cause such Mortgage to be removed from
registration on the MERS(R) System in accordance with MERS' rules and
regulations.
Section 2.03. Representations, Warranties and Covenants
of the Servicer and the Company.
(a) The Servicer hereby represents and warrants to the Trustee for the
benefit of the Certificateholders that:
(i) The Servicer is a corporation duly organized, validly existing and in
good standing under the laws governing its creation and existence and is
or will be in compliance with the laws of each state in which any
Mortgaged Property is located to the extent necessary to ensure the
enforceability of each Mortgage Loan in accordance with the terms of
this Agreement;
(ii) The execution and delivery of this Agreement by the Servicer and its
performance and compliance with the terms of this Agreement will not
violate the Servicer's Certificate of Incorporation or Bylaws or
constitute a material default (or an event which, with notice or lapse
of time, or both, would constitute a material default) under, or result
in the material breach of, any material contract, agreement or other
instrument to which the Servicer is a party or which may be applicable
to the Servicer or any of its assets;
(iii) This Agreement, assuming due authorization, execution and delivery by
the Trustee and the Company, constitutes a valid, legal and binding
obligation of the Servicer, enforceable against it in accordance with
the terms hereof subject to applicable bankruptcy, insolvency,
reorganization, moratorium and other laws affecting the enforcement of
creditors' rights generally and to general principles of equity,
regardless of whether such enforcement is considered in a proceeding in
equity or at law;
(iv) The Servicer is not in default with respect to any order or decree of
any court or any order, regulation or demand of any federal, state,
municipal or governmental agency, which default might have consequences
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that would materially and adversely affect the condition (financial or
other) or operations of the Servicer or its properties or might have
consequences that would materially adversely affect its performance
hereunder;
(v) No litigation is pending or, to the best of the Servicer's knowledge,
threatened against the Servicer which would prohibit its entering into
this Agreement or performing its obligations under this Agreement;
(vi) The Servicer will comply in all material respects in the performance of
this Agreement with all reasonable rules and requirements of each
insurer under each Required Insurance Policy;
(vii) No information, certificate of an officer, statement furnished in
writing or report delivered to the Company, any Affiliate of the Company
or the Trustee by the Servicer will, to the knowledge of the Servicer,
contain any untrue statement of a material fact or omit a material fact
necessary to make the information, certificate, statement or report not
misleading; and
(viii) The Servicer is a member of MERS in good standing, and will comply in
all material respects with the rules and procedures of MERS in
connection with the servicing of the Mortgage Loans that are registered
with MERS.
It is understood and agreed that the representations and warranties set forth in
this Section 2.03(a) shall survive delivery of the respective Mortgage Files to
the Custodian, if any, or the Trustee.
Section 2.04. Representations and Warranties of the Seller.
The Company hereby assigns to the Trustee for the benefit of
Certificateholders all of its right, title and interest in respect of the
Purchase Agreement insofar as the Purchase Agreement relates to the
representations and warranties made by the Seller in respect of such Mortgage
Loan and any remedies provided thereunder for any breach of such representations
and warranties, such right, title and interest may be enforced by the Servicer
on behalf of the Trustee and the Certificateholders. Upon the discovery by the
Company, the Servicer, the Trustee or any Custodian of a breach of any of the
representations and warranties made in the Purchase Agreement (which, for
purposes hereof, will be deemed to include any other cause giving rise to a
repurchase obligation under the Purchase Agreement) in respect of any Mortgage
Loan which materially and adversely affects the interests of the
Certificateholders in such Mortgage Loan, the party discovering such breach
shall give prompt written notice to the other parties (any Custodian being so
obligated under a Custodial Agreement). The Servicer shall promptly notify the
Seller of such breach and request that the Seller either (i) cure such breach in
all material respects within 90 days from the date the Servicer was notified of
such breach or (ii) purchase such Mortgage Loan from the Trust Fund at the
Purchase Price and in the manner set forth in Section 2.02; provided that in the
case of a breach under the Purchase Agreement the Seller shall have the option
to substitute a Qualified Substitute Mortgage Loan or Loans for such Mortgage
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Loan if such substitution occurs within two years following the Closing Date;
provided that if the breach would cause the Mortgage Loan to be other than a
"qualified mortgage" as defined in Section 860G(a)(3) of the Code, any such
cure, repurchase or substitution must occur within 90 days from the date the
breach was discovered. In the event that the Seller elects to substitute a
Qualified Substitute Mortgage Loan or Loans for a Deleted Mortgage Loan pursuant
to this Section 2.04, the Seller shall deliver to the Trustee for the benefit of
the Certificateholders with respect to such Qualified Substitute Mortgage Loan
or Loans, the original Mortgage Note, the Mortgage, an Assignment of the
Mortgage in recordable form if required pursuant to Section 2.01, and such other
documents and agreements as are required by Section 2.01, with the Mortgage Note
endorsed as required by Section 2.01. No substitution will be made in any
calendar month after the Determination Date for such month. Monthly Payments due
with respect to Qualified Substitute Mortgage Loans in the month of substitution
shall not be part of the Trust Fund and will be retained by the Servicer and
remitted by the Servicer to the Seller on the next succeeding Distribution Date.
For the month of substitution, distributions to the Certificateholders will
include the Monthly Payment due on a Deleted Mortgage Loan for such month and
thereafter the Seller shall be entitled to retain all amounts received in
respect of such Deleted Mortgage Loan. The Servicer shall amend or cause to be
amended the Mortgage Loan Schedule, and, if the Deleted Mortgage Loan was a
Discount Mortgage Loan, the Schedule of Discount Fractions, for the benefit of
the Certificateholders to reflect the removal of such Deleted Mortgage Loan and
the substitution of the Qualified Substitute Mortgage Loan or Loans and the
Servicer shall deliver the amended Mortgage Loan Schedule, and, if the Deleted
Mortgage Loan was a Discount Mortgage Loan, the amended Schedule of Discount
Fractions, to the Trustee. Upon such substitution, the Qualified Substitute
Mortgage Loan or Loans shall be subject to the terms of this Agreement and the
related Subservicing Agreement in all respects, the Seller shall be deemed to
have made the representations and warranties with respect to the Qualified
Substitute Mortgage Loan contained in the Purchase Agreement as of the date of
substitution.
In connection with the substitution of one or more Qualified Substitute
Mortgage Loans for one or more Deleted Mortgage Loans, the Servicer will
determine the amount (if any) by which the aggregate principal balance of all
such Qualified Substitute Mortgage Loans as of the date of substitution is less
than the aggregate Stated Principal Balance of all such Deleted Mortgage Loans
(in each case after application of the principal portion of the Monthly Payments
due in the month of substitution that are to be distributed to the
Certificateholders in the month of substitution). The Servicer shall deposit the
amount of such shortfall received for the Seller into the Custodial Account on
the day of substitution. The Servicer shall give notice in writing to the
Trustee of such event, which notice shall be accompanied by an Officers'
Certificate as to the calculation of such shortfall and (subject to Section
10.01(f)) by an Opinion of Counsel to the effect that such substitution will not
cause (a) any federal tax to be imposed on the Trust Fund, including without
limitation, any federal tax imposed on "prohibited transactions" under Section
860F(a)(1) of the Code or on "contributions after the startup date" under
Section 860G(d)(1) of the Code or (b) any portion of either REMIC to fail to
qualify as such at any time that any Certificate is outstanding.
It is understood and agreed that the obligation of the Seller to cure
such breach or purchase (or to substitute for) such Mortgage Loan as to which
such a breach has occurred and is continuing shall constitute the sole remedy
respecting such breach available to the Certificateholders or the Trustee on
behalf of Certificateholders. In connection with the purchase of or substitution
for any such Mortgage Loan by the Seller, the Trustee shall assign to the Seller
all of the right, title and interest in respect of the Purchase Agreement
applicable to such Mortgage Loan.
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Section 2.05. Execution and Authentication of Certificates.
The Trustee acknowledges the assignment to it of the Mortgage Loans and
the delivery of the Mortgage Files to the Custodian on its behalf, subject to
any exceptions noted, together with the assignment to it of all other assets
included in the Trust Fund and/or the applicable REMIC, receipt of which is
hereby acknowledged. Concurrently with such delivery and in exchange therefor,
the Trustee, pursuant to the written request of the Company executed by an
officer of the Company has executed and caused to be authenticated and delivered
to or upon the order of the Company the Certificates in authorized denominations
which evidence ownership of the entire Trust Fund.
Article III
ADMINISTRATION AND SERVICING
OF MORTGAGE LOANS
Section 3.01. Servicer to Act as Servicer.
(a) The Servicer shall service and administer the Mortgage Loans in accordance
with the terms of this Agreement and the respective Mortgage Loans, shall follow
such practices and procedures as it shall deem necessary or advisable and as
shall be normal and usual in its general mortgage servicing activities, and
shall have full power and authority, acting alone or through Subservicers as
provided in Section 3.02, to do any and all things which it may deem necessary
or desirable in connection with such servicing and administration. Without
limiting the generality of the foregoing, the Servicer in its own name or in the
name of a Subservicer is hereby authorized and empowered by the Trustee when the
Servicer or the Subservicer, as the case may be, believes it appropriate in its
best judgment, to execute and deliver, on behalf of the Certificateholders and
the Trustee or any of them, any and all instruments of satisfaction or
cancellation, or of partial or full release or discharge, or of consent to
assumption or modification in connection with a proposed conveyance, or of
assignment of any Mortgage and Mortgage Note in connection with the repurchase
of a Mortgage Loan and all other comparable instruments, or with respect to the
modification or re-recording of a Mortgage for the purpose of correcting the
Mortgage, the subordination of the lien of the Mortgage in favor of a public
utility company or government agency or unit with powers of eminent domain, the
taking of a deed in lieu of foreclosure, the commencement, prosecution or
completion of judicial or non-judicial foreclosure, the conveyance of a
Mortgaged Property to the related Insurer, the acquisition of any property
acquired by foreclosure or deed in lieu of foreclosure, or the management,
marketing and conveyance of any property acquired by foreclosure or deed in lieu
of foreclosure with respect to the Mortgage Loans and with respect to the
Mortgaged Properties. The Servicer further is authorized and empowered by the
Trustee, on behalf of the Certificateholders and the Trustee, in its own name or
in the name of the Subservicer, when the Servicer or the Subservicer, as the
case may be, believes it appropriate in its best judgment to register any
Mortgage Loan on the MERS(R) System, or cause the removal from the registration
of any Mortgage Loan on the MERS(R) System, to execute and deliver, on behalf of
the Trustee and the Certificateholders or any of them, any and all instruments
of assignment and other comparable instruments with respect to such assignment
or re-recording of a Mortgage in the name of MERS, solely as nominee for the
Trustee and its successors and assigns. Any expenses incurred in connection with
the actions described in the preceding sentence shall be borne by the Servicer
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in accordance with Section 3.16(c), with no right of reimbursement; provided,
that if, as a result of MERS discontinuing or becoming unable to continue
operations in connection with the MERS System, it becomes necessary to remove
any Mortgage Loan from registration on the MERS System and to arrange for the
assignment of the related Mortgages to the Trustee, then any related expenses
shall be reimbursable to the Servicer. Notwithstanding the foregoing, subject to
Section 3.07(a), the Servicer shall not permit any modification with respect to
any Mortgage Loan that would both constitute a sale or exchange of such Mortgage
Loan within the meaning of Section 1001 of the Code and any proposed, temporary
or final regulations promulgated thereunder (other than in connection with a
proposed conveyance or assumption of such Mortgage Loan that is treated as a
Principal Prepayment in Full pursuant to Section 3.13(d) hereof) and cause
either REMIC formed under this Agreement to fail to qualify as a REMIC under the
Code. The Trustee shall furnish the Servicer with any powers of attorney and
other documents necessary or appropriate to enable the Servicer to service and
administer the Mortgage Loans. The Trustee shall not be liable for any action
taken by the Servicer or any Subservicer pursuant to such powers of attorney. In
connection with servicing and administering the Mortgage Loans, the Servicer and
any Affiliate of the Servicer (i) may perform services such as appraisals and
brokerage services that are not customarily provided by servicers of mortgage
loans, and shall be entitled to reasonable compensation therefor in accordance
with Section 3.10 and (ii) may, at its own discretion and on behalf of the
Trustee, obtain credit information in the form of a "credit score" from a credit
repository.
(b) All costs incurred by the Servicer or by Subservicers in effecting the
timely payment of taxes and assessments on the properties subject to the
Mortgage Loans shall not, for the purpose of calculating monthly distributions
to the Certificateholders, be added to the amount owing under the related
Mortgage Loans, notwithstanding that the terms of such Mortgage Loan so permit,
and such costs shall be recoverable to the extent permitted by Section
3.10(a)(ii).
(c) The Servicer may enter into one or more agreements in connection with the
offering of pass-through certificates evidencing interests in one or more of the
Certificates providing for the payment by the Servicer of amounts received by
the Servicer as servicing compensation hereunder and required to cover certain
Prepayment Interest Shortfalls on the Mortgage Loans, which payment obligation
will thereafter be an obligation of the Servicer hereunder.
Section 3.02. Subservicing Agreements Between Servicer and Subservicers;
Enforcement of Subservicers' and Sellers' Obligations.
(a) The Servicer may enter into Subservicing Agreements with Subservicers, for
the servicing and administration of all or some of the Mortgage Loans. Each
Subservicer of a Mortgage Loan shall be entitled to receive and retain, as
provided in the related Subservicing Agreement and in Section 3.07, the related
Subservicing Fee from payments of interest received on such Mortgage Loan after
payment of all amounts required to be remitted to the Servicer in respect of
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such Mortgage Loan. Any Subservicing Fee shall be paid by the Servicer out of
the Servicing Fee for the related Mortgage Loans. Unless the context otherwise
requires, references in this Agreement to actions taken or to be taken by the
Servicer in servicing the Mortgage Loans include actions taken or to be taken by
a Subservicer on behalf of the Servicer.
Section 3.03. Successor Subservicers.
The Servicer shall be entitled to terminate any Subservicing Agreement
that may exist in accordance with the terms and conditions of such Subservicing
Agreement and without any limitation by virtue of this Agreement; provided,
however, that in the event of termination of any Subservicing Agreement by the
Servicer or the Subservicer, the Servicer shall either act as servicer of the
related Mortgage Loan or enter into a Subservicing Agreement with a successor
Subservicer which will be bound by the terms of the related Subservicing
Agreement.
Section 3.04. Liability of the Servicer.
Notwithstanding any Subservicing Agreement, any of the provisions of
this Agreement relating to agreements or arrangements between the Servicer or a
Subservicer or reference to actions taken through a Subservicer or otherwise,
the Servicer shall remain obligated and liable to the Trustee and the
Certificateholders for the servicing and administering of the Mortgage Loans in
accordance with the provisions of Section 3.01 without diminution of such
obligation or liability by virtue of such Subservicing Agreements or
arrangements or by virtue of indemnification from the Subservicer or the Company
and to the same extent and under the same terms and conditions as if the
Servicer alone were servicing and administering the Mortgage Loans. The Servicer
shall be entitled to enter into any agreement with a Subservicer or Seller for
indemnification of the Servicer and nothing contained in this Agreement shall be
deemed to limit or modify such indemnification.
Section 3.05. No Contractual Relationship Between Subservicer and
Trustee or Certificateholders.
Any Subservicing Agreement that may be entered into and any other
transactions or services relating to the Mortgage Loans involving a Subservicer
in its capacity as such and not as an originator shall be deemed to be between
the Subservicer and the Servicer alone and the Trustee and the
Certificateholders shall not be deemed parties thereto and shall have no claims,
rights, obligations, duties or liabilities with respect to the Subservicer in
its capacity as such except as set forth in Section 3.06.
Section 3.06. Assumption or Termination of Subservicing Agreements by Trustee.
(a) If the Servicer shall for any reason no longer be the servicer (including by
reason of an Event of Default), the Trustee, its designee or its successor shall
thereupon assume all of the rights and obligations of the Servicer under each
Subservicing Agreement that may have been entered into. The Trustee, its
designee or the successor servicer for the Trustee shall be deemed to have
assumed all of the Servicer's interest therein and to have replaced the Servicer
as a party to the Subservicing Agreement to the same extent as if the
Subservicing Agreement had been assigned to the assuming party except that the
Servicer shall not thereby be relieved of any liability or obligations under the
Subservicing Agreement.
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(b) The Servicer shall, upon request of the Trustee but at the expense of the
Servicer, deliver to the assuming party all documents and records relating to
each Subservicing Agreement and the Mortgage Loans then being serviced and an
accounting of amounts collected and held by it and otherwise use its best
efforts to effect the orderly and efficient transfer of each Subservicing
Agreement to the assuming party.
Section 3.07. Collection of Certain Mortgage Loan Payments;
Deposits to Custodial Account.
(a) The Servicer shall make reasonable efforts to collect all payments called
for under the terms and provisions of the Mortgage Loans, and shall, to the
extent such procedures shall be consistent with this Agreement and the terms and
provisions of any related Primary Insurance Policy, follow such collection
procedures as it would employ in its good faith business judgment and which are
normal and usual in its general mortgage servicing activities. Consistent with
the foregoing, the Servicer may in its discretion (i) waive any late payment
charge or any prepayment charge or penalty interest in connection with the
prepayment of a Mortgage Loan and (ii) extend the Due Date for payments due on a
Mortgage Note for a period not greater than 180 days; provided, however, that
the Servicer shall first determine that any such waiver or extension will not
impair the coverage of any related Primary Insurance Policy or materially
adversely affect the lien of the related Mortgage. In the event of any such
arrangement, the Servicer shall make timely advances on the related Mortgage
Loan during the scheduled period in accordance with the amortization schedule of
such Mortgage Loan without modification thereof by reason of such arrangements
unless otherwise agreed to by the Holders of the Classes of Certificates
affected thereby; provided, however, that no such extension shall be made if any
such advance would be a Nonrecoverable Advance. Consistent with the terms of
this Agreement, the Servicer may also waive, modify or vary any term of any
Mortgage Loan or consent to the postponement of strict compliance with any such
term or in any manner grant indulgence to any Mortgagor if in the Servicer's
determination such waiver, modification, postponement or indulgence is not
materially adverse to the interests of the Certificateholders (taking into
account any estimated Realized Loss that might result absent such action);
provided, however, that the Servicer may not modify materially or permit any
Subservicer to modify any Mortgage Loan, including without limitation any
modification that would change the Mortgage Rate, forgive the payment of any
principal or interest (unless in connection with the liquidation of the related
Mortgage Loan or except in connection with prepayments to the extent that such
reamortization is not inconsistent with the terms of the Mortgage Loan), or
extend the final maturity date of such Mortgage Loan, unless such Mortgage Loan
is in default or, in the judgment of the Servicer, such default is reasonably
foreseeable; and provided, further, that no such modification shall reduce the
interest rate on a Mortgage Loan below the sum of the Pool Strip Rate, the
Servicing Fee Rate, and the rate at which the Insurance Premium accrues. In
connection with any Curtailment of a Mortgage Loan, the Servicer, to the extent
not inconsistent with the terms of the Mortgage Note and local law and practice,
may permit the Mortgage Loan to be reamortized such that the Monthly Payment is
recalculated as an amount that will fully amortize the remaining Stated
Principal Balance thereof by the original Maturity Date based on the original
Mortgage Rate; provided, that such re-amortization shall not be permitted if it
would constitute a reissuance of the Mortgage Loan for federal income tax
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purposes, except if such reissuance is described in Treasury Regulation Section
1.860G-2(b)(3). The Servicer shall not be required to institute or join in
litigation with respect to collection of any payment (whether under a Mortgage,
Mortgage Note or otherwise or against any public or governmental authority with
respect to a taking or condemnation) if it reasonably believes that enforcing
the provision of the Mortgage or other instrument pursuant to which such payment
is required is prohibited by applicable law.
(b) The Servicer shall segregate and hold all funds collected and received
pursuant to each Mortgage Loan separate and apart from any of its own funds and
general assets and shall establish and maintain one or more Custodial Accounts
held in trust, entitled "GMAC Mortgage Corporation Custodial Account in trust
for the benefit of the Holders of GMACM Mortgage Pass-Through Certificates,
Series 2000-J2." Each Custodial Account shall be an Eligible Account. The
Custodial Account shall be maintained as a segregated account, separate and
apart from trust funds created for mortgage pass-through certificates of other
series, and the other accounts of the Servicer.
Within two Business Days of receipt, except as otherwise specifically
provided herein, the Servicer shall deposit or cause to be deposited the
following payments and collections remitted by subservicers or received by it in
respect of the Mortgage Loans subsequent to the Cut-off Date (other than in
respect of principal and interest due on such Mortgage Loans on or before the
Cut-off Date) and the following amounts required to be deposited hereunder:
(i) All payments on account of principal, including Principal Prepayments
made by Mortgagors on the Mortgage Loans and the principal component of
any Subservicer Advance or of any REO Proceeds received in connection
with an REO Property for which an REO Disposition has occurred;
(ii) All payments on account of interest at the Net Mortgage Rate on the
Mortgage Loans, and the interest component of any Subservicer Advance or
of any REO Proceeds received in connection with an REO Property for
which an REO Disposition has occurred, minus the amount of any interest
paid by a Mortgagor in connection with a Principal Prepayment in Full
for the calendar month in which such Principal Prepayment is to be
distributed pursuant to Section 4.02;
(iii)Insurance Proceeds and Liquidation Proceeds (net of any related expenses
of the Subservicer);
(iv) All proceeds of any Mortgage Loans purchased pursuant to Section 2.02,
2.04 or 4.07 and all amounts required to be deposited in connection with
the substitution of a Qualified Substitute Mortgage Loan pursuant to
Section 2.04;
(v) Any amounts required to be deposited pursuant to Section 3.07(c); and
(vi) All amounts transferred from the Payment Account to the Custodial
Account in accordance with Section 4.02(a).
The foregoing requirements for deposit in the Custodial Account shall be
exclusive, it being understood and agreed that, without limiting the generality
of the foregoing, payments on the Mortgage Loans which are not part of the Trust
Fund (consisting of payments in respect of principal and interest on the
Mortgage Loans due on or before the Cut-off Date) and payments or collections in
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the nature of prepayment charges or late payment charges or assumption fees may
but need not be deposited by the Servicer in the Custodial Account. In the event
any amount not required to be deposited in the Custodial Account is so
deposited, the Servicer may at any time withdraw such amount from the Custodial
Account, any provision herein to the contrary notwithstanding. The Servicer
shall maintain records with respect to all deposits made pursuant to this
Section. All funds deposited in the Custodial Account shall be held in trust for
the Certificateholders until withdrawn in accordance with Section 3.10.
With respect to Insurance Proceeds, Liquidation Proceeds, REO Proceeds
and the proceeds of the purchase of any Mortgage Loan pursuant to Sections 2.02,
2.03, 2.04 and 4.07 received in any calendar month, the Servicer may elect to
treat such amounts as included in the Available Distribution Amount for the
Distribution Date in the month of receipt, but is not obligated to do so. If the
Servicer so elects, such amounts will be deemed to have been received (and any
related Realized Loss shall be deemed to have occurred) on the last day of the
month prior to the receipt thereof.
(c) The Servicer shall use its best efforts to cause the institution maintaining
the Custodial Account to invest the funds in the Custodial Account attributable
to the Mortgage Loans in Permitted Investments which shall mature not later than
the Payment Account Deposit Date next following the date of such investment
(with the exception of the Amount Held for Future Distribution) and which shall
not be sold or disposed of prior to their maturities. All income and gain
realized from any such investment shall be for the benefit of the Servicer as
additional servicing compensation and shall be subject to its withdrawal or
order from time to time. The amount of any losses incurred in respect of any
such investments attributable to the investment of amounts in respect of the
Mortgage Loans shall be deposited in the Custodial Account by the Servicer out
of its own funds immediately as realized without any right of reimbursement.
Section 3.08. Subservicing Accounts; Servicing Accounts.
(a) In those cases where a Subservicer is servicing a Mortgage Loan pursuant to
a Subservicing Agreement, the Servicer shall cause the Subservicer, pursuant to
the Subservicing Agreement, to establish and maintain one or more Subservicing
Accounts which shall be an Eligible Account or, if such account is not an
Eligible Account, shall be acceptable to the Servicer and each Rating Agency.
The Subservicer will be required thereby to deposit into the Subservicing
Account on a daily basis all proceeds of Mortgage Loans received by the
Subservicer, less its Subservicing Fees and unreimbursed advances and expenses,
to the extent permitted by the Subservicing Agreement. If the Subservicing
Account is not an Eligible Account, the Servicer shall be deemed to have
received such monies upon receipt thereof by the Subservicer. The Subservicer
shall not be required to deposit in the Subservicing Account payments or
collections in the nature of prepayment charges or late charges or assumption
fees. On or before each Determination Date, the Servicer shall cause the
Subservicer, pursuant to the Subservicing Agreement, to remit to the Servicer
for deposit in the Custodial Account all funds held in the Subservicing Account
with respect to each Mortgage Loan serviced by such Subservicer that are
required to be remitted to the Servicer.
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(b) In addition to the Custodial Account and the Payment Account, the Servicer
shall for any Nonsubserviced Mortgage Loan, and shall cause the Subservicers for
Subserviced Mortgage Loans to, establish and maintain one or more Servicing
Accounts and deposit and retain therein all collections from the Mortgagors (or
advances from Subservicers) for the payment of taxes, assessments, hazard
insurance premiums, Primary Insurance Policy premiums, if applicable, or
comparable items for the account of the Mortgagors. Each Servicing Account shall
be hold in trust, entitled "GMAC Mortgage Corporation Servicing Account in trust
for the benefit of the of the Holders of GMACM Mortgage Pass-Through
Certificates, Series 2000-J2." Withdrawals of amounts related to the Mortgage
Loans from the Servicing Accounts may be made only to effect timely payment of
taxes, assessments, hazard insurance premiums, Primary Insurance Policy
premiums, if applicable, or comparable items, to reimburse the Servicer or
Subservicer out of related collections for any payments made pursuant to
Sections 3.11 (with respect to the Primary Insurance Policy) and 3.12(a) (with
respect to hazard insurance), to refund to any Mortgagors any sums as may be
determined to be overages, to pay interest, if required, to Mortgagors on
balances in the Servicing Account or to clear and terminate the Servicing
Account at the termination of this Agreement in accordance with Section 9.01. As
part of its servicing duties, the Servicer shall, and the Subservicers will,
pursuant to the Subservicing Agreements, be required to pay to the Mortgagors
interest on funds in this account to the extent required by law.
(c) The Servicer shall advance the payments referred to in the preceding
subsection that are not timely paid by the Mortgagors or advanced by the
Subservicers on the date when the tax, premium or other cost for which such
payment is intended is due, but the Servicer shall be required so to advance
only to the extent that such advances, in the good faith judgment of the
Servicer, will be recoverable by the Servicer out of Insurance Proceeds,
Liquidation Proceeds or otherwise.
Section 3.09. Access to Certain Documentation and
Information Regarding the Mortgage Loans.
If compliance with this Section 3.09 shall make any Class of
Certificates legal for investment by federally insured savings and loan
associations, the Servicer shall provide, or cause the Subservicers to provide,
to the Trustee, the Office of Thrift Supervision or the FDIC and the supervisory
agents and examiners thereof access to the documentation regarding the Mortgage
Loans required by applicable regulations of the Office of Thrift Supervision,
such access being afforded without charge but only upon reasonable request and
during normal business hours at the offices designated by the Servicer. The
Servicer shall permit such representatives to photocopy any such documentation
and shall provide equipment for that purpose at a charge reasonably
approximating the cost of such photocopying to the Servicer.
Section 3.10. Permitted Withdrawals from the Custodial Account.
(a) The Servicer may, from time to time as provided herein, make withdrawals
from the Custodial Account of amounts on deposit therein pursuant to Section
3.07 that are attributable to the Mortgage Loans for the following purposes:
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(i) to make deposits into the Payment Account in the amounts and in the manner
provided for in Section 4.01;
(ii) to reimburse itself or the related Subservicer for previously unreimbursed
advances or expenses made pursuant to Sections 3.01, 3.07(a), 3.08, 3.11,
3.12(a), 3.14 and 4.04 or otherwise reimbursable pursuant to the terms of
this Agreement, such withdrawal right being limited to amounts received on
particular Mortgage Loans (including, for this purpose, REO Proceeds,
Insurance Proceeds, Liquidation Proceeds and proceeds from the purchase of
a Mortgage Loan pursuant to Section 2.02, 2.04 or 4.07) which represent (A)
Late Collections of Monthly Payments for which any such advance was made in
the case of Subservicer Advances or Advances pursuant to Section 4.04 and
(B) recoveries of amounts in respect of which such advances were made in
the case of Servicing Advances;
(iii)to pay to itself or the related Subservicer (if not previously retained by
such Subservicer) out of each payment received by the Servicer on account
of interest on a Mortgage Loan as contemplated by Sections 3.14 and 3.16,
an amount equal to that remaining portion of any such payment as to
interest (but not in excess of the Servicing Fee and the Subservicing Fee,
if not previously retained) which, when deducted, will result in the
remaining amount of such interest being interest at the Net Mortgage Rate
(or Modified Net Mortgage Rate in the case of a Modified Mortgage Loan) on
the amount specified in the amortization schedule of the related Mortgage
Loan as the principal balance thereof at the beginning of the period
respecting which such interest was paid after giving effect to any previous
Curtailments;
(iv) to pay to itself as additional servicing compensation any interest or
investment income earned on funds and other property deposited in or
credited to the Custodial Account that it is entitled to withdraw
pursuant to Section 3.07(c);
(v) to pay to itself as additional servicing compensation any Foreclosure
Profits, and any amounts remitted by Subservicers as interest in respect of
Curtailments pursuant to Section 3.08(b);
(vi) to pay the Seller, with respect to each Mortgage Loan or property
acquired in respect thereof that has been purchased or otherwise
transferred pursuant to Section 2.02, 2.04, 4.07 or 9.01, all amounts
received thereon and not required to be distributed to the
Certificateholders as of the date on which the related Stated Principal
Balance or Purchase Price is determined;
(vii) to reimburse itself or the related Subservicer for any Nonrecoverable
Advance or Advances in the manner and to the extent provided in
subsection (c) below, any Advance made in connection with a modification
of a Mortgage Loan that is in default or, in the judgment of the
Servicer, default is reasonably foreseeable pursuant to Section 3.07(a),
to the extent the amount of the Advance has been added to the
outstanding principal balance of the Mortgage Loan, or any Advance
reimbursable to the Servicer pursuant to Section 4.02(a);
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(viii) to reimburse itself or the Company for expenses incurred by and
reimbursable to it or the Company pursuant to Sections 3.01(a), 3.11,
3.13, 3.14(c), 6.03, 10.01 or otherwise;
(ix) to reimburse itself for Servicing Advances expended by it (a) pursuant
to Section 3.14 in good faith in connection with the restoration of
property damaged by an Uninsured Cause, and (b) in connection with the
liquidation of a Mortgage Loan or disposition of an REO Property to the
extent not otherwise reimbursed pursuant to clause (ii) or (viii) above;
and
(x) to withdraw any amount deposited in the Custodial Account that was not
required to be deposited therein pursuant to Section 3.07.
(b) Since, in connection with withdrawals pursuant to clauses (ii), (iii), (v)
and (vi), the Servicer's entitlement thereto is limited to collections or other
recoveries on the related Mortgage Loan, the Servicer shall keep and maintain
separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose
of justifying any withdrawal from the Custodial Account pursuant to such
clauses.
(c) The Servicer shall be entitled to reimburse itself or the related
Subservicer for any advance made in respect of a Mortgage Loan that the Servicer
determines to be a Nonrecoverable Advance by withdrawal from the Custodial
Account of amounts on deposit therein attributable to the Mortgage Loans on any
Payment Account Deposit Date succeeding the date of such determination. Such
right of reimbursement in respect of a Nonrecoverable Advance on any such
Payment Account Deposit Date shall be limited to an amount not exceeding the
portion of such advance previously paid to Certificateholders (and not
theretofore reimbursed to the Servicer or the related Subservicer).
Section 3.11. Maintenance of the Primary Insurance
Policies; Collections Thereunder.
(a) The Servicer shall not take, or permit any Subservicer to take, any action
which would result in non-coverage under any applicable Primary Insurance Policy
of any loss which, but for the actions of the Servicer or Subservicer, would
have been covered thereunder. To the extent coverage is available, the Servicer
shall keep or cause to be kept in full force and effect a Primary Insurance
Policy in the case of each Mortgage Loan having a Loan-to-Value Ratio at
origination in excess of 80%, until the principal balance of the related
Mortgage Loan secured by a Mortgaged Property is reduced to 80% or less of the
appraised value based on the most recent appraisal of the Mortgaged Property
performed by a qualified appraiser, such appraisal to be included in the related
servicing file. The Servicer shall not cancel or refuse to renew any such
Primary Insurance Policy applicable to a Nonsubserviced Mortgage Loan, or
consent to any Subservicer canceling or refusing to renew any such Primary
Insurance Policy applicable to a Mortgage Loan subserviced by it, that is in
effect at the date of the initial issuance of the Certificates and is required
to be kept in force hereunder unless the replacement Primary Insurance Policy
for such canceled or non-renewed policy is maintained with an insurer whose
claims-paying ability is acceptable to each Rating Agency for mortgage
pass-through certificates having a rating equal to or better than the lower of
the then-current rating or the rating assigned to the Certificates as of the
Closing Date by such Rating Agency. In connection with any assumption or
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substitution agreement entered into or to be entered into pursuant to Section
3.13, the Servicer shall promptly notify the insurer under the related Primary
Insurance Policy, if any, of such assumption or substitution of liability in
accordance with the terms of such policy and shall take all actions which may be
required by such insurer as a condition to the continuation of coverage under
the Primary Insurance Policy. If such Primary Insurance Policy is terminated as
a result of such assumption or substitution of liability, the Servicer shall
obtain a replacement Primary Insurance Policy as provided above.
(b) In connection with its activities as administrator and servicer of the
Mortgage Loans, the Servicer agrees to present or to cause the related
Subservicer to present, on behalf of the Servicer, the Subservicer, if any, the
Trustee and Certificateholders, claims to the related Insurer under any Primary
Insurance Policies, in a timely manner in accordance with such policies, and, in
this regard, to take or cause to be taken such reasonable action as shall be
necessary to permit recovery under any Primary Insurance Policies respecting
defaulted Mortgage Loans. Pursuant to Section 3.07, any Insurance Proceeds
collected by or remitted to the Servicer under any Primary Insurance Policies
shall be deposited in the Custodial Account, subject to withdrawal pursuant to
Section 3.10.
Section 3.12. Maintenance of Fire Insurance and
Omissions and Fidelity Coverage.
(a) The Servicer shall cause to be maintained for each Mortgage Loan (other than
a Cooperative Loan) fire insurance with extended coverage in an amount which is
equal to the lesser of (i)(A) the greater of the principal balance owing on such
Mortgage Loan and (B) the percentage such that the proceeds thereof shall be
sufficient to prevent the application of a co-insurance clause; if the Mortgaged
Property is in an area identified in the Federal Register by the Federal
Emergency Management Agency as being a special flood hazard area that has
federally-mandated flood insurance requirements, the Servicer will cause to be
maintained a flood insurance policy meeting the requirements of the current
guidelines of the Federal Insurance Administration with a generally acceptable
insurance carrier, in an amount representing coverage not less than the least of
(i) the outstanding principal balance of the Mortgage Loan, (ii) the maximum
insurable value of the improvements securing such Mortgage Loan or (iii) the
maximum amount of insurance which is available under the Flood Disaster
Protection Act of 1973, as amended; or (ii) 100 percent of the insurable value
of the improvements. The Servicer shall also cause to be maintained on property
acquired upon foreclosure, or deed in lieu of foreclosure, of any Mortgage Loan
(other than a Cooperative Loan), fire insurance with extended coverage in an
amount which is at least equal to the maximum insurable value of the
improvements which are a part of such property, liability insurance and, to the
extent required and available under the Flood Disaster Protection Act of 1973,
as amended, flood insurance in an amount as provided above. Pursuant to Section
3.07, any amounts collected by the Servicer under any such policies (other than
amounts to be applied to the restoration or repair of the related Mortgaged
Property or property thus acquired or amounts released to the Mortgagor in
accordance with the Servicer's normal servicing procedures) shall be deposited
in the Custodial Account, subject to withdrawal pursuant to Section 3.10. Any
cost incurred by the Servicer in maintaining any such insurance shall not, for
the purpose of calculating monthly distributions to the Certificateholders, be
added to the amount owing under the Mortgage Loan, notwithstanding that the
terms of the Mortgage Loan so permit. Such costs shall be recoverable by the
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Servicer out of related late payments by the Mortgagor or out of Insurance
Proceeds and Liquidation Proceeds to the extent permitted by Section 3.10. It is
understood and agreed that no earthquake or other additional insurance is to be
required of any Mortgagor or maintained on property acquired in respect of a
Mortgage Loan other than pursuant to such applicable laws and regulations as
shall at any time be in force and as shall require such additional insurance.
All such policies shall be endorsed with standard mortgagee clauses with loss
payable to the Servicer and its successors and/or assigns and shall provide for
at least thirty days prior written notice of any cancellation, reduction in the
amount or material change in coverage to the Servicer. The Servicer shall not
interfere with the Mortgagor's freedom of choice in selecting either his
insurance carrier or agent, provided, however, that the Servicer shall not
accept any such insurance policies from insurance companies unless such
companies currently reflect a General Policy Rating in Best's Key Rating Guide
currently acceptable to Fannie Mae and are licensed to do business in the state
wherein the property subject to the policy is located.
If the Servicer shall obtain and maintain a blanket fire insurance
policy with extended coverage insuring against hazard losses on all of the
Mortgage Loans, it shall conclusively be deemed to have satisfied its
obligations as set forth in the first sentence of this Section 3.12(a), it being
understood and agreed that such policy may contain a deductible clause, in which
case the Servicer shall, in the event that there shall not have been maintained
on the related Mortgaged Property a policy complying with the first sentence of
this Section 3.12(a) and there shall have been a loss which would have been
covered by such policy, deposit in the Payment Account the amount not otherwise
payable under the blanket policy because of such deductible clause. Any such
deposit by the Servicer shall be made on the Payment Account Deposit Date next
preceding the Distribution Date which occurs in the month following the month in
which payments under any such policy would have been deposited in the Custodial
Account. In connection with its activities as administrator and servicer of the
Mortgage Loans, the Servicer agrees to present, on behalf of itself, the Trustee
and the Certificateholders, claims under any such blanket policy.
(b) The Servicer shall obtain and maintain at its own expense and keep in full
force and effect throughout the term of this Agreement a blanket fidelity bond
and an errors and omissions insurance policy covering the Servicer's officers
and employees and other persons acting on behalf of the Servicer in connection
with its activities under this Agreement. The amount of coverage, taken
together, shall be at least equal to the coverage that would be required by
Fannie Mae or Freddie Mac, with respect to the Servicer if the Servicer were
servicing and administering the Mortgage Loans for Fannie Mae or Freddie Mac. In
the event that any such bond or policy ceases to be in effect, the Servicer
shall obtain a comparable replacement bond or policy from an issuer or insurer,
as the case may be, meeting the requirements set forth above.
Section 3.13. Enforcement of Due-on-Sale Clauses; Assumption and
Modification Agreements; Certain Assignments.
(a) When any Mortgaged Property is conveyed by the Mortgagor, the Servicer or
Subservicer, to the extent it has knowledge of such conveyance, shall enforce
any due-on-sale clause contained in any Mortgage Note or Mortgage, to the extent
permitted under applicable law and governmental regulations, but only to the
extent that such enforcement will not adversely affect or jeopardize coverage
under any Required Insurance Policy. Notwithstanding the foregoing, the Servicer
is not required to exercise such rights with respect to a Mortgage Loan if the
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Person to whom the related Mortgaged Property has been conveyed or is proposed
to be conveyed satisfies the terms and conditions contained in the Mortgage Note
and Mortgage related thereto and the consent of the mortgagee under such
Mortgage Note or Mortgage is not otherwise so required under such Mortgage Note
or Mortgage as a condition to such transfer. In the event that the Servicer is
prohibited by law from enforcing any such due-on-sale clause, or if coverage
under any Required Insurance Policy would be adversely affected, or if
nonenforcement is otherwise permitted hereunder, the Servicer is authorized,
subject to Section 3.13(b), to take or enter into an assumption and modification
agreement from or with the person to whom such property has been or is about to
be conveyed, pursuant to which such person becomes liable under the Mortgage
Note and, unless prohibited by applicable state law, the Mortgagor remains
liable thereon, provided that the Mortgage Loan shall continue to be covered (if
so covered before the Servicer enters such agreement) by the applicable Required
Insurance Policies. The Servicer, subject to Section 3.13(b), is also authorized
with the prior approval of the insurers under any Required Insurance Policies to
enter into a substitution of liability agreement with such Person, pursuant to
which the original Mortgagor is released from liability and such Person is
substituted as Mortgagor and becomes liable under the Mortgage Note.
Notwithstanding the foregoing, the Servicer shall not be deemed to be in default
under this Section by reason of any transfer or assumption which the Servicer
reasonably believes it is restricted by law from preventing, for any reason
whatsoever.
(b) Subject to the Servicer's duty to enforce any due-on-sale clause to the
extent set forth in Section 3.13(a), in any case in which a Mortgaged Property
is to be conveyed to a Person by a Mortgagor, and such Person is to enter into
an assumption or modification agreement or supplement to the Mortgage Note or
Mortgage which requires the signature of the Trustee, or if an instrument of
release signed by the Trustee is required releasing the Mortgagor from liability
on the Mortgage Loan, the Servicer is authorized, subject to the requirements of
the sentence next following, to execute and deliver, on behalf of the Trustee,
the assumption agreement with the Person to whom the Mortgaged Property is to be
conveyed and such modification agreement or supplement to the Mortgage Note or
Mortgage or other instruments as are reasonable or necessary to carry out the
terms of the Mortgage Note or Mortgage or otherwise to comply with any
applicable laws regarding assumptions or the transfer of the Mortgaged Property
to such Person; provided, however, that in connection with any such assumption,
no material term of the Mortgage Note may be changed. Upon receipt of
appropriate instructions from the Servicer in accordance with the foregoing, the
Trustee shall execute any necessary instruments for such assumption or
substitution of liability as directed in writing by the Servicer. Upon the
closing of the transactions contemplated by such documents, the Servicer shall
cause the originals or true and correct copies of the assumption agreement, the
release (if any), or the modification or supplement to the Mortgage Note or
Mortgage to be delivered to the Trustee or the Custodian and deposited with the
Mortgage File for such Mortgage Loan. Any fee collected by the Servicer or such
related Subservicer for entering into an assumption or substitution of liability
agreement will be retained by the Servicer or such Subservicer as additional
servicing compensation.
(c) The Servicer or the related Subservicer, as the case may be, shall be
entitled to approve a request from a Mortgagor for a partial release of the
related Mortgaged Property, the granting of an easement thereon in favor of
another Person, any alteration or demolition of the related Mortgaged Property
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(or, with respect to a Cooperative Loan, the related Cooperative Apartment)
without any right of reimbursement or other similar matters if it has
determined, exercising its good faith business judgment in the same manner as it
would if it were the owner of the related Mortgage Loan, that the security for,
and the timely and full collectability of, such Mortgage Loan would not be
adversely affected thereby and that any portion of either REMIC would not fail
to continue to qualify as a REMIC under the Code as a result thereof and
(subject to Section 10.01(f)) that no tax on "prohibited transactions" or
"contributions" after the startup day would be imposed on either REMIC as a
result thereof. Any fee collected by the Servicer or the related Subservicer for
processing such a request will be retained by the Servicer or such Subservicer
as additional servicing compensation.
(d) Subject to any other applicable terms and conditions of this Agreement, the
Trustee and Servicer shall be entitled to approve an assignment in lieu of
satisfaction with respect to any Mortgage Loan, provided the obligee with
respect to such Mortgage Loan following such proposed assignment provides the
Trustee and Servicer with a "Lender Certification for Assignment of Mortgage
Loan" in the form attached hereto as Exhibit K, in form and substance
satisfactory to the Trustee and Servicer, providing the following: (i) that the
substance of the assignment is, and is intended to be, a refinancing of such
Mortgage; (ii) that the Mortgage Loan following the proposed assignment will
have a rate of interest at least 0.25 percent below or above the rate of
interest on such Mortgage Loan prior to such proposed assignment; and (iii) that
such assignment is at the request of the borrower under the related Mortgage
Loan. Upon approval of an assignment in lieu of satisfaction with respect to any
Mortgage Loan, the Servicer shall receive cash in an amount equal to the unpaid
principal balance of and accrued interest on such Mortgage Loan and the Servicer
shall treat such amount as a Principal Prepayment in Full with respect to such
Mortgage Loan for all purposes hereof.
Section 3.14. Realization Upon Defaulted Mortgage Loans.
(a) The Servicer shall foreclose upon or otherwise comparably convert (which may
include an REO Acquisition) the ownership of properties securing such of the
Mortgage Loans as come into and continue in default and as to which no
satisfactory arrangements can be made for collection of delinquent payments
pursuant to Section 3.07. In connection with such foreclosure or other
conversion, the Servicer shall, consistent with Section 3.11, follow such
practices and procedures as it shall deem necessary or advisable, as shall be
normal and usual in its general mortgage servicing activities, as shall meet the
requirements of the Insurer under any Required Insurance Policy, and as shall be
consistent with the provisions of this Agreement. With respect to any REO
Property, the deed or certificate of sale shall be taken in the name of the
Trustee for the benefit of the Certificateholders, or its nominee, on behalf of
the Certificateholders. The Trustee's name shall be placed on the title to such
REO Property solely as the Trustee hereunder and not in its individual capacity.
The Servicer shall ensure that the title to such REO Property references this
Agreement and the Trustee's capacity thereunder. The Servicer, however, shall
not be required to expend its own funds or incur other reimbursable charges in
connection with any foreclosure, or attempted foreclosure which is not
completed, or towards the restoration of any property unless it shall determine
(i) that such restoration and/or foreclosure will increase the proceeds of
liquidation of the Mortgage Loan to Holders of Certificates of one or more
Classes after reimbursement to itself for such expenses or charges and (ii) that
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such expenses or charges will be recoverable to it through Liquidation Proceeds,
Insurance Proceeds, or REO Proceeds (respecting which it shall have priority for
purposes of withdrawals from the Custodial Account pursuant to Section 3.10,
whether or not such expenses and charges are actually recoverable from related
Liquidation Proceeds, Insurance Proceeds or REO Proceeds). In the event of such
a determination by the Servicer pursuant to this Section 3.14(a), the Servicer
shall be entitled to reimbursement of such amounts pursuant to Section 3.10. If
the Servicer has knowledge that a Mortgaged Property which the Servicer is
contemplating acquiring in foreclosure or by deed in lieu of foreclosure is
located within a one (1) mile radius of any site listed in the Expenditure Plan
for the Hazardous Substance Clean Up Bond Act of 1984 or other site with
environmental or hazardous waste risks known to the Servicer, the Servicer will,
prior to acquiring the Mortgaged Property, consider such risks and only take
action in accordance with its established environmental review procedures.
The Servicer shall, either itself or through an agent selected by the
Servicer, and in accordance with the Fannie Mae guidelines, manage, conserve,
protect and operate each REO Property in the same manner that it manages,
conserves, protects and operates other foreclosed property for its own account,
and in the same manner that similar property in the same locality as the REO
Property is managed. Each disposition of REO Property shall be carried out by
the Servicer at such price and upon such terms and conditions as the Servicer
deems to be in the best interest of the Certificateholders.
Upon the occurrence of a Cash Liquidation or REO Disposition, following
the deposit in the Custodial Account of all Insurance Proceeds, Liquidation
Proceeds and other payments and recoveries referred to in the definition of
"Cash Liquidation" or "REO Disposition," as applicable, upon receipt by the
Trustee of written notification of such deposit signed by a Servicing Officer,
the Trustee or any Custodian, as the case may be, shall release to the Servicer
the related Mortgage File and the Trustee shall execute and deliver such
instruments of transfer or assignment prepared by the Servicer, in each case
without recourse, as shall be necessary to vest in the Servicer or its designee,
as the case may be, the related Mortgage Loan, and thereafter such Mortgage Loan
shall not be part of the Trust Fund. Notwithstanding the foregoing or any other
provision of this Agreement, in the Servicer's sole discretion with respect to
any defaulted Mortgage Loan or REO Property as to either of the following
provisions, (i) a Cash Liquidation or REO Disposition may be deemed to have
occurred if substantially all amounts expected by the Servicer to be received in
connection with the related defaulted Mortgage Loan or REO Property have been
received, and (ii) for purposes of determining the amount of any Liquidation
Proceeds, Insurance Proceeds, REO Proceeds or any other unscheduled collections
or the amount of any Realized Loss, the Servicer may take into account minimal
amounts of additional receipts expected to be received or any estimated
additional liquidation expenses expected to be incurred in connection with the
related defaulted Mortgage Loan or REO Property.
(b) If title to any Mortgaged Property is acquired by the Trust Fund as an REO
Property by foreclosure or by deed in lieu of foreclosure, the deed or
certificate of sale shall be issued to the Trustee or to its nominee on behalf
of Certificateholders. Notwithstanding any such acquisition of title and
cancellation of the related Mortgage Loan, such REO Property shall (except as
otherwise expressly provided herein) be considered to be an Outstanding Mortgage
Loan held in the Trust Fund until such time as the REO Property shall be sold.
Consistent with the foregoing for purposes of all calculations hereunder so long
as such REO Property shall be considered to be an Outstanding Mortgage Loan it
shall be assumed that, notwithstanding that the indebtedness evidenced by the
related Mortgage Note shall have been discharged, such Mortgage Note and the
related amortization schedule in effect at the time of any such acquisition of
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title (after giving effect to any previous Curtailments and before any
adjustment thereto by reason of any bankruptcy or similar proceeding or any
moratorium or similar waiver or grace period) remain in effect. To the extent
the net income received during any calendar month is in excess of the amount
attributable to amortizing principal and accrued interest at the related
Mortgage Rate on the related Mortgage Loan for such calendar month, such excess
shall be considered to be a Curtailment of the related Mortgage Loan.
(c) If the Trust Fund acquires any REO Property as aforesaid or otherwise in
connection with a default or imminent default on a Mortgage Loan, the Servicer
on behalf of the Trust Fund shall dispose of such REO Property within three full
years after the taxable year of its acquisition by the Trust Fund for purposes
of Section 860G(a)(8) of the Code (or such shorter period as may be necessary
under applicable state (including any state in which such property is located)
law to maintain the status of any portion of either REMIC as a REMIC under
applicable state law and avoid taxes resulting from such property failing to be
foreclosure property under applicable state law) or, at the expense of the Trust
Fund, request, more than 60 days before the day on which such grace period would
otherwise expire, an extension of such grace period unless the Servicer (subject
to Section 10.01(f)) obtains for the Trustee an Opinion of Counsel, addressed to
the Trustee and the Servicer, to the effect that the holding by the Trust Fund
of such REO Property subsequent to such period will not result in the imposition
of taxes on "prohibited transactions" as defined in Section 860F of the Code or
cause either REMIC to fail to qualify as a REMIC (for federal (or any applicable
State or local) income tax purposes) at any time that any Certificates are
outstanding, in which case the Trust Fund may continue to hold such REO Property
(subject to any conditions contained in such Opinion of Counsel). The Servicer
shall be entitled to be reimbursed from the Custodial Account for any costs
incurred in obtaining such Opinion of Counsel, as provided in Section 3.10.
Notwithstanding any other provision of this Agreement, no REO Property acquired
by the Trust Fund shall be rented (or allowed to continue to be rented) or
otherwise used by or on behalf of the Trust Fund in such a manner or pursuant to
any terms that would (i) cause such REO Property to fail to qualify as
"foreclosure property" within the meaning of Section 860G(a)(8) of the Code or
(ii) subject the Trust Fund to the imposition of any federal income taxes on the
income earned from such REO Property, including any taxes imposed by reason of
Section 860G(c) of the Code, unless the Servicer has agreed to indemnify and
hold harmless the Trust Fund with respect to the imposition of any such taxes.
(d) The proceeds of any Cash Liquidation, REO Disposition or purchase or
repurchase of any Mortgage Loan pursuant to the terms of this Agreement, as well
as any recovery resulting from a collection of Liquidation Proceeds, Insurance
Proceeds or REO Proceeds, will be applied in the following order of priority:
first, to reimburse the Servicer or the related Subservicer in accordance with
Section 3.10(a)(ii); second, to all Servicing Fees and Subservicing Fees payable
therefrom (and the Servicer and the Subservicer shall have no claims for any
deficiencies with respect to such fees which result from the foregoing
allocation); third, to the Certificateholders to the extent of accrued and
unpaid interest on the Mortgage Loan, and any related REO Imputed Interest, at
the Net Mortgage Rate (or the Modified Net Mortgage Rate in the case of a
Modified Mortgage Loan) to the Due Date prior to the Distribution Date on which
such amounts are to be distributed; fourth, to the Certificateholders as a
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recovery of principal on the Mortgage Loan (or REO Property)(provided that, if
such recovery is of an amount previously allocated to one or more Classes of
Certificates as a Realized Loss, such recovery shall be allocated among such
Classes in the same proportions as the allocation of such Realized Losses and,
if any such Class of Certificates to which such Realized Loss was allocated is
no longer outstanding, such subsequent recovery shall be distributed to the
persons who were the Holders of such Class of Certificates when it was retired);
and fifth, to Foreclosure Profits.
(e) In the event of a default on a Mortgage Loan one or more of whose obligors
is not a United States Person, in connection with any foreclosure or acquisition
of a deed in lieu of foreclosure (together, "foreclosure") in respect of such
Mortgage Loan, the Servicer will cause compliance with the provisions of
Treasury Regulation Section 1.1445-2(d)(3) (or any successor thereto) necessary
to assure that no withholding tax obligation arises with respect to the proceeds
of such foreclosure except to the extent, if any, that proceeds of such
foreclosure are required to be remitted to the obligors on such Mortgage Loan.
Section 3.15. Trustee to Cooperate; Release of Mortgage Files.
(a) Upon becoming aware of the payment in full of any Mortgage Loan, or upon the
receipt by the Servicer of a notification that payment in full will be escrowed
in a manner customary for such purposes, the Servicer will immediately notify
the Custodian, if any, or the Trustee (if it holds the related Mortgage File) by
delivery of a Request for Release substantially in one of the forms attached
hereto as Exhibit F requesting delivery to it of the Mortgage File. The Servicer
is authorized to execute and deliver to the Mortgagor the request for
reconveyance, deed of reconveyance or release or satisfaction of mortgage or
such instrument releasing the lien of the Mortgage, together with the Mortgage
Note with, as appropriate, written evidence of cancellation thereon and to cause
the removal from the registration on the MERS(R) System of such Mortgage and to
execute and deliver, on behalf of the Trustee and the Certificateholders or any
of them, any and all instruments of satisfaction or cancellation or of partial
or full release. No expenses incurred in connection with any instrument of
satisfaction or deed of reconveyance shall be chargeable to the Custodial
Account or the Payment Account.
(b) From time to time as is appropriate for the servicing or foreclosure of any
Mortgage Loan, the Servicer shall deliver a Request for Release to the
Custodian, if any, or the Trustee (if it holds the related Mortgage File)
requesting that possession of all, or any document constituting part of, the
Mortgage File be released to the Servicer and certifying as to the reason for
such release and that such release will not invalidate any insurance coverage
provided in respect of the Mortgage Loan under any Required Insurance Policy.
Upon receipt of the foregoing, the Trustee (if it holds the related Mortgage
File) or the Custodian shall deliver the Mortgage File or any document therein
to the Servicer. The Servicer shall cause each Mortgage File or any document
therein so released to be returned to the Trustee, or the Custodian as agent for
the Trustee when the need therefor by the Servicer no longer exists, unless (i)
the Mortgage Loan has been liquidated and the Liquidation Proceeds relating to
the Mortgage Loan have been deposited in the Custodial Account or (ii) the
Mortgage File or such document has been delivered directly or through a
Subservicer to an attorney, or to a public trustee or other public official as
required by law, for purposes of initiating or pursuing legal action or other
proceedings for the foreclosure of the Mortgaged Property either judicially or
non-judicially, and the Servicer has delivered directly or through a Subservicer
to the Trustee and the Custodian a certificate of a Servicing Officer certifying
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as to the name and address of the Person to which such Mortgage File or such
document was delivered and the purpose or purposes of such delivery. In the
event of the liquidation of any such Mortgage Loan, the Custodian, if any, or
the Trustee shall deliver the Request for Release with respect thereto to the
Servicer upon deposit of the related Liquidation Proceeds in the Custodial
Account.
(c) The Servicer on the Trustee's behalf shall execute and deliver to the
Servicer, if necessary, any court pleadings, requests for trustee's sale or
other documents necessary to the foreclosure or trustee's sale in respect of a
Mortgaged Property or to any legal action brought to obtain judgment against any
Mortgagor on the Mortgage Note or Mortgage or to obtain a deficiency judgment,
or to enforce any other remedies or rights provided by the Mortgage Note or
Mortgage or otherwise available at law or in equity. Together with such
documents or pleadings (if signed by the Trustee), the Servicer shall deliver to
the Trustee a certificate of a Servicing Officer requesting that such pleadings
or documents be executed by the Trustee and certifying as to the reason such
documents or pleadings are required and that the execution and delivery thereof
by the Trustee will not invalidate any insurance coverage under any Required
Insurance Policy or invalidate or otherwise affect the lien of the Mortgage,
except for the termination of such a lien upon completion of the foreclosure or
trustee's sale.
(d) Notwithstanding any other provisions of this Agreement, the Servicer shall
transmit to the Custodian, if any, or the Trustee as required by this Agreement
all documents and instruments in respect of a Mortgage Loan coming into the
possession of the Servicer from time to time and shall account fully to the
Trustee for any funds received by the Servicer or which otherwise are collected
by the Servicer as Liquidation Proceeds or Insurance Proceeds in respect of any
related Mortgage Loan. All Mortgage Files and funds collected or held by, or
under the control of, the Servicer in respect of any Mortgage Loans, whether
from the collection of principal and interest payments or from Liquidation
Proceeds, including but not limited to, any funds on deposit in the Custodial
Account(s), shall be held by the Servicer for and on behalf of the Trustee and
shall be and remain the sole and exclusive property of the Trustee, subject to
the applicable provisions of this Agreement. The Servicer also agrees that it
shall not create, incur or subject any Mortgage File or any funds that are
deposited in the Custodial Account, Payment Account or any related Servicing
Account, or any funds that otherwise are or may become due or payable to the
Trustee for the benefit of the Certificateholders, to any claim, lien, security
interest, judgment, levy, writ of attachment or other encumbrance, or assert by
legal action or otherwise any claim or right of setoff against any Mortgage File
or any funds collected on, or in connection with, a Mortgage Loan, except,
however, that the Servicer shall be entitled to set off against and deduct from
any such funds any amounts that are properly due and payable to the Servicer
under this Agreement.
Section 3.16. Servicing and Other Compensation; Compensating Interest.
(a) The Servicer, as compensation for its activities hereunder, shall be
entitled to receive on each Distribution Date the amounts provided for by
clauses (iii), (iv), (v) and (vi) of Section 3.10(a), subject to clause (e)
below. The amount of servicing compensation provided for in such clauses shall
be accounted for on a Mortgage Loan-by-Mortgage Loan basis. In the event that
Liquidation Proceeds, Insurance Proceeds and REO Proceeds (net of amounts
reimbursable therefrom pursuant to Section 3.10(a)(ii)) in respect of a Cash
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Liquidation or REO Disposition exceed the unpaid principal balance of such
Mortgage Loan plus unpaid interest accrued thereon (including REO Imputed
Interest) at a per annum rate equal to the related Net Mortgage Rate (or the
Modified Net Mortgage Rate in the case of a Modified Mortgage Loan), the
Servicer shall be entitled to retain therefrom and to pay to itself and/or the
related Subservicer, any Foreclosure Profits and any Servicing Fee or
Subservicing Fee considered to be accrued but unpaid.
(b) Additional servicing compensation in the form of prepayment charges,
assumption fees, late payment charges, investment income on amounts in the
Custodial Account or otherwise shall be retained by the Servicer or the
Subservicer to the extent provided herein, subject to clause (e) below.
(c) The Servicer shall be required to pay, or cause to be paid, all expenses
incurred by it in connection with its servicing activities hereunder (including
payment of premiums for the Primary Insurance Policies, if any, to the extent
such premiums are not required to be paid by the related Mortgagors, certain
expenses of the Trustee as provided in Section 8.05, and the fees and expenses
of any Custodian) and shall not be entitled to reimbursement therefor except as
specifically provided in Sections 3.10 and 3.14.
(d) The Servicer's right to receive servicing compensation may not be
transferred in whole or in part except in connection with the transfer of all of
its responsibilities and obligations of the Servicer under this Agreement.
(e) Notwithstanding any other provision herein, the amount of the Servicing Fee
that the Servicer shall be entitled to receive for its activities hereunder for
the period ending on each Distribution Date shall be reduced (but not below
zero) by an amount equal to Compensating Interest (if any) for such Distribution
Date. In making such reduction, the Servicer will not withdraw from the
Custodial Account any such amount representing all or a portion of the Servicing
Fee to which it is entitled pursuant to Section 3.10(a)(iii).
Section 3.17. Periodic Filings with the Securities and Exchange Commission;
Additional Information.
Within 15 days after each Distribution Date, the Trustee shall, in
accordance with industry standards, file with the Securities and Exchange
Commission (the "Commission") via the Electronic Data Gathering and Retrieval
System (EDGAR), a Form 8-K with a copy of the statement to the
Certificateholders for such Distribution Date as an exhibit thereto. Prior to
January 30, 2001, the Trustee shall, in accordance with industry standards, file
a Form 15 Suspension Notification with respect to the Trust Fund, if applicable.
Prior to March 30, 2001, the Trustee shall file a Form 10-K, in substance
conforming to industry standards, with respect to the Trust Fund. The Company
hereby grants to the Trustee a limited power of attorney to execute and file
each such document on behalf of the Company. Such power of attorney shall
continue until either the earlier of (i) receipt by the Trustee from the Company
of written termination of such power of attorney and (ii) the termination of the
Trust Fund. The Company agrees to promptly furnish to the Trustee, from time to
time upon request, such further information, reports, and financial statements
within its control related to this Agreement and the Mortgage Loans as the
Trustee reasonably deems appropriate to prepare and file all necessary reports
with the Commission. The Trustee shall have no responsibility to file any items
other than those specified in this section.
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Section 3.18. Annual Statement as to Compliance.
The Servicer shall deliver to the Seller, the Trustee, Financial
Security and each Rating Agency on or before 90 days after the end of the
Servicer's fiscal year, commencing in its fiscal year ending December 31, 2000,
an Officer's Certificate stating, as to the signer thereof, that (i) a review of
the activities of the Servicer during the preceding calendar year and of the
performance of the Servicer under this Agreement has been made under such
officer's supervision and (ii) to the best of such officer's knowledge, based on
such review, the Servicer has fulfilled all its obligations under this Agreement
throughout such year, or, if there has been a default in the fulfillment of any
such obligation, specifying each such default known to such officer and the
nature and status thereof except for such defaults as such officer in his or her
good faith judgment believes to be immaterial.
Section 3.19. Annual Independent Public Accountants' Servicing Report.
On or before 90 days after the end of the Servicer's fiscal year,
commencing in its 2000 fiscal year, the Servicer at its expense shall cause a
firm of independent public accountants (who may also render other services to
the Servicer, the Seller or any affiliate thereof) which is a member of the
American Institute of Certified Public Accountants to furnish a statement to the
Trustee, Financial Security and the Seller to the effect that such firm has
examined certain documents and records relating to the Servicer's servicing of
mortgage loans of the same type as the Mortgage Loans pursuant to servicing
agreements substantially similar to this Agreement, which agreements may include
this Agreement, and that, on the basis of such an examination, conducted
substantially in compliance with the Uniform Single Attestation Program for
Mortgage Bankers, such firm is of the opinion that the Servicer's servicing has
been conducted in compliance with the agreements examined pursuant to this
Section, except for (i) such exceptions as such firm shall believe to be
immaterial, and (ii) such other exceptions as shall be set forth in such
statement. Copies of such statement shall be provided by the Trustee to any
Certificateholder upon request at the Servicer's expense, provided such
statement is delivered by the Servicer to the Trustee.
Section 3.20. Rights of the Company in Respect of the Servicer.
The Servicer shall afford the Seller and the Trustee reasonable access
to all records and documentation regarding the Mortgage Loans and all accounts,
insurance information and other matters relating to this Agreement, such access
being afforded without charge, but only upon reasonable request and during
normal business hours at the office designated by the Servicer.
Section 3.21. Administration of Buydown Funds.
(a) With respect to any Buydown Mortgage Loan, the Servicer will withdraw from
the account that satisfies the requirements for a Subservicing Account (the
"Buydown Account") the predetermined amount that, when added to the amount due
on such date from the Mortgagor, equals the full Monthly Payment and deposit
that amount in the Custodial Account together with the related payment made by
the Mortgagor or advanced by the Subservicer.
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(b) If the Mortgagor on a Buydown Mortgage Loan prepays such loan in its
entirety during the period (the "Buydown Period") when Buydown Funds are
required to be applied to such Buydown Mortgage Loan, the Servicer shall
withdraw from the Buydown Account and remit any Buydown Funds remaining in the
Buydown Account in accordance with the related buydown agreement. The amount of
Buydown Funds which may be remitted in accordance with the related buydown
agreement may reduce the amount required to be paid by the Mortgagor to fully
prepay the related Mortgage Loan. If the Mortgagor on a Buydown Mortgage Loan
defaults on such Mortgage Loan during the Buydown Period and the property
securing such Buydown Mortgage Loan is sold in the liquidation thereof (either
by the Servicer or the insurer under any related Primary Insurance Policy), the
Servicer shall withdraw from the Buydown Account the Buydown Funds for such
Buydown Mortgage Loan still held in the Buydown Account and deposit the same in
the Custodial Account or, pay to the insurer under any related Primary Insurance
Policy if the Mortgaged Property is transferred to such insurer and such insurer
pays all of the loss incurred in respect of such default. Any amount so remitted
pursuant to the preceding sentence will be deemed to reduce the amount owed on
the Mortgage Loan.
Article IV
PAYMENTS TO CERTIFICATEHOLDERS
Section 4.01. Payment Account.
(a) The Trustee shall establish and maintain a Payment Account in which the
Servicer shall cause to be deposited on behalf of the Trustee on or before 2:00
P.M. New York time on each Payment Account Deposit Date by wire transfer of
immediately available funds an amount equal to the sum of (i) any Advance for
the immediately succeeding Distribution Date, (ii) any amount required to be
deposited in the Payment Account pursuant to Section 3.12(a), (iii) any amount
required to be deposited in the Payment Account pursuant to Section 4.07, (iv)
any amount required to be paid pursuant to Section 9.01 and (v) all other
amounts constituting the Available Distribution Amount for the immediately
succeeding Distribution Date.
(b) The Trustee may invest or cause the institution maintaining the Payment
Account to invest the funds in the Payment Account in Permitted Investments
designated in the name of the Trustee for the benefit of the Certificateholders,
which shall mature or be payable on demand not later than the Business Day next
preceding the Distribution Date next following the date of such investment
(except that (i) any investment in the institution with which the Payment
Account is maintained may mature or be payable on demand on such Distribution
Date and (ii) any other investment may mature or be payable on demand on such
Distribution Date if the Trustee shall advance funds on such Distribution Date
to the Payment Account in the amount payable on such investment on such
Distribution Date, pending receipt thereof to the extent necessary to make
distributions on the Certificates) and shall not be sold or disposed of prior to
maturity. All income and gain realized from any such investment shall be for the
benefit of the Trustee and shall be subject to its withdrawal or order from time
to time. The amount of any losses incurred in respect of any such investments
shall be deposited in the Payment Account by the Trustee out of its own funds
immediately as realized without any right of reimbursement.
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Section 4.02. Distributions.
(a) On each Distribution Date (x) the Trustee or (y) the Paying Agent appointed
by the Trustee, shall distribute first to Financial Security the Insurance
Premium, second to the Trustee, payment for any servicing transfer expenses
reimbursable to the Trustee pursuant to Section 7.02(a), and that have not been
paid or reimbursed to the Trustee by the Servicer, third to the Servicer, in the
case of a distribution pursuant to Section 4.02(a)(iii) below, the amount
required to be distributed to the Servicer or a Subservicer pursuant to Section
4.02(a)(iii) below, and fourth to each Certificateholder of record on the next
preceding Record Date (other than as provided in Section 9.01 respecting the
final distribution) either in immediately available funds (by wire transfer or
otherwise) to the account of such Certificateholder at a bank or other entity
having appropriate facilities therefor, if such Certificateholder has so
notified the Trustee or the Paying Agent, as the case may be, or, if such
Certificateholder has not so notified the Trustee or the Paying Agent by the
Record Date, by check mailed to such Certificateholder at the address of such
Holder appearing in the Certificate Register such Certificateholder's share
(which share with respect to each Class of Certificates, shall be based on the
aggregate of the Percentage Interests represented by Certificates of the
applicable Class held by such Holder of the following amounts, in the following
order of priority (subject to the provisions of Section 4.02(b) below), in each
case to the extent of the Available Distribution Amount:
(i) to the Senior Certificates (other than the Class PO Certificates, and on or
prior to the related Accretion Termination Date, the Accrual Certificates
to the extent of the related Accrual Distribution Amount) on a pro rata
basis based on Accrued Certificate Interest payable on such Certificates
with respect to such Distribution Date, Accrued Certificate Interest on
such Classes of Certificates for such Distribution Date, plus any Accrued
Certificate Interest thereon remaining unpaid from any previous
Distribution Date except as provided in the last paragraph of this Section
4.02(a) plus, to any Class A-3 Certificate, any Insured Reserve Withdrawal
pursuant to Section 4.08, and any amounts paid under the FSA Policy
pursuant to Section 11.02, in each case in respect of interest; and
(ii) (X) to the Class PO Certificates, the Class PO Principal Distribution
Amount (as defined in Section 4.02(b)(i) herein); and
(Y) to the Accretion Directed Certificates, the Accrual
Distribution Amounts in the priority set forth in Section
4.02(b)(ii), and to the Senior Certificates (other than the Class
PO Certificates), in the priorities and amounts set forth in
Section 4.02(b) through (d), the sum of the following (applied to
reduce the Certificate Principal Balances of such Senior
Certificates, as applicable):
(A) the Senior Percentage for such Distribution Date times the sum of the
following:
(1) the principal portion of each Monthly Payment due during the related Due
Period on each Outstanding Mortgage Loan (other than the related Discount
Fraction of the principal portion of such payment with respect to a
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Discount Mortgage Loan), whether or not received on or prior to the related
Determination Date, minus the principal portion of any Debt Service
Reduction (other than the related Discount Fraction of the principal
portion of such Debt Service Reductions with respect to each Discount
Mortgage Loan) which together with other Bankruptcy Losses exceeds the
Bankruptcy Amount;
(2) the Stated Principal Balance of any Mortgage Loan repurchased during the
preceding calendar month (or deemed to have been so repurchased in
accordance with Section 3.07(b)) pursuant to Sections 2.02, 2.04 or 4.07,
and the amount of any shortfall deposited in the Custodial Account in
connection with the substitution of a Deleted Mortgage Loan pursuant to
Section 2.02 or Section 2.04, during the preceding calendar month (other
than the related Discount Fraction of such Stated Principal Balance or
shortfall with respect to each Discount Mortgage Loan); and
(3) the principal portion of all other unscheduled collections (other than
Principal Prepayments in Full and Curtailments and amounts received in
connection with a Cash Liquidation or REO Disposition of a Mortgage Loan
described in Section 4.02(a)(ii)(Y)(B), including without limitation
Insurance Proceeds, Liquidation Proceeds and REO Proceeds) received during
the preceding calendar month or, in the case of Principal Prepayment in
Full, during the related Prepayment Period (or deemed to have been so
received in accordance with Section 3.07(b)) to the extent applied by the
Servicer as recoveries of principal of the related Mortgage Loan pursuant
to Section 3.14 (other than the related Discount Fraction of the principal
portion of such unscheduled collections, with respect to each Discount
Mortgage Loan);
(B) with respect to each Mortgage Loan for which a Cash Liquidation or a REO
Disposition occurred during the preceding calendar month (or was deemed to
have occurred during such period in accordance with Section 3.07(b)) and
did not result in any Excess Special Hazard Losses, Excess Fraud Losses,
Excess Bankruptcy Losses or Extraordinary Losses, an amount equal to the
lesser of (a) the Senior Percentage for such Distribution Date times the
Stated Principal Balance of such Mortgage Loan (other than the related
Discount Fraction of such Stated Principal Balance, with respect to each
Discount Mortgage Loan) and (b) the Senior Accelerated Distribution
Percentage for such Distribution Date times the related unscheduled
collections (including without limitation Insurance Proceeds, Liquidation
Proceeds and REO Proceeds) to the extent applied by the Servicer as
recoveries of principal of the related Mortgage Loan pursuant to Section
3.14 (in each case other than the portion of such unscheduled collections,
with respect to a Discount Mortgage Loan, included in Section
4.02(b)(i)(C));
(C) the Senior Accelerated Distribution Percentage for such Distribution Date
times the aggregate of all Principal Prepayments in Full received in the
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related Prepayment Period and Curtailments received in the preceding
calendar month (other than the related Discount Fraction of such Principal
Prepayments in Full and Curtailments, with respect to each Discount
Mortgage Loan);
(D) any Excess Subordinate Principal Amount for such Distribution Date; and
(E) any amounts described in subsection (ii)(Y), clauses (A), (B) and
(C) of this Section 4.02(a), as determined for any previous
Distribution Date, which remain unpaid after application of
amounts previously distributed pursuant to this clause (E) to the
extent that such amounts are not attributable to Realized Losses
which have been allocated to the Subordinate Certificates;
(iii)if the Certificate Principal Balances of the Subordinate Certificates have
not been reduced to zero, to the Servicer or a Subservicer, by remitting
for deposit to the Custodial Account, to the extent of and in reimbursement
for any Advances or Subservicer Advances previously made with respect to
any Mortgage Loan or REO Property which remain unreimbursed in whole or in
part following the Cash Liquidation or REO Disposition of such Mortgage
Loan or REO Property, minus any such Advances that were made with respect
to delinquencies that ultimately constituted Excess Special Hazard Losses,
Excess Fraud Losses, Excess Bankruptcy Losses or Extraordinary Losses;
(iv) to the Holders of the Class M-1 Certificates, the Accrued Certificate
Interest thereon for such Distribution Date, plus any Accrued
Certificate Interest thereon remaining unpaid from any previous
Distribution Date, except as provided below;
(v) to the Holders of the Class M-1 Certificates, an amount equal to (x) the
Subordinate Principal Distribution Amount for such Class of Certificates
for such Distribution Date, minus (y) the amount of any Class PO
Collection Shortfalls for such Distribution Date or remaining unpaid for
all previous Distribution Dates, to the extent the amounts available
pursuant to clause (x) of Sections 4.02(a)(vii), (ix), (xi), (xiii),
(xiv) and (xv) are insufficient therefor, applied in reduction of the
Certificate Principal Balance of the Class M-1 Certificates;
(vi) to the Holders of the Class M-2 Certificates, the Accrued Certificate
Interest thereon for such Distribution Date, plus any Accrued
Certificate Interest thereon remaining unpaid from any previous
Distribution Date, except as provided below;
(vii) to the Holders of the Class M-2 Certificates, an amount equal to (x) the
Subordinate Principal Distribution Amount for such Class of Certificates
for such Distribution Date, minus (y) the amount of any Class PO
Collection Shortfalls for such Distribution Date or remaining unpaid for
all previous Distribution Dates, to the extent the amounts available
pursuant to clause (x) of Sections 4.02(a)(ix), (xi), (xiii), (xiv) and
(xv) are insufficient therefor, applied in reduction of the Certificate
Principal Balance of the Class M-2 Certificates;
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(viii) to the Holders of the Class M-3 Certificates, the Accrued Certificate
Interest thereon for such Distribution Date, plus any Accrued
Certificate Interest thereon remaining unpaid from any previous
Distribution Date, except as provided below;
(ix) to the Holders of the Class M-3 Certificates, an amount equal to (x) the
Subordinate Principal Distribution Amount for such Class of Certificates
for such Distribution Date minus (y) the amount of any Class PO
Collection Shortfalls for such Distribution Date or remaining unpaid for
all previous Distribution Dates, to the extent the amounts available
pursuant to clause (x) of Sections 4.02(a)(xi), (xiii), (xiv) and (xv)
are insufficient therefor, applied in reduction of the Certificate
Principal Balance of the Class M-3 Certificates;
(x) to the Holders of the Class B-1 Certificates, the Accrued Certificate
Interest thereon for such Distribution Date, plus any Accrued
Certificate Interest thereon remaining unpaid from any previous
Distribution Date, except as provided below;
(xi) to the Holders of the Class B-1 Certificates, an amount equal to (x) the
Subordinate Principal Distribution Amount for such Class of Certificates
for such Distribution Date minus (y) the amount of any Class PO
Collection Shortfalls for such Distribution Date or remaining unpaid for
all previous Distribution Dates, to the extent the amounts available
pursuant to clause (x) of Sections 4.02(a)(xiii), (xiv) and (xv) are
insufficient therefor, applied in reduction of the Certificate Principal
Balance of the Class B-1 Certificates;
(xii) to the Holders of the Class B-2 Certificates, the Accrued Certificate
Interest thereon for such Distribution Date, plus any Accrued
Certificate Interest thereon remaining unpaid from any previous
Distribution Date, except as provided below;
(xiii) to the Holders of the Class B-2 Certificates, an amount equal to (x) the
Subordinate Principal Distribution Amount for such Class of Certificates
for such Distribution Date minus (y) the amount of any Class PO
Collection Shortfalls for such Distribution Date or remaining unpaid for
all previous Distribution Dates, to the extent the amounts available
pursuant to clause (x) of Sections 4.02(a)(xiv) and (xv) are
insufficient therefor, applied in reduction of the Certificate Principal
Balance of the Class B-2 Certificates;
(xiv) to the Holders of the Class B-3 Certificates, an amount equal to (x) the
Accrued Certificate Interest thereon for such Distribution Date, plus
any Accrued Certificate Interest thereon remaining unpaid from any
previous Distribution Date, except as provided below, minus (y) the
amount of any Class PO Collection Shortfalls for such Distribution Date
or remaining unpaid for all previous Distribution Dates, to the extent
the amounts available pursuant to clause (x) of Section 4.02(a) (xv) are
insufficient therefor;
(xv) to the Holders of the Class B-3 Certificates, an amount equal to (x) the
Subordinate Principal Distribution Amount for such Class of Certificates
for such Distribution Date minus (y) the amount of any Class PO
Collection Shortfalls for such Distribution Date or remaining unpaid for
all previous Distribution Dates applied in reduction of the Certificate
Principal Balance of the Class B-3 Certificates;
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(xvi) to Financial Security, as subrogee of the Insured Certificateholders, to
reimburse Financial Security for claims paid under the FSA Policy, an
amount equal to Cumulative Insurance Payments on the Insured
Certificates;
(xvii) to the Senior Certificates, in the priority set forth in Section
4.02(b), the portion, if any, of the Available Distribution Amount
remaining after the foregoing distributions, applied to reduce the
Certificate Principal Balances of such Senior Certificates, but in no
event more than the aggregate of the outstanding Certificate Principal
Balances of each such Class of Senior Certificates, and thereafter, to
each Class of Subordinate Certificates then outstanding beginning with
such Class with the Highest Priority, any portion of the Available
Distribution Amount remaining after the Senior Certificates have been
retired, applied to reduce the Certificate Principal Balance of each
such Class of Subordinate Certificates, but in no event more than the
outstanding Certificate Principal Balance of each such Class of
Subordinate Certificates;
(xviii) to the Trustee, any fees and/or expenses payable or reimbursable by the
Servicer pursuant to Section 8.05 hereof, to the extent not paid by the
Servicer; and
(xix)to the Class R Certificates, the balance, if any, of the Available
Distribution Amount.
Notwithstanding the foregoing, on any Distribution Date, with respect to
the Class of Subordinate Certificates outstanding on such Distribution Date with
the Lowest Priority, or in the event the Subordinate Certificates are no longer
outstanding, the Senior Certificates, Accrued Certificate Interest thereon
remaining unpaid from any previous Distribution Date will be distributable only
to the extent that such unpaid Accrued Certificate Interest was attributable to
interest shortfalls relating to the failure of the Servicer to make any required
Advance, or the determination by the Servicer that any proposed Advance would be
a Nonrecoverable Advance with respect to the related Mortgage Loan where such
Mortgage Loan has not yet been the subject of a Cash Liquidation or REO
Disposition.
(b) Distributions of principal on the Senior Certificates on each Distribution
Date occurring prior to the Credit Support Depletion Date will be made as
follows:
(i) first, to the Class PO Certificates, until the Certificate Principal
Balance thereof is reduced to zero, an amount (the "Class PO Principal
Distribution Amount") equal to the aggregate of:
(A) the related Discount Fraction of the principal portion of each
Monthly Payment on each Discount Mortgage Loan due during the
related Due Period, whether or not received on or prior to the
related Determination Date, minus the Discount Fraction of the
principal portion of any related Debt Service Reduction which
together with other Bankruptcy Losses exceeds the Bankruptcy
Amount;
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(B) the related Discount Fraction of the principal portion of all unscheduled
collections on each Discount Mortgage Loan received during the preceding
calendar month or, in the case of Principal Prepayments in Full, during the
related Prepayment Period (other than amounts received in connection with a
Cash Liquidation or REO Disposition of a Discount Mortgage Loan described
in clause (C) below), including Principal Prepayments in Full, Curtailments
and repurchases (including deemed repurchases under Section 3.07(b)) of
Discount Mortgage Loans (or, in the case of a substitution of a Deleted
Mortgage Loan, the Discount Fraction of the amount of any shortfall
deposited in the Custodial Account in connection with such substitution);
(C) in connection with the Cash Liquidation or REO Disposition of a Discount
Mortgage Loan that did not result in any Excess Special Hazard Losses,
Excess Fraud Losses, Excess Bankruptcy Losses or Extraordinary Losses, an
amount equal to the lesser of (1) the applicable Discount Fraction of the
Stated Principal Balance of such Discount Mortgage Loan immediately prior
to such Distribution Date and (2) the aggregate amount of the collections
on such Mortgage Loan to the extent applied as recoveries of principal;
(D) any amounts allocable to principal for any previous Distribution Date
(calculated pursuant to clauses (A) through (C) above) that remain
undistributed; and
(E) the amount of any Class PO Collection Shortfalls for such Distribution Date
and the amount of any Class PO Collection Shortfalls remaining unpaid for
all previous Distribution Dates, but only to the extent of the Eligible
Funds for such Distribution Date;
(ii) an amount equal to the relevant Accrual Distribution Amount shall be
concurrently distributed as follows:
(A) the Class A-2 Accrual Distribution Amount shall be
distributed to the Class A-1 Certificates and the Group A Certificates,
on a pro rata basis in accordance with their respective Certificate
Principal Balances, in reduction of the Certificate Principal Balances
thereof, until the Certificate Principal Balances thereof have been
reduced to zero; and the pro rata share allocated to the Group A
Certificates will be applied pursuant to the Group A Distribution
Priorities; and
(B) the Class A-8 Accrual Distribution Amount shall be
distributed to the Class A-6 Certificates, in reduction of the
Certificate Principal Balance thereof, until the Certificate Principal
Balance thereof has been reduced to zero;
(iii) the Senior Principal Distribution Amount shall be distributed to the
Class R Certificates, pro rata in accordance with their respective
Certificate Balances, until the Certificate Principal Balance thereof
has been reduced to zero;
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(iv) the balance of the Senior Principal Distribution Amount remaining after
the distributions, if any, described in clause (iii) above shall be
distributed to the Prepayment Lockout Certificates in reduction of the
Certificate Principal Balances thereof, in an amount equal to the sum of
the following:
(A) the Prepayment Lockout Certificates' pro rata share (based on the
aggregate Certificate Principal Balance thereof relative to the
aggregate Certificate Principal Balance of all classes of
Certificates (other than the Class PO Certificates)) of the
aggregate of the collections described in clauses (ii)(Y)(A), (B)
and (E) of Section 4.02(a), without application of the Senior
Percentage and Senior Accelerated Distribution Percentage; and
(B) the Lockout Prepayment Percentage of the Prepayment Lockout
Certificates' pro rata share, based on the Certificate Principal
Balance thereof relative to the aggregate Certificate Principal
Balance of all classes of certificates, other than the Class PO
Certificates, of the aggregate of the collections described in
clause (ii)(Y)(C) of Section 4.02(a) without application of the
Senior Accelerated Distribution Percentage;
provided that, if the aggregate of the amounts set forth in clauses (ii)(Y)(A),
(B), (C) and (E) of Section 4.02(a) is more than the balance of the Available
Distribution Amount remaining after the Senior Interest Distribution Amount, the
Class PO Principal Distribution Amount and the Accrual Distribution Amount have
been distributed, the amount paid to the Prepayment Lockout Certificates
pursuant to this clause (iii) shall be reduced by an amount equal to the
Prepayment Lockout Certificates' pro rata share (based on the aggregate
Certificate Principal Balance thereof relative to the aggregate Certificate
Principal Balance of the Senior Certificates (other than the Class PO
Certificates)) of such difference;
(v) for each Distribution Date on or after July 2003, an amount equal to the
lesser of (A) the balance of the Senior Principal Distribution Amount
remaining after the distributions, if any, described in clauses (iii) and
(iv) above, plus any amounts withdrawn from the Rounding Account pursuant
to Section 4.09, and any amounts paid under the FSA Policy pursuant to
Section 11.02, in each case in respect of principal, and (B) $15,300, will
be distributed to the Insured Certificates, in reduction of the Certificate
Principal Balance thereof, until the Certificate Principal Balance thereof
has been reduced to zero;
(vi) the balance of the Senior Principal Distribution Amount remaining after
the distributions, if any, described in clauses (iii) through (v) above
shall be distributed, to the Class A-1 Certificates and the Group A
Certificates, on a pro rata basis in accordance with their respective
Certificate Principal Balances, until the Certificate Principal Balances
thereof have been reduced to zero; and the pro rata share allocated to
the Group A Certificates will be applied pursuant to the Group A
Distribution Priorities;
(vii) an amount equal to the balance of the Senior Principal Distribution
Amount remaining after the distributions, if any, described in clauses
(iii) through (vi) above shall be distributed to the Class A-2
Certificates, until the Certificate Principal Balance thereof has been
reduced to zero;
(viii) an amount equal to the balance of the Senior Principal Distribution
Amount remaining after the distributions, if any, described in clauses
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(iii) through (vii) above, plus any amounts withdrawn from the Rounding
Account pursuant to Section 4.09, and any amounts paid under the FSA
Policy pursuant to Section 11.02, in each case in respect of principal,
shall be distributed, to the Insured Certificates, until the Certificate
Principal Balance thereof has been reduced to zero; and
(ix) the balance of the Senior Principal Distribution Amount remaining after
the distributions, if any, described in clauses (iii) through (viii)
above shall be distributed to the Prepayment Lockout Certificates, until
the Certificate Principal Balance thereof has been reduced to zero.
(c) On or after the Credit Support Depletion Date, all priorities relating to
distributions as described in Section 4.02(b) above in respect of principal
among the various classes of Senior Certificates (other than the Class PO
Certificates) will be disregarded, and (i) an amount equal to the Discount
Fraction of the principal portion of scheduled payments and unscheduled
collections received or advanced in respect of the Discount Mortgage Loans will
be distributed to the Class PO Certificates, (ii) the Senior Principal
Distribution Amount will be distributed to the remaining Senior Certificates
(other than the Class PO Certificates) pro rata in accordance with their
respective outstanding Certificate Principal Balances, and (iii) the amount set
forth in Section 4.02(a)(i) will be distributed as set forth therein.
(d) After the reduction of the Certificate Principal Balances of the Senior
Certificates (other than the Class PO Certificates) to zero but prior to the
Credit Support Depletion Date, the Senior Certificates (other than the Class PO
Certificates) will be entitled to no further distributions of principal thereon
and the Available Distribution Amount will be paid solely to the holders of the
Class PO, Class IO and Subordinate Certificates, in each case as described
herein.
(e) In addition to the foregoing distributions, with respect to any Mortgage
Loan that was previously the subject of a Cash Liquidation or an REO Disposition
that resulted in a Realized Loss, in the event that within two years of the date
on which such Realized Loss was determined to have occurred the Servicer
receives amounts, which the Servicer reasonably believes to represent subsequent
recoveries (net of any related liquidation expenses), or determines that it
holds surplus amounts previously reserved to cover estimated expenses,
specifically related to such Mortgage Loan (including, but not limited to,
recoveries in respect of the representations and warranties made by the related
Seller pursuant to the Purchase Agreement), the Servicer shall distribute such
amounts to the applicable Certificateholders of the Class or Classes to which
such Realized Loss was allocated (or to Financial Security, as subrogee for such
Certificateholders, to the extent Financial Security made an FSA Insurance
Payment in respect of such Realized Loss), if applicable (with the amounts to be
distributed allocated among such Classes in the same proportions as such
Realized Loss was allocated), and within each such Class to the
Certificateholders of record as of the Record Date immediately preceding the
date of such distribution (or if such Class of Certificates is no longer
outstanding, to the Certificateholders of record at the time that such Realized
Loss was allocated); provided that no such distribution to any Class of
Certificates of subsequent recoveries related to a Mortgage Loan shall exceed,
either individually or in the aggregate and together with any other amounts paid
in reimbursement therefor, the amount of the related Realized Loss that was
allocated to such Class of Certificates. Notwithstanding the foregoing, no such
distribution shall be made with respect to the Certificates of any Class to the
extent that either (i) such Class was protected against the related Realized
Loss or (ii) such Class of Certificates has been deposited into a separate trust
fund or other structuring vehicle and separate certificates or other instruments
representing interests therein have been issued in one or more classes, and any
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of such separate certificates or other instruments were protected against the
related Realized Loss pursuant to any limited guaranty, payment obligation,
irrevocable letter of credit, surety bond, insurance policy or similar
instrument or a reserve fund, or a combination thereof. Any amount to be so
distributed with respect to the Certificates of any Class shall be distributed
by the Servicer to the Certificateholders of record as of the Record Date
immediately preceding the date of such distribution (i) with respect to the
Certificates of any Class (other than the Class IO Certificates), on a pro rata
basis based on the Percentage Interest represented by each Certificate of such
Class as of such Record Date and (ii) with respect to the Class IO Certificates,
to the Class IO Certificates in the same proportion as the related Realized Loss
was allocated. Any amounts to be so distributed shall not be remitted to or
distributed from the Trust Fund, and shall constitute subsequent recoveries with
respect to Mortgage Loans that are no longer assets of the Trust Fund.
(f) Each distribution with respect to a Book-Entry Certificate shall be paid to
the Depository, as Holder thereof, and the Depository shall be solely
responsible for crediting the amount of such distribution to the accounts of its
Depository Participants in accordance with its normal procedures. Each
Depository Participant shall be responsible for disbursing such distribution to
the Certificate Owners that it represents and to each indirect participating
brokerage firm (a "brokerage firm") for which it acts as agent. Each brokerage
firm shall be responsible for disbursing funds to the Certificate Owners that it
represents. The Trustee and the Depository shall be responsible for allocation
of the aggregate amount of distributions in reduction of the Certificate
Principal Balance of the Insured Certificates as set forth in Section 4.12. None
of the Trustee, the Certificate Registrar, the Company or the Servicer shall
have any responsibility therefor.
(g) Except as otherwise provided in Section 9.01, if the Servicer anticipates
that a final distribution with respect to any Class of Certificates will be made
on the next Distribution Date, the Servicer shall, no later than the
Determination Date in the month of such final distribution, notify the Trustee
and the Trustee shall, no later than two (2) Business Days after such
Determination Date, mail on such date to each Holder of such Class of
Certificates a notice to the effect that: (i) the Trustee anticipates that the
final distribution with respect to such Class of Certificates will be made on
such Distribution Date but only upon presentation and surrender of such
Certificates at the office of the Trustee or as otherwise specified therein, and
(ii) no interest shall accrue on such Certificates from and after the end of the
related Interest Accrual Period. In the event that Certificateholders required
to surrender their Certificates pursuant to Section 9.01(c) do not surrender
their Certificates for final cancellation, the Trustee shall cause funds
distributable with respect to such Certificates to be withdrawn from the Payment
Account and credited to a separate escrow account for the benefit of such
Certificateholders as provided in Section 9.01(d).
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(h) Notwithstanding the priorities relating to distributions of principal among
the Insured Certificates described above, on any Distribution Date,
distributions in respect of principal on the Insured Certificates will be
allocated among the Certificate Owners of the Insured Certificates as set forth
in Section 4.10. On each Distribution Date on which amounts are available for
distributions in reduction of the Certificate Principal Balance of the Insured
Certificates (including, for purposes of this paragraph, the portion of any FSA
Insurance Payment allocable to principal) the aggregate amount allocable to such
distributions will be rounded upward by the Rounding Amount. Such rounding will
be accomplished on the first Distribution Date on which distributions in
reduction of the Certificate Principal Balance of the Insured Certificates are
made by withdrawing from the Rounding Account the Rounding Amount for deposit
into the Payment Account, and such Rounding Amount will be added to the amount
that is allocable for distributions in reduction of the Certificate Principal
Balance of the Insured Certificates. On each succeeding Distribution Date on
which distributions in reduction of the Certificate Principal Balance of the
Insured Certificates are made, first, the aggregate amount available for
distribution in reduction of the Certificate Principal Balance of the Insured
Certificates will be applied to repay the Rounding Amount withdrawn from the
Rounding Account on the prior Distribution Date and then, the remainder of such
allocable amount, if any, will be similarly rounded upward through another
withdrawal from the Rounding Account and such determined Rounding Amount will be
added to the amount that is allocable for distributions in reduction of the
Certificate Principal Balance of the Insured Certificates. Any funds remaining
in the Rounding Account after the Certificate Principal Balance of the Insured
Certificates is reduced to zero shall be distributed to the Class R
Certificateholders.
Section 4.03. Statements to Certificateholders.
(a) Concurrently with each distribution charged to the Payment Account
and with respect to each Distribution Date, the Trustee shall make available to
Certificateholders, Financial Security and other parties to this Agreement via
the Trustee's internet website and its fax-on-demand service a statement as to
each Class of Certificates and the Mortgage Pool that includes the information
set forth in Exhibit M attached hereto.
The Trustee's fax-on-demand service may be accessed by calling (301)
815-6610. The Trustee's internet website shall initially be located at
"www.ctslink.com." Assistance in using the website or the fax-on-demand service
can be obtained by calling the Trustee's customer service desk at (301)
815-6600. Parties that are unable to use the above distribution options are
entitled to have a paper copy mailed to them via first class mail by calling the
customer service desk and indicating such. The Trustee shall have the right to
change the way Distribution Date statements are distributed in order to make
such distribution more convenient and/or more accessible to the above parties
and the Trustee shall provide timely and adequate notification to all above
parties regarding any such changes.
(b) Within a reasonable period of time after the end of each calendar
year, the Trustee shall prepare, or cause to be prepared, and shall forward, or
cause to be forwarded, to each Person who at any time during the calendar year
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was the Holder of a Certificate, other than a Class R Certificate, a statement
containing the information set forth in clauses (i) and (ii) of subsection (a)
above aggregated for such calendar year or applicable portion thereof during
which such Person was a Certificateholder. Such obligation of the Trustee shall
be deemed to have been satisfied to the extent that substantially comparable
information shall be provided by the Trustee pursuant to any requirements of the
Code.
(c) Within a reasonable period of time after the end of each calendar
year, the Trustee shall prepare, or cause to be prepared, and shall forward, or
cause to be forwarded, to each Person who at any time during the calendar year
was the Holder of a Class R Certificate, a statement containing the applicable
distribution information provided pursuant to this Section 4.03 aggregated for
such calendar year or applicable portion thereof during which such Person was
the Holder of a Class R Certificate. Such obligation of the Trustee shall be
deemed to have been satisfied to the extent that substantially comparable
information shall be provided by the Servicer pursuant to any requirements of
the Code.
(d) Upon the written request of any Certificateholder, the Trustee, as
soon as reasonably practicable, shall provide the requesting Certificateholder
with such information as is necessary and appropriate, in the Trustee's sole
discretion, for purposes of satisfying applicable reporting requirements under
Rule 144A.
Section 4.04. Distribution of Reports to the Trustee and the Company; Advances
by the Servicer.
(a) Prior to the close of business on the Business Day next succeeding each
Determination Date, the Servicer shall furnish a report (the "Remittance
Report") to the Trustee and Financial Security in a mutually agreed upon form of
an electromagnetic tape or disk and hard copy. The Remittance Report and any
information supplemental thereto shall include such information with respect to
the Mortgage Loans that is required by the Trustee for purposes of making the
calculations described in Section 4.02 and preparing the statement described in
Section 4.03, as set forth in written specifications or guidelines issued by the
Seller or the Trustee from time to time. The Trustee shall be protected in
relying upon the information set forth in the Remittance Report without any
independent check or verification.
(b) On or before 2:00 P.M. New York time on each Payment Account Deposit Date,
the Servicer shall either (i) deposit in the Payment Account from its own funds,
or funds received therefor from the Subservicers, an amount equal to the
Advances to be made by the Servicer in respect of the related Distribution Date,
which shall be in an aggregate amount equal to the aggregate amount of Monthly
Payments (with each interest portion thereof adjusted to the Net Mortgage Rate),
less the amount of any related Servicing Modifications, Debt Service Reductions
or reductions in the amount of interest collectable from the Mortgagor pursuant
to the Relief Act, on the Outstanding Mortgage Loans as of the related Due Date,
which Monthly Payments were delinquent as of the close of business as of the
related Determination Date; provided that no Advance shall be made if it would
be a Nonrecoverable Advance, (ii) withdraw from amounts on deposit in the
Custodial Account and deposit in the Payment Account all or a portion of the
Amount Held for Future Distribution in discharge of any such Advance, or (iii)
make advances in the form of any combination of (i) and (ii) aggregating the
amount of such Advance. Any portion of the Amount Held for Future Distribution
so used shall be replaced by the Servicer by deposit in the Payment Account on
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or before 11:00 A.M. New York time on any future Payment Account Deposit Date to
the extent that funds attributable to the Mortgage Loans that are available in
the Custodial Account for deposit in the Payment Account on such Payment Account
Deposit Date shall be less than payments to Certificateholders required to be
made on the following Distribution Date. The Servicer shall be entitled to use
any Advance made by a Subservicer as described in Section 3.07(b) that has been
deposited in the Custodial Account on or before such Distribution Date as part
of the Advance made by the Servicer pursuant to this Section 4.04. The amount of
any reimbursement pursuant to Section 4.02(a) in respect of outstanding Advances
on any Distribution Date shall be allocated to specific Monthly Payments due but
delinquent for previous Due Periods, which allocation shall be made, to the
extent practicable, to Monthly Payments which have been delinquent for the
longest period of time. Such allocations shall be conclusive for purposes of
reimbursement to the Servicer from recoveries on related Mortgage Loans pursuant
to Section 3.10.
The determination by the Servicer that it has made a Nonrecoverable
Advance or that any proposed Advance, if made, would constitute a Nonrecoverable
Advance, shall be evidenced by an Officers' Certificate of the Servicer
delivered to the Company and the Trustee.
If the Servicer determines as of the Business Day preceding any Payment
Account Deposit Date that it will be unable to deposit in the Payment Account an
amount equal to the Advance required to be made for the immediately succeeding
Distribution Date, it shall give notice to the Trustee of its inability to
advance (such notice may be given by telecopy), not later than 3:00 P.M., New
York time, on such Business Day, specifying the portion of such amount that it
will be unable to deposit. Not later than 3:00 P.M., New York time, on the
Payment Account Deposit Date the Trustee shall, unless by 12:00 Noon, New York
time, on such day the Trustee shall have been notified in writing (by telecopy)
that the Servicer shall have directly or indirectly deposited in the Payment
Account such portion of the amount of the Advance as to which the Servicer shall
have given notice pursuant to the preceding sentence, pursuant to Section 7.01,
(a) terminate all of the rights and obligations of the Servicer under this
Agreement in accordance with Section 7.01 and (b) assume the rights and
obligations of the Servicer hereunder, including the obligation to deposit in
the Payment Account an amount equal to the Advance for the immediately
succeeding Distribution Date.
The Trustee shall deposit all funds it receives pursuant to this Section
4.04 into the Payment Account.
Section 4.05. Allocation of Realized Losses.
Prior to each Distribution Date, the Servicer shall determine the total
amount of Realized Losses, if any, that resulted from any Cash Liquidation,
Servicing Modification, Debt Service Reduction, Deficient Valuation or REO
Disposition that occurred during the calendar month preceding the month of
distribution or, in the case of a Servicing Modification that constitutes a
reduction of the interest rate on a Mortgage Loan, the amount of the reduction
in the interest portion of the Monthly Payment due during the related Due
Period. The amount of each Realized Loss shall be evidenced by an Officers'
Certificate. All Realized Losses, other than Excess Special Hazard Losses,
Extraordinary Losses, Excess Bankruptcy Losses or Excess Fraud Losses, shall be
allocated as follows: first, to the Class B-3 Certificates until the Certificate
Principal Balance thereof has been reduced to zero; second, to the Class B-2
Certificates until the Certificate Principal Balance thereof has been reduced to
zero; third, to the Class B-1 Certificates until the Certificate Principal
Balance thereof has been reduced to zero; fourth, to the Class M-3 Certificates
until the Certificate Principal Balance thereof has been reduced to zero; fifth,
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to the Class M-2 Certificates until the Certificate Principal Balance thereof
has been reduced to zero; sixth, to the Class M-1 Certificates until the
Certificate Principal Balance thereof has been reduced to zero; and, thereafter,
if any such Realized Losses are on a Discount Mortgage Loan, to the Class PO
Certificates in an amount equal to the Discount Fraction of the principal
portion thereof, and the remainder of such Realized Losses on the Discount
Mortgage Loans and the entire amount of such Realized Losses on Non-Discount
Mortgage Loans will be allocated among all the Senior Certificates (other than
the Class PO Certificates) on a pro rata basis, as described below. The
principal portion of any Excess Special Hazard Losses, Excess Bankruptcy Losses,
Excess Fraud Losses and Extraordinary Losses on the Discount Mortgage Loans will
be allocated to the Class PO Certificates in an amount equal to the Discount
Fraction thereof and the remainder of such Realized Losses on the Discount
Mortgage Loans and the entire amount of such Realized Losses on Non-Discount
Mortgage Loans will be allocated among the Senior Certificates (other than the
Class PO Certificates) and Subordinate Certificates, on a pro rata basis, as
described below.
As used herein, an allocation of a Realized Loss on a "pro rata basis"
among two or more specified Classes of Certificates means an allocation on a pro
rata basis, among the various Classes so specified, to each such Class of
Certificates on the basis of their then outstanding Certificate Principal
Balances prior to giving effect to distributions to be made on such Distribution
Date in the case of the principal portion of a Realized Loss or based on the
Accrued Certificate Interest thereon payable on such Distribution Date (without
regard to any Compensating Interest for such Distribution Date) in the case of
an interest portion of a Realized Loss. Except as provided in the following
sentence, any allocation of the principal portion of Realized Losses (other than
Debt Service Reductions) to a Class of Certificates shall be made by reducing
the Certificate Principal Balance thereof by the amount so allocated, which
allocation shall be deemed to have occurred on such Distribution Date; provided
that for purposes of determining "pro rata," the Certificate Principal Balance
of each Class of Accrual Certificates shall be deemed to be the lesser of (a)
the related Certificate Principal Balance thereof as of the Closing Date or (b)
the related Certificate Principal Balance thereof as of such date of
determination. Any allocation of the principal portion of Realized Losses (other
than Debt Service Reductions) to the Subordinate Certificates then outstanding
with the Lowest Priority shall be made by operation of the definition of
"Certificate Principal Balance" and by operation of the provisions of Section
4.02(a). Allocations of the interest portions of Realized Losses shall be made
in proportion to the amount of Accrued Certificate Interest and by operation of
the definition of "Accrued Certificate Interest" and by operation of the
provisions of Section 4.02(a). Allocations of the principal portion of Debt
Service Reductions shall be made by operation of the provisions of Section
4.02(a). All Realized Losses and all other losses allocated to a Class of
Certificates hereunder will be allocated among the Certificates of such Class in
proportion to the Percentage Interests evidenced thereby.
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Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property.
The Servicer or the Subservicers shall file information returns with
respect to the receipt of mortgage interests received in a trade or business,
the reports of foreclosures and abandonments of any Mortgaged Property and the
information returns relating to cancellation of indebtedness income with respect
to any Mortgaged Property required by Sections 6050H, 6050J and 6050P,
respectively, of the Code, and deliver to the Trustee an Officers' Certificate
on or before March 31 of each year stating that such reports have been filed.
Such reports shall be in form and substance sufficient to meet the reporting
requirements imposed by Sections 6050H, 6050J and 6050P of the Code.
Section 4.07. Optional Purchase of Defaulted Mortgage Loans.
As to any Mortgage Loan which is delinquent in payment by 90 days or
more, the Servicer may, upon the written request of and with funds provided by
the Junior Certificateholder, purchase such Mortgage Loan from the Trustee at
the Purchase Price therefor. If at any time the Servicer makes a payment to the
Payment Account covering the amount of the Purchase Price for such a Mortgage
Loan, and the Servicer provides to the Trustee a certification signed by a
Servicing Officer stating that the amount of such payment has been deposited in
the Payment Account, then the Trustee shall execute the assignment of such
Mortgage Loan at the request of the Servicer without recourse to the Junior
Certificateholder, which shall succeed to all the Trustee's right, title and
interest in and to such Mortgage Loan, and all security and documents relative
thereto. Such assignment shall be an assignment outright and not for security.
The Junior Certificateholder will thereupon own such Mortgage, and all such
security and documents, free of any further obligation to the Trustee or the
Certificateholders with respect thereto.
Section 4.08. Insured Reserve Fund.
No later than the Closing Date, the Trustee will establish and maintain
with itself one or more segregated trust accounts that are Eligible Accounts,
which shall be titled "Insured Reserve Fund, Norwest Bank Minnesota, National
Association, as trustee for the registered holders of Residential Asset Mortgage
Products, Inc., GMACM Mortgage Pass-Through Certificates, Series 2000-J2, Class
A-3." On the Closing Date, Greenwich Capital Markets, Inc. (the "Underwriter")
shall deposit with the Trustee, and the Trustee shall deposit into the Insured
Reserve Fund, cash in an amount equal to $2,500.
The Trustee shall withdraw amounts on deposit in the Insured Reserve
Fund for deposit into the Payment Account, and to pay to the holders of the
Insured Certificates pursuant to Section 4.02(a)(i) on a Distribution Date the
amount of Prepayment Interest Shortfalls and Relief Act Shortfalls otherwise
allocable to the Class A-3 Certificates pursuant to the definition of Accrued
Certificate Interest (to the extent not offset by the Servicer pursuant to
Section 3.16(e) hereof), on such Distribution Date, to the extent of funds on
deposit in the Insured Reserve Fund (the amount of such withdrawal for any
Distribution Date, the "Insured Reserve Withdrawal"). The Trustee will deliver
to Financial Security promptly after each Distribution Date a statement setting
forth the Insured Reserve Withdrawal for such Distribution Date and the
aggregate amount of Insured Reserve Withdrawals as of such Distribution Date.
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For federal income tax purposes, the Underwriter shall be the owner of
the Reserve Fund and shall report all items of income, deduction, gain or loss
arising therefrom. Notwithstanding anything herein to the contrary, the Insured
Reserve Fund shall not be an asset of either REMIC. The Insured Reserve Fund
shall be invested in Permitted Investments at the direction of the Underwriter.
All income and gain realized from investment of funds deposited in the Insured
Reserve Fund shall be deposited in the Insured Reserve Fund for the sole use and
exclusive benefit of the Insured Reserve Fund. The amount of any loss incurred
in respect of any such investments shall be deposited in the Insured Reserve
Fund by the Underwriter out of its own funds immediately as realized without any
right of reimbursement. The balance, if any, remaining in the Insured Reserve
Fund on the Distribution Date on which the Certificate Principal Balance of the
Insured Certificates is reduced to zero will be distributed by the Trustee to
the Underwriter. To the extent that the Insured Reserve Fund constitutes a
reserve fund for federal income tax purposes, (1) it shall be an outside reserve
fund and not an asset of either REMIC and (2) it shall be owned by the
Underwriter, all within the meaning of Section 1.860G-2(h) of the Treasury
Regulations.
Section 4.09. Rounding Account.
No later than the Closing Date, the Trustee will establish and maintain
with itself a segregated trust account that is an Eligible Account, which shall
be titled "Rounding Account, Norwest Bank Minnesota, National Association, as
trustee for the registered holders of Residential Asset Mortgage Products, Inc.,
GMACM Mortgage Pass-Through Certificates, Series 2000-J2, Class A-3." On the
Closing Date, the Underwriter shall deposit with the Trustee, and the Trustee
shall deposit into the Rounding Account, cash in an amount equal to $999.99.
The Trustee on each Distribution Date shall, based upon information
provided by the Servicer for the related Distribution Date, withdraw funds from
the Rounding Account to pay to the holders of the Insured Certificates pursuant
to Section 4.02(i) the Rounding Amount. In addition, the Trustee on each
Distribution Date shall, based upon information provided by the Servicer for the
related Distribution Date, withdraw funds from the Payment Account to repay to
the Rounding Account the Rounding Amount from the prior Distribution Date as
contemplated in Section 4.02(i).
Any amounts remaining in the Rounding Account on the date on which the
Certificate Principal Balance of the Insured Certificates has been reduced to
zero, or the Trust Fund is terminated, whichever occurs earlier, shall be paid
to the Holders of the Class R Certificates.
Section 4.10. Principal Distributions on the Insured Certificates.
Distributions in reduction of the Certificate Principal Balance of the
Insured Certificates will be made in integral multiples of $1,000 at the request
of the appropriate representatives of Deceased Owners of Insured Certificates
and at the request of Living Owners of Insured Certificates or by mandatory
distributions by Random Lot, pursuant to clauses (a) and (d) below, or on a pro
rata basis pursuant to clause (e) below.
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(a) On each Distribution Date on which distributions in reduction of the
Certificate Principal Balance of the Insured Certificates are made, such
distributions will be made in the following priority:
(i) any request by the personal representatives of a Deceased
Owner or by a surviving tenant by the entirety, by a surviving joint tenant or
by a surviving tenant in common, but not exceeding an aggregate amount of
$100,000 per request; and
(ii) any request by a Living Owner, but not exceeding an aggregate amount
of $10,000 per request.
Thereafter, distributions will be made, with respect to the Insured
Certificates, as provided in clauses (i) and (ii) above up to a second $100,000
and $10,000, respectively. This sequence of priorities will be repeated for each
request for principal distributions made by the Certificate Owners of the
Insured Certificates until all such requests have been honored.
Requests for distributions in reduction of the Certificate Principal
Balance of the Insured Certificates presented on behalf of Deceased Owners in
accordance with the provisions of clause (i) above will be accepted in order of
their receipt by the Depository. Requests for distributions in reduction of the
Certificate Principal Balance of the Insured Certificates presented in
accordance with the provisions of clause (ii) above will be accepted in the
order of their receipt by the Depository after all requests presented in
accordance with clause (i) have been honored. All requests for distributions in
reduction of the Certificate Principal Balance of the Insured Certificates will
be accepted in accordance with the provisions set forth in Section 4.10(c). All
requests for distributions in reduction of the Certificate Principal Balance of
the Insured Certificates with respect to any Distribution Date must be received
by the Depository and on the Depository's "participant terminal system" and
received by the Trustee no later than the close of business on the related
Record Date. Requests for distributions that are on the Depository's participant
terminal system and received by the Trustee after the related Record Date and
requests, in either case, for distributions not accepted with respect to any
Distribution Date, will be treated as requests for distributions in reduction of
the Certificate Principal Balance of Insured Certificates on the next succeeding
Distribution Date, and each succeeding Distribution Date thereafter, until such
request is accepted or is withdrawn as provided in Section 4.10(c). Such
requests as are not so withdrawn shall retain their order of priority without
the need for any further action on the part of the appropriate Certificate Owner
of the related Insured Certificate, all in accordance with the procedures of the
Depository and the Trustee. Upon the transfer of the beneficial ownership of any
Insured Certificate, any distribution request previously submitted with respect
to such Certificate will be deemed to have been withdrawn only upon the receipt
by the Trustee on or before the Record Date for such Distribution Date of
notification of such withdrawal in the manner set forth in Section 4.10(c) on
the Depository's participant terminal system.
Distributions in reduction of the Certificate Principal Balance of the
Insured Certificates will be applied in an amount equal to the Senior Principal
Distribution Amount allocable to such Class pursuant to Section 4.02(b), plus
any amounts available for distribution from the Rounding Account established as
provided in Section 4.09, provided that the aggregate distribution in reduction
of the Certificate Principal Balance of the Insured Certificates on any
Distribution Date shall be made in an integral multiple of $1,000.
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To the extent that the portion of the Senior Principal Distribution
Amount allocable to distributions in reduction of the Certificate Principal
Balance of the Insured Certificates on any Distribution Date exceeds the
aggregate Certificate Principal Balance of Insured Certificates with respect to
which distribution requests, as set forth above, have been received (plus any
amounts required to be distributed pursuant to the Rounding Account),
distributions in reduction of the Certificate Principal Balance of the Insured
Certificates will be made by mandatory distribution pursuant to Section 4.10(d).
(b) An Insured Certificate shall be deemed to be held by a Deceased
Owner for purposes of this Section 4.10 if the death of the Certificate Owner
thereof is deemed to have occurred. Insured Certificates beneficially owned by
tenants by the entirety, joint tenants or tenants in common will be considered
to be beneficially owned by a single owner. The death of a tenant by the
entirety, joint tenant or tenant in common will be deemed to be the death of the
Certificate Owner, and the Insured Certificates so beneficially owned will be
eligible for priority with respect to distributions in reduction of the
Certificate Principal Balance thereof, subject to the limitations stated above.
Insured Certificates beneficially owned by a trust will be considered to be
beneficially owned by each beneficiary of the trust to the extent of such
beneficiary's beneficial interest therein, but in no event will a trust's
beneficiaries collectively be deemed to be Certificate Owners of a number of
Individual Insured Certificates of which such trust is the owner. The death of a
beneficiary of a trust will be deemed to be the death of a Certificate Owner of
the Insured Certificates, as applicable, owned by the trust to the extent of
such beneficiary's beneficial interest in such trust. The death of an individual
who was a tenant by the entirety, joint tenant or tenant in common in a tenancy
which is the beneficiary of a trust will be deemed to be the death of the
beneficiary of such trust. The death of a person who, during his or her
lifetime, was entitled to substantially all of the beneficial ownership
interests in Individual Insured Certificates will be deemed to be the death of
the Certificate Owner of such Insured Certificates regardless of the
registration of ownership, if such beneficial interest can be established to the
satisfaction of the Depository Participant. Such beneficial interest will be
deemed to exist in typical cases of street name or nominee ownership, ownership
by a trustee, ownership under the Uniform Gifts to Minors Act and community
property or other joint ownership arrangements between a husband and wife.
Certificate interests shall include the power to sell, transfer or otherwise
dispose of an Insured Certificate and the right to receive the proceeds
therefrom, as well as interest and distributions in reduction of the Certificate
Principal Balance of the Insured Certificates, as applicable, payable with
respect thereto. The Trustee shall not be under any duty to determine
independently the occurrence of the death of any deceased Certificate Owner. The
Trustee may rely entirely upon documentation delivered to it pursuant to Section
4.10(c) in establishing the eligibility of any Certificate Owner to receive the
priority accorded Deceased Owners in Section 4.10(a).
(c) Requests for distributions in reduction of the Certificate Principal
Balance of Insured Certificates must be made by delivering a written request
therefor to the Depository Participant or Indirect Depository Participant that
maintains the account evidencing such Certificate Owner's interest in Insured
Certificates. In the case of a request on behalf of a Deceased Owner,
appropriate evidence of death and any tax waivers are required to be forwarded
to the Depository Participant under separate cover. The Depository Participant
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shall forward a certification, satisfactory to the Trustee, certifying the death
of the Beneficial Owner and the receipt of the appropriate death and tax
waivers. The Depository Participant should in turn make the request of the
Depository (or, in the case of an Indirect Depository Participant, such Indirect
Depository Participant must notify the related Depository Participant of such
request, which Depository Participant should make the request of the Depository)
on the Depository's participant terminal system. The Depository may establish
such procedures as it deems fair and equitable to establish the order of receipt
of requests for such distributions received by it on the same day. None of the
Company, Servicer or the Trustee shall be liable for any delay in delivery of
requests for distributions or withdrawals of such requests by the Depository, a
Depository Participant or any Indirect Depository Participant.
The Depository shall maintain a list of those Depository Participants
representing the appropriate Certificate Owners of Insured Certificates that
have submitted requests for distributions in reduction of the Certificate
Principal Balance of Insured Certificates, together with the order of receipt
and the amounts of such requests on the Depository's participant terminal
system. The Depository will honor requests for distributions in the order of
their receipt (subject to the priorities described in Section 4.10(a) above).
The Trustee shall notify the Depository as to which requests should be honored
on each Distribution Date at least three Business Days prior to such
Distribution Date based on the report received by the Trustee pursuant to
Section 4.04 and shall notify the Depository as to the amount of the Senior
Principal Distribution amount to be distributed to the Insured Certificates by
Random Lot pursuant to Section 4.10(d). Requests shall be honored by the
Depository in accordance with the procedures, and subject to the priorities and
limitations, described in this Section 4.10. The exact procedures to be followed
by the Trustee and the Depository for purposes of determining such priorities
and limitations will be those established from time to time by the Trustee or
the Depository, as the case may be. The decisions of the Trustee and the
Depository concerning such matters will be final and binding on all affected
persons.
Individual Insured Certificates that have been accepted for a
distribution shall be due and payable on the applicable Distribution Date. Such
Certificates shall cease to bear interest after the last day of the month
preceding the month in which such Distribution Date occurs.
Any Certificate Owner of an Insured Certificate that has requested a
distribution may withdraw its request by so notifying in writing the Depository
Participant or Indirect Depository Participant that maintains such Certificate
Owner's account. In the event that such account is maintained by an Indirect
Depository Participant, such Indirect Depository Participant must notify the
related Depository Participant which in turn must forward the withdrawal of such
request on the Depository's participant terminal system. If such withdrawal of a
request for distribution has not been received on the Depository's participant
terminal system on or before the Record Date for the next Distribution Date, the
previously made request for distribution will be irrevocable with respect to the
making of distributions in reduction of the Certificate Principal Balance of the
Insured Certificates on such Distribution Date.
In the event any requests for distributions in reduction of the
Certificate Principal Balance of the Insured Certificates are rejected by the
Trustee for failure to comply with the requirements of this Section 4.10, the
Trustee shall return such request to the appropriate Depository Participant with
a copy to the Depository with an explanation as to the reason for such
rejection.
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(d) To the extent, if any, that distributions in reduction of the
Certificate Principal Balance of the Insured Certificates on a Distribution Date
exceed the outstanding Certificate Principal Balance of Insured Certificates
with respect to which distribution requests have been received by the related
Record Date, as provided in Section 4.10(a) above, the additional distributions
in reduction of the Certificate Principal Balance of the Insured Certificates
will be made by mandatory distributions in reduction thereof. Such mandatory
distributions on Individual Insured Certificates will be made by Random Lot in
accordance with the then-applicable Random Lot procedures of the Depository, the
Depository Participants and the Indirect Depository Participants representing
the Certificate Owners; provided however, that, if after the distribution in
reduction of the Certificate Principal Balance of the Insured Certificates on
the next succeeding Distribution Date on which mandatory distributions are to be
made, the Certificate Principal Balance of the Insured Certificates would not be
reduced to zero, the Individual Insured Certificates to which such distributions
will be applied shall be selected by the Depository from those Insured
Certificates not otherwise receiving distributions in reduction of the
Certificate Principal Balance on such Distribution Date. The Trustee shall
notify the Depository of the aggregate amount of the mandatory distribution in
reduction of the Certificate Principal Balance of the Insured Certificates to be
made on the next Distribution Date. The Depository shall then allocate such
aggregate amount among its Depository Participants on a Random Lot basis. Each
Depository Participant and, in turn, each Indirect Depository Participant will
then select, in accordance with its own procedures, Individual Insured
Certificates from among those held in its accounts to receive mandatory
distributions in reduction of the Certificate Principal Balance of the Insured
Certificates, such that the total amount so selected is equal to the aggregate
amount of such mandatory distributions allocated to such Depository Participant
by the Depository and to such Indirect Depository Participant by its related
Depository Participant, as the case may be. Depository Participants and Indirect
Depository Participants that hold Insured Certificates selected for mandatory
distributions in reduction of the Certificate Principal Balance thereof are
required to provide notice of such mandatory distributions to the affected
Certificate Owners. The Servicer agrees to notify the Trustee of the amount of
distributions in reduction of the Certificate Principal Balance of the Insured
Certificates to be made on each Distribution Date in a timely manner such that
the Trustee may fulfill its obligations pursuant to the letter of
representations dated the Closing Date among the Company, the Trustee and the
Depository.
(e) Notwithstanding any provisions herein to the contrary, on any
Distribution Date following the first Distribution Date on which (i) any
Realized Losses are allocated to the Insured Certificates and (ii) an FSA
Default is occurring, distributions in reduction of the Certificate Principal
Balance of the Insured Certificates will be made pro rata among the Certificate
Owners of the Insured Certificates and will not be made in integral multiples of
$1,000 nor pursuant to requests for distribution as permitted by this Section
4.10 or mandatory distributions by Random Lot.
(f) In the event that Definitive Certificates representing the Insured
Certificates are issued pursuant to Section 5.01, an amendment to this
Agreement, which may be approved without the consent of any Certificateholders,
shall establish procedures relating to the manner in which distributions in
reduction of the Certificate Principal Balance of the Insured Certificates are
to be made; provided that such procedures shall be consistent, to the extent
practicable and customary for certificates similar to the Insured Certificates,
with the provisions of this Section 4.10.
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Article V
THE CERTIFICATES
Section 5.01. The Certificates.
(a) The Senior, Class M, Class B and Class R Certificates shall be substantially
in the forms set forth in Exhibits A, B, C and D, respectively, and shall, on
original issue, be executed and delivered by the Trustee to the Certificate
Registrar for authentication and delivery to or upon the order of the Company
upon receipt by the Trustee or one or more Custodians of the documents specified
in Section 2.01. The Certificates shall be issuable in the minimum denominations
designated in the Preliminary Statement.
The Certificates shall be executed by manual or facsimile signature on
behalf of an authorized signatory of the Trustee. Certificates bearing the
manual or facsimile signatures of individuals who were at any time the proper
authorized signatories of the Trustee shall bind the Trustee, notwithstanding
that such individuals or any of them have ceased to hold such offices prior to
the authentication and delivery of such Certificate or did not hold such offices
at the date of such Certificates. No Certificate shall be entitled to any
benefit under this Agreement, or be valid for any purpose, unless there appears
on such Certificate a certificate of authentication substantially in the form
provided for herein executed by the Certificate Registrar by manual signature,
and such certificate upon any Certificate shall be conclusive evidence, and the
only evidence, that such Certificate has been duly authenticated and delivered
hereunder. All Certificates shall be dated the date of their authentication.
(b) Except as provided below, registration of Book-Entry Certificates may not be
transferred by the Trustee except to another Depository that agrees to hold such
Certificates for the respective Certificate Owners with Ownership Interests
therein. The Holders of the Book-Entry Certificates shall hold their respective
Ownership Interests in and to each of such Certificates through the book-entry
facilities of the Depository and, except as provided below, shall not be
entitled to Definitive Certificates in respect of such Ownership Interests. All
transfers by Certificate Owners of their respective Ownership Interests in the
Book-Entry Certificates shall be made in accordance with the procedures
established by the Depository Participant or brokerage firm representing such
Certificate Owner. Each Depository Participant shall transfer the Ownership
Interests only in the Book-Entry Certificates of Certificate Owners it
represents or of brokerage firms for which it acts as agent in accordance with
the Depository's normal procedures.
The Trustee, the Servicer and the Company may for all purposes
(including the making of payments due on the respective Classes of Book-Entry
Certificates) deal with the Depository as the authorized representative of the
Certificate Owners with respect to the respective Classes of Book-Entry
Certificates for the purposes of exercising the rights of Certificateholders
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hereunder. The rights of Certificate Owners with respect to the respective
Classes of Book-Entry Certificates shall be limited to those established by law
and agreements between such Certificate Owners and the Depository Participants
and brokerage firms representing such Certificate Owners. Multiple requests and
directions from, and votes of, the Depository as Holder of any Class of
Book-Entry Certificates with respect to any particular matter shall not be
deemed inconsistent if they are made with respect to different Certificate
Owners. The Trustee may establish a reasonable record date in connection with
solicitations of consents from or voting by Certificateholders and shall give
notice to the Depository of such record date.
If (i)(A) the Company advises the Trustee in writing that the Depository
is no longer willing or able to properly discharge its responsibilities as
Depository and (B) the Company is unable to locate a qualified successor or (ii)
the Company at its option advises the Trustee in writing that it elects to
terminate the book-entry system through the Depository, the Trustee shall notify
all Certificate Owners, through the Depository, of the occurrence of any such
event and of the availability of Definitive Certificates to Certificate Owners
requesting the same. Upon surrender to the Trustee of the Book-Entry
Certificates by the Depository, accompanied by registration instructions from
the Depository for registration of transfer, the Trustee shall issue the
Definitive Certificates. Neither the Company, the Servicer nor the Trustee shall
be liable for any actions taken by the Depository or its nominee, including,
without limitation, any delay in delivery of such instructions and may
conclusively rely on, and shall be protected in relying on, such instructions.
Upon the issuance of Definitive Certificates all references herein to
obligations imposed upon or to be performed by the Company in connection with
the issuance of the Definitive Certificates pursuant to this Section 5.01 shall
be deemed to be imposed upon and performed by the Trustee, and the Trustee and
the Servicer shall recognize the Holders of the Definitive Certificates as
Certificateholders hereunder.
Section 5.02. Registration of Transfer and Exchange of Certificates.
(a) The Trustee shall cause to be kept at one of the offices or agencies to be
appointed by the Trustee in accordance with the provisions of Section 8.12 a
Certificate Register in which, subject to such reasonable regulations as it may
prescribe, the Trustee shall provide for the registration of Certificates and of
transfers and exchanges of Certificates as herein provided. The Trustee is
initially appointed Certificate Registrar for the purpose of registering
Certificates and transfers and exchanges of Certificates as herein provided.
(b) Upon surrender for registration of transfer of any Certificate at any office
or agency of the Trustee maintained for such purpose pursuant to Section 8.12
and, in the case of any Class M, Class B or Class R Certificate, upon
satisfaction of the conditions set forth below, the Trustee shall execute and
the Certificate Registrar shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Certificates of a like
Class and aggregate Percentage Interest.
(c) At the option of the Certificateholders, Certificates may be exchanged for
other Certificates of authorized denominations of a like Class and aggregate
Percentage Interest, upon surrender of the Certificates to be exchanged at any
such office or agency. Whenever any Certificates are so surrendered for exchange
the Trustee shall execute and the Certificate Registrar shall authenticate and
deliver the Certificates of such Class which the Certificateholder making the
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exchange is entitled to receive. Every Certificate presented or surrendered for
transfer or exchange shall (if so required by the Trustee or the Certificate
Registrar) be duly endorsed by, or be accompanied by a written instrument of
transfer in form satisfactory to the Trustee and the Certificate Registrar duly
executed by, the Holder thereof or his attorney duly authorized in writing.
(d) No transfer, sale, pledge or other disposition of a Class B Certificate
shall be made unless such transfer, sale, pledge or other disposition is exempt
from the registration requirements of the Securities Act of 1933, as amended,
and any applicable state securities laws or is made in accordance with said Act
and laws. In the event that a transfer of a Class B Certificate is to be made
either (i)(A) the Trustee shall require a written Opinion of Counsel acceptable
to and in form and substance satisfactory to the Trustee and the Company that
such transfer may be made pursuant to an exemption, describing the applicable
exemption and the basis therefor, from said Act and laws or is being made
pursuant to said Act and laws, which Opinion of Counsel shall not be an expense
of the Trustee, the Company or the Servicer (except that, if such transfer is
made by the Company or the Servicer or any Affiliate thereof, the Company or the
Servicer shall provide such Opinion of Counsel at their own expense); provided
that such Opinion of Counsel will not be required in connection with the initial
transfer of any such Certificate by the Company or any Affiliate thereof to the
Company or an Affiliate of the Company and (B) the Trustee shall require the
transferee to execute a representation letter, substantially in the form of
Exhibit H-1 hereto, and the Trustee shall require the transferor to execute a
representation letter, substantially in the form of Exhibit I hereto, each
acceptable to and in form and substance satisfactory to the Company and the
Trustee certifying to the Company and the Trustee the facts surrounding such
transfer, which representation letters shall not be an expense of the Trustee,
the Company or the Servicer; provided, however, that such representation letters
will not be required in connection with any transfer of any such Certificate by
the Company or any Affiliate thereof to the Company or an Affiliate of the
Company, and the Trustee shall be entitled to conclusively rely upon a
representation (which, upon the request of the Trustee, shall be a written
representation) from the Company, of the status of such transferee as an
Affiliate of the Company or (ii) the prospective transferee of such a
Certificate shall be required to provide the Trustee, the Company and the
Servicer with an investment letter substantially in the form of Exhibit J
attached hereto (or such other form as the Company in its sole discretion deems
acceptable), which investment letter shall not be an expense of the Trustee, the
Company or the Servicer, and which investment letter states that, among other
things, such transferee (A) is a "qualified institutional buyer" as defined
under Rule 144A, acting for its own account or the accounts of other "qualified
institutional buyers" as defined under Rule 144A, and (B) is aware that the
proposed transferor intends to rely on the exemption from registration
requirements under the Securities Act of 1933, as amended, provided by Rule
144A. The Holder of any such Certificate desiring to effect any such transfer,
sale, pledge or other disposition shall, and does hereby agree to, indemnify the
Trustee, the Company, the Servicer and the Certificate Registrar against any
liability that may result if the transfer, sale, pledge or other disposition is
not so exempt or is not made in accordance with such federal and state laws.
(e) (i) In the case of any Class M, Class B or Class R Certificate presented
for registration in the name of any Person, either (A) the Trustee shall
require an Opinion of Counsel acceptable to and in form and substance
satisfactory to the Trustee, the Company and the Servicer to the effect
that the purchase or holding of such Class M, Class B or Class R
Certificate is permissible under applicable law, will not constitute or
result in any non-exempt prohibited transaction under Section 406 of the
Employee Retirement Income Security Act of 1974, as amended ("ERISA"), or
Section 4975 of the Code (or comparable provisions of any subsequent
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enactments), and will not subject the Trustee, the Company or the Servicer
to any obligation or liability (including obligations or liabilities under
ERISA or Section 4975 of the Code) in addition to those undertaken in this
Agreement, which Opinion of Counsel shall not be an expense of the Trustee,
the Company or the Servicer or (B) the prospective Transferee shall be
required to provide the Trustee, the Company and the Servicer with a
certification to the effect set forth in paragraph six of Exhibit H-1 (with
respect to any Class B Certificate), Exhibit H-2 (with respect to any Class
M Certificate) or paragraph fourteen of Exhibit G-1 (with respect to any
Class R Certificate), which the Trustee may rely upon without further
inquiry or investigation, or such other certifications as the Trustee may
deem desirable or necessary in order to establish that such Transferee or
the Person in whose name such registration is requested either (a) is not
an employee benefit plan or other plan subject to the prohibited
transaction provisions of ERISA or Section 4975 of the Code, or any Person
(including an investment manager, a named fiduciary or a trustee of any
such plan) who is using "plan assets" of any such plan to effect such
acquisition (each, a "Plan Investor") or (b) in the case of any Class M or
Class B Certificate, the following conditions are satisfied: (i) such
Transferee is an insurance company, (ii) the source of funds used to
purchase or hold such Certificate (or interest therein) is an "insurance
company general account" (as defined in U.S. Department of Labor Prohibited
Transaction Class Exemption ("PTCE") 95-60, and (iii) the conditions set
forth in Sections I and III of PTCE 95-60 have been satisfied (each entity
that satisfies this clause (b), a "Complying Insurance Company").
(ii) Notwithstanding the foregoing, an Opinion of Counsel or
certification will not be required with respect to the transfer
of any Class M Certificate to a Depository, or for any subsequent
transfer of any interest in a Class M Certificate for so long as
such Certificate is a Book-Entry Certificate (each such Class M
Certificate, a "Book-Entry Mezzanine Certificate"). Any
Transferee of a Book-Entry Mezzanine Certificate will be deemed
to have represented by virtue of its purchase or holding of such
Certificate (or interest therein) that either (a) such Transferee
is not a Plan Investor or (b) such Transferee is a Complying
Insurance Company.
(iii) (A) If any Class M Certificate (or any interest therein) is
acquired or held in violation of the provisions of Section (ii)
above, then the last preceding Transferee that either (i) is not
a Plan Investor or (ii) is a Complying Insurance Company shall be
restored, to the extent permitted by law, to all rights and
obligations as Certificate Owner thereof retroactive to the date
of such Transfer of such Class M Certificate. The Trustee shall
be under no liability to any Person for making any payments due
on such Certificate to such preceding Transferee.
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(B) Any purported Certificate Owner whose acquisition or
holding of any Book-Entry Mezzanine Certificate (or interest
therein) was effected in violation of the restrictions in this
Section 5.02(e) shall indemnify and hold harmless the Company,
the Trustee, the Servicer, any Subservicer, and the Trust Fund
from and against any and all liabilities, claims, costs or
expenses incurred by such parties as a result of such acquisition
or holding.
(f) (i) Each Person who has or who acquires any Ownership Interest in a Class R
Certificate shall be deemed by the acceptance or acquisition of such Ownership
Interest to have agreed to be bound by the following provisions and to have
irrevocably authorized the Trustee or its designee under clause (iii)(A) below
to deliver payments to a Person other than such Person and to negotiate the
terms of any mandatory sale under clause (iii)(B) below and to execute all
instruments of transfer and to do all other things necessary in connection with
any such sale. The rights of each Person acquiring any Ownership Interest in a
Class R Certificate are expressly subject to the following provisions:
(A) Each Person holding or acquiring any Ownership Interest in a Class R
Certificate shall be a Permitted Transferee and shall promptly notify the
Trustee of any change or impending change in its status as a Permitted
Transferee.
(B) In connection with any proposed Transfer of any Ownership Interest in a
Class R Certificate, the Trustee shall require delivery to it, and shall
not register the Transfer of any Class R Certificate until its receipt of,
(I) an affidavit and agreement (a "Transfer Affidavit and Agreement," in
the form attached hereto as Exhibit G-1) from the proposed Transferee, in
form and substance satisfactory to the Servicer, representing and
warranting, among other things, that it is a Permitted Transferee, that it
is not acquiring its Ownership Interest in the Class R Certificate that is
the subject of the proposed Transfer as a nominee, trustee or agent for any
Person who is not a Permitted Transferee, that for so long as it retains
its Ownership Interest in a Class R Certificate, it will endeavor to remain
a Permitted Transferee, and that it has reviewed the provisions of this
Section 5.02(f) and agrees to be bound by them, and (II) a certificate, in
the form attached hereto as Exhibit G-2, from the Holder wishing to
transfer the Class R Certificate, in form and substance satisfactory to the
Servicer, representing and warranting, among other things, that no purpose
of the proposed Transfer is to impede the assessment or collection of tax.
(C) Notwithstanding the delivery of a Transfer Affidavit and Agreement by a
proposed Transferee under clause (B) above, if a Responsible Officer of the
Trustee who is assigned to this Agreement has actual knowledge that the
proposed Transferee is not a Permitted Transferee, no Transfer of an
Ownership Interest in a Class R Certificate to such proposed Transferee
shall be effected.
(D) Each Person holding or acquiring any Ownership Interest in a Class R
Certificate shall agree (x) to require a Transfer Affidavit and Agreement
from any other Person to whom such Person attempts to transfer its
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Ownership Interest in a Class R Certificate and (y) not to transfer its
Ownership Interest unless it provides a certificate to the Trustee in the
form attached hereto as Exhibit G-2.
(E) Each Person holding or acquiring an Ownership Interest in a Class R
Certificate, by purchasing an Ownership Interest in such Certificate,
agrees to give the Trustee written notice that it is a "pass-through
interest holder" within the meaning of Temporary Treasury Regulations
Section 1.67-3T(a)(2)(i)(A) immediately upon acquiring an Ownership
Interest in a Class R Certificate, if it is, or is holding an Ownership
Interest in a Class R Certificate on behalf of, a "pass-through interest
holder."
(ii) The Trustee will register the Transfer of any Class R Certificate only
if it shall have received the Transfer Affidavit and Agreement, a
certificate of the Holder requesting such transfer in the form attached
hereto as Exhibit G-2 and all of such other documents as shall have been
reasonably required by the Trustee as a condition to such registration.
Transfers of the Class R Certificates to Non-United States Persons and
Disqualified Organizations (as defined in Section 860E(e)(5) of the
Code) are prohibited.
(iii)(A) If any Disqualified Organization shall become a holder of a Class R
Certificate, then the last preceding Permitted Transferee shall be
restored, to the extent permitted by law, to all rights and obligations as
Holder thereof retroactive to the date of registration of such Transfer of
such Class R Certificate. If a Non-United States Person shall become a
holder of a Class R Certificate, then the last preceding United States
Person shall be restored, to the extent permitted by law, to all rights and
obligations as Holder thereof retroactive to the date of registration of
such Transfer of such Class R Certificate. If a transfer of a Class R
Certificate is disregarded pursuant to the provisions of Treasury
Regulations Section 1.860E-1 or Section 1.860G-3, then the last preceding
Permitted Transferee shall be restored, to the extent permitted by law, to
all rights and obligations as Holder thereof retroactive to the date of
registration of such Transfer of such Class R Certificate. The Trustee
shall be under no liability to any Person for any registration of Transfer
of a Class R Certificate that is in fact not permitted by this Section
5.02(f) or for making any payments due on such Certificate to the holder
thereof or for taking any other action with respect to such holder under
the provisions of this Agreement.
(B) If any purported Transferee shall become a Holder of a Class R
Certificate in violation of the restrictions in this Section 5.02(f)
and to the extent that the retroactive restoration of the rights of
the Holder of such Class R Certificate as described in clause (iii)(A)
above shall be invalid, illegal or unenforceable, then the Servicer
shall have the right, without notice to the holder or any prior holder
of such Class R Certificate, to sell such Class R Certificate to a
purchaser selected by the Servicer on such terms as the Servicer may
choose. Such purported Transferee shall promptly endorse and deliver
each Class R Certificate in accordance with the instructions of the
Servicer. Such purchaser may be the Servicer itself or any Affiliate
of the Servicer. The proceeds of such sale, net of the commissions
(which may include commissions payable to the Servicer or its
Affiliates), expenses and taxes due, if any, will be remitted by the
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Servicer to such purported Transferee. The terms and conditions of any
sale under this clause (iii)(B) shall be determined in the sole
discretion of the Servicer, and the Servicer shall not be liable to
any Person having an Ownership Interest in a Class R Certificate as a
result of its exercise of such discretion.
(iv) The Trustee shall make available, upon written request from the Internal
Revenue Service and any potentially affected Person, all information
necessary to compute any tax imposed (A) as a result of the Transfer of an
Ownership Interest in a Class R Certificate to any Person who is a
Disqualified Organization, including the information regarding "excess
inclusions" of such Class R Certificates required to be provided to the
Internal Revenue Service and certain Persons as described in Treasury
Regulations Sections 1.860D-1(b)(5) and 1.860E-2(a)(5), and (B) as a result
of any regulated investment company, real estate investment trust, common
Trust Fund, partnership, trust, estate or organization described in Section
1381 of the Code that holds an Ownership Interest in a Class R Certificate
having as among its record holders at any time any Person who is a
Disqualified Organization. Reasonable compensation for providing such
information may be required by the Trustee before it will provide such
information to any such potentially affected Person.
(v) The provisions of this Section 5.02(f) set forth prior to this clause (v)
may be modified, added to or eliminated, provided that there shall have
been delivered to the Trustee the following:
(A) written notification from each Rating Agency to the effect that the
modification, addition to or elimination of such provisions will not
cause such Rating Agency to downgrade its then-current ratings, if
any, of any Class of the Senior (in the case of the Class A-3
Certificates, such determination shall be made without giving effect
to the FSA Policy), Class M or Class B Certificates below the lower of
the then-current rating or the rating assigned to such Certificates as
of the Closing Date by such Rating Agency; and
(B) subject to Section 10.01(f), an Officers' Certificate of the Servicer
stating that the Servicer has received an Opinion of Counsel, in form
and substance satisfactory to the Servicer, to the effect that such
modification, addition to or absence of such provisions will not cause
any portion of either REMIC to cease to qualify as a REMIC and will
not cause (x) any portion of either REMIC to be subject to an
entity-level tax caused by the Transfer of any Class R Certificate to
a Person that is a Disqualified Organization or (y) a
Certificateholder or another Person to be subject to a REMIC-related
tax caused by the Transfer of a Class R Certificate to a Person that
is not a Permitted Transferee.
(g) No service charge shall be made for any transfer or exchange of Certificates
of any Class, but the Trustee may require payment of a sum sufficient to cover
any tax or governmental charge that may be imposed in connection with any
transfer or exchange of Certificates.
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(h) All Certificates surrendered for transfer and exchange shall be
destroyed by the Certificate Registrar.
Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates.
If (i) any mutilated Certificate is surrendered to the Certificate
Registrar, or the Trustee and the Certificate Registrar receive evidence to
their satisfaction of the destruction, loss or theft of any Certificate, and
(ii) there is delivered to the Trustee and the Certificate Registrar such
security or indemnity as may be required by them to save each of them harmless,
then, in the absence of notice to the Trustee or the Certificate Registrar that
such Certificate has been acquired by a bona fide purchaser, the Trustee shall
execute and the Certificate Registrar shall authenticate and deliver, in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen
Certificate, a new Certificate of like tenor, Class and Percentage Interest but
bearing a number not contemporaneously outstanding. Upon the issuance of any new
Certificate under this Section, the Trustee may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other expenses (including the fees and expenses of the
Trustee and the Certificate Registrar) connected therewith. Any duplicate
Certificate issued pursuant to this Section shall constitute complete and
indefeasible evidence of ownership in the Trust Fund, as if originally issued,
whether or not the lost, stolen or destroyed Certificate shall be found at any
time.
Section 5.04. Persons Deemed Owners.
Prior to due presentation of a Certificate for registration of transfer,
the Company, the Servicer, the Trustee, Financial Security, the Certificate
Registrar and any agent of the Company, the Servicer, the Trustee, Financial
Security or the Certificate Registrar may treat the Person in whose name any
Certificate is registered as the owner of such Certificate for the purpose of
receiving distributions pursuant to Section 4.02 and for all other purposes
whatsoever, except as and to the extent provided in the definition of
"Certificateholder," and neither the Company, the Servicer, the Trustee,
Financial Security, the Certificate Registrar nor any agent of the Company, the
Servicer, the Trustee, Financial Security or the Certificate Registrar shall be
affected by notice to the contrary except as provided in Section 5.02(f).
Section 5.05. Appointment of Paying Agent.
The Trustee may appoint a Paying Agent for the purpose of making
distributions to the Certificateholders pursuant to Section 4.02. In the event
of any such appointment, on or prior to each Distribution Date the Trustee shall
deposit or cause to be deposited with the Paying Agent a sum sufficient to make
the payments to the Certificateholders in the amounts and in the manner provided
for in Section 4.02, such sum to be held in trust for the benefit of the
Certificateholders.
The Trustee shall cause each Paying Agent to execute and deliver to the
Trustee an instrument in which such Paying Agent shall agree with the Trustee
that such Paying Agent will hold all sums held by it for the payment to the
Certificateholders in trust for the benefit of the Certificateholders entitled
thereto until such sums shall be paid to such Certificateholders. Any sums so
held by such Paying Agent shall be held only in Eligible Accounts to the extent
such sums are not distributed to the Certificateholders on the date of receipt
by such Paying Agent.
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Section 5.06. Optional Purchase of Certificates.
(a) On any Distribution Date on which the Pool Stated Principal Balance, prior
to giving effect to distributions to be made on such Distribution Date, is less
than ten percent of the Cut-off Date Principal Balance of the Mortgage Loans,
the Servicer shall have the right, at its option, to purchase the Certificates
in whole, but not in part, at a price equal to the outstanding Certificate
Principal Balance of such Certificates plus the sum of Accrued Certificate
Interest thereon for the related Interest Accrual Period and any previously
unpaid Accrued Certificate Interest.
(b) The Servicer shall give the Trustee not less than 60 days' prior notice of
the Distribution Date on which the Servicer anticipates that it will purchase
the Certificates pursuant to Section 5.06(a). Notice of any such purchase,
specifying the Distribution Date upon which the Holders may surrender their
Certificates to the Trustee for payment in accordance with this Section 5.06,
shall be given promptly by the Servicer by letter to Certificateholders (with a
copy to the Certificate Registrar and each Rating Agency) mailed not earlier
than the 15th day and not later than the 25th day of the month next preceding
the month of such final distribution, specifying:
(i) the Distribution Date upon which purchase of the Certificates is
anticipated to be made upon presentation and surrender of such
Certificates at the office or agency of the Trustee therein designated,
(ii) the purchase price therefor, if known, and
(iii) that the Record Date otherwise applicable to such Distribution Date is
not applicable, payments being made only upon presentation and surrender
of the Certificates at the office or agency of the Trustee therein
specified.
If the Servicer gives the notice specified above, the Servicer shall deposit in
the Payment Account before the Distribution Date on which the purchase pursuant
to Section 5.06(a) is to be made, in immediately available funds, an amount
equal to the purchase price for the Certificates computed as provided above.
(c) Upon presentation and surrender of the Certificates to be purchased pursuant
to Section 5.06(a) by the Holders thereof, the Trustee shall distribute to such
Holders an amount equal to the outstanding Certificate Principal Balance thereof
plus the sum of Accrued Certificate Interest thereon for the related Interest
Accrual Period and any previously unpaid Accrued Certificate Interest with
respect thereto and any Prepayment Interest Shortfalls allocated to the Insured
Certificates to the extent covered by the Insured Reserve Fund or a Guaranteed
Distribution.
(d) If any Certificateholders do not surrender their Certificates on or before
the Distribution Date on which a purchase pursuant to this Section 5.06 is to be
made, the Trustee shall on such date cause all funds in the Payment Account
deposited therein by the Servicer pursuant to Section 5.06(b) to be withdrawn
therefrom and deposited in a separate escrow account for the benefit of such
Certificateholders, and the Servicer shall give a second written notice to such
Certificateholders to surrender their Certificates for payment of the purchase
price therefor. If within six months after the second notice any Certificate
shall not have been surrendered for cancellation, the Trustee shall take
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appropriate steps as directed by the Servicer to contact the Holders of such
Certificates concerning surrender of their Certificates. The costs and expenses
of maintaining the escrow account and of contacting Certificateholders shall be
paid out of the assets which remain in the escrow account. If within nine months
after the second notice any Certificates shall not have been surrendered for
cancellation in accordance with this Section 5.06, the Trustee shall pay to the
Servicer all amounts distributable to the Holders thereof and the Servicer shall
thereafter hold such amounts until distributed to such Holders. No interest
shall accrue or be payable to any Certificateholder on any amount held in the
escrow account or by the Servicer as a result of such Certificateholder's
failure to surrender its Certificate(s) for payment in accordance with this
Section 5.06. Any Certificate that is not surrendered on the Distribution Date
on which a purchase pursuant to this Section 5.06 occurs as provided above will
be deemed to have been purchased and the Holder as of such date will have no
rights with respect thereto except to receive the purchase price therefor minus
any costs and expenses associated with such escrow account and notices allocated
thereto. Any Certificates so purchased or deemed to have been purchased on such
Distribution Date shall remain outstanding hereunder. The Servicer shall be for
all purposes the Holder thereof as of such date.
Article VI
THE COMPANY AND THE SERVICER
Section 6.01. Respective Liabilities of the Company and the Servicer.
The Company and the Servicer shall each be liable in accordance herewith
only to the extent of the obligations specifically and respectively imposed upon
and undertaken by the Company and the Servicer herein. By way of illustration
and not limitation, the Company is not liable for the servicing and
administration of the Mortgage Loans, nor is it obligated by Section 7.01 or
Section 10.01 to assume any obligations of the Servicer or to appoint a designee
to assume such obligations, nor is it liable for any other obligation hereunder
that it may, but is not obligated to, assume unless it elects to assume such
obligation in accordance herewith.
Section 6.02. Merger or Consolidation of the Company or the Servicer; Assignment
of Rights and Delegation of Duties by Servicer.
(a) The Company and the Servicer will each keep in full effect its existence,
rights and franchises as a corporation under the laws of the state of its
incorporation, and will each obtain and preserve its qualification to do
business as a foreign corporation in each jurisdiction in which such
qualification is or shall be necessary to protect the validity and
enforceability of this Agreement, the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.
(b) Any Person into which the Company or the Servicer may be merged or
consolidated, or any corporation resulting from any merger or consolidation to
which the Company or the Servicer shall be a party, or any Person succeeding to
the business of the Company or the Servicer, shall be the successor of the
Company or the Servicer, as the case may be, hereunder, without the execution or
filing of any paper or any further act on the part of any of the parties hereto,
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anything herein to the contrary notwithstanding; provided, however, that the
successor or surviving Person to the Servicer shall be qualified to service
mortgage loans on behalf of Fannie Mae or Freddie Mac; and provided further that
each Rating Agency's ratings, if any, of the Senior (in the case of the Class
A-3 Certificates, such determination shall be made without giving effect to the
FSA Policy), Class M or Class B Certificates in effect immediately prior to such
merger or consolidation will not be qualified, reduced or withdrawn as a result
thereof (as evidenced by a letter to such effect from each Rating Agency).
(c) Notwithstanding anything else in this Section 6.02 and Section 6.04 to the
contrary, the Servicer may assign its rights and delegate its duties and
obligations under this Agreement; provided that the Person accepting such
assignment or delegation shall be a Person which is qualified to service
mortgage loans on behalf of Fannie Mae or Freddie Mac, is reasonably
satisfactory to the Trustee and the Company, is willing to service the Mortgage
Loans and executes and delivers to the Company and the Trustee an agreement, in
form and substance reasonably satisfactory to the Company and the Trustee, which
contains an assumption by such Person of the due and punctual performance and
observance of each covenant and condition to be performed or observed by the
Servicer under this Agreement; provided further that each Rating Agency's rating
of the Classes of Certificates (in the case of the Class A-3 Certificates, such
determination shall be made without giving effect to the FSA Policy) that have
been rated in effect immediately prior to such assignment and delegation will
not be qualified, reduced or withdrawn as a result of such assignment and
delegation (as evidenced by a letter to such effect from each Rating Agency). In
the case of any such assignment and delegation, the Servicer shall be released
from its obligations under this Agreement, except that the Servicer shall remain
liable for all liabilities and obligations incurred by it as Servicer hereunder
prior to the satisfaction of the conditions to such assignment and delegation
set forth in the next preceding sentence.
Section 6.03. Limitation on Liability of the Company,
the Servicer and Others.
Neither the Company, the Servicer nor any of the directors, officers,
employees or agents of the Company or the Servicer shall be under any liability
to the Trust Fund or the Certificateholders for any action taken or for
refraining from the taking of any action in good faith pursuant to this
Agreement, or for errors in judgment; provided, however, that this provision
shall not protect the Company, the Servicer or any such Person against any
breach of warranties or representations made herein or any liability which would
otherwise be imposed by reason of willful misfeasance, bad faith or gross
negligence in the performance of duties or by reason of reckless disregard of
obligations and duties hereunder. The Company, the Servicer and any director,
officer, employee or agent of the Company or the Servicer may rely in good faith
on any document of any kind prima facie properly executed and submitted by any
Person respecting any matters arising hereunder. The Company, the Servicer and
any director, officer, employee or agent of the Company or the Servicer shall be
indemnified by the Trust Fund and held harmless against any loss, liability or
expense incurred in connection with any legal action relating to this Agreement
or the Certificates, other than any loss, liability or expense related to any
specific Mortgage Loan or Mortgage Loans (except as any such loss, liability or
expense shall be otherwise reimbursable pursuant to this Agreement) and any
loss, liability or expense incurred by reason of willful misfeasance, bad faith
or gross negligence in the performance of duties hereunder or by reason of
reckless disregard of obligations and duties hereunder.
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Neither the Company nor the Servicer shall be under any obligation to
appear in, prosecute or defend any legal or administrative action, proceeding,
hearing or examination that is not incidental to its respective duties under
this Agreement and which in its opinion may involve it in any expense or
liability; provided, however, that the Company or the Servicer may in its
discretion undertake any such action, proceeding, hearing or examination that it
may deem necessary or desirable in respect to this Agreement and the rights and
duties of the parties hereto and the interests of the Certificateholders
hereunder. In such event, the legal expenses and costs of such action,
proceeding, hearing or examination and any liability resulting therefrom shall
be expenses, costs and liabilities of the Trust Fund, and the Company and the
Servicer shall be entitled to be reimbursed therefor out of amounts attributable
to the Mortgage Loans on deposit in the Custodial Account as provided by Section
3.10 and, on the Distribution Date(s) following such reimbursement, the
aggregate of such expenses and costs shall be allocated in reduction of the
Accrued Certificate Interest on each Class entitled thereto in the same manner
as if such expenses and costs constituted a Prepayment Interest Shortfall.
Section 6.04. Company and Servicer Not to Resign.
Subject to the provisions of Section 6.02, neither the Company nor the
Servicer shall resign from its respective obligations and duties hereby imposed
on it except upon determination that its duties hereunder are no longer
permissible under applicable law. Any such determination permitting the
resignation of the Company or the Servicer shall be evidenced by an Opinion of
Counsel to such effect delivered to the Trustee. No such resignation by the
Servicer shall become effective until the Trustee or a successor servicer shall
have assumed the Servicer's responsibilities and obligations in accordance with
Section 7.02.
Article VII
DEFAULT
Section 7.01. Events of Default.
Event of Default, wherever used herein, means any one of the following
events (whatever reason for such Event of Default and whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body):
(i) the Servicer shall fail to deposit or cause to be deposited into the
Payment Account any amounts required to be so deposited therein at the time
required pursuant to Section 4.01 or otherwise, and in either case, such
failure shall continue unremedied for a period of 5 days after the date
upon which written notice of such failure, requiring such failure to be
remedied, shall have been given to the Servicer by the Trustee or the
Company or to the Servicer, the Company and the Trustee by the Holders of
Certificates of such Class evidencing Percentage Interests aggregating not
less than 25%; or
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(ii) the Servicer shall fail to observe or perform in any material respect any
other of the covenants or agreements on the part of the Servicer contained
in the Certificates of any Class or in this Agreement and such failure
shall continue unremedied for a period of 30 days (except that such number
of days shall be 15 in the case of a failure to pay the premium for any
Required Insurance Policy) after the date on which written notice of such
failure, requiring the same to be remedied, shall have been given to the
Servicer by the Trustee or the Company, or to the Servicer, the Company and
the Trustee by the Holders of Certificates of any Class evidencing, in the
case of any such Class, Percentage Interests aggregating not less than 25%;
or
(iii) a decree or order of a court or agency or supervisory authority having
jurisdiction in the premises in an involuntary case under any present or
future federal or state bankruptcy, insolvency or similar law or
appointing a conservator or receiver or liquidator in any insolvency,
readjustment of debt, marshalling of assets and liabilities or similar
proceedings, or for the winding-up or liquidation of its affairs, shall
have been entered against the Servicer and such decree or order shall
have remained in force undischarged or unstayed for a period of 60 days;
or
(iv) the Servicer shall consent to the appointment of a conservator or
receiver or liquidator in any insolvency, readjustment of debt,
marshalling of assets and liabilities, or similar proceedings of, or
relating to, the Servicer or of, or relating to, all or substantially
all of the property of the Servicer; or
(v) the Servicer shall admit in writing its inability to pay its debts
generally as they become due, file a petition to take advantage of, or
commence a voluntary case under, any applicable insolvency or
reorganization statute, make an assignment for the benefit of its
creditors, or voluntarily suspend payment of its obligations; or
(vi) the Servicer shall notify the Trustee pursuant to Section 4.04(b) that
it is unable to deposit in the Payment Account an amount equal to the
Advance.
If an Event of Default described in clauses (i)-(v) of this Section
shall occur, then, and in each and every such case, so long as such Event of
Default shall not have been remedied, the Company may, and at the direction of
Holders of Certificates entitled to at least 51% of the Voting Rights, the
Trustee shall, by notice in writing to the Servicer (and to the Company if given
by the Trustee or to the Trustee if given by the Company), terminate all of the
rights and obligations of the Servicer under this Agreement and in and to the
Mortgage Loans and the proceeds thereof, other than its rights as a
Certificateholder hereunder. If an Event of Default described in clause (vi)
hereof shall occur, the Trustee shall, by notice to the Servicer and the
Company, immediately terminate all of the rights and obligations of the Servicer
under this Agreement and in and to the Mortgage Loans and the proceeds thereof,
other than its rights as a Certificateholder hereunder as provided in Section
4.04(b). On or after the receipt by the Servicer of such written notice, all
authority and power of the Servicer under this Agreement, whether with respect
to the Certificates (other than as a Holder thereof) or the Mortgage Loans or
otherwise, shall subject to Section 7.02 pass to and be vested in the Trustee or
the Trustee's designee appointed pursuant to Section 7.02; and, without
limitation, the Trustee is hereby authorized and empowered to execute and
deliver, on behalf of the Servicer, as attorney-in-fact or otherwise, any and
all documents and other instruments, and to do or accomplish all other acts or
things necessary or appropriate to effect the purposes of such notice of
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termination, whether to complete the transfer and endorsement or assignment of
the Mortgage Loans and related documents, or otherwise. The Servicer agrees to
cooperate with the Trustee in effecting the termination of the Servicer's
responsibilities and rights hereunder, including, without limitation, the
transfer to the Trustee or its designee for administration by it of all cash
amounts which shall at the time be credited to the Custodial Account or the
Payment Account or thereafter be received with respect to the Mortgage Loans. No
such termination shall release the Servicer for any liability that it would
otherwise have hereunder for any act or omission prior to the effective time of
such termination.
Notwithstanding any termination of the activities of GMAC Mortgage
Corporation in its capacity as Servicer hereunder, GMAC Mortgage Corporation
shall be entitled to receive, out of any late collection of a Monthly Payment on
a Mortgage Loan which was due prior to the notice terminating GMAC Mortgage
Corporation's rights and obligations as Servicer hereunder and received after
such notice, that portion to which GMAC Mortgage Corporation would have been
entitled pursuant to Sections 3.10(a)(ii), (vi) and (vii) as well as its
Servicing Fee in respect thereof, and any other amounts payable to GMAC Mortgage
Corporation hereunder the entitlement to which arose prior to the termination of
its activities hereunder.
Section 7.02. Trustee or Company to Act; Appointment of Successor.
(a) Within 90 days of the time the Servicer resigns pursuant to Section
6.04 or receives a notice of termination pursuant to Section 7.01, the Trustee
or a successor Servicer appointed by the Trustee hereunder shall be the
successor in all respects to the Servicer in its capacity as Servicer under this
Agreement and the transactions set forth or provided for herein and shall be
subject thereafter to all the responsibilities, duties, liabilities and
limitations on liabilities relating thereto placed on the Servicer, including
the obligation to make Monthly Advances which have been or will be required to
be made, but excluding the representations of the Servicer contained in Section
2.03, by the terms and provisions hereof; provided that any failure to perform
such duties or responsibilities caused by the predecessor Servicer's failure to
provide information required by Section 4.02 or 4.03 shall not be considered a
default by the Trustee as successor Servicer hereunder; and provided further
that the Trustee shall have no obligation whatsoever with respect to any
liability (other than Monthly Advances deemed recoverable and not previously
made) incurred by the predecessor Servicer at or prior to the time of receipt by
such Servicer of the notice of termination pursuant to Section 7.01 or receipt
by the Trustee of the Opinion of Counsel referred to in Section 6.04. As
compensation therefor, the Trustee shall be entitled to the Servicing Fee and
all funds relating to the Mortgage Loans which the Servicer would have been
entitled to charge to the Custodial Account if the Servicer had continued to act
hereunder, except for amounts that the Servicer shall be entitled to receive
pursuant to Section 7.01. If the Trustee has become the successor to the
Servicer in accordance with Section 6.04 or this Section 7.02, then
notwithstanding the above, if the Trustee shall be unwilling to so act, or shall
be unable to so act, the Trustee may appoint, or petition a court of competent
jurisdiction to appoint, any established housing and home finance institution ,
which is also a Fannie Mae or Freddie Mac-approved mortgage servicing
institution, having a net worth of not less than $10,000,000 as the successor to
the Servicer hereunder in the assumption of all or any part of the
responsibilities, duties or liabilities of the Servicer hereunder. Pending
appointment of a successor to the Servicer hereunder, the Trustee shall act in
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such capacity as herein above provided. In connection with such appointment and
assumption, the Trustee may make such arrangements for the compensation of such
successor out of payments on Mortgage Loans as it and such successor shall
agree; provided, however, that no such compensation shall be in excess of that
permitted the Servicer hereunder. Each of the Seller, the Trustee and such
successor shall take such action, consistent with this Agreement, as shall be
necessary to effectuate any such succession.
If the Trustee becomes the successor to the Servicer hereunder, the
Trustee shall be entitled to be reimbursed by the Servicer for all costs
associated with the transfer of the servicing of the Mortgage Loans to the
Trustee, including any costs or expenses associated with the complete transfer
of all servicing data and the completion, correction or manipulation of such
servicing data as may be required by the Trustee to correct any errors or
insufficiencies in the servicing data or otherwise to enable the Trustee to
service the Mortgage Loans in accordance with this Agreement. To the extent that
any such costs and expenses of the Trustee resulting from the termination of the
Servicer pursuant to this Section 7.02 are not reimbursed by the terminated
Servicer, the Trustee shall be entitled to reimbursement of such costs and
expenses from the Payment Account.
Any successor, including the Trustee, to the Servicer shall maintain in
force during its term as Servicer hereunder insurance policies and fidelity
bonds as may be required to be maintained by the Servicer pursuant to Section
3.12.
If the Trustee shall succeed to any duties of the Servicer with respect
to the Mortgage Loans as provided herein, it shall do so in a separate capacity
and not in its capacity as Trustee and, accordingly, the provisions of Article
VIII shall be inapplicable to the Trustee in its duties as successor Servicer in
the servicing of the Mortgage Loans (although such provisions shall continue to
apply to the Trustee in its capacity as trustee); the provisions of Article III,
however, shall apply to the Trustee in its capacity as successor Servicer.
(b) In connection with the termination or resignation of the Servicer
hereunder, either (i) the successor Servicer, including the Trustee if the
Trustee is acting as successor Servicer, shall represent and warrant that it is
a member of MERS in good standing and shall agree to comply in all material
respects with the rules and procedures of MERS in connection with the servicing
of the Mortgage Loans that are registered with MERS, in which case the
predecessor Servicer shall cooperate with the successor Servicer in causing MERS
to revise its records to reflect the transfer of servicing to the successor
Servicer as necessary under MERS' rules and regulations, or (ii) the predecessor
Servicer shall cooperate with the successor Servicer in causing MERS to execute
and deliver an assignment of Mortgage in recordable form to transfer the
Mortgage from MERS to the Trustee and to execute and deliver such other notices,
documents and other instruments as may be necessary or desirable to effect a
transfer of such Mortgage Loan or servicing of such Mortgage Loan on the MERS(R)
System to the successor Servicer. The predecessor Servicer shall file or cause
to be filed any such assignment in the appropriate recording office. The
predecessor Servicer shall bear any and all fees of MERS, costs of preparing any
assignments of Mortgage, and fees and costs of filing any assignments of
Mortgage that may be required under this subsection (b). The successor Servicer
shall cause such assignment to be delivered to the Trustee or the Custodian
promptly upon receipt of the original with evidence of recording thereon or a
copy certified by the public recording office in which such assignment was
recorded.
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Section 7.03. Notification to Certificateholders.
(a) Upon any such termination or appointment of a successor to the Servicer, the
Trustee shall give prompt written notice thereof to the Certificateholders at
their respective addresses appearing in the Certificate Register.
(b) Within 60 days after the occurrence of any Event of Default, the Trustee
shall transmit by mail to all Holders of Certificates notice of each such Event
of Default hereunder known to the Trustee, unless such Event of Default shall
have been cured or waived.
Section 7.04. Waiver of Events of Default.
The Holders representing at least 66% of the Voting Rights affected by a
default or Event of Default hereunder may waive such default or Event of
Default; provided, however, that (a) a default or Event of Default under clause
(i) of Section 7.01 may be waived only by all of the Holders of Certificates
affected by such default or Event of Default and (b) no waiver pursuant to this
Section 7.04 shall affect the Holders of Certificates in the manner set forth in
Section 12.01(b)(i) or (ii). Upon any such waiver of a default or Event of
Default by the Holders representing the requisite percentage of Voting Rights
affected by such default or Event of Default, such default or Event of Default
shall cease to exist and shall be deemed to have been remedied for every purpose
hereunder. No such waiver shall extend to any subsequent or other default or
Event of Default or impair any right consequent thereon except to the extent
expressly so waived.
Article VIII
CONCERNING THE TRUSTEE
Section 8.01. Duties of Trustee.
(a) The Trustee, prior to the occurrence of an Event of Default and after the
curing or waiver of all Events of Default which may have occurred, undertakes to
perform such duties and only such duties as are specifically set forth in this
Agreement. In case an Event of Default has occurred (which has not been cured or
waived), the Trustee shall exercise such of the rights and powers vested in it
by this Agreement, and use the same degree of care and skill in their exercise
as a prudent investor would exercise or use under the circumstances in the
conduct of such investor's own affairs.
(b) The Trustee, upon receipt of all resolutions, certificates, statements,
opinions, reports, documents, orders or other instruments furnished to the
Trustee which are specifically required to be furnished pursuant to any
provision of this Agreement, shall examine them to determine whether they
conform to the requirements of this Agreement. The Trustee shall notify the
Certificateholders of any such documents which do not materially conform to the
requirements of this Agreement in the event that the Trustee, after so
requesting, does not receive satisfactorily corrected documents.
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The Trustee shall forward or cause to be forwarded in a timely fashion
the notices, reports and statements required to be forwarded by the Trustee
pursuant to Sections 4.03, 7.03 and 10.01. The Trustee shall furnish in a timely
fashion to the Servicer such information as the Servicer may reasonably request
from time to time for the Servicer to fulfill its duties as set forth in this
Agreement. The Trustee covenants and agrees that it shall perform its
obligations hereunder in a manner so as to maintain the status of any portion of
each REMIC as a REMIC under the REMIC Provisions and (subject to Section
10.01(f)) to prevent the imposition of any federal, state or local income,
prohibited transaction, contribution or other tax on the Trust Fund to the
extent that maintaining such status and avoiding such taxes are reasonably
within the control of the Trustee and are reasonably within the scope of its
duties under this Agreement.
(c) No provision of this Agreement shall be construed to relieve the Trustee
from liability for its own negligent action, its own negligent failure to act or
its own willful misconduct; provided, however, that:
(i) Prior to the occurrence of an Event of Default, and after the curing or
waiver of all such Events of Default which may have occurred, the duties
and obligations of the Trustee shall be determined solely by the express
provisions of this Agreement, the Trustee shall not be liable except for
the performance of such duties and obligations as are specifically set
forth in this Agreement, no implied covenants or obligations shall be read
into this Agreement against the Trustee and, in the absence of bad faith on
the part of the Trustee, the Trustee may conclusively rely, as to the truth
of the statements and the correctness of the opinions expressed therein,
upon any certificates or opinions furnished to the Trustee by the Company
or the Servicer and which on their face, do not contradict the requirements
of this Agreement;
(ii) The Trustee shall not be personally liable for an error of judgment made in
good faith by a Responsible Officer or Responsible Officers of the Trustee,
unless it shall be proved that the Trustee was negligent in ascertaining
the pertinent facts;
(iii) The Trustee shall not be personally liable with respect to any action
taken, suffered or omitted to be taken by it in good faith in accordance
with the direction of Certificateholders of any Class holding
Certificates which evidence, as to such Class, Percentage Interests
aggregating not less than 25% as to the time, method and place of
conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred upon the Trustee, under this
Agreement;
(iv) The Trustee shall not be charged with knowledge of any default (other
than a default in payment to the Trustee) specified in clauses (i) and
(ii) of Section 7.01 or an Event of Default under clauses (iii), (iv)
and (v) of Section 7.01 unless a Responsible Officer of the Trustee
assigned to and working in the Corporate Trust Office obtains actual
knowledge of such failure or event or the Trustee receives written
notice of such failure or event at its Corporate Trust Office from the
Servicer, the Company or any Certificateholder; and
(v) Except to the extent provided in Section 7.02, no provision in this
Agreement shall require the Trustee to expend or risk its own funds
(including, without limitation, the making of any Advance) or otherwise
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incur any personal financial liability in the performance of any of its
duties as Trustee hereunder, or in the exercise of any of its rights or
powers, if the Trustee shall have reasonable grounds for believing that
repayment of funds or adequate indemnity against such risk or liability
is not reasonably assured to it.
(d) The Trustee shall timely pay, from its own funds, the amount of any and all
federal, state and local taxes imposed on the Trust Fund or its assets or
transactions including, without limitation, (A) "prohibited transaction" penalty
taxes as defined in Section 860F of the Code, if, when and as the same shall be
due and payable, (B) any tax on contributions to a REMIC after the Closing Date
imposed by Section 860G(d) of the Code and (C) any tax on "net income from
foreclosure property" as defined in Section 860G(c) of the Code, but only if
such taxes arise out of a breach by the Trustee of its obligations hereunder,
which breach constitutes negligence or willful misconduct of the Trustee.
Section 8.02. Certain Matters Affecting the Trustee.
(a) Except as otherwise provided in Section 8.01:
(i) The Trustee may rely and shall be protected in acting or refraining from
acting upon any resolution, Officers' Certificate, certificate of
auditors or any other certificate, statement, instrument, opinion,
report, notice, request, consent, order, appraisal, bond or other paper
or document believed by it to be genuine and to have been signed or
presented by the proper party or parties;
(ii) The Trustee may consult with counsel and any Opinion of Counsel shall be
full and complete authorization and protection in respect of any action
taken or suffered or omitted by it hereunder in good faith and in
accordance with such Opinion of Counsel;
(iii)The Trustee shall be under no obligation to exercise any of the trusts or
powers vested in it by this Agreement or to institute, conduct or defend
any litigation hereunder or in relation hereto at the request, order or
direction of any of the Certificateholders, pursuant to the provisions of
this Agreement, unless such Certificateholders shall have offered to the
Trustee reasonable security or indemnity against the costs, expenses and
liabilities which may be incurred therein or thereby; nothing contained
herein shall, however, relieve the Trustee of the obligation, upon the
occurrence of an Event of Default (which has not been cured or waived), to
exercise such of the rights and powers vested in it by this Agreement, and
to use the same degree of care and skill in their exercise as a prudent
investor would exercise or use under the circumstances in the conduct of
such investor's own affairs;
(iv) The Trustee shall not be personally liable for any action taken, suffered
or omitted by it in good faith and believed by it to be authorized or
within the discretion or rights or powers conferred upon it by this
Agreement;
(v) Prior to the occurrence of an Event of Default hereunder and after the
curing or waiver of all Events of Default which may have occurred, the
Trustee shall not be bound to make any investigation into the facts or
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matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, approval, bond or other
paper or document, unless requested in writing so to do by Holders of
Certificates of any Class evidencing, as to such Class, Percentage
Interests, aggregating not less than 50%; provided, however, that if the
payment within a reasonable time to the Trustee of the costs, expenses or
liabilities likely to be incurred by it in the making of such investigation
is, in the opinion of the Trustee, not reasonably assured to the Trustee by
the security afforded to it by the terms of this Agreement, the Trustee may
require reasonable indemnity against such expense or liability as a
condition to so proceeding. The reasonable expense of every such
examination shall be paid by the Servicer, if an Event of Default shall
have occurred and is continuing, and otherwise by the Certificateholder
requesting the investigation;
(vi) The Trustee may execute any of the trusts or powers hereunder or perform
any duties hereunder either directly or by or through agents or attorneys;
and
(vii)To the extent authorized under the Code and the regulations promulgated
thereunder, each Holder of a Class R Certificate hereby irrevocably
appoints and authorizes the Trustee to be its attorney-in-fact for purposes
of signing any Tax Returns required to be filed on behalf of the Trust
Fund. The Trustee shall sign on behalf of the Trust Fund and deliver to the
Servicer in a timely manner any Tax Returns prepared by or on behalf of the
Servicer that the Trustee is required to sign as determined by the Servicer
pursuant to applicable federal, state or local tax laws, provided that the
Servicer shall indemnify the Trustee for signing any such Tax Returns that
contain errors or omissions.
(b) Following the issuance of the Certificates, the Trustee shall not accept any
contribution of assets to the Trust Fund unless (subject to Section 10.01(f)) it
shall have obtained or been furnished with an Opinion of Counsel, which shall
not be a cost of the Trustee or the Trust Fund, to the effect that such
contribution will not (i) cause any portion of either REMIC to fail to qualify
as a REMIC at any time that any Certificates are outstanding or (ii) cause the
Trust Fund to be subject to any federal tax as a result of such contribution
(including the imposition of any federal tax on "prohibited transactions"
imposed under Section 860F(a) of the Code).
Section 8.03. Trustee Not Liable for Certificates or Mortgage Loans.
The recitals contained herein and in the Certificates (other than the
execution of the Certificates and relating to the acceptance and receipt of the
Mortgage Loans) shall be taken as the statements of the Company or the Servicer
as the case may be, and the Trustee assumes no responsibility for their
correctness. The Trustee makes no representations as to the validity or
sufficiency of this Agreement or of the Certificates (except that the
Certificates shall be duly and validly executed and authenticated by it as
Certificate Registrar) or of any Mortgage Loan or related document , or of MERS
or the MERS(R) System. Except as otherwise provided herein, the Trustee shall
not be accountable for the use or application by the Company or the Servicer of
any of the Certificates or of the proceeds of such Certificates, or for the use
or application of any funds paid to the Company or the Servicer in respect of
the Mortgage Loans or deposited in or withdrawn from the Custodial Account or
the Payment Account by the Company or the Servicer.
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Section 8.04. Trustee May Own Certificates.
The Trustee in its individual or any other capacity may become the owner
or pledgee of Certificates with the same rights it would have if it were not
Trustee.
Section 8.05. Servicer to Pay Trustee's Fees and Expenses; Indemnification.
(a) The Servicer shall pay the Trustee's fees hereunder pursuant to a fee
agreement to be entered into between the Servicer and the Trustee.
(b) The Servicer agrees to indemnify the Trustee for, and to hold the Trustee
harmless against, any loss, liability or expense incurred without negligence or
willful misconduct on the Trustee's part, arising out of, or in connection with,
the acceptance and administration of the Trust Fund, including the costs and
expenses (including reasonable legal fees and expenses) of defending itself
against any claim in connection with the exercise or performance of any of its
powers or duties under this Agreement and the Custodial Agreement, provided
that:
(i) with respect to any such claim, the Trustee shall have given the
Servicer written notice thereof promptly after the Trustee shall have
actual knowledge thereof;
(ii) while maintaining control over its own defense, the Trustee shall
cooperate and consult fully with the Servicer in preparing such defense;
and
(iii) notwithstanding anything in this Agreement to the contrary, the Servicer
shall not be liable for settlement of any claim by the Trustee entered
into without the prior consent of the Servicer which consent shall not
be unreasonably withheld.
No termination of this Agreement shall affect the obligations created by this
Section 8.05(b) of the Servicer to indemnify the Trustee under the conditions
and to the extent set forth herein.
Notwithstanding the foregoing, the indemnification provided by the
Servicer in this Section 8.05(b) shall not pertain to any loss, liability or
expense of the Trustee, including the costs and expenses of defending itself
against any claim, incurred in connection with any actions taken by the Trustee
at the direction of the Certificateholders pursuant to the terms of this
Agreement.
Section 8.06. Eligibility Requirements for Trustee.
The Trustee hereunder shall at all times be a corporation or a national
banking association having its principal office in a state and city acceptable
to the Company and organized and doing business under the laws of such state or
the United States of America, authorized under such laws to exercise corporate
trust powers, having a combined capital and surplus of at least $50,000,000 and
subject to supervision or examination by federal or state authority. If such
corporation or national banking association publishes reports of condition at
least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purposes of this Section the
combined capital and surplus of such corporation shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so published. In case at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section, the Trustee shall resign
immediately in the manner and with the effect specified in Section 8.07.
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Section 8.07. Resignation and Removal of the Trustee.
(a) The Trustee may at any time resign and be discharged from the trusts hereby
created by giving written notice thereof to the Company. Upon receiving such
notice of resignation, the Company shall promptly appoint a successor trustee by
written instrument, in duplicate, one copy of which instrument shall be
delivered to the resigning Trustee and one copy to the successor trustee. If no
successor trustee shall have been so appointed and have accepted appointment
within 30 days after the giving of such notice of resignation, the resigning
Trustee may petition any court of competent jurisdiction for the appointment of
a successor trustee.
(b) If at any time the Trustee shall cease to be eligible in accordance with the
provisions of Section 8.06 and shall fail to resign after written request
therefor by the Company, or if at any time the Trustee shall become incapable of
acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee
or of its property shall be appointed, or any public officer shall take charge
or control of the Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation, then the Company may remove the
Trustee and appoint a successor trustee by written instrument, in duplicate, one
copy of which instrument shall be delivered to the Trustee so removed and one
copy to the successor trustee. In addition, in the event that the Company
determines that the Trustee has failed (i) to distribute or cause to be
distributed to the Certificateholders any amount required to be distributed
hereunder, if such amount is held by the Trustee or its Paying Agent (other than
the Servicer or the Company) for distribution or (ii) to otherwise observe or
perform in any material respect any of its covenants, agreements or obligations
hereunder, and such failure shall continue unremedied for a period of 5 days (in
respect of clause (i) above) or 30 days (in respect of clause (ii) above) after
the date on which written notice of such failure, requiring that the same be
remedied, shall have been given to the Trustee by the Company, then the Company
may remove the Trustee and appoint a successor trustee by written instrument
delivered as provided in the preceding sentence. In connection with the
appointment of a successor trustee pursuant to the preceding sentence, the
Company shall, on or before the date on which any such appointment becomes
effective, obtain from each Rating Agency written confirmation that the
appointment of any such successor trustee will not result in the reduction of
the ratings on any class of the Certificates below the lesser of the then
current or original ratings on such Certificates.
(c) The Holders of Certificates entitled to at least 51% of the Voting Rights
may at any time remove the Trustee and appoint a successor trustee by written
instrument or instruments, in triplicate, signed by such Holders or their
attorneys-in-fact duly authorized, one complete set of which instruments shall
be delivered to the Company, one complete set to the Trustee so removed and one
complete set to the successor so appointed.
(d) Any resignation or removal of the Trustee and appointment of a successor
trustee pursuant to any of the provisions of this Section shall become effective
upon acceptance of appointment by the successor trustee as provided in Section
8.08.
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Section 8.08. Successor Trustee.
(a) Any successor trustee appointed as provided in Section 8.07 shall execute,
acknowledge and deliver to the Company and to its predecessor trustee an
instrument accepting such appointment hereunder, and thereupon the resignation
or removal of the predecessor trustee shall become effective and such successor
trustee shall become effective and such successor trustee, without any further
act, deed or conveyance, shall become fully vested with all the rights, powers,
duties and obligations of its predecessor hereunder, with the like effect as if
originally named as trustee herein. The predecessor trustee shall deliver to the
successor trustee all Mortgage Files and related documents and statements held
by it hereunder (other than any Mortgage Files at the time held by a Custodian,
which shall become the agent of any successor trustee hereunder), and the
Company, the Servicer and the predecessor trustee shall execute and deliver such
instruments and do such other things as may reasonably be required for more
fully and certainly vesting and confirming in the successor trustee all such
rights, powers, duties and obligations.
(b) No successor trustee shall accept appointment as provided in this Section
unless at the time of such acceptance such successor trustee shall be eligible
under the provisions of Section 8.06.
(c) Upon acceptance of appointment by a successor trustee as provided in this
Section, the Company shall mail notice of the succession of such trustee
hereunder to all Holders of Certificates at their addresses as shown in the
Certificate Register. If the Company fails to mail such notice within 10 days
after acceptance of appointment by the successor trustee, the successor trustee
shall cause such notice to be mailed at the expense of the Company.
Section 8.09. Merger or Consolidation of Trustee.
Any corporation or national banking association into which the Trustee
may be merged or converted or with which it may be consolidated or any
corporation or national banking association resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
corporation or national banking association succeeding to the business of the
Trustee, shall be the successor of the Trustee hereunder, provided such
corporation or national banking association shall be eligible under the
provisions of Section 8.06, without the execution or filing of any paper or any
further act on the part of any of the parties hereto, anything herein to the
contrary notwithstanding. The Trustee shall mail notice of any such merger or
consolidation to the Certificateholders at their address as shown in the
Certificate Register.
Section 8.10. Appointment of Co-Trustee or Separate Trustee.
(a) Notwithstanding any other provisions hereof, at any time, for the purpose of
meeting any legal requirements of any jurisdiction in which any part of the
Trust Fund or property securing the same may at the time be located, the
Servicer and the Trustee acting jointly shall have the power and shall execute
and deliver all instruments to appoint one or more Persons approved by the
Trustee to act as co-trustee or co-trustees, jointly with the Trustee, or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or Persons, in such capacity, such title to the Trust
Fund, or any part thereof, and, subject to the other provisions of this Section
8.10, such powers, duties, obligations, rights and trusts as the Servicer and
the Trustee may consider necessary or desirable. If the Servicer shall not have
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joined in such appointment within 15 days after the receipt by it of a request
so to do, or in case an Event of Default shall have occurred and be continuing,
the Trustee alone shall have the power to make such appointment. No co-trustee
or separate trustee hereunder shall be required to meet the terms of eligibility
as a successor trustee under Section 8.06 hereunder and no notice to Holders of
Certificates of the appointment of co-trustee(s) or separate trustee(s) shall be
required under Section 8.08 hereof.
(b) In the case of any appointment of a co-trustee or separate trustee pursuant
to this Section 8.10 all rights, powers, duties and obligations conferred or
imposed upon the Trustee shall be conferred or imposed upon and exercised or
performed by the Trustee, and such separate trustee or co-trustee jointly,
except to the extent that under any law of any jurisdiction in which any
particular act or acts are to be performed (whether as Trustee hereunder or as
successor to the Servicer hereunder), the Trustee shall be incompetent or
unqualified to perform such act or acts, in which event such rights, powers,
duties and obligations (including the holding of title to the Trust Fund or any
portion thereof in any such jurisdiction) shall be exercised and performed by
such separate trustee or co-trustee at the direction of the Trustee.
(c) Any notice, request or other writing given to the Trustee shall be deemed to
have been given to each of the then separate trustees and co-trustees, as
effectively as if given to each of them. Every instrument appointing any
separate trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee, upon its acceptance
of the trusts conferred, shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided therein, subject to all the provisions of this Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording protection to, the Trustee. Every
such instrument shall be filed with the Trustee.
(d) Any separate trustee or co-trustee may, at any time, constitute the Trustee,
its agent or attorney-in-fact, with full power and authority, to the extent not
prohibited by law, to do any lawful act under or in respect of this Agreement on
its behalf and in its name. If any separate trustee or co-trustee shall die,
become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the
Trustee, to the extent permitted by law, without the appointment of a new or
successor trustee.
Section 8.11. Appointment of Custodians.
The Trustee may, with the consent of the Servicer and the Company,
appoint one or more Custodians who, except for Escrow Bank USA, an industrial
loan corporation organized under the laws of the State of Utah, are not
Affiliates of the Company, the Servicer or the Seller to hold all or a portion
of the Mortgage Files as agent for the Trustee, by entering into a Custodial
Agreement; provided, however, that the Trustee may appoint a Custodian that is
an Affiliate of the Company, the Servicer or the Seller if the Trustee receives
written confirmation from each Rating Agency that such appointment will not
reduce the rating assigned to any Class of Certificates by such Rating Agency
(without giving effect to the FSA Policy in the case of the Class A-3
Certificates) below the lower of the then-current rating or the rating assigned
to such Certificates as of the Closing Date by such Rating Agency. Subject to
Article VIII, the Trustee agrees to comply with the terms of each Custodial
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Agreement and to enforce the terms and provisions thereof against the Custodian
for the benefit of the Certificateholders. Each Custodian shall be a depository
institution subject to supervision by federal or state authority and shall be
qualified to do business in the jurisdiction in which it holds any Mortgage
File. Each Custodian (other than the Custodian appointed as of the Closing Date)
shall have a combined capital and surplus of at least $10,000,000. Each
Custodial Agreement may be amended only as provided in Section 12.01. The
Trustee shall notify the Certificateholders of the appointment of any Custodian
(other than the Custodian appointed as of the Closing Date) pursuant to this
Section 8.11.
Section 8.12. Appointment of Office or Agency.
The Trustee will maintain an office or agency in the City of Minneapolis
where Certificates may be surrendered for registration of transfer or exchange.
The Trustee initially designates its offices located at Norwest Center, Sixth
and Marquette, Minneapolis, Minnesota 55479-1026 for the purposes of keeping the
Certificate Register. The Trustee will maintain an office at each of the
addresses stated in Section 12.05 hereof where notices and demands to or upon
the Trustee in respect of this Agreement may be served.
Article IX
TERMINATION
Section 9.01. Termination Upon Purchase by the Servicer
or the Company or Liquidation of All Mortgage Loans.
(a) Subject to Section 9.02, the respective obligations and responsibilities of
the Company, the Servicer and the Trustee created hereby in respect of the
Certificates (other than the obligation of the Trustee to make certain payments
after the Final Distribution Date to Certificateholders and the obligation of
the Company to send certain notices as hereinafter set forth) shall terminate
upon the last action required to be taken by the Trustee on the Final
Distribution Date pursuant to this Article IX following the earlier of:
(i) the later of the final payment or other liquidation (or any Advance with
respect thereto) of the last Mortgage Loan remaining in the Trust Fund or
the disposition of all property acquired upon foreclosure or deed in lieu
of foreclosure of any Mortgage Loan, or
(ii) the purchase by the Servicer of all Mortgage Loans and all property
acquired in respect of any Mortgage Loan remaining in the Trust Fund at a
price equal to 100% of the unpaid principal balance of each Mortgage Loan
or, the fair market value of the related underlying property of such
Mortgage Loan with respect to Mortgage Loans as to which title has been
acquired if such fair market value is less than such unpaid principal
balance (net of any unreimbursed Advances attributable to principal) on the
day of repurchase plus accrued interest thereon at the Net Mortgage Rate
(or Modified Net Mortgage Rate in the case of any Modified Mortgage Loan)
to, but not including, the first day of the month in which such repurchase
price is distributed, provided, however, that in no event shall the trust
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created hereby continue beyond the expiration of 21 years from the death of
the last survivor of the descendants of Joseph P. Kennedy, the late
ambassador of the United States to the Court of St. James, living on the
date hereof and provided further that the purchase price set forth above
shall be increased as is necessary, as determined by the Servicer, to avoid
disqualification of any portion of either REMIC as a REMIC.
The right of the Servicer to purchase all the assets of the Trust Fund
pursuant to clause (ii) above is conditioned upon the Pool Stated Principal
Balance as of the Final Distribution Date, prior to giving effect to
distributions to be made on such Distribution Date, being less than ten percent
of the Cut-off Date Principal Balance of the Mortgage Loans. If such right is
exercised by the Servicer, the Servicer shall be deemed to have been reimbursed
for the full amount of any unreimbursed Advances theretofore made by it with
respect to the Mortgage Loans. In addition, the Servicer, shall provide to the
Trustee the certification required by Section 3.15 and the Trustee and any
Custodian shall, promptly following payment of the purchase price, release to
the Servicer, as applicable, the Mortgage Files pertaining to the Mortgage Loans
being purchased.
(b) The Servicer shall give the Trustee not less than 60 days' prior notice of
the Distribution Date on which the Servicer anticipates that the final
distribution will be made to Certificateholders (whether as a result of the
exercise by the Servicer of its right to purchase the assets of the Trust Fund
or otherwise). Notice of any termination, specifying the anticipated Final
Distribution Date (which shall be a date that would otherwise be a Distribution
Date) upon which the Certificateholders may surrender their Certificates to the
Trustee (if so required by the terms hereof) for payment of the final
distribution and cancellation, shall be given promptly by the Servicer (if it is
exercising its right to purchase the assets of the Trust Fund), or by the
Trustee (in any other case) by letter to the Certificateholders mailed not
earlier than the 15th day and not later than the 25th day of the month next
preceding the month of such final distribution specifying:
(i) the anticipated Final Distribution Date upon which final payment of the
Certificates is anticipated to be made upon presentation and surrender
of Certificates at the office or agency of the Trustee therein
designated,
(ii) the amount of any such final payment, if known, and
(iii) that the Record Date otherwise applicable to such Distribution Date is
not applicable, and in the case of the Senior Certificates and Class M
Certificates, that payment will be made only upon presentation and
surrender of the Certificates at the office or agency of the Trustee
therein specified.
If the Servicer is obligated to give notice to Certificateholders as aforesaid,
it shall give such notice to the Certificate Registrar at the time such notice
is given to Certificateholders. In the event such notice is given by the
Servicer, the Servicer shall deposit in the Payment Account before the Final
Distribution Date in immediately available funds an amount equal to the purchase
price for the assets of the Trust Fund computed as above provided.
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(c) In the case of the Senior, Class M or Class B Certificates, upon
presentation and surrender of the Certificates by the Certificateholders
thereof, the Trustee shall distribute to the Certificateholders (i) the amount
otherwise distributable on such Distribution Date, if not in connection with the
Seller's election to repurchase, or (ii) if the Seller elected to so repurchase,
an amount determined as follows: (A) with respect to each Certificate the
outstanding Certificate Principal Balance thereof, plus Accrued Certificate
Interest for the related Interest Accrual Period thereon and any previously
unpaid Accrued Certificate Interest, subject to the priority set forth in
Section 4.02(a) and any Prepayment Interest Shortfalls allocated to the Insured
Certificates to the extent covered by the Insured Reserve Fund or a Guaranteed
Distribution, and (B) with respect to the Class R Certificates, any excess of
the amounts available for distribution (including the repurchase price specified
in clause (ii) of subsection (a) of this Section) over the total amount
distributed under the immediately preceding clause (A).
(d) If any Certificateholders shall not surrender their Certificates for final
payment and cancellation on or before the Final Distribution Date (if so
required by the terms hereof), the Trustee shall on such date cause all funds in
the Payment Account not distributed in final distribution to Certificateholders
to be withdrawn therefrom and credited to the remaining Certificateholders by
depositing such funds in a separate escrow account for the benefit of such
Certificateholders, and the Servicer (if it exercised its right to purchase the
assets of the Trust Fund), or the Trustee (in any other case) shall give a
second written notice to the remaining Certificateholders to surrender their
Certificates for cancellation and receive the final distribution with respect
thereto. If within six months after the second notice any Certificate shall not
have been surrendered for cancellation, the Trustee shall take appropriate steps
as directed by the Servicer to contact the remaining Certificateholders
concerning surrender of their Certificates. The costs and expenses of
maintaining the escrow account and of contacting Certificateholders shall be
paid out of the assets which remain in the escrow account. If within nine months
after the second notice any Certificates shall not have been surrendered for
cancellation, the Trustee shall pay to the Servicer all amounts distributable to
the holders thereof and the Servicer shall thereafter hold such amounts until
distributed to such holders. No interest shall accrue or be payable to any
Certificateholder on any amount held in the escrow account or by the Servicer as
a result of such Certificateholder's failure to surrender its Certificate(s) for
final payment thereof in accordance with this Section 9.01.
Section 9.02. Additional Termination Requirements.
(a) Each REMIC that comprises the Trust Fund shall be terminated in accordance
with the following additional requirements, unless (subject to Section 10.01(f))
the Trustee and the Servicer have received an Opinion of Counsel (which Opinion
of Counsel shall not be an expense of the Trustee) to the effect that the
failure of either REMIC to comply with the requirements of this Section 9.02
will not (i) result in the imposition on the Trust Fund of taxes on "prohibited
transactions," as described in Section 860F of the Code, or (ii) cause either
REMIC to fail to qualify as a REMIC at any time that any Certificate is
outstanding:
(i) The Servicer shall establish a 90-day liquidation period for such REMIC
and specify the first day of such period in a statement attached to the
Trust Fund's final Tax Return pursuant to Treasury regulations Section
1.860F-1. The Servicer also shall satisfy all of the requirements of a
qualified liquidation for a REMIC under Section 860F of the Code and
regulations thereunder;
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(ii) The Servicer shall notify the Trustee at the commencement of such 90-day
liquidation period and, at or prior to the time of making of the final
payment on the Certificates, the Trustee shall sell or otherwise dispose
of all of the remaining assets of the Trust Fund in accordance with the
terms hereof; and
(iii) If the Servicer or the Company is exercising its right to purchase the
assets of the Trust Fund, the Servicer shall, during the 90-day
liquidation period and at or prior to the Final Distribution Date,
purchase all of the assets of the Trust Fund for cash.
(b) Each Holder of a Certificate and the Trustee hereby irrevocably approves and
appoints the Servicer as its attorney-in-fact to adopt a plan of complete
liquidation for such REMIC at the expense of the Trust Fund in accordance with
the terms and conditions of this Agreement.
Article X
REMIC PROVISIONS
Section 10.01. REMIC Administration.
(a) The REMIC Administrator shall make an election to treat the Trust Fund as
two REMICs under the Code and, if necessary, under applicable state law. The
assets of each REMIC are set forth in this Agreement. Such election will be made
on Form 1066 or other appropriate federal tax or information return (including
Form 8811) or any appropriate state return for the taxable year ending on the
last day of the calendar year in which the Certificates are issued. For the
purposes of the REMIC elections in respect of the Trust Fund, Certificates and
interests to be designated as the "regular interests" and the sole class of
"residual interests" in each REMIC will be set forth in Section 10.03. The REMIC
Administrator and the Trustee shall not permit the creation of any "interests"
(within the meaning of Section 860G of the Code) in each REMIC elected in
respect of the Trust Fund other than the "regular interests" and "residual
interests" so designated.
(b) The Closing Date is hereby designated as the "startup day" of the Trust Fund
within the meaning of Section 860G(a)(9) of the Code.
(c) GMAC Mortgage Corporation shall hold a Class R Certificate representing a
0.01% Percentage Interest in each Class of the Class R Certificates and shall be
designated as "the tax matters person" with respect to each REMIC in the manner
provided under Treasury regulations section 1.860F-4(d) and Treasury regulations
section 301.6231(a)(7)-1. The REMIC Administrator, as tax matters person, shall
(i) act on behalf of each REMIC in relation to any tax matter or controversy
involving the Trust Fund and (ii) represent the Trust Fund in any administrative
or judicial proceeding relating to an examination or audit by any governmental
taxing authority with respect thereto. The legal expenses, including without
limitation attorneys' or accountants' fees, and costs of any such proceeding and
any liability resulting therefrom shall be expenses of the Trust Fund and the
REMIC Administrator shall be entitled to reimbursement therefor out of amounts
attributable to the Mortgage Loans on deposit in the Custodial Account as
provided by Section 3.10 unless such legal expenses and costs are incurred by
reason of the REMIC Administrator's willful misfeasance, bad faith or gross
negligence.
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(d) The REMIC Administrator shall prepare or cause to be prepared all of the Tax
Returns that it determines are required with respect to each REMIC created
hereunder and deliver such Tax Returns in a timely manner to the Trustee and the
Trustee shall sign and file such Tax Returns in a timely manner. The expenses of
preparing such returns shall be borne by the REMIC Administrator without any
right of reimbursement therefor. The REMIC Administrator agrees to indemnify and
hold harmless the Trustee with respect to any tax or liability arising from the
Trustee's signing of Tax Returns that contain errors or omissions. The Trustee
and Servicer shall promptly provide the REMIC Administrator with such
information as the REMIC Administrator may from time to time request for the
purpose of enabling the REMIC Administrator to prepare Tax Returns.
(e) The REMIC Administrator shall provide (i) to any Transferor of a Class R
Certificate such information as is necessary for the application of any tax
relating to the transfer of a Class R Certificate to any Person who is not a
Permitted Transferee, (ii) to the Trustee, and the Trustee shall forward to the
Certificateholders, such information or reports as are required by the Code or
the REMIC Provisions including reports relating to interest, original issue
discount and market discount or premium (using the Prepayment Assumption) and
(iii) to the Internal Revenue Service the name, title, address and telephone
number of the person who will serve as the representative of each REMIC.
(f) The Servicer and the REMIC Administrator shall take such actions and shall
cause each REMIC created hereunder to take such actions as are reasonably within
the Servicer's or the REMIC Administrator's control and the scope of its duties
more specifically set forth herein as shall be necessary or desirable to
maintain the status of each REMIC as a REMIC under the REMIC Provisions (and the
Trustee shall assist the Servicer and the REMIC Administrator, to the extent
reasonably requested by the Servicer and the REMIC Administrator to do so). The
Servicer and the REMIC Administrator shall not knowingly or intentionally take
any action, cause the Trust Fund to take any action or fail to take (or fail to
cause to be taken) any action reasonably within their respective control that,
under the REMIC Provisions, if taken or not taken, as the case may be, could (i)
endanger the status of any portion of either REMIC as a REMIC or (ii) result in
the imposition of a tax upon either REMIC (including but not limited to the tax
on prohibited transactions as defined in Section 860F(a)(2) of the Code and the
tax on contributions to a REMIC set forth in Section 860G(d) of the Code)
(either such event, in the absence of an Opinion of Counsel or the
indemnification referred to in this sentence, an "Adverse REMIC Event") unless
the Servicer or the REMIC Administrator, as applicable, has received an Opinion
of Counsel (at the expense of the party seeking to take such action or, if such
party fails to pay such expense, and the Servicer or the REMIC Administrator, as
applicable, determines that taking such action is in the best interest of the
Trust Fund and the Certificateholders, at the expense of the Trust Fund, but in
no event at the expense of the Servicer, the REMIC Administrator or the Trustee)
to the effect that the contemplated action will not, with respect to each REMIC
created hereunder, endanger such status or, unless the Servicer, the REMIC
Administrator or both, as applicable, determine in its or their sole discretion
to indemnify the Trust Fund against the imposition of such a tax, result in the
imposition of such a tax. Wherever in this Agreement a contemplated action may
not be taken because the timing of such action might result in the imposition of
a tax on the Trust Fund, or may only be taken pursuant to an Opinion of Counsel
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that such action would not impose a tax on the Trust Fund, such action may
nonetheless be taken provided that the indemnity given in the preceding sentence
with respect to any taxes that might be imposed on the Trust Fund has been given
and that all other preconditions to the taking of such action have been
satisfied. The Trustee shall not take or fail to take any action (whether or not
authorized hereunder) as to which the Servicer or the REMIC Administrator, as
applicable, has advised it in writing that it has received an Opinion of Counsel
to the effect that an Adverse REMIC Event could occur with respect to such
action. In addition, prior to taking any action with respect to either REMIC
created hereunder or any related assets thereof, or causing either REMIC to take
any action, which is not expressly permitted under the terms of this Agreement,
the Trustee will consult with the Servicer or the REMIC Administrator, as
applicable, or its designee, in writing, with respect to whether such action
could cause an Adverse REMIC Event to occur with respect to either REMIC, and
the Trustee shall not take any such action or cause either REMIC to take any
such action as to which the Servicer or the REMIC Administrator, as applicable,
has advised it in writing that an Adverse REMIC Event could occur. The Servicer
or the REMIC Administrator, as applicable, may consult with counsel to make such
written advice, and the cost of same shall be borne by the party seeking to take
the action not expressly permitted by this Agreement, but in no event at the
expense of the Servicer or the REMIC Administrator. At all times as may be
required by the Code, the Servicer will to the extent within its control and the
scope of its duties more specifically set forth herein, maintain substantially
all of the assets of each REMIC created hereunder as "qualified mortgages" as
defined in Section 860G(a)(3) of the Code and "permitted investments" as defined
in Section 860G(a)(5) of the Code.
(g) In the event that any tax is imposed on "prohibited transactions" of either
REMIC created hereunder as defined in Section 860F(a)(2) of the Code, on "net
income from foreclosure property" of either REMIC as defined in Section 860G(c)
of the Code, on any contributions to either REMIC after the Startup Day therefor
pursuant to Section 860G(d) of the Code, or any other tax is imposed by the Code
or any applicable provisions of state or local tax laws, such tax shall be
charged (i) to the Servicer, if such tax arises out of or results from a breach
by the Servicer of any of its obligations under this Agreement or the Servicer
has in its sole discretion determined to indemnify the Trust Fund against such
tax, (ii) to the Trustee, if such tax arises out of or results from a breach by
the Trustee of any of its obligations under this Article X, or (iii) otherwise
against amounts on deposit in the Custodial Account as provided by Section 3.10
and on the Distribution Date(s) following such reimbursement the aggregate of
such taxes shall be allocated in reduction of the Accrued Certificate Interest
on each Class entitled thereto in the same manner as if such taxes constituted a
Prepayment Interest Shortfall.
(h) The Trustee and the Servicer shall, for federal income tax purposes,
maintain books and records with respect to each REMIC created hereunder on a
calendar year and on an accrual basis or as otherwise may be required by the
REMIC Provisions.
(i) Following the Startup Day, neither the Servicer nor the Trustee shall accept
any contributions of assets to either REMIC created hereunder unless (subject to
Section 10.01(f)) the Servicer and the Trustee shall have received an Opinion of
Counsel (at the expense of the party seeking to make such contribution) to the
effect that the inclusion of such assets in such REMIC will not cause either
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REMIC to fail to qualify as a REMIC at any time that any Certificates are
outstanding or subject either REMIC to any tax under the REMIC Provisions or
other applicable provisions of federal, state and local law or ordinances.
(j) Neither the Servicer nor the Trustee shall (subject to Section 10.01(f))
enter into any arrangement by which either REMIC created hereunder will receive
a fee or other compensation for services nor permit either REMIC to receive any
income from assets other than "qualified mortgages" as defined in Section
860G(a)(3) of the Code or "permitted investments" as defined in Section
860G(a)(5) of the Code.
(k) Solely for the purposes of Section 1.860G-1(a)(4)(iii) of the Treasury
Regulations, the "latest possible maturity date" by which the Certificate
Principal Balance of each Class of Certificates (other than the Class IO
Certificates) representing a regular interest in the applicable REMIC and the
rights to the Class IO Certificates represented by the Class IO Certificate
would be reduced to zero is the Maturity Date for each such Certificate and
Interest.
(l) Within 30 days after the Closing Date, the REMIC Administrator shall prepare
and file with the Internal Revenue Service Form 8811, "Information Return for
Real Estate Mortgage Investment Conduits (REMIC) and Issuers of Collateralized
Debt Obligations" for each REMIC created hereunder.
(m) Neither the Trustee nor the Servicer shall sell, dispose of or substitute
for any of the Mortgage Loans (except in connection with (i) the default,
imminent default or foreclosure of a Mortgage Loan, including but not limited
to, the acquisition or sale of a Mortgaged Property acquired by deed in lieu of
foreclosure, (ii) the bankruptcy of either REMIC created hereunder, (iii) the
termination of the applicable REMIC pursuant to Article IX of this Agreement or
(iv) a purchase of Mortgage Loans pursuant to Article II or III of this
Agreement) nor acquire any assets for either REMIC, nor sell or dispose of any
investments in the Custodial Account or the Payment Account for gain nor accept
any contributions to either REMIC after the Closing Date unless it has received
an Opinion of Counsel that such sale, disposition, substitution or acquisition
will not (a) affect adversely the status of either REMIC as a REMIC or (b)
unless the Servicer has determined in its sole discretion to indemnify the Trust
Fund against such tax, cause either REMIC to be subject to a tax on "prohibited
transactions" or "contributions" pursuant to the REMIC Provisions.
(n) The Trustee will apply for an employer identification number from the
Internal Revenue Service on a Form SS-4 or any other acceptable method for all
tax entities.
Section 10.02. Servicer, REMIC Administrator and Trustee Indemnification.
(a) The Trustee agrees to indemnify the Trust Fund, the Company, the REMIC
Administrator and the Servicer for any taxes and costs including, without
limitation, any reasonable attorneys fees imposed on or incurred by the Trust
Fund, the Company or the Servicer, as a result of a breach of the Trustee's
covenants set forth in Article VIII or this Article X.
(b) The REMIC Administrator agrees to indemnify the Trust Fund, the Company, the
Servicer and the Trustee for any taxes and costs (including, without limitation,
any reasonable attorneys' fees) imposed on or incurred by the Trust Fund, the
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Company, the Servicer or the Trustee, as a result of a breach of the REMIC
Administrator's covenants set forth in this Article X with respect to compliance
with the REMIC Provisions, including without limitation, any penalties arising
from the Trustee's execution of Tax Returns prepared by the REMIC Administrator
that contain errors or omissions; provided, however, that such liability will
not be imposed to the extent such breach is a result of an error or omission in
information provided to the REMIC Administrator by the Servicer in which case
Section 10.02(c) will apply.
(c) The Servicer agrees to indemnify the Trust Fund, the Company, the REMIC
Administrator and the Trustee for any taxes and costs (including, without
limitation, any reasonable attorneys' fees) imposed on or incurred by the Trust
Fund, the Company, the REMIC Administrator or the Trustee, as a result of a
breach of the Servicer's covenants set forth in this Article X or in Article III
with respect to compliance with the REMIC Provisions, including without
limitation, any penalties arising from the Trustee's execution of Tax Returns
prepared by the Servicer that contain errors or omissions.
Section 10.03. Designation of REMIC(s).
The REMIC Administrator will make an election to treat the entire
segregated pool of assets described in the definition of Trust Fund, and subject
to this Agreement (including the Mortgage Loans) as a REMIC ("REMIC I") and will
make and election to treat the pool of assets comprised of the uncertificated
REMIC I Regular Interests as a REMIC ("REMIC II") for federal income tax
purposes.
The Uncertificated REMIC I Regular Interests will be "regular interests"
in REMIC I and the Class R-I Certificates will be the sole class of "residual
interests" in REMIC I for purposes of the REMIC Provisions (as defined herein)
under the federal income tax law.
The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6,
Class A-7, Class A-8, Class PO, Class M-1, Class M-2, Class M-3, Class B-1,
Class B-2 and Class B-3 Certificates and the Uncertificated REMIC II Regular
Interests, the rights in and to which will be represented by the Class IO
Certificates, will be "regular interests" in REMIC II, and the Class R-II
Certificates will be the sole class of "residual interests" therein for purposes
of the REMIC Provisions (as defined herein) under federal income tax law.
Section 10.04. Distributions on the Uncertificated REMIC I and REMIC II Regular
Interests.
(a) On each Distribution Date the Trustee shall be deemed to distribute to
itself, as the holder of the Uncertificated REMIC I Regular Interests, the
Uncertificated REMIC I Regular Interest Distribution Amounts in the following
order of priority to the extent of the Available Distribution Amount reduced by
distributions made to the Class R-I Certificates pursuant to Section 4.02(a):
(i) Uncertificated Accrued Interest on the Uncertificated REMIC I Regular
Interests for such Distribution Date, plus any Uncertificated Accrued
Interest thereon remaining unpaid from any previous Distribution Date;
and
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(ii) In accordance with the priority set forth in Section 10.04(b), an amount
equal to the sum of the amounts in respect of principal distributable on
each Class of Certificates (other than the Class R-I Certificates) under
Section 4.02(a), as allocated thereto pursuant to Section 4.02(b).
(b) The amount described in Section 10.04(a)(ii) shall be deemed distributed to
(i) Uncertificated REMIC I Regular Interest V, (ii) Uncertificated REMIC I
Regular Interest W, (iii) Uncertificated REMIC I Regular Interest X and (iv)
Uncertificated REMIC I Regular Interest Y with the amount to be distributed
allocated among such interests in accordance with the priority assigned to each
Class of Certificates (other than the Class R-I Certificates), respectively,
under Section 4.02(b) until the Uncertificated Principal Balance of each such
interest is reduced to zero.
(c) The portion of the Uncertificated REMIC I Regular Interest Distribution
Amounts described in Section 10.04(a)(ii) shall be deemed distributed by REMIC I
to REMIC II in accordance with the priority assigned to the REMIC II
Certificates relative to that assigned to the REMIC I Certificates under Section
4.02(b).
(d) In determining from time to time the Uncertificated REMIC I Regular Interest
Distribution Amounts and Uncertificated REMIC II Regular Interest Distribution
Amounts:
(i) Realized Losses allocated to the Class IO Certificates under Section
4.05 shall be deemed allocated to the REMIC II Uncertificated Regular
Interests pro-rata according to the respective amounts of Uncertificated
Accrued Interest that would have accrued on such Uncertificated REMIC
Regular II Interests for the Distribution Date for which such allocation
is being made in the absence of such allocation;
(ii) Realized Losses allocated to the Class A-1 Certificates and Class A-2
Certificates under Section 4.05 shall be deemed allocated to
Uncertificated REMIC I Regular Interest V;
(iii) Realized Losses allocated to the Class A-3 Certificates and Class A-4
Certificates under Section 4.05 shall be deemed allocated to
Uncertificated REMIC I Regular Interest W;
(iv) Realized Losses allocated to the Class PO Certificates under Section
4.05 shall be deemed allocated to Uncertificated REMIC I Regular
Interest X;
(v) Realized Losses allocated to the Class A-5, Class A-6, Class A-7, Class
A-8, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3
and Class R-II Certificates under Section 4.05 shall be deemed allocated
to Uncertificated REMIC I Regular Interest Y; and
(vi) Realized Losses allocated to the Uncertificated REMIC II Regular
Interests under clause (i), above, shall be deemed allocated, in each
case, to the related Uncertificated REMIC I Regular Interest Z.
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(e) On each Distribution Date the Trustee shall be deemed to distribute from
REMIC II, in the priority set forth in Sections 4.02(a) and (b), to the Holders
of each Class of Certificates (other than the Class R-I Certificates) the
amounts distributable thereon from the Uncertificated REMIC I Regular Interest
Distribution Amounts deemed to have been received by REMIC II from REMIC I under
this Section 10.04. The amounts deemed distributed hereunder with respect to the
Class IO Certificates shall be deemed to have been distributed in respect of the
Uncertificated REMIC II Regular Interests in accordance with their respective
Uncertificated REMIC II Regular Interest Distribution Amounts, as such
Uncertificated REMIC II Regular Interests comprise the Class IO Certificates.
(f) Notwithstanding the deemed distributions on the Uncertificated REMIC I
Regular Interests described in this Section 10.04, distributions of funds from
the Certificate Account shall be made only in accordance with Section 4.02.
Section 10.05. Compliance with Withholding Requirements.
Notwithstanding any other provision of this Agreement, the Trustee or
any Paying Agent, as applicable, shall comply with all federal withholding
requirements respecting payments to Certificateholders, including interest or
original issue discount payments or advances thereof that the Trustee or any
Paying Agent, as applicable, reasonably believes are applicable under the Code.
The consent of Certificateholders shall not be required for such withholding. In
the event the Trustee or any Paying Agent, as applicable, does withhold any
amount from interest or original issue discount payments or advances thereof to
any Certificateholder pursuant to federal withholding requirements, the Trustee
or any Paying Agent, as applicable, shall indicate the amount withheld to such
Certificateholder pursuant to the terms of such requirements.
Article XI
CERTAIN MATTERS REGARDING FINANCIAL SECURITY
Section 11.01. Rights of Financial Security to Exercise Rights of Insured
Certificateholders.
By accepting its Certificate, each Insured Certificateholder agrees that
unless a FSA Default exists, Financial Security shall have the right to exercise
all consent, voting, direction and other control rights of the Insured
Certificateholders under this Agreement without any further consent of the
Insured Certificateholders.
Section 11.02. Claims Upon the FSA Policy; FSA Policy Payments Account.
(a) If, on the Business Day next succeeding the Determination Date, the
Trustee determines that (i) the funds that will be on deposit in the Payment
Account on the related Payment Account Deposit Date, to the extent distributable
to the Insured Certificateholders pursuant to Section 4.02(a)(i), together with
any Insured Reserve Withdrawal for the related Distribution Date, are
insufficient to pay the full amount of interest for the related Interest Accrual
Period on the Certificate Principal Balance of the Insured Certificates at the
related Pass-Through Rate (net of any Prepayment Interest Shortfalls or Relief
Act Shortfalls allocated to the Insured Certificates but only to the extent
covered by the Servicer pursuant to Section 3.16(e) or the Insured Reserve Fund)
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on such Distribution Date, (ii) the principal portion of any Realized Loss is
allocated to the Insured Certificates on such Distribution Date or (iii) the
funds available in connection with an optional termination of the Trust Fund
pursuant to Section 5.06 or Section 9.01 or on the Final Distribution Date will
be insufficient to reduce the Certificate Principal Balances of the Insured
Certificates to zero, the Trustee shall give notice by telephone or telecopy of
the aggregate amount of such deficiency, confirmed in writing in the form set
forth as Exhibit A to the endorsement of the FSA Policy, to Financial Security
and the Fiscal Agent (as defined in the FSA Policy), at or before 12:00 noon,
New York City time, on the Business Day prior to such Distribution Date. If,
subsequent to such notice, and prior to payment by Financial Security pursuant
to such notice, additional amounts are deposited in the Payment Account, the
Trustee shall reasonably promptly notify Financial Security and withdraw the
notice or reduce the amount claimed, as appropriate.
(b) The Trustee shall establish a separate special purpose trust account
for the benefit of Holders of the Insured Certificates and Financial Security
referred to herein as the "FSA Policy Payments Account" over which the Trustee
shall have exclusive control and sole right of withdrawal. The Trustee shall
deposit any amount paid under the FSA Policy in the FSA Policy Payments Account
and distribute such amount only for purposes of payment to Holders of Insured
Certificates of the Guaranteed Distribution for which a claim was made. Such
amount may not be applied to satisfy any costs, expenses or liabilities of the
Servicer, the Trustee or the Trust Fund. Amounts paid under the FSA Policy shall
be transferred to the Payment Account in accordance with the next succeeding
paragraph and disbursed by the Trustee to Holders of Certificates in accordance
with Section 4.02, Section 5.06(c) or Section 9.01(c), as applicable. It shall
not be necessary for such payments to be made by checks or wire transfers
separate from the checks or wire transfers used to pay the Guaranteed
Distribution with other funds available to make such payment. However, the
amount of any payment of principal of or interest on the Insured Certificates to
be paid from funds transferred from the FSA Policy Payments Account shall be
noted as provided in paragraph (c) below and in the statement to be furnished to
Holders of the Certificates pursuant to Section 4.03. Funds held in the FSA
Policy Payments Account shall not be invested by the Trustee.
On any Distribution Date with respect to which a claim has been made
under the FSA Policy, the amount of any funds received by the Trustee as a
result of any claim under the FSA Policy, to the extent required to make the
Guaranteed Distribution on such Distribution Date shall be withdrawn from the
FSA Policy Payments Account and deposited in the Payment Account and applied by
the Trustee, together with the other funds to be distributed to the Insured
Certificateholders pursuant to Section 4.02, directly to the payment in full of
the Guaranteed Distribution due on the Insured Certificates. Any funds remaining
in the FSA Policy Payments Account on the first Business Day following a
Distribution Date shall be remitted to Financial Security, pursuant to the
instructions of Financial Security, by the end of such Business Day.
(c) The Trustee shall keep a complete and accurate record of the amount
of interest and principal paid into the FSA Policy Payments Account in respect
of any Insured Certificate from moneys received under the FSA Policy. Financial
Security shall have the right to inspect such records at reasonable times during
normal business hours upon two Business Day's prior notice to the Trustee.
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Section 11.03. Effect of Payments by Financial Security; Subrogations.
Anything herein to the contrary notwithstanding, for purposes of this
Section 11.03 only, any payment with respect to principal of or interest on the
Insured Certificates which is made with monies received pursuant to the terms of
the FSA Policy shall not be considered payment of the Insured Certificates from
the Trust Fund. The Servicer and the Trustee acknowledge, and each Holder by its
acceptance of an Insured Certificate agrees, that without the need for any
further action on the part of Financial Security, the Servicer, the Trustee or
the Certificate Registrar, to the extent Financial Security makes payments,
directly or indirectly, on account of principal of or interest on the Insured
Certificates to the Holders of such Certificates, Financial Security will be
fully subrogated to, and each Insured Certificateholder, the Servicer and the
Trustee hereby delegate and assign to Financial Security, to the fullest extent
permitted by law, the rights of such Holders to receive such principal and
interest from the Trust Fund; provided that Financial Security shall be paid
such amounts only from the sources and in the manner explicitly provided for
herein either by provision for payment to Financial Security as subrogee or by
provision for payment to Insured Certificateholders of amounts expressly
relating to a payment made by Financial Security.
The Trustee and the Servicer shall cooperate in all respects with any
reasonable request by Financial Security for action to preserve or enforce
Financial Security's rights or interests under this Agreement without limiting
the rights or affecting the interests of the Holders as otherwise set forth
herein.
Section 11.04. Notices and Information to Financial Security; Financial Security
as Third Party Beneficiary.
(a) All notices, statements, reports, certificates or opinions required
by this Agreement to be sent to any other party hereto or to the
Certificateholders shall also be sent to Financial Security.
(b) The Servicer shall designate a Person who shall be available to
Financial Security to provide reasonable access to information regarding the
Mortgage Loans and the servicing practices and policies of the Servicer with
respect thereto.
(c) Financial Security shall be a third party beneficiary of this
Agreement.
Section 11.05. Trustee to Hold FSA Policy.
The Trustee will hold the FSA Policy in trust as agent for the Insured
Certificateholders for the purpose of making claims thereon and distributing the
proceeds thereof. Neither the FSA Policy, nor the amounts paid on the FSA Policy
will constitute part of the Trust Fund or assets of either REMIC created by this
Agreement. Each Insured Certificateholder, by accepting its Certificate,
appoints the Trustee as attorney-in-fact for the purpose of making claims on the
FSA Policy. The Trustee shall surrender the FSA Policy to Financial Security for
cancellation upon the expiration of the term of the FSA Policy as provided in
the FSA Policy following the retirement of the Insured Certificates. To the
extent that the FSA Policy constitutes a reserve fund for federal income tax
purposes, (1) it shall be an outside credit support agreement and not an asset
of either REMIC and (2) it shall be owned by Financial Security, all within the
meaning of Section 1.860G-2(h) of the Treasury Regulations.
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Section 11.06. Payment of Insurance Premium.
Unless otherwise designated in writing by the President or a Managing
Director of Financial Security to the Trustee, the Insurance Premium to be paid
pursuant to Section 4.02(a) shall be paid by the Trustee to Financial Security
by wire transfer with the following details specifically stated in the wire
transfer:
Bank: The Bank of New York
ABA Number: 021000018
For the account of: Financial Security Assurance Inc.
Account Number: 8900297263
Policy Number: 50946-N
Article XII
MISCELLANEOUS PROVISIONS
Section 12.01. Amendment.
(a) This Agreement or any Custodial Agreement may be amended from time to time
by the Company, the Servicer and the Trustee, without the consent of any of the
Certificateholders:
(i) to cure any ambiguity,
(ii) to correct or supplement any provisions herein or therein, which may be
inconsistent with any other provisions herein or therein or to correct
any error,
(iii)to modify, eliminate or add to any of its provisions to such extent as
shall be necessary or desirable to maintain the qualification of the Trust
Fund as a REMIC at all times that any Certificate is outstanding or to
avoid or minimize the risk of the imposition of any tax on the Trust Fund
pursuant to the Code that would be a claim against the Trust Fund, provided
that the Trustee has received an Opinion of Counsel to the effect that (A)
such action is necessary or desirable to maintain such qualification or to
avoid or minimize the risk of the imposition of any such tax and (B) such
action will not adversely affect in any material respect the interests of
any Certificateholder,
(iv) to change the timing and/or nature of deposits into the Custodial Account
or the Payment Account or to change the name in which the Custodial Account
is maintained, provided that (A) the Payment Account Deposit Date shall in
no event be later than the related Distribution Date, (B) such change shall
not, as evidenced by an Opinion of Counsel, adversely affect in any
material respect the interests of any Certificateholder and (C) such change
shall not result in a reduction of the rating assigned to any Class of
Certificates below the lower of the then-current rating or the rating
assigned to such Certificates as of the Closing Date (in the case of the
Class A-3 Certificates, without giving effect to the FSA Policy), as
evidenced by a letter from each Rating Agency to such effect,
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(v) to modify, eliminate or add to the provisions of Section 5.02(f) or any
other provision hereof restricting transfer of the Class R Certificates, by
virtue of their being the "residual interests" in a REMIC, provided that
(A) such change shall not result in reduction of the rating assigned to any
such Class of Certificates below the lower of the then-current rating or
the rating assigned to such Certificates as of the Closing Date (in the
case of the Class A-3 Certificates, without giving effect to the FSA
Policy), as evidenced by a letter from each Rating Agency to such effect,
and (B) such change shall not (subject to Section 10.01(f)), as evidenced
by an Opinion of Counsel (at the expense of the party seeking so to modify,
eliminate or add such provisions), cause either REMIC created hereunder or
any of the Certificateholders (other than the transferor) to be subject to
a federal tax caused by a transfer to a Person that is not a Permitted
Transferee,
(vi) to make any other provisions with respect to matters or questions arising
under this Agreement or such Custodial Agreement which shall not be
materially inconsistent with the provisions of this Agreement, provided
that such action shall not, as evidenced by an Opinion of Counsel,
adversely affect in any material respect the interests of any
Certificateholder, or
(vii)to amend any provision herein or therein that is not material to any of
the Certificateholders.
(b) This Agreement or any Custodial Agreement may also be amended from time to
time by the Company, the Servicer and the Trustee with the consent of the
Holders of Certificates evidencing in the aggregate not less than 66% of the
Percentage Interests of each Class of Certificates affected thereby for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Agreement or such Custodial Agreement or of modifying
in any manner the rights of the Holders of Certificates of such Class; provided,
however, that no such amendment shall:
(i) reduce in any manner the amount of, or delay the timing of, payments which
are required to be distributed on any Certificate without the consent of
the Holder of such Certificate,
(ii) reduce the aforesaid percentage of Certificates of any Class the Holders
of which are required to consent to any such amendment, in any such case
without the consent of the Holders of all Certificates of such Class
then outstanding.
(c) Notwithstanding any contrary provision of this Agreement, the Trustee shall
not consent to any amendment to this Agreement unless it shall have first
received an Opinion of Counsel (subject to Section 10.01(f) and at the expense
of the party seeking such amendment) to the effect that such amendment or the
exercise of any power granted to the Servicer, the Company or the Trustee in
accordance with such amendment will not result in the imposition of a federal
tax on the Trust Fund or cause either REMIC to fail to qualify as a REMIC at any
time that any Certificate is outstanding.
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(d) Promptly after the execution of any such amendment the Trustee shall furnish
written notification of the substance of such amendment to the Custodian and
each Certificateholder. It shall not be necessary for the consent of
Certificateholders under this Section 12.01 to approve the particular form of
any proposed amendment, but it shall be sufficient if such consent shall approve
the substance thereof. The manner of obtaining such consents and of evidencing
the authorization of the execution thereof by Certificateholders shall be
subject to such reasonable regulations as the Trustee may prescribe.
Section 12.02. Recordation of Agreement; Counterparts.
(a) To the extent permitted by applicable law, this Agreement is subject to
recordation in all appropriate public offices for real property records in all
the counties or other comparable jurisdictions in which any or all of the
properties subject to the Mortgages are situated, and in any other appropriate
public recording office or elsewhere, such recordation to be effected by the
Servicer and at its expense on direction by the Trustee (pursuant to the request
of Holders of Certificates entitled to at least 25% of the Voting Rights), but
only upon direction accompanied by an Opinion of Counsel to the effect that such
recordation materially and beneficially affects the interests of the
Certificateholders.
(b) For the purpose of facilitating the recordation of this Agreement as herein
provided and for other purposes, this Agreement may be executed simultaneously
in any number of counterparts, each of which counterparts shall be deemed to be
an original, and such counterparts shall constitute but one and the same
instrument.
Section 12.03. Limitation on Rights of Certificateholders.
(a) The death or incapacity of any Certificateholder shall not operate to
terminate this Agreement or the Trust Fund, nor entitle such Certificateholder's
legal representatives or heirs to claim an accounting or to take any action or
proceeding in any court for a partition or winding up of the Trust Fund, nor
otherwise affect the rights, obligations and liabilities of any of the parties
hereto.
(b) No Certificateholder shall have any right to vote (except as expressly
provided herein) or in any manner otherwise control the operation and management
of the Trust Fund, or the obligations of the parties hereto, nor shall anything
herein set forth, or contained in the terms of the Certificates, be construed so
as to constitute the Certificateholders from time to time as partners or members
of an association; nor shall any Certificateholder be under any liability to any
third person by reason of any action taken by the parties to this Agreement
pursuant to any provision hereof.
(c) No Certificateholder shall have any right by virtue of any provision of this
Agreement to institute any suit, action or proceeding in equity or at law upon
or under or with respect to this Agreement, unless such Holder previously shall
have given to the Trustee a written notice of default and of the continuance
thereof, as hereinbefore provided, and unless also the Holders of Certificates
of any Class evidencing in the aggregate not less than 25% of the related
Percentage Interests of such Class, shall have made written request upon the
Trustee to institute such action, suit or proceeding in its own name as Trustee
hereunder and shall have offered to the Trustee such reasonable indemnity as it
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may require against the costs, expenses and liabilities to be incurred therein
or thereby, and the Trustee, for 60 days after its receipt of such notice,
request and offer of indemnity, shall have neglected or refused to institute any
such action, suit or proceeding it being understood and intended, and being
expressly covenanted by each Certificateholder with every other
Certificateholder and the Trustee, that no one or more Holders of Certificates
of any Class shall have any right in any manner whatever by virtue of any
provision of this Agreement to affect, disturb or prejudice the rights of the
Holders of any other of such Certificates of such Class or any other Class, or
to obtain or seek to obtain priority over or preference to any other such
Holder, or to enforce any right under this Agreement, except in the manner
herein provided and for the common benefit of Certificateholders of such Class
or all Classes, as the case may be. For the protection and enforcement of the
provisions of this Section 12.03, each and every Certificateholder and the
Trustee shall be entitled to such relief as can be given either at law or in
equity.
Section 12.04. Governing Law.
This agreement and the Certificates shall be governed by and construed
in accordance with the laws of the State of New York and the obligations, rights
and remedies of the parties hereunder shall be determined in accordance with
such laws.
Section 12.05. Notices.
All demands and notices hereunder shall be in writing and shall be
deemed to have been duly given if sent by facsimile or if personally delivered
at or mailed by registered mail, postage prepaid (except for notices to the
Trustee which shall be deemed to have been duly given only when received), to
the appropriate address for each recipient listed in the table below or, in each
case, such other address as may hereafter be furnished in writing to the
Servicer, the Trustee, Financial Security and the Company, as applicable:
Recipient Address
Company 8400 Normandale Lake Boulevard
Suite 600, Minneapolis, Minnesota 55437,
Attention: President
Servicer 100 Witmer Road
Horsham, Pennsylvania 19044,
Attention: President
Trustee 11000 Broken Land Parkway
Columbia, Maryland 21044
with a copy to:
Norwest Center
Sixth and Marquette
Minneapolis, Minnesota 55479-1026
Attention: Corporate Trust, GMACM Mortgage
Pass-Through Certificates, Series 2000-J2
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Financial Security 350 Park Avenue
New York, New York 10022
Attention: Surveillance Department,
Re: GMACM Mortgage
Pass-Through Certificates, Series 2000-J2
Fitch One State Street Plaza
New York, New York 10004
Standard & Poor's 55 Water Street
New York, New York 10041
Any notice required or permitted to be mailed to a Certificateholder shall be
given by first class mail, postage prepaid, at the address of such holder as
shown in the Certificate Register. In each case in which a notice or other
communication to Financial Security refers to an FSA Default or a claim under
the FSA Policy or with respect to which failure on the part of Financial
Security to respond shall be deemed to constitute consent or acceptance, then a
copy of such notice or other communication should also be sent to the attention
of the General Counsel of Financial Security and The Structured Finance -
Mortgage Backed Securities Department of Financial Security and, in both cases,
shall be marked to indicate "URGENT MATERIAL ENCLOSED". Any notice so mailed
within the time prescribed in this Agreement shall be conclusively presumed to
have been duly given, whether or not the Certificateholder receives such notice.
Section 12.06. Required Notices to Rating Agency and Subservicer.
The Company, the Servicer or the Trustee, as applicable, shall notify
each Rating Agency and the Subservicer at such time as it is otherwise required
pursuant to this Agreement to give notice of the occurrence of, any of the
events described in clause (a), (b), (c), (d), (g), (h), (i) or (j) below or
provide a copy to each Rating Agency at such time as otherwise required to be
delivered pursuant to this Agreement of any of the statements described in
clauses (e) and (f) below:
(a) a material change or amendment to this Agreement,
(b) the occurrence of an Event of Default,
(c) the termination or appointment of a successor Servicer or Trustee or a
change in the majority ownership of the Trustee,
(d) the filing of any claim under the Servicer's blanket fidelity bond and
the errors and omissions insurance policy required by Section 3.12 or
the cancellation or modification of coverage under any such instrument,
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(e) the statement required to be delivered to the Holders of each Class of
Certificates pursuant to Section 4.03, which statements shall be mailed
to each Rating Agency via first class mail,
(f) the statements required to be delivered pursuant to Sections 3.18 and 3.19,
(g) the occurrence of any monthly cash flow shortfall to the Holders of any
Class of Certificates resulting from the failure by the Servicer to make
an Advance pursuant to Section 4.04,
(h) the occurrence of the Final Distribution Date, and
(i) any FSA Default that has not been cured.
provided, however, that with respect to notice of the occurrence of the events
described in clauses (d) or (g) above, the Servicer shall provide prompt written
notice to each Rating Agency and the Subservicer of any such event known to the
Servicer.
Section 12.07. Severability of Provisions.
If any one or more of the covenants, agreements, provisions or terms of
this Agreement shall be for any reason whatsoever held invalid, then such
covenants, agreements, provisions or terms shall be deemed severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.
Section 12.08. Supplemental Provisions for Resecuritization.
This Agreement may be supplemented by means of the addition of a
separate Article hereto (a "Supplemental Article") for the purpose of
resecuritizing any of the Certificates issued hereunder, under the following
circumstances. With respect to any Class or Classes of Certificates issued
hereunder, or any portion of any such Class, as to which the Company or any of
its Affiliates (or any designee thereof) is the registered Holder (the
"Resecuritized Certificates"), the Company may deposit such Resecuritized
Certificates into a new REMIC, grantor trust, FASIT or custodial arrangement (a
"Restructuring Vehicle") to be held by the Trustee pursuant to a Supplemental
Article. The instrument adopting such Supplemental Article shall be executed by
the Company, the Servicer and the Trustee; provided, that neither the Servicer
nor the Trustee shall withhold their consent thereto if their respective
interests would not be materially adversely affected thereby. To the extent that
the terms of the Supplemental Article do not in any way affect any provisions of
this Agreement as to any of the Certificates initially issued hereunder, the
adoption of the Supplemental Article shall not constitute an "amendment" of this
Agreement.
Each Supplemental Article shall set forth all necessary provisions
relating to the holding of the Resecuritized Certificates by the Trustee, the
establishment of the Restructuring Vehicle, the issuing of various classes of
new certificates by the Restructuring Vehicle and the distributions to be made
thereon, and any other provisions necessary for the purposes thereof. In
connection with each Supplemental Article, the Company shall deliver to the
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Trustee an Opinion of Counsel to the effect that (i) the Restructuring Vehicle
will qualify as a REMIC, grantor trust, FASIT or other entity not subject to
taxation for federal income tax purposes and (ii) the adoption of the
Supplemental Article will not endanger the status of the Trust Fund as a REMIC
or (subject to Section 10.01(f)) result in the imposition of a tax upon the
Trust Fund (including but not limited to the tax on prohibited transactions as
defined in Section 860F(a)(2) of the Code and the tax on contributions to a
REMIC as set forth in Section 860G(d) of the Code).
Section 12.09. Allocation of Voting Rights.
97.0% of all of the Voting Rights shall be allocated among Holders of
Certificates, other than the Interest Only Certificates and Class R
Certificates, in proportion to the outstanding Certificate Principal Balances of
their respective Certificates; 1% of all Voting Rights shall be allocated among
the Holders of the Class A-4 Certificates and 1% of all Voting Rights shall be
allocated among Holders of the Class IO Certificates, in each case in accordance
with their respective Percentage Interests, and 0.5% and 0.5% of all Voting
Rights shall be allocated among the Holders of the Class R-I Certificates and
Class R-II Certificates, respectively, in accordance with their respective
Percentage Interests. As long as the FSA Policy is in effect and unless
Financial Security is in default under the FSA Policy, Financial Security will
be entitled to exercise all Voting Rights otherwise allocable to the Class A-3
Certificates.
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IN WITNESS WHEREOF, the Company, the Servicer and the Trustee have
caused their names to be signed hereto by their respective officers thereunto
duly authorized and their respective seals, duly attested, to be hereunto
affixed, all as of the day and year first above written.
RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC.
[Seal]
By:
Name:
Title:
Attest: ____________________
Name:
Title:
GMAC MORTGAGE CORPORATION
[Seal]
By:
Name:
Title:
Attest:____________________
Name:
Title:
NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION,as
Trustee
[Seal]
By:
Name:
Title:
Attest:____________________
Name:
Title:
<PAGE>
STATE OF
) ss.:
COUNTY OF )
On the ___th day of June, 2000 before me, a notary public in and
for said State, personally appeared ______________, known to me to be a
______________ of Residential Asset Mortgage Products, Inc., one of the
corporations that executed the within instrument, and also known to me to be the
person who executed it on behalf of said corporation, and acknowledged to me
that such corporation executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
Notary Public
[Notarial Seal]
<PAGE>
STATE OF
) ss.:
COUNTY OF )
On the ___th day of June, 2000 before me, a notary public in and
for said State, personally appeared ______________, known to me to be a _______
of GMAC Mortgage Corporation, one of the corporations that executed the within
instrument, and also known to me to be the person who executed it on behalf of
said corporation, and acknowledged to me that such corporation executed the
within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
Notary Public
[Notarial Seal]
<PAGE>
STATE OF
) ss.:
COUNTY OF )
On the ___th day of June, 2000 before me, a notary public in and
for said State, personally appeared _______________, known to me to be a[n]
_________________ of Norwest Bank Minnesota, National Association, a national
banking association, that executed the within instrument, and also known to me
to be the person who executed it on behalf of said banking corporation and
acknowledged to me that such banking corporation executed the within instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.
Notary Public
[Notarial Seal]
<PAGE>
EXHIBIT A-1
FORM OF CLASS A CERTIFICATE
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986.
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
Certificate No. 1 [____]% Pass-Through Rate
Class A- Senior Aggregate Initial [Certificate Principal
----
Balance/Notional Amount] of the Class A-
Certificates:
Date of Pooling and Servicing
Agreement : Initial [Certificate Principal
June 27, 2000 Balance/Notional Amount] of this Certificate:
$
Cut-off Date:
June 1, 2000 CUSIP _________-
First Distribution Date:
July 25, 2000
Servicer:
GMAC Mortgage Corporation
Assumed Final
Distribution Date:
August, 25, 2030
<PAGE>
GMACM MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 2000-J2
evidencing a percentage interest in the distributions allocable
to the Class A-__ Certificates with respect to a Trust Fund
consisting primarily of a pool of conventional one- to
four-family fixed interest rate first mortgage loans formed and
sold by RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC.
This Certificate is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential Asset Mortgage
Products, Inc., the Servicer, the Trustee referred to below or GMAC Mortgage
Group, Inc. or any of their affiliates. Neither this Certificate nor the
underlying Mortgage Loans are guaranteed or insured by any governmental agency
or instrumentality or by Residential Asset Mortgage Products, Inc., the
Servicer, the Trustee or GMAC Mortgage Group, Inc. or any of their affiliates.
None of the Company, the Servicer, GMAC Mortgage Group, Inc. or any of their
affiliates will have any obligation with respect to any certificate or other
obligation secured by or payable from payments on the Certificates.
This certifies that CEDE & CO. is the registered owner of the
Percentage Interest evidenced by this Certificate (obtained by dividing the
Initial [Certificate Principal Balance/Notional Amount] of this Certificate by
the aggregate Initial [Certificate Principal Balance/Notional Amount] of all
Class A- , both as specified above) in certain distributions with respect to the
Trust Fund consisting primarily of an interest in a pool of conventional one- to
four-family fixed interest rate first mortgage loans (the "Mortgage Loans"),
formed and sold by Residential Asset Mortgage Products, Inc. (hereinafter called
the "Company," which term includes any successor entity under the Agreement
referred to below). The Trust Fund was created pursuant to a Pooling and
Servicing Agreement dated as specified above (the "Agreement") among the
Company, the Servicer and Norwest Bank Minnesota, National Association, as
trustee (the "Trustee"), a summary of certain of the pertinent provisions of
which is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein have the meanings assigned in the Agreement. This Certificate
is issued under and is subject to the terms, provisions and conditions of the
Agreement, to which Agreement the Holder of this Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound.
Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a Business Day,
the Business Day immediately following (the "Distribution Date"), commencing as
described in the Agreement, to the Person in whose name this Certificate is
registered at the close of business on the last day (or if such last day is not
a Business Day, the Business Day immediately preceding such last day) of the
month immediately preceding the month of such distribution (the "Record Date"),
from the Available Distribution Amount in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount of interest and
principal, if any required to be distributed to Holders of Class A- Certificates
on such Distribution Date.
Distributions on this Certificate will be made either by the
Trustee or by a Paying Agent appointed by the Trustee in immediately available
funds (by wire transfer or otherwise) for the account of the Person entitled
thereto if such Person shall have so notified the Trustee or such Paying Agent,
or by check mailed to the address of the Person entitled thereto, as such name
and address shall appear on the Certificate Register.
A-2
<PAGE>
Notwithstanding the above, the final distribution on this
Certificate will be made after due notice of the pendency of such distribution
and only upon presentation and surrender of this Certificate at the office or
agency appointed by the Trustee for that purpose in the City of Minneapolis,
Minnesota. [The Initial Certificate Principal Balance of this Certificate is set
forth above. The Certificate Principal Balance hereof will be reduced to the
extent of distributions allocable to principal and any Realized Losses allocable
hereto.]
This Certificate is one of a duly authorized issue of
Certificates issued in several Classes designated as GMACM Mortgage Pass-Through
Certificates of the Series specified hereon (herein collectively called the
"Certificates").
[This Certificate is entitled to the benefits of an irrevocable
and unconditional certificate guaranty insurance policy issued by Financial
Sercurity Assurance Inc.].
The Certificates are limited in right of payment to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. In the event Servicer funds
are advanced with respect to any Mortgage Loan, such advance is reimbursable to
the Servicer, to the extent provided in the Agreement, from related recoveries
on such Mortgage Loan or from other cash that would have been distributable to
Certificateholders.
As provided in the Agreement, withdrawals from the Custodial
Account and/or the Payment Account created for the benefit of Certificateholders
may be made by the Servicer from time to time for purposes other than
distributions to Certificateholders, such purposes including without limitation
reimbursement to the Servicer of advances made, or certain expenses incurred, by
it.
The Agreement permits, with certain exceptions therein provided,
the amendment of the Agreement and the modification of the rights and
obligations of the Company, the Servicer and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Company, the Servicer
and the Trustee with the consent of the Holders of Certificates evidencing in
the aggregate not less than 66% of the Percentage Interests of each Class of
Certificates affected thereby. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon the Certificate. The Agreement also permits the amendment
thereof in certain circumstances without the consent of the Holders of any of
the Certificates and, in certain additional circumstances, without the consent
of the Holders of certain Classes of Certificates.
As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices or agencies appointed by the Trustee in the City of
Minneapolis, Minnesota, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's attorney duly authorized in writing, and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.
A-3
<PAGE>
The Certificates are issuable only as registered Certificates
without coupons in Classes and in denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.
No service charge will be made for any such registration of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.
The Company, the Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Servicer, the Trustee or the
Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and neither the Company, the
Servicer, the Trustee nor any such agent shall be affected by notice to the
contrary.
This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.
The obligations created by the Agreement in respect of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the maturity or other liquidation of the last Mortgage Loan subject thereto
or the disposition of all property acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Servicer from the
Trust Fund of all remaining Mortgage Loans and all property acquired in respect
of such Mortgage Loans, thereby effecting early retirement of the Certificates.
The Agreement permits, but does not require, the Servicer to (i) purchase at a
price determined as provided in the Agreement all remaining Mortgage Loans and
all property acquired in respect of any Mortgage Loan or (ii) purchase in whole,
but not in part, all of the Certificates from the Holders thereof; provided,
that any such option may only be exercised if the Pool Stated Principal Balance
of the Mortgage Loans as of the Distribution Date upon which the proceeds of any
such purchase are distributed is less than ten percent of the Cut-off Date
Principal Balance of the Mortgage Loans.
Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.
A-4
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.
Dated: June 27, 2000 NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION,
Not in its individual capacity but solely as
Trustee
By:____________________________________
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class A- Certificates referred to in the
within-mentioned Agreement.
NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION,
Not in its individual capacity but solely as
Certificate Registrar
By:___________________________________
Authorized Signatory
<PAGE>
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto (Please print or typewrite name and address including postal
zip code of assignee) a Percentage Interest evidenced by the within GMACM
Mortgage Pass-Through Certificate and hereby authorizes the transfer of
registration of such interest to assignee on the Certificate Register of the
Trust Fund.
I (We) further direct the Certificate Registrar to issue a new
Certificate of a like denomination and Class, to the above named assignee and
deliver such Certificate to the following address:
Dated: Signature by or on behalf of assignor
Signature Guaranteed
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for purposes of
distribution:
Distributions shall be made, by wire transfer or otherwise, in immediately
available funds to _____________________________ for the account of
______________________ account number__________________, or, if mailed by check,
to _____________________________________. Applicable statements should be mailed
to ______________________________.
This information is provided by ____________________________, the assignee
named above, or ________________________, as its agent.
<PAGE>
EXHIBIT A-2
FORM OF CLASS IO CERTIFICATE
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986.
Certificate No. 1 Variable Pass-Through Rate based on a
Notional Amount
Class IO Senior
[Percentage Interest: %]
------
Date of Pooling and Servicing
Agreement : [________] Initial Pass-Through Rate based on
June 27, 2000 a Notional Amount
Cut-off Date: CUSIP _________-
June 1, 2000
First Distribution Date:
July 25, 2000
Servicer:
GMAC Mortgage Corporation
Assumed Final
Distribution Date:
August 25, 2030
<PAGE>
GMACM MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 2000-J2
evidencing a percentage interest in the distributions allocable
to the Class IO Certificates with respect to a Trust Fund
consisting primarily of a pool of conventional one- to
four-family fixed interest rate first mortgage loans formed and
sold by RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC.
This Certificate is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential Asset Mortgage
Products, Inc., the Servicer, the Trustee referred to below or GMAC Mortgage
Group, Inc. or any of their affiliates. Neither this Certificate nor the
underlying Mortgage Loans are guaranteed or insured by any governmental agency
or instrumentality or by Residential Asset Mortgage Products, Inc., the
Servicer, the Trustee or GMAC Mortgage Group, Inc. or any of their affiliates.
None of the Company, the Servicer, GMAC Mortgage Group, Inc. or any of their
affiliates will have any obligation with respect to any certificate or other
obligation secured by or payable from payments on the Certificates.
This certifies that GMAC MORTGAGE CORPORATION is the registered
owner of the Percentage Interest evidenced by this Certificate (as specified
above) in certain distributions with respect to the Trust Fund consisting
primarily of an interest in a pool of conventional one- to four-family fixed
interest rate first mortgage loans (the "Mortgage Loans"), formed and sold by
Residential Asset Mortgage Products, Inc. (hereinafter called the "Company,"
which term includes any successor entity under the Agreement referred to below).
The Trust Fund was created pursuant to a Pooling and Servicing Agreement dated
as specified above (the "Agreement") among the Company, the Servicer and Norwest
Bank Minnesota, National Association, as trustee (the "Trustee"), a summary of
certain of the pertinent provisions of which is set forth hereafter. To the
extent not defined herein, the capitalized terms used herein have the meanings
assigned in the Agreement. This Certificate is issued under and is subject to
the terms, provisions and conditions of the Agreement, to which Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a Business Day,
the Business Day immediately following (the "Distribution Date"), commencing as
described in the Agreement, to the Person in whose name this Certificate is
registered at the close of business on the last day (or if such last day is not
a Business Day, the Business Day immediately preceding such last day) of the
month immediately preceding the month of such distribution (the "Record Date"),
from the Available Distribution Amount in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount of interest
required to be distributed to Holders of Class IO Certificates on such
Distribution Date. The Notional Amount as of any date of determination is equal
to the Stated Principal Balance of the Mortgage Loans. The Class IO Certificates
have no Certificate Principal Balance.
Distributions on this Certificate will be made either by the
Trustee or by a Paying Agent appointed by the Trustee in immediately available
A-2
<PAGE>
funds (by wire transfer or otherwise) for the account of the Person entitled
thereto if such Person shall have so notified the Trustee or such Paying Agent,
or by check mailed to the address of the Person entitled thereto, as such name
and address shall appear on the Certificate Register.
Notwithstanding the above, the final distribution on this
Certificate will be made after due notice of the pendency of such distribution
and only upon presentation and surrender of this Certificate at the office or
agency appointed by the Trustee for that purpose in the City of Minneapolis,
Minnesota. The Class IO Notional Amount of this Certificate is set forth above.
This Certificate is one of a duly authorized issue of
Certificates issued in several Classes designated as GMACM Mortgage Pass-Through
Certificates of the Series specified hereon (herein collectively called the
"Certificates").
The Certificates are limited in right of payment to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. In the event Servicer funds
are advanced with respect to any Mortgage Loan, such advance is reimbursable to
the Servicer, to the extent provided in the Agreement, from related recoveries
on such Mortgage Loan or from other cash that would have been distributable to
Certificateholders.
As provided in the Agreement, withdrawals from the Custodial
Account and/or the Payment Account created for the benefit of Certificateholders
may be made by the Servicer from time to time for purposes other than
distributions to Certificateholders, such purposes including without limitation
reimbursement to the Servicer of advances made, or certain expenses incurred, by
it.
The Agreement permits, with certain exceptions therein provided,
the amendment of the Agreement and the modification of the rights and
obligations of the Company, the Servicer and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Company, the Servicer
and the Trustee with the consent of the Holders of Certificates evidencing in
the aggregate not less than 66% of the Percentage Interests of each Class of
Certificates affected thereby. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon the Certificate. The Agreement also permits the amendment
thereof in certain circumstances without the consent of the Holders of any of
the Certificates and, in certain additional circumstances, without the consent
of the Holders of certain Classes of Certificates.
As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices or agencies appointed by the Trustee in the City of
Minneapolis, Minnesota, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's attorney duly authorized in writing, and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.
A-3
<PAGE>
The Certificates are issuable only as registered Certificates
without coupons in Classes and in denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.
No service charge will be made for any such registration of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.
The Company, the Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Servicer, the Trustee or the
Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and neither the Company, the
Servicer, the Trustee nor any such agent shall be affected by notice to the
contrary.
This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.
The obligations created by the Agreement in respect of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the maturity or other liquidation of the last Mortgage Loan subject thereto
or the disposition of all property acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Servicer from the
Trust Fund of all remaining Mortgage Loans and all property acquired in respect
of such Mortgage Loans, thereby effecting early retirement of the Certificates.
The Agreement permits, but does not require, the Servicer to (i) purchase at a
price determined as provided in the Agreement all remaining Mortgage Loans and
all property acquired in respect of any Mortgage Loan or (ii) purchase in whole,
but not in part, all of the Certificates from the Holders thereof; provided,
that any such option may only be exercised if the Pool Stated Principal Balance
of the Mortgage Loans as of the Distribution Date upon which the proceeds of any
such purchase are distributed is less than ten percent of the Cut-off Date
Principal Balance of the Mortgage Loans.
Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.
A-4
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.
Dated: June 27, 2000 NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION,
Not in its individual capacity but solely as
Trustee
By:__________________________________
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class IO Certificates referred to in the
within-mentioned Agreement.
NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION,
Not in its individual capacity but solely as
Certificate Registrar
By:____________________________________
Authorized Signatory
A-5
<PAGE>
A-1
DOCSLA1:348776.3
DOCSLA1:348776.3
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto (Please print or typewrite name and address including postal
zip code of assignee) a Percentage Interest evidenced by the within GMACM
Mortgage Pass-Through Certificate and hereby authorizes the transfer of
registration of such interest to assignee on the Certificate Register of the
Trust Fund.
I (We) further direct the Certificate Registrar to issue a new
Certificate of a like denomination and Class, to the above named assignee and
deliver such Certificate to the following address:
Dated: Signature by or on behalf of assignor
Signature Guaranteed
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for purposes of
distribution:
Distributions shall be made, by wire transfer or otherwise, in immediately
available funds to __________________________________ for the account of
____________________________ account number ___________________________, or, if
mailed by check, to _______________________________. Applicable statements
should be mailed to ______________________________.
This information is provided by ________________________ , the assignee
named above, or ________________________________, as its agent.
<PAGE>
EXHIBIT A-3
FORM OF CLASS PO CERTIFICATE
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986.
Certificate No. 1 0.00% Pass-Through Rate
Class PO Senior Aggregate Initial Certificate Principal
Balance of the Class PO Certificates:
Date of Pooling and Servicing $1,639,884.62
Agreement :
June 27, 2000 Initial Certificate Principal
Balance of this Certificate:
Cut-off Date: $[ ]
---------------------
June 1, 2000
CUSIP ________-
First Distribution Date:
July 25, 2000
Servicer:
GMAC Mortgage Corporation
Assumed Final
Distribution Date:
August 25, 2030
<PAGE>
GMACM MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 2000-J2
evidencing a percentage interest in the distributions allocable
to the Class PO Certificates with respect to a Trust Fund
consisting primarily of a pool of conventional one- to
four-family fixed interest rate first mortgage loans formed and
sold by RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC.
This Certificate is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential Asset Mortgage
Products, Inc., the Servicer, the Trustee referred to below or GMAC Mortgage
Group, Inc. or any of their affiliates. Neither this Certificate nor the
underlying Mortgage Loans are guaranteed or insured by any governmental agency
or instrumentality or by Residential Asset Mortgage Products, Inc., the
Servicer, the Trustee or GMAC Mortgage Group, Inc. or any of their affiliates.
None of the Company, the Servicer, GMAC Mortgage Group, Inc. or any of their
affiliates will have any obligation with respect to any certificate or other
obligation secured by or payable from payments on the Certificates.
This certifies that GMAC MORTGAGE CORPORATION is the registered
owner of the Percentage Interest evidenced by this Certificate (obtained by
dividing the Initial Certificate Principal Balance of all Class PO Certificates,
both as specified above) in certain distributions with respect to the Trust Fund
consisting primarily of an interest in a pool of conventional one- to
four-family fixed interest rate first mortgage loans (the "Mortgage Loans"),
formed and sold by Residential Asset Mortgage Products, Inc. (hereinafter called
the "Company," which term includes any successor entity under the Agreement
referred to below). The Trust Fund was created pursuant to a Pooling and
Servicing Agreement dated as specified above (the "Agreement") among the
Company, the Servicer and Norwest Bank Minnesota, National Association, as
trustee (the "Trustee"), a summary of certain of the pertinent provisions of
which is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein have the meanings assigned in the Agreement. This Certificate
is issued under and is subject to the terms, provisions and conditions of the
Agreement, to which Agreement the Holder of this Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound.
Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a Business Day,
the Business Day immediately following (the "Distribution Date"), commencing as
described in the Agreement, to the Person in whose name this Certificate is
registered at the close of business on the last day (or if such last day is not
a Business Day, the Business Day immediately preceding such last day) of the
month immediately preceding the month of such distribution (the "Record Date"),
from the Available Distribution Amount in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount of principal
required to be distributed to Holders of Class PO Certificates on such
Distribution Date.
Distributions on this Certificate will be made either by the
Trustee or by a Paying Agent appointed by the Trustee in immediately available
funds (by wire transfer or otherwise) for the account of the Person entitled
thereto if such Person shall have so notified the Trustee or such Paying Agent,
or by check mailed to the address of the Person entitled thereto, as such name
and address shall appear on the Certificate Register.
A-2
<PAGE>
Notwithstanding the above, the final distribution on this
Certificate will be made after due notice of the pendency of such distribution
and only upon presentation and surrender of this Certificate at the office or
agency appointed by the Trustee for that purpose in the City of Minneapolis,
Minnesota. The Initial Certificate Principal Balance of this Certificate is set
forth above. The Certificate Principal Balance hereof will be reduced to the
extent of distributions allocable to principal and any Realized Losses allocable
hereto.
This Certificate is one of a duly authorized issue of
Certificates issued in several Classes designated as GMACM Mortgage Pass-Through
Certificates of the Series specified hereon (herein collectively called the
"Certificates").
The Certificates are limited in right of payment to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. In the event Servicer funds
are advanced with respect to any Mortgage Loan, such advance is reimbursable to
the Servicer, to the extent provided in the Agreement, from related recoveries
on such Mortgage Loan or from other cash that would have been distributable to
Certificateholders.
As provided in the Agreement, withdrawals from the Custodial
Account and/or the Payment Account created for the benefit of Certificateholders
may be made by the Servicer from time to time for purposes other than
distributions to Certificateholders, such purposes including without limitation
reimbursement to the Servicer of advances made, or certain expenses incurred, by
it.
The Agreement permits, with certain exceptions therein provided,
the amendment of the Agreement and the modification of the rights and
obligations of the Company, the Servicer and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Company, the Servicer
and the Trustee with the consent of the Holders of Certificates evidencing in
the aggregate not less than 66% of the Percentage Interests of each Class of
Certificates affected thereby. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon the Certificate. The Agreement also permits the amendment
thereof in certain circumstances without the consent of the Holders of any of
the Certificates and, in certain additional circumstances, without the consent
of the Holders of certain Classes of Certificates.
As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices or agencies appointed by the Trustee in the City of
Minneapolis, Minnesota, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's attorney duly authorized in writing, and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.
A-3
<PAGE>
The Certificates are issuable only as registered Certificates
without coupons in Classes and in denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.
No service charge will be made for any such registration of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.
The Company, the Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Servicer, the Trustee or the
Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and neither the Company, the
Servicer, the Trustee nor any such agent shall be affected by notice to the
contrary.
This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.
The obligations created by the Agreement in respect of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the maturity or other liquidation of the last Mortgage Loan subject thereto
or the disposition of all property acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Servicer from the
Trust Fund of all remaining Mortgage Loans and all property acquired in respect
of such Mortgage Loans, thereby effecting early retirement of the Certificates.
The Agreement permits, but does not require, the Servicer to (i) purchase at a
price determined as provided in the Agreement all remaining Mortgage Loans and
all property acquired in respect of any Mortgage Loan or (ii) purchase in whole,
but not in part, all of the Certificates from the Holders thereof; provided,
that any such option may only be exercised if the Pool Stated Principal Balance
of the Mortgage Loans as of the Distribution Date upon which the proceeds of any
such purchase are distributed is less than ten percent of the Cut-off Date
Principal Balance of the Mortgage Loans.
Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.
A-4
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.
Dated: June 27, 2000 NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION,
Not in its individual capacity but solely as
Trustee
By:__________________________________
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class PO Certificates referred to in the
within-mentioned Agreement.
NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION,
Not in its individual capacity but solely as
Certificate Registrar
By:___________________________________
Authorized Signatory
<PAGE>
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto____________________________(Please print or typewrite name and
address including postal zip code of assignee) a Percentage Interest evidenced
by the within GMACM Mortgage Pass-Through Certificate and hereby authorizes the
transfer of registration of such interest to assignee on the Certificate
Register of the Trust Fund.
I (We) further direct the Certificate Registrar to issue a new
Certificate of a like denomination and Class, to the above named assignee and
deliver such Certificate to the following address:
Dated: Signature by or on behalf of assignor
Signature Guaranteed
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for purposes of
distribution:
Distributions shall be made, by wire transfer or otherwise, in immediately
available funds to _________________________________for the account of
_____________________________ account number _______________________, or, if
mailed by check, to _____________________________. Applicable statements should
be mailed to _________________________________.
This information is provided by _______________________, the assignee named
above, or ____________________, as its agent.
<PAGE>
EXHIBIT B
FORM OF CLASS M CERTIFICATE
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR
CERTIFICATES [CLASS M-1 CERTIFICATES] [AND CLASS M-2 CERTIFICATES] AS DESCRIBED
IN THE AGREEMENT (AS DEFINED BELOW).
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
No transfer of this Class M Certificate will be made unless the Trustee
has received either (A) an opinion of counsel acceptable to and in form and
substance satisfactory to the Trustee, the Company and the Servicer with respect
to the permissibility of such transfer under the Employee Retirement Income
Security Act of 1974, as amended ("ERISA") and Section 4975 of the Code and
stating, among other things, that the transferee's acquisition of THIS
Certificate will not constitute or result in a non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code or (B) a representation
letter, in the form described IN the Agreement, either stating that the
transferee is not an employee benefit or other plan subject to the prohibited
transaction provisions of ERISA or Section 4975 of the Code (a "Plan"), or any
other person (including an investment manager, a named fiduciary or a trustee of
any Plan) acting, directly or indirectly, on behalf of or purchasing any
Certificate with "plan assets" of any Plan (a "plan investor"), or stating that
(I) the transferee is an insurance company, (II) the source of funds to be used
by it to purchase the Certificate is an "insurance company general account"
(within the meaning of Department of Labor Prohibited Transaction Class
Exemption ("PTCE") 95-60), and (iii) the CONDITIONS SET FORTH IN SECTIONS I AND
III OF PTCE 95-60 HAVE BEEN SATISFIED (EACH ENTITY THAT SATISFIES THIS CLAUSE
(B), A "cOMPLYING INSURANCE COMPANY").
<PAGE>
NOTWITHSTANDING THE ABOVE, WITH RESPECT TO THE TRANSFER OF THIS
CERTIFICATE TO A DEPOSITORY OR ANY SUBSEQUENT TRANSFER OF ANY INTEREST IN THIS
CERTIFICATE FOR SO LONG AS THIS CERTIFICATE IS HELD BY A DEPOSITORY, (I) NEITHER
AN OPINION OF COUNSEL NOR A CERTIFICATION, EACH AS DESCRIBED IN THE FOREGOING
PARAGRAPH, SHALL BE REQUIRED, AND (II) THE FOLLOWING CONDITIONS SHALL APPLY:
1. Any Transferee of this Certificate will be deemed to have
represented by virtue of its purchase or holding of this Certificate (or
interest herein) that either (a) such Transferee is not a Plan Investor
or (b) SUCH TRANSFEREE IS a Complying Insurance Company; and
2. If this Certificate (OR ANY INTEREST HEREIN) IS ACQUIRED OR
HELD IN VIOLATION OF THE PROVISIONS OF THE PRECEDING PARAGRAPH, then the
last preceding Transferee that either (i) is not a Plan Investor or (ii)
is a Complying Insurance Company shall be restored, to the extent
permitted by law, to all rights and obligations as Certificate Owner
thereof retroactive to the date of such Transfer of this Certificate.
The Trustee shall be under no liability to any Person for making any
payments due on this Certificate to such preceding Transferee.
Any purported Certificate Owner whose acquisition or holding of this
Certificate (or interest herein) was effected in violation of the restrictions
in Section 5.02(e) of the Pooling and Servicing Agreement shall indemnify and
hold harmless the Company, the Trustee, the Servicer, any Subservicer, and the
Trust Fund from and against any and all liabilities, claims, costs or expenses
incurred by such parties as a result of such acquisition or holding.
B-2
<PAGE>
Certificate No. 1 7.75% Pass-Through Rate
Class M- Subordinate Aggregate Certificate
Principal Balance
Date of Pooling and Servicing of the Class M-[ ] Certificates:
Agreement and Cut-off Date: $[ ]
-------------------------------
June 27, 2000
Initial Certificate Principal
First Distribution Date: Balance of this Certificate:
July 25, 2000 $[ ]
-------------------------------
Servicer: CUSIP: ________-
GMAC Mortgage Corporation
Assumed Final Distribution Date:
August 25, 2030
GMACM MORTGAGE PASS-THROUGH CERTIFICATE,
SERIES 2000-J2
evidencing a percentage interest in any distributions allocable to the
Class M- Certificates with respect to the Trust Fund consisting
primarily of a pool of conventional one- to four-family fixed interest
rate first mortgage loans formed and sold by RESIDENTIAL ASSET MORTGAGE
PRODUCTS, INC.
This Certificate is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential Asset Mortgage
Products, Inc., the Servicer, the Trustee referred to below or GMAC Mortgage
Group, Inc. or any of their affiliates. Neither this Certificate nor the
underlying Mortgage Loans are guaranteed or insured by any governmental agency
or instrumentality or by Residential Asset Mortgage Products, Inc., the
Servicer, the Trustee or GMAC Mortgage Group, Inc. or any of their affiliates.
None of the Company, the Servicer, GMAC Mortgage Group, Inc. or any of their
affiliates will have any obligation with respect to any certificate or other
obligation secured by or payable from payments on the Certificates.
This certifies that CEDE & CO. is the registered owner of the
Percentage Interest evidenced by this Certificate (obtained by dividing the
Certificate Principal Balance of this Certificate by the aggregate Certificate
Principal Balance of all Class M- Certificates, both as specified above) in
certain distributions with respect to a Trust Fund consisting primarily of a
pool of conventional one- to four-family fixed interest rate first mortgage
loans (the "Mortgage Loans"), formed and sold by Residential Asset Mortgage
Products, Inc. (hereinafter called the "Company," which term includes any
successor entity under the Agreement referred to below). The Trust Fund was
created pursuant to a Pooling and Servicing Agreement dated as specified above
(the "Agreement") among the Company, the Servicer and Norwest Bank Minnesota,
National Association, as trustee (the "Trustee"), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the meanings assigned in the
B-3
<PAGE>
Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.
Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a Business Day,
the Business Day immediately following (the "Distribution Date"), commencing as
described in the Agreement, to the Person in whose name this Certificate is
registered at the close of business on the last day (or if such last day is not
a Business Day, the Business Day immediately preceding such last day) of the
month immediately preceding the month of such distribution (the "Record Date"),
from the Available Distribution Amount in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount of interest and
principal, if any required to be distributed to Holders of Class M- Certificates
on such Distribution Date.
Distributions on this Certificate will be made either by the
Trustee or by a Paying Agent appointed by the Trustee in immediately available
funds (by wire transfer or otherwise) for the account of the Person entitled
thereto if such Person shall have so notified the Trustee or such Paying Agent,
or by check mailed to the address of the Person entitled thereto, as such name
and address shall appear on the Certificate Register.
Notwithstanding the above, the final distribution on this
Certificate will be made after due notice of the pendency of such distribution
and only upon presentation and surrender of this Certificate at the office or
agency appointed by the Trustee for that purpose in the City of Minneapolis,
Minnesota. The Initial Certificate Principal Balance of this Certificate is set
forth above. The Certificate Principal Balance hereof will be reduced to the
extent of the distributions allocable to principal and any Realized Losses
allocable hereto.
As described above, no transfer of this Class M Certificate will
be made unless (i) the Trustee has received either an opinion of counsel or a
representation letter, each as described in the Agreement, relating to the
permissibility of such transfer under ERISA and Section 4975 of the Code, or
(ii) this Certificate is held by a Depository, in which case the Transferee will
be deemed to have made representations relating to the permissibility of such
transfer under ERISA and Section 4975 of the Code, as described in Section
5.02(e) of the Agreement. In addition, any purported Certificate Owner whose
acquisition or holding of this Certificate (or interest herein) was effected in
violation of the restrictions in Section 5.02(e) of the Agreement shall
indemnify and hold harmless the Company, the Trustee, the Servicer, any
Subservicer, and the Trust Fund from and against any and all liabilities,
claims, costs or expenses incurred by such parties as a result of such
acquisition or holding.
This Certificate is one of a duly authorized issue of
Certificates issued in several Classes designated as GMACM Mortgage Pass-Through
Certificates of the Series specified hereon (herein collectively called the
"Certificates").
The Certificates are limited in right of payment to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. In the event Servicer funds
are advanced with respect to any Mortgage Loan, such advance is reimbursable to
the Servicer, to the extent provided in the Agreement, from related recoveries
on such Mortgage Loan or from other cash that would have been distributable to
Certificateholders.
B-4
<PAGE>
As provided in the Agreement, withdrawals from the Custodial
Account and/or the Payment Account created for the benefit of Certificateholders
may be made by the Servicer from time to time for purposes other than
distributions to Certificateholders, such purposes including without limitation
reimbursement to the Servicer of advances made, or certain expenses incurred, by
it.
The Agreement permits, with certain exceptions therein provided,
the amendment of the Agreement and the modification of the rights and
obligations of the Company, the Servicer and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Company, the Servicer
and the Trustee with the consent of the Holders of Certificates evidencing in
the aggregate not less than 66% of the Percentage Interests of each Class of
Certificates affected thereby. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon the Certificate. The Agreement also permits the amendment
thereof in certain circumstances without the consent of the Holders of any of
the Certificates and, in certain additional circumstances, without the consent
of the Holders of certain Classes of Certificates.
As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices or agencies appointed by the Trustee in the City of
Minneapolis, Minnesota, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's attorney duly authorized in writing, and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.
The Certificates are issuable only as registered Certificates
without coupons in Classes and in denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.
No service charge will be made for any such registration of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.
The Company, the Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Servicer, the Trustee or the
Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and neither the Company, the
Servicer, the Trustee nor any such agent shall be affected by notice to the
contrary.
B-5
<PAGE>
This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.
The obligations created by the Agreement in respect of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the maturity or other liquidation of the last Mortgage Loan subject thereto
or the disposition of all property acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Servicer from the
Trust Fund of all remaining Mortgage Loans and all property acquired in respect
of such Mortgage Loans, thereby effecting early retirement of the Certificates.
The Agreement permits, but does not require, the Servicer to (i) purchase at a
price determined as provided in the Agreement all remaining Mortgage Loans and
all property acquired in respect of any Mortgage Loan or (ii) purchase in whole,
but not in part, all of the Certificates from the Holders thereof; provided,
that any such option may only be exercised if the Pool Stated Principal Balance
of the Mortgage Loans as of the Distribution Date upon which the proceeds of any
such purchase are distributed is less than ten percent of the Cut-off Date
Principal Balance of the Mortgage Loans.
Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.
B-6
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.
Dated: June 27, 2000 NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION,
Not in its individual capacity but solely as
Trustee
By:___________________________________
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class M- Certificates referred to in the
within-mentioned Agreement.
NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION,
Not in its individual capacity but solely as
Certificate Registrar
By:___________________________________
Authorized Signatory
<PAGE>
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto (Please print or typewrite name and address including postal
zip code of assignee) a Percentage Interest evidenced by the within GMACM
Mortgage Pass-Through Certificate and hereby authorizes the transfer of
registration of such interest to assignee on the Certificate Register of the
Trust Fund.
I (We) further direct the Certificate Registrar to issue a new
Certificate of a like denomination and Class, to the above named assignee and
deliver such Certificate to the following address:
Dated:
Signature by or on behalf of assignor
Signature Guaranteed
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for purposes of
distribution:
Distributions shall be made, by wire transfer or otherwise, in immediately
available funds to ___________________________________ for the account of
___________________________ account number ____________________, or, if mailed
by check, to ____________________________. Applicable statements should be
mailed to __________________________________ .
This information is provided by _______________________ , the assignee
named above, or _______________________ , as its agent.
<PAGE>
EXHIBIT C
FORM OF CLASS B CERTIFICATE
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR CERTIFICATES
AND CLASS M CERTIFICATES [AND CLASS B-1] [CLASS B-2 CERTIFICATES] DESCRIBED IN
THE AGREEMENT (AS DEFINED HEREIN).
THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE
RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR
IS SOLD OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM REGISTRATION UNDER
SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH
THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION PURSUANT TO SECTION 5.02(e) OF THE AGREEMENT OR
AN OPINION OF COUNSEL SATISFACTORY TO THE SERVICER, THE COMPANY AND THE TRUSTEE
THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE CODE
AND WILL NOT SUBJECT THE SERVICER, THE COMPANY OR THE TRUSTEE TO ANY OBLIGATION
OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.
Certificate No. 1 7.75% Pass-Through Rate
Class B- Subordinate Aggregate Certificate Principal Balance of
----
the Class B- Certificates as of the
-----
Date of Pooling and Servicing Cut-off Date:
Agreement and Cut-off Date: $[ ]
-------------------------------
June 27, 2000
Initial Certificate Principal
First Distribution Date: Balance of this Certificate:
July 25, 2000 $[ ]
-------------------------------
Servicer:
GMAC Mortgage Corporation
Assumed Final Distribution Date:
August 25, 2030
<PAGE>
GMACM MORTGAGE PASS-THROUGH CERTIFICATE,
SERIES 2000-J2
evidencing a percentage interest in any distributions allocable to the
Class B- Certificates with respect to the Trust Fund consisting primarily
of a pool of conventional one- to four-family fixed interest rate first
mortgage loans formed and sold by RESIDENTIAL ASSET MORTGAGE PRODUCTS,
INC.
This Certificate is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential Asset Mortgage
Products, Inc., the Servicer, the Trustee referred to below or GMAC Mortgage
Group, Inc. or any of their affiliates. Neither this Certificate nor the
underlying Mortgage Loans are guaranteed or insured by any governmental agency
or instrumentality or by Residential Asset Mortgage Products, Inc., the
Servicer, the Trustee or GMAC Mortgage Group, Inc. or any of their affiliates.
None of the Company, the Servicer, GMAC Mortgage Group, Inc. or any of their
affiliates will have any obligation with respect to any certificate or other
obligation secured by or payable from payments on the Certificates.
This certifies that [_____________________________] is the
registered owner of the Percentage Interest evidenced by this Certificate
(obtained by dividing the Certificate Principal Balance of this Certificate by
the aggregate Certificate Principal Balance of all Class B- Certificates, both
as specified above) in certain distributions with respect to a Trust Fund
consisting primarily of a pool of conventional one- to four-family fixed
interest rate first mortgage loans (the "Mortgage Loans"), formed and sold by
Residential Asset Mortgage Products, Inc. (hereinafter called the "Company,"
which term includes any successor entity under the Agreement referred to below).
The Trust Fund was created pursuant to a Pooling and Servicing Agreement dated
as specified above (the "Agreement") among the Company, the Servicer and Norwest
Bank Minnesota, National Association, as trustee (the "Trustee"), a summary of
certain of the pertinent provisions of which is set forth hereafter. To the
extent not defined herein, the capitalized terms used herein have the meanings
assigned in the Agreement. This Certificate is issued under and is subject to
the terms, provisions and conditions of the Agreement, to which Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a Business Day,
the Business Day immediately following (the "Distribution Date"), commencing on
the first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the last day (or if such
last day is not a Business Day, the Business Day immediately preceding such last
day) of the month next preceding the month of such distribution (the "Record
Date"), from the Available Distribution Amount in an amount equal to the product
of the Percentage Interest evidenced by this Certificate and the amount of
interest and principal, if any required to be distributed to Holders of Class B
Certificates on such Distribution Date.
Distributions on this Certificate will be made either by the
Trustee or by a Paying Agent appointed by the Trustee in immediately available
funds (by wire transfer or otherwise) for the account of the Person entitled
thereto if such Person shall have so notified the Trustee or such Paying Agent,
or by check mailed to the address of the Person entitled thereto, as such name
and address shall appear on the Certificate Register.
C-2
<PAGE>
Notwithstanding the above, the final distribution on this
Certificate will be made after due notice of the pendency of such distribution
and only upon presentation and surrender of this Certificate at the office or
agency appointed by the Trustee for that purpose in the City of Minneapolis,
Minnesota. The Initial Certificate Principal Balance of this Certificate is set
forth above. The Certificate Principal Balance hereof will be reduced to the
extent of the distributions allocable to principal and any Realized Losses
allocable hereto.
No transfer of this Class B Certificate will be made unless such
transfer is exempt from the registration requirements of the Securities Act of
1933, as amended, and any applicable state securities laws or is made in
accordance with said Act and laws. In the event that such a transfer is to be
made, (i) the Trustee or the Company may require an opinion of counsel
acceptable to and in form and substance satisfactory to the Trustee and the
Company that such transfer is exempt (describing the applicable exemption and
the basis therefor) from or is being made pursuant to the registration
requirements of the Securities Act of 1933, as amended, and of any applicable
statute of any state and (ii) the transferee shall execute an investment letter
in the form described by the Agreement. The Holder hereof desiring to effect
such transfer shall, and does hereby agree to, indemnify the Trustee, the
Company, the Servicer and the Certificate Registrar acting on behalf of the
Trustee against any liability that may result if the transfer is not so exempt
or is not made in accordance with such Federal and state laws. In connection
with any such transfer, the Trustee will also require either (i) an opinion of
counsel acceptable to and in form and substance satisfactory to the Trustee, the
Company and the Servicer with respect to the permissibility of such transfer
under the Employee Retirement Income Security Act of 1974, as amended ("ERISA"),
and Section 4975 of the Internal Revenue Code (the "Code") and stating, among
other things, that the transferee's acquisition of a Class B Certificate will
not constitute or result in a non-exempt prohibited transaction under Section
406 of ERISA or Section 4975 of the Code or (ii) a representation letter, in the
form as described by the Agreement, either stating that the transferee is not an
employee benefit or other plan subject to the prohibited transaction provisions
of ERISA or Section 4975 of the Code (a "Plan"), or any other person (including
an investment manager, a named fiduciary or a trustee of any Plan) acting,
directly or indirectly, on behalf of or purchasing any Certificate with "plan
assets" of any Plan, or stating that the transferee is an insurance company, the
source of funds to be used by it to purchase the Certificate is an "insurance
company general account" (within the meaning of Department of Labor Prohibited
Transaction Class Exemption ("PTCE") 95-60), and conditions set forth in
Sections I and III of PTCE 95-60 have been satisfied.
This Certificate is one of a duly authorized issue of
Certificates issued in several Classes designated as GMACM Mortgage Pass-Through
Certificates of the Series specified hereon (herein collectively called the
"Certificates").
The Certificates are limited in right of payment to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. In the event Servicer funds
are advanced with respect to any Mortgage Loan, such advance is reimbursable to
the Servicer, to the extent provided in the Agreement, from related recoveries
on such Mortgage Loan or from other cash that would have been distributable to
Certificateholders.
C-3
<PAGE>
As provided in the Agreement, withdrawals from the Custodial
Account and/or the Payment Account created for the benefit of Certificateholders
may be made by the Servicer from time to time for purposes other than
distributions to Certificateholders, such purposes including without limitation
reimbursement to the Servicer of advances made, or certain expenses incurred, by
it.
The Agreement permits, with certain exceptions therein provided,
the amendment of the Agreement and the modification of the rights and
obligations of the Company, the Servicer and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Company, the Servicer
and the Trustee with the consent of the Holders of Certificates evidencing in
the aggregate not less than 66% of the Percentage Interests of each Class of
Certificates affected thereby. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon the Certificate. The Agreement also permits the amendment
thereof in certain circumstances without the consent of the Holders of any of
the Certificates and, in certain additional circumstances, without the consent
of the Holders of certain Classes of Certificates.
As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices or agencies appointed by the Trustee in the City of
Minneapolis, Minnesota, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's attorney duly authorized in writing, and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.
The Certificates are issuable only as registered Certificates
without coupons in Classes and in denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.
No service charge will be made for any such registration of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.
The Company, the Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Servicer, the Trustee or the
Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and neither the Company, the
Servicer, the Trustee nor any such agent shall be affected by notice to the
contrary.
C-4
<PAGE>
This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.
The obligations created by the Agreement in respect of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the maturity or other liquidation of the last Mortgage Loan subject thereto
or the disposition of all property acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Servicer from the
Trust Fund of all remaining Mortgage Loans and all property acquired in respect
of such Mortgage Loans, thereby effecting early retirement of the Certificates.
The Agreement permits, but does not require, the Servicer to (i) purchase at a
price determined as provided in the Agreement all remaining Mortgage Loans and
all property acquired in respect of any Mortgage Loan or (ii) purchase in whole,
but not in part, all of the Certificates from the Holders thereof; provided,
that any such option may only be exercised if the Pool Stated Principal Balance
of the Mortgage Loans as of the Distribution Date upon which the proceeds of any
such purchase are distributed is less than ten percent of the Cut-off Date
Principal Balance of the Mortgage Loans.
Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.
C-5
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.
Dated: June 27, 2000 NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION,
Not in its individual capacity but solely as
Trustee
By:_________________________________
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class B- Certificates referred to in the
within-mentioned Agreement.
NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION,
Not in its individual capacity but solely as
Certificate Registrar
By:__________________________________
Authorized Signatory
<PAGE>
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto (Please print or typewrite name and address including postal
zip code of assignee) a Percentage Interest evidenced by the within GMACM
Mortgage Pass-Through Certificate and hereby authorizes the transfer of
registration of such interest to assignee on the Certificate Register of the
Trust Fund.
I (We) further direct the Certificate Registrar to issue a new
Certificate of a like denomination and Class, to the above named assignee and
deliver such Certificate to the following address:
Dated:
Signature by or on behalf of assignor
Signature Guaranteed
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for purposes of
distribution:
Distributions shall be made, by wire transfer or otherwise, in immediately
available funds to ___________________________________ for the account of
_____________________________ account number ____________________, or, if mailed
by check, to ______________________________. Applicable statements should be
mailed to __________________________________ .
This information is provided by ________________________, the assignee
named above, or __________________________, as its agent.
<PAGE>
EXHIBIT D
FORM OF CLASS R CERTIFICATE
THIS CERTIFICATE MAY NOT BE HELD BY OR TRANSFERRED TO A NON-UNITED STATES PERSON
OR A DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "RESIDUAL
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986 (THE "CODE").
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION PURSUANT TO SECTION 5.02(e) OF THE AGREEMENT OR
AN OPINION OF COUNSEL SATISFACTORY TO THE SERVICER, THE COMPANY AND THE TRUSTEE
THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE CODE
AND WILL NOT SUBJECT THE SERVICER, THE COMPANY OR THE TRUSTEE TO ANY OBLIGATION
OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.
ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
IF THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE SERVICER AND THE
TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT (A) THE UNITED STATES, ANY STATE OR
POLITICAL SUBDIVISION THEREOF, ANY POSSESSION OF THE UNITED STATES, OR ANY
AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING (OTHER THAN AN INSTRUMENTALITY
WHICH IS A CORPORATION IF ALL OF ITS ACTIVITIES ARE SUBJECT TO TAX AND EXCEPT
FOR THE FHLMC, A MAJORITY OF ITS BOARD OF DIRECTORS IS NOT SELECTED BY SUCH
GOVERNMENTAL UNIT), (B) A FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR
ANY AGENCY OR INSTRUMENTALITY OF EITHER OF THE FOREGOING, (C) ANY ORGANIZATION
(OTHER THAN CERTAIN FARMERS' COOPERATIVES DESCRIBED IN SECTION 521 OF THE CODE)
WHICH IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH
ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE (INCLUDING
THE TAX IMPOSED BY SECTION 511 OF THE CODE ON UNRELATED BUSINESS TAXABLE
INCOME), (D) RURAL ELECTRIC AND TELEPHONE COOPERATIVES DESCRIBED IN SECTION
1381(a)(2)(C) OF THE CODE, (E) AN ELECTING LARGE PARTNERSHIP UNDER SECTION
775(a) OF THE CODE (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A), (B),
(C), (D) OR (E) BEING HEREIN REFERRED TO AS A "DISQUALIFIED ORGANIZATION"), OR
(F) AN AGENT OF A DISQUALIFIED ORGANIZATION, (2) NO PURPOSE OF SUCH TRANSFER IS
TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX AND (3) SUCH TRANSFEREE SATISFIES
CERTAIN ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL CONDITION OF THE
PROPOSED TRANSFEREE. NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE
REGISTER OR ANY TRANSFER, SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A
DISQUALIFIED ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH
REGISTRATION SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND
SUCH PERSON SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE
HEREUNDER, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS
CERTIFICATE. EACH HOLDER OF THIS CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE
SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH.
<PAGE>
Certificate No. 1 7.75% Pass-Through Rate
Class R-[__] Senior Aggregate Initial Certificate
Principal Balance of the
Date of Pooling and Servicing Class R Certificates:
Agreement and Cut-off Date: $100.00
June 27, 2000
Initial Certificate Principal
First Distribution Date: Balance of this Certificate:
July 25, 2000 $[ ]
-------------------------------
Servicer: Percentage Interest:
GMAC Mortgage Corporation %
--------------
Assumed Final Distribution Date: CUSIP
August 25, 2030
GMACM MORTGAGE PASS-THROUGH CERTIFICATE,
SERIES 2000-J2
evidencing a percentage interest in any distributions allocable to the
Class R-[__] Certificates with respect to the Trust Fund consisting
primarily of a pool of conventional one- to four-family fixed interest
rate first mortgage loans formed and sold by RESIDENTIAL ASSET MORTGAGE
PRODUCTS, INC.
This Certificate is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential Asset Mortgage
Products, Inc., the Servicer, the Trustee referred to below or GMAC Mortgage
Group, Inc. or any of their affiliates. Neither this Certificate nor the
underlying Mortgage Loans are guaranteed or insured by any governmental agency
or instrumentality or by Residential Asset Mortgage Products, Inc., the
Servicer, the Trustee or GMAC Mortgage Group, Inc. or any of their affiliates.
None of the Company, the Servicer, GMAC Mortgage Group, Inc. or any of their
affiliates will have any obligation with respect to any certificate or other
obligation secured by or payable from payments on the Certificates.
D-2
<PAGE>
This certifies that [______________________ ] is the registered owner of
the Percentage Interest evidenced by this Certificate (obtained by dividing the
Initial Certificate Principal Balance of this Certificate by the aggregate
Initial Certificate Principal Balance of all Class R-[__] Certificates, both as
specified above) in certain distributions with respect to the Trust Fund
consisting primarily of a pool of conventional one- to four-family fixed
interest rate first mortgage loans (the "Mortgage Loans"), formed and sold by
Residential Asset Mortgage Products, Inc. (hereinafter called the "Company,"
which term includes any successor entity under the Agreement referred to below).
The Trust Fund was created pursuant to a Pooling and Servicing Agreement dated
as specified above (the "Agreement") among the Company, the Servicer and Norwest
Bank Minnesota, National Association, as trustee (the "Trustee"), a summary of
certain of the pertinent provisions of which is set forth hereafter. To the
extent not defined herein, the capitalized terms used herein have the meanings
assigned in the Agreement. This Certificate is issued under and is subject to
the terms, provisions and conditions of the Agreement, to which Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.
Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a Business Day,
the Business Day immediately following (the "Distribution Date"), commencing as
described in the Agreement, to the Person in whose name this Certificate is
registered at the close of business on the last day (or if such last day is not
a Business Day, the Business Day immediately preceding such last day) of the
month immediately preceding the month of such distribution (the "Record Date"),
from the Available Distribution Amount in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount of interest and
principal, if any required to be distributed to Holders of Class R Certificates
on such Distribution Date.
Each Holder of this Certificate will be deemed to have agreed to
be bound by the restrictions set forth in the Agreement to the effect that (i)
each person holding or acquiring any Ownership Interest in this Certificate must
be a United States Person and a Permitted Transferee, (ii) the transfer of any
Ownership Interest in this Certificate will be conditioned upon the delivery to
the Trustee of, among other things, an affidavit to the effect that it is a
United States Person and Permitted Transferee, (iii) any attempted or purported
transfer of any Ownership Interest in this Certificate in violation of such
restrictions will be absolutely null and void and will vest no rights in the
purported transferee, and (iv) if any person other than a United States Person
and a Permitted Transferee acquires any Ownership Interest in this Certificate
in violation of such restrictions, then the Company will have the right, in its
sole discretion and without notice to the Holder of this Certificate, to sell
this Certificate to a purchaser selected by the Company, which purchaser may be
the Company, or any affiliate of the Company, on such terms and conditions as
the Company may choose.
Notwithstanding the above, the final distribution on this
Certificate will be made after due notice of the pendency of such distribution
and only upon presentation and surrender of this Certificate at the office or
agency appointed by the Trustee for that purpose in the City of Minneapolis,
Minnesota. The Initial Certificate Principal Balance of this Certificate is set
forth above. The Certificate Principal Balance hereof will be reduced to the
extent of distributions allocable to principal and any Realized Losses allocable
hereto. Notwithstanding the reduction of the Certificate Principal Balance
hereof to zero, this Certificate will remain outstanding under the Agreement and
the Holder hereof may have additional obligations with respect to this
Certificate, including tax liabilities, and may be entitled to certain
additional distributions hereon, in accordance with the terms and provisions of
the Agreement.
D-3
<PAGE>
No transfer of this Class R Certificate will be made unless the
Trustee has received either (i) an opinion of counsel acceptable to and in form
and substance satisfactory to the Trustee, the Company and the Servicer with
respect to the permissibility of such transfer under the Employee Retirement
Income Security Act of 1974, as amended ("ERISA"), and Section 4975 of the
Internal Revenue Code (the "Code") and stating, among other things, that the
transferee's acquisition of a Class R Certificate will not constitute or result
in a non-exempt prohibited transaction under Section 406 of ERISA or Section
4975 of the Code or (ii) a representation letter, in the form as described by
the Agreement, stating that the transferee is not an employee benefit or other
plan subject to the prohibited transaction provisions of ERISA or Section 4975
of the Code (a "Plan"), or any other person (including an investment manager, a
named fiduciary or a trustee of any Plan) acting, directly or indirectly, on
behalf of or purchasing any Certificate with "plan assets" of any Plan.
This Certificate is one of a duly authorized issue of
Certificates issued in several Classes designated as GMACM Mortgage Pass-Through
Certificates of the Series specified hereon (herein collectively called the
"Certificates").
The Certificates are limited in right of payment to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. In the event Servicer funds
are advanced with respect to any Mortgage Loan, such advance is reimbursable to
the Servicer, to the extent provided in the Agreement, from related recoveries
on such Mortgage Loan or from other cash that would have been distributable to
Certificateholders.
As provided in the Agreement, withdrawals from the Custodial
Account and/or the Payment Account created for the benefit of Certificateholders
may be made by the Servicer from time to time for purposes other than
distributions to Certificateholders, such purposes including without limitation
reimbursement to the Servicer of advances made, or certain expenses incurred, by
it.
The Agreement permits, with certain exceptions therein provided,
the amendment of the Agreement and the modification of the rights and
obligations of the Company, the Servicer and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Company, the Servicer
and the Trustee with the consent of the Holders of Certificates evidencing in
the aggregate not less than 66% of the Percentage Interests of each Class of
Certificates affected thereby. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and upon all future
holders of this Certificate and of any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent is made upon the Certificate. The Agreement also permits the amendment
thereof in certain circumstances without the consent of the Holders of any of
the Certificates and, in certain additional circumstances, without the consent
of the Holders of certain Classes of Certificates.
D-4
<PAGE>
As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices or agencies appointed by the Trustee in the City of
Minneapolis, Minnesota, duly endorsed by, or accompanied by an assignment in the
form below or other written instrument of transfer in form satisfactory to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's attorney duly authorized in writing, and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.
The Certificates are issuable only as registered Certificates
without coupons in Classes and in denominations specified in the Agreement. As
provided in the Agreement and subject to certain limitations therein set forth,
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.
No service charge will be made for any such registration of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.
The Company, the Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Servicer, the Trustee or the
Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes, and neither the Company, the
Servicer, the Trustee nor any such agent shall be affected by notice to the
contrary.
This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.
The obligations created by the Agreement in respect of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to Certificateholders of all amounts held by or on behalf of the Trustee and
required to be paid to them pursuant to the Agreement following the earlier of
(i) the maturity or other liquidation of the last Mortgage Loan subject thereto
or the disposition of all property acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Servicer from the
Trust Fund of all remaining Mortgage Loans and all property acquired in respect
of such Mortgage Loans, thereby effecting early retirement of the Certificates.
The Agreement permits, but does not require, the Servicer to (i) purchase at a
price determined as provided in the Agreement all remaining Mortgage Loans and
all property acquired in respect of any Mortgage Loan or (ii) purchase in whole,
but not in part, all of the Certificates from the Holders thereof; provided,
that any such option may only be exercised if the Pool Stated Principal Balance
of the Mortgage Loans as of the Distribution Date upon which the proceeds of any
such purchase are distributed is less than ten percent of the Cut-off Date
Principal Balance of the Mortgage Loans.
Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.
D-5
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.
Dated: June 27, 2000 NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION,
Not in its individual capacity but solely as
Trustee
By:__________________________________
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class R-[__] Certificates referred to in the
within-mentioned Agreement.
NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION,
Not in its individual capacity but solely as
Certificate Registrar
By:_________________________________
Authorized Signatory
<PAGE>
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto (Please print or typewrite name and address including postal
zip code of assignee) a Percentage Interest evidenced by the within GMACM
Mortgage Pass-Through Certificate and hereby authorizes the transfer of
registration of such interest to assignee on the Certificate Register of the
Trust Fund.
I (We) further direct the Certificate Registrar to issue a new
Certificate of a like denomination and Class, to the above named assignee and
deliver such Certificate to the following address:
Dated:
Signature by or on behalf of assignor
Signature Guaranteed
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for purposes of
distribution:
Distributions shall be made, by wire transfer or otherwise, in immediately
available funds to __________________________________________ for the account of
___________________________ account number _________________, or, if mailed by
check, to _________________________________. Applicable statements should be
mailed to ____________________________.
This information is provided by ______________________ , the assignee named
above, or _______________________, as its agent.
<PAGE>
EXHIBIT E
MORTGAGE LOAN SCHEDULE
<TABLE>
<CAPTION>
2000-J2
Loan ID Rate Orig Amount Issue Date Bal Current UPB
Borrower Name First Pay Date Orig Term Occupancy Purpose
Street Address Processing Style Buydown Ind Paid to Date LTV
City State Zip P & I Maturity Date Issue Date Unsched Pmnts
<S> <C> <C> <C> <C>
12030830 8.250 $325,350.00 $324,684.52 $324,684.52
WILLIAMS, BRIAN 04/01/2000 352 Primary Residence Construction-Permanent
2141 W ERIE STREET Standard N 06/01/2000 78.3976
CHICAGO IL 60612-0000 $2,457.09 07/01/2029 JUN2000-99 $0.00
12032050 8.375 $590,000.00 $589,205.90 $589,604.33
MULDER, MARK G 05/01/2000 350 Primary Residence Construction-Permanent
1760 ARBOR ROAD Standard N 05/01/2000 79.9458
PASO ROBLES CA 93446-0000 $4,513.38 06/01/2029 JUN2000-99 $0.00
12084680 9.000 $278,650.00 $278,324.48 $278,324.48
ABATE, FRANCIS E 05/01/2000 353 Primary Residence Construction-Permanent
27426 BRANDON CIRCLE Standard N 06/01/2000 94.6352
STEAMBOAT SPRINGS CO 80487-0000 $2,250.87 09/01/2029 JUN2000-99 $2.32
12163270 8.375 $380,000.00 $379,763.80 $379,763.80
HUA, SAM Y 06/01/2000 360 Primary Residence Purchase
6130 VIA VENETIA SOUTH Standard N 06/01/2000 64.6259
DELRAY BEACH FL 33484-0000 $2,888.28 05/01/2030 JUN2000-99 $0.00
12207320 8.750 $297,200.00 $296,856.76 $296,856.76
FORD, HERMAN C 05/01/2000 360 Primary Residence Purchase
3 PENHALE PASSAGE Standard N 06/01/2000 79.9989
MEDFORD NJ 08055-0000 $2,338.08 04/01/2030 JUN2000-99 $0.00
12269210 8.000 $299,850.00 $299,210.39 $299,210.39
TULLY, PETER A 04/01/2000 353 Primary Residence Construction-Permanent
1009 SLATE WAY Standard N 06/01/2000 93.9971
MONUMENT CO 80132-0000 $2,210.79 08/01/2029 JUN2000-99 ($0.01)
12326950 8.375 $394,600.00 $394,076.92 $393,812.64
CARRAWAY, JAMES FERRELL 05/01/2000 352 Second Home Construction-Permanent
73292 HWY 40 Standard N 07/01/2000 66.3639
TABERNASH CO 80478-0000 $3,014.61 08/01/2029 JUN2000-99 $0.00
12346850 8.625 $264,950.00 $264,615.88 $264,615.88
JORDEN, JAMES M 05/01/2000 352 Primary Residence Construction-Permanent
102 AARON WAY Relocation N 06/01/2000 79.9861
WHEELING WV 26003-0000 $2,070.79 08/01/2029 JUN2000-99 $0.00
12360150 8.000 $240,000.00 $240,000.00 $240,000.00
MOLL, JOHN W 08/01/2000 360 Primary Residence Purchase
4685 OTTAWA CT Select N 07/01/2000 61.7715
CLARKSTON MI 48348-0000 $1,761.04 07/01/2030 JUN2000-99 $159.97
12397330 8.750 $485,000.00 $484,720.96 $484,720.96
DOUGHERTY, MICHAEL R 06/01/2000 360 Second Home Purchase
4602 FOURTH AVENUE Standard N 06/01/2000 63.8158
AVALON NJ 08202-0000 $3,815.50 05/01/2030 JUN2000-99 $0.00
12446580 8.875 $350,750.00 $350,126.72 $350,126.72
ODDIE, MICHAEL E 04/01/2000 354 Primary Residence Construction-Permanent
54 ROMIGA LN Select N 06/01/2000 79.7636
PALOS PARK IL 60464-0000 $2,800.32 09/01/2029 JUN2000-99 $0.00
12536860 8.000 $304,000.00 $304,000.00 $304,000.00
BELL, GARRICK A 07/01/2000 360 Primary Residence Purchase
6 INDEPENDENCE PLACE Standard N 06/01/2000 95
SOUTH RIVER NJ 08882-2710 $2,230.65 06/01/2030 JUN2000-99 $0.00
12555830 8.000 $308,250.00 $308,250.00 $308,250.00
NASH, PETER A 08/01/2000 360 Primary Residence Purchase
2101 PEREGRINE CIRCLE Select N 07/01/2000 79.9991
AUDUBON PA 19403-0000 $2,261.83 07/01/2030 JUN2000-99 $205.46
12579950 8.250 $260,000.00 $259,667.26 $259,667.26
GRAESSLE, WILLIAM 05/01/2000 360 Primary Residence Purchase
266 SYKESVILLE ROAD Standard N 06/01/2000 89.6286
CHESTERFIELD NJ 08562-0000 $1,953.30 04/01/2030 JUN2000-99 $0.00
12588810 8.250 $345,000.00 $343,285.00 $343,285.00
GJONI, LEON 04/01/2000 240 Primary Residence Purchase
9 WELLINGTON COURT Standard N 06/01/2000 66.921
SHELTON CT 06484-0000 $2,939.63 03/01/2020 JUN2000-99 $0.00
<PAGE>
Loan ID Rate Orig Amount Issue Date Bal Current UPB
Borrower Name First Pay Date Orig Term Occupancy Purpose
Street Address Processing Style Buydown Ind Paid to Date LTV
City State Zip P & I Maturity Date Issue Date Unsched Pmnts
12616470 8.375 $330,000.00 $329,588.34 $329,588.34
BUDZIAK, STEVEN J 05/01/2000 360 Primary Residence Purchase
251 E LASALLE STREET Standard N 06/01/2000 77.5285
VERNON HILLS IL 60061-0000 $2,508.24 04/01/2030 JUN2000-99 $0.00
12617260 8.375 $350,000.00 $349,563.38 $349,563.38
BAKER, ROBERT J 05/01/2000 360 Primary Residence Purchase
15015 SADDLE CREEK DRIVE Standard N 06/01/2000 68.0934
VALLEY CENTER CA 92083-0000 $2,660.26 04/01/2030 JUN2000-99 $0.00
12679780 8.000 $357,000.00 $355,538.60 $355,538.60
MELISO, ROSE 01/01/2000 360 Primary Residence Refinance
44 TERRY ROAD Standard N 06/01/2000 77.6087
NORTHPORT NY 11768-0000 $2,619.54 12/01/2029 JUN2000-99 ($0.01)
12695630 7.375 $244,550.00 $243,608.06 $243,608.06
RABY, STEVEN P 02/01/2000 360 Primary Residence Purchase
3200 FIDDLERS HAMMOCK LANE Relocation Y 06/01/2000 79.9878
PONTE VEDRA BEACH FL 32082-0000 $1,689.05 01/01/2030 JUN2000-99 $0.00
12703740 8.750 $420,000.00 $418,523.41 $418,523.41
BALDWIN, WILLIAM E 01/01/2000 360 Second Home Refinance
938 2ND ST 302 Standard N 06/01/2000 75
SANTA MONICA CA 90403-0000 $3,304.15 12/01/2029 JUN2000-99 $0.00
12726200 9.000 $486,500.00 $485,966.53 $485,966.53
HERBSTREITH, CHARLES E 05/01/2000 360 Primary Residence Purchase
519 EASTON ROAD Stated Income N 06/01/2000 70
RIEGLESVILLE PA 18077-0000 $3,914.49 04/01/2030 JUN2000-99 $0.00
12727030 8.500 $240,000.00 $240,000.00 $240,000.00
ANDERSON, ROBERT M 07/01/2000 360 Primary Residence Purchase
865 WEST BORTON ROAD Standard N 06/01/2000 74.6712
ESSEXVILLE MI 48732-0000 $1,845.40 06/01/2030 JUN2000-99 $0.00
12732580 7.500 $462,300.00 $460,914.70 $460,914.70
KUIPERS, KARL A 03/01/2000 360 Primary Residence Purchase
1209 STONEHOLLOW LANE Select N 06/01/2000 79.9893
ROANOKE TX 76262-0000 $3,232.47 02/01/2030 JUN2000-99 $0.00
12733590 7.375 $450,000.00 $448,188.70 $448,188.70
HICE, LARRY K 02/01/2000 360 Primary Residence Purchase
411 BRYN MEADOWS Vip Relocation N 06/01/2000 69.2308
SOUTHLAKE TX 76092-0000 $3,108.04 01/01/2030 JUN2000-99 $78.05
12750110 7.500 $300,000.00 $298,402.44 $298,402.44
OLIVE, BRADLEY G 12/01/1999 360 Primary Residence Purchase
5905 VIA DEL TECOLOTE Standard N 06/01/2000 80
YORBA LINDA CA 92887-0000 $2,097.65 11/01/2029 JUN2000-99 $9.48
12753750 7.750 $529,600.00 $527,038.80 $527,038.80
HICKS, RONNIE G 01/01/2000 360 Primary Residence Purchase
29900 ROUTT COUNTY RD 14 Standard N 06/01/2000 80
STEAMBOAT SPRINGS CO 80487-0000 $3,794.12 12/01/2029 JUN2000-99 $281.96
12753860 8.250 $600,000.00 $599,012.60 $599,012.60
MARKLEY, DOUGLAS 06/01/2000 240 Second Home Purchase
685 HAWK HILL TRAIL Select N 06/01/2000 61.6735
PALM DESERT CA 92211-7488 $5,112.40 05/01/2020 JUN2000-99 $0.00
12760360 8.250 $431,550.00 $134,033.32 $134,033.32
ALEXANDER, NICHOLAS 01/01/2000 360 Primary Residence Purchase
2950 S TORREY PINES DRIVE Standard N 06/01/2000 90
LAS VEGAS NV 89146-0000 $1,010.89 12/01/2029 JUN2000-99 $309,456.35
16398040 8.875 $346,000.00 $344,726.55 $344,726.55
MENENDEZ, JUAN CARLOS 01/01/2000 351 Primary Residence Construction-Permanent
18360 SW 158 STREET Standard N 06/01/2000 84.9299
MIAMI FL 33187-0000 $2,767.31 03/01/2029 JUN2000-99 $0.00
16569330 8.750 $270,000.00 $268,599.99 $268,599.99
RIETSCH, CHRISTOPHER 11/01/1999 353 Primary Residence Construction-Permanent
18 BRANCH STREET Standard N 06/01/2000 70.2862
GOLDENS BRIDGE NY 10526-0000 $2,132.87 03/01/2029 JUN2000-99 $53.05
16781410 8.750 $404,600.00 $403,589.65 $403,589.65
MONTANA, BLAKE W 03/01/2000 351 Primary Residence Construction-Permanent
55251 SKYLINE RANCH ROAD Standard N 06/01/2000 85
PIONEERTOWN CA 92285-0000 $3,200.05 05/01/2029 JUN2000-99 $0.00
<PAGE>
Loan ID Rate Orig Amount Issue Date Bal Current UPB
Borrower Name First Pay Date Orig Term Occupancy Purpose
Street Address Processing Style Buydown Ind Paid to Date LTV
City State Zip P & I Maturity Date Issue Date Unsched Pmnts
16801670 8.625 $504,000.00 $503,369.38 $503,369.38
THOMPSON, RON L 05/01/2000 353 Primary Residence Construction-Permanent
1500 MADDEN LANE Select N 06/01/2000 77.5385
PLACERVILLE CA 95667-0000 $3,936.68 09/01/2029 JUN2000-99 $0.00
16937600 8.500 $373,950.00 $373,220.27 $373,220.27
WOODS, DENNIS 04/01/2000 352 Second Home Construction-Permanent
52 FAWN MEADOW ROAD Standard N 06/01/2000 74.9932
MANHATTAN MT 59741-0000 $2,889.71 07/01/2029 JUN2000-99 $1.91
16939330 8.500 $360,530.00 $360,311.58 $360,311.58
FIELDS, FLORENE P 06/01/2000 360 Primary Residence Purchase
57161 MEDINAH Standard N 06/01/2000 69.9987
LA QUINTA CA 92253-0000 $2,772.17 05/01/2030 JUN2000-99 $0.00
49894410 8.000 $126,000.00 $124,482.98 $124,482.98
CHUISANO, JOHN 02/01/1999 360 Primary Residence Purchase
29 LAUREL LANE Stated Income N 06/01/2000 45.6429
HOLTSVILLE NY 11742-0000 $924.55 01/01/2029 JUN2000-99 $0.40
50000400 7.500 $356,000.00 $355,469.93 $355,469.93
CIPPONERI, BENEDICT V 05/01/2000 360 Primary Residence Refinance
3205 BOUQUET COURT Standard N 06/01/2000 74.92
MODESTO CA 95356-0000 $2,489.21 04/01/2030 JUN2000-99 $0.00
50038760 7.500 $650,000.00 $646,988.07 $646,486.85
CHARRON, RONALD R 01/01/2000 360 Primary Residence Purchase
16771 EDGEWATER LANE Select N 07/01/2000 74.2857
HUNTINGTON BEACH CA 92649-0000 $4,544.90 12/01/2029 JUN2000-99 $71.92
50079330 7.500 $450,000.00 $450,000.00 $450,000.00
KUTNER, HAROLD R 07/01/2000 360 Second Home Purchase
113 COMMODORE DRIVE Super Select N 06/01/2000 36
JUPITER FL 33477-0000 $3,146.47 06/01/2030 JUN2000-99 $0.00
50094730 8.125 $269,800.00 $269,623.51 $269,623.51
SMOOT, MARK T 06/01/2000 360 Primary Residence Purchase
10774 FOLKSTONE WAY Standard N 06/01/2000 94.9916
WOODSTOCK MD 21163-0000 $2,003.26 05/01/2030 JUN2000-99 $0.00
50113150 8.875 $277,200.00 $276,958.69 $276,958.69
RUBENSTEIN, STEVEN H. 06/01/2000 360 Primary Residence Purchase
1629 CAMELLIA Standard N 06/01/2000 89.7087
SCHAUMBURG IL 60193-0000 $2,205.53 05/01/2030 JUN2000-99 $85.90
50125420 8.375 $321,000.00 $316,286.93 $316,286.93
DEVANE, EDWARD A 03/01/2000 360 Primary Residence Refinance
22808 STEEPLE BLUFF Standard N 06/01/2000 85.6
SAN ANTONIO TX 78256-0000 $2,439.84 02/01/2030 JUN2000-99 $3,906.57
50132820 8.500 $292,950.00 $292,593.79 $292,593.79
THOMPSON, JAMES V 05/01/2000 360 Primary Residence Purchase
3935 LAKE FORREST DRIVE Standard N 06/01/2000 90
ATLANTA GA 30342-0000 $2,252.54 04/01/2030 JUN2000-99 $0.00
50132850 8.250 $528,000.00 $527,663.31 $527,663.31
RAINES, MICHAEL B 06/01/2000 360 Primary Residence Purchase
4860 OLD STILESBORO ROAD Select N 06/01/2000 80
ACWORTH GA 30101-0000 $3,966.69 05/01/2030 JUN2000-99 $0.00
50134350 8.750 $300,000.00 $299,252.06 $299,252.06
CIVAN, ETHAN D 05/01/2000 360 Primary Residence Purchase
170 SOMERSET DRIVE Standard N 06/01/2000 53.8938
BLUE BELL PA 19422-0000 $2,360.11 04/01/2030 JUN2000-99 $401.46
50137810 8.250 $324,000.00 $323,585.36 $323,585.36
BENNETT, ERNEST H 05/01/2000 360 Primary Residence Purchase
76 SIXTH AVENUE Standard N 06/01/2000 80
NYACK NY 10960-0000 $2,434.11 04/01/2030 JUN2000-99 $0.00
50140660 9.250 $391,500.00 $391,500.00 $391,500.00
KASTELER, DOUGLAS S 07/01/2000 360 Primary Residence Purchase
670 WOODLAND HILLS DRIVE Standard N 06/01/2000 90
BOUNTIFUL UT 84010-0000 $3,220.78 06/01/2030 JUN2000-99 $0.00
50141110 8.625 $304,650.00 $304,470.13 $304,470.13
WHEATLEY, MICHAEL J 06/01/2000 360 Primary Residence Purchase
754 E HILLSIDE AVENUE Standard N 06/01/2000 90
BARRINGTON IL 60010-0000 $2,369.54 05/01/2030 JUN2000-99 $0.00
<PAGE>
Loan ID Rate Orig Amount Issue Date Bal Current UPB
Borrower Name First Pay Date Orig Term Occupancy Purpose
Street Address Processing Style Buydown Ind Paid to Date LTV
City State Zip P & I Maturity Date Issue Date Unsched Pmnts
50152960 8.250 $355,000.00 $352,933.60 $352,335.18
TUFENKJIAN, NAZARETH G 04/01/2000 240 Second Home Purchase
27310 OLINDA CIRCLE Standard N 07/01/2000 58.6777
MISSION VIEJO CA 92692-0000 $3,024.84 03/01/2020 JUN2000-99 $301.68
50153840 8.625 $292,800.00 $292,800.00 $292,800.00
COIRO, MARIO 07/01/2000 360 Primary Residence Purchase
1 ENMANS ROAD Standard N 06/01/2000 80
ROXBURRY TWP NJ 07852-0000 $2,277.37 06/01/2030 JUN2000-99 $0.00
50163810 8.500 $260,000.00 $259,683.86 $259,524.11
POOLE, TIMOTHY A 05/01/2000 360 Primary Residence Purchase
2412 PING DRIVE Standard N 07/01/2000 75.3623
HENDERSON NV 89014-0000 $1,999.18 04/01/2030 JUN2000-99 ($0.01)
50164560 8.875 $359,200.00 $359,200.00 $359,200.00
DEFREES, DAVID A 08/01/2000 360 Primary Residence Purchase
9650 OAKHAVEN COURT Standard N 07/01/2000 79.9938
INDIANAPOLIS IN 46256-0000 $2,857.96 07/01/2030 JUN2000-99 $199.90
50168860 8.250 $300,000.00 $296,111.68 $296,111.68
KOEPERNIK, NORMAN L 05/01/2000 360 Primary Residence Refinance
1311 MCKENDRIE STREE Standard N 06/01/2000 29.9551
SAN JOSE CA 95126-0000 $2,253.80 04/01/2030 JUN2000-99 $3,504.40
50169000 7.625 $350,000.00 $349,746.68 $349,746.68
TOROK, RAYMOND P 06/01/2000 360 Primary Residence Purchase
2098 GRANDEUR DRIVE Standard N 06/01/2000 50
GIBSONIA PA 15044-0000 $2,477.28 05/01/2030 JUN2000-99 $0.00
50173570 8.375 $380,000.00 $379,525.95 $379,525.95
BUSH, CHARLES V 05/01/2000 360 Primary Residence Refinance
3809 PASEO PRIMARIO Standard N 06/01/2000 42.2222
CALABASAS CA 91302-0000 $2,888.28 04/01/2030 JUN2000-99 $0.01
50173930 8.375 $450,000.00 $449,438.64 $449,438.64
MULLINS, RUSSELL J 05/01/2000 360 Primary Residence Purchase
50 OAKMONT DRIVE Standard N 06/01/2000 79.2166
RANCHO MIRAGE CA 92270-0000 $3,420.33 04/01/2030 JUN2000-99 $0.00
50176260 8.375 $282,400.00 $282,047.71 $282,047.71
STEVES, JOHN P 05/01/2000 360 Primary Residence Purchase
4434 AVENIDA DE LOS ARBOLES Select N 06/01/2000 80
YORBA LINDA CA 92886-3125 $2,146.45 04/01/2030 JUN2000-99 $0.00
50186070 8.250 $318,750.00 $318,546.74 $318,546.74
WILLIAMS, CAROLYN M 06/01/2000 360 Primary Residence Purchase
17 TWIN PINES ROAD Select N 06/01/2000 74.7073
DOWNINGTOWN PA 19335-0000 $2,394.67 05/01/2030 JUN2000-99 $0.00
50187120 8.375 $359,200.00 $358,976.74 $358,976.74
KRUSA, PETER B 06/01/2000 360 Primary Residence Purchase
5409 FRANCISCO PLACE Standard N 06/01/2000 80
GREENSBORO NC 27410-0000 $2,730.18 05/01/2030 JUN2000-99 $0.00
50189920 9.000 $407,150.00 $406,927.60 $406,703.53
TRYBULA, WILLIAM L 06/01/2000 360 Primary Residence Purchase
1061 CARLOW Standard N 07/01/2000 85
DES PLAINES IL 60016-0000 $3,276.03 05/01/2030 JUN2000-99 ($0.01)
50191730 8.625 $508,000.00 $507,700.07 $507,700.07
BAILEY, LEROY 06/01/2000 360 Primary Residence Purchase
146 ORCHARD ROAD Standard N 06/01/2000 80
WEST HARTFORD CT 06117-0000 $3,951.18 05/01/2030 JUN2000-99 $0.00
50193810 7.750 $378,950.00 $378,413.35 $378,413.35
PETTIBONE, RICHARD K 05/01/2000 360 Primary Residence Refinance
24 LIBERTY ST Standard N 06/01/2000 54.1357
LARKSPUR CA 94939-1520 $2,714.85 04/01/2030 JUN2000-99 ($0.01)
50193870 8.250 $300,000.00 $299,616.08 $299,616.08
YOUSSEF, YOUSSEF K 05/01/2000 360 Second Home Purchase
17401 ROSCOE BOULEVARD Standard N 06/01/2000 75
NORTHRIDGE CA 91325-0000 $2,253.80 04/01/2030 JUN2000-99 $0.00
50198950 7.875 $149,600.00 $149,497.04 $149,393.40
SULLIVAN, MARY ELIZABETH 06/01/2000 360 Primary Residence Purchase
352 CONGER AVENUE Stated Income N 07/01/2000 74.9875
COLLINGSWOOD NJ 08108-0000 $1,084.71 05/01/2030 JUN2000-99 $0.00
<PAGE>
Loan ID Rate Orig Amount Issue Date Bal Current UPB
Borrower Name First Pay Date Orig Term Occupancy Purpose
Street Address Processing Style Buydown Ind Paid to Date LTV
City State Zip P & I Maturity Date Issue Date Unsched Pmnts
50199130 8.125 $315,000.00 $314,586.49 $314,586.49
CHENG, JULIE 05/01/2000 360 Primary Residence Purchase
283 CREST DRIVE Relocation N 06/01/2000 78.9474
TARRYTOWN NY 10591-0000 $2,338.87 04/01/2030 JUN2000-99 $0.00
50201510 8.500 $365,750.00 $363,876.25 $363,641.40
BECKER, STEVEN J 04/01/2000 360 Primary Residence Purchase
4345 LYNNWOOD DRIVE Standard N 07/01/2000 95
CHULA VISTA CA 91910-0000 $2,812.31 03/01/2030 JUN2000-99 $1,204.28
50201590 8.125 $386,000.00 $385,493.29 $385,493.29
MEADOWS, MARY K 05/01/2000 360 Primary Residence Purchase
1245 HAMPTON COURT Relocation N 06/01/2000 79.9831
FULLERTON CA 92831-0000 $2,866.04 04/01/2030 JUN2000-99 $0.00
50202920 8.125 $380,000.00 $379,501.17 $379,501.17
EMANUELE, SCOTT M 05/01/2000 360 Primary Residence Purchase
22 MCINTIRE DRIVE Standard N 06/01/2000 79.1832
BELLE MEAD NJ 08502-0000 $2,821.49 04/01/2030 JUN2000-99 $0.00
50203000 8.375 $284,881.00 $284,525.61 $284,525.61
GANT, JERIE L 05/01/2000 360 Primary Residence Purchase
4571 AVONDALE CIRCLE Standard N 06/01/2000 94.9999
FAIRFIELD CA 94533-0000 $2,165.31 04/01/2030 JUN2000-99 $0.00
50203030 9.000 $350,000.00 $349,616.21 $349,616.21
SAND, GRETCHEN W 05/01/2000 360 Primary Residence Refinance
1452 MAXINE AVE Standard N 06/01/2000 70
SAN JOSE CA 95125-0000 $2,816.18 04/01/2030 JUN2000-99 $0.00
50203590 8.125 $397,800.00 $397,539.78 $397,277.80
MOSS, DAVID A 06/01/2000 360 Primary Residence Purchase
85 LAUREL WOOD DRIVE Standard N 07/01/2000 85
EAST GREENWICH RI 02818-0000 $2,953.66 05/01/2030 JUN2000-99 ($0.01)
50204350 8.375 $332,000.00 $331,793.61 $331,793.61
COOPER, SHEILA C 06/01/2000 360 Primary Residence Purchase
107 BUCKLEY HILL ROAD Standard N 06/01/2000 80
SALEM CT 06420-0000 $2,523.44 05/01/2030 JUN2000-99 $0.03
50205110 8.375 $379,200.00 $378,726.96 $378,487.96
BECKERMAN, MICHAEL D 05/01/2000 360 Second Home Purchase
ROUTE 247 ROCK LAKE Standard N 07/01/2000 80
PLEASANT MOUNT PA 18453-0000 $2,882.20 04/01/2030 JUN2000-99 ($0.01)
50207020 8.750 $630,000.00 $629,637.53 $629,637.53
KURTZ, HEINRICH A 06/01/2000 360 Primary Residence Purchase
48135 MANORWOOD Standard N 06/01/2000 75
NORTHVILLE MI 48167-0000 $4,956.22 05/01/2030 JUN2000-99 $0.00
50213900 8.250 $300,000.00 $299,616.08 $299,616.08
IVERS, JACK V 05/01/2000 360 Primary Residence Refinance
752 ADIRONDACK AVE Standard N 06/01/2000 75
VENTURA CA 93003-0000 $2,253.80 04/01/2030 JUN2000-99 $0.00
50218180 8.625 $283,000.00 $282,664.62 $282,664.62
HOEHN, JANET S 05/01/2000 360 Primary Residence Refinance
200 LAKESIDE DRIVE ##104 Standard N 06/01/2000 72.5641
OAKLAND CA 94612-0000 $2,201.15 04/01/2030 JUN2000-99 $0.00
50221930 9.000 $58,000.00 $57,934.63 $57,934.63
CROSS, TONY C 05/01/2000 360 Primary Residence Refinance
674 SOUTH VINE Standard N 06/01/2000 93.5484
SEYMOUR IN 47274-0000 $466.69 04/01/2030 JUN2000-99 $1.75
50221940 8.625 $333,000.00 $332,803.40 $332,803.40
SIMS, GARY W 06/01/2000 360 Primary Residence Refinance
6565 AUTUMN OAKS DRIVE Standard N 06/01/2000 90
OLIVE BRANCH MS 38654-0000 $2,590.04 05/01/2030 JUN2000-99 $0.00
50222070 8.750 $368,350.00 $367,924.59 $367,709.55
BECK, JEFFREY S 05/01/2000 360 Primary Residence Purchase
15091 SADDLE CREEK DRIVE Standard N 07/01/2000 79.9935
VALLEY CENTER CA 92082-0000 $2,897.82 04/01/2030 JUN2000-99 $0.00
50224900 8.125 $300,000.00 $299,606.17 $299,606.17
WONG, PING L 05/01/2000 360 Primary Residence Purchase
3326 CAMINO MARZAGAN Relocation N 06/01/2000 74.0741
ESCONDIDO CA 92029-0000 $2,227.50 04/01/2030 JUN2000-99 $0.00
<PAGE>
Loan ID Rate Orig Amount Issue Date Bal Current UPB
Borrower Name First Pay Date Orig Term Occupancy Purpose
Street Address Processing Style Buydown Ind Paid to Date LTV
City State Zip P & I Maturity Date Issue Date Unsched Pmnts
50228380 7.625 $452,000.00 $450,672.85 $450,672.85
LICHTMAN, CRAIG V 06/01/2000 360 Primary Residence Purchase
1601 GERSON DRIVE Standard N 06/01/2000 80
PENN VALLEY PA 19072-0000 $3,199.23 05/01/2030 JUN2000-99 $1,000.00
50230430 8.750 $312,000.00 $311,820.49 $311,820.49
CINQUE, CHRISTOPHER 06/01/2000 360 Primary Residence Purchase
770 EAST DRIVE Standard N 06/01/2000 80
ORADELL NJ 07649-0000 $2,454.51 05/01/2030 JUN2000-99 $0.00
50231870 8.750 $277,000.00 $276,680.04 $276,680.04
GOLDER, REGINALD B 05/01/2000 360 Primary Residence Refinance
10515 HERMOSA DRIVE Standard N 06/01/2000 83.9394
INDIANAPOLIS IN 46236-0000 $2,179.17 04/01/2030 JUN2000-99 $0.04
50233280 7.875 $380,000.00 $379,538.48 $379,538.48
MAFFEI, FAY M 06/01/2000 360 Primary Residence Purchase
2 RIDGEBURY ROAD Relocation N 06/01/2000 80
AVON CT 06001-0000 $2,755.27 05/01/2030 JUN2000-99 $200.00
50237630 8.500 $348,000.00 $348,000.00 $348,000.00
SHEPPELL, ARTHUR L 07/01/2000 360 Primary Residence Purchase
8 DARTMOUTH ROAD Standard N 06/01/2000 80
MOUNTAIN LAKES NJ 07005-0000 $2,675.82 06/01/2030 JUN2000-99 $0.00
50238050 7.750 $310,000.00 $309,767.78 $309,767.78
HANDT, LEON P 06/01/2000 360 Primary Residence Purchase
1342 LAUREL OAK DRIVE Select N 06/01/2000 75.6098
AVON IN 46123-0000 $2,220.88 05/01/2030 JUN2000-99 $13.42
50238170 7.750 $320,000.00 $319,774.15 $319,774.15
GERARD, DALE A 06/01/2000 360 Primary Residence Purchase
619 KINGSLEY TRAIL Select N 06/01/2000 72.7273
BLOOMFIELD HILLS MI 48304-0000 $2,292.52 05/01/2030 JUN2000-99 $0.00
50239090 8.250 $320,000.00 $319,795.94 $319,795.94
SMITH, BETTY J 06/01/2000 360 Primary Residence Purchase
222 TWIN FALLS COURT Standard N 06/01/2000 80
THOUSAND OAKS CA 91320-0000 $2,404.06 05/01/2030 JUN2000-99 $0.00
50242800 8.625 $400,000.00 $399,525.98 $399,045.12
CHRISTIE, ROBERT S 05/01/2000 360 Second Home Purchase
6 ISLAND DUNE DRIVE Standard N 08/01/2000 61.5385
SOUTH SEASIDE PARK NJ 08752-0000 $3,111.16 04/01/2030 JUN2000-99 $0.01
50245500 7.750 $310,600.00 $310,600.00 $310,600.00
OPPENLANDER, CRAIG J 07/01/2000 360 Primary Residence Purchase
50903 WESTON DRIVE Select N 06/01/2000 79.9897
PLYMOUTH MI 48170-0000 $2,225.18 06/01/2030 JUN2000-99 $0.00
50247030 7.875 $319,900.00 $319,900.00 $319,900.00
BUTLER, DEIRDRA M 07/01/2000 360 Primary Residence Purchase
2780 WAGON WHEEL Relocation N 06/01/2000 79.995
TROY MI 48084-0000 $2,319.50 06/01/2030 JUN2000-99 $0.00
50248070 8.375 $351,750.00 $351,311.20 $351,311.20
ROSS, JAMES M 05/01/2000 360 Primary Residence Purchase
495 RIDGEWAY Relocation N 06/01/2000 75
SAINT JOSEPH MI 49085-0000 $2,673.56 04/01/2030 JUN2000-99 $0.00
50248680 8.000 $520,000.00 $519,299.85 $519,299.85
FONTANA, LOUIS A 05/01/2000 360 Primary Residence Purchase
30645 E SUNSET DRIVE Standard N 06/01/2000 80
REDLANDS CA 92373-0000 $3,815.58 04/01/2030 JUN2000-99 $0.00
50250040 8.500 $368,000.00 $368,000.00 $368,000.00
WINTERS, NICHOLAS G 07/01/2000 360 Primary Residence Purchase
547 WASHINGTON STREET Standard N 06/01/2000 80
WINCHESTER MA 01890-0000 $2,829.61 06/01/2030 JUN2000-99 $0.00
50250550 8.500 $321,100.00 $320,709.56 $320,709.56
NORRED, J WESLEY 05/01/2000 360 Primary Residence Purchase
5331 SOUTHERN AVENUE Standard N 06/01/2000 79.999
DALLAS TX 75209-0000 $2,468.99 04/01/2030 JUN2000-99 $0.00
50252290 8.625 $650,000.00 $650,000.00 $650,000.00
BAPPERT, MICHAEL 07/01/2000 360 Primary Residence Purchase
1518 GUTHRIE Standard N 06/01/2000 77.4363
INVERNESS IL 60010-0000 $5,055.64 06/01/2030 JUN2000-99 $0.00
<PAGE>
Loan ID Rate Orig Amount Issue Date Bal Current UPB
Borrower Name First Pay Date Orig Term Occupancy Purpose
Street Address Processing Style Buydown Ind Paid to Date LTV
City State Zip P & I Maturity Date Issue Date Unsched Pmnts
50255800 8.250 $275,600.00 $275,247.29 $275,247.29
SNYDER, GREGORY P 05/01/2000 360 Primary Residence Purchase
6644 WINGED FOOT WAY Standard N 06/01/2000 80
PLANO TX 75093-0000 $2,070.50 04/01/2030 JUN2000-99 $0.00
50255910 8.375 $357,600.00 $357,153.18 $357,153.18
MANLEY, DARRELL F 05/01/2000 360 Primary Residence Purchase
7408 PALOMINO CIRCLE Standard N 06/01/2000 80
FLOWER MOUND TX 75022-0000 $2,718.02 04/01/2030 JUN2000-99 $0.73
50258360 8.500 $288,000.00 $288,000.00 $288,000.00
COEN, MICHAEL C 07/01/2000 360 Primary Residence Purchase
2640 NE 35TH STREET Standard N 06/01/2000 80
FORT LAUDERDALE FL 33306-1522 $2,214.48 06/01/2030 JUN2000-99 $0.00
50261030 8.750 $280,000.00 $279,656.55 $279,656.55
LIENERT, GREGORY M 05/01/2000 360 Primary Residence Purchase
27 TAMARACK DRIVE Relocation N 06/01/2000 80
SUCCASUNNA NJ 07876-2100 $2,202.77 04/01/2030 JUN2000-99 $20.07
50261220 8.500 $289,000.00 $289,000.00 $289,000.00
GERMAIN, LAURIE L 07/01/2000 360 Primary Residence Purchase
101 NORTH MAPLE AVENUE Relocation N 06/01/2000 74.2931
BASKING RIDGE NJ 07920-0000 $2,222.16 06/01/2030 JUN2000-99 $0.00
50261320 7.875 $342,000.00 $341,527.73 $341,527.73
ZWOLAN, PAUL M. 05/01/2000 360 Primary Residence Purchase
1687 ALTAMAR WAY Standard N 06/01/2000 95
LIVERMORE CA 94550-0000 $2,479.74 04/01/2030 JUN2000-99 $0.00
50262970 8.875 $337,500.00 $337,120.16 $337,120.16
SWANSON, CHRISTOPHER J 05/01/2000 360 Primary Residence Purchase
2825 NW LACAMAS DRIVE Standard N 06/01/2000 90
CAMAS WA 98607-0000 $2,685.31 04/01/2030 JUN2000-99 $0.01
50263080 8.250 $495,000.00 $494,684.36 $494,684.36
CONDON, JOSEPH W 06/01/2000 360 Primary Residence Purchase
14 COLONIAL Relocation Y 06/01/2000 90
GOSHEN NY 10924-0000 $3,718.77 05/01/2030 JUN2000-99 ($0.01)
50264770 8.375 $412,500.00 $411,985.43 $411,725.45
SCHMIDT, WILLIAM L 05/01/2000 360 Second Home Purchase
401 NYSTROM LANE #1709 Standard N 07/01/2000 75
WINTER PARK CO 80482-0000 $3,135.30 04/01/2030 JUN2000-99 ($0.01)
50268230 8.875 $650,000.00 $650,000.00 $650,000.00
GILL, DENNIS R 07/01/2000 360 Primary Residence Purchase
21 ARLINGTON ROAD Relocation N 06/01/2000 76.4706
SCARSDALE NY 10710-6101 $5,171.70 06/01/2030 JUN2000-99 $0.00
50268400 8.375 $497,000.00 $496,380.02 $496,380.02
WILLIAMS, VALERIE L 05/01/2000 360 Primary Residence Purchase
500 ALMERIA AVENUE Relocation N 06/01/2000 73.0882
EL GRANADA CA 94018-0000 $3,777.56 04/01/2030 JUN2000-99 $0.00
50268650 7.875 $287,300.00 $287,102.28 $287,102.28
GRAU, THOMAS P 06/01/2000 360 Primary Residence Purchase
2412 WESTWOOD Relocation N 06/01/2000 85
ROCHESTER HILLS MI 48306-0000 $2,083.13 05/01/2030 JUN2000-99 $0.00
50268840 8.750 $260,000.00 $260,000.00 $260,000.00
KOVALENKO, ALEXANDRE 07/01/2000 360 Primary Residence Purchase
323 SPRINGFIELD AVENUE Standard N 06/01/2000 80
WESTFIELD NJ 07090-1017 $2,045.43 06/01/2030 JUN2000-99 $0.00
50269850 7.875 $310,300.00 $310,086.44 $309,871.48
STEWART, LISA L 06/01/2000 360 Primary Residence Purchase
6676 KINGS MILL Select N 07/01/2000 79.9948
CANTON MI 48187-0000 $2,249.90 05/01/2030 JUN2000-99 $0.01
50271050 8.750 $305,000.00 $304,430.77 $304,430.77
STIERS, CHARLES A 05/01/2000 300 Primary Residence Refinance
509 E PALM AVE Standard N 06/01/2000 67.7778
EL SEGUNDO CA 90245-0000 $2,507.54 04/01/2025 JUN2000-99 $0.00
50271400 9.375 $328,350.00 $328,350.00 $328,350.00
BURCHFIEL, JERRY D 08/01/2000 360 Primary Residence Purchase
270 BISHOPS FOREST DRIVE Standard N 07/01/2000 79.9976
WALTHAM MA 02452-0000 $2,731.05 07/01/2030 JUN2000-99 $164.53
<PAGE>
Loan ID Rate Orig Amount Issue Date Bal Current UPB
Borrower Name First Pay Date Orig Term Occupancy Purpose
Street Address Processing Style Buydown Ind Paid to Date LTV
City State Zip P & I Maturity Date Issue Date Unsched Pmnts
50272360 7.750 $350,000.00 $349,752.97 $349,752.97
DEBENEDICTUS, MARK J 06/01/2000 360 Primary Residence Purchase
6193 MOORES CREEK DRIVE Select N 06/01/2000 63.1199
SUMMERFIELD NC 27358-0000 $2,507.45 05/01/2030 JUN2000-99 $0.00
50273020 8.875 $300,000.00 $299,300.21 $299,300.21
REYNOLDS, CHRISTOPHER A 05/01/2000 360 Primary Residence Purchase
2403 NW 49 LANE Standard N 06/01/2000 41.0959
BOCA RATON FL 33431-0000 $2,386.94 04/01/2030 JUN2000-99 $362.17
50278790 8.750 $261,250.00 $260,948.28 $260,948.28
COLLINS, MICHAEL A 05/01/2000 360 Primary Residence Purchase
8600 W EDEN DRIVE Standard N 06/01/2000 95
LITTLETON CO 80127-0000 $2,055.26 04/01/2030 JUN2000-99 $0.00
50279560 8.750 $650,000.00 $650,000.00 $650,000.00
SORENSEN, A GREGORY 07/01/2000 360 Primary Residence Purchase
7 WINTHROP ROAD Standard N 06/01/2000 71.8232
LEXINGTON MA 02421-0000 $5,113.56 06/01/2030 JUN2000-99 $0.00
50280010 8.250 $348,650.00 $348,427.67 $348,427.67
SHEEN, JAMES D 06/01/2000 360 Primary Residence Purchase
18724 OCEAN MIST DRIVE Standard N 06/01/2000 95
BOCA RATON FL 33498-0000 $2,619.30 05/01/2030 JUN2000-99 $0.00
50281740 8.750 $314,500.00 $313,986.00 $313,986.00
WALKER, DANIEL 05/01/2000 360 Primary Residence Purchase
5155 LOCH LOMOND DRIVE Standard N 06/01/2000 85
HOUSTON TX 77006-0000 $2,474.18 04/01/2030 JUN2000-99 $150.78
50283540 8.750 $363,958.00 $363,748.60 $363,748.60
COURY, STEVEN C 06/01/2000 360 Primary Residence Purchase
788 SCENIC POINT Select N 06/01/2000 80
PRESCOTT AZ 86303-0000 $2,863.26 05/01/2030 JUN2000-99 $0.00
50283610 8.000 $268,800.00 $268,619.64 $268,619.64
HORNING, STEVEN K 06/01/2000 360 Primary Residence Purchase
1746 OLD GENERALS HIGHWAY Relocation N 06/01/2000 80
ANNAPOLIS MD 21401-0000 $1,972.36 05/01/2030 JUN2000-99 $0.00
50283830 8.500 $339,300.00 $339,094.45 $339,300.00
GARLAND, WILLIAM N 06/01/2000 360 Primary Residence Purchase
6101 BURNT HICKORY TR Standard N 05/01/2000 90
POWDER SPRINGS GA 30127-0000 $2,608.93 05/01/2030 JUN2000-99 $0.00
50291400 8.500 $362,200.00 $361,599.22 $361,599.22
MCAFEE, KEVIN D 05/01/2000 360 Primary Residence Purchase
12509 COBBLESTONE PARKWAY Standard N 06/01/2000 78.3643
OKLAHOMA CITY OK 73142-0000 $2,785.01 04/01/2030 JUN2000-99 $160.37
50292530 8.625 $360,000.00 $359,787.45 $359,787.45
LONE, NASSER N 06/01/2000 360 Primary Residence Purchase
338 CLAYTON ST #10 Standard N 06/01/2000 80
DENVER CO 80206-0000 $2,800.05 05/01/2030 JUN2000-99 $0.00
50293580 8.375 $274,500.00 $274,329.38 $274,329.38
CATSIMPIRIS, GEORGE P 06/01/2000 360 Primary Residence Purchase
1424 NE 57 STREET Standard N 06/01/2000 90
FT LAUDERDALE FL 33334-0000 $2,086.40 05/01/2030 JUN2000-99 $0.00
50294090 8.250 $349,300.00 $348,307.25 $348,307.25
GOODART, JAMES MICHAEL 06/01/2000 360 Second Home Purchase
280 GOLD CANYON DRIVE Select N 06/01/2000 79.9916
PALM DESERT CA 92211-0000 $2,624.18 05/01/2030 JUN2000-99 $770.01
50294550 8.125 $264,000.00 $263,827.30 $263,653.43
OMOLAFE, DANIEL I 06/01/2000 360 Primary Residence Purchase
8411 MEADOWLARK LANE Standard N 07/01/2000 80
LA PALMA CA 90623-0000 $1,960.20 05/01/2030 JUN2000-99 $0.00
50295240 8.000 $945,000.00 $944,365.92 $944,365.92
BARUCH, RICHARD F 06/01/2000 360 Primary Residence Purchase
3320 MARKET STREET VIP Relocation Y 06/01/2000 70
SAN FRANCISCO CA 94114-0000 $6,934.08 05/01/2030 JUN2000-99 $0.00
50295350 8.375 $356,000.00 $355,778.72 $355,778.72
MACPHERSON, MICHAEL S 06/01/2000 360 Primary Residence Purchase
80 ANGELICA WAY Standard N 06/01/2000 80
MORGAN HILL CA 95037-0000 $2,705.86 05/01/2030 JUN2000-99 $0.00
<PAGE>
Loan ID Rate Orig Amount Issue Date Bal Current UPB
Borrower Name First Pay Date Orig Term Occupancy Purpose
Street Address Processing Style Buydown Ind Paid to Date LTV
City State Zip P & I Maturity Date Issue Date Unsched Pmnts
50297860 7.875 $361,000.00 $355,879.63 $355,879.63
MCDERMOTT, STEPHEN J 06/01/2000 360 Primary Residence Purchase
19519 RIVERSIDE ROAD Select N 06/01/2000 59.4728
BEVERLY HILLS MI 48025-0000 $2,617.51 05/01/2030 JUN2000-99 $4,871.92
50299160 8.250 $324,900.00 $324,458.82 $324,458.82
SMITH, ALBERT GORDON 06/01/2000 360 Primary Residence Purchase
11136 E BIG COTTONWOOD #3103 Standard N 06/01/2000 90
SALT LAKE CITY UT 84121-0000 $2,440.87 05/01/2030 JUN2000-99 $234.00
50301570 7.750 $292,800.00 $292,593.34 $292,593.34
SHOEMAKER, DENIS B 06/01/2000 360 Primary Residence Purchase
1770 VIA ARROYO Standard N 06/01/2000 80
LA VERNE CA 91750-1625 $2,097.66 05/01/2030 JUN2000-99 $0.00
50301760 8.500 $711,875.00 $711,875.00 $711,875.00
BRINDLEY, WILLIAM A 07/01/2000 360 Primary Residence Purchase
1188 TURNER MOUNTAIN ROAD Standard N 06/01/2000 85
CHARLOTTESVILLE VA 22903-0000 $5,473.71 06/01/2030 JUN2000-99 $0.00
50305750 8.625 $510,000.00 $510,000.00 $510,000.00
NEVILLE, STEPHEN G 07/01/2000 360 Primary Residence Purchase
517 BUTTONWOOD DRIVE Standard N 06/01/2000 80
DANVILLE CA 94506-2161 $3,966.73 06/01/2030 JUN2000-99 $0.00
50307710 7.625 $311,200.00 $311,200.00 $311,200.00
SEIDEL, JON M. 07/01/2000 360 Primary Residence Purchase
7652 PARK PATH DRIVE Relocation N 06/01/2000 80
HUNTINGTON BEACH CA 92648-0000 $2,202.66 06/01/2030 JUN2000-99 $0.00
50308020 8.375 $322,500.00 $322,299.54 $322,299.54
WILCOX, KEONI EDWARD 06/01/2000 360 Primary Residence Purchase
7114 NIUMALU LOOP Stated Income N 06/01/2000 75
HONOLULU HI 96825-0000 $2,451.24 05/01/2030 JUN2000-99 $0.00
50308090 7.625 $280,000.00 $279,797.34 $279,797.34
PENNISI, VINCENT M 06/01/2000 360 Primary Residence Purchase
37890 GLENGROVE DRIVE Select N 06/01/2000 80
FARMINGTON MI 48331-0000 $1,981.83 05/01/2030 JUN2000-99 $0.00
50309060 8.000 $268,750.00 $268,569.67 $268,569.67
BRATTAIN, DAVID A 06/01/2000 360 Primary Residence Purchase
6955 STONEWICK DRIVE Standard N 06/01/2000 78.789
NEWBURGH IN 47630-0000 $1,972.00 05/01/2030 JUN2000-99 $0.00
50310800 7.625 $650,000.00 $649,529.55 $649,529.55
FERGUSON, JAMES A 06/01/2000 360 Primary Residence Purchase
551 VIRGINIA DRIVE VIP Relocation Y 06/01/2000 76.4706
BELVEDERE TIBURON CA 94920-1336 $4,600.66 05/01/2030 JUN2000-99 $0.00
50310930 8.625 $292,800.00 $292,800.00 $292,800.00
FITZMAURICE, MARY ANN 08/01/2000 360 Primary Residence Purchase
34 PELHAM AVENUE Standard N 07/01/2000 80
NANUET NY 10954-0000 $2,277.37 07/01/2030 JUN2000-99 $171.64
50311080 8.250 $464,000.00 $464,000.00 $464,000.00
WILSON, ROBERT A 07/01/2000 360 Primary Residence Purchase
14721 EQUESTRIAN WAY Standard N 06/01/2000 80
WELLINGTON FL 33414-0000 $3,485.88 06/01/2030 JUN2000-99 $0.00
50312010 8.625 $313,800.00 $313,800.00 $313,800.00
GAUDREAU, DONALD P 07/01/2000 360 Primary Residence Purchase
1 NICHOLS LANE Standard N 06/01/2000 79.9898
MIDDLETON MA 01949-0000 $2,440.71 06/01/2030 JUN2000-99 $0.00
50312220 8.625 $308,000.00 $308,000.00 $308,000.00
BRYANT, SCOTT D 07/01/2000 360 Primary Residence Purchase
311 GETTINGS AVENUE Standard N 06/01/2000 80
BALTIMORE MD 21212-0000 $2,395.60 06/01/2030 JUN2000-99 $0.00
50312330 8.375 $129,760.00 $129,679.35 $129,679.35
FARRIS, LEE L 06/01/2000 360 Primary Residence Refinance
3812 ANDERSON ROAD Standard N 06/01/2000 94.029
NASHVILLE TN 37217-0000 $986.27 05/01/2030 JUN2000-99 $0.00
50312730 7.750 $300,000.00 $299,788.26 $299,788.26
HANSON, RALPH E 06/01/2000 360 Primary Residence Purchase
610 SARGENTS CREEK CT Select N 06/01/2000 58.8235
ROCHESTER MI 48309-0000 $2,149.24 05/01/2030 JUN2000-99 $0.00
<PAGE>
Loan ID Rate Orig Amount Issue Date Bal Current UPB
Borrower Name First Pay Date Orig Term Occupancy Purpose
Street Address Processing Style Buydown Ind Paid to Date LTV
City State Zip P & I Maturity Date Issue Date Unsched Pmnts
50318810 7.750 $264,000.00 $263,813.67 $263,813.67
CONWELL, WILLIAM J 06/01/2000 360 Primary Residence Purchase
6736 DESERT CANYON DRIVE Select N 06/01/2000 80
EL PASO TX 79912-0000 $1,891.33 05/01/2030 JUN2000-99 $0.00
50320900 8.250 $352,800.00 $352,575.03 $352,575.03
STRICKLIN, SCOTT 06/01/2000 360 Primary Residence Purchase
2702 RIVER LEGACY DRIVE Standard N 06/01/2000 80
ARLINGTON TX 76006-0000 $2,650.47 05/01/2030 JUN2000-99 $0.00
50321290 8.375 $302,000.00 $302,000.00 $302,000.00
DOHERTY, TERENCE M 07/01/2000 360 Primary Residence Purchase
10133 IRISH ROAD Select N 06/01/2000 80
GOODRICH MI 48438-0000 $2,295.42 06/01/2030 JUN2000-99 $0.00
50321800 8.250 $297,000.00 $296,810.61 $296,810.61
LETT, G SCOTT 06/01/2000 360 Primary Residence Purchase
409 S MAIN STREET Relocation N 06/01/2000 90
HIGHTSTOWN NJ 08520-0000 $2,231.27 05/01/2030 JUN2000-99 ($0.01)
50323170 8.625 $360,000.00 $359,787.45 $359,787.45
MAZOCH, KERRY W 06/01/2000 360 Primary Residence Purchase
3010 ELBERT STREET Standard N 06/01/2000 80
HOUSTON TX 77098-0000 $2,800.05 05/01/2030 JUN2000-99 $0.00
50325150 9.000 $536,000.00 $536,000.00 $536,000.00
MCLELLAN, A THOMAS 07/01/2000 360 Second Home Purchase
3604-3606 WESLEY HOUSE CONDOMINIUM Standard N 06/01/2000 80
OCEAN CITY NJ 08226-0000 $4,312.78 06/01/2030 JUN2000-99 $0.00
50325610 8.500 $308,000.00 $308,000.00 $308,000.00
BRUNSON, CHRISTOPHER B 07/01/2000 360 Primary Residence Purchase
175 1/2 WENTWORTH ST Select N 06/01/2000 80
CHARLESTON SC 29401-0000 $2,368.26 06/01/2030 JUN2000-99 $0.00
50327660 8.375 $281,500.00 $281,500.00 $281,500.00
DYDEK, PAUL A 07/01/2000 360 Primary Residence Purchase
1140 SARAZEN WAY Standard N 06/01/2000 79.9943
YORK PA 17404-0000 $2,139.61 06/01/2030 JUN2000-99 $0.00
50329470 9.000 $57,150.00 $57,086.70 $57,086.70
MOORE, LENA M 05/01/2000 360 Primary Residence Refinance
1661 POPE STREET Standard N 06/01/2000 93.6885
MEMPHIS TN 38108-0000 $459.85 04/01/2030 JUN2000-99 $0.62
50332170 8.500 $360,000.00 $360,000.00 $359,781.91
TELEPOSKI, VIOLET C 07/01/2000 360 Primary Residence Purchase
321 WEST BAYVIEW DRIVE OCEAN BEA Standard N 07/01/2000 80
LAVALLETTE NJ 08735-0000 $2,768.09 06/01/2030 JUN2000-99 $0.00
50332540 8.625 $301,000.00 $300,503.57 $300,322.29
ONUOHA, CANICE 07/01/2000 360 Primary Residence Refinance
17 RIVER DELL DRIVE Standard N 07/01/2000 73.4146
OAKLAND NJ 07435-0000 $2,341.15 06/01/2030 JUN2000-99 $496.43
50333470 8.250 $472,500.00 $472,198.70 $472,198.70
BURROUGHS, TYRONE A 06/01/2000 360 Primary Residence Purchase
9181 FOREST ESTATES COVE Standard N 06/01/2000 70
GERMANTOWN TN 38139-0000 $3,549.74 05/01/2030 JUN2000-99 $0.00
50335450 8.625 $319,500.00 $319,311.37 $319,311.37
DESJARDINS, GEORGES 06/01/2000 360 Primary Residence Purchase
2713 NW 27TH TERRACE Standard N 06/01/2000 90
BOCA RATON FL 33434-0000 $2,485.04 05/01/2030 JUN2000-99 $0.00
50335780 7.625 $320,000.00 $319,768.39 $319,535.31
ARKWRIGHT, CHRISTOPHER P 06/01/2000 360 Primary Residence Purchase
2786 MARALICE Select N 07/01/2000 76.2586
CARMEL IN 46033-0000 $2,264.94 05/01/2030 JUN2000-99 $0.00
50336240 8.250 $269,200.00 $269,200.00 $269,200.00
SHUK, GARY S 07/01/2000 360 Primary Residence Purchase
1588 BOULDER LAKE DRIVE Standard N 06/01/2000 79.9855
MILFORD TWP MI 48340-0000 $2,022.41 06/01/2030 JUN2000-99 $0.00
50337370 8.625 $320,000.00 $319,811.07 $319,811.07
KELLY, KEVIN P 06/01/2000 360 Primary Residence Refinance
78 MAIN STREET Standard N 06/01/2000 80
CENTERBROOK CT 06407-0000 $2,488.93 05/01/2030 JUN2000-99 $0.00
<PAGE>
Loan ID Rate Orig Amount Issue Date Bal Current UPB
Borrower Name First Pay Date Orig Term Occupancy Purpose
Street Address Processing Style Buydown Ind Paid to Date LTV
City State Zip P & I Maturity Date Issue Date Unsched Pmnts
50338780 8.000 $350,000.00 $350,000.00 $350,000.00
ALEMAN, EDWARD 07/01/2000 360 Primary Residence Purchase
25 LANDPORT Select N 06/01/2000 30.5176
NEWPORT BEACH CA 92660-9015 $2,568.18 06/01/2030 JUN2000-99 $0.00
50340550 8.375 $272,000.00 $271,830.93 $271,830.93
RUBESH, ANDREA A 06/01/2000 360 Primary Residence Purchase
24328 E PINEHURST LANE Standard N 06/01/2000 80
LIBERTY LAKE WA 99019-0000 $2,067.40 05/01/2030 JUN2000-99 $0.00
50340830 9.375 $311,200.00 $311,200.00 $311,200.00
BASEHORE, PAUL M 07/01/2000 360 Primary Residence Purchase
6 FIELDSTONE DRIVE Standard N 06/01/2000 79.8153
HAMPSTEAD NH 03841-0000 $2,588.41 06/01/2030 JUN2000-99 $0.00
50340980 7.875 $892,500.00 $892,500.00 $892,500.00
DONNANTUONO, FRANCIS 08/01/2000 360 Primary Residence Purchase
196 SUMMIT AVENUE VIP Relocation N 07/01/2000 75
SUMMIT NJ 07901-0000 $6,471.25 07/01/2030 JUN2000-99 $610.21
50341010 8.875 $75,000.00 $75,000.00 $75,000.00
HANKINS, JANICE 07/01/2000 360 Primary Residence Refinance
6687 RED CEDAR LANE Stated Income N 06/01/2000 31.25
WEST BLOOMFIELD MI 48324-0000 $596.74 06/01/2030 JUN2000-99 $0.00
50341780 7.625 $388,000.00 $388,000.00 $388,000.00
CLAYTON, ANNETTE K 07/01/2000 360 Primary Residence Purchase
11384 BAYBERRY DR Select N 06/01/2000 80
BRUCE MI 48065-0000 $2,746.24 06/01/2030 JUN2000-99 $0.00
50341810 8.250 $328,500.00 $328,500.00 $328,290.52
SCOTTO, ROSALBA 07/01/2000 360 Primary Residence Purchase
736 GARY LANE Relocation N 07/01/2000 90
EL PASO TX 79922-0000 $2,467.92 06/01/2030 JUN2000-99 $0.00
50342750 8.875 $290,000.00 $290,000.00 $290,000.00
MITCHELL, DANNY R 07/01/2000 360 Primary Residence Refinance
646 W 108TH STREET SOUTH Standard N 06/01/2000 59.1837
JENKS OK 74037-0000 $2,307.38 06/01/2030 JUN2000-99 $0.00
50343110 8.375 $332,000.00 $332,000.00 $332,000.00
MORGAN, ALEXANDER P 07/01/2000 360 Primary Residence Purchase
1569 PIERCE STREET Select N 06/01/2000 80
BIRMINGHAM MI 48009-0000 $2,523.44 06/01/2030 JUN2000-99 $0.00
50343580 7.875 $303,900.00 $303,690.03 $303,690.03
GASTON, MACK C 06/01/2000 360 Primary Residence Purchase
6315 DRILL FIELD CT Select N 06/01/2000 79.9947
CENTREVILLE VA 20121-2311 $2,203.49 05/01/2030 JUN2000-99 $0.82
50344920 8.625 $460,000.00 $459,714.73 $459,714.73
MCDANIEL, LEON M 06/01/2000 360 Primary Residence Refinance
4811 TRAILVIEW DRIVE Standard N 06/01/2000 69.697
WEST BLOOMFIELD MI 48322-0000 $3,577.84 05/01/2030 JUN2000-99 $13.68
50345790 8.375 $275,000.00 $275,000.00 $275,000.00
BURNHAM, STEPHEN R 07/01/2000 360 Primary Residence Purchase
1619 BRENTFORD LANE Standard N 06/01/2000 67.0732
FORT COLLINS CO 80525-0000 $2,090.20 06/01/2030 JUN2000-99 $0.00
50346910 8.375 $280,000.00 $280,000.00 $280,000.00
EAGLETON, CARL C 07/01/2000 360 Primary Residence Purchase
100 ALEXANDER OVERLOOK Standard N 06/01/2000 80
TELLURIDE CO 81435-0000 $2,128.21 06/01/2030 JUN2000-99 $0.00
50348370 7.625 $270,000.00 $269,804.57 $269,804.57
VOGEL, ERIC G 06/01/2000 360 Primary Residence Purchase
528 CEDAR LANE Relocation N 06/01/2000 90
SWARTHMORE PA 19081-0000 $1,911.05 05/01/2030 JUN2000-99 $0.01
50348730 7.750 $575,000.00 $575,000.00 $575,000.00
SMITH, JEFFREY L 08/01/2000 360 Primary Residence Purchase
5700 SOUTHMOOR LANE VIP Relocation Y 07/01/2000 79.3103
ENGLEWOOD CO 80111-0000 $4,119.38 07/01/2030 JUN2000-99 $403.23
50349780 8.375 $478,550.00 $478,550.00 $478,550.00
HITI, SILVA 07/01/2000 360 Primary Residence Purchase
205 PASEO DE LAS DELICIAS Relocation N 06/01/2000 85
REDONDO BEACH CA 90277-0000 $3,637.33 06/01/2030 JUN2000-99 $0.00
<PAGE>
Loan ID Rate Orig Amount Issue Date Bal Current UPB
Borrower Name First Pay Date Orig Term Occupancy Purpose
Street Address Processing Style Buydown Ind Paid to Date LTV
City State Zip P & I Maturity Date Issue Date Unsched Pmnts
50352730 8.250 $350,000.00 $349,776.81 $349,776.81
MYERS, ROBERT C 06/01/2000 360 Primary Residence Refinance
3210 S DOGWOOD DRIVE Standard N 06/01/2000 89.3997
SALEM OR 97302-0000 $2,629.44 05/01/2030 JUN2000-99 $0.00
50353750 7.875 $532,000.00 $532,000.00 $532,000.00
LAWRENCE, BRIAN J 08/01/2000 360 Primary Residence Purchase
20 INNESS ROAD Standard N 07/01/2000 80
TENAFLY NJ 07670-0000 $3,857.37 07/01/2030 JUN2000-99 $363.73
50355100 8.375 $366,400.00 $366,400.00 $366,400.00
NIELSEN, KENNETH M 07/01/2000 360 Primary Residence Purchase
3649 WORCESTER LANE Standard N 06/01/2000 80
KESWICK VA 22947-0000 $2,784.91 06/01/2030 JUN2000-99 $0.00
50357370 7.625 $375,000.00 $375,000.00 $375,000.00
KELLEY, PAUL J 07/01/2000 360 Primary Residence Purchase
15 HERRICK PLACE Standard N 06/01/2000 78.9474
WILBRAHAM MA 01095-0000 $2,654.23 06/01/2030 JUN2000-99 $0.00
50358460 7.875 $284,000.00 $284,000.00 $284,000.00
DUNNE, TIMOTHY R 08/01/2000 360 Primary Residence Purchase
131 FAIRLANE AVENUE Relocation N 07/01/2000 83.5294
ELMHURST IL 60126-0000 $2,059.20 07/01/2030 JUN2000-99 $194.18
50359040 7.875 $268,800.00 $268,615.01 $268,615.01
GALAVIZ, DAVID E 06/01/2000 360 Primary Residence Purchase
6834 WOODCREST RIDGE Select N 06/01/2000 75
CLARKSTON MI 48346-0000 $1,948.99 05/01/2030 JUN2000-99 $0.00
50359160 8.125 $440,000.00 $440,000.00 $440,000.00
GURRAM, GOPI S 07/01/2000 360 Primary Residence Purchase
2 VILLANOVA Standard N 06/01/2000 80
IRVINE CA 92606-0000 $3,266.99 06/01/2030 JUN2000-99 $0.00
50359650 8.000 $300,100.00 $299,898.64 $299,898.64
HATTON, RONALD WILLIAM 06/01/2000 360 Primary Residence Purchase
1146 LAKE COLONY LANE VIP Relocation N 06/01/2000 70.4625
BIRMINGHAM AL 35242-0000 $2,202.03 05/01/2030 JUN2000-99 $0.00
50359680 8.500 $260,100.00 $259,942.42 $259,942.42
WATSON, GAVIN H 06/01/2000 360 Primary Residence Purchase
9 HOPKINS CIRCLE Standard N 06/01/2000 90
ORLANDO FL 32804-0000 $1,999.95 05/01/2030 JUN2000-99 $0.00
50361680 9.250 $337,600.00 $337,424.97 $337,424.97
FURLAN, JOSEPH R 06/01/2000 360 Primary Residence Purchase
9207 15TH AVENUE NE Standard N 06/01/2000 80
SEATTLE WA 98115-0000 $2,777.36 05/01/2030 JUN2000-99 $0.00
50362580 9.500 $378,650.00 $378,463.21 $378,463.21
PEARSON, RANDALL C 06/01/2000 360 Investment Property Purchase
88 HAWK CIRCLE #2347 Standard N 06/01/2000 74.995
KEYSTONE CO 80435-0000 $3,183.90 05/01/2030 JUN2000-99 $0.54
50365520 8.250 $296,250.00 $296,061.09 $296,061.09
SMITH, MARK K 06/01/2000 360 Primary Residence Purchase
849 WALDEN DRIVE Standard N 06/01/2000 75.8744
FRANKLIN TN 37069-0000 $2,225.63 05/01/2030 JUN2000-99 $0.00
50366520 8.375 $432,000.00 $432,000.00 $431,731.48
KLINE, DENNIS H 07/01/2000 360 Primary Residence Purchase
1544 CLOVERLY LANE Standard N 07/01/2000 80
RYDAL PA 19046-0000 $3,283.52 06/01/2030 JUN2000-99 $0.00
50369400 7.625 $326,700.00 $326,700.00 $326,700.00
HAUGHEY, WAYNE P 07/01/2000 360 Primary Residence Purchase
513 TORRINGTON DRIVE W Standard N 06/01/2000 83.7692
CANTON MI 48188-0000 $2,312.37 06/01/2030 JUN2000-99 $0.00
50372320 9.500 $58,700.00 $58,671.12 $58,671.12
JOHNSON, KEVIN 06/01/2000 360 Primary Residence Refinance
1454 SUNSET Standard N 06/01/2000 94.6774
MEMPHIS TN 38108-0000 $493.59 05/01/2030 JUN2000-99 $0.00
50373560 8.875 $60,450.00 $60,416.11 $60,416.11
HOUSTON, BRENDA F 06/01/2000 360 Primary Residence Refinance
1704 BROOKINS Standard N 06/01/2000 93
MEMPHIS TN 38108-0000 $480.97 05/01/2030 JUN2000-99 $0.00
<PAGE>
Loan ID Rate Orig Amount Issue Date Bal Current UPB
Borrower Name First Pay Date Orig Term Occupancy Purpose
Street Address Processing Style Buydown Ind Paid to Date LTV
City State Zip P & I Maturity Date Issue Date Unsched Pmnts
50376460 8.125 $400,000.00 $400,000.00 $399,738.34
BUNCH, STEVEN R 07/01/2000 360 Primary Residence Refinance
1639 W 220TH ST Standard N 07/01/2000 68.9655
TORRANCE CA 90501-0000 $2,969.99 06/01/2030 JUN2000-99 $0.00
50376940 8.125 $444,000.00 $444,000.00 $444,000.00
MEYER, CHRISTINE S 07/01/2000 360 Primary Residence Purchase
1 WOODCREST DRIVE VIP Relocation N 06/01/2000 80
ARMONK NY 10504-2903 $3,296.69 06/01/2030 JUN2000-99 $0.00
50377750 8.500 $326,400.00 $326,400.00 $326,400.00
CHRISTOFF, CARL C 07/01/2000 360 Primary Residence Purchase
13842 SPRUCEWOOD DRIVE Standard N 06/01/2000 80
DALLAS TX 75240-0000 $2,509.74 06/01/2030 JUN2000-99 $0.00
50378410 8.750 $277,500.00 $277,340.34 $277,340.34
MARTIN, STEVEN W 06/01/2000 360 Primary Residence Refinance
22220 HWY 41 E Standard N 06/01/2000 66.0714
TEMPLETON CA 93465-0000 $2,183.10 05/01/2030 JUN2000-99 $0.00
50379800 7.500 $462,000.00 $462,000.00 $462,000.00
SIMONETTI, ANTONETTE 08/01/2000 360 Primary Residence Purchase
27 EVERGREEN PARKWAY Select N 07/01/2000 77.6471
WESTPORT CT 06880-0000 $3,230.38 07/01/2030 JUN2000-99 $340.75
50380300 8.750 $316,000.00 $316,000.00 $316,000.00
WASHBURN, KRAIG S 08/01/2000 360 Primary Residence Purchase
1564 NORTH STREET Standard N 07/01/2000 80
BOULDER CO 80304-0000 $2,485.98 07/01/2030 JUN2000-99 $180.50
50381890 8.250 $400,000.00 $400,000.00 $399,744.93
BOSTWICK, RICHARD S 07/01/2000 360 Primary Residence Purchase
12500 SUNNYDALE DRIVE Standard N 07/01/2000 60.6061
WELLINGTON FL 33414-0000 $3,005.07 06/01/2030 JUN2000-99 $0.00
50384370 8.625 $276,700.00 $276,700.00 $276,700.00
SONI, MANISH V 07/01/2000 360 Primary Residence Purchase
1073 ADELE COURT Select N 06/01/2000 79.9942
ROCHESTER HILLS MI 48309-0000 $2,152.15 06/01/2030 JUN2000-99 $0.00
50388070 8.250 $304,000.00 $304,000.00 $304,000.00
WOOD, RICHARD C 07/01/2000 360 Primary Residence Purchase
3539 COMMODORE CIRCLE Standard N 06/01/2000 73.43
DELRAY BEACH FL 33483-0000 $2,283.86 06/01/2030 JUN2000-99 $0.00
50393940 8.875 $513,600.00 $513,600.00 $513,600.00
KUNZ, RANDALL W 07/01/2000 360 Primary Residence Purchase
1727 FAIRVIEW Standard N 06/01/2000 80
SALINE MI 48176-0000 $4,086.44 06/01/2030 JUN2000-99 $0.00
50395980 8.750 $584,000.00 $584,000.00 $584,000.00
COLLINS, THOMAS M 07/01/2000 360 Second Home Purchase
4831 WESTWINDS Standard N 06/01/2000 80
DESTIN FL 32541-0000 $4,594.34 06/01/2030 JUN2000-99 $0.00
50396470 7.875 $302,400.00 $302,400.00 $302,191.89
LINDSKOG, ROBERT D 07/01/2000 360 Primary Residence Purchase
4010 CARLYLE LAKES BLVD Standard N 07/01/2000 80
PALM HARBOR FL 34685-0000 $2,192.61 06/01/2030 JUN2000-99 $0.00
50397020 7.750 $280,000.00 $280,000.00 $280,000.00
BECKIUS, REGINALD D 07/01/2000 360 Primary Residence Purchase
1240 YORKSHIRE Relocation N 06/01/2000 65.1163
GROSSE POINTE PARK MI 48230-0000 $2,005.96 06/01/2030 JUN2000-99 $0.00
50400230 8.500 $320,000.00 $320,000.00 $320,000.00
LUTY, DAVID J 07/01/2000 360 Primary Residence Purchase
10000 SW 142 STREET Standard N 06/01/2000 80
MIAMI FL 33176-0000 $2,460.53 06/01/2030 JUN2000-99 $0.00
50401240 8.750 $304,000.00 $304,000.00 $304,000.00
MAULDIN, CARL R 07/01/2000 240 Primary Residence Purchase
8849 S OAK HOLLOW CIRCLE Standard N 06/01/2000 95
SANDY UT 84093-0000 $2,686.49 06/01/2020 JUN2000-99 $0.00
50402050 8.500 $368,850.00 $368,850.00 $368,850.00
LAPRIORE, GERALD J 07/01/2000 360 Second Home Purchase
17 BEACHWALKER ROAD Stated Income N 06/01/2000 64.9956
AMELIA ISLAND FL 32034-0000 $2,836.14 06/01/2030 JUN2000-99 $0.00
<PAGE>
Loan ID Rate Orig Amount Issue Date Bal Current UPB
Borrower Name First Pay Date Orig Term Occupancy Purpose
Street Address Processing Style Buydown Ind Paid to Date LTV
City State Zip P & I Maturity Date Issue Date Unsched Pmnts
50402280 8.750 $358,500.00 $358,500.00 $358,500.00
RAUSCHENBERGER, JAMES T 07/01/2000 360 Second Home Purchase
1303 OCEAN PLACE Standard N 06/01/2000 75
FERNANDINA BEACH FL 32034-0000 $2,820.33 06/01/2030 JUN2000-99 $0.00
50409400 8.375 $360,000.00 $360,000.00 $360,000.00
HILL, ROBERT E 07/01/2000 360 Second Home Purchase
2215 VAL DISERE Standard N 06/01/2000 80
STEAMBOAT SPRINGS CO 80488-0000 $2,736.27 06/01/2030 JUN2000-99 $0.00
50410240 8.000 $455,000.00 $455,000.00 $455,000.00
LOMASNEY, DAVID J 07/01/2000 360 Primary Residence Purchase
3850 CHERRYWOOD LANE Standard N 06/01/2000 75.8333
ROCHESTER HILLS MI 48309-0000 $3,338.63 06/01/2030 JUN2000-99 $0.00
50410550 8.375 $552,000.00 $552,000.00 $552,000.00
KRUSE, M W 07/01/2000 360 Primary Residence Purchase
2615 SUTTON COURT Standard N 06/01/2000 80
HOUSTON TX 77027-0000 $4,195.60 06/01/2030 JUN2000-99 $0.00
50413050 9.250 $279,750.00 $279,750.00 $279,750.00
PRESTERA, J N 07/01/2000 360 Primary Residence Purchase
29 RHODES STREET Standard N 06/01/2000 79.9887
PLAINVILLE MA 02762-0000 $2,301.44 06/01/2030 JUN2000-99 $0.00
50414720 9.000 $400,000.00 $400,000.00 $400,000.00
GOTTSCH, SHEILA L 07/01/2000 360 Primary Residence Refinance
1521 S GENESEE RIDGE ROAD Standard N 06/01/2000 73.3945
GOLDEN CO 80401-0000 $3,218.50 06/01/2030 JUN2000-99 $0.00
50423010 8.875 $400,000.00 $400,000.00 $400,000.00
LENZ, RICHARD L 07/01/2000 360 Primary Residence Refinance
HC 1 BOX 1145 Standard N 06/01/2000 71.4286
MILANVILLE PA 18443-0000 $3,182.58 06/01/2030 JUN2000-99 $0.00
50423120 9.250 $168,935.00 $168,935.00 $168,935.00
NORRIS, MARY GRACE 07/01/2000 360 Primary Residence Purchase
21 HAWN DRIVE Stated Income N 06/01/2000 65
FRISCO CO 80443-0000 $1,389.79 06/01/2030 JUN2000-99 $0.00
50426950 8.125 $260,000.00 $260,000.00 $260,000.00
ELLIOTT, DAVID P 08/01/2000 360 Primary Residence Purchase
122 SUMAC RIDGE DRIVE Select N 07/01/2000 80
FORISTELL MO 63348-0000 $1,930.50 07/01/2030 JUN2000-99 $168.94
50437710 8.125 $292,000.00 $292,000.00 $292,000.00
BIDDLE, ELIZABETH A 08/01/2000 360 Primary Residence Purchase
5923 LOVEWOOD COURT Select N 07/01/2000 80
CANTON MI 48187-0000 $2,168.10 07/01/2030 JUN2000-99 $189.73
50450400 8.750 $598,400.00 $598,400.00 $598,400.00
PETTISANI, FRANK A 08/01/2000 360 Primary Residence Purchase
3 TIMBRE COURT Standard N 07/01/2000 80
MEDFORD NJ 08055-0000 $4,707.62 07/01/2030 JUN2000-99 $341.79
60000174 7.375 $304,000.00 $300,879.32 $300,879.32
BALL, JAY M 06/01/1999 360 Primary Residence Refinance
540 SOUTH LONDERRY LANE Standard N 06/01/2000 80
ANAHEIM HILLS CA 92807-0000 $2,099.66 05/01/2029 JUN2000-99 $0.00
60000333 7.375 $346,000.00 $342,725.49 $342,725.49
AITELLI, PETER 07/01/1999 360 Primary Residence Refinance
3838 ARBOLADO DRIVE Standard N 06/01/2000 46.1333
WALNUT CREEK CA 94598-0000 $2,389.74 06/01/2029 JUN2000-99 $6.12
60001159 7.750 $383,400.00 $380,613.91 $380,613.91
DREW, LINDA E 09/01/1999 360 Primary Residence Purchase
1050 ENGLISH OAKS DRIVE Standard N 06/01/2000 90
ARCADIA CA 91006-0000 $2,746.73 08/01/2029 JUN2000-99 $0.03
60001162 7.750 $307,500.00 $305,150.28 $305,381.00
REYNOLDS, BROOK 09/01/1999 360 Primary Residence Refinance
4840 12TH AVENUE Standard N 05/01/2000 76.875
HANFORD CA 93230-0000 $2,202.97 08/01/2029 JUN2000-99 $115.22
60001194 7.375 $407,000.00 $404,791.75 $404,791.75
PRUSKO, GERALDINE F 12/01/1999 360 Primary Residence Refinance
14 PETTEE STREET UNIT 1 Standard N 06/01/2000 100
NEWTON UPPER FALLS MA 02464-0000 $2,811.05 11/01/2029 JUN2000-99 $0.00
<PAGE>
Loan ID Rate Orig Amount Issue Date Bal Current UPB
Borrower Name First Pay Date Orig Term Occupancy Purpose
Street Address Processing Style Buydown Ind Paid to Date LTV
City State Zip P & I Maturity Date Issue Date Unsched Pmnts
60001566 7.375 $260,000.00 $257,755.62 $257,755.62
CHANDLER, ROGER E 08/01/1999 360 Primary Residence Refinance
8302 ORCHARD AVENUE Standard N 06/01/2000 80
LA MESA CA 91941-0000 $1,795.76 07/01/2029 JUN2000-99 ($0.02)
60001587 7.500 $370,000.00 $366,748.09 $366,748.09
BAKER, STEVEN J 08/01/1999 360 Primary Residence Refinance
14080 SCENIC VIEW ROAD Standard N 06/01/2000 79.5698
PERRIS CA 92570-0000 $2,587.10 07/01/2029 JUN2000-99 $135.12
60001675 7.375 $362,400.00 $351,971.66 $351,971.66
FOSTER, GEORGE S 11/01/1999 360 Primary Residence Purchase
1072 ISABELLA AVENUE Standard N 06/01/2000 80
CORONADO CA 92118-0000 $2,503.01 10/01/2029 JUN2000-99 $8,174.22
60001712 7.500 $350,000.00 $347,051.65 $347,328.11
NICHOLAS, JAMES A 08/01/1999 360 Primary Residence Refinance
826 CALIFORNIA AVENUE Standard N 05/01/2000 70
SANTA MONICA CA 90403-0000 $2,447.26 07/01/2029 JUN2000-99 $0.00
60001713 7.375 $446,500.00 $442,645.70 $442,645.70
REUBEN, NEIL M 08/01/1999 360 Primary Residence Other
78 BUCKSKIN LANE Standard N 06/01/2000 76.9827
ROLLING HILLS ESTAT CA 90274-0000 $3,083.87 07/01/2029 JUN2000-99 $0.00
60001713 7.375 $360,000.00 $357,183.59 $357,183.59
GAFFEY, MICHAEL 09/01/1999 360 Primary Residence Refinance
40832 CHILTERN DRIVE Standard N 06/01/2000 77.4193
FREMONT CA 94539-0000 $2,486.44 08/01/2029 JUN2000-99 ($0.01)
60001722 7.500 $340,000.00 $337,135.99 $337,135.99
WATERWORTH, STEPHAN L 08/01/1999 360 Primary Residence Refinance
249 PASEO DE GRACIA Standard N 06/01/2000 80
TORRANCE CA 90277-0000 $2,377.33 07/01/2029 JUN2000-99 ($0.01)
60001728 7.375 $348,000.00 $345,620.65 $345,620.65
SCHUSTER, DONALD J 12/01/1999 360 Primary Residence Purchase
24444 EILAT STREET Standard N 06/01/2000 80
WOODLAND HILLS AREA CA 91367-0000 $2,403.55 11/01/2029 JUN2000-99 $491.22
60001746 7.625 $391,200.00 $387,984.59 $387,984.59
THOMAS, GLENN C 08/01/1999 360 Primary Residence Other
3365 CONANT LANE Standard N 06/01/2000 79.8367
WATSONVILLE CA 95076-0000 $2,768.89 07/01/2029 JUN2000-99 $0.01
60001762 7.375 $420,000.00 $417,051.95 $417,051.95
MCCAUGHAN, SEAN M 10/01/1999 360 Primary Residence Purchase
1613 NORTH MEADOWS AVENUE Standard N 06/01/2000 80
MANHATTAN BEACH CA 90266-0000 $2,900.84 09/01/2029 JUN2000-99 $0.01
60001770 7.375 $500,000.00 $496,954.72 $496,954.72
KARLCUT, AKBAL 12/01/1999 360 Primary Residence Purchase
22423 RAMONA COURT Standard N 06/01/2000 77.5193
CUPERTINO CA 95014-0000 $3,453.38 11/01/2029 JUN2000-99 $332.43
60002175 8.375 $336,000.00 $334,941.12 $334,941.12
BOLLINGER, CRAIG J 02/01/2000 360 Primary Residence Purchase
7045 FERRY ROAD Standard N 06/01/2000 80
NEW HOPE PA 18938-0000 $2,553.84 01/01/2030 JUN2000-99 $0.00
60002262 8.000 $372,000.00 $371,499.12 $371,499.12
FUSCO, STEVEN R 05/01/2000 360 Primary Residence Purchase
4 SURREY DRIVE Standard N 06/01/2000 80
COHASSET MA 02025-0000 $2,729.61 04/01/2030 JUN2000-99 $0.00
60002302 8.750 $395,100.00 $394,180.28 $394,180.28
ULRICH, ROBERT 03/01/2000 360 Primary Residence Purchase
2048 MARLBORO ROAD Standard N 06/01/2000 90
KENNETT SQUARE PA 19348-0000 $3,108.25 02/01/2030 JUN2000-99 $0.48
60002355 8.250 $447,000.00 $446,427.98 $446,427.98
MAY, WILLIAM L 05/01/2000 360 Primary Residence Purchase
3893 MOUNTAIN LAUREL Standard N 06/01/2000 73.8843
OAKLAND TOWNSHIP MI 48309-0000 $3,358.16 04/01/2030 JUN2000-99 ($0.01)
60002379 8.625 $432,000.00 $431,229.34 $431,229.34
MAXWELL, R SCOTT 04/01/2000 360 Primary Residence Purchase
6541 LINDA LN Standard N 06/01/2000 80
SAN DIEGO CA 92120-0000 $3,360.05 03/01/2030 JUN2000-99 $0.00
<PAGE>
Loan ID Rate Orig Amount Issue Date Bal Current UPB
Borrower Name First Pay Date Orig Term Occupancy Purpose
Street Address Processing Style Buydown Ind Paid to Date LTV
City State Zip P & I Maturity Date Issue Date Unsched Pmnts
60002451 8.625 $319,900.00 $319,520.90 $319,520.90
CARNAHAN, DAVID L 05/01/2000 360 Primary Residence Purchase
671 GREAT PLAIN AVENUE Standard N 06/01/2000 79.995
NEEDHAM MA 02494-0000 $2,488.15 04/01/2030 JUN2000-99 $0.01
60002473 7.875 $416,800.00 $416,224.44 $416,224.44
BRATES, NANU 05/01/2000 360 Primary Residence Purchase
2 PENN ROAD Standard N 06/01/2000 79.9846
WINCHESTER MA 01890-0000 $3,022.09 04/01/2030 JUN2000-99 $0.00
60002515 8.250 $275,000.00 $274,824.65 $274,824.65
WAKELAND, TODD D 06/01/2000 360 Primary Residence Purchase
1155 AUSTRALIA ST Standard N 06/01/2000 74.3243
EL CAJON CA 92020-0000 $2,065.98 05/01/2030 JUN2000-99 ($0.01)
60002554 8.750 $320,000.00 $319,630.44 $319,630.44
LOFGREN, GARY R 05/01/2000 360 Primary Residence Refinance
5706 ASTONY COURT Standard N 06/01/2000 45.7143
HINSDALE IL 60521-0000 $2,517.44 04/01/2030 JUN2000-99 $0.00
60002579 8.000 $384,000.00 $382,694.40 $382,694.40
GORLOV, SERGEY 02/01/2000 360 Primary Residence Purchase
88 KASI CIRCLE Standard N 06/01/2000 80
NORTHAMPTON TWP PA 18974-0000 $2,817.66 01/01/2030 JUN2000-99 $0.01
60002624 8.500 $290,000.00 $289,647.39 $289,647.39
LUTZ, DOUGLAS R 05/01/2000 360 Primary Residence Purchase
1128 MARIGOLD DRIVE NE Standard N 06/01/2000 80
ALBUQUERQUE NM 87122-0000 $2,229.85 04/01/2030 JUN2000-99 $0.00
60002668 8.250 $297,000.00 $296,810.62 $296,810.62
LEWIS, SANDRA J 06/01/2000 360 Primary Residence Refinance
33 MICHAEL WAY Standard N 06/01/2000 90
ANDOVER MA 01810-0000 $2,231.26 05/01/2030 JUN2000-99 ($0.01)
60002765 8.375 $364,000.00 $363,773.76 $363,773.76
UPLAND, DEBORAH E 06/01/2000 360 Primary Residence Purchase
155 STAR PARK CIRCLE #2C Standard N 06/01/2000 80
CORONADO CA 92118-0000 $2,766.66 05/01/2030 JUN2000-99 $0.00
60002768 8.000 $519,000.00 $519,000.00 $519,000.00
GANN, JOSHUA I 07/01/2000 360 Primary Residence Purchase
99 SARGENT STREET Standard N 06/01/2000 67.4902
NEWTON MA 02458-0000 $3,808.24 06/01/2030 JUN2000-99 $0.00
60002779 8.750 $300,000.00 $299,653.54 $299,653.54
MASTERSON, FRANCIS P 05/01/2000 360 Primary Residence Purchase
30 WITMER WAY Standard N 06/01/2000 83.7395
TRENTON NJ 08691-0000 $2,360.10 04/01/2030 JUN2000-99 $0.00
60002782 7.750 $351,200.00 $351,200.00 $351,200.00
RANKIN, LARRY V 07/01/2000 360 Primary Residence Purchase
5812 HICKORY HOLLOW LANE Standard N 06/01/2000 80
DOYLESTOWN PA 18901-0000 $2,516.04 06/01/2030 JUN2000-99 $0.00
60002795 8.625 $450,000.00 $448,966.75 $448,966.75
MOSERY, ILAN 05/01/2000 360 Primary Residence Refinance
100 WOODMERE BOULDVARD SOUTH Standard N 06/01/2000 73.7705
WOODSBURGH NY 11598-0000 $3,500.05 04/01/2030 JUN2000-99 $499.99
60002918 8.000 $392,000.00 $391,736.97 $391,736.97
LANDAY, BRUCE M 06/01/2000 360 Second Home Purchase
202 ELM ROAD Standard N 06/01/2000 80
FALMOUTH MA 02540-0000 $2,876.36 05/01/2030 JUN2000-99 $0.00
60002921 8.375 $540,000.00 $540,000.00 $540,000.00
PETERSOHN, JOSH S 07/01/2000 360 Primary Residence Purchase
725 OAK SPRINGS ROAD Standard N 06/01/2000 79.8817
BRYN MAWR PA 19010-0000 $4,104.39 06/01/2030 JUN2000-99 $0.00
60002931 8.375 $432,000.00 $431,731.49 $431,731.49
ZEIGLER, STEVEN M 06/01/2000 360 Primary Residence Refinance
23312 BINGHAM COURT Standard N 06/01/2000 80
VALENCIA CA 91354-0000 $3,283.51 05/01/2030 JUN2000-99 $0.00
60002959 8.625 $368,000.00 $368,000.00 $368,000.00
BURSTEIN, ALAN 07/01/2000 360 Primary Residence Purchase
210 EAST PEARSON ST Standard N 06/01/2000 80
CHICAGO IL 60611-0000 $2,862.27 06/01/2030 JUN2000-99 $0.00
<PAGE>
Loan ID Rate Orig Amount Issue Date Bal Current UPB
Borrower Name First Pay Date Orig Term Occupancy Purpose
Street Address Processing Style Buydown Ind Paid to Date LTV
City State Zip P & I Maturity Date Issue Date Unsched Pmnts
60003021 8.875 $318,750.00 $318,750.00 $318,750.00
SCHLECTWEG II, JOHN G 07/01/2000 360 Primary Residence Refinance
4949 MADISON AVENUE Standard N 06/01/2000 75
TRUMBULL CT 06611-0000 $2,536.12 06/01/2030 JUN2000-99 $0.00
65117941 7.625 $270,750.00 $268,312.83 $268,312.83
BURGESS, CYNTHIA C 07/01/1999 360 Primary Residence Purchase
1788 PENINSULA PLACE Standard N 06/01/2000 95
COSTA MESA CA 92627-0000 $1,916.36 06/01/2029 JUN2000-99 $1.59
65124052 7.500 $382,400.00 $380,375.77 $380,375.77
SILVERMAN, MARK A 12/01/1999 360 Primary Residence Purchase
11341 MCBURNEY RIDGE LANE Standard N 06/01/2000 80
SAN DIEGO CA 92131-0000 $2,673.80 11/01/2029 JUN2000-99 ($0.01)
65124318 8.000 $455,000.00 $452,819.71 $452,819.71
HONEYCUTT, PAUL E 12/01/1999 360 Primary Residence Purchase
11373 MANDRAKE POINT Standard N 06/01/2000 79.8402
SAN DIEGO CA 92131-0000 $3,338.63 11/01/2029 JUN2000-99 ($0.01)
65124346 7.500 $236,250.00 $232,333.37 $232,333.37
ESPARZA, RAMON G 11/01/1999 360 Primary Residence Purchase
20665 EAST CLIMBER DRIVE Standard N 06/01/2000 75
DIAMOND BAR CA 91789-0000 $1,651.90 10/01/2029 JUN2000-99 $2,482.86
65124901 7.875 $436,000.00 $433,857.77 $433,857.77
SCHNEIRSON, RON R 12/01/1999 360 Primary Residence Purchase
20353 LEWIS DRIVE Standard N 06/01/2000 80
ORANGE CA 92869-0000 $3,161.31 11/01/2029 JUN2000-99 $0.00
65125349 7.375 $308,000.00 $306,328.91 $306,328.91
NG, VINCENT 12/01/1999 360 Primary Residence Purchase
881 CALLE LA PRIMAVERA Standard N 06/01/2000 80
GLENDALE CA 91208-0000 $2,127.28 11/01/2029 JUN2000-99 ($0.01)
65125722 7.375 $650,000.00 $646,473.31 $646,473.31
SUAREZ, RALPH M 12/01/1999 360 Primary Residence Purchase
1636 GATES AVENUE Standard N 06/01/2000 73.4463
MANHATTAN BEACH CA 90266-0000 $4,489.39 11/01/2029 JUN2000-99 $0.01
65125764 7.500 $240,000.00 $238,729.55 $238,729.55
KEATING, DAVID B 12/01/1999 360 Primary Residence Purchase
1416 BEECH AVENUE Standard N 06/01/2000 78.6885
TORRANCE CA 90501-0000 $1,678.12 11/01/2029 JUN2000-99 ($0.01)
65125962 7.875 $336,000.00 $334,284.68 $334,284.68
RANDAZZO, STEPHEN K 12/01/1999 360 Primary Residence Refinance
8941 COLIMA ROAD Standard N 06/01/2000 80
WHITTIER CA 90605-0000 $2,436.24 11/01/2029 JUN2000-99 $64.42
65126101 7.500 $273,600.00 $272,151.65 $272,151.65
WALKER, DAN 12/01/1999 360 Primary Residence Purchase
29414 VIA NORTE STREET Standard N 06/01/2000 80
TEMECULA CA 92591-0000 $1,913.06 11/01/2029 JUN2000-99 $0.00
65126220 7.375 $380,000.00 $375,261.26 $375,261.26
RODRIGUEZ, VICTOR 12/01/1999 360 Primary Residence Purchase
1665 RODEO ROAD Standard N 06/01/2000 80
ARCADIA CA 91006-0000 $2,624.57 11/01/2029 JUN2000-99 $2,676.96
65126229 7.375 $264,000.00 $262,775.99 $262,775.99
WILLIAMS, MICHAEL 01/01/2000 360 Primary Residence Purchase
17411 TEACHERS AVENUE Standard N 06/01/2000 80
IRVINE CA 92614-0000 $1,823.39 12/01/2029 JUN2000-99 $0.00
65126321 7.500 $378,000.00 $375,017.03 $375,017.03
CAMACHO, RAUL G 01/01/2000 360 Primary Residence Purchase
1510 SPINNAKER LANE Standard N 06/01/2000 90
HALF MOON BAY CA 94019-0000 $2,643.04 12/01/2029 JUN2000-99 $1,273.21
65126609 7.750 $295,700.00 $293,989.49 $293,989.49
CHUN, SOPHIA N 01/01/2000 360 Primary Residence Purchase
1961 SOUTH SARAZEN COURT Standard N 06/01/2000 80
LA HABRA CA 90631-0000 $2,118.44 12/01/2029 JUN2000-99 $437.85
65127320 8.125 $400,000.00 $400,000.00 $400,000.00
FRIEDLAND, ERIC S 07/01/2000 360 Primary Residence Purchase
20183 ALLENTOWN DRIVE Standard N 06/01/2000 74.074
WOODLAND HILLS AREA CA 91364-0000 $2,969.99 06/01/2030 JUN2000-99 $0.00
<PAGE>
Loan ID Rate Orig Amount Issue Date Bal Current UPB
Borrower Name First Pay Date Orig Term Occupancy Purpose
Street Address Processing Style Buydown Ind Paid to Date LTV
City State Zip P & I Maturity Date Issue Date Unsched Pmnts
65127782 8.500 $288,000.00 $287,649.80 $287,649.80
MARTIN, MICHAEL T 05/01/2000 360 Primary Residence Purchase
21972 DREXEL WAY Standard N 06/01/2000 80
LAKE FOREST CA 92630-0000 $2,214.48 04/01/2030 JUN2000-99 $0.00
65127956 7.875 $280,000.00 $278,824.66 $278,824.66
SINGH, JAY 01/01/2000 360 Primary Residence Purchase
8705 EAST FALLBROOK WAY Standard N 06/01/2000 80
ANAHEIM HILLS CA 92808-0000 $2,030.20 12/01/2029 JUN2000-99 $0.00
65128272 8.125 $264,000.00 $263,827.30 $263,827.30
LAFRADES, CHARLES 06/01/2000 360 Primary Residence Purchase
11472 WINDING TRAIL LANE Standard N 06/01/2000 80
DUBLIN CA 94568-0000 $1,960.20 05/01/2030 JUN2000-99 $0.00
65128384 7.500 $380,000.00 $378,062.26 $378,062.26
KOTHARI, RUCHI 01/01/2000 360 Primary Residence Purchase
32432 PACIFIC GROVE WAY Standard N 06/01/2000 79.9664
UNION CITY CA 94587-0000 $2,657.02 12/01/2029 JUN2000-99 $218.96
65128846 7.750 $253,000.00 $251,911.12 $251,911.12
RISSLING, MARK J 01/01/2000 360 Primary Residence Purchase
12402 WOODS ROAD Standard N 06/01/2000 93.7037
WILTON CA 95693-0000 $1,812.53 12/01/2029 JUN2000-99 $0.00
65128855 7.750 $273,000.00 $271,555.62 $271,555.62
LE, VU 01/01/2000 360 Primary Residence Refinance
2115 WENDOVER LANE Standard N 06/01/2000 60.6666
SAN JOSE CA 95121-0000 $1,955.81 12/01/2029 JUN2000-99 $269.44
65200046 7.875 $256,000.00 $254,776.11 $254,776.11
PETERSON, GERALD F 01/01/2000 360 Primary Residence Refinance
1795 HILLCREST AVENUE Standard N 06/01/2000 78.7692
ST PAUL MN 55116-0000 $1,856.18 12/01/2029 JUN2000-99 $149.31
65200475 8.000 $280,000.00 $279,240.91 $279,240.91
MELCER, CARLOS 03/01/2000 360 Primary Residence Purchase
6363 CHRISTIE AVENUE 2907 Standard N 06/01/2000 70
EMERYVILLE CA 94608-0000 $2,054.55 02/01/2030 JUN2000-99 $0.01
65201032 8.000 $600,000.00 $597,960.03 $597,960.03
PADDEN, THOMAS N 02/01/2000 360 Primary Residence Purchase
26910 MIRASOL STREET Standard N 06/01/2000 79.048
SANTA CLARITA CA 91355-0000 $4,402.59 01/01/2030 JUN2000-99 $0.00
65201035 8.250 $359,600.00 $359,370.69 $359,370.69
TORRES, ART 06/01/2000 360 Primary Residence Purchase
30-069 CORTE COELHO Standard N 06/01/2000 79.5575
TEMECULA CA 92591-0000 $2,701.56 05/01/2030 JUN2000-99 $0.00
65201103 8.125 $485,200.00 $483,263.13 $483,263.13
WHITE, MELVIN C 01/01/2000 360 Primary Residence Refinance
2495 HOLLY OAK DRIVE Standard N 06/01/2000 100
DANVILLE CA 94506-0000 $3,602.60 12/01/2029 JUN2000-99 ($0.01)
65201194 8.500 $588,900.00 $587,822.10 $587,457.70
FULTON, GEORGE L 04/01/2000 360 Primary Residence Purchase
640 BAY HILL ROAD Standard N 07/01/2000 79.9991
HALF MOON BAY CA 94019-0000 $4,528.14 03/01/2030 JUN2000-99 $0.01
65201517 8.000 $260,000.00 $259,114.95 $259,114.95
WALSH, JULIAN A 02/01/2000 360 Primary Residence Refinance
2429 GRAMERCY AVENUE Standard N 06/01/2000 80
TO CA 90501-0000 $1,907.79 01/01/2030 JUN2000-99 $1.06
65201715 8.375 $270,000.00 $269,832.18 $269,832.18
SIMON, MARTIN 06/01/2000 360 Primary Residence Purchase
10847 WYSTONE AVENUE Standard N 06/01/2000 75
PORTER RANCH CA 91326-0000 $2,052.20 05/01/2030 JUN2000-99 ($0.01)
65201904 8.500 $306,600.00 $305,927.21 $305,736.70
CHENG, JOHN 05/01/2000 360 Primary Residence Purchase
737 LA PLAYA C Standard N 07/01/2000 75
SAN FRANCISCO CA 94121-0000 $2,357.49 04/01/2030 JUN2000-99 $300.00
65201906 8.625 $276,700.00 $276,536.63 $276,536.63
KONRATH, FREDRICK 06/01/2000 360 Primary Residence Purchase
1501 BUENA VISTA SREET Standard N 06/01/2000 94.9967
BRENTWOOD CA 94513-0000 $2,152.15 05/01/2030 JUN2000-99 $0.00
<PAGE>
Loan ID Rate Orig Amount Issue Date Bal Current UPB
Borrower Name First Pay Date Orig Term Occupancy Purpose
Street Address Processing Style Buydown Ind Paid to Date LTV
City State Zip P & I Maturity Date Issue Date Unsched Pmnts
65201953 7.750 $50,000.00 $49,857.46 $49,857.46
MORTON, MYRNA C 03/01/2000 360 Primary Residence Refinance
1057 PORTUGAL DRIVE Stated Income N 06/01/2000 33.3333
STAFFORD VA 22554-0000 $358.21 02/01/2030 JUN2000-99 ($0.01)
65201972 7.375 $320,000.00 $318,613.27 $318,613.27
VAYNBERG, MOYSEY 03/01/2000 360 Primary Residence Purchase
65 WOODVALLEY DRIVE Standard N 06/01/2000 80
DANVILLE CA 94506-0000 $2,210.17 02/01/2030 JUN2000-99 $403.70
65202234 8.375 $264,000.00 $263,504.25 $263,504.25
JOENK, STEVEN 04/01/2000 360 Second Home Purchase
115 BOSTON CORNERS RD Standard N 06/01/2000 80
MILLERTON NY 12546-0000 $2,006.60 03/01/2030 JUN2000-99 $0.01
65202241 8.500 $322,500.00 $322,107.86 $322,107.86
BAILLIF, ALLEN S 05/01/2000 360 Second Home Purchase
3040 AVENIDA MAGORIA Standard N 06/01/2000 75
ESCONDIDO CA 92029-0000 $2,479.75 04/01/2030 JUN2000-99 $0.01
65202267 7.875 $750,000.00 $747,260.80 $747,260.80
KRISNAMOORTAY, YOGAM 02/01/2000 360 Primary Residence Purchase
31 HIDDEN HILLS PLACE Standard N 06/01/2000 728.8629
DANVILLE CA 94506-0000 $5,438.03 01/01/2030 JUN2000-99 $124.33
65202333 7.875 $268,000.00 $266,777.81 $266,777.81
PATEL, MUKUND M 02/01/2000 360 Primary Residence Refinance
8539 RUPP FARM DRIVE Standard N 06/01/2000 72.4324
WEST CHESTER OH 45069-0000 $1,943.19 01/01/2030 JUN2000-99 $287.81
65202405 7.375 $330,000.00 $328,728.94 $328,728.94
FRANK, BROCK 02/01/2000 360 Primary Residence Refinance
21694 CANYON HEIGHTS CIRCLE Standard N 06/01/2000 79.518
SANTA CLARITA CA 91350-0000 $2,279.23 01/01/2030 JUN2000-99 $0.01
65202843 8.375 $271,000.00 $270,661.93 $270,661.93
MARTINEZ, JORGE 05/01/2000 360 Primary Residence Purchase
490 CORTE CABANIL Standard N 06/01/2000 73.0458
MORGAN HILL CA 95037-0000 $2,059.80 04/01/2030 JUN2000-99 $0.00
65203025 8.375 $297,100.00 $296,915.33 $296,915.33
MONTGOMERY, JAMES R 06/01/2000 360 Primary Residence Purchase
4308 GLEN CANYON CIRCLE Standard N 06/01/2000 94.9884
PITTSBURG CA 94565-0000 $2,258.18 05/01/2030 JUN2000-99 $0.00
65203267 8.375 $289,000.00 $288,639.49 $288,639.49
MITCHELL, RODERICK B 05/01/2000 360 Primary Residence Refinance
316 WEST 138TH STREET Standard N 06/01/2000 74.987
NEW YORK NY 10030-0000 $2,196.61 04/01/2030 JUN2000-99 ($0.01)
65203498 7.750 $386,000.00 $385,727.56 $385,727.56
EMPENO, FLORA R 06/01/2000 360 Primary Residence Purchase
11320 TREYBURN WAY Standard N 06/01/2000 79.9337
SAN DIEGO CA 92131-0000 $2,765.36 05/01/2030 JUN2000-99 $0.00
65203574 8.500 $371,600.00 $370,919.84 $370,919.84
JOHNSON, GARY D 04/01/2000 360 Primary Residence Purchase
5195 DENSMORE AVENUE Standard N 06/01/2000 89.9757
ENCINO CA 91436-0000 $2,857.29 03/01/2030 JUN2000-99 ($0.01)
65203666 8.500 $420,000.00 $419,347.70 $419,347.70
GORDON, COREY 05/01/2000 360 Primary Residence Purchase
640 COE AVENUE Standard N 06/01/2000 80
SAN JOSE CA 95125-0000 $3,229.44 04/01/2030 JUN2000-99 $141.62
65203776 8.125 $204,000.00 $202,905.55 $202,905.55
ENDRES, DAVID J 06/01/2000 360 Primary Residence Purchase
71 SANTA FE AVENUE Standard N 06/01/2000 65.8064
SAN FRANCISCO CA 94124-0000 $1,514.70 05/01/2030 JUN2000-99 $961.00
65203859 8.250 $300,000.00 $300,000.00 $300,000.00
AHN, RAYMOND B 07/01/2000 360 Primary Residence Purchase
34442 BACON PLACE Standard N 06/01/2000 80
FREMONT CA 94555-0000 $2,253.80 06/01/2030 JUN2000-99 $0.00
65204097 8.375 $342,000.00 $341,357.82 $341,573.37
ERCOLONO, GEORGE A 04/01/2000 360 Primary Residence Refinance
15043 VALLEYHEART DRIVE Standard N 05/01/2000 70.5154
SHERMAN OAKS CA 91403-0000 $2,599.45 03/01/2030 JUN2000-99 $0.00
<PAGE>
Loan ID Rate Orig Amount Issue Date Bal Current UPB
Borrower Name First Pay Date Orig Term Occupancy Purpose
Street Address Processing Style Buydown Ind Paid to Date LTV
City State Zip P & I Maturity Date Issue Date Unsched Pmnts
65204279 8.375 $340,000.00 $339,361.57 $339,361.57
AUGUSTINI, JEFF 04/01/2000 360 Primary Residence Purchase
36 SERENITY LANE Standard N 06/01/2000 80
LAGUNA NIGUEL CA 92677-0000 $2,584.25 03/01/2030 JUN2000-99 ($0.01)
65204322 8.375 $125,000.00 $124,844.05 $124,844.05
MACELLI, JEFFREY R 05/01/2000 360 Primary Residence Purchase
5757 BEAUMONT AVENUE Standard N 06/01/2000 26.3157
LA JOLLA CA 92037-0000 $950.10 04/01/2030 JUN2000-99 $0.00
65204394 8.375 $382,000.00 $381,523.46 $381,523.46
MAKADOK, STEVEN E 05/01/2000 360 Primary Residence Purchase
30 DULAN DRIVE Standard N 06/01/2000 79.5833
STAMFORD CT 06905-0000 $2,903.48 04/01/2030 JUN2000-99 $0.01
65204788 8.125 $252,700.00 $252,534.69 $252,534.69
HEFFERNAN, BRENDAN 06/01/2000 360 Primary Residence Purchase
2237 WEST 20TH STREET Standard N 06/01/2000 87.743
LOS ANGELES CA 90018-0000 $1,876.30 05/01/2030 JUN2000-99 $0.00
65204829 8.500 $276,750.00 $276,243.45 $276,243.45
REDDY, KRISHNA M 04/01/2000 360 Primary Residence Purchase
21428 EAST FORT BOWIE DRIVE Standard N 06/01/2000 75
WALNUT CA 91789-5105 $2,127.97 03/01/2030 JUN2000-99 $0.01
65204995 8.375 $483,000.00 $481,996.51 $481,996.51
IDOL, RICHELLE M 05/01/2000 360 Primary Residence Purchase
992 VIA ANITA Standard N 06/01/2000 70
THOUSAND OAKS CA 91320-0000 $3,671.15 04/01/2030 JUN2000-99 $400.97
65205089 7.875 $295,000.00 $294,592.63 $294,592.63
JOWERS, LARRY D 05/01/2000 360 Primary Residence Purchase
830 SOUTH COUNTRY GLEN WAY Standard N 06/01/2000 0
ANAHEIM CA 92808-0000 $2,138.96 04/01/2030 JUN2000-99 ($0.01)
65205111 8.500 $287,900.00 $287,549.93 $287,549.93
STINES, RICHARD G 05/01/2000 360 Primary Residence Purchase
32125 MILL STREAM ROAD Standard N 06/01/2000 79.9944
TRABUCO CANYON CA 92679-0000 $2,213.71 04/01/2030 JUN2000-99 $0.00
65205175 8.375 $312,800.00 $312,605.57 $312,605.57
PARR, ARLEAN 06/01/2000 360 Primary Residence Purchase
8520 WHITE FISH CIRCLE Standard N 06/01/2000 80
FOUNTAIN VALLEY CA 92708-0000 $2,377.51 05/01/2030 JUN2000-99 $0.00
65205179 8.375 $300,000.00 $299,625.76 $299,625.76
COTE, BRIAN 05/01/2000 360 Primary Residence Purchase
5425 VIA CERVANTES Standard N 06/01/2000 75
YORBA LINDA CA 92686-0000 $2,280.22 04/01/2030 JUN2000-99 $0.00
65205199 8.500 $267,200.00 $266,875.11 $266,875.11
WALKER, TODD J 05/01/2000 360 Primary Residence Purchase
21266 VALEWOOD Standard N 06/01/2000 80
LAKE FOREST CA 92630-0000 $2,054.54 04/01/2030 JUN2000-99 $0.00
65205212 8.375 $524,500.00 $523,515.14 $523,515.14
EARP, WYATT 04/01/2000 360 Primary Residence Refinance
6136 WEST 5TH STREET Standard N 06/01/2000 73.8732
LOS ANGELES CA 90048-0000 $3,986.58 03/01/2030 JUN2000-99 $0.00
65205236 8.500 $400,000.00 $399,513.63 $399,513.63
STRATTON, ROBERT A 05/01/2000 360 Primary Residence Refinance
23326 GLENEAGLE COURT Standard N 06/01/2000 61.5384
VALENCIA AREA CA 91354-0000 $3,075.66 04/01/2030 JUN2000-99 $0.00
65205303 8.375 $460,000.00 $459,426.16 $459,426.16
KILLIAN, JOHN M 05/01/2000 360 Primary Residence Purchase
2834 ERIE STREET Standard N 06/01/2000 80
SAN DIEGO CA 92117-0000 $3,496.34 04/01/2030 JUN2000-99 $0.00
65205380 8.375 $280,000.00 $279,474.22 $279,474.22
SMITH, JOHN L 04/01/2000 360 Primary Residence Refinance
456 COURT AVENUE Standard N 06/01/2000 74.8663
VENTURA CA 93003-0000 $2,128.21 03/01/2030 JUN2000-99 $0.00
65205391 8.375 $330,000.00 $329,794.89 $329,794.89
JAI, BENCHIAO 06/01/2000 360 Primary Residence Purchase
28 BLUE RIDGE CIRCLE Standard N 06/01/2000 76.6258
SCOTCH PLAINS NJ 07076-0000 $2,508.24 05/01/2030 JUN2000-99 ($0.01)
<PAGE>
Loan ID Rate Orig Amount Issue Date Bal Current UPB
Borrower Name First Pay Date Orig Term Occupancy Purpose
Street Address Processing Style Buydown Ind Paid to Date LTV
City State Zip P & I Maturity Date Issue Date Unsched Pmnts
65205426 8.375 $332,910.00 $332,494.70 $332,494.70
TAYLOR, JEFF T 05/01/2000 360 Primary Residence Purchase
3 STAATS COURT Standard N 06/01/2000 90
BRIDGEWATER NJ 08807-0000 $2,530.36 04/01/2030 JUN2000-99 $0.00
65205450 8.500 $292,100.00 $291,107.81 $291,107.81
TAMAYO, RUDOLPH L 04/01/2000 360 Primary Residence Refinance
1408 LOMA DE NARANJAS Standard N 06/01/2000 79.8087
ESCONDIDO CA 92027-0000 $2,246.00 03/01/2030 JUN2000-99 $457.55
65205490 8.375 $269,000.00 $268,664.43 $268,664.43
FLORES, JORGE A 05/01/2000 360 Primary Residence Purchase
5046 WITTENMEYER COURT Standard N 06/01/2000 79.9881
ANTIOCH CA 94509-0000 $2,044.60 04/01/2030 JUN2000-99 ($0.01)
65205522 8.375 $279,200.00 $278,851.69 $278,851.69
MOGAVERO, FRANK J 05/01/2000 360 Second Home Purchase
3253 MERIDIAN BOULEVARD 64 Standard N 06/01/2000 80
MAMMOTH LAKES CA 93546-0000 $2,122.13 04/01/2030 JUN2000-99 $0.01
65206056 8.500 $262,500.00 $262,019.53 $262,019.53
ORELLANA, MARCOS I 04/01/2000 360 Primary Residence Refinance
1111 NORTH VINEDO AVENUE Standard N 06/01/2000 84.6774
PASADENA CA 91107-0000 $2,018.40 03/01/2030 JUN2000-99 $0.01
65206345 8.375 $194,900.00 $194,656.85 $194,656.85
HAEHN, DENNIS R 05/01/2000 360 Primary Residence Purchase
3501 SOMBRA COURT Standard N 06/01/2000 74.9644
SHINGLE SPRINGS CA 95682-0000 $1,481.39 04/01/2030 JUN2000-99 $0.00
65206376 8.125 $281,000.00 $280,631.12 $280,631.12
SEASE, JEFFREY L 05/01/2000 360 Primary Residence Purchase
1809 SOUTH 7TH PLACE Standard N 06/01/2000 73.9473
ARCADIA CA 91006-0000 $2,086.42 04/01/2030 JUN2000-99 $0.00
65206402 8.625 $440,000.00 $439,215.04 $439,215.04
ZIMMERMAN, RONALD 04/01/2000 360 Primary Residence Purchase
3195 DONA MEMA PLACE Standard N 06/01/2000 80
LOS ANGELES CA 91604-0000 $3,422.28 03/01/2030 JUN2000-99 $0.01
65206506 8.375 $400,800.00 $400,300.02 $400,300.02
MOORE, ROBERT E 05/01/2000 360 Primary Residence Purchase
619 22ND STREET Standard N 06/01/2000 80
HUNTINGTON BEACH CA 92648-0000 $3,046.37 04/01/2030 JUN2000-99 $0.00
65206517 8.500 $360,000.00 $358,918.19 $358,918.19
BODEN, DAVID D 04/01/2000 360 Primary Residence Refinance
2010 HILLCREST DRIVE Standard N 06/01/2000 80
HERMOSA BEACH CA 90254-0000 $2,768.09 03/01/2030 JUN2000-99 $422.89
65206604 8.375 $340,000.00 $340,000.00 $340,000.00
GRAHAM, DAVID 07/01/2000 360 Primary Residence Purchase
3310 RUBIN DRIVE Standard N 06/01/2000 80
OAKLAND CA 94602-0000 $2,584.25 06/01/2030 JUN2000-99 $0.00
65206855 8.500 $273,750.00 $273,248.92 $273,248.92
BACA-HOLDEN, JANICE C 04/01/2000 360 Primary Residence Refinance
23931 VIA DANZA Standard N 06/01/2000 75
VALENCIA CA 91355-0000 $2,104.91 03/01/2030 JUN2000-99 $0.00
65206900 7.875 $252,700.00 $252,526.08 $252,526.08
JOHNSTON, TERRY M 06/01/2000 360 Primary Residence Purchase
301 WEST ADAMS AVENUE Standard N 06/01/2000 68.4823
HUNTINGTON BEACH CA 92648-0000 $1,832.26 05/01/2030 JUN2000-99 $0.00
65206970 8.375 $281,600.00 $281,424.96 $281,424.96
SISK, REBECCA A 06/01/2000 360 Primary Residence Purchase
10 CELANO COURT Standard N 06/01/2000 80
NEWPORT COAST AREA CA 92657-0000 $2,140.37 05/01/2030 JUN2000-99 $0.00
65206979 8.500 $376,000.00 $373,542.81 $373,542.81
MOORE, WALTER W 05/01/2000 360 Primary Residence Purchase
7521 PIPER PLACE Standard N 06/01/2000 79.661
LOS ANGELES CA 90045-0000 $2,891.12 04/01/2030 JUN2000-99 $2,000.00
65207118 8.375 $320,000.00 $319,600.80 $319,196.01
VANDEVENTER, PAUL J 05/01/2000 360 Primary Residence Purchase
1743 HILL DRIVE Standard N 08/01/2000 80
LOS ANGELES CA 90041-0000 $2,432.24 04/01/2030 JUN2000-99 $0.00
<PAGE>
Loan ID Rate Orig Amount Issue Date Bal Current UPB
Borrower Name First Pay Date Orig Term Occupancy Purpose
Street Address Processing Style Buydown Ind Paid to Date LTV
City State Zip P & I Maturity Date Issue Date Unsched Pmnts
65207332 8.875 $268,000.00 $267,849.75 $267,849.75
CAPUOZZO, ANGELO 06/01/2000 360 Primary Residence Refinance
57 EASTFIELD LANE Standard N 06/01/2000 76.5714
MELVILLE NY 11747-0000 $2,132.33 05/01/2030 JUN2000-99 $0.00
65207358 8.500 $280,000.00 $279,487.50 $279,487.50
FRIED, WILLIAM M 04/01/2000 360 Primary Residence Refinance
20978 BANDERA STREET Standard N 06/01/2000 74.6666
WOODLAND HILLS AREA CA 91364-0000 $2,152.96 03/01/2030 JUN2000-99 $0.01
65207443 8.500 $612,500.00 $611,378.92 $611,378.92
WEST, LEE A 04/01/2000 360 Primary Residence Refinance
1710 CRISLER WAY Standard N 06/01/2000 70
LOS ANGELES CA 90069-0000 $4,709.60 03/01/2030 JUN2000-99 $0.00
65207505 8.500 $272,000.00 $271,484.86 $271,484.86
MATSUURA, WESLEY M 04/01/2000 360 Primary Residence Purchase
819 PORT WALK PLACE Standard N 06/01/2000 80
REDWOOD CITY CA 94061-0000 $2,091.45 03/01/2030 JUN2000-99 $17.28
65207581 8.375 $400,000.00 $399,751.38 $399,751.38
FRIEDEN, DAVID A 06/01/2000 360 Primary Residence Purchase
109 VIA COLUSA Standard N 06/01/2000 84.2105
REDONDO BEACH CA 90277-0000 $3,040.29 05/01/2030 JUN2000-99 $0.00
65207629 8.500 $273,000.00 $271,289.19 $271,289.19
PIEROPAN, KEVIN C 04/01/2000 360 Primary Residence Refinance
25 SAINT JOHN Standard N 06/01/2000 64.2352
DANA POINT CA 92629-0000 $2,099.14 03/01/2030 JUN2000-99 $1,211.12
65207749 8.500 $292,500.00 $292,322.79 $292,322.79
LARUE, SCOTT A 06/01/2000 360 Primary Residence Purchase
2413 GATES AVENUE A & B Standard N 06/01/2000 90
REDONDO BEACH CA 90278-0000 $2,249.08 05/01/2030 JUN2000-99 $0.01
65207752 8.750 $720,000.00 $720,000.00 $720,000.00
DANEHOWER, SUSAN M 07/01/2000 360 Primary Residence Purchase
67 BEACH LANE Standard N 06/01/2000 60
WEST HAMPTON BEACH NY 11978-0000 $5,664.25 06/01/2030 JUN2000-99 $0.00
65207800 8.500 $291,750.00 $291,338.16 $291,338.16
JONES, SCOTT K 05/01/2000 360 Primary Residence Purchase
5732 PLACERVILLE PLACE YORBA LI Standard N 06/01/2000 75
YORBA LINDA CA 92886-0000 $2,243.31 04/01/2030 JUN2000-99 $57.09
65207819 8.000 $700,000.00 $699,530.31 $699,530.31
LONDON, GARY E 06/01/2000 360 Primary Residence Purchase
463 JEFFERSON Standard N 06/01/2000 70
GLENCOE IL 60022-0000 $5,136.36 05/01/2030 JUN2000-99 $0.00
65207828 8.625 $770,000.00 $769,087.51 $769,087.51
RODNICK, RICHARD M 05/01/2000 360 Primary Residence Purchase
10 CHATHAM COURT #18 Standard N 06/01/2000 70
NEWPORT BEACH CA 92660-0000 $5,988.99 04/01/2030 JUN2000-99 ($0.01)
65207887 8.375 $419,500.00 $418,976.68 $418,976.68
KANTAMNENI, MURALI V 05/01/2000 360 Primary Residence Refinance
24 REVERE DRIVE Standard N 06/01/2000 79.9047
BEDMINSTER NJ 07921-0000 $3,188.51 04/01/2030 JUN2000-99 $0.00
65208020 8.500 $600,000.00 $599,270.45 $599,270.45
YORK, PAM A 05/01/2000 360 Primary Residence Purchase
233 KOLMAR STREET Standard N 06/01/2000 80
LA JOLLA CA 92039-0000 $4,613.49 04/01/2030 JUN2000-99 $0.00
65208062 8.500 $259,500.00 $259,184.45 $259,184.45
SJOTHUN, JORUNN 05/01/2000 360 Primary Residence Refinance
8285 AVENIDA NAVIDAD UNIT #1 Standard N 06/01/2000 75
SAN DIEGO CA 92122-0000 $1,995.34 04/01/2030 JUN2000-99 $0.01
65208131 8.125 $300,000.00 $299,803.75 $299,803.75
BRILL, MARI L 06/01/2000 360 Primary Residence Purchase
5359 CALLE VISTA Standard N 06/01/2000 46.1538
SAN DIEGO CA 92109-0000 $2,227.50 05/01/2030 JUN2000-99 $0.00
65208453 8.375 $337,000.00 $336,579.60 $336,579.60
KOCKOS, JEFFREY B 05/01/2000 360 Primary Residence Refinance
1701 QUESADA WAY Standard N 06/01/2000 51.8461
BURLINGAME CA 94010-0000 $2,561.45 04/01/2030 JUN2000-99 $0.00
<PAGE>
Loan ID Rate Orig Amount Issue Date Bal Current UPB
Borrower Name First Pay Date Orig Term Occupancy Purpose
Street Address Processing Style Buydown Ind Paid to Date LTV
City State Zip P & I Maturity Date Issue Date Unsched Pmnts
65208652 8.375 $650,000.00 $649,595.99 $649,595.99
MORANZ, JOHN 06/01/2000 360 Primary Residence Purchase
31 RUE FONTAINEBLEAU Standard N 06/01/2000 76.6509
NEWPORT BEACH CA 92660-0000 $4,940.47 05/01/2030 JUN2000-99 $0.00
65208685 8.375 $355,000.00 $354,557.14 $354,557.14
RYAN, THOMAS D 05/01/2000 360 Primary Residence Refinance
855 EAST SHORE DRIVE Standard N 06/01/2000 54.6153
SUMMERLAND KEY FL 33042-0000 $2,698.26 04/01/2030 JUN2000-99 $0.01
65208750 8.375 $320,000.00 $319,600.80 $319,600.80
NOWRANGI, PUSHPA 05/01/2000 360 Primary Residence Purchase
25323 CYPRESS STREET Standard N 06/01/2000 80
LOMA LINDA CA 92354-0000 $2,432.24 04/01/2030 JUN2000-99 $0.00
65208764 8.875 $63,000.00 $62,864.68 $62,864.68
SCHWARTZ, MICHAEL L 06/01/2000 360 Primary Residence Purchase
55 PARK AVENUE #31 Stated Income N 06/01/2000 75
BLOOMFIELD NJ 07003-0000 $501.26 05/01/2030 JUN2000-99 $100.00
65208775 8.125 $416,000.00 $415,716.67 $415,716.67
SEIDENGLANZ, ELISSA 06/01/2000 360 Primary Residence Purchase
185 HEATH MEADOW PLACE Standard N 06/01/2000 80
SIMI VALLEY CA 93065-0000 $3,088.79 05/01/2030 JUN2000-99 $11.21
65208866 8.375 $333,700.00 $333,492.58 $333,492.58
TRUESDELL, CAROL H 06/01/2000 360 Primary Residence Refinance
9921 SOUTH PARK CIRCLE Standard N 06/01/2000 78.2415
FAIRFAX STATION VA 22039-0000 $2,536.37 05/01/2030 JUN2000-99 $0.00
65208895 8.500 $400,000.00 $399,513.63 $399,513.63
LOCSIN, SUSAN L 05/01/2000 360 Primary Residence Refinance
22632 N E 143RD CT Standard N 06/01/2000 76.923
WOODINVILLE WA 98072-0000 $3,075.66 04/01/2030 JUN2000-99 $0.00
65208935 7.875 $300,000.00 $300,000.00 $300,000.00
DELLINGER, KENT L 07/01/2000 360 Second Home Purchase
2864 BARDY ROAD Standard N 06/01/2000 53.5714
SANTA ROSA CA 95404-0000 $2,175.21 06/01/2030 JUN2000-99 $0.00
65208953 8.125 $277,900.00 $277,718.21 $277,718.21
MALEY, DANIEL L 06/01/2000 360 Primary Residence Refinance
36 EL CENCERRO Standard N 06/01/2000 72.7486
RNCHO SNTA MARGARIT CA 92688-0000 $2,063.40 05/01/2030 JUN2000-99 $0.00
65209000 8.125 $304,000.00 $303,801.13 $303,801.13
STEADMAN, DARRYL G 06/01/2000 360 Primary Residence Purchase
205 GARRAPATA LANE Standard N 06/01/2000 80
SAN ANTONIO TX 78232-0000 $2,257.20 05/01/2030 JUN2000-99 $0.00
65209026 8.875 $288,000.00 $287,675.89 $287,675.89
LUCKENSMEYER, ROBERT H 05/01/2000 360 Primary Residence Refinance
6251 PUERTO DRIVE Standard N 06/01/2000 80
RANCHO MURIETA CA 95683-0000 $2,291.46 04/01/2030 JUN2000-99 $0.00
65209233 8.375 $480,000.00 $480,000.00 $479,701.65
PRUITT, ROBERT A 07/01/2000 360 Primary Residence Purchase
1215 FEWTRELL DRIVE Standard N 07/01/2000 80
CAMPBELL CA 95008-0000 $3,648.35 06/01/2030 JUN2000-99 $0.00
65209281 8.000 $500,000.00 $499,664.50 $499,664.50
CREW, JACK B 06/01/2000 360 Primary Residence Purchase
710 LAKE MIST COVE Standard N 06/01/2000 65.2826
ALPHARETTA GA 30004-0000 $3,668.83 05/01/2030 JUN2000-99 $0.00
65209293 8.375 $506,000.00 $506,000.00 $506,000.00
MATTHEW, JOHN K 07/01/2000 360 Primary Residence Purchase
1934 FAIRBURN AVENUE Standard N 06/01/2000 80
LOS ANGELES CA 90025-0000 $3,845.97 06/01/2030 JUN2000-99 $0.00
65209324 8.250 $440,000.00 $439,719.42 $439,719.42
HAGEMANN, MATTHEW F 06/01/2000 360 Primary Residence Purchase
2633 VISTA ORNADA Standard N 06/01/2000 80
NEWPORT BEACH CA 92660-0000 $3,305.58 05/01/2030 JUN2000-99 $0.00
65209356 8.250 $399,000.00 $398,745.57 $398,489.39
RADOJKOVIC, MIROLJUB 06/01/2000 360 Primary Residence Refinance
245 RIO GRANDE COURT Standard N 07/01/2000 70
SAN RAMON CA 94583-0000 $2,997.56 05/01/2030 JUN2000-99 ($0.01)
<PAGE>
Loan ID Rate Orig Amount Issue Date Bal Current UPB
Borrower Name First Pay Date Orig Term Occupancy Purpose
Street Address Processing Style Buydown Ind Paid to Date LTV
City State Zip P & I Maturity Date Issue Date Unsched Pmnts
65209390 8.375 $327,500.00 $327,091.46 $327,091.46
GREEN, STEPHEN M 05/01/2000 360 Primary Residence Refinance
5831 MITCHELL CANYON COURT Standard N 06/01/2000 79.878
CLAYTON CA 94517-0000 $2,489.24 04/01/2030 JUN2000-99 ($0.01)
65209427 8.375 $300,000.00 $300,000.00 $300,000.00
BUSH, SEAN 07/01/2000 360 Primary Residence Purchase
13138 OAK CREST DRIVE Standard N 06/01/2000 93.75
YUCAIPA CA 92399-0000 $2,280.22 06/01/2030 JUN2000-99 $0.00
65209630 8.375 $315,000.00 $315,000.00 $315,000.00
ODURO, WILLIAM 07/01/2000 360 Primary Residence Refinance
7200 SANCTUARY DRIVE Standard N 06/01/2000 90
JACKSON MI 49201-0000 $2,394.23 06/01/2030 JUN2000-99 $0.00
65209643 8.625 $310,000.00 $309,816.98 $309,816.98
KOZAK, ROLAND J 06/01/2000 360 Primary Residence Purchase
12705 FIELDCREEK LANE Standard N 06/01/2000 71.2873
RENO NV 89511-0000 $2,411.15 05/01/2030 JUN2000-99 ($0.01)
65209743 8.125 $366,300.00 $366,060.39 $366,060.39
LENOW, PATRICK J 06/01/2000 360 Primary Residence Purchase
60 TURNBURY LANE Standard N 06/01/2000 90
IRVINE CA 92620-0000 $2,719.77 05/01/2030 JUN2000-99 $0.00
65209780 8.375 $312,000.00 $311,806.07 $311,806.07
GREENBERG, KIM 06/01/2000 360 Primary Residence Purchase
12 MARILYN PLACE Standard N 06/01/2000 80
SAN RAMON CA 94583-0000 $2,371.43 05/01/2030 JUN2000-99 $0.00
65209794 8.375 $460,000.00 $459,426.16 $459,426.16
BOWERS, HEATHER 05/01/2000 360 Primary Residence Purchase
882 PROSPECT AVENUE Standard N 06/01/2000 80
OAKLAND CA 94610-0000 $3,496.34 04/01/2030 JUN2000-99 $0.00
65209824 8.375 $269,550.00 $269,213.74 $269,213.74
EDWARDS, RICHARD R 05/01/2000 360 Primary Residence Purchase
16702 CRANBROOK AVENUE Standard N 06/01/2000 90
TORRANCE CA 90504-0000 $2,048.78 04/01/2030 JUN2000-99 $0.00
65209874 8.375 $300,400.00 $300,213.28 $300,213.28
MACHALE, ROBERT 06/01/2000 360 Primary Residence Purchase
12 COPPERSTONE LANE Standard N 06/01/2000 94.9833
MISSION VIEJO CA 92692-0000 $2,283.26 05/01/2030 JUN2000-99 $0.00
65210082 8.750 $266,000.00 $265,846.95 $265,846.95
DIAZ, JUAN B 06/01/2000 360 Primary Residence Purchase
2665 NW THURMAN Standard N 06/01/2000 95
PORTLAND OR 97210-0000 $2,092.63 05/01/2030 JUN2000-99 $0.00
65210118 8.250 $266,000.00 $265,376.61 $265,376.61
WAGNER, MICHAEL D 06/01/2000 360 Primary Residence Purchase
182 WESTMINISTER DRIVE Standard N 06/01/2000 95
VALLEJO CA 94591-0000 $1,998.37 05/01/2030 JUN2000-99 $453.77
65210156 8.125 $448,000.00 $447,706.94 $447,706.94
GOSKOWICZ, RANDALL L 06/01/2000 360 Primary Residence Purchase
340 ORPHEUS AVENUE Standard N 06/01/2000 80
ENCINITAS CA 92024-0000 $3,326.39 05/01/2030 JUN2000-99 $0.00
65210164 8.375 $301,000.00 $300,812.91 $300,812.91
BLANCHE, JOE A 06/01/2000 360 Primary Residence Refinance
975 VIA BLAIRO CIRCLE Standard N 06/01/2000 75.25
CORONA CA 92879-0000 $2,287.82 05/01/2030 JUN2000-99 $0.00
65210247 7.875 $512,000.00 $511,647.64 $511,647.64
TAYLOR, SHARON 06/01/2000 360 Primary Residence Refinance
21655 WATERFORD DRIVE Standard N 06/01/2000 80
YORBA LINDA CA 92887-0000 $3,712.36 05/01/2030 JUN2000-99 $0.00
65210293 7.875 $267,500.00 $267,500.00 $267,500.00
RAND, B S 07/01/2000 360 Primary Residence Refinance
7632 BIRCH STREET Standard N 06/01/2000 70.5804
GRAWN MI 49637-0000 $1,939.57 06/01/2030 JUN2000-99 $0.00
65210324 8.125 $316,000.00 $315,793.28 $315,793.28
COPE, CURTIS J 06/01/2000 360 Primary Residence Refinance
8531 PALERMO DRIVE Standard N 06/01/2000 67.9569
HUNTINGTON BEACH CA 92646-0000 $2,346.30 05/01/2030 JUN2000-99 $0.00
<PAGE>
Loan ID Rate Orig Amount Issue Date Bal Current UPB
Borrower Name First Pay Date Orig Term Occupancy Purpose
Street Address Processing Style Buydown Ind Paid to Date LTV
City State Zip P & I Maturity Date Issue Date Unsched Pmnts
65210348 7.625 $268,000.00 $268,000.00 $267,806.03
PIOLETTI, JOHN R 07/01/2000 360 Primary Residence Purchase
230 NORTH IRENA AVENUE #2 Standard N 07/01/2000 80
REDONDO BEACH CA 90277-0000 $1,896.89 06/01/2030 JUN2000-99 $0.00
65210441 8.250 $553,700.00 $553,346.92 $553,346.92
TILTON, ERIC 06/01/2000 360 Primary Residence Purchase
540 RANCHO VISTA DRIVE Standard N 06/01/2000 79.9913
COVINA CA 91724-0000 $4,159.77 05/01/2030 JUN2000-99 $0.00
65210479 7.875 $340,000.00 $339,531.25 $339,531.25
SMITH, CHRISTOPHER J 06/01/2000 360 Primary Residence Refinance
71 PARK DRIVE Standard N 06/01/2000 51.5151
SAN ANSELMO CA 94960-0000 $2,465.24 05/01/2030 JUN2000-99 $234.76
65210511 8.125 $400,000.00 $399,738.34 $399,738.34
STONE, GARY D 06/01/2000 360 Primary Residence Purchase
3766 DEER TRAIL COURT Standard N 06/01/2000 44.4444
DANVILLE CA 94506-0000 $2,969.99 05/01/2030 JUN2000-99 $0.00
65210533 8.375 $500,000.00 $499,689.21 $499,689.21
HAYE, ROBERT G 06/01/2000 360 Primary Residence Purchase
333 MIDDLE ROAD Standard N 06/01/2000 70.3234
BELMONT CA 94002-0000 $3,800.37 05/01/2030 JUN2000-99 $0.00
65210536 8.125 $300,000.00 $299,803.75 $299,803.75
BUSCH, JOHN D 06/01/2000 360 Primary Residence Refinance
30056 LONGVIEW LANE EAST Standard N 06/01/2000 80
COARSEGOLD CA 93614-0000 $2,227.50 05/01/2030 JUN2000-99 $0.00
65210573 8.375 $288,000.00 $288,000.00 $287,820.99
MILLER, DIANA J 07/01/2000 360 Primary Residence Refinance
126 NORTH LORETA WALK Standard N 07/01/2000 64
LONG BEACH CA 90803-0000 $2,189.01 06/01/2030 JUN2000-99 $0.00
65210633 8.125 $637,200.00 $636,783.17 $636,783.17
CLARY, DONALD M 06/01/2000 360 Primary Residence Refinance
284 BERKSHIRE AVENUE Standard N 06/01/2000 63.72
LA CANADA FLINTRIDG CA 91011-0000 $4,731.20 05/01/2030 JUN2000-99 $0.01
65210635 8.125 $380,000.00 $379,751.43 $379,751.43
SCHUMAN, ROBERT L 06/01/2000 360 Primary Residence Refinance
5558 CORAL REEF AVENUE Standard N 06/01/2000 58.4615
LA JOLLA CA 92037-0000 $2,821.49 05/01/2030 JUN2000-99 $0.00
65210661 8.250 $380,500.00 $380,257.37 $380,257.37
PARRISH, DAVID L 06/01/2000 360 Primary Residence Refinance
27000 ABBEY GLEN DRIVE Standard N 06/01/2000 63.4166
YORBA LINDA CA 92887-0000 $2,858.57 05/01/2030 JUN2000-99 $0.00
65210704 8.125 $320,000.00 $319,900.68 $319,690.67
TANAREE, PONGSAK 07/01/2000 360 Primary Residence Purchase
1845 CALLE SUENOS Standard N 07/01/2000 80
GLENDALE CA 91208-0000 $2,376.00 06/01/2030 JUN2000-99 $99.32
65210720 8.625 $300,000.00 $300,000.00 $300,000.00
MYSZKA, MARTIN M 07/01/2000 360 Primary Residence Refinance
30 DAVID DRIVE Standard N 06/01/2000 68.9655
RANDOLPH NJ 07869-0000 $2,333.37 06/01/2030 JUN2000-99 $0.00
65210743 8.125 $285,000.00 $284,813.57 $284,813.57
FORMAN, KENNETH M 06/01/2000 360 Primary Residence Refinance
4700 BLACKSTONE COURT Standard N 06/01/2000 75
SANTA MARIA CA 93455-0000 $2,116.12 05/01/2030 JUN2000-99 $0.00
65210750 8.375 $372,000.00 $372,000.00 $372,000.00
WOODS, JOHN F 07/01/2000 360 Primary Residence Purchase
11800 PICCADILLY PLACE Standard N 06/01/2000 80
DAVIE FL 33325-0000 $2,827.47 06/01/2030 JUN2000-99 $0.00
65210754 8.250 $330,900.00 $330,688.99 $330,688.99
MACDOUGAL, MICHAEL H 06/01/2000 360 Primary Residence Purchase
6107 SHEARTON WAY Standard N 06/01/2000 72.5817
GOLETA CA 93117-0000 $2,485.95 05/01/2030 JUN2000-99 $0.00
65210818 8.000 $320,000.00 $319,785.28 $319,785.28
CHANG, JOHN H 06/01/2000 360 Primary Residence Purchase
1245 COACH HOUSE COURT Standard N 06/01/2000 80
FULLERTON CA 92831-0000 $2,348.05 05/01/2030 JUN2000-99 $0.00
<PAGE>
Loan ID Rate Orig Amount Issue Date Bal Current UPB
Borrower Name First Pay Date Orig Term Occupancy Purpose
Street Address Processing Style Buydown Ind Paid to Date LTV
City State Zip P & I Maturity Date Issue Date Unsched Pmnts
65210822 8.125 $271,200.00 $271,200.00 $271,200.00
CIMARUSTI, MICHAEL E 07/01/2000 360 Primary Residence Purchase
4906 GLENALBYN DRIVE Standard N 06/01/2000 80
LOS ANGELES CA 90065-0000 $2,013.66 06/01/2030 JUN2000-99 $0.00
65210838 8.125 $296,000.00 $296,000.00 $296,000.00
HAYS, EDWARD P 07/01/2000 360 Primary Residence Purchase
1609 CHESTERWOOD COVE Standard N 06/01/2000 80
AUSTIN TX 78746-0000 $2,197.80 06/01/2030 JUN2000-99 $0.00
65211201 8.125 $300,000.00 $299,803.75 $299,803.75
BARELA, MARK D 06/01/2000 360 Primary Residence Refinance
498 OGLE STREET Standard N 06/01/2000 76.923
COSTA MESA CA 92627-0000 $2,227.50 05/01/2030 JUN2000-99 $0.00
65211235 8.125 $540,000.00 $540,000.00 $540,000.00
PREIHS, MICHAEL J 07/01/2000 360 Primary Residence Purchase
3121 NE 58TH STREET Standard N 06/01/2000 80
FORT LAUDERDALE FL 33308-0000 $4,009.49 06/01/2030 JUN2000-99 $0.00
65211264 8.375 $274,500.00 $274,329.38 $274,329.38
ELLIS, RICHARD C 06/01/2000 360 Primary Residence Refinance
16 KADY LANE Standard N 06/01/2000 90
KENDALL PARK NJ 08824-0000 $2,086.40 05/01/2030 JUN2000-99 $0.00
65211311 7.875 $452,000.00 $451,688.93 $451,688.93
MARCUS, STEPHEN 06/01/2000 360 Primary Residence Purchase
4609 VAN NOORD AVENUE Standard N 06/01/2000 80
SHERMAN OAKS AREA CA 91423-0000 $3,277.32 05/01/2030 JUN2000-99 $0.00
65211323 7.625 $400,000.00 $399,576.46 $399,576.46
TRYBA, ANTHONY A 06/01/2000 360 Primary Residence Purchase
3858 QUAIL RIDGE ROAD Standard N 06/01/2000 45.7142
LAFAYETTE CA 94549-0000 $2,831.18 05/01/2030 JUN2000-99 $134.03
65211335 8.500 $335,500.00 $334,876.46 $334,876.46
NGUYEN, HUNG 06/01/2000 360 Primary Residence Refinance
15656 OAKSTAND ROAD Standard N 06/01/2000 41.9375
POWAY CA 92064-0000 $2,579.71 05/01/2030 JUN2000-99 $420.29
65211361 7.750 $384,120.00 $383,748.88 $383,748.88
COLLIER, DOUGLAS S 06/01/2000 360 Primary Residence Purchase
27 COUNTRY VIEW DRIVE Standard N 06/01/2000 80
FREEHOLD NJ 07728-0000 $2,751.89 05/01/2030 JUN2000-99 $100.01
65211453 8.375 $281,050.00 $280,751.53 $280,751.53
WHITE, ANDRE R 06/01/2000 360 Second Home Refinance
49 SHOWERS DRIVE #445 Standard N 06/01/2000 69.5668
MOUNTAIN VIEW CA 94040-0000 $2,136.19 05/01/2030 JUN2000-99 $123.77
65211460 8.125 $308,800.00 $308,800.00 $308,597.99
O'BRIEN, THOMAS 07/01/2000 360 Primary Residence Purchase
4028 ALBRIGHT AVENUE Standard N 07/01/2000 80
LOS ANGELES CA 90066-0000 $2,292.84 06/01/2030 JUN2000-99 $0.00
65211546 7.875 $269,600.00 $269,414.46 $269,414.46
COOKE, RICHARD W 06/01/2000 360 Primary Residence Purchase
1145 VANTAGE PLACE Standard N 06/01/2000 80
FALLBROOK CA 92028-0000 $1,954.79 05/01/2030 JUN2000-99 $0.00
65211559 8.125 $300,000.00 $299,803.75 $299,803.75
ENG, EDWIN K 06/01/2000 360 Primary Residence Refinance
573 WALAVISTA AVENUE Standard N 06/01/2000 80
OAKLAND CA 94610-0000 $2,227.50 05/01/2030 JUN2000-99 $0.00
65211560 9.125 $200,000.00 $200,000.00 $200,000.00
SHEEHAN, JENNIFER E 07/01/2000 360 Primary Residence Refinance
37 NAROMAKE AVENUE Standard N 06/01/2000 57.1428
NORWALK CT 06854-0000 $1,627.27 06/01/2030 JUN2000-99 $0.00
65211599 8.125 $364,000.00 $364,000.00 $364,000.00
BAKER, DAVID R 07/01/2000 360 Primary Residence Purchase
4905 EAST BROADWAY Standard N 06/01/2000 80
LONG BEACH CA 90803-0000 $2,702.69 06/01/2030 JUN2000-99 $0.00
65211622 8.250 $331,000.00 $330,738.93 $330,738.93
ZDENEK, CARL C 06/01/2000 360 Primary Residence Refinance
327 HERSHNER DRIVE Standard N 06/01/2000 65.5445
LOS GATOS CA 95032-0000 $2,486.70 05/01/2030 JUN2000-99 $49.99
<PAGE>
Loan ID Rate Orig Amount Issue Date Bal Current UPB
Borrower Name First Pay Date Orig Term Occupancy Purpose
Street Address Processing Style Buydown Ind Paid to Date LTV
City State Zip P & I Maturity Date Issue Date Unsched Pmnts
65211674 8.125 $281,250.00 $281,066.02 $281,066.02
FERROGGIARO, LOUIE R 06/01/2000 360 Primary Residence Refinance
1541 MALLORY PLACE Standard N 06/01/2000 75
ROHNERT PARK CA 94928-0000 $2,088.28 05/01/2030 JUN2000-99 $0.00
65211766 9.250 $94,000.00 $94,000.00 $94,000.00
STERLING, LISA K 07/01/2000 360 Primary Residence Purchase
225 EAGLE ROAD 7B Stated Income N 06/01/2000 42.4139
AVON CO 81620-0000 $773.32 06/01/2030 JUN2000-99 $0.00
65211797 8.500 $308,000.00 $307,813.41 $307,813.41
ERICKSON, BRADLEY A 06/01/2000 360 Primary Residence Refinance
268 BELBLOSSOM DRIVE Standard N 06/01/2000 41.0666
LOS GATOS CA 95032-0000 $2,368.26 05/01/2030 JUN2000-99 $0.00
65211837 9.000 $83,000.00 $83,000.00 $83,000.00
JOHNSON, KENT H 07/01/2000 360 Primary Residence Purchase
134 RUSTIC LAKE DRIVE Stated Income N 06/01/2000 69.1666
COLONA IL 61241-0000 $667.84 06/01/2030 JUN2000-99 $0.00
65211940 8.375 $432,000.00 $431,731.48 $431,731.48
OMAR, ISSAM O 06/01/2000 360 Primary Residence Purchase
626 DESERT CANYON ROAD Standard N 06/01/2000 80
BREA CA 92821-0000 $3,283.52 05/01/2030 JUN2000-99 $0.00
65211995 8.500 $80,000.00 $79,951.53 $79,951.53
HAKIM, MARILYN K 06/01/2000 360 Primary Residence Refinance
355 PEPPER MILL DRIVE Standard N 06/01/2000 50.6649
ROCK HILL SC 29732-0000 $615.14 05/01/2030 JUN2000-99 $0.00
65212008 8.500 $400,000.00 $400,000.00 $400,000.00
SARKIS, RAAFAT A 07/01/2000 360 Primary Residence Refinance
987 EAST GRANVIA VALMONTE Standard N 06/01/2000 80
PALM SPRINGS CA 92262-0000 $3,075.66 06/01/2030 JUN2000-99 $0.00
65212021 8.500 $432,000.00 $431,738.29 $431,738.29
ATHAVALE, GOVIND V 06/01/2000 360 Primary Residence Refinance
1084 TILLER LANE Standard N 06/01/2000 80
FOSTER CITY CA 94404-0000 $3,321.71 05/01/2030 JUN2000-99 $0.00
65212033 8.375 $765,000.00 $764,524.50 $764,524.50
NICKLIN, WILLIAM S 06/01/2000 360 Primary Residence Refinance
2970 BANNISTER AVENUE Standard N 06/01/2000 63.75
GILROY CA 95020-0000 $5,814.56 05/01/2030 JUN2000-99 $0.00
65212054 8.250 $286,400.00 $286,400.00 $286,400.00
SUSLIK, ALEXANDER 07/01/2000 360 Primary Residence Purchase
2554 RENATA COURT UNIT # 273 CI Standard N 06/01/2000 80
COUNTY OF VENTURA CA 91362-0000 $2,151.63 06/01/2030 JUN2000-99 $0.00
65212436 9.000 $377,000.00 $376,794.07 $376,794.07
ELINOFF, BLAIR W 06/01/2000 360 Primary Residence Refinance
4214 WEST HILANDS COURT Standard N 06/01/2000 65.794
MEQUON WI 53092-0000 $3,033.43 05/01/2030 JUN2000-99 $0.00
65212443 7.875 $402,000.00 $401,723.35 $401,723.35
ESPARZA, JOSE 06/01/2000 360 Primary Residence Refinance
255 ANITA DRIVE Standard N 06/01/2000 61.8461
PASADENA CA 91105-0000 $2,914.78 05/01/2030 JUN2000-99 ($0.01)
65212539 8.375 $328,000.00 $327,796.13 $327,796.13
BAIG, MIRZA P 06/01/2000 360 Primary Residence Refinance
37820 BISHOP COURT Standard N 06/01/2000 74.5454
FREMONT CA 94536-0000 $2,493.04 05/01/2030 JUN2000-99 $0.00
65212546 8.375 $339,000.00 $338,789.29 $338,789.29
SCOTT, DANNY 06/01/2000 360 Primary Residence Refinance
13905 CUMPSTON STREET Standard N 06/01/2000 88.0519
SHERMAN OAKS CA 91401-0000 $2,576.65 05/01/2030 JUN2000-99 $0.00
65212650 8.375 $274,450.00 $274,450.00 $274,450.00
OBACK, JOHN W 07/01/2000 360 Primary Residence Purchase
9490 BERKLEY GLEN WAY Standard N 06/01/2000 94.6379
ELK GROVE CA 95624-0000 $2,086.02 06/01/2030 JUN2000-99 $0.00
65212691 8.375 $208,000.00 $207,870.71 $207,870.71
PROCTOR, STEPHEN C 06/01/2000 360 Primary Residence Purchase
2354 SOUTH BRENTWOOD DRIVE Standard N 06/01/2000 80
PALM SPRINGS CA 92264-0000 $1,580.96 05/01/2030 JUN2000-99 $0.00
<PAGE>
Loan ID Rate Orig Amount Issue Date Bal Current UPB
Borrower Name First Pay Date Orig Term Occupancy Purpose
Street Address Processing Style Buydown Ind Paid to Date LTV
City State Zip P & I Maturity Date Issue Date Unsched Pmnts
65212704 8.375 $274,000.00 $273,829.69 $273,829.69
MENO, SEAN P 06/01/2000 360 Primary Residence Purchase
21852 SUMMERWIND LANE Standard N 06/01/2000 80
HUNTINGTON BEACH CA 92646-0000 $2,082.60 05/01/2030 JUN2000-99 $0.00
65212748 8.375 $400,000.00 $400,000.00 $400,000.00
DE LA CRUZ, KEVEN 08/01/2000 360 Primary Residence Purchase
650 LONG HILL ROAD LONG HILL Standard N 07/01/2000 80
GILLETTE NJ 07933-0000 $3,040.29 07/01/2030 JUN2000-99 $246.90
65212827 8.375 $296,000.00 $296,000.00 $295,816.01
PROKOP, JEFFREY L 07/01/2000 360 Primary Residence Refinance
6694 CALMBANK AVE Standard N 07/01/2000 74.9367
LA VERNE CA 91750-0000 $2,249.82 06/01/2030 JUN2000-99 $0.00
65212908 8.625 $314,900.00 $314,900.00 $314,900.00
LAM, THINH Q 07/01/2000 360 Primary Residence Refinance
11854 MENDIOLA POINT Standard N 06/01/2000 74.6208
SAN DIEGO CA 92129-0000 $2,449.26 06/01/2030 JUN2000-99 $0.00
65212952 8.375 $276,000.00 $275,726.25 $275,726.25
SRUBEK, ROBERT F 06/01/2000 360 Primary Residence Refinance
5532 WEST 79TH STREET Standard N 06/01/2000 69
WESTCHESTER CA 90045-0000 $2,097.80 05/01/2030 JUN2000-99 $102.20
65213131 8.750 $279,900.00 $279,738.96 $279,738.96
HESKETH, DONALD L 06/01/2000 360 Primary Residence Refinance
4505 SANTEE ROAD Standard N 06/01/2000 78.845
FREMONT CA 94555-0000 $2,201.98 05/01/2030 JUN2000-99 $0.00
65213265 8.375 $325,000.00 $325,000.00 $325,000.00
PADUA, ROBERTO G 07/01/2000 360 Primary Residence Refinance
3363 VAUGHN ROAD Standard N 06/01/2000 64.4841
LAFAYETTE CA 94549-0000 $2,470.24 06/01/2030 JUN2000-99 $0.00
65213294 8.250 $318,400.00 $318,400.00 $318,400.00
KEYLLIAN, ROBERT 07/01/2000 360 Primary Residence Purchase
1145 CORONET AVENUE Standard N 06/01/2000 80
PASADENA CA 91107-0000 $2,392.04 06/01/2030 JUN2000-99 $0.00
65213472 8.875 $136,800.00 $136,800.00 $136,800.00
FAJARDO, ANTONIO C 07/01/2000 360 Primary Residence Refinance
9126 CAMSHIRE DRIVE Standard N 06/01/2000 95
JACKSONVILLE FL 32244-0000 $1,088.45 06/01/2030 JUN2000-99 $0.00
68500001 8.000 $298,500.00 $297,596.75 $297,596.75
CHAE, YOUNG K 05/01/2000 360 Primary Residence Refinance
24657 CALLE LARGO Standard N 06/01/2000 62.1875
CALABASAS CA 91302-0000 $2,190.29 04/01/2030 JUN2000-99 $501.33
68500081 7.875 $291,200.00 $290,999.59 $290,999.59
OKIMOTO, JOHN I 06/01/2000 360 Primary Residence Purchase
14139 VIA CORSINI Standard N 06/01/2000 80
SAN DIEGO CA 92128-0000 $2,111.41 05/01/2030 JUN2000-99 $0.00
68500117 8.625 $263,000.00 $262,688.33 $262,688.33
BROWN, JOSEPH T 05/01/2000 360 Primary Residence Refinance
309 LAKE FOREST LANE Standard N 06/01/2000 72.0547
ATLANTA GA 30342-0000 $2,045.59 04/01/2030 JUN2000-99 $0.00
68500124 8.625 $260,000.00 $259,846.49 $259,846.49
CHAVEZ, MITCHELL S 06/01/2000 360 Primary Residence Refinance
25192 MILES AVENUE Standard N 06/01/2000 94.5454
LAKE FOREST CA 92630-0000 $2,022.26 05/01/2030 JUN2000-99 $0.00
68500124 8.375 $356,000.00 $355,778.72 $355,778.72
GEHRINGER, RICK 06/01/2000 360 Primary Residence Purchase
1717 ROBSON AVE Standard N 06/01/2000 80
SANTA MONICA CA 90405-0000 $2,705.86 05/01/2030 JUN2000-99 $0.00
68500127 8.375 $256,000.00 $256,000.00 $256,000.00
SMITH, SCOTT G 08/01/2000 360 Primary Residence Purchase
30 CRESCENT TERRACE Standard N 07/01/2000 80
BEDFORD HILLS NY 10507-0000 $1,945.79 07/01/2030 JUN2000-99 $158.02
68500144 7.750 $336,000.00 $335,762.85 $335,762.85
LAW, CHRISTOPHER D 06/01/2000 360 Primary Residence Purchase
349 WILLITS WAY Standard N 06/01/2000 79.7874
BOOTHWYN PA 19061-0000 $2,407.15 05/01/2030 JUN2000-99 $0.00
<PAGE>
Loan ID Rate Orig Amount Issue Date Bal Current UPB
Borrower Name First Pay Date Orig Term Occupancy Purpose
Street Address Processing Style Buydown Ind Paid to Date LTV
City State Zip P & I Maturity Date Issue Date Unsched Pmnts
68500186 8.375 $311,250.00 $311,250.00 $311,250.00
BENJAMIN, ADAM P 07/01/2000 360 Primary Residence Purchase
84 RALPH AVENUE Standard N 06/01/2000 75
WHITE PLAINS NY 10606-0000 $2,365.73 06/01/2030 JUN2000-99 $0.00
68500199 8.125 $387,000.00 $387,000.00 $387,000.00
GRAVELLE, DAVID 07/01/2000 360 Primary Residence Refinance
4509 LIVINGSTON AVE Standard N 06/01/2000 51.6
DALLAS TX 75205-0000 $2,873.47 06/01/2030 JUN2000-99 $0.00
68500222 7.875 $292,000.00 $292,000.00 $292,000.00
VANATTA, PATRICK M 07/01/2000 360 Primary Residence Purchase
11348 VALE ROAD Standard N 06/01/2000 78.2841
OAKTON VA 22124-0000 $2,117.21 06/01/2030 JUN2000-99 $0.00
68500317 7.875 $462,000.00 $461,682.05 $461,682.05
PHIPPS, GREGORY J 06/01/2000 360 Primary Residence Refinance
11954 HIDDEN BROOK BLVD Standard N 06/01/2000 70
SANDY UT 84092-0000 $3,349.83 05/01/2030 JUN2000-99 ($0.01)
68500338 8.125 $332,000.00 $332,000.00 $332,000.00
SCHLECHTER, JERRY M 07/01/2000 360 Second Home Purchase
465 SOUTH MILLER STREET Standard N 06/01/2000 80
ROCKAWAY OR 97136-0000 $2,465.10 06/01/2030 JUN2000-99 $0.00
68500444 8.750 $280,000.00 $280,000.00 $280,000.00
KOBUS, TADEUSZ 07/01/2000 360 Primary Residence Refinance
53758 WHITBY WAY Standard N 06/01/2000 73.6842
SHELBY TOWNSHIP MI 48316-0000 $2,202.77 06/01/2030 JUN2000-99 $0.00
68500477 8.375 $450,360.00 $450,360.00 $450,360.00
D'ORO, ORLANDO R 07/01/2000 360 Primary Residence Purchase
141 BELLAIR DRIVE Standard N 06/01/2000 64.8
DOBBS FERRY NY 10522-0000 $3,423.07 06/01/2030 JUN2000-99 $0.00
</TABLE>
<PAGE>
EXHIBIT F
FORM OF REQUEST FOR RELEASE
To: Escrow Bank USA
100 Witmer Road
Horsham, Pennsylvania 19044
Attn: [__________]
Re: Custodial Agreement dated as of June 27, 2000 by and among GMAC
Mortgage Corporation, as Servicer, Norwest Bank Minnesota, National
Association, as Trustee and Escrow Bank USA, as Custodian
In connection with the administration of the Mortgage Loans held
by you, as Custodian, pursuant to the above-captioned Custodial Agreement, we
request the release, and hereby acknowledge receipt, of the Custodian's Mortgage
File for the Mortgage Loan described below, for the reason indicated.
Mortgage Loan Number:
Mortgagor Name, Address & Zip Code:
Reasons for Requesting Documents (check one):
___ 1. Mortgage Paid in Full
___ 2. Foreclosure
___ 3. Substitution
___ 4. Other Liquidation
___ 5. Non-liquidation
By: _____________________________
(authorized signer)
Servicer: _______________________
Address: ________________________
Date: ___________________________
Custodian
<PAGE>
EXHIBIT G-1
FORM OF TRANSFER AFFIDAVIT AND AGREEMENT
STATE OF )
) ss.:
COUNTY OF )
[NAME OF OFFICER], being first duly sworn, deposes and says:
1. That he is [Title of Officer] of [Name of Owner] (record or beneficial owner
of the GMACM Mortgage Pass-Through Certificates, Series 2000-J2, Class R-[ ]
(the "Owner")), a [savings institution] [corporation] duly organized and
existing under the laws of [the State of _______________] [the United States],
on behalf of which he makes this affidavit and agreement.
2. That the Owner (i) is not and will not be a "disqualified organization" or an
electing large partnership as of [date of transfer] within the meaning of
Sections 860E(e)(5) and 775, respectively, of the Internal Revenue Code of 1986,
as amended (the "Code") or an electing large partnership under Section 775(a) of
the Code, (ii) will endeavor to remain other than a disqualified organization
for so long as it retains its ownership interest in the Class R-[ ]
Certificates, and (iii) is acquiring the Class R Certificates for its own
account or for the account of another Owner from which it has received an
affidavit and agreement in substantially the same form as this affidavit and
agreement. (For this purpose, a "disqualified organization" means an electing
large partnership under Section 775 of the Code, the United States, any state or
political subdivision thereof, any agency or instrumentality of any of the
foregoing (other than an instrumentality all of the activities of which are
subject to tax and, except for the Federal Home Loan Mortgage Corporation, a
majority of whose board of directors is not selected by any such governmental
entity) or any foreign government, international organization or any agency or
instrumentality of such foreign government or organization, any rural electric
or telephone cooperative, or any organization (other than certain farmers'
cooperatives) that is generally exempt from federal income tax unless such
organization is subject to the tax on unrelated business taxable income).
3. That the Owner is aware (i) of the tax that would be imposed on transfers of
Class R Certificates to disqualified organizations or electing large
partnerships, under the Code, that applies to all transfers of Class R
Certificates after March 31, 1988; (ii) that such tax would be on the transferor
(or, with respect to transfers to electing large partnerships, on each such
partnership), or, if such transfer is through an agent (which person includes a
broker, nominee or middleman) for a disqualified organization, on the agent;
(iii) that the person (other than with respect to transfers to electing large
partnerships) otherwise liable for the tax shall be relieved of liability for
the tax if the transferee furnishes to such person an affidavit that the
transferee is not a disqualified organization and, at the time of transfer, such
person does not have actual knowledge that the affidavit is false; and (iv) that
the Class R-[ ] Certificates may be "noneconomic residual interests" within the
meaning of Treasury regulations promulgated pursuant to the Code and that the
transferor of a noneconomic residual interest will remain liable for any taxes
due with respect to the income on such residual interest, unless no significant
purpose of the transfer was to impede the assessment or collection of tax.
<PAGE>
4. That the Owner is aware of the tax imposed on a "pass-through entity" holding
Class R Certificates if either the pass-through entity is an electing large
partnership under Section 775 of the if at any time during the taxable year of
the pass-through entity a disqualified organization is the record holder of an
interest in such entity. (For this purpose, a "pass through entity" includes a
regulated investment company, a real estate investment trust or common trust
fund, a partnership, trust or estate, and certain cooperatives.)
5. The Owner is a citizen or resident of the United States, a corporation,
partnership or other entity created or organized in, or under the laws of, the
United States or any political subdivision thereof (except in the case of a
partnership, to the extent provided in Treasury regulations), or an estate that
is described in Section 7701(a)(30)(D) of the Code, or a trust that is described
in Section 7701(a)(30)(E) of the Code.
6. That the Owner is aware that the Trustee will not register the transfer of
any Class R Certificates unless the transferee, or the transferee's agent,
delivers to it an affidavit and agreement, among other things, in substantially
the same form as this affidavit and agreement. The Owner expressly agrees that
it will not consummate any such transfer if it knows or believes that any of the
representations contained in such affidavit and agreement are false.
7. That the Owner has reviewed the restrictions set forth on the face of the
Class R Certificates and the provisions of Section 5.02(f) of the Pooling and
Servicing Agreement under which the Class R Certificates were issued (in
particular, clause (iii)(A) and (iii)(B) of Section 5.02(f) which authorize the
Trustee to deliver payments to a person other than the Owner and negotiate a
mandatory sale by the Trustee in the event the Owner holds such Certificates in
violation of Section 5.02(f)). The Owner expressly agrees to be bound by and to
comply with such restrictions and provisions.
8. That the Owner consents to any additional restrictions or arrangements that
shall be deemed necessary upon advice of counsel to constitute a reasonable
arrangement to ensure that the Class R Certificates will only be owned, directly
or indirectly, by an Owner that is not a disqualified organization.
9. The Owner's Taxpayer Identification Number is _________________ .
10. This affidavit and agreement relates only to the Class R Certificates held
by the Owner and not to any other holder of the Class R Certificates. The Owner
understands that the liabilities described herein relate only to the Class R
Certificates.
11. That no purpose of the Owner relating to the transfer of any of the
Class R Certificates by the Owner is or will be to impede the assessment or
collection of any tax.
12. That the Owner has no present knowledge or expectation that it will be
unable to pay any United States taxes owed by it so long as any of the
Certificates remain outstanding. In this regard, the Owner hereby represents to
and for the benefit of the person from whom it acquired the Class R Certificate
that the Owner intends to pay taxes associated with holding such Class R
Certificate as they become due, fully understanding that it may incur tax
liabilities in excess of any cash flows generated by the Class R Certificate.
<PAGE>
13. That the Owner has no present knowledge or expectation that it will become
insolvent or subject to a bankruptcy proceeding for so long as any of the Class
R Certificates remain outstanding.
14. The Purchaser is not an employee benefit plan or other plan subject to the
prohibited transaction provisions of the Employee Retirement Income Security Act
of 1974, as amended ("ERISA"), or Section 4975 of the Internal Revenue Code of
1986, as amended (the "Code"), or an investment manager, named fiduciary or a
trustee of any such plan, or any other Person acting, directly or indirectly, on
behalf of or purchasing any Certificate with "plan assets" of any such plan.
<PAGE>
IN WITNESS WHEREOF, the Owner has caused this instrument to be
executed on its behalf, pursuant to the authority of its Board of Directors, by
its [Title of Officer] and its corporate seal to be hereunto attached, attested
by its [Assistant] Secretary, this 27th day of June, 2000.
[NAME OF OWNER]
By:________________________
[Name of Officer]
[Title of Officer]
[Corporate Seal]
ATTEST:
_________________________________
[Assistant] Secretary
Personally appeared before me the above-named [Name of Officer],
known or proved to me to be the same person who executed the foregoing
instrument and to be the [Title of Officer] of the Owner, and acknowledged to me
that he executed the same as his free act and deed and the free act and deed of
the Owner.
Subscribed and sworn before me this 27th day of June, 2000.
NOTARY PUBLIC
COUNTY OF
STATE OF
My Commission expires the day of ____,2__.
<PAGE>
EXHIBIT G-2
FORM OF TRANSFEROR CERTIFICATE
__________, 20__
Residential Asset Mortgage Products, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota 55437
Norwest Bank Minnesota, National Association
11000 Broken Land Parkway
Columbia, Maryland 21044
Attention: Residential Asset Mortgage Products, Inc., Series 2000-J2
Re: GMACM Mortgage Pass-Through Certificates,
Series 2000-J2, Class R
Ladies and Gentlemen:
This letter is delivered to you in connection with the transfer by
____________________(the "Seller") to____________________ (the "Purchaser") of
___________ Initial Certificate Principal Balance of GMACM Mortgage Pass-Through
Certificates, Series 2000-J2, Class R (the "Certificates"), pursuant to Section
5.02 of the Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement"), dated as of June 27, 2000 among Residential Asset Mortgage
Products, Inc., as seller (the "Company"), GMAC Mortgage Corporation, as
servicer, and Norwest Bank Minnesota, National Association, as trustee (the
"Trustee"). All terms used herein and not otherwise defined shall have the
meanings set forth in the Pooling and Servicing Agreement. The Seller hereby
certifies, represents and warrants to, and covenants with, the Company and the
Trustee that:
1. No purpose of the Seller relating to the transfer of the Certificate by the
Seller to the Purchaser is or will be to impede the assessment or collection of
any tax.
2. The Seller understands that the Purchaser has delivered to the Trustee and
the Servicer a transfer affidavit and agreement in the form attached to the
Pooling and Servicing Agreement as Exhibit G-1. The Seller does not know or
believe that any representation contained therein is false.
3. The Seller has at the time of the transfer conducted a reasonable
investigation of the financial condition of the Purchaser as contemplated by
Treasury Regulations Section 1.860E-1(c)(4)(i) and, as a result of that
investigation, the Seller has determined that the Purchaser has historically
paid its debts as they become due and has found no significant evidence to
indicate that the Purchaser will not continue to pay its debts as they become
due in the future. The Seller understands that the transfer of a Class R
Certificate may not be respected for United States income tax purposes (and the
Seller may continue to be liable for United States income taxes associated
therewith) unless the Seller has conducted such an investigation.
<PAGE>
4. The Seller has no actual knowledge that the proposed Transferee is not both a
United States Person and a Permitted Transferee.
Very truly yours,
(Seller)
By:
Name:
Title:
<PAGE>
EXHIBIT H-1
FORM OF INVESTOR REPRESENTATION LETTER
, 20
---------------------------- ----
Residential Asset Mortgage Products, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota 55437
Norwest Bank Minnesota, National Association
11000 Broken Land Parkway
Columbia, Maryland 21044
GMAC Mortgage Corporation
100 Witmer Road
Horsham, Pennsylvania 19044
Attention: Residential Asset Mortgage Products, Inc. Series 2000-J2
RE: GMACM Mortgage Pass-Through Certificates,
Series 2000-J2, [Class B-]
Ladies and Gentlemen:
_______________________ (the "Purchaser") intends to purchase from
______________________ (the "Seller") $________________ Initial Certificate
Principal Balance of GMACM Mortgage Pass-Through Certificates, Series 2000-J2,
Class (the "Certificates"), issued pursuant to the Pooling and Servicing
Agreement (the "Pooling and Servicing Agreement"), dated as of June 27, 2000
among Residential Asset Mortgage Products, Inc., as seller (the "Company"), GMAC
Mortgage Corporation, as Servicer (the "Servicer"), and __________________, as
trustee (the "Trustee"). All terms used herein and not otherwise defined shall
have the meanings set forth in the Pooling and Servicing Agreement. The
Purchaser hereby certifies, represents and warrants to, and covenants with, the
Company, the Trustee and the Servicer that:
1. The Purchaser understands that (a) the Certificates have not been and
will not be registered or qualified under the Securities Act of 1933,
as amended (the "Act") or any state securities law, (b) the Company is
not required to so register or qualify the Certificates, (c) the
Certificates may be resold only if registered and qualified pursuant
to the provisions of the Act or any state securities law, or if an
exemption from such registration and qualification is available, (d)
the Pooling and Servicing Agreement contains restrictions regarding
the transfer of the Certificates and (e) the Certificates will bear a
legend to the foregoing effect.
<PAGE>
2. The Purchaser is acquiring the Certificates for its own account for
investment only and not with a view to or for sale in connection with
any distribution thereof in any manner that would violate the Act or
any applicable state securities laws.
3. The Purchaser is (a) a substantial, sophisticated institutional
investor having such knowledge and experience in financial and
business matters, and, in particular, in such matters related to
securities similar to the Certificates, such that it is capable of
evaluating the merits and risks of investment in the Certificates, (b)
able to bear the economic risks of such an investment and (c) an
"accredited investor" within the meaning of Rule 501(a) promulgated
pursuant to the Act.
4. The Purchaser has been furnished with, and has had an opportunity to
review (a) a copy of the Private Placement Memorandum, dated June 27,
2000, relating to the Certificates [(b)] a copy of the Pooling and
Servicing Agreement and [b] [c] such other information concerning the
Certificates, the Mortgage Loans and the Company as has been requested
by the Purchaser from the Company or the Seller and is relevant to the
Purchaser's decision to purchase the Certificates. The Purchaser has
had any questions arising from such review answered by the Company or
the Seller to the satisfaction of the Purchaser. [If the Purchaser did
not purchase the Certificates from the Seller in connection with the
initial distribution of the Certificates and was provided with a copy
of the Private Placement Memorandum (the "Memorandum") relating to the
original sale (the "Original Sale") of the Certificates by the
Company, the Purchaser acknowledges that such Memorandum was provided
to it by the Seller, that the Memorandum was prepared by the Company
solely for use in connection with the Original Sale and the Company
did not participate in or facilitate in any way the purchase of the
Certificates by the Purchaser from the Seller, and the Purchaser
agrees that it will look solely to the Seller and not to the Company
with respect to any damage, liability, claim or expense arising out
of, resulting from or in connection with (a) error or omission, or
alleged error or omission, contained in the Memorandum, or (b) any
information, development or event arising after the date of the
Memorandum.]
5. The Purchaser has not and will not nor has it authorized or will it
authorize any person to (a) offer, pledge, sell, dispose of or
otherwise transfer any Certificate, any interest in any Certificate or
any other similar security to any person in any manner, (b) solicit
any offer to buy or to accept a pledge, disposition of other transfer
of any Certificate, any interest in any Certificate or any other
similar security from any person in any manner, (c) otherwise approach
or negotiate with respect to any Certificate, any interest in any
Certificate or any other similar security with any person in any
manner, (d) make any general solicitation by means of general
advertising or in any other manner or (e) take any other action, that
(as to any of (a) through (e) above) would constitute a distribution
of any Certificate under the Act, that would render the disposition of
any Certificate a violation of Section 5 of the Act or any state
securities law, or that would require registration or qualification
pursuant thereto. The Purchaser will not sell or otherwise transfer
any of the Certificates, except in compliance with the provisions of
the Pooling and Servicing Agreement.
<PAGE>
6. The Purchaser
(a) is not an employee benefit or other plan subject to the
prohibited transaction provisions of the Employee Retirement
Income Security Act of 1974, as amended ("ERISA"), or Section
4975 of the Internal Revenue Code of 1986, as amended (a "Plan"),
or any other person (including an investment manager, a named
fiduciary or a trustee of any Plan) acting, directly or
indirectly, on behalf of or purchasing any Certificate with "plan
assets" of any Plan within the meaning of the Department of Labor
("DOL") regulation at 29 C.F.R. ss.2510.3-101; or
(b) is an insurance company, the source of funds to be used by it to
purchase the Certificates is an "insurance company general
account" (within the meaning of DOL Prohibited Transaction Class
Exemption ("PTCE") 95-60), and conditions set forth in Sections I
and III of PTCE 95-60 have been satisfied.
In addition, the Purchaser hereby certifies, represents and warrants to,
and covenants with, the Company, the Trustee and the Servicer that the Purchaser
will not transfer such Certificates to any Plan or person unless such Plan or
person meets the requirements set forth in either 6(a) or (b) above.
Very truly yours,
By:
Name:
Title:
<PAGE>
EXHIBIT H-2
FORM OF ERISA REPRESENTATION LETTER
, 200
-------------------------- --
GMAC Mortgage Corporation
100 Witmer Road
Horsham, Pennsylvania 19044
Residential Asset Mortgage Products, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota 55437
Norwest Bank Minnesota, National Association
11000 Broken Land Parkway
Columbia, Maryland 21044
Attention: GMAC Mortgage Corporation Series 2000-J2
Re: GMACM Mortgage Pass-Through Certificates, Series
2000-J2, [Class M-] [Class B-]
Ladies and Gentlemen:
_________________ (the "Purchaser") intends to purchase from
____________________- (the "Seller") $______________ Initial Certificate
Principal Balance of GMACM Mortgage Pass-Through Certificates, Series 2000-J2,
[Class M- , Class B-___] (the "Certificates"), issued pursuant to the Pooling
and Servicing Agreement (the "Pooling and Servicing Agreement"), dated as of
June 27, 2000, among Residential Asset Mortgage Products, Inc., as seller (the
"Company"), GMAC Mortgage Corporation, as Servicer (the "Servicer") and Norwest
Bank Minnesota, National Association, as (the "Trustee"). All terms used herein
and not otherwise defined shall have the meanings set forth in the Pooling and
Servicing Agreement. The Purchaser hereby certifies, represents and warrants to,
and covenants with the Company, the Trustee and the Servicer that either:
(a) The Purchaser is not an employee benefit or other plan subject to the
prohibited transaction provisions of the Employee Retirement Income
Security Act of 1974, as amended ("ERISA"), or Section 4975 of the Internal
Revenue Code of 1986, as amended (a "Plan"), or any other person (including
an investment manager, a named fiduciary or a trustee of any Plan) acting,
directly or indirectly, on behalf of or purchasing any Certificate with
"plan assets" of any Plan within the meaning of the Department of Labor
("DOL") regulation at 29 C.F.R. ss.2510.3-101; or
<PAGE>
(b) The Purchaser is an insurance company, the source of funds to be used by it
to purchase the Certificates is an "insurance company general account"
(within the meaning of DOL Prohibited Transaction Class Exemption ("PTCE")
95-60), ), and the conditions set forth in Sections I and III of PTCE 95-60
have been satisfied.
In addition, the Purchaser hereby certifies, represents and warrants to,
and covenants with, the Company, the Trustee and the Servicer that the Purchaser
will not transfer such Certificates to any Plan or person unless such Plan or
person meets the requirements set forth in either (a) or (b) above.
Very truly yours,
By:
Name:
Title:
<PAGE>
EXHIBIT H-3
FORM OF ERISA LEGEND
Each beneficial owner of a book-entry [Class M Certificate] [Class B
Certificate] (or any interest therein) shall be deemed to have represented, by
virtue of its acquisition or holding of such Certificate (or interest therein),
that either:
(a) it is not an employee benefit or other plan subject to the
prohibited transaction provisions of the Employee Retirement Income
Security Act of 1974, as amended ("ERISA"), or Section 4975 of the
Internal Revenue Code of 1986, as amended (a "Plan"), or any other
person (including an investment manager, a named fiduciary or a trustee
of any Plan) acting, directly or indirectly, on behalf of or purchasing
any Certificate with "plan assets" of any Plan; or
(b) (i) the transferee is an insurance company, (ii) the source
of funds to be used by it to purchase the Certificate is an "insurance
company general account" (within the meaning of Department of Labor
Prohibited Transaction Class Exemption ("PTCE") 95-60), and (iii) the
conditions set forth in Sections I and III of PTCE 95-60 have been
satisfied.
Any purported beneficial owner of a book-entry [Class M/B Certificate]
(or interest therein) to whom either (a) or (b) above does not apply shall
indemnify and hold harmless the Company, the Trustee, the Servicer, any
Subservicer, and the Trust Fund from and against any and all liabilities,
claims, costs or expenses incurred by such parties as a result of its
acquisition or holding of such Certificate.
<PAGE>
EXHIBIT I
FORM OF TRANSFEROR REPRESENTATION LETTER
, 20
------------- --
Residential Asset Mortgage Products, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota 55437
Norwest Bank Minnesota, National Association
11000 Broken Land Parkway
Columbia, Maryland 21044
Attention: Residential Asset Mortgage Products, Inc., Series 2000-J2
Re: GMACM Mortgage Pass-Through Certificates,
Series 2000-J2, [Class B-]
Ladies and Gentlemen:
In connection with the sale by ______________ (the "Seller") to
_________________ (the "Purchaser") of ______________--$ Initial Certificate
Principal Balance of GMACM Mortgage Pass-Through Certificates, Series 2000-J2,
Class (the "Certificates"), issued pursuant to the Pooling and Servicing
Agreement (the "Pooling and Servicing Agreement"), dated as of June 27, 2000,
among Residential Asset Mortgage Products, Inc., as seller (the "Company"), GMAC
Mortgage Corporation, as Servicer, and Norwest Bank Minnesota, National
Association, as trustee (the "Trustee"). The Seller hereby certifies, represents
and warrants to, and covenants with, the Company and the Trustee that:
Neither the Seller nor anyone acting on its behalf has (a)
offered, pledged, sold, disposed of or otherwise transferred any Certificate,
any interest in any Certificate or any other similar security to any person in
any manner, (b) has solicited any offer to buy or to accept a pledge,
disposition or other transfer of any Certificate, any interest in any
Certificate or any other similar security from any person in any manner, (c) has
otherwise approached or negotiated with respect to any Certificate, any interest
in any Certificate or any other similar security with any person in any manner,
(d) has made any general solicitation by means of general advertising or in any
other manner, or (e) has taken any other action, that (as to any of (a) through
(e) above) would constitute a distribution of the Certificates under the
Securities Act of 1933 (the "Act"), that would render the disposition of any
Certificate a violation of Section 5 of the Act or any state securities law, or
that would require registration or qualification pursuant thereto. The Seller
will not act, in any manner set forth in the foregoing sentence with respect to
any Certificate. The Seller has not and will not sell or otherwise transfer any
of the Certificates, except in compliance with the provisions of the Pooling and
Servicing Agreement.
Very truly yours,
(Seller)
By:
Name:
Title:
<PAGE>
EXHIBIT J
[FORM OF RULE 144A INVESTMENT REPRESENTATION]
Description of Rule 144A Securities, including numbers:
The undersigned seller, as registered holder (the "Seller"),
intends to transfer the Rule 144A Securities described above to the undersigned
buyer (the "Buyer").
1. In connection with such transfer and in accordance with the agreements
pursuant to which the Rule 144A Securities were issued, the Seller hereby
certifies the following facts: Neither the Seller nor anyone acting on its
behalf has offered, transferred, pledged, sold or otherwise disposed of the Rule
144A Securities, any interest in the Rule 144A Securities or any other similar
security to, or solicited any offer to buy or accept a transfer, pledge or other
disposition of the Rule 144A Securities, any interest in the Rule 144A
Securities or any other similar security from, or otherwise approached or
negotiated with respect to the Rule 144A Securities, any interest in the Rule
144A Securities or any other similar security with, any person in any manner, or
made any general solicitation by means of general advertising or in any other
manner, or taken any other action, that would constitute a distribution of the
Rule 144A Securities under the Securities Act of 1933, as amended (the "1933
Act"), or that would render the disposition of the Rule 144A Securities a
violation of Section 5 of the 1933 Act or require registration pursuant thereto,
and that the Seller has not offered the Rule 144A Securities to any person other
than the Buyer or another "qualified institutional buyer" as defined in Rule
144A under the 1933 Act.
2. The Buyer warrants and represents to, and covenants with, the Seller, the
Trustee and the Servicer (as defined in the Pooling and Servicing Agreement (the
"Agreement"), dated as of June 27, 2000 among GMAC Mortgage Corporation as
Servicer, Residential Asset Mortgage Products, Inc. as depositor pursuant to
Section 5.02 of the Agreement and Norwest Bank Minnesota, National Association,
as trustee), as follows:
(a) The Buyer understands that the Rule 144A Securities have not been
registered under the 1933 Act or the securities laws of any state.
(b) The Buyer considers itself a substantial, sophisticated institutional
investor having such knowledge and experience in financial and business
matters that it is capable of evaluating the merits and risks of
investment in the Rule 144A Securities.
<PAGE>
(c) The Buyer has been furnished with all information regarding the Rule
144A Securities that it has requested from the Seller, the Trustee or
the Servicer.
(d) Neither the Buyer nor anyone acting on its behalf has offered, transferred,
pledged, sold or otherwise disposed of the Rule 144A Securities, any
interest in the Rule 144A Securities or any other similar security to, or
solicited any offer to buy or accept a transfer, pledge or other
disposition of the Rule 144A Securities, any interest in the Rule 144A
Securities or any other similar security from, or otherwise approached or
negotiated with respect to the Rule 144A Securities, any interest in the
Rule 144A Securities or any other similar security with, any person in any
manner, or made any general solicitation by means of general advertising or
in any other manner, or taken any other action, that would constitute a
distribution of the Rule 144A Securities under the 1933 Act or that would
render the disposition of the Rule 144A Securities a violation of Section 5
of the 1933 Act or require registration pursuant thereto, nor will it act,
nor has it authorized or will it authorize any person to act, in such
manner with respect to the Rule 144A Securities.
(e) The Buyer is a "qualified institutional buyer" as that term is defined in
Rule 144A underthe 1933 Act and has completed either of the forms of
certification to that effect attached hereto as Annex 1 or Annex 2. The
Buyer is aware that the sale to it is being made in reliance on Rule 144A.
The Buyer is acquiring the Rule 144A Securities for its own account or the
accounts of other qualified institutional buyers, understands that such
Rule 144A Securities may be resold, pledged or transferred only (i) to a
person reasonably believed to be a qualified institutional buyer that
purchases for its own account or for the account of a qualified
institutional buyer to whom notice is given that the resale, pledge or
transfer is being made in reliance on Rule 144A, or (ii) pursuant to
another exemption from registration under the 1933 Act.
[3. The Buyer
(a) is not an employee benefit or other plan subject to the prohibited
transaction provisions of the Employee Retirement Income Security Act
of 1974, as amended ("ERISA"), or Section 4975 of the Internal Revenue
Code of 1986, as amended (the "Code") (a "Plan"), or any other person
(including an investment manager, a named fiduciary or a trustee of
any Plan) acting, directly or indirectly, on behalf of or purchasing
any Certificate with "plan assets" of any Plan within the meaning of
the Department of Labor ("DOL") regulation at 29 C.F.R. ss.
2510.3-101; or
(b) is an insurance company, the source of funds to be used by it to
purchase the Certificates is an "insurance company general account"
(within the meaning of DOL Prohibited Transaction Class Exemption
("PTCE") 95-60), and the conditions set forth in Sections I and III of
PTCE 95-60 have been satisfied.]
4. This document may be executed in one or more counterparts and
by the different parties hereto on separate counterparts, each of which,
when so executed, shall be deemed to be an original; such counterparts,
together, shall constitute one and the same document.
<PAGE>
IN WITNESS WHEREOF, each of the parties has executed this
document as of the date set forth below.
Print Name of Seller Print Name of Buyer
By: By:
------------------------------------------
Name: Name:
Title: Title:
Taxpayer Identification Taxpayer Identification:
No. No:
------------------------------------------
Date: Date:
----------------------------------------
<PAGE>
ANNEX 1 TO EXHIBIT J
QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
[For Buyers Other Than Registered Investment Companies]
The undersigned hereby certifies as follows in connection with
the Rule 144A Investment Representation to which this Certification is attached:
1. As indicated below, the undersigned is the President, Chief Financial
Officer, Senior Vice President or other executive officer of the Buyer.
2. In connection with purchases by the Buyer, the Buyer is a
"qualified institutional buyer" as that term is defined in Rule 144A under the
Securities Act of 1933 ("Rule 144A") because (i) the Buyer owned and/or invested
on a discretionary basis $ in securities (except for the excluded securities
referred to below) as of the end of the Buyer's most recent fiscal year (such
amount being calculated in accordance with Rule 144A) and (ii) the Buyer
satisfies the criteria in the category marked below.
____ Corporation, etc. The Buyer is a corporation (other than a bank, savings
and loan association or similar institution), Massachusetts or similar
business trust, partnership, or charitable organization described in
Section 501(c)(3) of the Internal Revenue Code.
____ Bank. The Buyer (a) is a national bank or banking institution organized
under the laws of any State, territory or the District of Columbia, the
business of which is substantially confined to banking and is supervised by
the State or territorial banking commission or similar official or is a
foreign bank or equivalent institution, and (b) has an audited net worth of
at least $25,000,000 as demonstrated in its latest annual financial
statements, a copy of which is attached hereto.
____ Savings and Loan. The Buyer (a) is a savings and loan association, building
and loan association, cooperative bank, homestead association or similar
institution, which is supervised and examined by a State or Federal
authority having supervision over any such institutions or is a foreign
savings and loan association or equivalent institution and (b) has an
audited net worth of at least $25,000,000 as demonstrated in its latest
annual financial statements.
____ Broker-Dealer. The Buyer is a dealer registered pursuant to Section 15 of
the Securities Exchange Act of 1934.
____ Insurance Company. The Buyer is an insurance company whose primary and
predominant business activity is the writing of insurance or the reinsuring
of risks underwritten by insurance companies and which is subject to
supervision by the insurance commissioner or a similar official or agency
of a State or territory or the District of Columbia.
<PAGE>
____ State or Local Plan. The Buyer is a plan established and maintained by a
State, its political subdivisions, or any agency or instrumentality of the
State or its political subdivisions, for the benefit of its employees.
____ meaning of Title I of the Employee Retirement Income Security Act of 1974.
____ Investment Adviser. The Buyer is an investment adviser registered under the
Investment Advisers Act of 1940.
____ SBIC. The Buyer is a Small Business Investment Company licensed by the U.S.
Small Business Administration under Section 301(c) or (d) of the Small
Business Investment Act of 1958.
____ Business Development Company. The Buyer is a business development company
as defined in Section 202(a)(22) of the Investment Advisers Act of 1940.
____ Trust Fund. The Buyer is a trust fund whose trustee is a bank or trust
company and whose participants are exclusively (a) plans established and
maintained by a State, its political subdivisions, or any agency or
instrumentality of the State or its political subdivisions, for the benefit
of its employees, or (b) employee benefit plans within the meaning of Title
I of the Employee Retirement Income Security Act of 1974, but is not a
trust fund that includes as participants individual retirement accounts or
H.R. 10 plans.
3. The term "securities" as used herein does not include (i)
securities of issuers that are affiliated with the Buyer, (ii) securities that
are part of an unsold allotment to or subscription by the Buyer, if the Buyer
is a dealer, (iii) bank deposit notes and certificates of deposit, (iv) loan
participations, (v) repurchase agreements, (vi) securities owned but subject to
a repurchase agreement and (vii) currency, interest rate and commodity swaps.
4. For purposes of determining the aggregate amount of securities
owned and/or invested on a discretionary basis by the Buyer, the Buyer used the
cost of such securities to the Buyer and did not include any of the securities
referred to in the preceding paragraph. Further, in determining such aggregate
amount, the Buyer may have included securities owned by subsidiaries of the
Buyer, but only if such subsidiaries are consolidated with the Buyer in its
financial statements prepared in accordance with generally accepted accounting
principles and if the investments of such subsidiaries are managed under the
Buyer's direction. However, such securities were not included if the Buyer is a
majority-owned, consolidated subsidiary of another enterprise and the Buyer is
not itself a reporting company under the Securities Exchange Act of 1934.
5. The Buyer acknowledges that it is familiar with Rule 144A and
understands that the seller to it and other parties related to the Certificates
are relying and will continue to rely on the statements made herein because one
or more sales to the Buyer may be in reliance on Rule 144A.
<PAGE>
Will the Buyer be purchasing the Rule 144A
Yes___ No ___ Securities only for the Buyer's own account?
6. If the answer to the foregoing question is "no", the Buyer
agrees that, in connection with any purchase of securities sold to the Buyer
for the account of a third party (including any separate account) in reliance
on Rule 144A, the Buyer will only purchase for the account of a third party
that at the time is a "qualified institutional buyer" within the meaning of
Rule 144A. In addition, the Buyer agrees that the Buyer will not purchase
securities for a third party unless the Buyer has obtained a current
representation letter from such third party or taken other appropriate steps
contemplated by Rule 144A to conclude that such third party independently meets
the definition of "qualified institutional buyer" set forth in Rule 144A.
7. The Buyer will notify each of the parties to which this
certification is made of any changes in the information and conclusions herein.
Until such notice is given, the Buyer's purchase of Rule 144A Securities will
constitute a reaffirmation of this certification as of the date of such
purchase.
Print Name of Buyer
By:
Name:
Title:
Date:
<PAGE>
ANNEX 2 TO EXHIBIT J
QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
[For Buyers That Are Registered Investment Companies]
The undersigned hereby certifies as follows in connection with
the Rule 144A Investment Representation to which this Certification is attached:
1. As indicated below, the undersigned is the President, Chief
Financial Officer or Senior Vice President of the Buyer or, if the Buyer is a
"qualified institutional buyer" as that term is defined in Rule 144A under the
Securities Act of 1933 ("Rule 144A") because Buyer is part of a Family of
Investment Companies (as defined below), is such an officer of the Adviser.
2. In connection with purchases by Buyer, the Buyer is a
"qualified institutional buyer" as defined in SEC Rule 144A because (i) the
Buyer is an investment company registered under the Investment Company Act of
1940, and (ii) as marked below, the Buyer alone, or the Buyer's Family of
Investment Companies, owned at least $100,000,000 in securities (other than the
excluded securities referred to below) as of the end of the Buyer's most recent
fiscal year. For purposes of determining the amount of securities owned by the
Buyer or the Buyer's Family of Investment Companies, the cost of such
securities was used.
___ The Buyer owned $__________ in securities (other than the excluded
securities referred to below) as of the end of the Buyer's most recent
fiscal year (such amount being calculated in accordance with Rule 144A).
___ The Buyer is part of a Family of Investment Companies which owned in the
aggregate $___________ in securities (other than the excluded securities
referred to below) as of the end of the Buyer's most recent fiscal year
(such amount being calculated in accordance with Rule 144A).
3. The term "Family of Investment Companies" as used herein means
two or more registered investment companies (or series thereof) that have the
same investment adviser or investment advisers that are affiliated (by virtue
of being majority owned subsidiaries of the same parent or because one
investment adviser is a majority owned subsidiary of the other).
4. The term "securities" as used herein does not include (i)
securities of issuers that are affiliated with the Buyer or are part of the
Buyer's Family of Investment Companies, (ii) bank deposit notes and
certificates of deposit, (iii) loan participations, (iv) repurchase agreements,
(v) securities owned but subject to a repurchase agreement and (vi) currency,
interest rate and commodity swaps.
5. The Buyer is familiar with Rule 144A and understands that each
of the parties to which this certification is made are relying and will
continue to rely on the statements made herein because one or more sales to the
Buyer will be in reliance on Rule 144A. In addition, the Buyer will only
purchase for the Buyer's own account.
<PAGE>
6. The undersigned will notify each of the parties to which this
certification is made of any changes in the information and conclusions herein.
Until such notice, the Buyer's purchase of Rule 144A Securities will constitute
a reaffirmation of this certification by the undersigned as of the date of such
purchase.
Print Name of Buyer
By:
Name:
Title:
IF AN ADVISER:
Print Name of Buyer
Date:
<PAGE>
EXHIBIT K
FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN
, 20
--------------- --------
Residential Asset Mortgage Products, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota 55437
Norwest Bank Minnesota, National Association
11000 Broken Land Parkway
Columbia, Maryland 21044
Attention: Residential Asset Mortgage Products, Inc., Series 2000-J2
Re: GMACM Mortgage Pass-Through Certificates, Series
2000-J2 Assignment of Mortgage Loan
Ladies and Gentlemen:
This letter is delivered to you in connection with the assignment
by Norwest Bank Minnesota, National Association (the "Trustee") to (the
"Lender") of (the "Mortgage Loan") pursuant to Section 3.13(d) of the Pooling
and Servicing Agreement (the "Pooling and Servicing Agreement"), dated as of
June 27, 2000 among Residential Asset Mortgage Products, Inc., as seller (the
"Company"), GMAC Mortgage Corporation, as Servicer, and the Trustee. All terms
used herein and not otherwise defined shall have the meanings set forth in the
Pooling and Servicing Agreement. The Lender hereby certifies, represents and
warrants to, and covenants with, the Servicer and the Trustee that:
(i) the Mortgage Loan is secured by Mortgaged Property located in a jurisdiction
in which an assignment in lieu of satisfaction is required to preserve lien
priority, minimize or avoid mortgage recording taxes or otherwise comply with,
or facilitate a refinancing under, the laws of such jurisdiction;
(ii) the substance of the assignment is, and is intended to be, a refinancing of
such Mortgage Loan and the form of the transaction is solely to comply with, or
facilitate the transaction under, such local laws;
(iii) the Mortgage Loan following the proposed assignment will be modified to
have a rate of interest at least 0.25 percent below or above the rate of
interest on such Mortgage Loan prior to such proposed assignment; and
(iv) such assignment is at the request of the borrower under the related
Mortgage Loan.
Very truly yours,
(Lender)
By:
Name:
Title:
<PAGE>
EXHIBIT L
SCHEDULE OF DISCOUNT FRACTIONS
Loan 06/01/00
Number Scheduled Net PO Amount Discount
Balances Rate Fraction
122692106 0.19354839
299,210.39 7.735 579.12
123601502 0.19354839
240,000.00 7.735 464.52
125558304 0.19354839
308,250.00 7.735 596.61
127325801 6.64516129
460,914.70 7.235 30,628.53
127335909 8.25806452
448,188.70 7.110 37,011.71
127501104 6.64516129
298,402.44 7.235 19,829.32
498944107 0.19354839
124,482.98 7.735 240.93
500004007 6.64516129
355,469.93 7.235 23,621.55
500387600 6.64516129
646,988.07 7.235 42,993.40
500793302 6.64516129
450,000.00 7.235 29,903.23
501690002 5.03225806
349,746.68 7.360 17,600.16
501938104 3.41935484
378,413.35 7.485 12,939.30
501989503 1.80645161
149,497.04 7.610 2,700.59
502283807 5.03225806
450,672.85 7.360 22,679.02
502332802 1.80645161
379,538.48 7.610 6,856.18
502380504 3.41935484
309,767.78 7.485 10,592.06
502381700 3.41935484
319,774.15 7.485 10,934.21
502470305 1.80645161
319,900.00 7.610 5,778.84
502486806 0.19354839
519,299.85 7.735 1,005.10
502613201 1.80645161
341,527.73 7.610 6,169.53
502686504 1.80645161
287,102.28 7.610 5,186.36
502723604 3.41935484
349,752.97 7.485 11,959.30
502836109 0.19354839
268,619.64 7.735 519.91
502952401 0.19354839
944,365.92 7.735 1,827.81
503015703 3.41935484
292,593.34 7.485 10,004.80
503080905 5.03225806
279,797.34 7.360 14,080.12
503090607 0.19354839
268,569.67 7.735 519.81
503188104 3.41935484
263,813.67 7.485 9,020.73
503357808 5.03225806
319,768.39 7.360 16,091.57
503387805 0.19354839
350,000.00 7.735 677.42
503409807 1.80645161
892,500.00 7.610 16,122.58
503417800 5.03225806
388,000.00 7.360 19,525.16
503435802 1.80645161
303,690.03 7.610 5,486.01
503487308 3.41935484
575,000.00 7.485 19,661.29
503537508 1.80645161
532,000.00 7.610 9,610.32
503573701 5.03225806
375,000.00 7.360 18,870.97
503590408 1.80645161
268,615.01 7.610 4,852.40
503596504 0.19354839
299,898.64 7.735 580.45
503798001 6.64516129
462,000.00 7.235 30,700.65
503964702 1.80645161
302,400.00 7.610 5,462.71
504102401 0.19354839
455,000.00 7.735 880.65
600001742 8.25806452
300,879.32 7.110 24,846.81
600003338 8.25806452
342,725.49 7.110 28,302.49
600011598 3.41935484
380,613.91 7.485 13,014.54
600011625 3.41935484
305,150.28 7.485 10,434.17
600015879 6.64516129
366,748.09 7.235 24,371.00
600016757 8.25806452
351,971.66 7.110 29,066.05
600017128 6.64516129
347,051.65 7.235 23,062.14
600017135 8.25806452
357,183.59 7.110 29,496.45
600017227 6.64516129
337,135.99 7.235 22,403.23
600017462 5.03225806
387,984.59 7.360 19,524.39
600017622 8.25806452
417,051.95 7.110 34,440.42
600017707 8.25806452
496,954.72 7.110 41,038.84
600024732 1.80645161
416,224.44 7.610 7,518.89
600025790 0.19354839
382,694.40 7.735 740.70
600027681 0.19354839
519,000.00 7.735 1,004.52
600027820 3.41935484
351,200.00 7.485 12,008.77
600029181 0.19354839
391,736.97 7.735 758.20
651179411 5.03225806
268,312.83 7.360 13,502.19
651243183 0.19354839
452,819.71 7.735 876.43
651243468 6.64516129
232,333.37 7.235 15,438.93
651249012 1.80645161
433,857.77 7.610 7,837.43
651257228 8.25806452
646,473.31 7.110 53,386.18
651257640 6.64516129
238,729.55 7.235 15,863.96
651261013 6.64516129
272,151.65 7.235 18,084.92
651262294 8.25806452
262,775.99 7.110 21,700.21
651266099 3.41935484
293,989.49 7.485 10,052.54
651279569 1.80645161
278,824.66 7.610 5,036.83
651283842 6.64516129
378,062.26 7.235 25,122.85
651288469 3.41935484
251,911.12 7.485 8,613.74
652004758 0.19354839
279,240.91 7.735 540.47
652010324 0.19354839
597,960.03 7.735 1,157.34
652015170 0.19354839
259,114.95 7.735 501.51
652019724 8.25806452
318,613.27 7.110 26,311.29
652022675 1.80645161
747,260.80 7.610 13,498.90
652024052 8.25806452
328,728.94 7.110 27,146.65
652034987 3.41935484
385,727.56 7.485 13,189.39
652089356 1.80645161
300,000.00 7.610 5,419.35
652102939 1.80645161
267,500.00 7.610 4,832.26
652103486 5.03225806
268,000.00 7.360 13,486.45
652104793 1.80645161
339,531.25 7.610 6,133.47
652108188 0.19354839
319,785.28 7.735 618.94
652113236 5.03225806
399,576.46 7.360 20,107.72
652113616 3.41935484
383,748.88 7.485 13,121.74
652124434 1.80645161
401,723.35 7.610 7,256.94
685000011 0.19354839
297,596.75 7.735 575.99
685002223 1.80645161
292,000.00 7.610 5,274.84
127537504 3.41935484
527,038.80 7.485 18,021.33
503077109 5.03225806
311,200.00 7.360 15,660.39
503483703 5.03225806
269,804.57 7.360 13,577.26
600017133 8.25806452
442,645.70 7.110 36,553.97
600022627 0.19354839
371,499.12 7.735 719.03
651240525 6.64516129
380,375.77 7.235 25,276.58
651259622 1.80645161
334,284.68 7.610 6,038.69
652000461 1.80645161
254,776.11 7.610 4,602.41
652078199 0.19354839
699,530.31 7.735 1,353.93
652092813 0.19354839
499,664.50 7.735 967.09
652113110 1.80645161
451,688.93 7.610 8,159.54
125368605 0.19354839
304,000.00 7.735 588.39
503108003 5.03225806
649,529.55 7.360 32,686.00
503127300 3.41935484
299,788.26 7.485 10,250.82
600011940 8.25806452
404,791.75 7.110 33,427.96
651263214 6.64516129
375,017.03 7.235 24,920.49
652019532 3.41935484
49,857.46 7.485 1,704.80
685000813 1.80645161
290,999.59 7.610 5,256.77
502978604 1.80645161
355,879.63 7.610 6,428.79
503970204 3.41935484
280,000.00 7.485 9,574.19
600017282 8.25806452
345,620.65 7.110 28,541.58
651262202 8.25806452
375,261.26 7.110 30,989.32
651288558 3.41935484
271,555.62 7.485 9,285.45
652023339 1.80645161
266,777.81 7.610 4,819.21
652050897 1.80645161
294,592.63 7.610 5,321.67
502698509 1.80645161
310,086.44 7.610 5,601.56
503584609 1.80645161
284,000.00 7.610 5,130.32
503694002 5.03225806
326,700.00 7.360 16,440.39
685003176 1.80645161
461,682.05 7.610 8,340.06
502455009 3.41935484
310,600.00 7.485 10,620.52
652102478 1.80645161
511,647.64 7.610 9,242.67
651253492 8.25806452
306,328.91 7.110 25,296.84
126797802 0.19354839
355,538.60 7.735 688.14
600015666 8.25806452
257,755.62 7.110 21,285.63
652069008 1.80645161
252,526.08 7.610 4,561.76
652115467 1.80645161
269,414.46 7.610 4,866.84
685001446 3.41935484
335,762.85 7.485 11,480.92
126956309 8.25806452
243,608.06 7.110 20,117.31
<PAGE>
EXHIBIT M
INFORMATION TO BE INCLUDED IN
MONTHLY DISTRIBUTION DATE STATEMENT
(i) (a) the amount of such distribution to the Certificateholders of such
Class applied to reduce the Certificate Principal Balance thereof, and
(b) the aggregate amount included therein representing Principal
Prepayments;
(ii) the amount of such distribution to Holders of such Class of Certificates
allocable to interest;
(iii) if the distribution to the Holders of such Class of Certificates is less
than the full amount that would be distributable to such Holders if
there were sufficient funds available therefor, the amount of the
shortfall;
(iv) the amount of any Advance by the Servicer pursuant to Section 4.04;
(v) the number and Pool Stated Principal Balance of the Mortgage Loans after
giving effect to the distribution of principal on such Distribution Date;
(vi) the Guaranteed Distribution for such Distribution Date, and the
respective portions thereof allocable to principal and interest for the
Insured Certificates;
(vii) the amount of any FSA Insurance Payment made on such Distribution Date,
the amount of any reimbursement payment made to Financial Security on
such Distribution Date pursuant to Section 4.02(a)(xvi) and the amount
of Cumulative Insurance Payments after giving effect to any such FSA
Insurance Payment or any such reimbursement payment to Financial
Security;
(viii) the related Subordinate Principal Distribution Amount and Prepayment
Distribution Percentage, if applicable;
(ix) on the basis of the most recent reports furnished to it by the Servicer,
the number and aggregate principal balances of Mortgage Loans that are
Delinquent (A) 30-59 days, (B) 60-89 days and (C) 90 or more days and
the number and aggregate principal balance of Mortgage Loans that are in
foreclosure;
(x) on the basis of the most recent reports furnished to it by the Servicer,
the number, aggregate principal balance and book value of any REO
Properties;
(xi) the aggregate Accrued Certificate Interest remaining unpaid, if any, for
each Class of Certificates, after giving effect to the distribution made
on such Distribution Date;
<PAGE>
(xii) the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount as of
the close of business on such Distribution Date and a description of any
change in the calculation of such amounts;
(xiii) the Pass-Through Rate with respect to the Class IO Certificates, if any,
thereof;
(xiv)the occurrence of the Credit Support Depletion Date and the Accretion
Termination Date;
(xv) the related Senior Accelerated Distribution Percentage applicable to such
distribution;
(xvi) the related Senior Percentage for such Distribution Date;
(xvii) the amount of Realized Losses allocated on such Distribution Date and
the cumulative amount of Realized Losses as of such Distribution Date;
and
(xviii) if any of the Class M Certificates are held by a Depository, a legend
substantially in the form of Exhibit H-3, referencing such Certificates.
In the case of information furnished pursuant to clauses (i) and (ii) above, the
amounts shall be expressed as a dollar amount per Certificate with a $1,000
denomination.
<PAGE>
EXHIBIT N
FORM OF INITIAL CERTIFICATION
June __, 2000
Norwest Bank Minnesota, National Association GMAC Mortgage Corporation
11000 Broken Land Parkway 100 Witmer Road
Columbia, Maryland 21044 Horsham, Pennsylvania 19044
Financial Security Assurance Inc.
Attention:
__________________________________________________________________________(GMACM
Mortgage Pass-Through Certificates, Series 2000-J2)
Attention: Residential Asset Mortgage Products, Inc., Series 2000-J2
Re: Custodial Agreement dated as of June 27, 2000, by and among Norwest
Bank Minnesota, National Association, as Trustee, GMAC Mortgage
Corporation, as Servicer, and Escrow Bank USA, as Custodian
Ladies and Gentlemen:
In accordance with Section 2.2 of the above-captioned Custodial
Agreement, and subject to Section 2.02 of the Pooling Agreement, the
undersigned, as Custodian, hereby certifies that it has received a Mortgage File
(which contains an original Mortgage Note or an original lost note affidavit
with a copy of the related Mortgage Note, if available) with respect to each
Mortgage Loan listed in the Mortgage Loan Schedule, and it has reviewed the
Mortgage File and the Mortgage Loan Schedule and has determined that: all
required documents have been executed and received to the extent required in
Section 2.01(b) of the Pooling Agreement, subject to the provisions of Section
2.01(c) of the Pooling Agreement, and that such documents related to the
Mortgage Loans identified on the Mortgage Loan Schedule, with any exceptions
listed on Schedule A attached hereto.
Capitalized terms used herein that are not otherwise defined
shall have the meanings assigned thereto in the above-captioned Custodial
Agreement.
ESCROW BANK USA, as Custodian
By:
Name:
Title:
<PAGE>
EXHIBIT O
FORM OF FINAL CERTIFICATION
________, 2000
Norwest Bank Minnesota, National Association
11000 Broken Land Parkway
Columbia, Maryland 21044
Financial Security Assurance Inc.
Attention:
__________________________________________________________________________(GMACM
Mortgage Pass-Through Certificates, Series 2000-J2)
GMAC Mortgage Corporation
100 Witmer Road
Horsham, Pennsylvania 19044
Attention: Residential Asset Mortgage Products, Inc., Series 2000-J2
Re: Custodial Agreement dated as of June 27, 2000, by and among
Norwest Bank Minnesota, National Association, as Trustee, GMAC
Mortgage Corporation, as Servicer, and Escrow Bank USA, as
Custodian
Ladies and Gentlemen:
In accordance with the above-captioned Custodial Agreement, the
undersigned, as Custodian, hereby certifies that it has received a Mortgage File
with respect to each Mortgage Loan listed in the Mortgage Loan Schedule
containing (I) with respect to each such Mortgage Loan (other than a Cooperative
Loan):
(i) The original Mortgage Note, endorsed without recourse in blank, or in the
name of the Trustee as trustee, and signed by an authorized officer (which
endorsement shall contain either an original signature or a facsimile
signature of an authorized officer of the Seller, and if in the form of an
allonge, the allonge shall be stapled to the Mortgage Note), with all
intervening endorsements showing a complete chain of title from the
originator to the Seller. If the Mortgage Loan was acquired by the endorser
in a merger, the endorsement must be by " , successor by merger to [name of
predecessor]". If the Mortgage Loan was acquired or originated by the
endorser while doing business under another name, the endorsement must be
by " formerly known as [previous name]";
<PAGE>
(ii) The original Mortgage, noting the presence of the MIN of the Mortgage
Loan, if the Mortgage is registered on the MERS(R) System, and language
indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan is
a MOM Loan, with evidence of recording indicated thereon or a copy of
the Mortgage certified by the public recording office in which such
Mortgage has been recorded;
(iii)The original of any guarantee executed in connection with the Mortgage
Note, if applicable;
(iv) Any rider or the original of any modification agreement executed in
connection with the related Mortgage Note or Mortgage, with evidence of
recording if required by applicable law;
(v) Unless the Mortgage Loan is registered on the MERS(R)System, an original
Assignment or Assignments of the Mortgage (which may be included in a
blanket assignment or assignments) from the Seller to "Norwest Bank
Minnesota, National Association, as Trustee under that certain Pooling and
Servicing Agreement dated as of June 27, 2000, for GMACM Mortgage
Pass-Through Certificates, Series 2000-J2" c/o the Servicer at an address
specified by the Servicer, and signed by an authorized officer, which
assignment shall be in form and substance acceptable for recording. If the
Mortgage Loan was acquired by the assignor in a merger, the assignment must
be by " , successor by merger to [name of predecessor]". If the Mortgage
Loan was acquired or originated by the assignor while doing business under
another name, the assignment must be by " formerly known as [previous
name]";
(vi) Originals of all intervening assignments of mortgage, which together
with Mortgage shows a complete chain of title from the originator to the
Seller (or to MERS, if the Mortgage Loan is registered on the MERS(R)
System, and which notes the presence of a MIN), with evidence of
recording thereon;
(vii)The original mortgagee policy of title insurance, including riders and
endorsements thereto, or if the policy has not yet been issued, (i) a
written commitment or interim binder for title issued by the title
insurance or escrow company dated as of the date the Mortgage Loan was
funded, with a statement by the title insurance company or closing attorney
that the priority of the lien of the related Mortgage during the period
between the date of the funding of the related Mortgage Loan and the date
of the related title policy (which title policy shall be dated the date of
recording of the related Mortgage) is insured, (ii) a preliminary title
report issued by a title insurer in anticipation of issuing a title
insurance policy which evidences existing liens and gives a preliminary
opinion as to the absence of any encumbrance on title to the Mortgaged
Property, except liens to be removed on or before purchase by the Mortgagor
or which constitute customary exceptions acceptable to lenders generally or
(iii) other evidence of title insurance acceptable to Fannie Mae or Freddie
Mac, in accordance with the Fannie Mae Seller/Servicer Guide or Freddie Mac
Seller/Servicer Guide, respectively;
<PAGE>
(viii) A certified true copy of any power of attorney, if applicable; and
(ix) Originals of any security agreement, chattel mortgage or the equivalent
executed in connection with the Mortgage, if any;
and (II) with respect to each Cooperative Loan so assigned:
(i) The original Mortgage Note, endorsed without recourse to the order of
the Trustee and showing an unbroken chain of endorsements from the
originator thereof to the Seller;
(ii) A counterpart of the Cooperative Lease and the Assignment of Proprietary
Lease to the originator of the Cooperative Loan with intervening
assignments showing an unbroken chain of title from such originator to
the Trustee;
(iii) The related Cooperative Stock Certificate, representing the related
Cooperative Stock pledged with respect to such Cooperative Loan,
together with an undated stock power (or other similar instrument)
executed in blank;
(iv) The original recognition agreement by the Cooperative of the interests of
the mortgagee with respect to the related Cooperative Loan;
(v) The Security Agreement;
(vi) Copies of the original UCC-1 financing statement, and any continuation
statements, filed by the originator of such Cooperative Loan as secured
party, each with evidence of recording thereof, evidencing the interest
of the originator under the Security Agreement and the Assignment of
Proprietary Lease;
(vii) Copies of the filed UCC-3 assignments of the security interest
referenced in clause (vi) above showing an unbroken chain of title from
the originator to the Trustee, each with evidence of recording thereof,
evidencing the interest of the originator under the Security Agreement
and the Assignment of Proprietary Lease;
(viii) An executed assignment of the interest of the originator in the Security
Agreement, Assignment of Proprietary Lease and the recognition agreement
referenced in clause (iv) above, showing an unbroken chain of title from
the originator to the Trustee;
(ix) The original of each modification, assumption agreement or preferred loan
agreement, if any, relating to such Cooperative Loan; and
(x) An executed UCC-1 financing statement showing the Seller as debtor, the
Company as secured party and the Trustee as assignee and an executed UCC-1
financing statement showing the Company as debtor and the Trustee as
secured party, each in a form sufficient for filing, evidencing the
interest of such debtors in the Cooperative Loans.
Capitalized words and phrases used herein shall have the
respective meanings assigned to them in the above-captioned Custodial Agreement.
ESCROW BANK USA, as Custodian
By:
Name:
Title:
<PAGE>
EXHIBIT P
FINANCIAL SECURITY POLICY
<PAGE>
