SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) May 30, 1996
Residential Funding Mortgage Securities I, Inc. (as company under
a Pooling and Servicing Agreement dated as of May 1, 1996
providing for, inter alia, the issuance of Mortgage Pass-Through
Certificates, Series 1996-S14)
Residential Funding Mortgage Securities I, Inc.
(Exact name of registrant as specified in its charter)
DELAWARE 33-54227 75-2006294
(State or other jurisdiction (Commission) (I.R.S. employer
of incorporation) file number) identification no.)
8400 Normandale Lake Blvd., Suite 600, Minneapolis, MN 55437
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (612) 832-7000
(Former name or former address, if changed since last report)
Exhibit Index Located on Page 2
Items 1 through 6 and Item 8 are not included because they are not
applicable.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits (executed copies) - The following
execution copies of Exhibits to the Form S-3 Registration
Statement of the Registrant are hereby filed:
Sequentially
Exhibit
Numbered
Number Exhibit
Page
7(c) Pooling and Servicing Agreement, dated 004
as of May 1, 1996 among Residential
Funding Mortgage Securities I, Inc.,
as company, Residential Funding Corporation,
as master servicer, and First National Bank
Chicago, as trustee.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly authorized.
RESIDENTIAL FUNDING
MORTGAGE
SECURITIES I, INC.
By: /s/ Diane S. Wold
Name: Diane S. Wold
Title: Vice President
Dated: May 30, 1996
Exhibit 7(c)
Pooling and Servicing Agreement
<PAGE>
Execution Copy
- --------------------------------------------------------------------------------
RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.,
Company,
RESIDENTIAL FUNDING CORPORATION,
Master Servicer,
and
THE FIRST NATIONAL BANK OF CHICAGO,
Trustee
POOLING AND SERVICING AGREEMENT
Dated as of May 1, 1996
Mortgage Pass-Through Certificates
Series 1996-S14
- --------------------------------------------------------------------------------
<PAGE>
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page
ARTICLE I
DEFINITIONS
<S> <C> <C>
Section 1.01. Definitions............................................................................ 3
Accrued Certificate Interest................................................................ 3
Adjusted Mortgage Rate...................................................................... 4
Adjusted Senior Accelerated Distribution....................................................
Percentage.................................................................................. 4
Adjusted Senior Percentage.................................................................. 5
Advance..................................................................................... 5
Affiliate................................................................................... 5
Agreement................................................................................... 6
Amount Held for Future Distribution......................................................... 6
Appraised Value............................................................................. 6
Assignment.................................................................................. 6
Assignment Agreement........................................................................ 6
Assignment of Proprietary Lease............................................................. 6
Available Distribution Amount............................................................... 6
Bankruptcy Amount........................................................................... 7
Bankruptcy Code............................................................................. 8
Bankruptcy Loss............................................................................. 8
Book-Entry Certificate...................................................................... 8
Business Day................................................................................ 8
Buydown Funds............................................................................... 8
Buydown Mortgage Loan....................................................................... 9
Cash Liquidation............................................................................ 9
Certificate................................................................................. 9
Certificate Account......................................................................... 9
Certificate Account Deposit Date............................................................ 9
Certificateholder or Holder................................................................. 9
Certificate Owner........................................................................... 9
Certificate Principal Balance............................................................... 10
Certificate Register and Certificate........................................................
Registrar...................................................................................
Class....................................................................................... 11
Class A Certificate......................................................................... 11
Class A-18 Collection Shortfall............................................................. 11
Class A-18 Principal Distribution Amount.................................................... 11
Class B Certificate......................................................................... 11
Class B Percentage.......................................................................... 11
Class B-1 Percentage........................................................................ 11
Class B-1 Prepayment Distribution Trigger................................................... 12
Class B-2 Percentage........................................................................ 12
Class B-2 Prepayment Distribution Trigger................................................... 12
Class B-3 Percentage........................................................................ 12
Class B-3 Prepayment Distribution Trigger................................................... 12
Class M Certificate......................................................................... 12
Class M Percentage.......................................................................... 13
Class M-1 Percentage........................................................................ 13
Class M-2 Percentage........................................................................ 13
</TABLE>
i
<PAGE>
<TABLE>
<CAPTION>
Page
----
<S> <C>
Class M-2 Prepayment Distribution Trigger................................................... 13
Class M-3 Percentage........................................................................ 13
Class M-3 Prepayment Distribution Trigger................................................... 13
Class R Certificate......................................................................... 13
Class R-I Certificate....................................................................... 13
Class R-II Certificate...................................................................... 14
Closing Date................................................................................ 14
Code........................................................................................ 14
Compensating Interest....................................................................... 14
Cooperative................................................................................. 14
Cooperative Apartment....................................................................... 14
Cooperative Lease........................................................................... 14
Cooperative Loans........................................................................... 14
Cooperative Stock........................................................................... 15
Cooperative Stock Certificate............................................................... 15
Corporate Trust Office...................................................................... 15
Credit Support Depletion Date............................................................... 15
Cumulative Insurance Payments............................................................... 15
Curtailment................................................................................. 15
Custodial Account........................................................................... 15
Custodial Agreement......................................................................... 15
Custodian................................................................................... 15
Cut-off Date................................................................................ 15
Cut-off Date Principal Balance.............................................................. 16
Debt Service Reduction...................................................................... 16
Deficient Valuation......................................................................... 16
Definitive Certificate...................................................................... 16
Deleted Mortgage Loan....................................................................... 16
Depository.................................................................................. 16
Depository Participant...................................................................... 16
Destroyed Mortgage Note..................................................................... 16
Determination Date.......................................................................... 16
Discount Fraction........................................................................... 16
Discount Mortgage Loan...................................................................... 17
Disqualified Organization................................................................... 17
Distribution Date........................................................................... 17
Due Date.................................................................................... 17
Due Period.................................................................................. 17
Eligible Account............................................................................ 18
Eligible Funds.............................................................................. 18
Event of Default............................................................................ 18
Excess Bankruptcy Loss...................................................................... 18
Excess Fraud Loss........................................................................... 18
Excess Special Hazard Loss.................................................................. 19
Excess Spread............................................................................... 19
Excess Subordinate Principal Amount......................................................... 19
Extraordinary Events........................................................................ 19
Extraordinary Losses........................................................................ 20
FDIC........................................................................................ 20
FHLMC....................................................................................... 20
Final Distribution Date..................................................................... 20
Financial Security.......................................................................... 20
</TABLE>
ii
<PAGE>
<TABLE>
<CAPTION>
Page
----
<S> <C>
Financial Security Default.................................................................. 20
Fitch....................................................................................... 20
FNMA........................................................................................ 20
Foreclosure Profits......................................................................... 20
Fraud Loss Amount........................................................................... 21
Fraud Losses................................................................................ 21
FSA Insurance Payment....................................................................... 21
FSA Policy.................................................................................. 21
FSA Policy Payments Account................................................................. 22
Guaranteed Distribution..................................................................... 22
Indemnification Agreement................................................................... 22
Independent................................................................................. 22
Initial Certificate Principal Balance....................................................... 22
Initial Monthly Payment Fund................................................................ 22
Insurance Premium........................................................................... 22
Insurance Proceeds.......................................................................... 22
Insurer..................................................................................... 23
Interest Accrual Period..................................................................... 23
Late Collections............................................................................ 23
LIBOR....................................................................................... 23
Liquidation Proceeds........................................................................ 23
Loan-to-Value Ratio......................................................................... 23
Maturity Date............................................................................... 23
Monthly Payment............................................................................. 24
Moody's..................................................................................... 24
Mortgage.................................................................................... 24
Mortgage File............................................................................... 24
Mortgage Loan Schedule...................................................................... 24
Mortgage Loans.............................................................................. 25
Mortgage Note............................................................................... 25
Mortgage Rate............................................................................... 25
Mortgaged Property.......................................................................... 25
Mortgagor................................................................................... 25
Net Mortgage Rate........................................................................... 26
Non-Primary Residence Loans................................................................. 26
Non-United States Person.................................................................... 26
Nonrecoverable Advance...................................................................... 26
Nonsubserviced Mortgage Loan................................................................ 26
Notional Amount............................................................................. 26
Officers' Certificate....................................................................... 26
Opinion of Counsel.......................................................................... 26
Original Senior Percentage.................................................................. 26
Outstanding Mortgage Loan................................................................... 27
Owner or Holder............................................................................. 27
Ownership Interest.......................................................................... 27
Pass-Through Rate........................................................................... 27
Paying Agent................................................................................ 27
Percentage Interest......................................................................... 27
Permitted Investments....................................................................... 28
Permitted Transferee........................................................................ 29
Person...................................................................................... 29
Pool Stated Principal Balance............................................................... 29
</TABLE>
iii
<PAGE>
<TABLE>
<CAPTION>
Page
----
<S> <C>
Prepayment Assumption....................................................................... 29
Prepayment Distribution Percentage.......................................................... 30
Prepayment Distribution Trigger............................................................. 31
Prepayment Interest Shortfall............................................................... 31
Prepayment Lockout Certificates............................................................. 31
Prepayment Lockout Percentage............................................................... 31
Prepayment Period........................................................................... 32
Primary Insurance Policy.................................................................... 32
Principal Prepayment........................................................................ 32
Principal Prepayment in Full................................................................ 32
Program Guide............................................................................... 32
Purchase Price.............................................................................. 32
Qualified Substitute Mortgage Loan.......................................................... 32
Rate Adjustment Date........................................................................ 33
Rating Agency............................................................................... 33
Realized Loss............................................................................... 33
Record Date................................................................................. 34
Regular Certificate......................................................................... 34
REMIC....................................................................................... 34
REMIC Administrator......................................................................... 34
REMIC I..................................................................................... 34
REMIC I Certificates........................................................................ 35
REMIC II.................................................................................... 35
REMIC II Certificates....................................................................... 35
REMIC Provisions............................................................................ 35
REO Acquisition............................................................................. 35
REO Disposition............................................................................. 35
REO Imputed Interest........................................................................ 36
REO Proceeds................................................................................ 36
REO Property................................................................................ 36
Request for Release......................................................................... 36
Required Insurance Policy................................................................... 36
Residential Funding......................................................................... 36
Responsible Officer......................................................................... 36
Security Agreement.......................................................................... 36
Seller...................................................................................... 36
Seller's Agreement.......................................................................... 36
Senior Certificates......................................................................... 37
Senior Percentage........................................................................... 37
Senior Principal Adjustment Date............................................................ 37
Senior Principal Distribution Amount........................................................ 37
Servicing Accounts.......................................................................... 37
Servicing Advances.......................................................................... 37
Servicing Fee............................................................................... 38
Servicing Officer........................................................................... 38
Special Hazard Amount....................................................................... 38
Special Hazard Loss......................................................................... 39
Spread Rate................................................................................. 39
Standard & Poor's........................................................................... 39
Stated Principal Balance.................................................................... 39
Subordinate Percentage...................................................................... 39
Subordinate Principal Distribution Amount................................................... 39
</TABLE>
iv
<PAGE>
<TABLE>
<CAPTION> Page
----
<S> <C>
Subserviced Mortgage Loan.................................................................... 40
Subservicer.................................................................................. 40
Subservicer Advance.......................................................................... 40
Subservicing Account......................................................................... 40
Subservicing Agreement....................................................................... 40
Subservicing Fee............................................................................. 40
Tax Returns.................................................................................. 41
Transfer..................................................................................... 41
Transferee................................................................................... 41
Transferor................................................................................... 41
Trust Fund................................................................................... 41
Uncertificated Accrued Interest.............................................................. 41
Uncertificated Pass-Through Rate............................................................. 42
Uncertificated Principal Balance............................................................. 42
Uncertificated REMIC I Regular Interest U.................................................... 42
Uncertificated REMIC I Regular Interest V.................................................... 43
Uncertificated REMIC I Regular Interest W.................................................... 43
Uncertificated REMIC I Regular Interest X.................................................... 43
Uncertificated REMIC I Regular Interest Y.................................................... 43
Uncertificated REMIC I Regular Interest Z.................................................... 43
Uncertificated REMIC I Regular Interests..................................................... 43
Uncertificated REMIC I Regular Interest U
Distribution Amount.......................................................................... 44
Uncertificated REMIC I Regular Interest V
Distribution Amount.......................................................................... 44
Uncertificated REMIC I Regular Interest W
Distribution Amount.......................................................................... 44
Uncertificated REMIC I Regular Interest X
Distribution Amount.......................................................................... 44
Uncertificated REMIC I Regular Interest Y
Distribution Amount.......................................................................... 44
Uncertificated REMIC I Regular Interest Z
Distribution Amount.......................................................................... 44
Uncertificated REMIC I Regular Interest
Distribution Amounts......................................................................... 44
Uniform Single Attestation Program for
Mortgage Bankers:............................................................................ 45
Uninsured Cause.............................................................................. 45
United States Person......................................................................... 45
Voting Rights................................................................................ 45
</TABLE>
Section 1.02. Determination of LIBOR.
ARTICLE II
<TABLE>
<CAPTION>
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES
<S> <C> <C>
Section 2.01. Conveyance of Mortgage Loans..................................................... 48
Section 2.02. Acceptance by Trustee............................................................ 53
</TABLE>
v
<PAGE>
<TABLE>
<S> <C> <C>
Section 2.03. Representations, Warranties and
Covenants of the Master Servicer and the
Company............................................................................ 55
Section 2.04. Representations and Warranties
of Sellers.................................................................................... 60
Section 2.05. Issuance of Certificates Evidencing
Interests in REMIC I Certificates.................................................. 62
Section 2.06. Conveyance of Uncertificated REMIC I and
REMIC II Regular Interests; Acceptance
by the Trustee..................................................................... 63
Section 2.07. Issuance of Certificates Evidencing
Interest in REMIC II............................................................... 63
</TABLE>
ARTICLE III
ADMINISTRATION AND SERVICING
OF MORTGAGE LOANS
<TABLE>
<CAPTION>
<S> <C> <C>
Section 3.01. Master Servicer to Act as Servicer............................................. 65
Section 3.02. Subservicing Agreements Between Master
Servicer and Subservicers; Enforcement
of Subservicers' and Sellers'
Obligations.................................................................... 66
Section 3.03. Successor Subservicers......................................................... 67
Section 3.04. Liability of the Master Servicer............................................... 68
Section 3.05. No Contractual Relationship Between
Subservicer and Trustee or
Certificateholders or the Owner of the
Excess Spread.................................................................. 68
Section 3.06. Assumption or Termination of
Subservicing Agreements by Trustee............................................. 69
Section 3.07. Collection of Certain Mortgage Loan
Payments; Deposits to Custodial Account........................................ 69
Section 3.08. Subservicing Accounts;
Servicing Accounts............................................................. 72
Section 3.09. Access to Certain Documentation and
Information Regarding the Mortgage
Loans.......................................................................... 74
Section 3.10. Permitted Withdrawals from the
Custodial Account.............................................................. 74
Section 3.11. Maintenance of the Primary Insurance
Policies; Collections Thereunder............................................... 76
Section 3.12. Maintenance of Fire Insurance and
Omissions and Fidelity Coverage................................................ 77
Section 3.13. Enforcement of Due-on-Sale Clauses;
Assumption and Modification Agreements;
Certain Assignments............................................................ 79
Section 3.14. Realization Upon Defaulted
Mortgage Loans ................................................................................ 81
Section 3.15. Trustee to Cooperate;
Release of Mortgage Files...................................................... 84
</TABLE>
vi
<PAGE>
<TABLE>
<S> <C> <C>
Section 3.16. Servicing and Other Compensation;
Compensating Interest.......................................................... 86
Section 3.17. Reports to the Trustee and the Company......................................... 87
Section 3.18. Annual Statement as to Compliance.............................................. 87
Section 3.19. Annual Independent Public Accountants'
Servicing Report............................................................... 88
Section 3.20. Rights of the Company in Respect
of the Master Servicer......................................................... 88
Section 3.21. Administration of Buydown Funds................................................ 89
</TABLE>
ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS
<TABLE>
<CAPTION>
<S> <C> <C>
Section 4.01. Certificate Account............................................................ 91
Section 4.02. Distributions.................................................................. 91
Section 4.03. Statements to Certificateholders and the
Owner of the Excess Spread..................................................... 103
Section 4.04. Distribution of Reports to the
Trustee and the Company; Advances
by the Master Servicer......................................................... 106
Section 4.05. Allocation of Realized Losses.................................................. 108
Section 4.06. Reports of Foreclosures and Abandonment
of Mortgaged Property.......................................................... 109
Section 4.07. Optional Purchase of Defaulted Mortgage
Loans.......................................................................... 110
Section 4.08. Distributions on the Uncertificated
REMIC I and REMIC II Regular Interests......................................... 110
</TABLE>
ARTICLE V
THE CERTIFICATES AND EXCESS SPREAD
<TABLE>
<CAPTION>
<S> <C> <C>
Section 5.01. The Certificates............................................................... 113
Section 5.02. Registration of Transfer and Exchange of
Certificates and Restrictions on
Transfer of Excess Spread...................................................... 115
Section 5.03. Mutilated, Destroyed, Lost or Stolen
Certificates................................................................... 121
Section 5.04. Persons Deemed Owners.......................................................... 121
Section 5.05. Appointment of Paying Agent.................................................... 122
Section 5.06. Optional Purchase of Certificates.............................................. 122
</TABLE>
vii
<PAGE>
ARTICLE VI
THE COMPANY AND THE MASTER SERVICER
<TABLE>
<CAPTION>
<S> <C> <C>
Section 6.01. Respective Liabilities of the Company
and the Master Servicer........................................................ 125
Section 6.02. Merger or Consolidation of the
Company or the Master Servicer;
Assignment of Rights and Delegation
of Duties by Master Servicer................................................... 125
Section 6.03. Limitation on Liability of the Company,
the Master Servicer and Others................................................. 126
Section 6.04. Company and Master
Servicer Not to Resign......................................................... 127
</TABLE>
ARTICLE VII
DEFAULT
<TABLE>
<CAPTION>
<S> <C> <C>
Section 7.01. Events of Default.............................................................. 128
Section 7.02. Trustee or Company to Act; Appointment
of Successor................................................................... 130
Section 7.03. Notification to Certificateholders............................................. 131
Section 7.04. Waiver of Events of Default.................................................... 131
</TABLE>
ARTICLE VIII
CONCERNING THE TRUSTEE
<TABLE>
<CAPTION>
<S> <C> <C>
Section 8.01. Duties of Trustee.............................................................. 133
Section 8.02. Certain Matters Affecting the Trustee.......................................... 135
Section 8.03. Trustee Not Liable for Certificates or
Mortgage Loans................................................................. 137
Section 8.04. Trustee May Own Certificates................................................... 137
Section 8.05. Master Servicer to Pay Trustee's Fees
and Expenses; Indemnification.................................................. 137
Section 8.06. Eligibility Requirements for Trustee........................................... 138
Section 8.07. Resignation and Removal of the Trustee......................................... 139
Section 8.08. Successor Trustee.............................................................. 140
Section 8.09. Merger or Consolidation of Trustee............................................. 141
Section 8.10. Appointment of Co-Trustee or Separate
Trustee........................................................................ 141
Section 8.11. Appointment of Custodians...................................................... 142
Section 8.12. Appointment of Office or Agency................................................ 143
</TABLE>
ARTICLE IX
TERMINATION
viii
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
Section 9.01. Termination Upon Purchase by the Master
Servicer or the Company or
Liquidation of All Mortgage Loans 144
Section 9.02. Termination of REMIC II................ 147
Section 9.03. Additional Termination Requirements.... 147
</TABLE>
ARTICLE X
REMIC PROVISIONS
<TABLE>
<CAPTION>
<S> <C>
Section 10.01. REMIC Administration 149
Section 10.02. Master Servicer and Trustee Indemnification 153
</TABLE>
ARTICLE XI
CERTAIN MATTERS
REGARDING FINANCIAL SECURITY
<TABLE>
<CAPTION>
<S> <C> <C>
Section 11.01. Rights of Financial Security To Exercise
Rights of Insured Certificateholders.............................................. 155
Section 11.02. Claims Upon the FSA Policy; FSA Policy
Payments Account.................................................................. 155
Section 11.03. Effect of Payments by Financial
Security; Subrogation............................................................. 156
Section 11.04. Notices and Information to Financial
Security.......................................................................... 157
Section 11.05. Trustee to Hold FSA Policy........................................................ 158
</TABLE>
ARTICLE XII
MISCELLANEOUS PROVISIONS
<TABLE>
<CAPTION>
<S> <C> <C>
Section 12.01. Amendment......................................................................... 159
Section 12.02. Recordation of Agreement; Counterparts............................................ 162
Section 12.03. Limitation on Rights
of Certificateholders............................................................. 162
Section 12.04. Governing Law..................................................................... 163
Section 12.05. Notices........................................................................... 163
Section 12.06. Notices to Rating Agency.......................................................... 164
Section 12.07. Severability of Provisions........................................................ 165
</TABLE>
ix
<PAGE>
EXHIBITS
Exhibit A: Form of Class A Certificate
Exhibit B: Form of Class M Certificate
Exhibit C: Form of Class B Certificate
Exhibit D: Form of Class R Certificate
Exhibit E: Form of Custodial Agreement
Exhibit F: Mortgage Loan Schedule
Exhibit G: Form of Seller/Servicer Contract
Exhibit H: Forms of Request for Release
Exhibit I-1: Form of Transfer Affidavit and Agreement
Exhibit I-2: Form of Transferor Certificate
Exhibit J: Form of Investor Representation Letter
Exhibit K: Form of Transferor Representation Letter
Exhibit L: Form of Rule 144A Investment Representation Letter
Exhibit M: Text of Amendment to Pooling and Servicing Agreement Pursuant to
Section 12.01(e) for a Limited Guaranty
Exhibit N: Form of Limited Guaranty
Exhibit O: Form of Lender Certification for Assignment of Mortgage Loan
Exhibit P: Schedule of Discount Fractions
Exhibit Q: Copy of FSA Policy
x
<PAGE>
This is a Pooling and Servicing Agreement, dated as of May 1, 1996, among
RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC., as the company (together with
its permitted successors and assigns, the "Company"), RESIDENTIAL FUNDING
CORPORATION, as master servicer (together with its permitted successors and
assigns, the "Master Servicer"), and THE FIRST NATIONAL BANK OF CHICAGO, 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 defined herein). As provided herein, the Master Servicer
will make an election to treat the entire segregated pool of assets described in
the definition of REMIC I (as defined herein), and subject to this Agreement
(including the Mortgage Loans but excluding the Initial Monthly Payment Fund),
as a real estate mortgage investment conduit (a "REMIC") for federal income tax
purposes and such segregated pool of assets will be designated as "REMIC I."
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. A segregated pool of assets consisting of the
Uncertificated REMIC I Regular Interests will be designated as "REMIC II," and
the Master Servicer will make a separate REMIC election with respect thereto.
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 A-9, Class A-10, Class A-11, Class A-12, Class A-13, Class A-
14, Class A-15, Class A-16, Class A-17, Class A-18, Class M-1, Class M-2, Class
M-3, Class B-1, Class B-2 and Class B-3 Certificates and the rights in and to
the Excess Spread (as defined herein) 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.
<PAGE>
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.
<TABLE>
<CAPTION>
Aggregate Initial
Certificate
Pass-Through Principal Maturity
Designation Rate Balance Features Date S&P Fitch
- ----------- ----------- ----------------- -------- -------- --- -----
<S> <C> <C> <C> <C> <C> <C>
Class A-1 7.500% $ 31,680,861.00 Senior May 25, 2026 AAA
AAA
Class A-2 7.500% $105,040,087.00 Senior May 25, 2026 AAA
AAA
Class A-3 7.500% $ 2,560,000.00 Insured/Senior May 25, 2026 AAA
AAA
Class A-4 7.500% $ 33,579,740.00 Prepayment Lockout/Senior May 25, 2026
AAA AAA
Class A-5 7.750% $ 6,864,000.00 Insured/Senior May 25, 2026 AAA
AAA
Class A-6 6.000% $ 1,536,000.00 Insured/Senior May 25, 2026 AAA
AAA
Class A-7 7.425% $ 27,457,512.00 Senior May 25, 2026 AAA
AAA
Class A-8 7.500% $ 13,002,000.00 Senior May 25, 2026 AAA
AAA
Class A-9 7.500% $ 3,150,000.00 Insured/Senior May 25, 2026 AAA
AAA
Class A-10 7.500% $ 5,225,000.00 Insured/Senior May 25, 2026 AAA
AAA
Class A-11 8.000% $ 10,498,532.00 Senior May 25, 2026 AAA
AAA
Class A-12 7.000% $ 59,143,468.00 Senior May 25, 2026 AAA
AAA
Class A-13 Adjustable Rate $ 16,215,000.00 Floater/Senior May 25, 2026 AAA
AAA
Class A-14 Adjustable Rate $ 0.00 Inverse Floater/Interest May 25, 2026 AAAr
AAA
Only/Senior
Class A-15 7.500% $ 5,800,000.00 Insured/Senior May 25, 2026 AAA
AAA
Class A-16 7.500% $ 11,615,000.00 Insured/Senior May 25, 2026 AAA
AAA
Class A-17 7.500% $ 2,430,000.00 Senior May 25, 2026 AAA
AAA
Class A-18 0.000% $ 9,649,848.10 Principal Only/Senior May 25, 2026
AAAr AAA
Class R-I 7.500% $ 100.00 Residual/Senior May 25, 2026 AAA
AAA
Class R-II 7.500% $ 100.00 Residual/Senior May 25, 2026 AAA
AAA
Class M-1 7.500% $ 11,024,900.00 Mezzanine May 25, 2026 AA
N/A
Class M-2 7.500% $ 3,675,000.00 Mezzanine May 25, 2026 A
N/A
Class M-3 7.500% $ 1,837,500.00 Mezzanine May 25, 2026 BBB
N/A
Class B-1 7.500% $ 2,756,200.00 Subordinate May 25, 2026 BB
N/A
Class B-2 7.500% $ 1,286,200.00 Subordinate May 25, 2026 B
N/A
Class B-3 7.500% $ 1,470,031.75 Subordinate May 25, 2026 N/A
N/A
</TABLE>
2
<PAGE>
The Mortgage Loans have an aggregate Cut-off Date Principal Balance equal
to $367,497,079.85. The Mortgage Loans are fixed rate mortgage loans having
terms to maturity at origination or modification of not more than 30 years.
In consideration of the mutual agreements herein contained, the Company,
the Master 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.
Accrued Certificate Interest: With respect to each Distribution Date, as
----------------------------
to any Class A Certificate (other than the Class A-14 Certificates and Class A-
18 Certificates), any Class M Certificate, any Class B Certificate or any Class
R Certificate, 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. With respect to each Distribution
Date, as to the Class A-14 Certificates interest accrued during the related
Interest Accrual Period on the Notional Amount thereof. In each case Accrued
Certificate Interest on any Class of Certificates will be reduced by the amount
of (i) Prepayment Interest Shortfalls (to the extent not offset by (x) the
Master Servicer with a payment of Compensating Interest as provided in Section
4.01 or (y) an Insured Reserve Withdrawal), (ii) the interest portion (adjusted
to the Net Mortgage Rate) of Realized Losses (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 previously made with
respect to a Mortgage Loan or REO Property which remained unreimbursed following
the Cash Liquidation or REO Disposition of such Mortgage Loan or REO Property
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
Soldiers' and Sailors' Civil Relief Act of 1940, as amended, or similar
3
<PAGE>
legislation or regulations as in effect from time to time, with all such
reductions allocated among all of the Certificates and
to the Excess Spread in proportion to their respective amounts of Accrued
Certificate Interest or interest and the amount of Excess Spread payable on such
Distribution Date which would have resulted absent such reductions. In addition
to that portion of the reductions described in the second 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.
Adjusted Mortgage Rate: With respect to any Mortgage Loan and any date
----------------------
of determination, the Mortgage Rate borne by the related Mortgage Note, less the
rate at which the related Subservicing Fee accrues.
Adjusted Senior Accelerated Distribution Percentage: With respect to any
---------------------------------------------------
Distribution Date, the percentage indicated below:
Distribution Date Adjusted Senior Accelerated
----------------- Distribution Percentage
---------------------------
June 1996 through
May 2001...................... 100%
June 2001 through
May 2002...................... Adjusted Senior Percentage,
plus 70% of the sum of the
Subordinate Percentage and the
Prepayment Lockout Percentage
June 2002 through
May 2003...................... Adjusted Senior Percentage,
plus 60% of the sum of the
Subordinate Percentage and the
Prepayment Lockout Percentage
June 2003 through
May 2004...................... Adjusted Senior Percentage,
plus 40% of the sum of the
Subordinate Percentage and the
Prepayment Lockout Percentage
June 2004 through
May 2005...................... Adjusted Senior Percentage,
plus 20% of the sum of the
Subordinate Percentage and the
Prepayment Lockout Percentage
4
<PAGE>
June 2005 and
thereafter.................... Adjusted Senior Percentage
5
<PAGE>
provided, however, (i) that any scheduled reduction to the Adjusted 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 Class M and Class B Certificates, is less than 50% or (Y) 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 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
Class M Certificates and Class B 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 are
less than 10% of the sum of the Initial Certificate Principal Balances of the
Class M Certificates and Class B Certificates and (ii) that for any Distribution
Date on which the Adjusted Senior Percentage is greater than the Original
Adjusted Senior Percentage, the Adjusted Senior Accelerated Distribution
Percentage for such Distribution Date shall be 100%. Notwithstanding the
foregoing, upon the reduction of the aggregate Certificate Principal Balance of
the Senior Certificates (other than the Prepayment Lockout Certificates and
Class A-18 Certificates) to zero, the Adjusted Senior Accelerated Distribution
Percentage shall thereafter be 0%.
Adjusted 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 Prepayment Lockout Certificates and the Class A-18 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.
Advance: As to any Mortgage Loan, any advance made by the Master
-------
Servicer, pursuant to Section 4.04.
6
<PAGE>
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.
Agreement: This Pooling and Servicing Agreement and all amendments
---------
hereof and supplements hereto.
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, Principal Prepayments, Mortgage Loan purchases made pursuant
to Section 2.02, 2.03 or 2.04 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
Mortgage Loans that the Master Servicer has deemed to have been received in the
preceding month in accordance with Section 3.07(b)) 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.
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.
7
<PAGE>
Assignment Agreement: The Assignment and Assumption Agreement, dated May
--------------------
30, 1996, between Residential Funding and the Company relating to the transfer
and assignment of the Mortgage Loans.
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 Certificate Account
Deposit Date, (iii) any amount deposited in the Custodial Account pursuant to
Section 3.12(a) and (iv) any amount deposited in the Certificate Account
pursuant to Section 4.07, 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 Master 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)
$111,281 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 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
8
<PAGE>
(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 Master Servicer
(including accelerating the manner in which such coverage is reduced) provided
that prior to any such reduction, the Master 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 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.
Bankruptcy Code: The Bankruptcy Code of 1978, as amended.
---------------
9
<PAGE>
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 Master Servicer has notified the Trustee in writing
that the Master 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 Master Servicer
or a Subservicer, in either case without giving effect to any Debt Service
Reduction.
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
Michigan, the State of California or the State of Illinois (and such other state
or states in which the Custodial Account or the Certificate 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 Certificate 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
Master Servicer that it has received all Insurance Proceeds, Liquidation
Proceeds and other payments or cash recoveries which the Master Servicer
reasonably and in good faith expects to be finally recoverable with respect to
such Mortgage Loan.
Certificate: Any Class A Certificate, Class M Certificate, Class B
-----------
Certificate or Class R Certificate.
10
<PAGE>
Certificate Account: The separate account or accounts created and
-------------------
maintained pursuant to Section 4.01, which shall be entitled "The First National
Bank of Chicago, as trustee, in trust for the registered holders of Residential
Funding Mortgage Securities I, Inc., Mortgage Pass-Through Certificates and the
Owner of the Excess Spread, Series 1996-S14" and which must be an Eligible
Account.
Certificate Account Deposit Date: As to any Distribution Date, the
--------------------------------
Business Day prior thereto.
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-I Certificate or Class R-II 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-I Certificate
or Class R-II Certificate, registered in the name of the Company, the Master
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.
11
<PAGE>
Certificate Principal Balance: With respect to each Class A Certificate
-----------------------------
(other than the Class A-14 Certificates) and Class R Certificate, on any date of
determination, an amount equal to (i) the Initial Certificate Principal Balance
of such Certificate as specified on the face thereof, 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 or amount 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 purposes 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. With respect to each Class M
Certificate, on any date of determination, an amount equal to (i) the Initial
Certificate Principal Balance of such Class M Certificate as specified on the
face thereof, minus (ii) 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, that if the Certificate Principal Balances
of the Class B Certificates have been reduced to zero, the Certificate Principal
Balance of each Class M Certificate of those Class M Certificates outstanding
with the highest numerical designation at any given time shall thereafter 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. With respect to each Class B
Certificate, on any date of determination, an amount equal to (i) the Initial
Certificate Principal Balance of such Class B Certificate as specified on the
face thereof, minus (ii) 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, that the Certificate Principal Balance of
each Class B Certificate of those Class B Certificates outstanding with the
highest numerical designation at any given time shall be calculated to equal the
Percentage
12
<PAGE>
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. The Class A-14 Certificates have no Certificate
Principal Balance.
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 A-9, Class A-10,
Class A-11, Class A-12, Class A-13, Class A-14, Class A-15, Class A-16, Class A-
17 or Class A-18 Certificates, executed by the Trustee and authenticated by the
Certificate Registrar substantially in the form annexed hereto as Exhibit A,
each such Certificate evidencing an interest designated as a "regular interest"
in REMIC II for purposes of the REMIC Provisions.
Class A-18 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 A-18 Principal Distribution Amount: As defined in Section
----------------------------------------
4.02(b)(i).
Class B Certificate: Any one of the Class B-1 Certificates, Class B-2
-------------------
Certificates or Class B-3 Certificates executed by the Trustee and authenticated
by the Certificate Registrar substantially in the form annexed hereto as Exhibit
C and evidencing an interest designated as a "regular interest" in REMIC II for
purposes of the REMIC Provisions.
Class B Percentage: The Class B-1 Percentage, Class B-2 Percentage and
------------------
Class B-3 Percentage.
Class B-1 Percentage: With respect to any Distribution Date, a fraction,
--------------------
expressed as a percentage, the numerator of which is the aggregate Certificate
Principal Balance of the Class B-1 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) immediately prior to such
Distribution Date.
13
<PAGE>
Class B-1 Prepayment Distribution Trigger: With respect to any
-----------------------------------------
Distribution Date, a test that shall be satisfied if the fraction (expressed as
a percentage) equal to the sum of the Certificate Principal Balances of the
Class B-1 Certificates, Class B-2 Certificates and Class B-3 Certificates
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 1.50%.
Class B-2 Percentage: With respect to any Distribution Date, a fraction,
--------------------
expressed as a percentage, the numerator of which is the aggregate Certificate
Principal Balance of the Class B-2 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) immediately prior to such
Distribution Date.
Class B-2 Prepayment Distribution Trigger: With respect to any
-----------------------------------------
Distribution Date, a test that shall be satisfied if the fraction (expressed as
a percentage) equal to the sum of the Certificate Principal Balances of the
Class B-2 Certificates and Class B-3 Certificates 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 0.75%.
Class B-3 Percentage: With respect to any Distribution Date, a fraction
--------------------
expressed as a percentage, the numerator of which is the aggregate Certificate
Principal Balance of the Class B-3 Certificates immediately prior to such date
and the denominator of which is the aggregate Stated Principal Balance of all
the Mortgage Loans (or related REO Properties) immediately prior to such
Distribution Date.
Class B-3 Prepayment Distribution Trigger: With respect to any
-----------------------------------------
Distribution Date, a test that shall be satisfied if the fraction (expressed as
a percentage) equal to the sum of the Certificate Principal Balances of the
Class B-3 Certificates 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 0.40%.
Class M Certificate: Any one of the Class M-1 Certificates, Class M-2
-------------------
Certificates or Class M-3 Certificates executed by the Trustee and authenticated
by the Certificate Registrar substantially in the form annexed hereto as Exhibit
B and evidencing an interest designated as a "regular interest" in REMIC II for
purposes of the REMIC Provisions.
14
<PAGE>
Class M Percentage: The Class M-1 Percentage, Class M-2 Percentage and
------------------
Class M-3 Percentage.
Class M-1 Percentage: With respect to any Distribution Date, a fraction,
--------------------
expressed as a percentage, the numerator of which is the aggregate Certificate
Principal Balance of the Class M-1 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) immediately prior to such
Distribution Date.
Class M-2 Percentage: With respect to any Distribution Date, a fraction,
--------------------
expressed as a percentage, the numerator of which is the aggregate Certificate
Principal Balance of the Class M-2 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) immediately prior to such
Distribution Date.
Class M-2 Prepayment Distribution Trigger: With respect to any
-----------------------------------------
Distribution Date, a test that shall be satisfied if the fraction (expressed as
a percentage) equal to the sum of the Certificate Principal Balances of the
Class M-2 Certificates, Class M-3 Certificates, Class B-1 Certificates, Class B-
2 Certificates and Class B-3 Certificates 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 3.00%.
Class M-3 Percentage: With respect to any Distribution Date, a fraction,
--------------------
expressed as a percentage, the numerator of which is the aggregate Certificate
Principal Balance of the Class M-3 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) immediately prior to such
Distribution Date.
Class M-3 Prepayment Distribution Trigger: With respect to any
-----------------------------------------
Distribution Date, a test that shall be satisfied if the fraction (expressed as
a percentage) equal to the sum of the Certificate Principal Balances of the
Class M-3 Certificates, Class B-1 Certificates, Class B-2 Certificates and Class
B-3 Certificates 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 2.00%.
Class R Certificate: Any one of the Class R-I Certificates or Class R-II
-------------------
Certificates.
15
<PAGE>
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.
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: May 30, 1996.
------------
Code: The Internal Revenue Code of 1986.
----
Compensating Interest: With respect to any Distribution Date, an amount
---------------------
equal to Prepayment Interest Shortfalls resulting from Principal Prepayments in
Full during the related Prepayment Period, but not more than the lesser of (a)
one-twelfth of 0.125% of the Stated Principal Balance of the Mortgage Loans
immediately preceding such Distribution Date and (b) the sum of the Servicing
Fee, all income and gain on amounts held in the Custodial Account and the
Certificate Account and payable to the Certificateholders with respect to such
Distribution Date and servicing compensation to which the Master Servicer may be
entitled pursuant to Section 3.10(a)(v) and (vi); provided that for purposes of
this definition the amount of the Servicing Fee will not be reduced pursuant to
Section 7.02 except as may be required pursuant to the last sentence of such
Section.
Cooperative: A private, cooperative housing corporation organized under
-----------
the laws of, and headquartered in, the State of New York which owns or leases
land and all or part of a building or buildings located in the State of New
York, 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.
16
<PAGE>
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 Corporate Trust Services Division, One First National
Plaza, Chicago, Illinois 60670-0126, Attention: Residential Funding Corporation
Series 1996-S14.
Credit Support Depletion Date: The first Distribution Date on which the
-----------------------------
Senior Percentage equals 100%.
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(g) hereof 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 in the name of a depository institution, as
custodian for the holders of the Certificates, for the holders of certain other
interests in mortgage loans serviced or sold by the Master Servicer and for the
Master Servicer, into which the amounts set forth in Section 3.07 shall be
deposited directly. Any such account or accounts shall be an Eligible Account.
17
<PAGE>
Custodial Agreement: An agreement that may be entered into among the
-------------------
Company, the Master Servicer, the Trustee and a Custodian in substantially the
form of Exhibit E hereto.
Custodian: A custodian appointed pursuant to a Custodial Agreement.
---------
Cut-off Date: May 1, 1996.
------------
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.
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 definitive, fully registered Certificate.
----------------------
Deleted Mortgage Loan: A Mortgage Loan replaced or to be replaced with a
---------------------
Qualified Substitute Mortgage Loan.
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(3) 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.
18
<PAGE>
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 20th day
------------------
(or if such 20th day is not a Business Day, the Business Day immediately
following such 20th 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 7.50% 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 7.50%. The Discount
Fraction with respect to each Discount Mortgage Loan is set forth on Exhibit P
attached hereto.
Discount Mortgage Loan: Any Mortgage Loan having a Net Mortgage Rate (or
----------------------
the initial Net Mortgage Rate) of less than 7.50% per annum and any Mortgage
Loan deemed to be a Discount Mortgage Loan pursuant to the definition of
Qualified Substitute Mortgage Loan.
Disqualified Organization: Any organization defined as a "disqualified
-------------------------
organization" under Section 860E(e)(5) of the Code, which includes 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 the FHLMC, 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 and (v)
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 REMIC I or REMIC II 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.
19
<PAGE>
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, the first day of the
--------
month in which such Distribution Date occurs.
Due Period: With respect to any Distribution Date, the period commencing
----------
on the second day of the month preceding the month of such Distribution Date and
ending on the related Due Date.
Eligible Account: An account that is any of the following: (i)
----------------
maintained with a depository institution the debt obligations of which have been
rated by each Rating Agency in its highest rating available, or (ii) an account
or accounts in a depository institution in which such accounts are fully insured
to the limits established by the FDIC, provided that any deposits not so insured
shall, to the extent acceptable to each Rating Agency, as evidenced in writing,
be maintained such that (as evidenced by an Opinion of Counsel delivered to the
Trustee and each Rating Agency) the registered Holders of Certificates have a
claim with respect to the funds in such account or a perfected first security
interest against any collateral (which shall be limited to Permitted
Investments) securing such funds that is superior to claims of any other
depositors or creditors of the depository institution with which such account is
maintained, or (iii) in the case of the Custodial Account, either (A) a trust
account or accounts maintained in the corporate trust department of The First
National Bank of Chicago or (B) an account or accounts maintained in the
corporate asset services department of The First National Bank of Chicago, as
long as its short term debt obligations are rated P-1 (or the equivalent) or
better by each Rating Agency and its long term debt obligations are rated A2 (or
the equivalent) or better, by each Rating Agency, or (iv) in the case of the
Certificate Account, a trust account or accounts maintained in the corporate
trust division of The First National Bank of Chicago, or (v) 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 Certificate Account 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).
20
<PAGE>
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 Class A and Class R
Certificates and the Excess Spread, (ii) the Senior Principal Distribution
Amount (determined without regard to Section 4.02(a)(ii)(Y)(D) hereof), (iii)
the Class A-18 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 Spread: With respect to any Distribution Date, the aggregate of
-------------
one month's interest on the Stated Principal Balance of each Mortgage Loan at
the applicable Spread Rate, calculated on the basis of a 360-day year consisting
of twelve 30-day months and evidencing an interest designated as a "regular
interest" in REMIC II for purposes of the REMIC Provisions. Excess Spread on
any Distribution Date will be reduced by the interest shortfalls described in
clauses (i) through (iv) of the fourth sentence of the definition of Accrued
Certificate Interest, to the extent allocated thereto pursuant to the provisions
of such definition.
Excess Subordinate Principal Amount: With respect to any Distribution
-----------------------------------
Date on which the Certificate Principal Balance of the most subordinate class or
classes of Certificates (as established in Section 4.05 hereof) then outstanding
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
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.
21
<PAGE>
Extraordinary Events: Any of the following conditions with respect to a
--------------------
Mortgaged Property 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, combatting 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
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, combatting 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.
FDIC: Federal Deposit Insurance Corporation or any successor
----
thereto.
FHLMC: Federal Home Loan Mortgage Corporation, 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.
22
<PAGE>
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 9.03.
Financial Security: Financial Security Assurance Inc., a stock
------------------
insurance company organized and created under the laws of the State of New
York, and any successors thereto.
Financial Security 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.
Fitch: Fitch Investors Service, L.P. or its successor in interest.
-----
FNMA: Federal National Mortgage Association, a federally chartered
----
and privately owned corporation organized and existing under the Federal
National Mortgage Association Charter Act, or any successor thereto.
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.
23
<PAGE>
Fraud Loss Amount: As of any date of determination after the Cut-
-----------------
off Date, an amount equal to: (Y) prior to the first anniversary of the
Cut-off Date an amount equal to 2.00% 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 (Z) from the first 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) 1.00% 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 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 Master Servicer
(including accelerating the manner in which such coverage is reduced)
provided that prior to any such reduction, the Master 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 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.
Fraud Losses: Losses on Mortgage Loans as to which there was fraud
------------
in the origination of such Mortgage Loan.
FSA Insurance Payment: Any payment made by Financial Security with
---------------------
respect to the Insured Certificates under the FSA Policy.
FSA Policy: The Financial Guaranty Insurance Policy (No. 50466-N)
----------
issued by Financial Security for the benefit of the Holders of the Insured
Certificates, including any endorsements thereto, attached hereto as
Exhibit Q.
FSA Policy Payments Account: The account established pursuant to
---------------------------
Section 11.02(b) hereof.
Guaranteed Distribution: With respect to the Insured Certificates
-----------------------
and any Distribution Date, as defined in the FSA Policy.
24
<PAGE>
Independent: When used with respect to any specified Person, means
-----------
such a Person who (i) is in fact independent of the Company, the Master
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 Master Servicer or the Trustee or in an Affiliate thereof,
and (iii) is not connected with the Company, the Master Servicer or the
Trustee as an officer, employee, promoter, underwriter, trustee, partner,
director or person performing similar functions.
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.
Initial Monthly Payment Fund: As defined in Section 2.01(f).
----------------------------
Insurance Premium: As to any Distribution Date, the premium
-----------------
payable to Financial Security in respect of the FSA Policy, which shall be
an amount equal to one-twelfth of the sum of (a) 0.07% multiplied by the
aggregate Certificate Principal Balance of the Class A-5 and Class A-6
Certificates immediately prior to such Distribution Date and (b) 0.075%
multiplied by the Certificate Principal Balance of the Class A-7
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 (excluding the FSA Policy) covering a Mortgage Loan, to the extent
such proceeds are payable to the mortgagee under the Mortgage, any
Subservicer, the Master Servicer or the Trustee and are not applied to the
restoration of the related Mortgaged Property or released to the Mortgagor
in accordance with the procedures that the Master Servicer would follow in
servicing mortgage loans held for its own account.
Insured Certificates: Any one of the Class A-3, Class A-5, Class
--------------------
A-6, Class A-9, Class A-10, Class A-15 or Class A-16 Certificates.
Insured Reserve Fund: The account established and maintained by
--------------------
the Trustee in accordance with Section 4.09 hereof.
Insured Reserve Withdrawal: As defined in Section 4.09.
--------------------------
Insurer: Any named insurer under any Primary Insurance Policy or
-------
any successor thereto or the named insurer in any replacement policy.
25
<PAGE>
Interest Accrual Period: With respect to any Certificate, other than
-----------------------
any Class A-13 Certificate and Class A-14 Certificate, and any Distribution
Date, the calendar month preceding the month in which such Distribution
Date occurs. With respect to any Class A-13 Certificate or Class A-14
Certificate and any Distribution Date, the one-month period commencing on
the 25th day of the month preceding the month in which such Distribution
Date occurs and ending on the 24th day of the month in which such
Distribution Date occurs. Notwithstanding the foregoing, the distributions
of interest on any Distribution Date and the calculation of Accrued
Certificate Interest for all Classes of Certificates including the Class A-
13 Certificates and Class A-14 Certificates will reflect interest accrued,
and receipts with respect thereto, on the Mortgage Loans for the preceding
calendar month, as may be reduced in accordance with the definition of
Accrued Certificate Interest.
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.
LIBOR: With respect to any Distribution Date and the Pass-Through
-----
Rates on the Class A-13 Certificates and Class A-14 Certificates, the
arithmetic mean of the London interbank offered rate quotations of
Reference Banks for one-month Eurodollar deposits in the international
Eurocurrency market, expressed on a per annum basis, determined in
accordance with Section 1.02.
Liquidation Proceeds: Amounts (other than Insurance Proceeds)
--------------------
received by the Master 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.
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.
26
<PAGE>
Maturity Date: The latest possible maturity date, solely for
-------------
purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, by
which the Certificate Principal Balance of each Class of Certificates
representing a regular interest in REMIC II and the Uncertificated
Principal Balance of each REMIC I Regular Interest and the rights to the
Excess Spread would be reduced to zero, which is May 25, 2026, the
Distribution Date immediately following the latest scheduled maturity date
of any Mortgage Loan.
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).
Moody's: Moody's Investors Service, Inc., or its successor in
-------
interest.
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 Loan Schedule: The list of the Mortgage Loans attached
----------------------
hereto as Exhibit F (as amended from time to time to reflect the addition
of Qualified Substitute Mortgage Loans), which list shall set forth at a
minimum the following information as to each Mortgage Loan:
(i) the Mortgage Loan identifying number ("RFC LOAN #");
(ii) the street address of the Mortgaged Property including state and
zip code ("ADDRESS");
(iii) the maturity of the Mortgage Note ("MATURITY DATE");
(iv) the Mortgage Rate ("ORIG RATE");
27
<PAGE>
(v) the Subservicer pass-through rate ("CURR NET");
(vi) the Net Mortgage Rate ("NET MTG RT");
(vii) the Spread Rate ("SPREAD");
(viii) the initial scheduled monthly payment of principal, if any, and
interest ("ORIGINAL P & I");
(ix) the Cut-off Date Principal Balance ("PRINCIPAL BAL");
(x) the Loan-to-Value Ratio at origination ("LTV");
(xi) the rate at which the Subservicing Fee accrues ("SUBSERV FEE")
and at which the Servicing Fee accrues ("MSTR SERV FEE");
(xii) a code "T," "BT" or "CT" under the column "LN FEATURE,"
indicating that the Mortgage Loan is secured by a second or
vacation residence; and
(xiii) a code "N" under the column "OCCP CODE," indicating that the
Mortgage Loan is secured by a non-owner occupied residence.
Such schedule may consist of multiple reports that collectively set forth all of
the information required.
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 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 Rate: As to any Mortgage Loan, the interest rate borne by the
-------------
related Mortgage Note, or any modification thereto.
28
<PAGE>
Mortgaged Property: The underlying real property securing a Mortgage
------------------
Loan.
Mortgagor: The obligor on a Mortgage Note.
---------
Net Mortgage Rate: As to each Mortgage Loan, a per annum rate of
-----------------
interest equal to the Adjusted Mortgage Rate less the per annum rate at which
the Servicing Fee is calculated.
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.
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 Master Servicer in respect of a Mortgage Loan (other than a Deleted
Mortgage Loan) which, in the good faith judgment of the Master Servicer, will
not, or, in the case of a proposed Advance, would not, be ultimately recoverable
by the Master Servicer from related Late Collections, Insurance Proceeds,
Liquidation Proceeds, REO Proceeds or amounts reimbursable to the Master
Servicer pursuant to Section 4.02(a) hereof. The determination by the Master
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.
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, with respect to Class A-14
---------------
Certificates, the Certificate Principal Balance of the Class A-13 Certificates
immediately prior to such 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 Treasurers or Assistant Secretaries of the Company or the Master
Servicer, as the case may be, and delivered to the Trustee, as required by this
Agreement.
29
<PAGE>
Opinion of Counsel: A written opinion of counsel acceptable to the
------------------
Trustee and the Master Servicer, who may be counsel for the Company or the
Master Servicer, provided that any opinion of counsel (i) referred to in the
definition of "Permitted Transferee" or (ii) relating to the qualification of
the Trust Fund as a REMIC or compliance with the REMIC Provisions must, unless
otherwise specified, be an opinion of Independent counsel.
Original Senior Percentage: The fraction, expressed as a percentage, the
--------------------------
numerator of which is the aggregate Initial Certificate Principal Balance of the
Senior Certificates (other than the Class A-18 Certificates) and the denominator
of which is the aggregate Stated Principal Balance of the Mortgage Loans (other
than the Discount Fraction of the Discount Mortgage Loans), which is
approximately 93.84% as of the Closing Date.
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
or 2.04.
Owner or Holder: With respect to the Excess Spread, Residential Funding,
---------------
as the owner of all right, title and interest in and to the Excess Spread.
Solely for the purpose of giving any consent or direction pursuant to this
Agreement, as long as Residential Funding or any Affiliate thereof is Master
Servicer and the Excess Spread remains uncertificated, the Voting Rights
evidenced thereby shall not be taken into account in determining whether the
requisite amount of Voting Rights necessary to effect any such consent or
direction has been obtained.
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.
30
<PAGE>
Pass-Through Rate: With respect to the Class A Certificates (other than
-----------------
the Class A-13, Class A-14 and Class A-18 Certificates), Class M Certificates,
Class B Certificates and Class R Certificates and any Distribution Date, the per
annum rate set forth in the Preliminary Statement hereto. With respect to the
Class A-13 Certificates and the initial Interest Accrual Period, 6.0375% per
annum, and as to any Interest Accrual Period thereafter, a per annum rate equal
to LIBOR plus 0.60%, subject to a maximum rate of 9.00% per annum and a minimum
rate of 0.60% per annum. With respect to the Class A-14 Certificates and the
initial Interest Accrual Period, 2.9625% per annum, and as to any Interest
Accrual Period thereafter, a per annum rate equal to 8.40% minus LIBOR, subject
to a maximum rate of 8.40% per annum and a minimum rate of 0.00% per annum. The
Class A-18 Certificates have no Pass-Through Rate and are not entitled to
Accrued Certificate Interest.
Paying Agent: The First National Bank of Chicago or any successor Paying
------------
Agent appointed by the Trustee.
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 of the Certificates
of the same Class. With respect to 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;
31
<PAGE>
(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 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 (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) a money market fund or a qualified investment fund rated by each
Rating Agency in its highest long-term rating available; 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;
32
<PAGE>
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 Aaa
in the case of Moody's, 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, P-1 in the case of Moody's and either A-1 by Standard
& Poor's, P-1 by Moody'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, partnership, joint venture,
------
association, joint-stock company, trust, unincorporated organization or
government or any agency or political subdivision thereof.
Pool Stated Principal Balance: As to any date of determination, the
-----------------------------
aggregate of the Stated Principal Balances of each Mortgage Loan that was an
Outstanding Mortgage Loan on the Due Date in the month preceding the month of
such date of determination.
Prepayment Assumption: A prepayment assumption of 200% of the standard
---------------------
prepayment assumption, used for determining the accrual of original issue
discount and market discount and premium on the Certificates for federal income
tax purposes. The standard prepayment 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 Class M Certificates and Class B Certificates, under the
applicable circumstances set forth below, the respective percentages set forth
below:
33
<PAGE>
(i) For any Distribution Date prior to the Distribution Date in June 2001
(unless the Certificate Principal Balances of the Class A
Certificates, other than the Class A-18 Certificates, have been
reduced to zero), 0%.
(ii) For any Distribution Date on which any Class of Class M or Class B
Certificates are outstanding not discussed in clause (i) above:
(a) in the case of the Class of Class M Certificates then
outstanding with the lowest numerical designation, or in the event
the Class M Certificates are no longer outstanding, the Class of
Class B Certificates then outstanding with the lowest numerical
designation and each other Class of Class M Certificates and Class B
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 Class M Certificates then outstanding with
the lowest numerical designation, or in the event the Class M
Certificates are no longer outstanding, the Class of Class B
Certificates then outstanding with the lowest numerical designation
and (2) all other Classes of Class M Certificates and Class B
Certificates for which the respective Prepayment Distribution
Triggers have been satisfied; and
(b) in the case of each other Class of Class M Certificates and
Class B Certificates for which the Prepayment Distribution Triggers
have not been satisfied, 0%; and
34
<PAGE>
(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 Class M Certificates and Class B
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 Class M Certificates and
Class B 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 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: The Class M-2 Prepayment Distribution
-------------------------------
Trigger, Class M-3 Prepayment Distribution Trigger, Class B-1 Prepayment
Distribution Trigger, Class B-2 Prepayment Distribution Trigger or Class B-3
Prepayment Distribution Trigger.
35
<PAGE>
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 on the Stated Principal Balance of such Mortgage Loan
over the amount of interest (adjusted to the Net Mortgage Rate) paid by the
Mortgagor for such Prepayment Period to the date of such Principal
Prepayment in Full or (b) a Curtailment during the prior calendar month, an
amount equal to one month's interest at the Net Mortgage Rate on the amount
of such Curtailment.
Prepayment Lockout Certificates: Any one of the Class A-4
-------------------------------
Certificates.
Prepayment Lockout Percentage: As of any Distribution Date, the
-----------------------------
percentage equal to the aggregate Certificate Principal Balance of the
Prepayment Lockout Certificates immediately prior to such Distribution Date
divided by the aggregate Stated Principal Balance of all of the Mortgage
Loans (or related REO Properties)(other than the Discount Fraction of the
Discount Mortgage Loans) immediately prior to such Distribution Date.
Prepayment Period: As to any Distribution Date, the calendar month
-----------------
preceding the month of distribution.
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 made by a
----------------------------
Mortgagor of the entire principal balance of a Mortgage Loan.
Program Guide: Collectively, the Seller Guide and the Servicer
-------------
Guide for Residential Funding's mortgage loan purchase and conduit
servicing program and all supplements and amendments thereto published by
Residential Funding from time to time.
36
<PAGE>
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, 2.03, 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
Adjusted Mortgage Rate (or at the Net Mortgage Rate in the case of a
purchase made by the Master Servicer) on the Stated Principal Balance
thereof to the first day of 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
----------------------------------
Residential Funding or the Company for a Deleted Mortgage Loan which must,
on the date of such substitution, as confirmed in an Officers' Certificate
delivered to the Trustee, (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 Residential Funding 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
Sections 2.03 and 2.04 hereof and Section 4 of the Assignment Agreement;
and (vi) have a Spread 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 "Spread Rate" of any Qualified
Substitute Mortgage Loan as calculated pursuant to the definition of
"Spread Rate" is greater than the Spread Rate of the related Deleted
Mortgage Loan (i) the Spread Rate of such Qualified Substitute Mortgage
Loan shall be equal to the Spread Rate of the related Deleted Mortgage Loan
for purposes of calculating the Excess Spread and (ii) the excess of the
Spread Rate on such Qualified Substitute Mortgage Loan as calculated
pursuant to the definition of "Spread Rate" over the Spread Rate on the
related Deleted Mortgage Loan shall be payable to the Class R Certificates
pursuant to Section 4.02 hereof.
37
<PAGE>
Rate Adjustment Date: With respect to each Distribution Date and the
--------------------
Class A-13 Certificates and Class A-14 Certificates, the day immediately
preceding the commencement of the related Interest Accrual Period on which
banks are open for dealing in foreign currency and exchange in London,
England.
Rating Agency: Fitch and Standard & Poor's with respect to the
-------------
Class A and Class R and Standard & Poor's with respect to the Class M-1,
Class M-2, Class M-3, Class B-1 and Class B-2 Certificates. If either
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 Master Servicer.
Realized Loss: With respect to each Mortgage Loan (or REO
-------------
Property) 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 and the Owner of the Excess Spread up to
the last day of the month in which the Cash Liquidation (or REO
Disposition) occurred 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 Master Servicer or any Subservicer with respect to related Advances or
expenses as to which the Master Servicer or Subservicer is entitled to
reimbursement thereunder but which have not been previously reimbursed.
With respect to each Mortgage Loan 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. With respect to each Mortgage Loan which has become the object
of a Debt Service Reduction, the amount of such 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-
-------------------
I Certificate or Class R-II Certificate.
38
<PAGE>
REMIC: A "real estate mortgage investment conduit" within the
-----
meaning of Section 860D of the Code.
REMIC Administrator: Residential Funding Corporation. If
-------------------
Residential Funding Corporation is found by a court of competent
jurisdiction to no longer be able to fulfill its obligations as REMIC
Administrator under this Agreement the Master Servicer or Trustee acting as
Master 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, with respect to which a
-------
REMIC election is to be made, consisting of:
(i) the Mortgage Loans and the related Mortgage Files,
(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 Certificate Account and
identified as belonging to the Trust Fund,
(iii) property which secured a Mortgage Loan and which has been
acquired for the benefit of the Certificateholders and the
Owner of the Excess
Spread by foreclosure or deed in lieu of foreclosure, and
(iv) the hazard insurance policies and Primary Insurance Policies,
if any, and certain proceeds thereof.
Notwithstanding the foregoing, REMIC I specifically excludes the Insured Reserve
Fund, the FSA Policy and the FSA Policy Payments Account.
REMIC I Certificates: The Class R-I Certificates.
--------------------
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 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 A-9, Class A-10, Class A-11, Class A-12, Class
A-13, Class A-14, Class A-15, Class A-16, Class A-17, Class A-18, Class M-1,
Class M-2, Class M-3, Class B-1, Class B-2, Class B-3 and the Owner of the
Excess Spread and Class R-II Certificates pursuant to Section 2.06, with respect
to which a separate REMIC election is to be made.
39
<PAGE>
REMIC II Certificates: Any 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 A-9, Class A-10, Class A-
11, Class A-12, Class A-13, Class A-14, Class A-15, Class A-16, Class A-17,
Class A-18, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3 and
Class R-II 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 Master Servicer on behalf of the
---------------
Trustee for the benefit of the Certificateholders and the Owner of the Excess
Spread of any REO Property pursuant to Section 3.14.
REO Disposition: As to any REO Property, a determination by the Master
---------------
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 Master 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) 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 Master 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 H hereto.
40
<PAGE>
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, the Program Guide or the related Subservicing Agreement in respect of
such Mortgage Loan.
Residential Funding: Residential Funding Corporation, a Delaware
-------------------
corporation, in its capacity as seller of the Mortgage Loans to the Company and
any successor thereto.
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.
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, a Person, including any Subservicer,
------
that executed a Seller's Agreement applicable to such Mortgage Loan.
Seller's Agreement: An agreement for the origination and sale of
------------------
Mortgage Loans generally in the form of the Seller Contract referred to or
contained in the Program Guide, or in such other form as has been approved by
the Master Servicer and the Company, each containing representations and
warranties in respect of one or more Mortgage Loans.
Senior Certificates: Any one of the Class A Certificates or Class R
-------------------
Certificates.
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 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)
immediately prior to such Distribution Date.
41
<PAGE>
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) and (b) the sum of the amounts required to be distributed to the
Class A Certificateholders and Class R Certificateholders on such Distribution
Date pursuant to Section 4.02(a)(ii), (xvii) and (xviii).
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 Master 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, (ii) any
enforcement or judicial proceedings, including foreclosures, (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
Master Servicer or any Affiliate of the Master 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 Master Servicer in respect of master servicing
compensation that accrues at an annual rate designated on the Mortgage Loan
Schedule as the "MSTR SERV FEE" for such Mortgage Loan, as may be adjusted with
respect to successor Master Servicers as provided in Section 7.02.
Servicing Officer: Any officer of the Master 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 Master Servicer, as such list may from time to time be
amended.
42
<PAGE>
Special Hazard Amount: As of any Distribution Date, an amount equal to
---------------------
$3,674,971 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%
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 0.50% (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 Master Servicer
(including accelerating the manner in which coverage is reduced) provided that
prior to any such reduction, the Master 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 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.
43
<PAGE>
Special Hazard Loss: Any Realized Loss not in excess of the cost of the
-------------------
lesser of repair or replacement of a Mortgaged Property suffered by such
Mortgaged Property 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.
Spread 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) 7.50%
per annum.
Standard & Poor's: Standard & Poor's Ratings Services, a division of the
-----------------
McGraw-Hill Companies, 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 Master
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 Percentage: As of any Distribution Date, 100% minus the
----------------------
Senior Percentage as of such Distribution Date.
44
<PAGE>
Subordinate Principal Distribution Amount: With respect to any
-----------------------------------------
Distribution Date and each Class of Class M Certificates and Class B
Certificates, (a) the sum of (i) the product of (x) the related Class M
Percentage or Class B 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); (ii) such Class's pro rata share, based on the
Certificate Principal Balance of each Class of Class M Certificates and Class B
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 Class A Certificates and Class R Certificates; (iii) the
product of (x) the related Prepayment Distribution Percentage and (y) the
aggregate of all Principal Prepayments in Full and Curtailments received in the
related Prepayment Period to the extent not payable to the Class A Certificates
and Class R Certificates; (iv) if such Class is the most senior Class of
Certificates then outstanding (as established in Section 4.05 hereof), 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 subordinate
Class of Class M or Class B Certificates minus (b) any Excess Subordinate
Principal Amount not payable to such Class on such Distribution Date pursuant to
the definition thereof; provided, however, that such amount 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 Master Servicer has entered into a
-----------
Subservicing Agreement and who generally satisfied the requirements set forth in
the Program Guide in respect of the qualification of a Subservicer as of the
date of its approval as a Subservicer by the Master Servicer.
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.
45
<PAGE>
Subservicing Agreement: The written contract between the Master Servicer
----------------------
and any Subservicer relating to servicing and administration of certain Mortgage
Loans as provided in Section 3.02, generally in the form of the servicer
contract referred to or contained in the Program Guide or in such other form as
has been approved by the Master Servicer and the Company.
Subservicing Fee: As to any Mortgage Loan, the fee payable monthly to
----------------
the related Subservicer (or, in the case of a Nonsubserviced Mortgage Loan, to
the Master Servicer) in respect of subservicing and other compensation that
accrues at an annual rate equal to the excess of the Mortgage Rate borne by the
related Mortgage Note over the rate per annum designated on the Mortgage Loan
Schedule as the "CURR NET" for such Mortgage Loan.
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 REMIC I and REMIC II due to their classification as REMICs 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: REMIC I and REMIC II.
----------
46
<PAGE>
Uncertificated Accrued Interest: With respect to each Distribution Date,
-------------------------------
(i) as to Uncertificated REMIC I Regular Interest U, an amount equal to the
aggregate amount of Accrued Certificate Interest that would result under the
terms of the definition thereof on the Class A-13 and Class A-14 Certificates if
the Pass-Through Rate on such Classes were equal to the Pass-Through Rate on
Uncertificated REMIC I Regular Interest U, (ii) as to Uncertificated REMIC I
Regular Interest V, an amount equal to the aggregate amount of Accrued
Certificate Interest that would result under the terms of the definition thereof
on the Class A-11 Certificates if the Pass-Through Rate on such Classes were
equal to the Pass-Through Rate on Uncertificated REMIC I Regular Interest V,
(iii) as to Uncertificated REMIC I Regular Interest W, an amount equal to the
aggregate amount of Accrued Certificate Interest that would result under the
terms of the definition thereof on the Class A-12 Certificates if the Pass-
Through Rate on such Classes were equal to the Uncertificated Pass-Through Rate
on Uncertificated REMIC I Regular Interest W, (iv) as to Uncertificated REMIC I
Regular Interest X, an amount equal to the aggregate amount of Accrued
Certificate Interest that would result under the terms of the definition thereof
on the Class A-18 Certificates if the Pass-Through Rate on such Class were equal
to the Uncertificated Pass-Through Rate on Uncertificated REMIC I Regular
Interest X, (iv) as to Uncertificated REMIC I Regular Interest Y, an amount
equal to the aggregate amount of Accrued Certificate Interest that would result
under the terms of the definition thereof on 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 A-9, Class A-10,
Class A-15, Class A-16, Class A-17, Class M-1, Class M-2, Class M-3, Class B-1,
Class B-2, Class B-3 and Class R-II Certificates if the Pass-Through Rates on
such Classes were equal to the Uncertificated Pass-Through Rate on
Uncertificated REMIC I Regular Interest Y and (vii) as to the Uncertificated
REMIC I Regular Interest Z, an amount equal to one month's interest at the
Uncertificated Pass-Through Rate for the Uncertificated REMIC I Regular Interest
Z on the aggregate principal balance of the Mortgage Loans reduced by the pro
rata share of the Uncertificated REMIC I Regular Interest Z in any prepayment
interest shortfalls or other reductions of interest allocable to the Excess
Spread.
Uncertificated Pass-Through Rate: With respect to each of the
--------------------------------
Uncertificated REMIC I Regular Interests U, V, W, X, Y and Z, 9.00%, 8.00%,
7.00%, 0.00%, 7.50% and the weighted average of the Spread Rates for the
Mortgage Loans, respectively.
47
<PAGE>
Uncertificated Principal Balance: With respect to each Uncertificated
--------------------------------
REMIC I Regular Interest on any date of determination, an amount equal to
$16,215,000 with respect to Uncertificated REMIC I Regular Interest U, an amount
equal to $10,498,532 with respect to Uncertificated REMIC I Regular Interest V,
an amount equal to $59,143,468 with respect to Uncertificated REMIC I Regular
Interest W, $9,649,848.10 with respect to Uncertificated REMIC I Regular
Interest X, $271,990,131.75 with respect to Uncertificated REMIC I Regular
Interest Y and $0 with respect to Uncertificated REMIC I Regular Interest Z,
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 4.08(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 4.08(d).
Uncertificated REMIC I Regular Interest U: An uncertificated partial
-----------------------------------------
undivided beneficial ownership interest in REMIC I having a principal balance
equal to the Stated Principal Balance of the Mortgage Loans and REO Property
from time to time multiplied by a fraction, the numerator of which is the
aggregate Certificate Principal Balance of the Class A-13 and Class A-14
Certificates and the denominator of which is the aggregate Certificate Principal
Balance of all of the Certificates, and which bears interest at a rate equal to
9.00% per annum.
Uncertificated REMIC I Regular Interest V: An uncertificated partial
-----------------------------------------
undivided beneficial ownership interest in REMIC I having a principal balance
equal to the Stated Principal Balance of the Mortgage Loans and REO Property
from time to time multiplied by a fraction, the numerator of which is the
aggregate Certificate Principal Balance of the Class A-11 Certificates and the
denominator of which is the aggregate Certificate Principal Balance of all of
the Certificates, and which bears interest at a rate equal to 8.00% per annum.
Uncertificated REMIC I Regular Interest W: An uncertificated partial
-----------------------------------------
undivided beneficial ownership interest in REMIC I having a principal balance
equal to the Stated Principal Balance of the Mortgage Loans and REO Property
from time to time multiplied by a fraction, the numerator of which is the
aggregate Certificate Principal Balance of the Class A-12 Certificates and the
denominator of which is the aggregate Certificate Principal Balance of all of
the Certificates, and which bears interest at a rate equal to 7.00% per annum.
48
<PAGE>
Uncertificated REMIC I Regular Interest X: An uncertificated partial
-----------------------------------------
undivided beneficial ownership interest in REMIC I having a principal balance
equal to the Stated Principal Balance of the Mortgage Loans and REO Property
from time to time multiplied by a fraction, the numerator of which is the
aggregate Certificate Principal Balance of the Class A-18 Certificates and the
denominator of which is the aggregate Certificate Principal Balance of all of
the Certificates, and which bears interest at a rate equal to 0.00% per annum.
Uncertificated REMIC I Regular Interest Y: An uncertificated partial
-----------------------------------------
undivided beneficial ownership interest in REMIC I having a principal balance
equal to the Stated Principal Balance of the Mortgage Loans and REO Property
from time to time multiplied by a fraction, the numerator of which is the
aggregate Certificate Principal Balance 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 A-9, Class A-10,
Class A-15, Class A-16, Class A-17, Class M-1, Class M-2, Class M-3, Class B-1,
Class B-2, Class B-3 and Class R-II Certificates and the denominator of which is
the aggregate Certificate Principal Balance of all of the Certificates, and
which bears interest at a rate equal to 7.50% per annum.
Uncertificated REMIC I Regular Interest Z: An uncertificated partial
-----------------------------------------
undivided beneficial ownership interest in REMIC I having a principal balance
equal to $0 and a notional amount equal to the aggregate Stated Principal
Balance of the Mortgage Loans and REO Property from time to time, and which
bears interest on its notional amount at a rate equal to the weighted average of
the Spread Rates for the Mortgage Loans.
Uncertificated REMIC I Regular Interests: Uncertificated REMIC I Regular
----------------------------------------
Interest U, Uncertificated REMIC I Regular Interest V, Uncertificated REMIC I
Regular Interest W, Uncertificated REMIC I Regular Interest X, Uncertificated
REMIC I Regular Interest Y and Uncertificated REMIC I Regular Interest Z.
Uncertificated REMIC I Regular Interest U Distribution Amount: With
-------------------------------------------------------------
respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC I Regular Interest U for such
Distribution Date pursuant to Section 4.08(a).
Uncertificated REMIC I Regular Interest V Distribution Amount: With
-------------------------------------------------------------
respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC I Regular Interest V for such
Distribution Date pursuant to Section 4.08(a).
49
<PAGE>
Uncertificated REMIC I Regular Interest W Distribution Amount: With
-------------------------------------------------------------
respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC I Regular Interest W for such
Distribution Date pursuant to Section 4.08(a).
Uncertificated REMIC I Regular Interest X Distribution Amount: With
-------------------------------------------------------------
respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC I Regular Interest X for such
Distribution Date pursuant to Section 4.08(a).
Uncertificated REMIC I Regular Interest Y Distribution Amount: With
-------------------------------------------------------------
respect to any Distribution Date, the sum of the amounts deemed to be
distributed on the Uncertificated REMIC I Regular Interest Y for such
Distribution Date pursuant to Section 4.08(a).
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 4.08(a).
Uncertificated REMIC I Regular Interest Distribution Amounts: The
------------------------------------------------------------
Uncertificated REMIC I Regular Interest U Distribution Amount, Uncertificated
REMIC I Regular Interest V Distribution Amount, Uncertificated REMIC I Regular
Interest W Distribution Amount, Uncertificated REMIC I Regular Interest X
Distribution Amount, Uncertificated REMIC I Regular Interest Y Distribution
Amount and Uncertificated REMIC I Regular Interest Z Distribution Amount.
Underwriter: As defined in Section 4.09.
-----------
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.
50
<PAGE>
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 or any political subdivision thereof, or an estate or
trust whose income from sources without the United States is includible in gross
income for United States federal income tax purposes regardless of its
connection with the conduct of a trade or business within the United States.
Voting Rights: The portion of the voting rights of all of the
-------------
Certificates which is allocated to any Certificate. 97.0% of all of the Voting
Rights shall be allocated among Holders of Certificates, other than the Class A-
14, Class R-I and Class R-II Certificates, in proportion to the outstanding
Certificate Principal Balances of their respective Certificates, except that
Financial Security shall be assigned the Voting Rights of the Insured
Certificateholders in the absence of any continuing Financial Security Default;
and 1% of all Voting Rights shall be allocated among the Holders of the Class A-
14 Certificates; 1% of all Voting Rights shall be allocated to the Owner of the
Excess Spread and the Holders of the Class R-I Certificates and Class R-II
Certificates shall be entitled to 0.5% and 0.5% of all of the Voting Rights,
respectively, allocated among the Certificates of each such Class in accordance
with their respective Percentage Interests.
Section 1.02. Determination of LIBOR.
----------------------
LIBOR applicable to the calculation of the Pass-Through Rates on the Class
A-13 Certificates and Class A-14 Certificates for any Interest Accrual Period
will be determined on each Rate Adjustment Date.
51
<PAGE>
On each Rate Adjustment Date, the Trustee will determine LIBOR on the basis
of the LIBOR quotations of the Reference Banks (as defined below), as such
quotations are available to the Trustee as of 11:00 a.m. (London time) on such
Rate Adjustment Date. As used in this Section 1.02 with respect to a Rate
Adjustment Date, "Reference Banks" means four leading banks engaged in
transactions in one-month Eurodollar deposits in the international Eurocurrency
market (i) with an established place of business in London, (ii) whose
quotations appear on the Reuters Screen LIBO Page on the Rate Adjustment Date in
question and (iii) which have been designated as such by the Trustee and are
able and willing to provide such quotations to the Trustee on each Rate
Adjustment Date; and "Reuters Screen LIBO Page" means the display designated as
page "LIBO" on the Reuters Monitor Money Rates Service (or such other page as
may replace the LIBO page on that service for the purpose of displaying London
interbank offered rate quotations of major banks). The initial Reference Banks
shall be Bankers Trust Company, Barclays Bank PLC, National Westminster Bank PLC
and The Bank of Tokyo-Mitsubishi, Ltd. If any Reference Bank designated by the
Trustee should be removed from the Reuters Screen LIBO Page or in any other way
fails to meet the qualifications of a Reference Bank, the Trustee may, in its
sole discretion, designate an alternative Reference Bank.
On each Rate Adjustment Date, LIBOR will be established by the Trustee as
follows:
(i) if on any Rate Adjustment Date two or more of the Reference Banks
provide such offered rate quotations, LIBOR will be the arithmetic mean of
such offered rate quotations (rounding such arithmetic mean upwards if
necessary to the nearest whole multiple of 1/16%);
(ii) if on any Rate Adjustment Date only one or none of the Reference
Banks provides such offered rate quotations, LIBOR will be whichever is the
higher of (1) LIBOR as determined on the previous Rate Adjustment Date and
(2) a rate per annum (the "Reserve Interest Rate") determined by the
Trustee to be either (A) the arithmetic mean (rounding such arithmetic mean
upwards if necessary to the nearest whole multiple of 1/16%) of the one-
month Eurodollar lending rates that the New York City banks selected by the
Trustee are quoting, on the relevant Rate Adjustment Date, to the principal
London offices of leading banks in the London interbank market or (B) in
the event that the Trustee can determine no such arithmetic mean, the
lowest one-month Eurodollar lending rate that the New York City banks
selected by the Trustee are quoting on such Rate Adjustment Date to leading
European banks; and
52
<PAGE>
(iii) if on any Rate Adjustment Date the Trustee is required but is
unable to determine the Reserve Interest Rate in the manner provided in the
immediately preceding clause (ii), LIBOR will be LIBOR as determined on the
previous Rate Adjustment Date, or, in the case of the first Rate Adjustment
Date, 5.4375%.
The establishment of LIBOR by the Trustee on any Rate Adjustment Date and
the Trustee's subsequent calculation of the Pass-Through Rates applicable to the
Class A-13 Certificates and Class A-14 Certificates for the relevant Interest
Accrual Period, in the absence of manifest error, will be final and binding.
Promptly following each Rate Adjustment Date the Trustee shall supply
the Master Servicer with the results of its determination of LIBOR on such date.
Furthermore, the Trustee will supply to any Certificateholder so requesting by
telephone the Pass-Through Rates on the Class A-13 Certificates and Class A-14
Certificates for the current and the immediately preceding Interest Accrual
Periods.
53
<PAGE>
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 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 to the Trustee the FSA Policy.
(b) In connection with such assignment, except as set forth in Section
2.01(c) 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 to the
order of the Trustee and showing an unbroken chain of endorsements from the
originator thereof to the Person endorsing it to the Trustee, or with
respect to any Destroyed Mortgage Note, an original lost note affidavit
from the related Seller or Residential Funding stating that the original
Mortgage Note was lost, misplaced or destroyed, together with a copy of the
related Mortgage Note;
(ii) The original Mortgage 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) An original Assignment of the Mortgage to the Trustee with
evidence of recording indicated thereon or a copy of such assignment
certified by the public recording office in which such assignment has been
recorded;
(iv) The original recorded assignment or assignments of the Mortgage
showing an unbroken chain of title from the originator thereof to the
Person assigning it to the Trustee or a copy of such assignment or
assignments of the Mortgage certified by the public recording office in
which such assignment or assignments have been recorded; and
54
<PAGE>
(v) The original of each modification, assumption agreement or
preferred loan agreement, if any, relating to such Mortgage Loan or a copy
of each modification, assumption agreement or preferred loan agreement
certified by the public recording office in which such document has been
recorded.
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 Person endorsing it to the Trustee, or with
respect to any Destroyed Mortgage Note, an original lost note affidavit
from the related Seller or Residential Funding stating that the original
Mortgage Note was lost, misplaced or destroyed, together with a copy of the
related Mortgage Note;
(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;
55
<PAGE>
(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 Master Servicer
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) The Company may, in lieu of delivering the documents set forth in
Section 2.01(b)(I)(iv) and (v) and Section (b)(II)(ii), (iv), (vii), (ix) and
(x) to the Trustee or the Custodian or Custodians, deliver such documents to the
Master Servicer, and the Master Servicer shall hold such documents in trust for
the use and benefit of all present and future Certificateholders and the Owner
of Excess Spread until such time as is set forth below. Within ten Business
Days following the earlier of (i) the receipt of the original of each of the
documents or instruments set forth in Section 2.01(b)(I)(iv) and (v) and Section
(b)(II)(ii), (iv), (vii), (ix) and (x) (or copies thereof as permitted by such
Section) for any Mortgage Loan and (ii) a written request by the Trustee to
deliver those documents with respect to any or all of the Mortgage Loans then
being held by the Master Servicer, the Master Servicer shall deliver a complete
set of such documents to the Trustee or the Custodian or Custodians that are the
duly appointed agent or agents of the Trustee.
On the Closing Date, the Master Servicer shall certify that it has in its
possession an original or copy of each of the documents referred to in Section
2.01(b)(I)(iv) and (v) and Section (b)(II)(ii), (iv), (vii), (ix) and (x) which
has been delivered to it by the Company. Every six months after the Closing
Date, for so long as the Master Servicer is holding documents pursuant to this
Section 2.01(c), the Master Servicer shall deliver to (i) Moody's if it is one
of the Rating Agencies, (ii) the Trustee and (iii) each Custodian a report
setting forth the status of the documents which it is holding.
56
<PAGE>
(d) In the event that in connection with any Mortgage Loan 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 solely because of 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, the Company shall deliver or cause to be delivered to the Trustee
or the respective Custodian a true and correct photocopy of such Mortgage,
assignment, modification, assumption agreement or preferred loan agreement.
The Company shall promptly cause to be recorded in the appropriate public
office for real property records the Assignment referred to in clause (I)(iii)
of Section 2.01(b), except in states where, in the opinion of counsel
acceptable to the Trustee and the Master Servicer, such recording is not
required to protect the Trustee's interests in the Mortgage Loan against the
claim of any subsequent transferee or any successor to or creditor of the
Company or the originator of such Mortgage Loan and shall promptly 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 Assignment,
Form UCC-3 or Form UCC-1, as applicable, is lost or returned unrecorded to the
Company because of any defect therein, the Company shall prepare a substitute
Assignment, Form UCC-3 or Form UCC-1, as applicable, or cure such defect, as the
case may be, and cause such Assignment to be recorded in accordance with this
paragraph. The Company shall promptly deliver or cause to be delivered to the
Trustee or the respective Custodian such Mortgage or assignment or Form UCC-3 or
Form UCC-1, as applicable, (or copy thereof certified by the public recording
office) with evidence of recording indicated thereon upon receipt thereof from
the public recording office or from the related Subservicer. In connection with
its servicing of Cooperative Loans, the Master 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.
Any of the items set forth in Sections 2.01(b)(I)(iv) and (v) and (II)(vi)
and (vii) and that may be delivered as a copy rather than the original may be
delivered in microfiche form.
57
<PAGE>
(e) It is intended that the conveyances by the Company to the Trustee of
the Mortgage Loans as provided for in this Section 2.01 and the Uncertificated
REMIC I Regular Interests as provided for in Section 2.06 be construed as a sale
by the Company to the Trustee of the Mortgage Loans and the Uncertificated REMIC
I Regular Interests for the benefit of the Certificateholders and the Owner of
the Excess Spread. Further, it is not intended that any such conveyance be
deemed to be a pledge of the Mortgage Loans and the Uncertificated REMIC I
Regular Interests by the Company to the Trustee to secure a debt or other
obligation of the Company. However, in the event that the Mortgage Loans and
the Uncertificated REMIC I Regular Interests are held to be property of the
Company or of Residential Funding, or if for any reason this Agreement is held
or deemed to create a security interest in the Mortgage Loans and the
Uncertificated REMIC I Regular Interests, then it is intended that (a) this
Agreement shall also be deemed to 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 Sections 2.01 and 2.06 shall be deemed to be (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 (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,
Cooperative Lease, any insurance policies and all other documents in the related
Mortgage File and (ii) with respect to each Mortgage Loan other than a
Cooperative Loan, the related Mortgage Note, the Mortgage, 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, (C)
the Uncertificated REMIC I Regular Interests and (D) any and all general
intangibles consisting of, arising from or relating to any of the foregoing, and
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 Certificate 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 Residential Funding'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 Residential Funding to the Company pursuant to the
Assignment 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 or chattel paper shall be
deemed to be "possession by
58
<PAGE>
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 Commercial Code of any other
applicable jurisdiction (including, without limitation, Section 9-305, 8-313 or
8-321 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, financial intermediaries, bailees or agents (as applicable) of the Trustee
for the purpose of perfecting such security interest under applicable law.
The Company and, at the Company's direction, Residential Funding 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
deemed to create a security interest in the Mortgage Loans, the Uncertificated
REMIC I Regular Interests and the other property described above, such
security interest would be deemed 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 Loans and the Uncertificated REMIC
I Regular Interests, as evidenced by an Officer's 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 Residential
Funding, 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
Residential Funding or the Company, (3) any transfer of any interest of
Residential Funding or the Company in any Mortgage Loan or (4) any transfer of
any interest of Residential Funding or the Company in any Uncertificated REMIC I
Regular Interest.
59
<PAGE>
(f) The Master Servicer hereby acknowledges the receipt by it of cash
in an amount equal to $83,917.00 (the "Initial Monthly Payment Fund"),
representing scheduled principal amortization and interest at the Net Mortgage
Rate for the Due Date in June 1996, for those Mortgage Loans for which the
Trustee will not be entitled to receive such payment. The Master Servicer shall
hold such Initial Monthly Payment Fund in the Custodial Account and shall
include such Initial Monthly Payment Fund in the Available Distribution Amount
for the Distribution Date in June 1996. Notwithstanding anything herein to the
contrary, the Initial Monthly Payment Fund shall not be an asset of REMIC I or
REMIC II. To the extent that the Initial Monthly Payment Fund constitutes a
reserve fund for federal income tax purposes, (1) it shall be an outside reserve
fund and not an asset of the REMIC, (2) it shall be owned by the Seller and (3)
amounts transferred by the REMIC to the Initial Monthly Payment Fund shall be
treated as transferred to the Seller or any successor, all within the meaning of
Section 1.860G-2(h) of the Treasury Regulations.
Section 2.02. Acceptance by Trustee.
---------------------
60
<PAGE>
The Trustee acknowledges receipt (or, with respect to Mortgage Loans
subject to a Custodial Agreement, and based solely upon a receipt or
certification executed by the Custodian, receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section
2.01(b)(i) through (iii) above (except that for purposes of such acknowledgement
only, a Mortgage Note may be endorsed in blank and an Assignment of Mortgage may
be in blank) and declares that it, or a Custodian as its agent, holds and will
hold such documents and the other documents constituting a part of the Mortgage
Files delivered to it, or a Custodian as its agent, in trust for the use and
benefit of all present and future Certificateholders and the Owner of the Excess
Spread. The Trustee or Custodian (such Custodian being so obligated under a
Custodial Agreement) agrees, for the benefit of Certificateholders and the Owner
of the Excess Spread, to review each Mortgage File delivered to it pursuant to
Section 2.01(b) within 45 days after the Closing Date to ascertain that all
required documents (specifically as set forth in Section 2.01(b)), have been
executed and received, and that such documents relate to the Mortgage Loans
identified on the Mortgage Loan Schedule, as supplemented, that have been
conveyed to it. Upon delivery of the Mortgage Files by the Company or the Master
Servicer, the Trustee shall acknowledge receipt (or, with respect to Mortgage
Loans subject to a Custodial Agreement, and based solely upon a receipt or
certification executed by the Custodian, receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section
2.01(c) above. The Trustee or Custodian (such Custodian being so obligated under
a Custodial Agreement) agrees to review each Mortgage File delivered to it
pursuant to Section 2.01(c) within 45 days after receipt thereof to ascertain
that all documents required to be delivered pursuant to such Section have been
received, and that such documents relate to the Mortgage Loans identified on the
Mortgage Loan Schedule, as supplemented, that have been conveyed to it.
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If the Custodian, as the Trustee's agent, finds any document or documents
constituting a part of a Mortgage File to be missing or defective in any
material respect, the Trustee shall promptly so notify the Master Servicer and
the Company. Pursuant to Section 2.3 of the Custodial Agreement, the Custodian
will notify the Master Servicer, the Company and the Trustee of any such
omission or defect found by it in respect of any Mortgage File held by it. The
Master Servicer shall promptly notify the related Subservicer or Seller of such
omission or defect and request that such Subservicer or Seller correct or cure
such omission or defect within 60 days from the date the Master Servicer was
notified of such omission or defect and, if such Subservicer or Seller does not
correct or cure such omission or defect within such period, that such
Subservicer or Seller purchase such Mortgage Loan from REMIC I at its Purchase
Price, in either case within 90 days from the date the Master Servicer was
notified of such omission or defect; provided that if the omission or 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 or repurchase must occur within
90 days from the date such breach was discovered. The Purchase Price for any
such Mortgage Loan, whether purchased by the Seller or the Subservicer, shall be
deposited or caused to be deposited by the Master Servicer in the Custodial
Account maintained by it pursuant to Section 3.07 and, 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 Master
Servicer the related Mortgage File and the Trustee shall execute and deliver
such instruments of transfer or assignment prepared by the Master Servicer, in
each case without recourse, as shall be necessary to vest in the Seller or its
designee or the Subservicer or its designee, as the case may be, any Mortgage
Loan released pursuant hereto and thereafter such Mortgage Loan shall not be
part of the Trust Fund. It is understood and agreed that the obligation of the
Seller or the Subservicer, as the case may be, to so cure or 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 and the Owner of the Excess Spread or
the Trustee on behalf of the Certificateholders or such Owner.
Section 2.03. Representations, Warranties and Covenants
of the Master Servicer and the Company
-----------------------------------------.
(a) The Master Servicer hereby represents and warrants to the Trustee for
the benefit of the Certificateholders and the Owner of the Excess Spread that:
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(i) The Master 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 Master
Servicer and its performance and compliance with the terms of this
Agreement will not violate the Master Servicer's Certificate of
Incorporation or Bylaws or constitute a 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 Master Servicer is a party or
which may be applicable to the Master 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 Master 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 Master 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 that would materially and adversely affect the condition
(financial or other) or operations of the Master 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 Master Servicer's
knowledge, threatened against the Master Servicer which would prohibit its
entering into this Agreement or performing its obligations under this
Agreement;
(vi) The Master 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;
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(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 Master Servicer will, to the knowledge of the Master
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 Master Servicer has examined each existing, and will
examine each new, Subservicing Agreement and is or will be familiar with
the terms thereof. The terms of each existing Subservicing Agreement and
each designated Subservicer are acceptable to the Master Servicer and any
new Subservicing Agreements will comply with the provisions of Section
3.02.
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 Trustee or any Custodian.
Upon discovery by either the Company, the Master Servicer, the Trustee or
any Custodian of a breach of any representation or warranty set forth in this
Section 2.03(a) which materially and adversely affects the interests of the
Certificateholders and the Owner of the Excess Spread in any 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). Within
90 days of its discovery or its receipt of notice of such breach, the Master
Servicer shall either (i) cure such breach in all material respects or (ii) to
the extent that such breach is with respect to a Mortgage Loan or a related
document, purchase such Mortgage Loan from the Trust Fund at the Purchase Price
and in the manner set forth in Section 2.02; provided that if the omission or
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 must occur within 90
days from the date such breach was discovered. The obligation of the Master
Servicer to cure such breach or to so purchase such Mortgage Loan shall
constitute the sole remedy in respect of a breach of a representation and
warranty set forth in this Section 2.03(a) available to the Certificateholders
and the Owner of the Excess Spread or the Trustee on behalf of the
Certificateholders and such Owner.
(b) The Company hereby represents and warrants to the Trustee for the
benefit of Certificateholders and the Owner of the Excess Spread that as of the
Closing Date (or, if otherwise specified below, as of the date so specified):
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(i) No Mortgage Loan is one month or more delinquent in payment of
principal and interest as of the Cut-off Date and no Mortgage Loan has been
so delinquent more than once in the 12-month period prior to the Cut-off
Date;
(ii) The information set forth in Exhibit F hereto with respect to
each Mortgage Loan or the Mortgage Loans, as the case may be, is true and
correct in all material respects at the date or dates respecting which such
information is furnished;
(iii) The Mortgage Loans are fully-amortizing, fixed-rate mortgage
loans with level Monthly Payments due on the first day of each month and
terms to maturity at origination or modification of not more than 30 years;
(iv) To the best of the Company's knowledge, if a Mortgage Loan is
secured by a Mortgaged Property with a Loan-to-Value Ratio at origination
in excess of 80%, such Mortgage Loan is the subject of a Primary Insurance
Policy that insures (a) at least 22% of the principal balance of the
Mortgage Loan at origination if the Loan-to-Value Ratio is between 95.00%
and 90.01% and (b) at least 12% of such balance if the Loan-to-Value Ratio
is between 90.00% and 80.01%. To the best of the Company's knowledge, each
such Primary Insurance Policy is in full force and effect and the Trustee
is entitled to the benefits thereunder;
(v) The issuers of the Primary Insurance Policies are insurance
companies whose claims-paying abilities are currently acceptable to each
Rating Agency;
(vi) No more than 0.2% of the Mortgage Loans by aggregate Stated
Principal Balance as of the Cut-off Date are secured by Mortgaged
Properties located in any one zip code area in California and no more than
1.8% of the Mortgage Loans by aggregate Stated Principal Balance as of the
Cut-off Date are secured by Mortgaged Properties located in any one zip
code area outside California. Sixty-seven of the Mortgage Loans,
representing approximately 2.8% of the Mortgage Loans by aggregate Stated
Principal Balance as of the Cut-off Date, are Cooperative Loans;
(vii) If the improvements securing a Mortgage Loan are in a
federally designated special flood hazard area, flood insurance in the
amount required under the Program Guide covers the related Mortgaged
Property (either by coverage under the federal flood insurance program or
by coverage by private insurers);
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(viii) Immediately prior to the assignment of the Mortgage Loans to
the Trustee, the Company had good title to, and was the sole owner of, each
Mortgage Loan free and clear of any pledge, lien, encumbrance or security
interest (other than rights to servicing and related compensation) and such
assignment validly transfers ownership of the Mortgage Loans to the Trustee
free and clear of any pledge, lien, encumbrance or security interest;
(ix) None of the Mortgage Loans were underwritten under a reduced
loan documentation program;
(x) Each Mortgagor represented in its loan application with respect
to the related Mortgage Loan that the Mortgaged Property would be owner-
occupied and therefore would not be an investor property as of the date of
origination of such Mortgage Loan. No Mortgagor is a corporation or a
partnership;
(xi) None of the Mortgage Loans were Buydown Mortgage Loans;
(xii) Each Mortgage Loan constitutes a qualified mortgage under
Section 860G(a)(3)(A) of the Code and Treasury Regulations Section 1.860G-
2(a)(1);
(xiii) A policy of title insurance was effective as of the closing
of each Mortgage Loan and is valid and binding and remains in full force
and effect;
(xiv) With respect to a Mortgage Loan that is a Cooperative Loan,
the Cooperative Stock that is pledged as security for the Mortgage Loan is
held by a person as a tenant-stockholder (as defined in Section 216 of the
Code) in a cooperative housing corporation (as defined in Section 216 of
the Code);
(xv) With respect to each Mortgage Loan originated under a
"streamlined" Mortgage Loan program (through which no new or updated
appraisals of Mortgaged Properties are obtained in connection with the
refinancing thereof), the related Seller has represented that either (a)
the value of the related Mortgaged Property as of the date the Mortgage
Loan was originated was not less than the appraised value of such property
at the time of origination of the refinanced Mortgage Loan or (b) the Loan-
to-Value Ratio of the Mortgage Loan as of the date of origination of the
Mortgage Loan generally meets the Company's underwriting guidelines;
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(xvi) Interest on each Mortgage Loan is calculated on the basis of a
360-day year consisting of twelve 30-day months; and
(xvii) Forty-two of the Mortgage Loans contain in the related
Mortgage File a Destroyed Mortgage Note.
It is understood and agreed that the representations and warranties set forth in
this Section 2.03(b) shall survive delivery of the respective Mortgage Files to
the Trustee or any Custodian.
Upon discovery by any of the Company, the Master Servicer, the Trustee or
any Custodian of a breach of any of the representations and warranties set forth
in this Section 2.03(b) which materially and adversely affects the interests of
the Certificateholders and the Owner of the Excess Spread in any 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);
provided, however, that in the event of a breach of the representation and
- -------- -------
warranty set forth in Section 2.03(b)(xii), the party discovering such breach
shall give such notice within five days of discovery. Within 90 days of its
discovery or its receipt of notice of breach, the Company shall either (i) cure
such breach in all material respects 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 the Company shall have the option to substitute a Qualified
Substitute Mortgage Loan or Loans for such Mortgage Loan if such substitution
occurs within two years following the Closing Date; provided that if the
omission or 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 or
repurchase must occur within 90 days from the date such breach was discovered.
Any such substitution shall be effected by the Company under the same terms and
conditions as provided in Section 2.04 for substitutions by Residential Funding.
It is understood and agreed that the obligation of the Company to cure such
breach or to so purchase or substitute for any 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 and the Owner of the
Excess Spread or the Trustee on behalf of the Certificateholders and such Owner.
Notwithstanding the foregoing, the Company shall not be required to cure
breaches or purchase or substitute for Mortgage Loans as provided in this
Section 2.03(b) if the substance of the breach of a representation set forth
above also constitutes fraud in the origination of the Mortgage Loan.
Section 2.04. Representations and Warranties of Sellers.
-----------------------------------------
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The Company, as assignee of Residential Funding under the Assignment
Agreement, hereby assigns to the Trustee for the benefit of Certificateholders
and the Owner of the Excess Spread all of its right, title and interest in
respect of the Assignment Agreement and each Seller's Agreement applicable to a
Mortgage Loan. Insofar as the Assignment Agreement or such Seller's Agreement
relates to the representations and warranties made by Residential Funding or the
related 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 Master Servicer on behalf of the
Trustee and the Certificateholders and the Owner of the Excess Spread. Upon the
discovery by the Company, the Master Servicer, the Trustee or any Custodian of a
breach of any of the representations and warranties made in a Seller's Agreement
or the Assignment Agreement (which, for purposes hereof, will be deemed to
include any other cause giving rise to a repurchase obligation under the
Assignment Agreement) in respect of any Mortgage Loan which materially and
adversely affects the interests of the Certificateholders and the Owner of the
Excess Spread 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 Master Servicer shall promptly
notify the related Seller or Residential Funding, as the case may be, of such
breach and request that such Seller or Residential Funding, as the case may be,
either (i) cure such breach in all material respects within 90 days from the
date the Master 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
Assignment Agreement Residential Funding shall have the option to substitute a
Qualified Substitute Mortgage Loan or Loans for such Mortgage Loan if such
substitution occurs within two years following the Closing Date, except 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 substitution must occur
within 90 days from the date the breach was discovered. In the event that
Residential Funding elects to substitute a Qualified Substitute Mortgage Loan or
Loans for a Deleted Mortgage Loan pursuant to this Section 2.04, Residential
Funding shall deliver to the Trustee for the benefit of the Certificateholders
and the Owner of the Excess Spread with respect to such Qualified Substitute
Mortgage Loan or Loans, the original Mortgage Note, the Mortgage, an Assignment
of the Mortgage in recordable form, 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
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will be retained by the Master Servicer and remitted by the Master Servicer to
Residential Funding on the next succeeding Distribution Date. For the month of
substitution, distributions to the Certificateholders and the Owner of the
Excess Spread will include the Monthly Payment due on a Deleted Mortgage Loan
for such month and thereafter Residential Funding shall be entitled to retain
all amounts received in respect of such Deleted Mortgage Loan. The Master
Servicer shall amend or cause to be amended the Mortgage Loan Schedule, for the
benefit of the Certificateholders and the Owner of the Excess Spread to reflect
the removal of such Deleted Mortgage Loan and the substitution of the Qualified
Substitute Mortgage Loan or Loans and the Master Servicer shall deliver the
amended Mortgage Loan Schedule 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
related Seller shall be deemed to have made the representations and warranties
with respect to the Qualified Substitute Mortgage Loan contained in the related
Seller's Agreement as of the date of substitution, and the Company and the
Master Servicer shall be deemed to have made with respect to any Qualified
Substitute Mortgage Loan or Loans, as of the date of substitution, the
covenants, representations and warranties set forth in this Section 2.04, in
Section 2.03 hereof and in Section 4 of the Assignment Agreement, and the Master
Servicer shall be obligated to repurchase or substitute for any Qualified
Substitute Mortgage Loan as to which a Repurchase Event (as defined in the
Assignment Agreement) has occurred pursuant to Section 4 of the Assignment
Agreement.
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In connection with the substitution of one or more Qualified Substitute
Mortgage Loans for one or more Deleted Mortgage Loans, the Master 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). Residential Funding shall
deposit the amount of such shortfall into the Custodial Account on the day of
substitution, without any reimbursement therefor. Residential Funding 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 the
Trust Fund to fail to qualify as a REMIC at any time that any Certificate is
outstanding.
It is understood and agreed that the obligation of the Seller or
Residential Funding, as the case may be, to cure such breach or purchase (or in
the case of Residential Funding 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 and the Owner
of the Excess Spread or the Trustee on behalf of Certificateholders and such
Owner. If the Master Servicer is Residential Funding, then the Trustee shall
also have the right to give the notification and require the purchase or
substitution provided for in the second preceding paragraph in the event of such
a breach of a representation or warranty made by Residential Funding in the
Assignment Agreement. In connection with the purchase of or substitution for
any such Mortgage Loan by Residential Funding, the Trustee shall assign to
Residential Funding all of the right, title and interest in respect of the
Seller's Agreement and the Assignment Agreement applicable to such Mortgage
Loan.
Section 2.05. Issuance of Certificates Evidencing Interests
in REMIC I Certificates.
---------------------------------------------
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The Trustee acknowledges the assignment to it of the Mortgage Loans and the
delivery of the Mortgage Files to it, or any Custodian on its behalf, subject to
any exceptions noted, together with the assignment to it of all other assets
included in REMIC I, 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
Class R-I Certificates in authorized denominations which together with the
Uncertificated REMIC I Regular Interests, evidence ownership of REMIC I. The
rights of the Class R-I Certificateholders and REMIC II to receive distributions
from the proceeds of REMIC I in respect of the Class R-I Certificates and the
Uncertificated REMIC I Regular Interests, and all ownership interests of the
Class R-I Certificateholders and REMIC II in such distributions, shall be as set
forth in this Agreement.
Section 2.06. Conveyance of Uncertificated REMIC I and REMIC
II Regular Interests; Acceptance by the
Trustee.
----------------------------------------------
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The Company, as of the Closing Date, and concurrently with the execution
and delivery hereof, does hereby assign without recourse all the right, title
and interest of the Company in and to the Uncertificated REMIC I Regular
Interests to the Trustee for the benefit 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 A-9, Class A-10,
Class A-11, Class A-12, Class A-13, Class A-14, Class A-15, Class A-16, Class A-
17, Class A-18, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3
and Class R-II Certificateholders and the Owner of the Excess Spread. The
Trustee acknowledges receipt of the Uncertificated REMIC I Regular Interests and
declares that it holds and will hold the same in trust for the exclusive use and
benefit of all present and future 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 A-9, Class A-10, Class A-11,
Class A-12, Class A-13, Class A-14, Class A-15, Class A-16, Class A-17, Class A-
18, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3 and Class
R-II Certificateholders and the Owner of the Excess Spread. The rights 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 A-9, Class A-10, Class A-11, Class A-12, Class A-13, Class A-
14, Class A-15, Class A-16, Class A-17, Class A-18, Class M-1, Class M-2, Class
M-3, Class B-1, Class B-2, Class B-3 and Class R-II Certificateholders and the
Owner of the Excess Spread to receive distributions from the proceeds of REMIC
II in respect 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 A-9, Class A-10, Class A-11, Class A-12,
Class A-13, Class A-14, Class A-15, Class A-16, Class A-17, Class A-18, Class M-
1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3 and Class R-II
Certificates and the Excess Spread, and all ownership interests 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 A-9, Class A-10, Class A-11, Class A-12, Class A-13, Class A-14, Class A-
15, Class A-16, Class A-17, Class A-18, Class M-1, Class M-2, Class M-3, Class
B-1, Class B-2, Class B-3 and Class R-II Certificateholders and the Owner of the
Excess Spread in such distributions, shall be as set forth in this Agreement.
Section 2.07. Issuance of Certificates Evidencing Interest
in REMIC II.
--------------------------------------------
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The Trustee acknowledges the assignment to it of the Uncertificated REMIC I
Regular Interests and, concurrently therewith and in exchange therefor, pursuant
to the written request of the Company executed by an officer of the Company, the
Trustee has executed and caused to be authenticated and delivered to or upon the
order of the Company, 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 A-9, Class A-10, Class A-11, Class A-12,
Class A-13, Class A-14, Class A-15, Class A-16, Class A-17, Class A-18, Class M-
1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3 and Class R-II
Certificates in authorized denominations which, together with the ownership
interest in the Excess Spread, evidence ownership of the entire REMIC II.
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ARTICLE III
ADMINISTRATION AND SERVICING
OF MORTGAGE LOANS
Section 3.01. Master Servicer to Act as Servicer.
----------------------------------
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(a) The Master Servicer shall service and administer the Mortgage Loans in
accordance with the terms of this Agreement and the respective Mortgage Loans
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 Master Servicer in its own name or
in the name of a Subservicer is hereby authorized and empowered by the Trustee
when the Master 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, the Owner of the Excess Spread 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 completion of judicial or non-judicial foreclosure, the
conveyance of a Mortgaged Property to an 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. Notwithstanding the foregoing, subject to Section
3.07(a), the Master 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 REMIC
I or REMIC II to fail to qualify as such under the Code. The Trustee shall
furnish the Master Servicer with any powers of attorney and other documents
necessary or appropriate to enable the Master Servicer to service and administer
the Mortgage Loans. The Trustee shall not be liable for any action taken by the
Master Servicer or any Subservicer pursuant to such powers of attorney. In
servicing and administering any Nonsubserviced Mortgage Loan, the Master
Servicer shall, to the extent not inconsistent with this Agreement, comply with
the Program Guide as if it were the originator of such Mortgage Loan and had
retained the servicing rights and obligations in respect thereof. In connection
with servicing and administering the Mortgage Loans, the Master Servicer and any
Affiliate of the Master Servicer (i) may perform
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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 Master 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 and the Owner of the Excess Spread, 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 Master 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 Master Servicer of
amounts received by the Master 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 Master Servicer
hereunder.
Section 3.02. Subservicing Agreements Between Master
Servicer and Subservicers; Enforcement of
Subservicers' and Sellers' Obligations.
-----------------------------------------
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(a) The Master Servicer may continue in effect Subservicing Agreements
entered into by Residential Funding and Subservicers prior to the execution and
delivery of this Agreement, and may enter into new 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
Master Servicer in respect of such Mortgage Loan. For any Mortgage Loan that is
a Nonsubserviced Mortgage Loan, the Master Servicer shall be entitled to receive
and retain an amount equal to the Subservicing Fee from payments of interest.
Unless the context otherwise requires, references in this Agreement to actions
taken or to be taken by the Master Servicer in servicing the Mortgage Loans
include actions taken or to be taken by a Subservicer on behalf of the Master
Servicer. Each Subservicing Agreement will be upon such terms and conditions as
are generally required or permitted by the Program Guide and are not
inconsistent with this Agreement and as the Master Servicer and the Subservicer
have agreed. A representative form of Subservicing Agreement is attached to this
Agreement as Exhibit G. With the approval of the Master Servicer, a Subservicer
may delegate its servicing obligations to third-party servicers, but such
Subservicer will remain obligated under the related Subservicing Agreement. The
Master Servicer and a Subservicer may enter into amendments thereto or a
different form of Subservicing Agreement, and the form referred to or included
in the Program Guide is merely provided for information and shall not be deemed
to limit in any respect the discretion of the Master Servicer to modify or enter
into different Subservicing Agreements; provided, however, that any such
-------- -------
amendments or different forms shall be consistent with and not violate the
provisions of either this Agreement or the Program Guide in a manner which would
materially and adversely affect the interests of the Certificateholders or the
Owner of the Excess Spread.
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(b) As part of its servicing activities hereunder, the Master Servicer, for
the benefit of the Trustee, the Certificateholders and the Owner of the Excess
Spread, shall use its best reasonable efforts to enforce the obligations of each
Subservicer under the related Subservicing Agreement and of each Seller under
the related Seller's Agreement, to the extent that the non-performance of any
such obligation would have a material and adverse effect on a Mortgage Loan,
including, without limitation, the obligation to purchase a Mortgage Loan on
account of defective documentation, as described in Section 2.02, or on account
of a breach of a representation or warranty, as described in Section 2.04. Such
enforcement, including, without limitation, the legal prosecution of claims,
termination of Subservicing Agreements or Seller's Agreements, as appropriate,
and the pursuit of other appropriate remedies, shall be in such form and carried
out to such an extent and at such time as the Master Servicer would employ in
its good faith business judgment and which are normal and usual in its general
mortgage servicing activities. The Master Servicer shall pay the costs of such
enforcement at its own expense, and shall be reimbursed therefor only (i) from a
general recovery resulting from such enforcement to the extent, if any, that
such recovery exceeds all amounts due in respect of the related Mortgage Loan or
(ii) from a specific recovery of costs, expenses or attorneys fees against the
party against whom such enforcement is directed.
Section 3.03. Successor Subservicers.
----------------------
The Master 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 Master Servicer or the Subservicer, the Master 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. If the Master Servicer or any Affiliate of
Residential Funding acts as servicer, it will not assume liability for the
representations and warranties of the Subservicer which it replaces. If the
Master Servicer enters into a Subservicing Agreement with a successor
Subservicer, the Master Servicer shall use reasonable efforts to have the
successor Subservicer assume liability for the representations and warranties
made by the terminated Subservicer in respect of the related Mortgage Loans and,
in the event of any such assumption by the successor Subservicer, the Master
Servicer may, in the exercise of its business judgment, release the terminated
Subservicer from liability for such representations and warranties.
Section 3.04. Liability of the Master Servicer.
--------------------------------
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Notwithstanding any Subservicing Agreement, any of the provisions of this
Agreement relating to agreements or arrangements between the Master Servicer or
a Subservicer or reference to actions taken through a Subservicer or otherwise,
the Master Servicer shall remain obligated and liable to the Trustee, the
Certificateholders and the Owner of the Excess Spread 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 Master Servicer alone were servicing and administering the
Mortgage Loans. The Master Servicer shall be entitled to enter into any
agreement with a Subservicer or Seller for indemnification of the Master
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
or the Owner of the Excess Spread.
---------------------------------------------
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 Master Servicer alone and the Trustee, the
Certificateholders and the Owner of the Excess Spread 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. The foregoing provision shall not in any way limit a
Subservicer's obligation to cure an omission or defect or to repurchase a
Mortgage Loan as referred to in Section 2.02 hereof.
Section 3.06. Assumption or Termination of Subservicing
Agreements by Trustee.
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(a) In the event the Master Servicer shall for any reason no longer be the
master 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 Master 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 Master Servicer's
interest therein and to have replaced the Master 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 Master Servicer shall not
thereby be relieved of any liability or obligations under the Subservicing
Agreement.
(b) The Master Servicer shall, upon request of the Trustee but at the
expense of the Master 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.
---------------------------------------------
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(a) The Master 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 Master 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 Loan in accordance with the Program Guide;
provided, however, that the Master 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 Master 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 advance would be a
Nonrecoverable Advance. Consistent with the terms of this Agreement, the Master
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 Master Servicer's determination such
waiver, modification, postponement or indulgence is not materially adverse to
the interests of the Certificateholders or the Owner of the Excess Spread
(taking into account any estimated Realized Loss that might be result absent
such action); provided, however, that the Master 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 Master
Servicer, such default is reasonably foreseeable. In connection with any
Curtailment of a Mortgage Loan, the Master 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
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not be permitted if it would constitute a reissuance of the Mortgage Loan for
federal income tax purposes.
(b) The Master Servicer shall establish and maintain a Custodial Account in
which the Master Servicer shall deposit or cause to be deposited on a daily
basis, except as otherwise specifically provided herein, 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 on the Mortgage Loans due on or before the Cut-off Date):
(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 Adjusted Mortgage
Rate on the Mortgage Loans, including Buydown Funds, if any, 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;
(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, 2.03, 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 2.03 or 2.04;
(v) Any amounts required to be deposited pursuant to Section 3.07(c)
or 3.21; and
(vi) All amounts transferred from the Certificate Account to the
Custodial Account in accordance with Section 4.02(a).
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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
the nature of prepayment charges or late payment charges or assumption fees may
but need not be deposited by the Master Servicer in the Custodial Account. In
the event any amount not required to be deposited in the Custodial Account is so
deposited, the Master Servicer may at any time withdraw such amount from the
Custodial Account, any provision herein to the contrary notwithstanding. The
Custodial Account may contain funds that belong to one or more trust funds
created for mortgage pass-through certificates of other series and may contain
other funds respecting payments on mortgage loans belonging to the Master
Servicer or serviced or master serviced by it on behalf of others.
Notwithstanding such commingling of funds, the Master Servicer shall keep
records that accurately reflect the funds on deposit in the Custodial Account
that have been identified by it as being attributable to the Mortgage Loans.
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 Master 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 Master 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 Master 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 Certificate 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 Master 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
Master Servicer out of its own funds immediately as realized.
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(d) The Master Servicer shall give notice to the Trustee and the Company of
any change in the location of the Custodial Account and the location of the
Certificate Account prior to the use thereof.
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 Master 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 generally satisfy the requirements of
the Program Guide and be otherwise acceptable to the Master 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 Master 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 the date specified in the Program Guide, but in
no event later than the Determination Date, the Master Servicer shall cause the
Subservicer, pursuant to the Subservicing Agreement, to remit to the Master
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 Master Servicer. The Subservicer will also be
required, pursuant to the Subservicing Agreement, to advance on such scheduled
date of remittance amounts equal to any scheduled monthly installments of
principal and interest less its Subservicing Fees on any Mortgage Loans for
which payment was not received by the Subservicer. This obligation to advance
with respect to each Mortgage Loan will continue up to and including the first
of the month following the date on which the related Mortgaged Property is sold
at a foreclosure sale or is acquired by the Trust Fund by deed in lieu of
foreclosure or otherwise. All such advances received by the Master Servicer
shall be deposited promptly by it in the Custodial Account.
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(b) The Subservicer may also be required, pursuant to the Subservicing
Agreement, to remit to the Master Servicer for deposit in the Custodial Account
interest at the Adjusted Mortgage Rate on any Curtailment received by such
Subservicer in respect of a Mortgage Loan from the related Mortgagor during any
month that is to be applied by the Subservicer to reduce the unpaid principal
balance of the related Mortgage Loan as of the first day of such month, from the
date of application of such Curtailment to the first day of the following month.
Any amounts paid by a Subservicer pursuant to the preceding sentence shall be
for the benefit of the Master Servicer as additional servicing compensation and
shall be subject to its withdrawal or order from time to time pursuant to
Sections 3.10(a)(iv) and (v).
(c) In addition to the Custodial Account and the Certificate Account, the
Master 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 satisfy the requirements for a Subservicing Account and,
to the extent permitted by the Program Guide or as is otherwise acceptable to
the Master Servicer, may also function as a Subservicing Account. 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 Master 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 or in accordance with the Program Guide. As part
of its servicing duties, the Master 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.
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(d) The Master 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 Master Servicer shall be required so to
advance only to the extent that such advances, in the good faith judgment of the
Master Servicer, will be recoverable by the Master Servicer out of Insurance
Proceeds, Liquidation Proceeds or otherwise.
Section 3.09. Access to Certain Documentation and
Information Regarding the Mortgage Loans.
----------------------------------------
In the event that compliance with this Section 3.09 shall make any Class of
Certificates legal for investment by federally insured savings and loan
associations, the Master 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 Master
Servicer. The Master 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 Master Servicer.
Section 3.10. Permitted Withdrawals from
the Custodial Account.
---------------------------
(a) The Master 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:
(i) to make deposits into the Certificate Account in the amounts and
in the manner provided for in Section 4.01;
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(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, 2.03, 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 Master
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 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 deposited in 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 to itself, a Subservicer, a Seller, Residential Funding,
the Company or any other appropriate Person, as the case may be, with
respect to each Mortgage Loan or property acquired in respect thereof that
has been purchased or otherwise transferred pursuant to Section 2.02, 2.03,
2.04, 4.07 or 9.01, all amounts received thereon and not required to be
distributed to the Certificateholders or the Owner of the Excess Spread as
of the date on which the related Stated Principal Balance or Purchase Price
is determined;
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(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 or any Advance reimbursable to the Master Servicer
pursuant to Section 4.02(a)(iii);
(viii) to reimburse itself or the Company for expenses incurred by
and reimbursable to it or the Company pursuant to Sections 3.13, 3.14(c),
6.03, 10.01 or otherwise, or in connection with enforcing any repurchase,
substitution or indemnification obligation of any Seller (other than an
Affiliate of the Company) pursuant to the related Seller's Agreement;
(ix) to reimburse itself for amounts 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 Master Servicer's entitlement thereto is limited to
collections or other recoveries on the related Mortgage Loan, the Master
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 Master Servicer shall be entitled to reimburse itself or the
related Subservicer for any advance made in respect of a Mortgage Loan that the
Master 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 Certificate Account Deposit Date succeeding the date of such
determination. Such right of reimbursement in respect of a Nonrecoverable
Advance on any such Certificate Account Deposit Date shall be limited to an
amount not exceeding the portion of such advance previously paid to
Certificateholders and the Owner of the Excess Spread (and not theretofore
reimbursed to the Master Servicer or the related Subservicer).
Section 3.11. Maintenance of the Primary Insurance
Policies; Collections Thereunder.
------------------------------------
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(a) The Master 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 Master Servicer
or Subservicer, would have been covered thereunder. To the extent coverage is
available, the Master Servicer shall keep or cause to be kept in full force and
effect each such Primary Insurance Policy until the principal balance of the
related Mortgage Loan secured by a Mortgaged Property is reduced to 80% or less
of the Appraised Value in the case of such a Mortgage Loan having a Loan-to-
Value Ratio at origination in excess of 80%, provided that such Primary
Insurance Policy was in place as of the Cut-off Date and the Company had
knowledge of such Primary Insurance Policy. The Master Servicer shall be
entitled to cancel or permit the discontinuation of any Primary Insurance Policy
as to any Mortgage Loan, if the Stated Principal Balance of the Mortgage Loan is
reduced below an amount equal to 80% of the appraised value of the related
Mortgaged Property as determined in any appraisal thereof after the Closing
Date, or if the Loan-to-Value Ratio is reduced below 80% as a result of
principal payments on the Mortgage Loan after the Closing Date. In the event
that the Company gains knowledge that as of the Closing Date, a Mortgage Loan
had a Loan-to-Value Ratio at origination in excess of 80% and is not the subject
of a Primary Insurance Policy (and was not included in any exception to the
representation in Section 2.03(b)(iv)) and that such Mortgage Loan has a current
Loan-to-Value Ratio in excess of 80% then the Master Servicer shall use its
reasonable efforts to obtain and maintain a Primary Insurance Policy to the
extent that such a policy is obtainable at a reasonable price. The Master
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.
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(b) In connection with its activities as administrator and servicer of the
Mortgage Loans, the Master Servicer agrees to present or to cause the related
Subservicer to present, on behalf of the Master Servicer, the Subservicer, if
any, the Trustee, Certificateholders and the Owner of the Excess Spread, claims
to the 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 Master
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.
---------------------------------
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(a) The Master 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 the principal balance owing on such
Mortgage Loan or 100 percent of the insurable value of the improvements;
provided, however, that such coverage may not be less than the minimum amount
- -------- -------
required to fully compensate for any loss or damage on a replacement cost basis.
To the extent it may do so without breaching the related Subservicing Agreement,
the Master Servicer shall replace any Subservicer that does not cause such
insurance, to the extent it is available, to be maintained. The Master 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 amount necessary to avoid the application of any co-insurance clause
contained in the related hazard insurance policy. Pursuant to Section 3.07, any
amounts collected by the Master 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 Master 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 Master Servicer in maintaining any such insurance
shall not, for the purpose of calculating monthly distributions to the
Certificateholders and the Owner of the Excess Spread, 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 Master 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. Whenever the
improvements securing a Mortgage Loan (other than a Cooperative Loan) are
located at the time of origination of such Mortgage Loan in a federally
designated special flood hazard area, the Master Servicer shall cause flood
insurance (to the extent available) to be maintained in respect thereof. Such
flood insurance shall be in an amount equal to the lesser of (i) the amount
required to compensate for any loss or damage to the Mortgaged Property on a
replacement cost basis and (ii) the maximum amount of such insurance available
for the related Mortgaged Property under the national flood insurance program
(assuming that the area in which such Mortgaged Property is located is
participating in such program).
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In the event that the Master 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 Master 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 Certificate Account the amount
not otherwise payable under the blanket policy because of such deductible
clause. Any such deposit by the Master Servicer shall be made on the
Certificate 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 Master
Servicer agrees to present, on behalf of itself, the Trustee, the
Certificateholders and the Owner of the Excess Spread, claims under any such
blanket policy.
(b) The Master 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 Master
Servicer's officers and employees and other persons acting on behalf of the
Master Servicer in connection with its activities under this Agreement. The
amount of coverage shall be at least equal to the coverage that would be
required by FNMA or FHLMC, whichever is greater, with respect to the Master
Servicer if the Master Servicer were servicing and administering the Mortgage
Loans for FNMA or FHLMC. In the event that any such bond or policy ceases to be
in effect, the Master Servicer shall obtain a comparable replacement bond or
policy from an issuer or insurer, as the case may be, meeting the requirements,
if any, of the Program Guide and acceptable to the Company. Coverage of the
Master Servicer under a policy or bond obtained by an Affiliate of the Master
Servicer and providing the coverage required by this Section 3.12(b) shall
satisfy the requirements of this Section 3.12(b).
Section 3.13. Enforcement of Due-on-Sale Clauses;
Assumption and Modification Agreements;
Certain Assignments.
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(a) When any Mortgaged Property is conveyed by the Mortgagor, the Master
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:
(i) the Master Servicer shall not be deemed to be in default under
this Section 3.13(a) by reason of any transfer or assumption which the
Master Servicer is restricted by law from preventing; and
(ii) if the Master Servicer determines that it is reasonably likely
that any Mortgagor will bring, or if any Mortgagor does bring, legal action
to declare invalid or otherwise avoid enforcement of a due-on-sale clause
contained in any Mortgage Note or Mortgage, the Master Servicer shall not
be required to enforce the due-on-sale clause or to contest such action.
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(b) Subject to the Master 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 Master 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, none of
-------- -------
such terms and requirements shall both (i) constitute a "significant
modification" effecting an exchange or reissuance of such Mortgage Loan under
the Code (or final, temporary or proposed Treasury Regulations promulgated
thereunder) and (ii) cause either REMIC I or REMIC II to fail to qualify as such
under the Code or (subject to Section 10.01(f)), result in the imposition of any
tax on "prohibited transactions" or constitute "contributions" after the start-
up date under the REMIC Provisions. The Master Servicer shall execute and
deliver such documents only if it reasonably determines that (i) its execution
and delivery thereof will not conflict with or violate any terms of this
Agreement or cause the unpaid balance and interest on the Mortgage Loan to be
uncollectible in whole or in part, (ii) any required consents of insurers under
any Required Insurance Policies have been obtained and (iii) subsequent to the
closing of the transaction involving the assumption or transfer (A) the Mortgage
Loan will continue to be secured by a first mortgage lien pursuant to the terms
of the Mortgage, (B) such transaction will not adversely affect the coverage
under any Required Insurance Policies, (C) the Mortgage Loan will fully amortize
over the remaining term thereof, (D) no material term of the Mortgage Loan
(including the interest rate on the Mortgage Loan) will be altered nor will the
term of the Mortgage Loan be changed and (E) if the seller/transferor of the
Mortgaged Property is to be released from liability on the Mortgage Loan, such
release will not (based on the Master Servicer's or Subservicer's good faith
determination) adversely affect the collectability of the Mortgage Loan. Upon
receipt of appropriate instructions from the Master 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 Master
Servicer. Upon the closing of the transactions contemplated by such documents,
the Master Servicer shall cause the originals or true and correct copies of the
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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 Master Servicer or such related Subservicer for entering into an
assumption or substitution of liability agreement will be retained by the Master
Servicer or such Subservicer as additional servicing compensation.
(c) The Master 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
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 neither REMIC I nor REMIC II would 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
Master Servicer or the related Subservicer for processing such a request will be
retained by the Master Servicer or such Subservicer as additional servicing
compensation.
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(d) Subject to any other applicable terms and conditions of this Agreement,
the Trustee and Master 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 Master Servicer with a "Lender Certification for Assignment of
Mortgage Loan" in the form attached hereto as Exhibit O, in form and substance
satisfactory to the Trustee and Master Servicer, providing the following: (i)
that 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) that the substance of the assignment is, and is intended to be, a
refinancing of such Mortgage Loan and that the form of the transaction is solely
to comply with, or facilitate the transaction under, such local laws; (iii) 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 (iv) 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 Master
Servicer shall receive cash in an amount equal to the unpaid principal balance
of and accrued interest on such Mortgage Loan and the Master 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.
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(a) The Master 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 Master 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 and as shall be
required or permitted by the Program Guide; provided that the Master Servicer
shall not be liable in any respect hereunder if the Master Servicer is acting in
connection with any such foreclosure or other conversion in a manner that is
consistent with the provisions of this Agreement. The Master 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 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 a determination by the Master Servicer pursuant to this Section
3.14(a), the Master Servicer shall be entitled to reimbursement of such amounts
pursuant to Section 3.10. Concurrently with the foregoing, the Master Servicer
may pursue any remedies that may be available in connection with a breach of a
representation and warranty with respect to any such Mortgage Loan in accordance
with Sections 2.03 and 2.04. However, the Master Servicer is not required to
continue to pursue both foreclosure (or similar remedies) with respect to the
Mortgage Loans and remedies in connection with a breach of a representation and
warranty if the Master Servicer determines in its reasonable discretion that one
such remedy is more likely to result in a greater recovery as to the Mortgage
Loan. 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 Master
Servicer the related Mortgage File and the Trustee shall execute and deliver
such instruments of transfer or assignment prepared by the Master Servicer, in
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each case without recourse, as shall be necessary to vest in the Master 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 Master 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
Master 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 Master
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) In the event that title to any Mortgaged Property is acquired by REMIC
I 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 and the Owner of the Excess Spread.
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 REMIC I 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 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.
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(c) In the event that REMIC I acquires any REO Property as aforesaid or
otherwise in connection with a default or imminent default on a Mortgage Loan,
the Master Servicer on behalf of REMIC I shall dispose of such REO Property
within two years after its acquisition by REMIC I for purposes of Section
860G(a)(8) of the Code or, at the expense of REMIC I, request, more than 60 days
before the day on which the two-year grace period would otherwise expire, an
extension of the two-year grace period unless the Master Servicer (subject to
Section 10.01(f)) obtains for the Trustee an Opinion of Counsel, addressed to
the Trustee and the Master Servicer, to the effect that the holding by REMIC I
of such REO Property subsequent to such two-year period will not result in the
imposition of taxes on "prohibited transactions" as defined in Section 860F of
the Code or cause REMIC I to fail to qualify as a REMIC at any time that any
Uncertificated REMIC I Regular Interests are outstanding, in which case REMIC I
may continue to hold such REO Property (subject to any conditions contained in
such Opinion of Counsel). The Master 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 REMIC I shall be rented (or allowed
to continue to be rented) or otherwise used by or on behalf of REMIC I 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 REMIC I 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 Master Servicer has agreed to
indemnify and hold harmless REMIC I with respect to the imposition of any such
taxes.
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(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 Master Servicer or the related Subservicer in accordance
with Section 3.10(a)(ii); second, to the Certificateholders and the Owner of the
Excess Spread to the extent of accrued and unpaid interest on the Mortgage Loan,
and any related REO Imputed Interest, at the Net Mortgage Rate to the Due Date
prior to the Distribution Date on which such amounts are to be distributed;
third, to the Certificateholders as a recovery of principal on the Mortgage Loan
(or REO Property)(provided that 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); fourth, to all Servicing Fees and
Subservicing Fees payable therefrom (and the Master Servicer and the Subservicer
shall have no claims for any deficiencies with respect to such fees which result
from the foregoing allocation); and fifth, to Foreclosure Profits.
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 Master Servicer of a notification that payment in full
will be escrowed in a manner customary for such purposes, the Master Servicer
will immediately notify the Trustee (if it holds the related Mortgage File) or
the Custodian by a certification of a Servicing Officer (which certification
shall include a statement to the effect that all amounts received or to be
received in connection with such payment which are required to be deposited in
the Custodial Account pursuant to Section 3.07 have been or will be so
deposited), substantially in one of the forms attached hereto as Exhibit H
requesting delivery to it of the Mortgage File. Upon receipt of such
certification and request, the Trustee shall promptly release, or cause the
Custodian to release, the related Mortgage File to the Master Servicer. The
Master 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. No expenses incurred in connection with any instrument of satisfaction
or deed of reconveyance shall be chargeable to the Custodial Account or the
Certificate Account.
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(b) From time to time as is appropriate for the servicing or foreclosure of
any Mortgage Loan, the Master Servicer shall deliver to the Custodian, with a
copy to the Trustee, a certificate of a Servicing Officer substantially in one
of the forms attached as Exhibit H hereto, requesting that possession of all, or
any document constituting part of, the Mortgage File be released to the Master
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 shall deliver, or cause the Custodian to deliver, the Mortgage File or
any document therein to the Master Servicer. The Master 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
Master 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 Master
Servicer has delivered directly or through a Subservicer to the Trustee a
certificate of a Servicing Officer certifying 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 a
Mortgage Loan, the Trustee shall deliver the Request for Release with respect
thereto to the Master Servicer upon deposit of the related Liquidation Proceeds
in the Custodial Account.
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(c) The Trustee or the Master Servicer on the Trustee's behalf shall
execute and deliver to the Master 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 Master 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.
Section 3.16. Servicing and Other Compensation;
Compensating Interest.
---------------------------------
(a) The Master 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
Liquidation or REO Disposition exceed the unpaid principal balance of such
Mortgage Loan plus unpaid interest accrued thereon (including REO Imputed
Interest) at the related Net Mortgage Rate, the Master Servicer shall be
entitled to retain therefrom and to pay to itself and/or the related Subservicer
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 the Certificate Account or otherwise shall be retained by
the Master Servicer or the Subservicer to the extent provided herein, subject to
clause (e) below.
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(c) The Master 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,
and the fees and expenses of the Trustee and any Custodian) and shall not be
entitled to reimbursement therefor except as specifically provided in Sections
3.10 and 3.14.
(d) The Master 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 Master Servicer under this
Agreement.
(e) Notwithstanding any other provision herein, the amount of servicing
compensation that the Master 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. Such reduction shall be applied during such
period as follows: first, to any Servicing Fee or Subservicing Fee to which the
Master Servicer is entitled pursuant to Section 3.10(a)(iii); second, to any
income or gain realized from any investment of funds held in the Custodial
Account or the Certificate Account to which the Master Servicer is entitled
pursuant to Sections 3.07(c) or 4.01(b), respectively; and third, to any amounts
of servicing compensation to which the Master Servicer is entitled pursuant to
Section 3.10(a)(v) or (vi). In making such reduction, the Master Servicer (i)
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); (ii) will not withdraw from the Custodial Account or Certificate
Account any such amount to which it is entitled pursuant to Section 3.07(c) or
4.01(b) and (iii) will not withdraw from the Custodial Account any such amount
of servicing compensation to which it is entitled pursuant to Section 3.10(a)(v)
or (vi).
Section 3.17. Reports to the Trustee and the Company.
--------------------------------------
Not later than fifteen days after each Distribution Date, the Master
Servicer shall forward to the Trustee and the Company a statement, certified by
a Servicing Officer, setting forth the status of the Custodial Account as of the
close of business on such Distribution Date as it relates to the Mortgage Loans
and showing, for the period covered by such statement, the aggregate of deposits
in or withdrawals from the Custodial Account in respect of the Mortgage Loans
for each category of deposit specified in Section 3.07 and each category of
withdrawal specified in Section 3.10.
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Section 3.18. Annual Statement as to Compliance.
---------------------------------
The Master Servicer will deliver to the Company, the Trustee and Financial
Security on or before March 31 of each year, beginning with the first March 31
that occurs at least six months after the Cut-off Date, an Officers' Certificate
stating, as to each signer thereof, that (i) a review of the activities of the
Master Servicer during the preceding calendar year related to its servicing of
mortgage loans and its performance under pooling and servicing agreements,
including this Agreement, has been made under such officers' supervision, (ii)
to the best of such officers' knowledge, based on such review, the Master
Servicer has complied in all material respects with the minimum servicing
standards set forth in the Uniform Single Attestation Program for Mortgage
Bankers and has fulfilled all of its material obligations relating to this
Agreement in all material respects throughout such year, or, if there has been
material noncompliance with such servicing standards or a default in the
fulfillment in all material respects of any such obligation relating to this
Agreement, such statement shall include a description of such noncompliance or
specify each such default, as the case may be, known to such officer and the
nature and status thereof and (iii) to the best of such officers' knowledge,
each Subservicer has complied in all material respects with the minimum
servicing standards set forth in the Uniform Single Attestation Program for
Mortgage Bankers and has fulfilled all of its material obligations under its
Subservicing Agreement in all material respects throughout such year, or, if
there has been material noncompliance with such servicing standards or a
material default in the fulfillment of such obligations relating to this
Agreement, such statement shall include a description of such noncompliance or
specify each such default, as the case may be, known to such officer and the
nature and status thereof.
Section 3.19. Annual Independent Public Accountants'
Servicing Report.
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On or before March 31 of each year, beginning with the first March 31 that
occurs at least six months after the Cut-off Date, the Master Servicer at its
expense shall cause a firm of independent public accountants, which shall be
members of the American Institute of Certified Public Accountants, to furnish a
report to the Company, the Trustee and Financial Security stating its opinion
that, on the basis of an examination conducted by such firm substantially in
accordance with standards established by the American Institute of Certified
Public Accountants, the assertions made pursuant to Section 3.18 regarding
compliance with the minimum servicing standards set forth in the Uniform Single
Attestation Program for Mortgage Bankers during the preceding calendar year are
fairly stated in all material respects, subject to such exceptions and other
qualifications that, in the opinion of such firm, such accounting standards
require it to report. In rendering such statement, such firm may rely, as to
matters relating to the direct servicing of mortgage loans by Subservicers, upon
comparable statements for examinations conducted by independent public
accountants substantially in accordance with standards established by the
American Institute of Certified Public Accountants (rendered within one year of
such statement) with respect to such Subservicers.
Section 3.20. Rights of the Company in Respect
of the Master Servicer.
--------------------------------
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The Master Servicer shall afford the Company, upon reasonable notice,
during normal business hours access to all records maintained by the Master
Servicer in respect of its rights and obligations hereunder and access to
officers of the Master Servicer responsible for such obligations. Upon request,
the Master Servicer shall furnish the Company with its most recent financial
statements and such other information as the Master Servicer possesses regarding
its business, affairs, property and condition, financial or otherwise. The
Master Servicer shall also cooperate with all reasonable requests for
information including, but not limited to, notices, tapes and copies of files,
regarding itself, the Mortgage Loans or the Certificates from any Person or
Persons identified by the Company or Residential Funding. The Company may, but
is not obligated to, enforce the obligations of the Master Servicer hereunder
and may, but is not obligated to, perform, or cause a designee to perform, any
defaulted obligation of the Master Servicer hereunder or exercise the rights of
the Master Servicer hereunder; provided that the Master Servicer shall not be
relieved of any of its obligations hereunder by virtue of such performance by
the Company or its designee. The Company shall not have any responsibility or
liability for any action or failure to act by the Master Servicer and is not
obligated to supervise the performance of the Master Servicer under this
Agreement or otherwise.
Section 3.21. Administration of Buydown Funds.
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(a) With respect to any Buydown Mortgage Loan, the Subservicer has
deposited Buydown Funds in an account that satisfies the requirements for a
Subservicing Account (the "Buydown Account"). The Master Servicer shall cause
the Subservicing Agreement to require that upon receipt from the Mortgagor of
the amount due on a Due Date for each Buydown Mortgage Loan, the Subservicer
will withdraw from 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 transmit that amount in accordance with the terms of the
Subservicing Agreement to the Master Servicer 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 Subservicer shall be
required to 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 Master Servicer or the insurer under any related Primary
Insurance Policy), the Subservicer shall be required to withdraw from the
Buydown Account the Buydown Funds for such Buydown Mortgage Loan still held in
the Buydown Account and remit the same to the Master Servicer in accordance with
the terms of the Subservicing Agreement for deposit in the Custodial Account or,
if instructed by the Master Servicer, 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.
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ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS
Section 4.01. Certificate Account.
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(a) The Master Servicer on behalf of the Trustee shall establish and
maintain a Certificate Account in which the Master Servicer shall cause to be
deposited on behalf of the Trustee on or before 2:00 P.M. New York time on each
Certificate 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 Certificate
Account pursuant to Section 3.12(a), (iii) any amount required to be deposited
in the Certificate Account pursuant to Section 3.16(e) or 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 shall, upon written request from the Master Servicer,
invest or cause the institution maintaining the Certificate Account to invest
the funds in the Certificate Account in Permitted Investments designated in the
name of the Trustee for the benefit of the Certificateholders and the Owner of
the Excess Spread, which shall mature 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 Certificate
Account is maintained may mature on such Distribution Date and (ii) any other
investment may mature on such Distribution Date if the Trustee shall advance
funds on such Distribution Date to the Certificate 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. Subject to Section 3.16(e), all income
and gain realized from any such investment shall be for the benefit of the
Master Servicer 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 Certificate Account by the Master Servicer out of its
own funds immediately as realized without any right of reimbursement.
Section 4.02. Distributions.
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(a) On each Distribution Date (x) the Master Servicer on behalf of the
Trustee or (y) the Paying Agent appointed by the Trustee, shall distribute to
the Owner of the Excess Spread, a distribution thereof pursuant to Section
4.02(a)(i), to the Master Servicer, in the case of a distribution pursuant to
Section 4.02(a)(iii), the amount required to be distributed to the Master
Servicer or a Subservicer pursuant to Section 4.02(a)(iii), to Financial
Security, the Insurance Premium for such Distribution Date, and 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 Master Servicer or the
Paying Agent, as the case may be, or, if such Certificateholder has not so
notified the Master Servicer 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 (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)), in each case to the
extent of the Available Distribution Amount:
(i) to the Class A Certificateholders (other than the Class A-18
Certificateholders), Class R Certificateholders, Financial Security and the
Owner of the Excess Spread, on a pro rata basis based on Accrued
Certificate Interest payable on such Certificates, the amount of the
Insurance Premium and the amount of Excess Spread with respect to such
Distribution Date, Accrued Certificate Interest on such Classes of
Certificates, the Insurance Premium and such Excess Spread, as applicable,
for such Distribution Date, plus any Accrued Certificate Interest thereon,
Insurance Premium or Excess Spread remaining unpaid from any previous
Distribution Date except as provided in the last paragraph of this Section
4.02(a);
(ii) (X) to the Class A-18 Certificateholders, the Class A-18
Principal Distribution Amount; and
(Y) to the Class A Certificateholders (other than Class A-18
Certificateholders) and Class R Certificateholders, in the priorities and
amounts set forth in Section 4.02(b)(ii) through (iv) and Section 4.02(c)
through (e), the sum of the following (applied to reduce the Certificate
Principal Balances of such Class A Certificates or Class R Certificates, as
applicable):
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(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 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 related Prepayment Period (or deemed to
have been so repurchased in accordance with Section 3.07(b))
pursuant to Section 2.02, 2.03, 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 2.03 or 2.04 during the related Prepayment Period (other
than the related Discount Fraction of such Stated Principal
Balance or shortfall with respect to a 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 related Prepayment Period (or deemed to have
been so received in accordance with Section 3.07(b)) to the
extent applied by the Master 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 a Discount
Mortgage Loan);
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(B) with respect to each Mortgage Loan for which a Cash
Liquidation or a REO Disposition occurred during the related
Prepayment Period (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
Adjusted 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 a Discount Mortgage Loan) and (b) the Adjusted 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 Master 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 Adjusted Senior Accelerated Distribution Percentage for
such Distribution Date times the aggregate of all Principal
Prepayments in Full and Curtailments received in the related
Prepayment Period (other than the related Discount Fraction of such
Principal Prepayments in Full and Curtailments, with respect to a
Discount Mortgage Loan);
(D) any Excess Subordinate Principal Amount for such
Distribution Date;
(E) the Prepayment Lockout Certificates' pro rata share, based
on the Certificate Principal Balance thereof relative to the
aggregate of the Certificate Principal Balance of the Prepayment
Lockout, Class M and Class B Certificates, of the unscheduled
collections and prepayments referred to in clauses (B) and (C) above,
to the extent such receipts are not payable to the Senior
Certificates (other than the Prepayment Lockout Certificates) or the
Class A-18 Certificates;
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(F) any amounts described in subsection (ii)(Y), clauses (A),
(B), (C) and (E) 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 (F) to the
extent that such amounts are not attributable to Realized Losses
which have been allocated to the Class M Certificates or Class B
Certificates;
(iii) if the Certificate Principal Balances of the Class M
Certificates and Class B Certificates have not been reduced to zero, to the
Master 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
A-18 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;
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(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
A-18 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;
(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
A-18 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
A-18 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;
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(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
A-18 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 A-18 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
A-18 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;
(xvi) to Financial Security, as subrogee of the Insured
Certificateholders, to reimburse Financial Security for claims paid under
the FSA Policy, to the extent of Cumulative Insurance Payments on the
Insured Certificates;
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(xvii) to the Class A Certificateholders and Class R
Certificateholders 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 Class A and Class R Certificates, but in no event more
than the aggregate of the outstanding Certificate Principal Balances of
each such Class of Class A and Class R Certificates, and thereafter, to
each Class of Class M Certificates then outstanding beginning with such
Class with the lowest numerical designation, any portion of the Available
Distribution Amount remaining after the Class A Certificates and Class R
Certificates have been retired, applied to reduce the Certificate Principal
Balance of each such Class of Class M Certificates, but in no event more
than the outstanding Certificate Principal Balance of each such Class of
Class M Certificates; and thereafter to each such Class of Class B
Certificates then outstanding beginning with such Class with the lowest
numerical designation, any portion of the Available Distribution Amount
remaining after the Class M Certificates have been retired, applied to
reduce the Certificate Principal Balance of each such Class of Class B
Certificates, but in no event more than the outstanding Certificate
Principal Balance of each such Class of Class B Certificates; and
(xviii) to the Class R Certificateholders, the balance, if any, of
the Available Distribution Amount.
Notwithstanding the foregoing, on any Distribution Date, with respect to
the Class of Class B Certificates outstanding on such Distribution Date with the
highest numerical designation, or in the event the Class B Certificates are no
longer outstanding, the Class of Class M Certificates then outstanding with the
highest numerical designation, or in the event the Class B Certificates and
Class M Certificates are no longer outstanding, the Class A and Class R
Certificates, Accrued Certificate Interest thereon remaining unpaid and Excess
Spread remaining unpaid from any previous Distribution Date will be
distributable only to the extent that such unpaid Accrued Certificate Interest
or Excess Spread was attributable to interest shortfalls relating to
Nonrecoverable Advances as determined by the Master Servicer 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 Class A Certificates (other than the
Class A-14 Certificates) and Class R Certificates on each Distribution Date
occurring prior to the occurrence of the Credit Support Depletion Date will be
made as follows:
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(i) first, to the Class A-18 Certificates, until the Certificate
Principal Balance thereof is reduced to zero, an amount (the "Class A-18
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;
(B) the related Discount Fraction of the principal portion of
all unscheduled collections on each Discount Mortgage Loan received
during the preceding calendar month (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
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(E) the amount of any Class A-18 Collection Shortfalls for such
Distribution Date and the amount of any Class A-18 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 sum of (A) the Prepayment Lockout
Certificates' pro rata share, based on the Certificate Principal Balance
thereof relative to the Certificate Principal Balance of all other classes
of Senior Certificates (other than the Class A-18 Certificates), of the
aggregate of the amounts set forth in clauses 4.02(a)(ii)(Y)(A), (D) and
(F) and (B) the amount described in clause 4.02(a)(ii)(Y)(E) shall be
distributed to the Prepayment Lockout Certificates in reduction of the
Certificate Principal Balance thereof; PROVIDED that if the aggregate of
the amounts set forth in clauses 4.02(a)(ii)(Y)(A) through (F) is more than
the balance of the Available Distribution Amount remaining after the Senior
Interest Distribution Amount and the Class A-18 Principal Distribution
Amount have been distributed, the amount paid to the Prepayment Lockout
Certificates pursuant to this clause 4.02(b)(ii) shall be reduced by an
amount equal to the Prepayment Lockout Certificates' pro rata share of such
difference;
(iii) the balance of the Senior Principal Distribution Amount, if
any, remaining after the distributions described in clause 4.02(b)(ii)
above shall be distributed to the Class R-I Certificates and Class R-II
Certificates, concurrently, with such amount to be allocated to the Class
R-I Certificates and Class R-II Certificates on a pro rata basis (in
proportion to their respective Certificate Principal Balances), until the
Certificate Principal Balances thereof have been reduced to zero;
(iv) the balance, if any, of the Senior Principal Distribution Amount
remaining after the distributions described in clauses 4.02(b)(ii) and
4.02(b)(iii) above shall be distributed as follows:
(A) first, 16.6457599632%, 45.8652185996%, 4.5841304868%,
25.8246938482% and 7.0801971022% concurrently to the Class
A-1, Class A-2, Class A-11, Class A-12 and Class A-13
Certificates, respectively, until the Certificate Principal
Balance of the Class A-1 Certificates has been reduced to
zero;
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(B) second, 45.8652185996%, 6.6158180289%, 3.7500834147%,
4.5841304868%, 25.8246938482%, 7.0801971022% and
6.2798585196% concurrently to the Class A-2, Class A-3,
Class A-9, Class A-11, Class A-12, Class A-13 and Class A-17
Certificates, respectively, until the Certificate Principal
Balances of the Class A-2, Class A-3, Class A-11, Class A-
12, Class A-13 and Class A-17 Certificates have been reduced
to zero;
(C) third, 62.6720544866%, 24.0893856605% and 13.2385598529%
concurrently to the Class A-7, Class A-9 and Class A-15
Certificates, respectively, until the Certificate Principal
Balance of the Class A-9 Certificates has been reduced to
zero;
(D) fourth, 62.6720544866%, 24.0893856605% and 13.2385598529%
concurrently to the Class A-7, Class A-10 and Class A-15
Certificates, respectively, until the Certificate Principal
Balance of the Class A-10 Certificates has been reduced to
zero;
(E) fifth, 62.6720544866%, 13.2385598529% and 24.0893856605%
concurrently to the Class A-7, Class A-15 and Class A-16
Certificates, respectively, until the Certificate Principal
Balances of the Class A-7 Certificates and Class A-15
Certificates have been reduced to zero; and
(F) sixth, 23.3572668189%, 5.2268009664%, 44.2440534934%, and
27.1718787213% concurrently to the Class A-5, Class A-6,
Class A-8 and Class A-16 Certificates, respectively, until
the Certificate Principal Balances thereof have been reduced
to zero.
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(c) On or after the occurrence of 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 A-18 Certificates) will be disregarded, 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 A-18 Certificates, and the Senior Principal
Distribution Amount will be distributed to all classes of Senior Certificates
(other than the Class A-18 Certificates) pro rata in accordance with their
respective outstanding Certificate Principal Balances and the amount set forth
in Section 4.02(a)(i) will be distributed as set forth therein.
(d) After reduction of the Certificate Principal Balances of the Senior
Certificates (other than the Class A-18 Certificates) to zero but prior to the
occurrence of the Credit Support Depletion Date, the Senior Certificates (other
than the Class A-18 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 A-18, Class M and Class B Certificates and the owner
of the Excess Spread, in each case as described herein.
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(e) After reduction of the Certificate Principal Balances of the Senior
Certificates (other than the Prepayment Lockout Certificates and Class A-18
Certificates) to zero but prior to the occurrence of the Credit Support
Depletion Date, the Available Distribution Amount will be paid solely to the
holders of the Prepayment Lockout, Class A-18, Class M and Class B Certificates
and the owner of the Excess Spread, in each case as described herein, provided
that (i) on any Distribution Date prior to the Distribution Date occurring in
June 2001 on which the Subordinate Percentage is equal to or greater than twice
the initial Subordinate Percentage before giving effect to distributions on such
Distribution Date and the loss and delinquency tests in the proviso set forth in
the definition of Adjusted Senior Accelerated Distribution Percentage herein are
satisfied, (A) which also occurs prior to the Distribution Date occurring in
June 1999, the aggregate amount of all full and partial Principal Prepayments
made by the respective Mortgagors (other than the related Discount Fraction of
such Principal Prepayments, with respect to each Discount Mortgage Loan) during
the preceding calendar month will be distributed as follows: the Class M
Certificates and Class B Certificates in the aggregate will receive 50% of their
pro rata share of such Principal Prepayments and the Prepayment Lockout
Certificates will receive the remainder of such Principal Prepayments or (B)
which also occurs on or following the Distribution Date occurring in June 1999,
such Principal Prepayments will be distributed on a pro rata basis between the
Prepayment Lockout Certificates and the Class M Certificates and Class B
Certificates, collectively, and (ii) on any Distribution Date (A) occurring
prior to the Distribution Date occurring in June 2001 on which the Subordinate
Percentage is less than twice the initial Subordinate Percentage before giving
effect to distributions on such Distribution Date, (B) occurring on or after
June 2001 and prior to the Distribution Date occurring in June 2005 on which (1)
the aggregate Certificate Principal Balance of the Class M Certificates and
Class B Certificates is less than 50% of the Certificate Principal Balance of
the Prepayment Lockout Certificates or (2) the outstanding principal balance of
Mortgage Loans delinquent 60 days or more is greater than one-half of the
aggregate Certificate Principal Balance of the Class M Certificates and Class B
Certificates immediately prior to such Distribution Date and (C) occurring on or
after the Distribution Date occurring in June 2005 on which the Subordinate
Percentage is less than the initial Subordinate Percentage, all Principal
Prepayments will be distributed to the Holders of the Prepayment Lockout
Certificates.
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(f) In addition to the foregoing distributions on the Insured Certificates,
the Master Servicer on behalf of the Trustee or the Paying Agent appointed by
the Trustee shall distribute on each Distribution Date the amount, if any, paid
under the Policy and transferred to the Certificate Account with respect to such
Distribution Date pursuant to Section 11.02(b).
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(g) 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
Master Servicer receives amounts, which the Master 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 applicable Seller's Agreement), the Master
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) or to
the Owner of the Excess Spread, if applicable, (with the amounts to be
distributed allocated among such Classes and the Excess Spread in the same
proportions as such Realized Loss was allocated), subject to the following: No
such distribution shall be in an amount that would result in total distributions
in respect of Excess Spread or on the Certificates of any such Class in excess
of the total amounts of principal and interest that would have been
distributable thereon if such Cash Liquidation or REO Disposition had occurred
but had resulted in a Realized Loss equal to zero. Notwithstanding the
foregoing, no such distribution shall be made with respect to the Excess Spread
or the Certificates of any Class to the extent that either (i) such Excess
Spread or Class was protected against the related Realized Loss pursuant to any
instrument or fund established under Section 12.01(e) or (ii) such Excess Spread
or 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 of such
separate certificates or other instruments was 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 Master
Servicer to the Certificateholders of record as of the Record Date immediately
preceding the date of such distribution, on a pro rata basis based on the
Percentage Interest represented by each Certificate of such Class as of such
Record Date. 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.
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(h) Each distribution with respect to a Book-Entry Certificate shall be
paid to the Depository, as Holder thereof, and the Depository shall be
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" or "indirect participating firm") for which
it acts as agent. Each brokerage firm shall be responsible for disbursing funds
to the Certificate Owners that it represents. None of the Trustee, the
Certificate Registrar, the Company or the Master Servicer shall have any
responsibility therefor except as otherwise provided by this Agreement or
applicable law.
(i) Except as otherwise provided in Section 9.01, if the Master Servicer
anticipates that a final distribution with respect to any Class of Certificates
will be made on the next Distribution Date, the Master 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
prior calendar month. 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 Certificate Account
and credited to a separate escrow account for the benefit of such
Certificateholders as provided in Section 9.01(d).
Section 4.03. Statements to Certificateholders and the
Owner of the Excess Spread.
----------------------------------------
(a) Concurrently with each distribution charged to the Certificate Account
and with respect to each Distribution Date the Master Servicer shall forward to
the Trustee and the Trustee shall forward by mail to each Holder, the Owner of
the Excess Spread, Financial Security and the Company a statement setting forth
the following information as to the Excess Spread and each Class of Certificates
to the extent applicable:
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(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 and to the Owner of the Excess Spread;
(iii) if the distribution to the Holders of such Class of
Certificates or such Owner is less than the full amount that would be
distributable to such Holders or Owner if there were sufficient funds
available therefor, the amount of the shortfall;
(iv) the amount of any Advance by the Master 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 each
Class of 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 Sections
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 aggregate Certificate Principal Balance of each Class of
Certificates, and each of the Senior, Class M and Class B Percentages,
after giving effect to the amounts distributed on such Distribution Date,
separately identifying any reduction thereof due to Realized Losses other
than pursuant to an actual distribution of principal;
(ix) the related Subordinate Principal Distribution Amount and
Prepayment Distribution Percentage, if applicable;
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(x) on the basis of the most recent reports furnished to it by
Subservicers, the number and aggregate principal balances of Mortgage Loans
that are delinquent (A) one month, (B) two months and (C) three months and
the number and aggregate principal balance of Mortgage Loans that are in
foreclosure;
(xi) the number, aggregate principal balance and book value of any
REO Properties;
(xii) 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;
(xiii) the Pass-Through Rates on the Class A-13 Certificates and
Class A-14 Certificates for such Distribution Date, separately identifying
LIBOR for such Distribution Date;
(xiv) 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;
(xv) the weighted average Spread Rate for such Distribution Date;
(xvi) the occurrence of the Credit Support Depletion Date and the
Accretion Termination Date;
(xvii) the Adjusted Senior Accelerated Distribution Percentage
applicable to such distribution;
(xviii) the Adjusted Senior Percentage for such Distribution Date;
(xix) the aggregate amount of Realized Losses for such Distribution
Date;
(xx) the aggregate amount of any recoveries on previously foreclosed
loans from Sellers due to a breach of representation or warranty;
(xxi) the weighted average remaining term to maturity of the
Mortgage Loans after giving effect to the amounts distributed on such
Distribution Date;
(xxii) the weighted average Mortgage Rates of the Mortgage Loans
after giving effect to the amounts distributed on such Distribution Date;
and
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(xxiii) the occurrence of the Senior Principal Adjustment Date.
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. In addition to the statement provided to the Trustee as set forth
in this Section 4.03(a), the Master Servicer shall provide to any manager of a
trust fund consisting of some or all of the Certificates, upon reasonable
request, such additional information as is reasonably obtainable by the Master
Servicer at no additional expense to the Master Servicer.
(b) Within a reasonable period of time after the end of each calendar year,
the Master Servicer 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 Owner of the Excess Spread or 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 Master Servicer shall be deemed to have been satisfied to
the extent that substantially comparable information shall be provided by the
Master Servicer pursuant to any requirements of the Code.
(c) Within a reasonable period of time after the end of each calendar year,
the Master Servicer 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
Master Servicer shall be deemed to have been satisfied to the extent that
substantially comparable information shall be provided by the Master Servicer
pursuant to any requirements of the Code.
(d) Upon the written request of any Certificateholder, the Master Servicer,
as soon as reasonably practicable, shall provide the requesting
Certificateholder with such information as is necessary and appropriate, in the
Master Servicer'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 Master Servicer.
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(a) Prior to the close of business on the Business Day next succeeding each
Determination Date, the Master Servicer shall furnish a written statement to the
Trustee, Financial Security, any Paying Agent and the Company (the information
in such statement to be made available to Certificateholders and the Owner of
the Excess Spread by the Master Servicer on request) setting forth (i) the
Available Distribution Amount; (ii) the amounts required to be withdrawn from
the Custodial Account and the Insured Reserve Fund and deposited into the
Certificate Account on the immediately succeeding Certificate Account Deposit
Date pursuant to clause (iii) of Section 4.01(a); (iii) the amount of the
Insurance Premium; and (iv) the amount of Cumulative Insurance Payments as of
such Determination Date. The determination by the Master Servicer of such
amounts shall, in the absence of obvious error, be presumptively deemed to be
correct for all purposes hereunder and the Trustee shall be protected in relying
upon the same without any independent check or verification.
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(b) On or before 2:00 P.M. New York time on each Certificate Account
Deposit Date, the Master Servicer shall either (i) deposit in the Certificate
Account from its own funds, or funds received therefor from the Subservicers, an
amount equal to the Advances to be made by the Master 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 Debt Service
Reductions or reductions in the amount of interest collectable from the
Mortgagor pursuant to the Soldiers' and Sailors' Civil Relief Act of 1940, as
amended, or similar legislation or regulations then in effect, 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 Certificate 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 Master Servicer by deposit in the Certificate Account on or
before 11:00 A.M. New York time on any future Certificate Account Deposit Date
to the extent that funds attributable to the Mortgage Loans that are available
in the Custodial Account for deposit in the Certificate Account on such
Certificate Account Deposit Date shall be less than payments to
Certificateholders and the Excess Spread required to be made on the following
Distribution Date. The Master 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 Master Servicer pursuant to this Section 4.04. The amount of any
reimbursement pursuant to Section 4.02(a)(iii) 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 Master Servicer from recoveries on related
Mortgage Loans pursuant to Section 3.10.
The determination by the Master Servicer that it has made a Nonrecoverable
Advance or that any proposed Advance, if made, would constitute a Nonrecoverable
Advance, shall be evidenced by a certificate of a Servicing Officer delivered to
the Seller and the Trustee.
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In the event that the Master Servicer determines as of the Business Day
preceding any Certificate Account Deposit Date that it will be unable to deposit
in the Certificate 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 Certificate 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 Master Servicer shall have directly
or indirectly deposited in the Certificate Account such portion of the amount of
the Advance as to which the Master 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 Master Servicer under this Agreement in accordance
with Section 7.01 and (b) assume the rights and obligations of the Master
Servicer hereunder, including the obligation to deposit in the Certificate
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 Certificate Account.
Section 4.05. Allocation of Realized Losses.
-----------------------------
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Prior to each Distribution Date, the Master Servicer shall determine the
total amount of Realized Losses, if any, that resulted from any Cash
Liquidation, Debt Service Reduction, Deficient Valuation or REO Disposition that
occurred during the related Prepayment 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, 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, among all the Class A Certificates, Class R
Certificates and, in respect of the interest portion of such Realized Losses,
the Excess Spread, on a pro rata basis, as described below. Any Excess Special
Hazard Losses, Excess Bankruptcy Losses, Excess Fraud Losses and Extraordinary
Losses will be allocated among the Class A, Class M, Class B and Class R
Certificates, and, in respect of the interest portion of such Realized Losses,
the Excess Spread, on a pro rata basis, as described below.
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As used herein, an allocation of a Realized Loss on a "pro rata basis"
among two or more specified Classes of Certificates and the Excess Spread means
an allocation on a pro rata basis, among the various Classes so specified and
the Excess Spread, to each such Class of Certificates on the basis of their then
outstanding Certificate Principal Balances or amount 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
or amount of Excess Spread 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. Any allocation of the
principal portion of Realized Losses (other than Debt Service Reductions) to the
Class B Certificates or, after the Certificate Principal Balances of the Class B
Certificates have been reduced to zero, to the Class of Class M Certificates
then outstanding with the highest numerical designation 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 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.
Section 4.06. Reports of Foreclosures and Abandonment
of Mortgaged Property.
---------------------------------------
The Master 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.
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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 Master Servicer may, at its option, purchase such Mortgage Loan from the
Trustee at the Purchase Price therefor. If at any time the Master Servicer
makes a payment to the Certificate Account covering the amount of the Purchase
Price for such a Mortgage Loan, and the Master Servicer provides to the Trustee
a certification signed by a Servicing Officer stating that the amount of such
payment has been deposited in the Certificate Account, then the Trustee shall
execute the assignment of such Mortgage Loan at the request of the Master
Servicer without recourse to the Master Servicer 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 Master Servicer 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. Notwithstanding
anything to the contrary in this Section 4.07, the Master Servicer shall
continue to service any such Mortgage Loan after the date of such purchase in
accordance with the terms of this Agreement and, if any Realized Loss with
respect to such Mortgage Loan occurs, allocate such Realized Loss to the Class
or Classes of Certificates that would have borne such Realized Loss in
accordance with the terms hereof as if such Mortgage Loan had not been so
purchased. For purposes of this Agreement, a payment of the Purchase Price by
the Master Servicer pursuant to this Section 4.07 will be viewed as an advance,
and the amount of any Realized Loss shall be recoverable pursuant to the
provisions for the recovery of unreimbursed Advances under Section 4.02(a) or,
to the extent not recoverable under such provisions, as a Nonrecoverable Advance
as set forth herein.
Section 4.08. 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):
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(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
(ii) In accordance with the priority set forth in Section 4.08(b), an
amount equal to the sum of the amounts in respect of principal
distributable on 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 A-9, Class A-10, Class A-11, Class
A-12, Class A-13, Class A-14, Class A-15, Class A-16, Class A-17, Class A-
18, 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 4.02(a), as allocated thereto
pursuant to Section 4.02(b).
(b) The amount described in Section 4.08(a)(ii) shall be deemed
distributed to (i) Uncertificated REMIC I Regular Interest U, (ii)
Uncertificated REMIC I Regular Interest V, (iii) Uncertificated REMIC I Regular
Interest W, (iv) Uncertificated REMIC I Regular Interest X and (v)
Uncertificated REMIC I Regular Interest Y with the amount to be distributed
allocated among such interests in accordance with the priority assigned to the
(i) Class A-13 and Class A-14 Certificates, (ii) Class A-11 Certificates, (iii)
Class A-12 Certificates, (iv) Class A-18 Certificates and (v) 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 A-
9, Class A-10, Class A-15, Class A-16, Class A-17, Class M-1, Class M-2, Class
M-3, Class B-1, Class B-2, Class B-3 and Class R-II 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 4.08(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).
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(d) In determining from time to time the Uncertificated REMIC I
Regular Interest U Distribution Amount, Uncertificated REMIC I Regular Interest
V Distribution Amount, Uncertificated REMIC I Regular Interest W Distribution
Amount, Uncertificated REMIC I Regular Interest X Distribution Amount,
Uncertificated REMIC I Regular Interest Y Distribution Amount and Uncertificated
REMIC I Regular Interest Z Distribution Amount, Realized Losses allocated to the
Class A-13 and Class A-14 Certificates under Section 4.05 shall be deemed
allocated to Uncertificated REMIC I Regular Interest U; Realized Losses
allocated to the Class A-11 Certificates under Section 4.05 shall be deemed
allocated to Uncertificated REMIC I Regular Interest V; Realized Losses
allocated to the Class A-12 Certificates under Section 4.05 shall be deemed
allocated to Uncertificated REMIC I Regular Interest W; Realized Losses
allocated to the Class A-18 Certificates under Section 4.05 shall be deemed
allocated to Uncertificated REMIC I Regular Interest X; Realized Losses
allocated to 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 A-9, Class A-10, Class A-14, Class A-15, Class A-
16, Class A-17, 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 Realized Losses allocated to the
Excess Spread under Section 4.05 shall be deemed allocated to the Uncertificated
REMIC I Regular Interest Z.
(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 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 A-9, Class A-10, Class A-11, Class A-12, Class A-13, Class
A-14, Class A-15, Class A-16, Class A-17, Class A-18, Class M-1, Class M-2,
Class M-3, Class B-1, Class B-2, Class B-3 and Class R-II Certificates and to
the Owner of the Excess Spread 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 4.08.
(f) Notwithstanding the deemed distributions on the Uncertificated
REMIC I Regular Interests and to the Owner of the Excess Spread described in
this Section 4.08, distributions of funds from the Certificate Account shall be
made only in accordance with Section 4.02.
Section 4.09. Insured Reserve Fund.
--------------------
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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, The First National Bank
of Chicago, as trustee for the registered holders of Residential Funding
Mortgage Securities I, Inc., Mortgage Pass-Through Certificates, Series 1994-
S14, Class A-3, Class A-5, Class A-6, Class A-9, Class A-10, Class A-15 and
Class A-16." On the Closing Date, the Donaldson, Lufkin & Jenrette Securities
Corporation (the "Underwriter") shall deposit with the Trustee, and the Trustee
shall deposit into the Insured Reserve Fund, cash in an amount equal to $27,500.
The Master Servicer shall direct the Trustee in writing on each
Distribution Date to withdraw amounts on deposit in the Insured Reserve Fund for
deposit into the Certificate Account, and to pay to the holders of the Insured
Certificates pursuant to Section 4.02(a)(i) to cover the amount of Prepayment
Interest Shortfalls otherwise allocable thereto under this Agreement, in
proportion to the amount of Prepayment Interest Shortfalls (to the extent not
offset by the Master Servicer pursuant to Section 4.04 hereof) allocated to the
Insured Certificates, and 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").
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 the 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 for the sole and exclusive benefit of the Underwriter and
shall be remitted by the Trustee to the Underwriter semi-annually on the first
Business Day of the month following such Distribution Date. 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 the REMIC and (2) it
shall be owned by the Underwriter, all within the meaning of Section 1.860G-2(h)
of the Treasury Regulations. The Insured Reserve Fund may not be owned by more
than one Person.
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ARTICLE V
THE CERTIFICATES AND EXCESS SPREAD
Section 5.01. The Certificates.
----------------
(a) The Class A, Class M, Class B and Class R Certificates, respectively,
shall be substantially in the forms set forth in Exhibits A, B, C and D 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, other than the Class A-
14 and Class R Certificates, shall be issuable in minimum dollar denominations
of $25,000 (or $1,000 in the case of the Insured Certificates and $250,000 in
the case of the Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3
Certificates) and integral multiples of $1 (in the case of the Class A-1, Class
A-2, Class A-4, Class A-7, Class A-8, Class A-11, Class A-12, Class A-13 and
Class A-17 Certificates) and $1,000 (in the case of all other Classes of
Certificates) in excess thereof, except that one Certificate of each of the
Class A-18, Class M-1, Class M-3, Class B-1, Class B-2 and Class B-3
Certificates may be issued in a denomination equal to the denomination set forth
as follows for such Class or the sum of such denomination and an integral
multiple of $1,000:
Class A-18 $ 25,848.10
Class M-1 $ 25,900.00
Class M-3 $250,500.00
Class B-1 $250,200.00
Class B-2 $250,200.00
Class B-3 $250,031.75
The Class A-14 and 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 Residential Funding 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%.
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The Certificates shall be executed by manual or facsimile signature on
behalf of an authorized officer of the Trustee. Certificates bearing the manual
or facsimile signatures of individuals who were at any time the proper officers
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) The Class A Certificates, other than the Class A-14 Certificates
and Class A-18 Certificates, shall initially be issued as one or more
Certificates registered in the name of the Depository or its nominee and, except
as provided below, registration of such 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
Certificateholders shall hold their respective Ownership Interests in and to
each of the Class A Certificates, other than the Class A-14 Certificates and
Class A-18 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.
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The Trustee, the Master 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
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 Master 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 Master Servicer shall
recognize the Holders of the Definitive Certificates as Certificateholders
hereunder.
Section 5.02. Registration of Transfer and Exchange of
Certificates and Restrictions on Transfer of
Excess Spread.
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(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.
The Certificate Registrar, or the Trustee, shall provide the Master Servicer
with a certified list of Certificateholders as of each Record Date prior to the
related Determination Date.
(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 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.
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(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. Except as provided in Section 5.02(e), 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 Master
Servicer and (B) the Trustee shall require the transferee to execute a
representation letter, substantially in the form of Exhibit J hereto, and the
Trustee shall require the transferor to execute a representation letter,
substantially in the form of Exhibit K 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 Master Servicer or (ii) the prospective transferee of such a Certificate
shall be required to provide the Trustee, the Company and the Master Servicer
with an investment letter substantially in the form of Exhibit L 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 Master 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 Master 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.
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(e) In the case of any Class M, Class B or Class R Certificate presented
for registration in the name of any Person, either (i) the Trustee shall require
an Opinion of Counsel acceptable to and in form and substance satisfactory to
the Trustee, the Company and the Master 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 enactments), and will not subject the Trustee, the
Company or the Master 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 Master Servicer or (ii) the
prospective transferee shall be required to provide the Trustee, the Company and
the Master Servicer with a certification to the effect set forth in paragraph
six of Exhibit J (with respect to any Class M Certificate or any Class B
Certificate) or with a certification to the effect set forth in paragraph five
of Exhibit I-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 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.
(g) (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.
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(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 I-1) from the proposed
Transferee, in form and substance satisfactory to the Master 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(g) and agrees to be bound by them, and
(II) a certificate, in the form attached hereto as Exhibit I-2, from the
Holder wishing to transfer the Class R Certificate, in form and substance
satisfactory to the Master 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
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 I-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."
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(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 I-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(g) 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.
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(B) If any purported Transferee shall become a Holder of a Class R
Certificate in violation of the restrictions in this Section 5.02(g) 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 Master 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 Master Servicer on such
terms as the Master Servicer may choose. Such purported Transferee shall
promptly endorse and deliver each Class R Certificate in accordance with the
instructions of the Master Servicer. Such purchaser may be the Master Servicer
itself or any Affiliate of the Master Servicer. The proceeds of such sale, net
of the commissions (which may include commissions payable to the Master Servicer
or its Affiliates), expenses and taxes due, if any, will be remitted by the
Master 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 Master Servicer, and the Master 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 Master Servicer, on behalf of the Trustee, shall make available,
upon written request from the Trustee, 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 Master Servicer from such Person.
(v) The provisions of this Section 5.02(g) 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:
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(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 Class A, Class M, Class B or Class R 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), a certificate of the Master Servicer
stating that the Master Servicer has received an Opinion of Counsel, in
form and substance satisfactory to the Master Servicer, to the effect that
such modification, addition to or absence of such provisions will not cause
either REMIC I or REMIC II to cease to qualify as a REMIC and will not
cause (x) either REMIC I or REMIC II 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.
(h) 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.
(i) All Certificates surrendered for transfer and exchange shall be
destroyed by the Certificate Registrar.
(j) So long as the Excess Spread remains uncertificated, no transfer,
sale, pledge or other disposition thereof shall be made by Residential Funding.
Section 5.03. Mutilated, Destroyed, Lost or Stolen
Certificates.
------------------------------------
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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 Master Servicer, the Trustee, Financial Security, the
Certificate Registrar and any agent of the Company, the Master 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, and neither the Company, the Master Servicer, the
Trustee, Financial Security, the Certificate Registrar nor any agent of the
Company, the Master Servicer, the Trustee, Financial Security or the Certificate
Registrar shall be affected by notice to the contrary except as provided in
Section 5.02(g).
Section 5.05. Appointment of Paying Agent.
---------------------------
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The Trustee may appoint a Paying Agent for the purpose of making
distributions to the Certificateholders and the Owner of the Excess Spread
pursuant to Section 4.02. In the event of any such appointment, on or prior to
each Distribution Date the Master Servicer on behalf of the Trustee shall
deposit or cause to be deposited with the Paying Agent a sum sufficient to make
the payments to the Certificateholders and the Owner of the Excess Spread 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 and the Owner of the Excess
Spread.
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 and the Owner of the Excess Spread in trust for the benefit
of the Certificateholders and such Owner entitled thereto until such sums shall
be paid to such Certificateholders and such Owner. 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 and such Owner on the date of receipt
by such Paying Agent.
Section 5.06. Optional Purchase of Certificates.
---------------------------------
(a) On any Distribution Date on which the Pool Stated Principal Balance is
less than ten percent of the Cut-off Date Principal Balance of the Mortgage
Loans, either the Master Servicer or the Company 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 one month's Accrued Certificate Interest thereon and any previously
unpaid Accrued Certificate Interest.
(b) The Master Servicer or the Company, as applicable, shall give the
Trustee not less than 60 days' prior notice of the Distribution Date on which
the Master Servicer or the Company, as applicable, 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 Master Servicer or the Company, as
applicable, 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:
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(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 either the Master Servicer or the Company gives the notice specified above,
the Master Servicer or the Company, as applicable, shall deposit in the
Certificate 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 one month's Accrued Certificate Interest thereon, 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.
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(d) In the event that 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 Certificate Account deposited therein by the Master Servicer or the
Company, as applicable, 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 Master Servicer or the Company, as applicable, 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 appropriate steps as directed by the Master
Servicer or the Company, as applicable, 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 Master Servicer or the Company, as applicable, all amounts distributable to
the Holders thereof and the Master Servicer or the Company, as applicable, 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 Master Servicer or the Company, as applicable, 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 Master Servicer or the Company, as applicable, shall
be for all purposes the Holder thereof as of such date.
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ARTICLE VI
THE COMPANY AND THE MASTER SERVICER
Section 6.01. Respective Liabilities of the Company and the
Master Servicer.
---------------------------------------------
The Company and the Master 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 Master 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 Master 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
Master Servicer; Assignment of Rights and
Delegation of Duties by Master Servicer.
---------------------------------------------
(a) The Company and the Master 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 Master Servicer may be merged
or consolidated, or any corporation resulting from any merger or consolidation
to which the Company or the Master Servicer shall be a party, or any Person
succeeding to the business of the Company or the Master Servicer, shall be the
successor of the Company or the Master 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, anything herein to the contrary notwithstanding;
provided, however, that the successor or surviving Person to the Master Servicer
- -------- -------
shall be qualified to service mortgage loans on behalf of FNMA or FHLMC; and
provided further that each Rating Agency's ratings, if any, of the Class A,
Class M, Class B or Class R 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).
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(c) Notwithstanding anything else in this Section 6.02 and Section 6.04 to
the contrary, the Master 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 FNMA or FHLMC, 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 Master Servicer
under this Agreement; provided further that each Rating Agency's rating of the
Classes of Certificates 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 Master Servicer shall be released from its obligations under
this Agreement, except that the Master Servicer shall remain liable for all
liabilities and obligations incurred by it as Master 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 Master Servicer and Others.
---------------------------------------
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Neither the Company, the Master Servicer nor any of the directors,
officers, employees or agents of the Company or the Master Servicer shall be
under any liability to the Trust Fund or the Certificateholders or the Owner of
the Excess Spread 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 Master
- -------- -------
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 Master Servicer and any director, officer, employee or agent of the
Company or the Master 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 Master Servicer and any director,
officer, employee or agent of the Company or the Master 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.
Neither the Company nor the Master 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 Master 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 Master 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.
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Section 6.04. Company and Master Servicer Not to Resign.
-----------------------------------------
Subject to the provisions of Section 6.02, neither the Company nor the
Master 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 Master Servicer shall be evidenced by an
Opinion of Counsel to such effect delivered to the Trustee. No such resignation
by the Master Servicer shall become effective until the Trustee or a successor
servicer shall have assumed the Master Servicer's responsibilities and
obligations in accordance with Section 7.02.
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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 Master Servicer shall fail to distribute or cause to be
distributed to the Owner of the Excess Spread or the Holders of
Certificates of any Class any distribution required to be made under the
terms of the Certificates of such Class and this Agreement 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 Master Servicer by the Trustee
or the Company or to the Master Servicer, the Company and the Trustee by
the Owner of the Excess Spread or the Holders of Certificates of such Class
evidencing Percentage Interests aggregating not less than 25%; or
(ii) the Master Servicer shall fail to observe or perform in any
material respect any other of the covenants or agreements on the part of
the Master 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 Master Servicer by the Trustee or the Company,
or to the Master Servicer, the Company and the Trustee by the Owner of the
Excess Spread or the Holders of Certificates of any Class evidencing, in
the case of any such Class, Percentage Interests aggregating not less than
25%; or
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(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 Master Servicer and such decree or order
shall have remained in force undischarged or unstayed for a period of 60
days; or
(iv) the Master 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 Master Servicer or of, or relating to, all or
substantially all of the property of the Master Servicer; or
(v) the Master 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 Master Servicer shall notify the Trustee pursuant to Section
4.04(b) that it is unable to deposit in the Certificate Account an amount
equal to the Advance.
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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, either the Company or the Trustee may, and at the
direction of Holders of Certificates or the Owner of the Excess Spread entitled
to at least 51% of the Voting Rights, the Trustee shall, by notice in writing to
the Master 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 Master 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 Master Servicer and the Company, immediately terminate
all of the rights and obligations of the Master 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 Master Servicer of such written notice, all authority and
power of the Master 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 Master 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
termination, whether to complete the transfer and endorsement or assignment of
the Mortgage Loans and related documents, or otherwise. The Master Servicer
agrees to cooperate with the Trustee in effecting the termination of the Master
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
Certificate Account or thereafter be received with respect to the Mortgage
Loans. No such termination shall release the Master Servicer for any liability
that it would otherwise have hereunder for any act or omission prior to the
effective time of such termination.
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Notwithstanding any termination of the activities of Residential Funding in
its capacity as Master Servicer hereunder, Residential Funding 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 Residential Funding's rights and
obligations as Master Servicer hereunder and received after such notice, that
portion to which Residential Funding 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 Residential Funding hereunder the
entitlement to which arose prior to the termination of its activities hereunder.
Upon the termination of Residential Funding as Master Servicer hereunder the
Company shall deliver to the Trustee a copy of the Program Guide.
Section 7.02. Trustee or Company to Act; Appointment of
Successor.
-----------------------------------------
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On and after the time the Master Servicer receives a notice of termination
pursuant to Section 7.01 or resigns in accordance with Section 6.04, the Trustee
or, upon notice to the Company and with the Company's consent (which shall not
be unreasonably withheld) a designee (which meets the standards set forth below)
of the Trustee, shall be the successor in all respects to the Master Servicer in
its capacity as servicer under this Agreement and the transactions set forth or
provided for herein and shall be subject to all the responsibilities, duties and
liabilities relating thereto placed on the Master Servicer (except for the
responsibilities, duties and liabilities contained in Sections 2.02 and 2.03(a),
excluding the duty to notify related Subservicers or Sellers as set forth in
such Sections, and its obligations to deposit amounts in respect of losses
incurred prior to such notice or termination on the investment of funds in the
Custodial Account or the Certificate Account pursuant to Sections 3.07(c) and
4.01(b) by the terms and provisions hereof); provided, however, that any failure
-------- -------
to perform such duties or responsibilities caused by the preceding Master
Servicer's failure to provide information required by Section 4.04 shall not be
considered a default by the Trustee hereunder. As compensation therefor, the
Trustee shall be entitled to all funds relating to the Mortgage Loans which the
Master Servicer would have been entitled to charge to the Custodial Account or
the Certificate Account if the Master Servicer had continued to act hereunder
and, in addition, shall be entitled to the income from any Permitted Investments
made with amounts attributable to the Mortgage Loans held in the Custodial
Account or the Certificate Account. If the Trustee has become the successor to
the Master Servicer in accordance with Section 6.04 or Section 7.01, then
notwithstanding the above, the Trustee may, if it shall be unwilling to so act,
or shall, if it is unable to so act, appoint, or petition a court of competent
jurisdiction to appoint, any established housing and home finance institution,
which is also a FNMA- or FHLMC-approved mortgage servicing institution, having a
net worth of not less than $10,000,000 as the successor to the Master Servicer
hereunder in the assumption of all or any part of the responsibilities, duties
or liabilities of the Master Servicer hereunder. Pending appointment of a
successor to the Master Servicer hereunder, the Trustee shall become successor
to the Master Servicer and shall act in such capacity as hereinabove 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 initial Master Servicer
hereunder. The Company, the Trustee, the Custodian and such successor shall take
such action, consistent with this Agreement, as shall be necessary to effectuate
any such succession. The Servicing Fee for any successor Master Servicer
appointed pursuant to this
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Section 7.02 will be lowered with respect to those Mortgage Loans, if any, where
the Subservicing Fee accrues at a rate of less than 0.20% per annum in the event
that the successor Master Servicer is not servicing such Mortgage Loans directly
and it is necessary to raise the related Subservicing Fee to a rate of 0.20% per
annum in order to hire a Subservicer with respect to such Mortgage Loans.
Section 7.03. Notification to Certificateholders.
----------------------------------
(a) Upon any such termination or appointment of a successor to the Master
Servicer, the Trustee shall give prompt written notice thereof to the
Certificateholders and the Owner of the Excess Spread 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, and the Owner of the Excess Spread if
affected thereby, may waive such default or Event of Default; provided, however,
-------- -------
(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 the Owner of the Excess Spread if so affected and (b) no
waiver pursuant to this Section 7.04 shall affect the Holders of Certificates or
the Owner of the Excess Spread in the manner set forth in Section 12.01(b)(i),
(ii) or (iii). 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.
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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 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 and the Owner of the Excess Spread 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.
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, 4.06, 7.03 and 10.01. The Trustee shall furnish in a
timely fashion to the Master Servicer such information as the Master Servicer
may reasonably request from time to time for the Master 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 both REMIC I and REMIC II as REMICs 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 either REMIC I or
REMIC II 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:
-------- -------
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(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 Master 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 Master
Servicer, the Company or any Certificateholder or the Owner of the Excess
Spread; and
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(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
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;
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(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 or the Owner of the Excess
Spread, pursuant to the provisions of this Agreement, unless such
Certificateholders or such Owner 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), 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 of all Events of Default which may have occurred, the Trustee
shall not be bound to make any investigation into the facts or 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 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 Master 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
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(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 Master Servicer in a timely manner any Tax Returns prepared
by or on behalf of the Master Servicer that the Trustee is required to sign
as determined by the Master Servicer pursuant to applicable federal, state
or local tax laws, provided that the Master 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 to
the effect that such contribution will not (i) cause either REMIC I or REMIC II
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 Master
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. Except as
otherwise provided herein, the Trustee shall not be accountable for the use or
application by the Company or the Master 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 Master Servicer in respect of the Mortgage Loans or
deposited in or withdrawn from the Custodial Account or the Certificate Account
by the Company or the Master Servicer.
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.
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Section 8.05. Master Servicer to Pay Trustee's Fees
and Expenses; Indemnification.
-------------------------------------
(a) The Master Servicer covenants and agrees to pay to the Trustee and any
co-trustee from time to time, and the Trustee and any co-trustee shall be
entitled to, reasonable compensation (which shall not be limited by any
provision of law in regard to the compensation of a trustee of an express trust)
for all services rendered by each of them in the execution of the trusts hereby
created and in the exercise and performance of any of the powers and duties
hereunder of the Trustee and any co-trustee, and the Master Servicer will pay or
reimburse the Trustee and any co-trustee upon request for all reasonable
expenses, disbursements and advances incurred or made by the Trustee or any co-
trustee in accordance with any of the provisions of this Agreement (including
the reasonable compensation and the expenses and disbursements of its counsel
and of all persons not regularly in its employ, and the expenses incurred by the
Trustee or any co-trustee in connection with the appointment of an office or
agency pursuant to Section 8.12) except any such expense, disbursement or
advance as may arise from its negligence or bad faith.
(b) The Master 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 its 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, provided that:
(i) with respect to any such claim, the Trustee shall have given the
Master 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 Master Servicer in preparing
such defense; and
(iii) notwithstanding anything in this Agreement to the contrary, the
Master Servicer shall not be liable for settlement of any claim by the
Trustee entered into without the prior consent of the Master Servicer which
consent shall not be unreasonably withheld.
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No termination of this Agreement shall affect the obligations created by this
Section 8.05(b) of the Master Servicer to indemnify the Trustee under the
conditions and to the extent set forth herein.
Notwithstanding the foregoing, the indemnification provided by the Master
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 or the Owner of the Excess Spread
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.
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.
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(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 or the Owner of the Excess Spread any
amount required to be distributed hereunder, if such amount is held by the
Trustee or its Paying Agent (other than the Master 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 or Excess Spread 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.
Section 8.08. Successor Trustee.
-----------------
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(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 Master 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.
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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 and the Owner of the Excess Spread at their address as shown
in the Certificate Register.
Section 8.10. Appointment of Co-Trustee or Separate
Trustee.
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(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
Master 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 Master Servicer
and the Trustee may consider necessary or desirable. If the Master Servicer
shall not have 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 or the Owner of the Excess Spread of the appointment of
co-trustee(s) or separate trustee(s) shall be required under Section 8.08
hereof.
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(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 Master 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.
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The Trustee may, with the consent of the Master Servicer and the Company,
appoint one or more Custodians who are not Affiliates of the Company, the Master
Servicer or any Seller to hold all or a portion of the Mortgage Files as agent
for the Trustee, by entering into a Custodial Agreement. Subject to Article
VIII, the Trustee agrees to comply with the terms of each Custodial Agreement
and to enforce the terms and provisions thereof against the Custodian for the
benefit of the Certificateholders and the Owner of the Excess Spread. Each
Custodian shall be a depository institution subject to supervision by federal or
state authority, shall have a combined capital and surplus of at least
$15,000,000 and shall be qualified to do business in the jurisdiction in which
it holds any Mortgage File. Each Custodial Agreement may be amended only as
provided in Section 12.01. The Trustee shall notify the Certificateholders and
the Owner of the Excess Spread 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.
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The Trustee will maintain an office or agency in the City of New York where
Certificates may be surrendered for registration of transfer or exchange. The
Trustee initially designates its offices located at 14 Wall Street, 8th Floor,
New York, NY 10005 for the purpose of keeping the Certificate Register. The
Trustee will maintain an office at the address stated in Section 12.05(c) hereof
where notices and demands to or upon the Trustee in respect of this Agreement
may be served.
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ARTICLE IX
TERMINATION
Section 9.01. Termination Upon Purchase by the Master Servicer or the
Company or Liquidation of All Mortgage Loans.
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(a) Subject to Section 9.03, the respective obligations and
responsibilities of the Company, the Master Servicer and the Trustee created
hereby in respect of the Certificates and the Excess Spread (other than the
obligation of the Trustee to make certain payments after the Final Distribution
Date to Certificateholders and the Owner of the Excess Spread 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 Master Servicer or the Company 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, if less than such unpaid
principal balance, 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
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 Master Servicer,
to avoid disqualification of either REMIC I or REMIC II as a REMIC.
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The right of the Master Servicer or the Company 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 being less than ten
percent of the Cut-off Date Principal Balance of the Mortgage Loans. If such
right is exercised by the Master Servicer, the Master 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
Master Servicer or the Company, as applicable, 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 Master Servicer
or the Company, as applicable, the Mortgage Files pertaining to the Mortgage
Loans being purchased.
(b) The Master Servicer or, in the case of a final distribution as a result
of the exercise by the Company of its right to purchase the assets of the Trust
Fund, the Company shall give the Trustee not less than 60 days' prior notice of
the Distribution Date on which the Master Servicer or the Company, as
applicable, anticipates that the final distribution will be made to
Certificateholders and the Owner of the Excess Spread (whether as a result of
the exercise by the Master Servicer or the Company 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 Master Servicer or the Company, as applicable (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 and the Owner of the Excess Spread
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 and the Excess Spread 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
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(iii) that the Record Date otherwise applicable to such Distribution
Date is not applicable, and in the case of the Class A Certificates, Class
M Certificates and Class R 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 Master Servicer or the Company, as applicable, is obligated to give
notice to Certificateholders and the Owner of the Excess Spread as aforesaid, it
shall give such notice to the Certificate Registrar at the time such notice is
given to Certificateholders and the Owner of the Excess Spread. In the event
such notice is given by the Master Servicer or the Company, the Master Servicer
or the Company, as applicable, shall deposit in the Certificate 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.
(c) In the case of the Class A, Class M and the Class R 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
Master Servicer's or the Company's election to repurchase, or (ii) if the Master
Servicer or the Company elected to so repurchase, an amount determined as
follows: (A) with respect to each Certificate the outstanding Certificate
Principal Balance thereof, plus one month's Accrued Certificate Interest, any
previously unpaid Accrued Certificate Interest and any Prepayment Interest
Shortfalls allocated to the Insured Certificates to the extent covered by the
Insured Reserve Fund or a Guaranteed Distribution, subject to the priority set
forth in Section 4.02(a), 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) and the Excess
Spread. The Trustee shall also distribute to the Owner the Excess Spread.
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(d) In the event that 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 Certificate 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 Master Servicer or
the Company, as applicable (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 Master Servicer or the Company, as applicable, 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 Master
Servicer or the Company, as applicable, all amounts distributable to the holders
thereof and the Master Servicer or the Company, as applicable, 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 Master Servicer or the Company, as applicable, 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. Termination of REMIC II.
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REMIC II shall be terminated on the earlier of the Final Distribution
Date and the date on which it is deemed to receive the last deemed distributions
on the Uncertificated REMIC I Regular Interests and the last distribution due on
the Class A, Class M, Class B and Class R-II Certificates is made.
Section 9.03. Additional Termination Requirements.
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(a) REMIC I and REMIC II as the case may be, shall be terminated in
accordance with the following additional requirements, unless (subject to
Section 10.01(f)) the Trustee and the Master 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 REMIC I and REMIC II, as the case may be, to
comply with the requirements of this Section 9.03 will not (i) result in the
imposition on the Trust of taxes on "prohibited transactions," as described in
Section 860F of the Code, or (ii) cause either REMIC I or REMIC II to fail to
qualify as a REMIC at any time that any Certificate is outstanding:
(i) The Master Servicer shall establish a 90-day liquidation period
for REMIC I and REMIC II, as the case may be, 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 Master Servicer
also shall satisfy all of the requirements of a qualified liquidation for
REMIC I and REMIC II, as the case may be, under Section 860F of the Code
and regulations thereunder;
(ii) The Master 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 Master Servicer or the Company is exercising its right
to purchase the assets of the Trust Fund, the Master 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; provided,
--------
however, that in the event that a calendar quarter
-------
ends after the commencement of the 90-day liquidation period but prior to
the Final Distribution Date, the Master Servicer or the Company shall not
purchase any of the assets of the Trust Fund prior to the close of that
calendar quarter.
(b) Each Holder of a Certificate and the Trustee hereby irrevocably
approves and appoints the Master Servicer as its attorney-in-fact to adopt a
plan of complete liquidation for REMIC I and REMIC II at the expense of the
Trust Fund in accordance with the terms and conditions of this Agreement.
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ARTICLE X
REMIC PROVISIONS
Section 10.01. REMIC Administration.
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(a) The REMIC Administrator shall make an election to treat each of
REMIC I and REMIC II as a REMIC under the Code and, if necessary, under
applicable state law. Each 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 I election in respect of the Trust Fund, Uncertificated REMIC I Regular
Interests shall be designated as the "regular interests" and the Class R-I
Certificates shall be designated as the sole class of "residual interest" in
REMIC I. For the purposes of the REMIC II election in respect of the Trust
Fund, each of the Class A, Class M and Class B Certificates and the Excess
Spread shall be designated as the "regular interests" and the Class R-II
Certificates shall be designated as the sole class of "residual interests" in
REMIC II. The REMIC Administrator and the Trustee shall not permit the creation
of any "interests" (within the meaning of Section 860G of the Code) in REMIC I
or REMIC II other than the Uncertificated REMIC I Regular Interests and the
Class R-I Certificates and the REMIC II Certificates, the Excess Spread and the
Class R-II Certificates, respectively.
(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.
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(c) The REMIC Administrator shall hold a Class R Certificate
representing a 0.01% Percentage Interest of all Class R-I Certificates and Class
R-II Certificates and shall be designated as "the tax matters person" with
respect to REMIC I and REMIC II in the manner provided under Treasury
regulations section 1.860F-4(d) and temporary Treasury regulations section
301.6231(a)(7)-1T. Residential Funding, as tax matters person, shall (i) act on
behalf of REMIC I and REMIC II 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. If the REMIC Administrator is no longer the Master Servicer
hereunder, at its option the REMIC Administrator may continue its duties as
REMIC Administrator and shall be paid reasonable compensation not to exceed
$3,000 per year by any successor Master Servicer hereunder for so acting as the
REMIC Administrator.
(d) The REMIC Administrator shall prepare or cause to be prepared all
of the Tax Returns that it determines are required with respect to either REMIC
I or REMIC II 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 Master 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.
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(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 of REMIC I and
REMIC II.
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(f) The Master Servicer and the REMIC Administrator shall take such
actions and shall cause each of REMIC I and REMIC II created hereunder to take
such actions as are reasonably within the Master 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 thereof as
REMICs under the REMIC Provisions (and the Trustee shall assist the Master
Servicer and the REMIC Administrator, to the extent reasonably requested by the
Master Servicer and the REMIC Administrator to do so). The Master Servicer and
the REMIC Administrator shall not knowingly or intentionally take any action,
cause each of REMIC I and REMIC II 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 either REMIC I or REMIC II as a REMIC or (ii)
result in the imposition of a tax upon each of REMIC I or REMIC II (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 Master 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 Master 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 Master
Servicer, the REMIC Administrator or the Trustee) to the effect that the
contemplated action will not, with respect to each of REMIC I and REMIC II
created hereunder, endanger such status or, unless the Master 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 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 Master 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 REMIC I or
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REMIC II or their assets, or causing REMIC I and REMIC II to take any action,
which is not expressly permitted under the terms of this Agreement, the Trustee
will consult with the Master 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 REMIC I or REMIC II, and the
Trustee shall not take any such action or cause REMIC I or REMIC II to take any
such action as to which the Master Servicer or the REMIC Administrator, as
applicable, has advised it in writing that an Adverse REMIC Event could occur.
The Master 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 Master Servicer or the REMIC Administrator. At
all times as may be required by the Code, the Master 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 REMIC I and REMIC II 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 REMIC I and REMIC II created hereunder as defined in Section 860F(a)(2) of
the Code, on "net income from foreclosure property" of REMIC I or REMIC II as
defined in Section 860G(c) of the Code, on any contributions to REMIC I or REMIC
II 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 Master Servicer, if such
tax arises out of or results from a breach by the Master Servicer of any of its
obligations under this Agreement or the Master 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 Master Servicer shall, for federal income tax
purposes, maintain books and records with respect to REMIC I and REMIC II on a
calendar year and on an accrual basis or as otherwise may be required by the
REMIC Provisions.
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(i) Following the Startup Day, neither the Master Servicer nor the
Trustee shall accept any contributions of assets to REMIC I and REMIC II unless
(subject to 10.01(f)) the Master 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 REMIC I and
REMIC II will not cause REMIC I and REMIC II to fail to qualify as REMICs at any
time that any Certificates are outstanding or subject REMIC I and REMIC II to
any tax under the REMIC Provisions or other applicable provisions of federal,
state and local law or ordinances.
(j) Neither the Master Servicer nor the Trustee shall (subject to
Section 10.01(f)) enter into any arrangement by which REMIC I and REMIC II will
receive a fee or other compensation for services nor permit either such 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 Excess
Spread, the Certificate Principal Balance of each Class of Certificates
representing a regular interest in REMIC II and the Uncertificated Principal
Balance of each Uncertificated REMIC I Regular Interest would be reduced to zero
is May 25, 2026, which is the Distribution Date immediately following the latest
scheduled maturity of any Mortgage Loan.
(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 REMIC I and REMIC II.
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(m) Neither the Trustee nor the Master 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 REMIC I and REMIC II, (iii) the
termination of REMIC I and REMIC II 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 REMIC I and REMIC II, nor sell or dispose
of any investments in the Custodial Account or the Certificate Account for gain
nor accept any contributions to REMIC I and REMIC II 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 REMIC I
and REMIC II as REMICs or (b) unless the Master Servicer has determined in its
sole discretion to indemnify the Trust Fund against such tax, cause REMIC I and
REMIC II to be subject to a tax on "prohibited transactions" or "contributions"
pursuant to the REMIC Provisions.
Section 10.02. Master Servicer, REMIC Administrator and
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Trustee Indemnification.
- -----------------------
(a) The Trustee agrees to indemnify the Trust Fund, the Company, the
REMIC Administrator and the Master 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 Master 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 Master 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 Company, the Master 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
Master Servicer in which case Section 10.02(c) will apply.
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(c) The Master 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 or the Trustee, as a result of a breach
of the Master 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 Master Servicer that contain errors or omissions.
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<PAGE>
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 Financial Security 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.
----------------
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(a) If, on the Business Day next succeeding the Determination Date
the Master Servicer determines that (i) the funds that will be on deposit in the
Certificate Account, on the related Certificate 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 (a) any Prepayment
Interest Shortfalls allocated to the Insured Certificates but only to the extent
covered by the Master Servicer or the Insured Reserve Fund and (b) any interest
shortfalls relating to the Soldiers' and Sailors' Relief Act of 1940, as
amended) 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 Master Servicer shall deliver to the Trustee not later
than 1:00 p.m. New York City time on the Business Day next succeeding the
Determination Date a certificate signed by a Servicing Officer directing the
Trustee to draw on the FSA Policy and stating the amount to be drawn and stating
the Guaranteed Distribution Amount for each Class of Insured Certificates, and
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), if any, 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 Certificate Account, the Trustee shall
reasonably promptly notify Financial Security and withdraw the notice or reduce
the amount claimed, as appropriate.
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(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 Master Servicer, the Trustee or the Trust Fund. Amounts paid under the FSA
Policy shall be transferred to the Certificate Account in accordance with the
next succeeding paragraph and disbursed by the Trustee to Holders of
Certificates in accordance with Section 4.02(f), 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 Master
Servicer.
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 Certificate Account and applied
by the Master Servicer on behalf of the Trustee, together with the other funds
to be distributed to the Insured Certificateholders pursuant to Section
4.02(a)(i), 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 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; Subrogation.
---------------------
Anything herein to the contrary notwithstanding, for purposes of this
Section 11.03, 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 Master 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 Master 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 Master
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 but only from the sources and in the manner provided
herein.
The Trustee and the Master 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.
- --------
(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 Master Servicer shall designate a Person who shall be
available to Financial Security to provide reasonable access to information
regarding the Mortgage Loans.
Section 11.05. Trustee to Hold FSA Policy.
--------------------------
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The Trustee will hold the FSA Policy in trust as agent for the Insured
Certificateholders for the purpose of making claims thereof 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 the 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 Policy to Financial Security for
cancellation upon the expiration of the term of the Policy as provided in the
Policy following the retirement of the Insured Certificates.
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: Morgan Guaranty Trust Co.
ABA Number: 021000238
For the account of: Financial Security Assurance Inc.
Account Number: 000-33-345
Policy Number: 50466-N
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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 Master 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 Certificate Account or to change the name in which the
Custodial Account is maintained, provided that (A) the Certificate 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, as evidenced
by a letter from each Rating Agency to such effect,
(v) to modify, eliminate or add to the provisions of Section 5.02(g)
or any other provision hereof restricting transfer of the Class R-I
Certificates and Class R-II Certificates, by virtue of their being the
"residual interests" in REMIC I and REMIC II, respectively, provided
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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,
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 I or REMIC II 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, or
(vi) to provide for the Excess Spread to be certificated and
designated as a Class A Certificate, or
(vii) 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.
(b) This Agreement or any Custodial Agreement may also be amended from time
to time by the Company, the Master 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 and the
Owner of the Excess Spread, if 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 or of the Excess Spread;
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 or the
Excess Spread without the consent of the Holder of such Certificate or the
Owner of the Excess Spread,
(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
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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 Master 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 I or REMIC II to fail to qualify as a REMIC at any
time that any Certificate is outstanding.
(d) Promptly after the execution of any such amendment the Trustee shall
furnish written notification of the substance of such amendment to each
Certificateholder and the Owner of the Excess Spread. 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.
(e) The Company shall have the option, in its sole discretion, to obtain
and deliver to the Trustee any corporate guaranty, payment obligation,
irrevocable letter of credit, surety bond, insurance policy or similar
instrument or a reserve fund, or any combination of the foregoing, for the
purpose of protecting the Holders of the Class B Certificates against any or all
Realized Losses or other shortfalls. Any such instrument or fund shall be held
by the Trustee for the benefit of the Class B Certificateholders, but shall not
be and shall not be deemed to be under any circumstances included in the Trust
Fund. To the extent that any such instrument or fund constitutes a reserve fund
for federal income tax purposes, (i) any reserve fund so established shall be an
outside reserve fund and not an asset of the Trust Fund, (ii) any such reserve
fund shall be owned by the Company, and (iii) amounts transferred by the Trust
Fund to any such reserve fund shall be treated as amounts distributed by the
Trust Fund to the Company or any successor, all within the meaning of Treasury
Regulations Section 1.860G-2(h) as it reads as of the Cut-off Date. In
connection with the provision of any such instrument or fund, this Agreement and
any provision hereof may be modified, added to, deleted or otherwise amended in
any manner that is related or incidental to such instrument or fund or the
establishment or administration thereof, such amendment to be made by written
instrument executed or consented to by the Company but without the consent of
any Certificateholder and without the consent of the Master Servicer or the
Trustee being required unless any such amendment would impose any additional
obligation on, or otherwise adversely affect the interests of the Class A
Certificateholders, the Class R Certificateholders, the Class M
Certificateholders, the Master Servicer or the Trustee, as applicable; provided
that the Company obtains (subject to
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Section 10.01(f)) an Opinion of Counsel (which need not be an opinion of
Independent counsel) to the effect that any such amendment 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 and (b) either REMIC I or REMIC II to fail to qualify as a REMIC at
any time that any Certificate is outstanding. In the event that the Company
elects to provide such coverage in the form of a limited guaranty provided by
General Motors Acceptance Corporation, the Company may elect that the text of
such amendment to this Agreement shall be substantially in the form attached
hereto as Exhibit M (in which case Residential Funding's Subordinate Certificate
Loss Obligation as described in such exhibit shall be established by Residential
Funding's consent to such amendment) and that the limited guaranty shall be
executed in the form attached hereto as Exhibit N, with such changes as the
Company shall deem to be appropriate; it being understood that the Trustee has
reviewed and approved the content of such forms and that the Trustee's consent
or approval to the use thereof is not required.
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
Master 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.
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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 or the Owner of the Excess Spread from
time to time as partners or members of an association; nor shall any
Certificateholder or the Owner of the Excess Spread 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) Neither the Owner of the Excess Spread nor any 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 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 and the Owner of the Excess Spread 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
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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.
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Section 12.05. Notices.
-------
All demands and notices hereunder shall be in writing and shall be deemed
to have been duly given 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 (a) in the case of the Company,
8400 Normandale Lake Boulevard, Suite 700, Minneapolis, Minnesota 55437,
Attention: President, or such other address as may hereafter be furnished to
the Master Servicer, Financial Security and the Trustee in writing by the
Company, (b) in the case of the Master Servicer, 10 Universal City Plaza, Suite
2100, Universal City, California 91608, Attention: Ms. Becker or such other
address as may be hereafter furnished to the Company, Financial Security and the
Trustee by the Master Servicer in writing, (c) in the case of the Trustee,
Corporate Trust Services Division, One First National Plaza, Chicago, Illinois
60670-0126, Attention: Residential Funding Corporation Series 1996-S14 or such
other address as may hereafter be furnished to the Company, Financial Security
and the Master Servicer in writing by the Trustee, (d) in the case of Fitch, One
State Street Plaza, New York, New York 10004, or such other address as may
hereafter be furnished to the Company, Trustee, Financial Security and the
Master Servicer in writing by Fitch and (e) in the case of Standard & Poor's, 25
Broadway, New York, New York 10004 or such other address as may be hereafter
furnished to the Company, Trustee, Financial Security and Master Servicer by
Standard & Poor's and (g) in the case of Financial Security, Financial Security
Assurance Inc., 350 Park Avenue, New York, New York 10022, Attention:
Surveillance Department, Re: Residential Funding Mortgage Securities, Inc.,
Mortgage Pass-Through Certificates, Series 1996-S14, (telecopy number (212) 339-
3518 or (212) 339-3529) or such other address as may hereafter be furnished to
the Trustee, the Master Servicer and the Company in writing by Financial
Security. 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 a Financial Security 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 and the Head-Financial Guaranty
Group at Financial Security Assurance Inc., 350 Park Avenue, New York, New York
10022 and 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.
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Section 12.06. Notices to Rating Agency.
------------------------
The Company, the Master Servicer or the Trustee, as applicable, shall
notify each Rating Agency, Financial Security 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 Master Servicer or
Trustee or a change in the majority ownership of the Trustee,
(d) the filing of any claim under the Master 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,
(e) the statement required to be delivered to the Holders of each
Class of Certificates and the Owner of the Excess Spread pursuant to
Section 4.03,
(f) the statements required to be delivered pursuant to Sections 3.18
and 3.19,
(g) a change in the location of the Custodial Account or the
Certificate Account,
(h) the occurrence of any monthly cash flow shortfall to the Holders
of any Class of Certificates or the Owner of the Excess Spread resulting
from the failure by the Master Servicer to make an Advance pursuant to
Section 4.04,
(i) the occurrence of the Final Distribution Date,
(j) the repurchase of or substitution for any Mortgage Loan, and
(k) any Financial Security Default that has not been cured,
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provided, however, that with respect to notice of the occurrence of the events
- -------- -------
described in clauses (d), (g) or (h) above, the Master Servicer shall provide
prompt written notice to each Rating Agency, Financial Security and the
Subservicer of any such event known to the Master 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 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 Master Servicer and
the Trustee; provided, that neither the Master 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
Trustee an Opinion of Counsel to the effect that (i) the Restructuring Vehicle
will qualify as a REMIC, grantor trust or other entity not subject to taxation
for federal income tax purposes and (ii) the adoption of the
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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.
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IN WITNESS WHEREOF, the Company, the Master 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 FUNDING MORTGAGE SECURITIES I, INC.
[Seal]
By:__________________________
Name:
Title: Vice President
Attest:__________________________
Name:
Title: Vice President
RESIDENTIAL FUNDING CORPORATION
[Seal]
By:_______________________
Name:
Title: Director
Attest:________________________
Name:
Title: Director
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
[Seal]
By:________________________
Name:
Title:
Attest:__________________________
Name:
Title:
<PAGE>
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 30th day of May, 1996 before me, a notary public in and for
said State, personally appeared _____________, known to me to be a Vice
President of Residential Funding Mortgage Securities I, 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 MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 30th day of May, 1996 before me, a notary public in and for
said State, personally appeared _________________, known to me to be a Director
of Residential Funding 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 30th day of May, 1996 before me, a notary public in and for
said State, personally appeared ________________, known to me to be a
______________ of The First National Bank of Chicago, the national banking
association 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>
EXHIBIT ONE
FORM OF CUSTODIAN
INITIAL CERTIFICATION
May 30, 1996
The First National Bank of Chicago
One North State Street
Chicago, Illinois 60602
Attention: Residential Funding Corporation Series 1996-S14
Re: Custodial Agreement dated as of May 1, 1996, by
and among The First National Bank of Chicago,
Residential Funding Mortgage Securities I, Inc.,
Residential Funding Corporation and Norwest Bank
Minnesota, National Association, Mortgage
Pass-Through Certificates, Series 1996-S14
-------------------------------------------------
Ladies and Gentlemen:
In accordance with Section 2.3 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) to the extent required in Section
2.01(b) of the Pooling Agreement with respect to each Mortgage Loan listed in
the Mortgage Loan Schedule.
Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the above-captioned Custodial Agreement.
NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION
By:_________________________________________
Name:_______________________________________
Title:______________________________________
<PAGE>
EXHIBIT TWO
FORM OF CUSTODIAN INTERIM CERTIFICATION
________________ ____, 1996
The First National Bank of Chicago
One North State Street
Chicago, Illinois 60602
Attention: Residential Funding Corporation Series 1996-S14
Re: Custodial Agreement dated as of May 1, 1996, by
and among The First National Bank of Chicago,
Residential Funding Mortgage Securities I, Inc.,
Residential Funding Corporation and Norwest
Bank Minnesota, National Association, Mortgage
Pass-Through Certificates, Series 1996-S14
------------------------------------------------
Ladies and Gentlemen:
In accordance with Section 2.3 of the above-captioned Custodial
Agreement, the undersigned, as Custodian, hereby certifies that it has received
a Mortgage File to the extent required pursuant to Section 2.01(b) of the
Pooling Agreement 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
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 words and phrases used herein shall have the respective
meanings assigned to them in the above-captioned Custodial Agreement.
NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION
By:_____________________________________
Name:___________________________________
Title:__________________________________
<PAGE>
EXHIBIT THREE
FORM OF CUSTODIAN FINAL CERTIFICATION
_____________ ___, 1996
The First National Bank of Chicago
One North State Street
Chicago, Illinois 60602
Attention: Residential Funding Corporation Series 1996-S14
Re: Custodial Agreement dated as of May 1, 1996, by and among The
First National Bank of Chicago, Residential Funding Mortgage
Securities I, Inc., Residential Funding Corporation and Norwest
Bank Minnesota, National Association, Mortgage Pass-Through
Certificates, Series 1996-S14
------------------------------------------------
Ladies and Gentlemen:
In accordance with Section 2.3 of 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 to the order
of the Trustee and showing an unbroken chain of endorsements from the
originator thereof to the Person endorsing it to the Trustee or an original
lost note affidavit from the related Seller or Residential Funding stating
that the original Mortgage Note was lost, misplaced or destroyed, together
with a copy of the related Mortgage Note;
(ii) The original Mortgage 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) An original Assignment of the Mortgage to the Trustee with
evidence of recording indicated thereon or a copy of such assignment
certified by the public recording office in which such assignment has been
recorded;
(iv) With respect to each Mortgage Loan other than a Cooperative Loan,
the original recorded assignment or
<PAGE>
assignments of the Mortgage showing an unbroken chain of title from the
originator thereof to the Person assigning it to the Trustee or a copy of
such assignment or assignments of the Mortgage certified by the public
recording office in which such assignment or assignments have been
recorded; and
(v) The original of each modification, assumption agreement or
preferred loan agreement, if any, relating to such Mortgage Loan or a copy
of each modification, assumption agreement or preferred loan agreement
certified by the public recording office in which such document has been
recorded;
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 Person endorsing it to the Trustee, or with respect to any
Destroyed Mortgage Note, an original lost note affidavit from the related Seller
or Residential Funding stating that the original Mortgage Note was lost,
misplaced or destroyed, together with a copy of the related Mortgage Note;
(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
E-4
<PAGE>
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 Master Servicer
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.
NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION
By:
--------------------------------------
Name:
-------------------------------------
Title:
-----------------------------------
E-5
<PAGE>
EXHIBIT A
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.
[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.]
[THE FOLLOWING INFORMATION IS PROVIDED SOLELY FOR THE PURPOSES
OF
APPLYING THE U.S. FEDERAL INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID")
RULES TO
THIS CERTIFICATE. THE ISSUE DATE OF THIS CERTIFICATE IS MAY 30, 1996.
ASSUMING
THAT THE MORTGAGE LOANS PREPAY AT 200% OF THE STANDARD PREPAYMENT
ASSUMPTION (AS
DESCRIBED IN THE PROSPECTUS SUPPLEMENT), [AND ASSUMING A CONSTANT
PASS-THROUGH
RATE EQUAL TO THE INITIAL PASS-THROUGH RATE,] THIS CERTIFICATE HAS
BEEN ISSUED
WITH NO MORE THAN $_____ OF OID PER [$1,000] [$100,000] OF [INITIAL
CERTIFICATE
PRINCIPAL BALANCE], THE YIELD TO MATURITY IS ___% AND THE AMOUNT OF
OID
ATTRIBUTABLE TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN $_______
PER [$1,000]
[$100,000] OF [INITIAL CERTIFICATE PRINCIPAL BALANCE], COMPUTED USING
THE
APPROXIMATE METHOD. NO REPRESENTATION IS MADE THAT THE MORTGAGE
LOANS WILL
PREPAY AT A RATE BASED ON THE STANDARD PREPAYMENT ASSUMPTION OR
AT ANY OTHER
RATE OR AS TO THE CONSTANCY OF THE PASS-THROUGH RATE.]
<PAGE>
Certificate No. ____ [___%] Pass-Through Rate [based on a Notional
Amount]
Class A-__ Senior
Date of Pooling and Servicing
Agreement and Cut-off Date: [Percentage Interest: ___%]
May 1, 1996
Aggregate [Initial Certificate Principal
Balance] [Notional Amount] of the Class A-__
Certificates:
First Distribution Date:
June 25, 1996
Master Servicer: [Initial] [Certificate Principal
Residential Funding Balance] of this
Corporation Certificate: $_____________]
Assumed Final
Distribution Date: CUSIP 760944-_____
May 25, 2026
MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 1996-S14
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 FUNDING MORTGAGE SECURITIES I, INC.
This Certificate is payable solely from the assets of the Trust Fund,
and does not represent an obligation of or interest in Residential Funding
Mortgage Securities I, Inc., the Master Servicer, the Trustee referred to below
or GMAC Mortgage Corporation 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 Funding Mortgage
Securities I, Inc., the Master Servicer, the Trustee or GMAC Mortgage
Corporation or any of their affiliates. None of the Company, the Master
Servicer, GMAC Mortgage Corporation 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
A-2
<PAGE>
Certificate [(obtained by dividing the Initial Certificate Principal Balance of
this Certificate by the aggregate Initial Certificate Principal Balance of all
Class A-___ 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 Funding Mortgage Securities I,
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 Master Servicer and The First National Bank of Chicago, 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. [The Notional Amount of the Class A-14
Certificates as of any date of determination is equal to the Certificate
Principal Balance of the Class A-13 Certificates immediately prior to such
date.]
Distributions on this Certificate will be made either by the Master
Servicer acting on behalf of 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
Master Servicer 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
A-3
<PAGE>
that purpose in the City and State of New York. [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 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 Master
Servicer funds are advanced with respect to any Mortgage Loan, such advance is
reimbursable to the Master 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 Certificate Account created for the benefit of Certificateholders may
be made by the Master Servicer from time to time for purposes other than
distributions to Certificateholders, such purposes including without limitation
reimbursement to the Company and the Master Servicer of advances made, or
certain expenses incurred, by either of them.
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 Master Servicer and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Company, the Master
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 and
State of New
A-4
<PAGE>
York, 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 Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master 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
Master 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 Master Servicer or
the Company 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 Master
Servicer or the Company 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
A-5
<PAGE>
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.
Reference is hereby made to the further provisions of this Certificate
set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
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-6
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.
Dated: THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:
--------------------------------
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
-----------------------------
This is one of the Class A-__ Certificates referred to in the within-
mentioned Agreement.
THE FIRST NATIONAL BANK OF CHICAGO,
as Certificate Registrar
By:
--------------------------------
Authorized Signatory
A-7
<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 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 CLASS A
CERTIFICATES
AND CLASS R-I CERTIFICATES [AND] CLASS R-II CERTIFICATES [AND CLASS M-1
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").
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 MASTER 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 MASTER SERVICER, THE COMPANY OR THE
TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE
AGREEMENT.
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.
[THE FOLLOWING INFORMATION IS PROVIDED SOLELY FOR THE PURPOSES OF
APPLYING THE
U.S. FEDERAL INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID") RULES TO THIS
CERTIFICATE. THE ISSUE DATE OF THIS CERTIFICATE IS MAY 30, 1996.
ASSUMING THAT
THE MORTGAGE LOANS PREPAY AT 200% OF THE STANDARD PREPAYMENT
ASSUMPTION (AS
DESCRIBED IN THE PROSPECTUS SUPPLEMENT), THIS CERTIFICATE HAS BEEN
ISSUED WITH
NO MORE THAN $ OF OID PER $1,000 OF INITIAL CERTIFICATE PRINCIPAL
BALANCE, THE YIELD TO MATURITY IS % AND THE AMOUNT OF OID
ATTRIBUTABLE TO
THE INITIAL ACCRUAL PERIOD IS NO MORE THAN $ PER $1,000 OF INITIAL
CERTIFICATE PRINCIPAL BALANCE, COMPUTED UNDER THE APPROXIMATE
METHOD. NO
REPRESENTATION IS MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A
RATE BASED ON
THE STANDARD PREPAYMENT ASSUMPTION OR AT ANY OTHER RATE.]
<PAGE>
Certificate No. ___ 7.50% Pass-Through Rate
Class M-___ Subordinate Aggregate Certificate
Principal Balance
of the Class M Certificates:
Date of Pooling and Servicing $_______________
Agreement and Cut-off Date:
May 1, 1996 Initial Certificate Principal
Balance of this Certificate:
First Distribution Date: $_______________
June 25, 1996
CUSIP: 760944-_____
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date:
May 25, 2026
MORTGAGE PASS-THROUGH CERTIFICATE,
SERIES 1996-S14
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 FUNDING MORTGAGE SECURITIES I, INC.
This Certificate is payable solely from the assets of the Trust Fund,
and does not represent an obligation of or interest in Residential Funding
Mortgage Securities I, Inc., the Master Servicer, the Trustee referred to below
or GMAC Mortgage Corporation 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 Funding Mortgage
Securities I, Inc., the Master Servicer, the Trustee or GMAC Mortgage
Corporation or any of their affiliates. None of the Company, the Master
Servicer, GMAC Mortgage Corporation 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
B-2
<PAGE>
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 Funding Mortgage Securities I,
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 Master Servicer and The First National Bank of Chicago, 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 M-__
Certificates on such Distribution Date.
Distributions on this Certificate will be made either by the Master
Servicer acting on behalf of 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
Master Servicer 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 and State of New York. 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.
B-3
<PAGE>
No transfer of this Class M 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 Master 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 M 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 the purchase is being made in
reliance upon the availability of the exemptive relief afforded under Section
III of PTCE 95-60.
This Certificate is one of a duly authorized issue of Certificates
issued in several Classes designated as 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 Master
Servicer funds are advanced with respect to any Mortgage Loan, such advance is
reimbursable to the Master 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 Certificate Account created for the benefit of Certificateholders may
be made by the Master Servicer from time to time for purposes other than
distributions to Certificateholders, such purposes including without limitation
reimbursement to the Company and the Master Servicer of advances made, or
certain expenses incurred, by either of them.
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 Master Servicer and
B-4
<PAGE>
the Trustee and the rights of the Certificateholders under the Agreement at any
time by the Company, the Master 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 and
State of New York, 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 Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master 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
Master 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 Master Servicer or
the Company 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 Master
Servicer or the Company 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: THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:
---------------------------------
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
-----------------------------
This is one of the Class M-__ Certificates referred to in the within-
mentioned Agreement.
THE FIRST NATIONAL BANK OF CHICAGO,
as Certificate Registrar
By:
-----------------------------
Authorized Signatory
B-7
<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 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 CLASS A
CERTIFICATES, CLASS R-I CERTIFICATES, CLASS R-II CERTIFICATES AND CLASS M
CERTIFICATES AS 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 MASTER 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 MASTER SERVICER, THE COMPANY OR THE
TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE
AGREEMENT.
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 CODE. THE
FOLLOWING
INFORMATION IS PROVIDED SOLELY FOR THE PURPOSES OF APPLYING THE U.S.
FEDERAL
INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID") RULES TO THIS CERTIFICATE.
THE ISSUE
DATE OF THIS CERTIFICATE IS MAY 30, 1996. ASSUMING THAT THE MORTGAGE
LOANS
PREPAY AT 200% OF THE STANDARD PREPAYMENT ASSUMPTION (AS DESCRIBED
IN THE
PROSPECTUS SUPPLEMENT), THIS CERTIFICATE HAS BEEN ISSUED WITH NO
MORE THAN $___
OF OID PER $1,000 OF INITIAL CERTIFICATE PRINCIPAL BALANCE, THE YIELD TO
MATURITY IS ____% AND THE AMOUNT OF OID ATTRIBUTABLE TO THE INITIAL
ACCRUAL
PERIOD IS NO MORE THAN $____ PER $1,000 OF INITIAL CERTIFICATE PRINCIPAL
BALANCE, COMPUTED UNDER THE APPROXIMATE METHOD. NO
REPRESENTATION IS MADE THAT
THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON THE STANDARD
PREPAYMENT
ASSUMPTION OR AT ANY OTHER RATE.
<PAGE>
Certificate No. __ 7.000 % Pass-Through Rate
Class B-__ Subordinate Aggregate Certificate
Principal Balance
of the Class B-__
Certificates as of
Date of Pooling and Servicing the Cut-off Date:
Agreement and Cut-off Date: $_______________
May 1, 1996
Initial Certificate Principal
Balance of this Certificate:
First Distribution Date: $_______________
June 25, 1996
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date:
May 25, 2026
MORTGAGE PASS-THROUGH CERTIFICATE,
SERIES 1996-S14
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 FUNDING MORTGAGE SECURITIES I, INC.
This Certificate is payable solely from the assets of the Trust Fund,
and does not represent an obligation of or interest in Residential Funding
Mortgage Securities I, Inc., the Master Servicer, the Trustee referred to below
or GMAC Mortgage Corporation 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 Funding Mortgage
Securities I, Inc., the Master Servicer, the Trustee or GMAC Mortgage
Corporation or any of their affiliates. None of the Company, the Master
Servicer, GMAC Mortgage Corporation 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 Residential Funding Mortgage Securities I, Inc. 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
C-2
<PAGE>
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 Funding Mortgage Securities I, 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
Master Servicer and The First National Bank of Chicago, 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 Master
Servicer acting on behalf of 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
Master Servicer 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 and State of New York. 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.
C-3
<PAGE>
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 Master 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 Master 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
the purchase is being made in reliance upon the availability of the exemptive
relief afforded under Section III of PTCE 95-60.
This Certificate is one of a duly authorized issue of Certificates
issued in several Classes designated as 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.
C-4
<PAGE>
In the event Master Servicer funds are advanced with respect to any Mortgage
Loan, such advance is reimbursable to the Master 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 Certificate Account created for the benefit of Certificateholders may
be made by the Master Servicer from time to time for purposes other than
distributions to Certificateholders, such purposes including without limitation
reimbursement to the Company and the Master Servicer of advances made, or
certain expenses incurred, by either of them.
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 Master Servicer and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Company, the Master
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 and
State of New York, 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
C-5
<PAGE>
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 Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master 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
Master 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 Master Servicer or
the Company 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 Master
Servicer or the Company 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-6
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.
Dated: THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:
--------------------------------
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
-----------------------------
This is one of the Class M-__ Certificates referred to in the within-
mentioned Agreement.
THE FIRST NATIONAL BANK OF CHICAGO,
as Certificate Registrar
By:
------------------------------
Authorized Signatory
C-7
<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 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 MASTER 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 MASTER 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
MASTER SERVICER
AND THE TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT (A) THE UNITED STATES,
ANY STATE
OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY
INTERNATIONAL
ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE
FOREGOING, (B) ANY
ORGANIZATION (OTHER THAN A COOPERATIVE 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,
(C) ANY
ORGANIZATION DESCRIBED IN SECTION 1381(a)(2)(C) OF THE CODE, (ANY SUCH
PERSON
DESCRIBED IN THE FOREGOING CLAUSES (A), (B) OR (C) BEING HEREIN
REFERRED TO AS A
"DISQUALIFIED ORGANIZATION") OR (D) 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. ___ 7.50% Pass-Through Rate
Class [R-I][R-II] Senior Aggregate Initial Certificate
Principal Balance of the Class [R-I][R-
II] Certificates:
Date of Pooling and Servicing $100.00
Agreement and Cut-off Date:
May 1, 1996 Initial Certificate Principal
Balance of this Certificate:
First Distribution Date: $_______________
June 25, 1996
Percentage Interest:
Master Servicer: _______%
Residential Funding Corporation
CUSIP 760944-_____
Assumed Final Distribution Date:
May 25, 2026
MORTGAGE PASS-THROUGH CERTIFICATE,
SERIES 1996-S14
evidencing a percentage interest in any distributions allocable to the Class
[R-I][R-II] Certificates with respect to REMIC I. REMIC I is part of 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 FUNDING MORTGAGE SECURITIES I, INC.
This Certificate is payable solely from the assets of the Trust Fund,
and does not represent an obligation of or interest in Residential Funding
Mortgage Securities I, Inc., the Master Servicer, the Trustee referred to below
or GMAC Mortgage Corporation 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 Funding Mortgage
Securities I, Inc., the Master Servicer, the Trustee or GMAC Mortgage
Corporation or any of their affiliates. None of the Company, the Master
Servicer, GMAC Mortgage Corporation 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 Initial Certificate Principal Balance of this Certificate by the aggregate
Initial
D-2
<PAGE>
Certificate Principal Balance of all Class [R-I][R-II] Certificates, both as
specified above) in certain distributions with respect to REMIC I. REMIC I is
part of 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 Funding Mortgage Securities I, Inc. (hereinafter
called the "Company," which term includes any successor entity under the
Agreement referred to below). The Trust Fund and REMIC I were created pursuant
to a Pooling and Servicing Agreement dated as specified above (the "Agreement")
among the Company, the Master Servicer and The First National Bank of Chicago,
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-I][R-
II] 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,
D-3
<PAGE>
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 and State of New York. 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.
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 Master 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 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 Master
Servicer funds are advanced with respect to any Mortgage Loan, such advance is
reimbursable to the Master 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.
D-4
<PAGE>
As provided in the Agreement, withdrawals from the Custodial Account
and/or the Certificate Account created for the benefit of Certificateholders may
be made by the Master Servicer from time to time for purposes other than
distributions to Certificateholders, such purposes including without limitation
reimbursement to the Company and the Master Servicer of advances made, or
certain expenses incurred, by either of them.
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 Master Servicer and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Company, the Master
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 and
State of New York, 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
D-5
<PAGE>
payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.
The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master 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
Master 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 Master Servicer or
the Company 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 Master
Servicer or the Company 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.
Reference is hereby made to the further provisions of this Certificate
set forth on the reverse hereof, which further provisions shall for all purpose
have the same effect as if set forth at this place.
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-6
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.
Dated: THE FIRST NATIONAL BANK OF CHICAGO
as Trustee
By:
--------------------------------
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
-----------------------------
This is one of the Class [R-I][R-II] Certificates referred to in the
within-mentioned Agreement.
THE FIRST NATIONAL BANK OF CHICAGO,
as Certificate Registrar
By:
--------------------------------
Authorized Signatory
D-7
<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 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
CUSTODIAL AGREEMENT
-------------------
THIS CUSTODIAL AGREEMENT (as amended and supplemented from time to
time, the "Agreement"), dated as of May 1, 1996, by and among THE FIRST NATIONAL
BANK OF CHICAGO, as Trustee (including its successors under the Pooling
Agreement defined below, the "Trustee"), RESIDENTIAL FUNDING MORTGAGE
SECURITIES
I, INC. (together with any successor in interest, the "Company"), RESIDENTIAL
FUNDING CORPORATION, as master servicer (together with any successor in interest
or successor under the Pooling Agreement referred to below, the "Master
Servicer"), and NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION (together with
any
successor in interest or any successor appointed hereunder, the "Custodian").
W I T N E S S E T H T H A T :
- - - - - - - - - - - - - -
WHEREAS, the Company, the Master Servicer, and the Trustee have
entered into a Pooling and Servicing Agreement dated as of May 1, 1996, relating
to the issuance of Residential Funding Mortgage Securities I, Inc., Mortgage
Pass-Through Certificates, Series 1996-S14 (as in effect on the date of this
agreement, the "Original Pooling Agreement," and as amended and supplemented
from time to time, the "Pooling Agreement"); and
WHEREAS, the Custodian has agreed to act as agent for the Trustee for
the purposes of receiving and holding certain documents and other instruments
delivered by the Company and the Master Servicer under the Pooling Agreement,
all upon the terms and conditions and subject to the limitations hereinafter set
forth;
NOW, THEREFORE, in consideration of the premises and the mutual
covenants and agreements hereinafter set forth, the Trustee, the Company, the
Master Servicer and the Custodian hereby agree as follows:
ARTICLE I
Definitions
Capitalized terms used in this Agreement and not defined herein shall
have the meanings assigned in the Original Pooling Agreement, unless otherwise
required by the context herein.
<PAGE>
ARTICLE II
Custody of Mortgage Documents
Section 2.1. Custodian to Act as Agent; Acceptance of Mortgage Files.
-------------------------------------------------------
The Custodian, as the duly appointed agent of the Trustee for these purposes,
acknowledges receipt of the Mortgage Files relating to the Mortgage Loans
identified on the schedule attached hereto (the "Mortgage Files") and declares
that it holds and will hold the Mortgage Files as agent for the Trustee, in
trust, for the use and benefit of all present and future Certificateholders.
Section 2.2. Recordation of Assignments. If any Mortgage File
--------------------------
includes one or more assignments to the Trustee of Mortgage Notes and related
Mortgages that have not been recorded, each such assignment shall be delivered
by the Custodian to the Company for the purpose of recording it in the
appropriate public office for real property records, and the Company, at no
expense to the Custodian, shall promptly cause to be recorded in the appropriate
public office for real property records each such assignment and, upon receipt
thereof from such public office, shall return each such assignment to the
Custodian.
Section 2.3. Review of Mortgage Files.
------------------------
(a) On or prior to the Closing Date, the Custodian shall deliver to
the Trustee an Initial Certification in the form annexed hereto as Exhibit One
evidencing receipt of a Mortgage File for each Mortgage Loan listed on the
Schedule attached hereto (the "Mortgage Loan Schedule").
(b) Within 45 days of the initial issuance of the Certificates, the
Custodian agrees, for the benefit of Certificateholders, to review, in
accordance with the provisions of Section 2.02 of the Pooling Agreement, each
Mortgage File, and shall deliver to the Trustee an Interim Certification in the
form annexed hereto as Exhibit Two to the effect that all documents required to
be delivered pursuant to Section 2.01(b) of the Pooling Agreement have been
executed and received and that such documents relate to the Mortgage Loans
identified on the Mortgage Loan Schedule, except for any exceptions listed on
Schedule A attached to such Interim Certification. Within 45 days of receipt of
the documents required to be delivered pursuant to Section 2.01(c) of the
Pooling Agreement, the Custodian agrees, for the benefit of Certificateholders,
to review, in accordance with the provisions of Section 2.02 of the Pooling
Agreement, each such document, and shall deliver to the Trustee either (i) an
Interim Certification in the form attached hereto as Exhibit Two to the effect
that all such documents relate to the Mortgage Loans
E-2
<PAGE>
identified on the Mortgage Loan Schedule, except for any exceptions listed on
Schedule A attached to such Interim Certification or (ii) a Final Certification
as set forth in subsection (c) below. The Custodian shall be under no 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 that they are other than what they purport to be on
their face. If in performing the review required by this Section 2.3 the
Custodian finds any document or documents constituting a part of a Mortgage File
to be defective in any material respect, the Custodian shall promptly so notify
the Company, the Master Servicer and the Trustee. Upon receipt of written
notification from the Master Servicer, signed by a Servicing Officer, that the
Master Servicer or a Subservicer, as the case may be, has made a deposit into
the Certificate Account in payment for the purchase of the related Mortgage Loan
in an amount equal to the Purchase Price for such Mortgage Loan, the Custodian
shall release to the Master Servicer the related Mortgage File.
(c) Upon receipt of all documents required to be in the Mortgage
Files the Custodian shall deliver to the Trustee a Final Certification in the
form annexed hereto as Exhibit Three evidencing the completeness of the Mortgage
Files.
Upon receipt of written request from the Trustee, the Custodian shall
as soon as practicable supply the Trustee with a list of all of the documents
relating to the Mortgage Loans then contained in the Mortgage Files.
Section 2.4. Notification of Breaches of Representations and
-----------------------------------------------
Warranties. Upon discovery by the Custodian of a breach of any representation
- ----------
or warranty made by the Master Servicer or the Company as set forth in the
Pooling Agreement or by a Seller in a Seller's Agreement or by Residential
Funding or the Company in the Assignment Agreement with respect to a Mortgage
Loan relating to a Mortgage File, the Custodian shall give prompt written notice
to the Company, the Master Servicer and the Trustee.
Section 2.5. Custodian to Cooperate; Release of Mortgage Files. Upon
-------------------------------------------------
the repurchase or substitution of any Mortgage Loan pursuant to Article II of
the Pooling Agreement or payment in full of any Mortgage Loan, or the receipt by
the Master Servicer of a notification that payment in full will be escrowed in a
manner customary for such purposes, the Master Servicer shall immediately notify
the Custodian by a certification (which certification shall include a statement
to the effect that all amounts received or to be received in connection with
such payment which are required to be deposited in the Custodial Account
E-3
<PAGE>
pursuant to Section 3.07 of the Pooling Agreement have been or will be so
deposited) of a Servicing Officer and shall request delivery to it of the
Mortgage File. The Custodian agrees, upon receipt of such certification and
request, promptly to release to the Master Servicer the related Mortgage File.
The Master Servicer shall deliver to the Custodian and the Custodian agrees to
accept the Mortgage Note and other documents constituting the Mortgage File with
respect to any Qualified Substitute Mortgage Loan.
From time to time as is appropriate for the servicing or foreclosures
of any Mortgage Loan, including, for this purpose, collection under any Primary
Insurance Policy or any Mortgage Pool Insurance Policy, the Master Servicer
shall deliver to the Custodian a certificate of a Servicing Officer requesting
that possession of all, or any document constituting part, of the Mortgage File
be released to the Master 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 of the Required Insurance
Policies. With such certificate, the Master Servicer shall deliver to the
Custodian a trust receipt signed by a Servicing Officer on behalf of the Master
Servicer, and upon receipt of the foregoing, the Custodian shall deliver the
Mortgage File or such document to the Master Servicer. The Master Servicer
shall cause each Mortgage File or any document therein so released to be
returned to the Custodian when the need therefor by the Master 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
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 Master Servicer has delivered to the Custodian a certificate
of a Servicing Officer certifying 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 a Mortgage Loan,
the Custodian shall deliver the Trust Receipt with respect thereto to the Master
Servicer upon deposit of the related Liquidation Proceeds in the Custodial
Account as provided in the Pooling Agreement.
Section 2.6. Assumption Agreements. In the event that any assumption
---------------------
agreement or substitution of liability agreement is entered into with respect to
any Mortgage Loan subject to this Agreement in accordance with the terms and
provisions of the Pooling Agreement, the Master Servicer shall notify the
Custodian that such assumption or
E-4
<PAGE>
substitution agreement has been completed by forwarding to the Custodian the
original of such assumption or substitution agreement, which shall be added to
the related Mortgage File and, for all purposes, shall be considered a part of
such Mortgage File to the same extent as all other documents and instruments
constituting parts thereof.
ARTICLE III
Concerning the Custodian
Section 3.1. Custodian a Bailee and Agent of the Trustee. With
-------------------------------------------
respect to each Mortgage Note, Mortgage and other documents constituting each
Mortgage File which are delivered to the Custodian, the Custodian is exclusively
the bailee and agent of the Trustee and has no instructions to hold any Mortgage
Note or Mortgage for the benefit of any person other than the Trustee, holds
such documents for the benefit of Certificateholders and undertakes to perform
such duties and only such duties as are specifically set forth in this
Agreement. Except upon compliance with the provisions of Section 2.5 of this
Agreement, no Mortgage Note, Mortgage or other document constituting a part of a
Mortgage File shall be delivered by the Custodian to the Company or the Master
Servicer or otherwise released from the possession of the Custodian.
Section 3.2. Indemnification. The Company hereby agrees to indemnify
---------------
and hold the Custodian harmless from and against all claims, liabilities,
losses, actions, suits or proceedings at law or in equity, or any other
expenses, fees or charges of any character or nature, which the Custodian may
incur or with which the Custodian may be threatened by reason of its acting as
custodian under this Agreement, including indemnification of the Custodian
against any and all expenses, including attorney's fees if counsel for the
Custodian has been approved by the Company, and the cost of defending any
action, suit or proceedings or resisting any claim. Notwithstanding the
foregoing, it is specifically understood and agreed that in the event any such
claim, liability, loss, action, suit or proceeding or other expense, fee or
charge shall have been caused by reason of any negligent act, negligent failure
to act or willful misconduct on the part of the Custodian, or which shall
constitute a willful breach of its duties hereunder, the indemnification
provisions of this Agreement shall not apply.
Section 3.3. Custodian May Own Certificates. The Custodian 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 Custodian.
Section 3.4. Master Servicer to Pay Custodian's Fees and Expenses.
----------------------------------------------------
The Master Servicer covenants and agrees to pay to
E-5
<PAGE>
the Custodian from time to time, and the Custodian shall be entitled to,
reasonable compensation for all services rendered by it in the exercise and
performance of any of the powers and duties hereunder of the Custodian, and the
Master Servicer will pay or reimburse the Custodian upon its request for all
reasonable expenses, disbursements and advances incurred or made by the
Custodian in accordance with any of the provisions of this Agreement (including
the reasonable compensation and the expenses and disbursements of its counsel
and of all persons not regularly in its employ), except any such expense,
disbursement or advance as may arise from its negligence or bad faith.
Section 3.5. Custodian May Resign; Trustee May Remove Custodian. The
--------------------------------------------------
Custodian may resign from the obligations and duties hereby imposed upon it as
such obligations and duties relate to its acting as Custodian of the Mortgage
Loans. Upon receiving such notice of resignation, the Trustee shall either take
custody of the Mortgage Files itself and give prompt notice thereof to the
Company, the Master Servicer and the Custodian, or promptly appoint a successor
Custodian by written instrument, in duplicate, one copy of which instrument
shall be delivered to the resigning Custodian and one copy to the successor
Custodian. If the Trustee shall not have taken custody of the Mortgage Files
and no successor Custodian shall have been so appointed and have accepted
appointment within 30 days after the giving of such notice of resignation, the
resigning Custodian may petition any court of competent jurisdiction for the
appointment of a successor Custodian.
The Trustee may remove the Custodian at any time. In such event, the
Trustee shall appoint, or petition a court of competent jurisdiction to appoint,
a successor Custodian hereunder. Any successor Custodian shall be a depository
institution subject to supervision or examination by federal or state authority
and shall be able to satisfy the other requirements contained in Section 3.7 and
shall be unaffiliated with the Master Servicer or the Company.
Any resignation or removal of the Custodian and appointment of a
successor Custodian pursuant to any of the provisions of this Section 3.5 shall
become effective upon acceptance of appointment by the successor Custodian. The
Trustee shall give prompt notice to the Company and the Master Servicer of the
appointment of any successor Custodian. No successor Custodian shall be
appointed by the Trustee without the prior approval of the Company and the
Master Servicer.
Section 3.6. Merger or Consolidation of Custodian. Any Person into
------------------------------------
which the Custodian may be merged or converted or with which it may be
consolidated, or any Person resulting from any merger, conversion or
consolidation to which the Custodian
E-6
<PAGE>
shall be a party, or any Person succeeding to the business of the Custodian,
shall be the successor of the Custodian hereunder, 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.
Section 3.7. Representations of the Custodian. The Custodian hereby
--------------------------------
represents that it is a depository institution subject to supervision or
examination by a federal or state authority, has a combined capital and surplus
of at least $10,000,000 and is qualified to do business in the jurisdictions in
which it will hold any Mortgage File.
ARTICLE IV
Miscellaneous Provisions
Section 4.1. Notices. All notices, requests, consents and demands
-------
and other communications required under this Agreement or pursuant to any other
instrument or document delivered hereunder shall be in writing and, unless
otherwise specifically provided, may be delivered personally, by telegram or
telex, or by registered or certified mail, postage prepaid, return receipt
requested, at the addresses specified on the signature page hereof (unless
changed by the particular party whose address is stated herein by similar notice
in writing), in which case the notice will be deemed delivered when received.
Section 4.2. Amendments. No modification or amendment of or
----------
supplement to this Agreement shall be valid or effective unless the same is in
writing and signed by all parties hereto, and neither the Company, the Master
Servicer nor the Trustee shall enter into any amendment hereof except as
permitted by the Pooling Agreement. The Trustee shall give prompt notice to the
Custodian of any amendment or supplement to the Pooling Agreement and furnish
the Custodian with written copies thereof.
Section 4.3. Governing Law. This Agreement shall be deemed a
-------------
contract made under the laws of the State of New York and shall be construed and
enforced in accordance with and governed by the laws of the State of New York.
Section 4.4. Recordation of Agreement. 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 Master Servicer and at its expense on
direction by the Trustee (pursuant to the
E-7
<PAGE>
request of holders of Certificates evidencing undivided interests in the
aggregate of not less than 25% of the Trust Fund), but only upon direction
accompanied by an Opinion of Counsel reasonably satisfactory to the Master
Servicer to the effect that the failure to effect such recordation is likely to
materially and adversely affect the interests of the Certificateholders.
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 4.5. 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.
E-8
<PAGE>
EXHIBIT F
MORTGAGE LOAN SCHEDULE
RUN ON : 05/16/96 RFC DISCLOSURE SYSTEM RFFSD177-01
AT : 13.36.39 FIXED RATE LOAN LISTING AMORTIZED
BALANCE
SERIES : RFMSI I 1996-S14 CUTOFF :
05/01/96
POOL : 0004208
:
:
POOL STATUS: F
RFC LOAN # S/S CODE PMT TYPE ORIGINAL BAL LOAN FEATURE
MORTGAGOR NAME ORIG TERM PRINCIPAL BAL # OF UNITS
ADDRESS ORIG RATE ORIGINAL P+I LTV
ADDRESS LINE 2 CURR NET CURRENT P+I VALUE
CITY STATE ZIP LOAN PURP NOTE DATE MI CO CODE
SERVICER LOAN # PROP TYPE 1ST PMT DATE MI CVG
SELLER LOAN # OCCP CODE MATURITY DATE
INVESTOR LOAN #
______________________________________________________________________________
1447659 A13/728 F 336,000.00 ZZ
ROCCHIO JR FREDERICKJ 360 334,389.93 1
4049 WATER WILLOW LANE 8.000 2,465.45 80
7.750 2,465.45 420,000.00
HOOVER AL 35244 1 09/29/95 00
0380236894 05 11/01/95 0
600010501 O 10/01/25
0
1473006 B42/728 F 195,000.00 ZZ
SOLIVEN JOSEPH D 360 195,000.00 1
3361 LINDMUIR DRIVE 8.625 1,516.69 75
8.375 1,516.69 260,000.00
SAN JOSE CA 95121 2 04/16/96 00
0380434002 05 06/01/96 0
26154 O 05/01/26
0
1473785 405/405 F 243,000.00 ZZ
HESS RICHARD G 360 241,999.63 1
19635 98TH AVE NE 8.750 1,911.69 80
8.500 1,911.69 303,750.00
BOTHELL WA 98011 1 09/08/95 00
3750197 05 11/01/95 0
3750197 O 10/01/25
0
1475950 447/447 F 226,500.00 ZZ
BOEHME JUDD 360 225,822.00 1
748 SOUTH 900 EAST 8.250 1,701.62 79
8.000 1,701.62 288,000.00
SPRINGVILLE UT 84663 2 12/14/95 01
3362154 05 02/01/96 0
1
3362154 O 01/01/26
0
1476842 354/354 F 369,700.00 ZZ
SCHWARZ PETER J 360 367,718.86 1
2607 WILLOWYCK CIRCLE 8.125 2,745.01 80
7.875 2,745.01 464,493.00
PEARLAND TX 77584 1 08/31/95 00
20015004 03 10/01/95 0
20015004 O 09/01/25
0
1480719 A88/728 F 350,000.00 ZZ
KNOX WALTER E 360 350,000.00 1
30135 BUCK BRYAN ROAD 8.375 2,660.25 77
8.125 2,660.25 460,000.00
TRAPPE MD 21673 2 04/26/96 00
0380433889 05 06/01/96 0
101960101 O 05/01/26
0
1483590 559/728 F 457,600.00 ZZ
GIUDICI MARTIN R 360 457,600.00 1
135 CRESTVIEW PLACE 8.750 3,599.94 80
8.500 3,599.94 572,500.00
RENO NV 89509 2 04/12/96 00
0380436049 05 06/01/96 0
0488262 O 05/01/26
0
1488806 B25/728 F 272,000.00 ZZ
BATES JOHN M 360 272,000.00 1
3807 WOODBINE STREET 7.750 1,948.65 80
7.500 1,948.65 340,000.00
CHEVY CHASE MD 20815 1 04/30/96 00
0380435983 05 06/01/96 0
TO097 O 05/01/26
0
1488852 976/728 F 224,000.00 ZZ
ANDERSEN JACQUELINS 360 224,000.00 1
11397 SWAN CANYON ROAD 8.500 1,722.37 80
8.250 1,722.37 282,000.00
SAN DIEGO CA 92131 2 04/04/96 00
0380420100 03 06/01/96 0
874133 O 05/01/26
0
1
1489700 668/728 F 293,500.00 ZZ
MORSE J T 360 293,312.84 1
7690 BLUE CREEK ROAD 8.250 2,204.97 49
8.000 2,204.97 600,000.00
EVERGREEN CO 80439 2 03/06/96 00
0380431487 05 05/01/96 0
6332076 O 04/01/26
0
1491345 405/405 F 404,250.00 ZZ
MIZE LARRY P 360 403,985.56 1
4925 BOW MAR DRIVE 8.125 3,001.55 75
7.875 3,001.55 539,000.00
BOW MAR CO 80123 1 03/22/96 00
3851292 05 05/01/96 0
3851292 O 04/01/26
0
1491957 F45/F45 F 133,229.80 ZZ
CROWLEY DREW 248 132,790.67 1
20 HILL LANE 7.750 1,079.30 50
7.500 1,079.30 269,000.00
GLEN HEAD NY 11545 1 08/17/92 00
109322 05 04/01/96 0
109322 O 11/01/16
0
1491962 F45/F45 F 101,657.24 ZZ
SYED HAMID 256 101,271.44 1
527 CARLLS PATH 9.250 911.22 81
9.000 911.22 126,000.00
DEER PARK NY 11729 1 05/14/87 04
111021 05 03/01/96 25
111021 O 06/01/17
0
1491967 F45/F45 F 112,421.76 ZZ
VIANA FERNANDO J 281 108,575.69 54
333 EAST 80TH STREET APT 6D 7.750 868.31 71
7.500 868.31 160,000.00
NEW YORK NY 10021 1 08/26/87 00
111716 11 05/01/94 0
111716 O 09/01/17
0
1491972 F45/F45 F 262,000.00 ZZ
MAIDA RICHARD C 360 261,289.76 1
25 NEVADA AVENUE 8.000 1,922.46 72
7.750 1,922.46 365,000.00
1
STATEN ISLAND NY 10306 2 12/18/95 00
112870 05 02/01/96 0
112870 O 01/01/26
0
1491974 F45/F45 F 102,492.39 ZZ
LYMAN SUSAN 292 99,783.31 18
96 PERRY ST APT B- 8.625 840.49 67
8.375 840.49 155,000.00
NEW YORK NY 10014 1 08/24/88 00
113860 12 06/01/94 0
113860 O 09/01/18
0
1491982 F45/F45 F 53,000.00 ZZ
O'TOOLE RONALD 240 44,959.74 1
6 PARK CIRCLE NORTH 9.250 485.41 34
9.000 485.41 160,000.00
EAST FARMINGDAL NY 11735 5 11/03/89 00
116152 05 01/01/90 0
116152 O 12/01/09
0
1491989 F45/F45 F 107,241.27 ZZ
VENEZIANO CHARLES 307 107,060.13 1
80 BEDELL STREET 9.000 894.54 68
8.750 894.54 160,000.00
FREEPORT NY 11520 2 08/27/91 00
120030 05 04/01/96 0
120030 O 10/01/21
0
1491995 F45/F45 F 145,996.14 ZZ
KEHR LAURIE A 313 145,745.66 1
27 WEST CLINTON STREET 8.625 1,174.14 65
8.375 1,174.14 225,000.00
MOUNT PLEASANT NY 10595 1 03/09/92 00
122580 05 04/01/96 0
122580 O 04/01/22
0
1491996 F45/F45 F 28,632.86 ZZ
MURPHY MICHAEL J 290 2,907.58 1
196 DALTON AVENUE 7.250 209.62 69
7.000 209.62 41,500.00
STATEN ISLAND NY 10306 1 06/29/73 00
125559 05 07/01/73 0
125559 O 08/01/97
0
1
1492000 F45/F45 F 106,800.07 ZZ
CAPPETTA KENNETH B 247 106,800.07 1
698 ASCAN ROAD 7.875 874.74 60
7.625 874.74 180,000.00
FRANKLIN SQUARE NY 11010 1 09/28/92 00
133249 05 06/01/96 0
133249 O 12/01/16
0
1492001 F45/F45 F 111,472.66 ZZ
O'SULLIVAN MICHAEL E 250 111,117.32 1
205 ELSIE AVENUE 7.875 908.63 74
7.625 908.63 151,000.00
MERRICK NY 11566 1 08/03/92 10
133876 05 04/01/96 25
133876 O 01/01/17
0
1492004 F45/F45 F 102,352.52 ZZ
KELLEHER DENNIS 315 102,175.89 1
80 PROSPECT STREET 8.500 813.00 67
8.250 813.00 154,000.00
MIDLAND PARK NJ 07432 5 05/14/92 00
136705 05 04/01/96 0
136705 O 06/01/22
0
1492006 F45/F45 F 124,500.00 ZZ
BAKER MICHAEL W 360 117,896.49 1
1717 KEYSTONE DRIVE 7.500 870.52 87
7.250 870.52 144,500.00
FRIENDSWOOD TX 77546 1 05/28/92 11
137349 05 07/01/92 17
137349 O 06/01/22
0
1492012 F45/F45 F 279,076.87 ZZ
ROLNICK GEORGE 340 273,195.74 1
785 VAN DAM STREET 8.000 2,077.48 79
7.750 2,077.48 355,000.00
NORTH WOODMERE NY 11581 2 07/21/92 00
141218 05 05/01/94 0
141218 O 08/01/22
0
1492015 F45/F45 F 220,000.00 ZZ
BATTLE DAVID 360 212,506.61 1
1
1 NELSON RIDGE ROAD 7.875 1,595.15 79
7.625 1,595.15 280,000.00
PRINCETON NJ 08540 1 09/04/92 00
143628 05 11/01/92 0
143628 O 10/01/22
0
1492016 F45/F45 F 54,372.25 ZZ
WHEELER SARAH 329 53,775.25 54
345 RIVERSIDE DRIVE APT 4H 7.750 399.16 45
7.500 399.16 122,000.00
NEW YORK NY 10025 1 09/08/92 00
143750 12 06/01/95 0
143750 O 10/01/22
0
1492018 F45/F45 F 251,250.00 ZZ
NEGRIN JORDAN 360 251,044.05 1
155 ARBOR CREST 7.000 1,671.57 78
6.750 1,671.57 325,000.00
SOMERS WEST NY 10589 1 03/07/96 00
144907 05 05/01/96 0
144907 O 04/01/26
0
1492019 F45/F45 F 130,664.86 ZZ
STUHLMULLER NANCY J 260 130,274.02 1
369 EMORY ROAD 7.750 1,038.67 73
7.500 1,038.67 180,000.00
MINEOLA NY 11501 1 10/07/92 00
145797 05 04/01/96 0
145797 O 11/01/17
0
1492021 F45/F45 F 154,529.47 ZZ
DIGIOVANNI LISA 321 154,263.58 1
2695 MANDALAY BEACH ROAD 8.250 1,194.88 75
8.000 1,194.88 208,000.00
WANTAGH NY 11793 1 11/06/92 00
146597 05 04/01/96 0
146597 O 12/01/22
0
1492023 F45/F45 F 229,800.00 ZZ
GARNER PAUL 360 228,331.11 1
ALLVIEW AVENUE 8.500 1,766.96 75
8.250 1,766.96 310,000.00
BREWSTER NY 10509 2 09/07/95 00
147629 05 11/01/95 0
1
147629 O 10/01/25
0
1492025 F45/F45 F 109,522.63 ZZ
TAGLIAFERRI RICHARD P 321 109,334.18 1
59 COLONY DRIVE 8.250 846.87 87
8.000 846.87 126,000.00
WEST SAYVILLE NY 11796 2 11/02/92 14
147983 05 04/01/96 17
147983 O 12/01/22
0
1492026 F45/F45 F 77,201.98 ZZ
FLORIDIA DONNA R 321 77,066.18 1
351 BIRCHWOOD ROAD 8.125 590.39 76
7.875 590.39 102,500.00
MEDFORD NY 11763 2 11/04/92 00
148098 01 04/01/96 0
148098 O 12/01/22
0
1492027 F45/F45 F 97,324.06 ZZ
KOHN DANIEL 340 95,662.53 1
161 W 75TH ST/174 W 76TH ST 8.125 732.86 75
APT 3G 7.875 732.86 130,000.00
NEW YORK NY 10023 1 11/18/92 00
148536 10 09/01/94 0
148536 O 12/01/22
0
1492031 F45/F45 F 128,409.29 ZZ
RAPACH KENNETH A 323 128,175.00 1
282 ROCKY RUN ROAD 7.875 959.45 77
7.625 959.45 168,000.00
GLEN GARDNER NJ 08826 2 12/20/92 00
152462 05 04/01/96 0
152462 O 02/01/23
0
1492033 F45/F45 F 72,451.69 ZZ
SPARACIO JR JOSEPH D 322 72,325.22 1
1024 SIXTH STREET 8.125 553.58 58
7.875 553.58 125,000.00
WEST BABYLON NY 11704 1 12/18/92 00
153353 05 04/01/96 0
153353 O 01/01/23
0
1
1492035 F45/F45 F 258,750.00 ZZ
SILVERMAN MARTIN S 360 254,015.88 1
111 SONN DRIVE 7.500 1,809.22 75
7.250 1,809.22 345,000.00
RYE NY 10580 5 04/27/94 00
154245 05 07/01/94 0
154245 O 06/01/24
0
1492036 F45/F45 F 135,095.40 ZZ
NAIR GOPINATHA 324 134,841.57 1
18 BEECHWOOD STREET 7.625 984.93 72
7.375 984.93 190,000.00
BERGENFIELD NJ 07621 1 02/01/93 00
154385 05 04/01/96 0
154385 O 03/01/23
0
1492043 F45/F45 F 175,000.00 ZZ
MARINO THOMAS P 360 174,719.27 4
20-24 121ST ST 7.125 1,179.01 62
6.875 1,179.01 285,000.00
COLLEGE POINT NY 11356 2 02/06/96 00
159095 05 04/01/96 0
159095 O 03/01/26
0
1492046 F45/F45 F 50,000.00 ZZ
MAGRINI LUCIANO 300 20,760.01 1
8 KINGSTON DRIVE 9.250 428.20 77
9.000 428.20 65,000.00
LIVINGSTON TOWN NJ 07039 1 06/02/76 00
16105 05 07/01/76 0
16105 O 06/01/01
0
1492049 F45/F45 F 212,250.00 ZZ
SHERMAN GARRY N 360 206,557.82 1
52 SHERWOOD DRIVE 7.375 1,465.96 75
7.125 1,465.96 283,000.00
HUNTINGTON NY 11743 2 08/18/93 00
170308 05 10/01/93 0
170308 O 09/01/23
0
1492050 F45/F45 F 74,900.00 ZZ
DAWSON JR FREDERICK 360 72,594.11 1
55 SAND HILL ROAD 6.625 479.59 59
6.375 479.59 127,500.00
1
JAMESBURG NJ 08831 1 08/01/93 00
170928 01 10/01/93 0
170928 O 09/01/23
0
1492052 F45/F45 F 48,300.00 ZZ
BALSAMO JOETTE 360 46,989.48 1
158-160 SACKETT STREET UNIT 1B 7.125 325.41 43
6.875 325.41 113,000.00
BROOKLYN NY 11231 1 09/10/93 00
171652 01 11/01/93 0
171652 O 10/01/23
0
1492053 F45/F45 F 462,000.00 ZZ
LAPLANTE RICHARD 360 349,068.56 1
864 SPRINGS FIREPLACE ROAD 7.625 3,270.01 70
7.375 3,270.01 660,000.00
EAST HAMPTON NY 11937 1 10/06/93 00
174417 05 12/01/93 0
174417 O 11/01/23
0
1492054 F45/F45 F 160,000.00 ZZ
GOLODNY STEVEN 360 154,266.93 1
20 HILLDALE ROAD 6.750 1,037.76 53
6.500 1,037.76 305,000.00
ALBERTSON NY 11507 2 10/07/93 00
174516 05 12/01/93 0
174516 O 11/01/23
0
1492058 F45/F45 F 106,152.78 ZZ
MORRIS MICHAEL J 316 105,185.15 1
2 ROCHELLE LANE 8.875 869.85 87
8.625 869.85 123,000.00
EGG HARBOR TWNS NJ 08221 1 09/01/91 10
20693 05 07/01/95 22
20693 O 10/01/21
0
1492060 F45/F45 F 88,944.91 ZZ
SARWAR MOHAMMAD 310 88,704.53 1
329 TALL OAK LANE 8.500 709.59 83
8.250 709.59 108,000.00
HILLSBOROUGH NJ 08876 1 11/27/91 04
23481 05 03/01/96 17
23481 O 12/01/21
0
1
1492063 F45/F45 F 304,000.00 ZZ
SEIFER LESLIE E 360 287,432.50 1
51 GOVERNORS LANE 8.625 2,364.48 76
8.375 2,364.48 400,000.00
PRINCETON NJ 08540 1 01/14/92 00
23861 01 03/01/92 0
23861 O 02/01/22
0
1492077 F45/F45 F 555,000.00 ZZ
KIRSCH ROBERT B 360 541,948.79 1
18 ROBIN HOOD ROAD 7.500 3,880.64 75
7.250 3,880.64 740,000.00
POUND RIDGE NY 10506 5 10/26/93 00
347583 05 01/01/94 0
347583 O 12/01/23
0
1492078 F45/F45 F 495,000.00 ZZ
HANJIS DIMITRIOS 360 483,630.87 1
53-29 BROWVALE LANE 7.625 3,503.58 69
7.375 3,503.58 720,000.00
LITTLE NECK NY 11362 2 10/28/93 00
347690 05 01/01/94 0
347690 O 12/01/23
0
1492079 F45/F45 F 148,500.00 ZZ
SPOSATO LOUIS 360 144,306.30 1
42 CRESCENT STREET 6.875 975.54 90
6.625 975.54 165,000.00
HICKSVILLE NY 11801 1 11/18/93 12
349894 05 01/01/94 22
349894 O 12/01/23
0
1492080 F45/F45 F 69,000.00 ZZ
WASNEUSKI ELLEN 360 67,438.31 1
49-6 SCARBOROUGH COURT 7.500 482.46 86
7.250 482.46 81,000.00
FREEHOLD NJ 07728 2 12/17/93 12
352591 01 02/01/94 17
352591 O 01/01/24
0
1492083 F45/F45 F 75,000.00 ZZ
CORBRAN HAROLD J 360 73,135.91 1
1
2159 44 VILLAGE ROAD 7.000 498.98 39
6.750 498.98 194,000.00
WALL NJ 08750 5 12/16/93 00
353185 05 02/01/94 0
353185 O 01/01/24
0
1492087 F45/F45 F 152,000.00 ZZ
FENSTER DANIEL 360 145,802.40 1
84-56 251ST STREET 7.000 1,011.26 78
6.750 1,011.26 195,000.00
BELLEROSE NY 11426 1 02/24/94 00
360479 05 04/01/94 0
360479 O 03/01/24
0
1492088 F45/F45 F 240,000.00 ZZ
SOKOLOFF STEPHEN M 360 232,440.79 1
4 WOODLOT ROAD 6.875 1,576.63 78
6.625 1,576.63 310,000.00
ST JAMES NY 11780 1 04/12/94 00
366971 05 06/01/94 0
366971 O 05/01/24
0
1492089 F45/F45 F 220,000.00 ZZ
HANS STEPHEN 360 215,653.23 56
2 EAST END AVENUE APT 6A 7.375 1,519.49 45
7.125 1,519.49 490,000.00
NEW YORK NY 10021 1 04/18/94 00
367342 13 06/01/94 0
367342 O 05/01/24
0
1492090 F45/F45 F 450,000.00 ZZ
GOETTLICH PETER 360 441,584.63 1
10 PUTNAM ROAD 7.625 3,185.07 67
7.375 3,185.07 675,000.00
LIVINGSTON NJ 07039 2 04/19/94 00
367623 05 06/01/94 0
367623 O 05/01/24
0
1492091 F45/F45 F 303,400.00 ZZ
MEADVIN MICHAEL 360 298,357.85 1
14 COBBLERS WAY 8.000 2,226.24 74
7.750 2,226.24 410,000.00
CORTLANDT MANOR NY 10566 1 05/12/94 00
369165 05 07/01/94 0
1
369165 O 06/01/24
0
1492092 F45/F45 F 86,500.00 ZZ
KELLNER STEPHEN M 360 84,879.37 1
1 SOUTH MANNING COURT 7.375 597.43 94
7.125 597.43 93,000.00
GALLOWAY TWNSHI NJ 08220 1 05/17/94 14
369272 05 07/01/94 22
369272 O 06/01/24
0
1492093 F45/F45 F 55,000.00 ZZ
GABEL NORA 360 53,944.67 1
149-30 88TH STREET UNIT 4J 7.250 375.20 79
7.000 375.20 70,000.00
HOWARD BEACH NY 11414 1 05/19/94 00
369421 01 07/01/94 0
369421 O 06/01/24
0
1492094 F45/F45 F 275,000.00 ZZ
PANAGAKOS ANDREW 360 268,854.25 1
36 BOCK DRIVE 8.750 2,163.43 72
8.500 2,163.43 382,000.00
RIVER VALE NJ 07675 2 05/17/94 00
369496 05 07/01/94 0
369496 O 06/01/24
0
1492095 F45/F45 F 400,000.00 ZZ
MITCHELL GRANT E 360 393,023.87 1
38 BRUNDIGE DRIVE 7.750 2,865.65 82
7.500 2,865.65 490,000.00
GOLDENS BR NY 10526 1 05/18/94 10
369504 05 07/01/94 17
369504 O 06/01/24
0
1492096 F45/F45 F 268,000.00 ZZ
GRILL DAVID 360 262,609.59 1
115 FINUCANE PLACE 7.000 1,783.01 80
6.750 1,783.01 335,000.00
WOODMERE NY 11598 1 05/24/94 00
369967 05 07/01/94 0
369967 O 06/01/24
0
1
1492097 F45/F45 F 215,000.00 ZZ
SLATTERY STEPHEN J 360 211,250.27 1
12 EDEN COURT 7.750 1,540.29 85
7.500 1,540.29 255,000.00
NORTH BRUNSWICK NJ 08902 1 05/23/94 11
370049 05 07/01/94 17
370049 O 06/01/24
0
1492098 F45/F45 F 308,000.00 ZZ
TEICH MATTHEW A 360 303,004.05 1
15 BISBEE DRIVE 8.125 2,286.89 79
7.875 2,286.89 390,000.00
SOUTH SALEM NY 10590 1 05/25/94 00
370072 05 07/01/94 0
370072 O 06/01/24
0
1492099 F45/F45 F 250,000.00 ZZ
GOLDSTEIN DAVID 360 245,845.32 1
2 NORTHWOOD COURT 8.000 1,834.41 43
7.750 1,834.41 595,000.00
WOODBURY NY 11797 1 05/26/94 00
370130 05 07/01/94 0
370130 O 06/01/24
0
1492100 F45/F45 F 228,000.00 ZZ
FLYNN MICHAEL 360 224,390.55 1
40 SYLVIA STREET 8.250 1,712.89 80
8.000 1,712.89 285,000.00
GLEN HEAD NY 11545 1 05/31/94 00
370361 05 07/01/94 0
370361 O 06/01/24
0
1492101 F45/F45 F 335,200.00 ZZ
MOSER STUART W 360 329,889.67 1
7 WARNKE LANE 8.000 2,459.58 80
7.750 2,459.58 420,000.00
SCARSDALE NY 10583 1 06/01/94 00
370593 05 08/01/94 0
370593 O 07/01/24
0
1492102 F45/F45 F 290,000.00 ZZ
PRESUTO DAVID 360 285,405.68 1
4 LORD STERLING ROAD 8.000 2,127.92 56
7.750 2,127.92 518,000.00
1
BASKING RIDGE NJ 07920 1 06/02/94 00
370718 05 08/01/94 0
370718 O 07/01/24
0
1492104 F45/F45 F 300,000.00 ZZ
ZABIROV ANDREI 360 295,130.79 1
7 ROCKY RIDGE ROAD 7.875 2,175.21 78
7.625 2,175.21 385,500.00
WEST HARRISON NY 10604 1 06/03/94 00
370775 05 08/01/94 0
370775 O 07/01/24
0
1492105 F45/F45 F 143,000.00 ZZ
LIPTON DEBORAH 360 140,622.31 439
340 EAST 8OTH STREET APT 11C 7.750 1,024.47 78
7.500 1,024.47 185,000.00
NEW YORK NY 10021 1 06/03/94 00
370783 12 08/01/94 0
370783 O 07/01/24
0
1492106 F45/F45 F 335,000.00 ZZ
ROSE HOWARD 360 330,303.97 1
16 PINEWOOD LANE 8.625 2,605.60 78
8.375 2,605.60 435,000.00
WARREN NJ 07060 1 06/08/94 00
370841 05 08/01/94 0
370841 O 07/01/24
0
1492107 F45/F45 F 216,000.00 ZZ
TILCHEN STEVEN 360 215,839.70 1
3 PASTURE LANE 7.500 1,510.30 79
7.250 1,510.30 275,000.00
OLD BETHPAGE NY 11804 1 02/28/96 00
370858 05 05/01/96 0
370858 O 04/01/26
0
1492108 F45/F45 F 428,000.00 ZZ
MUOIO PETER 360 416,618.22 1
45 SHAUN RIDGE 8.500 3,290.95 80
8.250 3,290.95 535,000.00
ROSLYN HARBOR NY 11576 1 06/08/94 00
371054 05 08/01/94 0
371054 O 07/01/24
0
1
1492109 F45/F45 F 252,000.00 ZZ
ERHARDT WILLIAM A 360 248,379.50 1
50 BIRCH STREET 8.500 1,937.66 80
8.250 1,937.66 315,000.00
PORT WASHINGTON NY 11050 1 06/10/94 00
371302 05 08/01/94 0
371302 O 07/01/24
0
1492110 F45/F45 F 220,000.00 ZZ
GERSON BARBARA 360 216,341.99 1
109 HAMILTON ROAD 7.750 1,576.11 57
7.500 1,576.11 390,000.00
IRVINGTON NY 10533 1 06/14/94 00
371427 05 08/01/94 0
371427 O 07/01/24
0
1492111 F45/F45 F 210,000.00 ZZ
WICKHAM ROBERT D 360 206,831.24 1
219 WALNUT STREET 8.250 1,577.66 41
8.000 1,577.66 522,000.00
ENGLEWOOD NJ 07631 5 06/14/94 00
371492 05 08/01/94 0
371492 O 07/01/24
0
1492112 F45/F45 F 297,000.00 ZZ
HARISH ZIV 360 292,938.44 1
108 LEROY STREET 8.750 2,336.50 89
8.500 2,336.50 335,000.00
TENAFLY NJ 07670 1 06/10/94 10
371518 05 08/01/94 17
371518 O 07/01/24
0
1492113 F45/F45 F 314,000.00 ZZ
BAUMGARTNER ERIC W 360 309,025.55 1
33 BEEHOLM ROAD 8.000 2,304.02 80
7.750 2,304.02 395,000.00
REDDING CT 06896 1 06/15/94 00
371583 05 08/01/94 0
371583 O 07/01/24
0
1492114 F45/F45 F 245,600.00 ZZ
ANDRETTA JOHN A 360 241,516.39 1
1
38 CRANFORD DRIVE 7.750 1,759.51 80
7.500 1,759.51 307,000.00
NEW CITY NY 10956 1 06/14/94 00
371609 05 08/01/94 0
371609 O 07/01/24
0
1492116 F45/F45 F 210,000.00 ZZ
PARKINSON CHRISTOPHR 360 207,056.25 1
13 FLINTLOCK DRIVE 8.625 1,633.36 60
8.375 1,633.36 350,000.00
WARREN NJ 07059 1 06/20/94 00
371914 05 08/01/94 0
371914 O 07/01/24
0
1492117 F45/F45 F 250,000.00 ZZ
HOLIBER JAMES M 360 246,227.59 1
48 ROCKLAND AVENUE 8.250 1,878.17 57
8.000 1,878.17 445,000.00
LARCHMONT NY 10538 1 06/16/94 00
372060 05 08/01/94 0
372060 O 07/01/24
0
1492118 F45/F45 F 324,000.00 ZZ
CARTER GARY S 360 311,699.57 1
35 DE HART DRIVE 8.000 2,377.40 80
7.750 2,377.40 410,000.00
BELLE MEAD NJ 08502 1 06/20/94 00
372219 05 08/01/94 0
372219 O 07/01/24
0
1492119 F45/F45 F 218,250.00 ZZ
KLEIN IRA M 360 212,199.85 1
41 GARRETSON LANE 8.625 1,697.53 89
8.375 1,697.53 246,000.00
BELLE MEAD NJ 08502 1 06/21/94 10
372300 05 08/01/94 17
372300 O 07/01/24
0
1492120 F45/F45 F 250,000.00 ZZ
ROTH WILLIAM E 360 246,408.28 1
12 SCHEURMAN TERRACE 8.500 1,922.28 70
8.250 1,922.28 360,000.00
GREEN BROOK NJ 08812 1 06/24/94 00
372383 05 08/01/94 0
1
372383 O 07/01/24
0
1492121 F45/F45 F 350,000.00 ZZ
FORCHIC DENNIS G 360 338,638.14 1
ROUTE 581 7.750 2,507.44 70
7.500 2,507.44 500,000.00
WOODSTOWN NJ 08098 2 06/23/94 00
372409 05 08/01/94 0
372409 O 07/01/24
0
1492122 F45/F45 F 108,900.00 ZZ
VILLACIS LUIS 360 107,298.26 2
90 SHERMAN AVENUE 8.125 808.58 90
7.875 808.58 121,000.00
JERSEY CITY NJ 07307 1 06/27/94 10
372748 05 09/01/94 17
372748 O 08/01/24
0
1492123 F45/F45 F 210,000.00 ZZ
MOORE CHARLES J 360 206,744.39 1
20 SHANNON HILL ROAD 8.250 1,577.66 52
8.000 1,577.66 408,000.00
BASKING RIDGE NJ 07920 1 06/29/94 00
373050 05 08/01/94 0
373050 O 07/01/24
0
1492124 F45/F45 F 238,000.00 ZZ
JBARA MOHAMAD 360 233,756.68 1
14 WESTVIEW ROAD 7.125 1,603.45 46
6.875 1,603.45 525,000.00
MILLBURN NJ 07078 2 06/29/94 00
373068 05 09/01/94 0
373068 O 08/01/24
0
1492125 F45/F45 F 310,000.00 ZZ
SLAP MARK R 360 304,592.26 1
40 BANKSVILLE ROAD 7.500 2,167.56 69
7.250 2,167.56 455,000.00
NORTH CASTLE NY 10504 1 06/30/94 00
373142 05 08/01/94 0
373142 O 07/01/24
0
1
1492126 F45/F45 F 228,000.00 ZZ
MORETTI LAWRENCE F 360 225,033.18 1
10 RIVEREDGE ROAD 9.000 1,834.54 80
8.750 1,834.54 285,000.00
BELLE MEAD NJ 08502 1 06/30/94 00
373308 05 08/01/94 0
373308 O 07/01/24
0
1492127 F45/F45 F 270,000.00 ZZ
MILLER ELLIOTT 360 266,124.67 1
218 RICHARDS LANE 8.250 2,028.42 58
8.000 2,028.42 470,000.00
HEWLETT HARBOR NY 11557 1 07/01/94 00
373514 05 09/01/94 0
373514 O 08/01/24
0
1492128 F45/F45 F 275,000.00 ZZ
CALLAHAN VINCENT T 360 271,053.01 1
77 HIGHLAND AVENUE 8.250 2,065.98 86
8.000 2,065.98 320,000.00
CHATHAM NJ 07928 1 07/14/94 10
373761 05 09/01/94 17
373761 O 08/01/24
0
1492129 F45/F45 F 250,000.00 ZZ
ADWAR KEITH 360 242,676.88 1
9 ST LAWRENCE PLACE 8.250 1,878.17 76
8.000 1,878.17 330,000.00
JERICHO NY 11753 1 07/12/94 00
373936 05 09/01/94 0
373936 O 08/01/24
0
1492130 F45/F45 F 324,000.00 ZZ
SORBERA PAUL M 360 316,075.62 1
453 MILTON ROAD 8.500 2,491.28 86
8.250 2,491.28 380,000.00
RYE NY 10580 1 07/13/94 10
373993 05 09/01/94 17
373993 O 08/01/24
0
1492131 F45/F45 F 260,000.00 ZZ
LEDERMAN MARK 360 255,974.59 1
9 IROQUOIS DRIVE 8.125 1,930.49 77
7.875 1,930.49 340,000.00
1
LIVINGSTON NJ 07039 1 07/18/94 00
374793 05 09/01/94 0
374793 O 08/01/24
0
1492132 F45/F45 F 292,500.00 ZZ
SANSCARTIER GUY 360 288,816.78 1
65 TOPLAND ROAD 9.000 2,353.52 90
8.750 2,353.52 325,000.00
WHITE PLAINS NY 10605 1 07/19/94 11
374876 05 09/01/94 17
374876 O 08/01/24
0
1492133 F45/F45 F 300,000.00 ZZ
GILMORE JOSEPH J 360 295,587.62 1
30 PONDVIEW LANE 8.125 2,227.49 62
7.875 2,227.49 484,000.00
STAMFORD CT 06903 1 07/29/94 00
375121 05 09/01/94 0
375121 O 08/01/24
0
1492134 F45/F45 F 253,000.00 ZZ
HARTSHORN JR ROBERT O 360 249,278.79 1
4 CHAMPIONS CIRCLE 8.125 1,878.52 80
7.875 1,878.52 317,000.00
BRANCHBURG TWSH NJ 08876 1 07/28/94 00
375964 05 09/01/94 0
375964 O 08/01/24
0
1492135 F45/F45 F 233,000.00 ZZ
RATSHIN JAMES P 360 230,733.64 1
2119 ORIEN ROAD 8.750 1,833.02 75
8.500 1,833.02 312,000.00
DOVER NJ 08753 1 12/30/94 00
378695 05 02/01/95 0
378695 O 01/01/25
0
1492136 F45/F45 F 371,000.00 ZZ
LANZA JERRY 360 365,827.39 1
8 LOGAN DRIVE 8.500 2,852.67 85
8.250 2,852.67 440,000.00
CALIFON NJ 07830 1 07/29/94 10
379388 05 09/01/94 12
379388 O 08/01/24
0
1
1492138 F45/F45 F 224,000.00 ZZ
TONNO JAMES P 360 220,795.86 1
170 HARVARD AVENUE 8.000 1,643.63 67
7.750 1,643.63 335,000.00
ROCKVILLE CENTR NY 11570 1 08/01/94 00
379586 05 10/01/94 0
379586 O 09/01/24
0
1492139 F45/F45 F 300,000.00 ZZ
SCHWARTZ DAVID S 360 295,913.48 1
40 WILD DUCK ROAD 8.250 2,253.80 65
8.000 2,253.80 465,000.00
WYCKOFF NJ 07480 1 08/01/94 00
379628 05 10/01/94 0
379628 O 09/01/24
0
1492140 F45/F45 F 233,750.00 ZZ
FORRESTER WALTER C 360 228,408.44 1
66 MILLTOWN ROAD 8.375 1,776.67 85
8.125 1,776.67 276,000.00
BRIDGEWATER NJ 08807 1 08/03/94 10
379727 05 10/01/94 12
379727 O 09/01/24
0
1492141 F45/F45 F 410,000.00 ZZ
ADLER JONATHAN S 360 404,264.71 1
54 BEVERLY ROAD 8.375 3,116.30 72
8.125 3,116.30 575,000.00
GREAT NECK NY 11021 1 08/04/94 00
379933 05 10/01/94 0
379933 O 09/01/24
0
1492142 F45/F45 F 244,000.00 ZZ
MCALVANAH THOMAS J 360 240,534.27 1
96 THE FARMS ROAD 8.750 1,919.55 80
8.500 1,919.55 305,000.00
BEDFORD NY 10506 1 08/04/94 00
379941 05 10/01/94 0
379941 O 09/01/24
0
1492143 F45/F45 F 225,000.00 ZZ
BIEMULLER MARTHA 360 222,009.59 1
1
1100 OCEAN DRIVE UNIT 204 8.375 1,710.16 67
8.125 1,710.16 336,000.00
AVALON NJ 08202 1 08/05/94 00
380063 01 10/01/94 0
380063 O 09/01/24
0
1492144 F45/F45 F 230,000.00 ZZ
SCHWARTZ MICHAEL I 360 227,090.39 1
45 CRANFORD DRIVE 8.625 1,788.92 68
8.375 1,788.92 340,000.00
NEW YORK NY 10956 1 08/05/94 00
380139 05 10/01/94 0
380139 O 09/01/24
0
1492145 F45/F45 F 288,000.00 ZZ
STREICHLER TODD A 240 287,479.89 1
40 MOHEGAN LANE 7.500 2,320.11 80
7.250 2,320.11 360,000.00
RYE BROOK NY 10573 1 02/26/96 00
380170 05 05/01/96 0
380170 O 04/01/16
0
1492146 F45/F45 F 262,400.00 ZZ
WINDFIELD JASON D 360 259,080.64 1
177 MAIN STREET 8.625 2,040.92 75
8.375 2,040.92 350,000.00
LEWISBORO NY 10526 1 08/09/94 00
380204 05 10/01/94 0
380204 O 09/01/24
0
1492147 F45/F45 F 250,000.00 ZZ
DIFRANCO ROCCO 360 246,915.10 1
DINGEE STREET 8.750 1,966.75 50
8.500 1,966.75 500,000.00
SOUTH SALEM NY 10597 1 08/10/94 00
380394 05 10/01/94 0
380394 O 09/01/24
0
1492148 F45/F45 F 268,000.00 ZZ
TOTO PETER C 360 263,493.54 1
40 WOODCREST DRIVE 8.875 2,132.33 80
8.625 2,132.33 337,000.00
WOODCLIFF LAKE NJ 07675 1 08/11/94 00
380410 05 10/01/94 0
1
380410 O 09/01/24
0
1492149 F45/F45 F 425,000.00 ZZ
STERN SETH 360 419,210.88 1
18 NOME DRIVE 8.250 3,192.88 79
8.000 3,192.88 540,000.00
WOODBURY NY 11797 1 08/17/94 00
380436 05 10/01/94 0
380436 O 09/01/24
0
1492150 F45/F45 F 255,000.00 ZZ
VIRGILIO STEPHEN J 360 251,440.28 1
138 HIGH STREET 8.125 1,893.37 69
7.875 1,893.37 370,000.00
EAST WILLISTON NY 11596 1 08/12/94 00
380584 05 10/01/94 0
380584 O 09/01/24
0
1492151 F45/F45 F 364,000.00 ZZ
PANASEWICZ STANLEY 360 359,618.76 1
1 CREEKVIEW COURT 8.875 2,896.15 80
8.625 2,896.15 455,000.00
BELLE MEAD NJ 08502 1 08/19/94 00
380907 05 10/01/94 0
380907 O 09/01/24
0
1492152 F45/F45 F 220,000.00 ZZ
VITA THOMAS W 360 208,838.12 1
48 HILTON AVENUE 8.625 1,711.14 44
8.375 1,711.14 510,000.00
GARDEN CITY NY 11530 1 08/23/94 00
381152 05 10/01/94 0
381152 O 09/01/24
0
1492153 F45/F45 F 260,000.00 ZZ
KLINE DAVID R 360 256,791.67 1
102 WICHARD BOULEVARD 8.750 2,045.42 80
8.500 2,045.42 325,000.00
COMMACK NY 11725 1 08/24/94 00
381368 05 10/01/94 0
381368 O 09/01/24
0
1
1492154 F45/F45 F 293,000.00 ZZ
WEILL RICHARD E 360 292,585.07 1
29 MOSEMAN AVENUE 7.750 2,099.09 76
7.500 2,099.09 390,000.00
KATONAH NY 10536 2 01/31/96 00
381384 05 04/01/96 0
381384 O 03/01/26
0
1492155 F45/F45 F 312,000.00 ZZ
TEITZ LEONARD 360 308,149.87 1
772 WINTHROP ROAD 8.750 2,454.51 80
8.500 2,454.51 390,000.00
TEANECK NJ 07666 1 08/30/94 00
381756 05 10/01/94 0
381756 O 09/01/24
0
1492156 F45/F45 F 225,000.00 ZZ
SAPHIRE GARY 360 221,969.54 1
6 FALCON DRIVE 8.875 1,790.20 79
8.625 1,790.20 285,000.00
EAST BRUNSWICK NJ 08816 1 08/31/94 00
381897 05 10/01/94 0
381897 O 09/01/24
0
1492157 F45/F45 F 213,000.00 ZZ
PEARCE STEVEN E 360 208,340.74 1
1 STRATFORD PLACE 8.125 1,581.52 90
7.875 1,581.52 237,000.00
FLEMINGTON NJ 08822 1 09/30/94 10
382309 03 11/01/94 17
382309 O 10/01/24
0
1492158 F45/F45 F 285,000.00 ZZ
PEDERGNANA JONATHAN 360 281,753.42 1
442 WOLF HILL ROAD 8.875 2,267.59 79
8.625 2,267.59 365,000.00
DIX HILLS NY 11746 1 09/12/94 00
382416 05 11/01/94 0
382416 O 10/01/24
0
1492159 F45/F45 F 250,000.00 ZZ
EHRENPREIS MARC B 360 246,696.10 1
5 MARIAN LANE 8.125 1,856.24 82
7.875 1,856.24 307,500.00
1
JERICHO NY 11753 1 09/16/94 10
382697 05 11/01/94 12
382697 O 10/01/24
0
1492160 F45/F45 F 262,500.00 ZZ
LEVITON ROBERT H 360 259,115.06 1
249 MELBOURNE AVENUE 8.250 1,972.07 75
8.000 1,972.07 350,000.00
MAMARONECK NY 10543 5 09/19/94 00
382952 05 11/01/94 0
382952 O 10/01/24
0
1492161 F45/F45 F 275,000.00 ZZ
SENDEROFF PAUL 360 247,313.37 1
33 WINDMILL ROAD 8.250 2,065.98 57
8.000 2,065.98 485,000.00
ARMONK NY 10504 1 09/20/94 00
383059 05 11/01/94 0
383059 O 10/01/24
0
1492162 F45/F45 F 240,300.00 ZZ
ALEDIA RHONA A 360 234,285.31 1
15 CHESTNUT PLACE 6.750 1,558.59 90
6.500 1,558.59 267,000.00
HOHOKUS NJ 07423 1 01/27/94 14
383885 05 03/01/94 17
383885 O 02/01/24
0
1492163 F45/F45 F 215,000.00 ZZ
ALOIA RICHARD P 360 208,010.03 1
118 JORDAN ROAD 7.250 1,466.68 76
7.000 1,466.68 285,000.00
ROCKAWAY NJ 07866 1 01/14/94 00
384081 05 03/01/94 0
384081 O 02/01/24
0
1492164 F45/F45 F 400,000.00 ZZ
BAL RAJEEV G 360 389,407.83 1
218 PHELPS ROAD 7.625 2,831.18 63
7.375 2,831.18 640,000.00
RIDGEWOOD NJ 07450 1 07/15/93 00
385500 05 09/01/93 0
385500 O 08/01/23
0
1
1492165 F45/F45 F 259,200.00 ZZ
BENNETT MICHAEL 360 255,920.92 1
17 BROOK PLACE 8.625 2,016.04 80
8.375 2,016.04 325,000.00
GLEN ROCK NJ 07452 1 08/29/94 00
386839 05 10/01/94 0
386839 O 09/01/24
0
1492166 F45/F45 F 220,000.00 ZZ
BLEIFER CRAIG B 360 214,983.22 1
11 LINDENWOOD COURT 7.250 1,500.79 80
7.000 1,500.79 276,000.00
WASHINGTON TWNS NJ 07675 2 01/28/94 00
387548 05 03/01/94 0
387548 O 02/01/24
0
1492167 F45/F45 F 280,000.00 ZZ
BRAEN SCOTT A 360 269,868.47 1
334 CRESCENT AVENUE 8.000 2,054.55 65
7.750 2,054.55 435,000.00
WYCKOFF NJ 07481 1 10/06/92 00
388355 05 12/01/92 0
388355 O 11/01/22
0
1492168 F45/F45 F 310,000.00 ZZ
BRITTON MARC E 360 302,179.93 1
3 WHITE PINE ROAD 7.125 2,088.53 77
6.875 2,088.53 405,000.00
UPPER SADDLE RI NJ 07458 2 11/18/93 00
388736 05 01/01/94 0
388736 O 12/01/23
0
1492169 F45/F45 F 275,000.00 ZZ
BROGLIA ROBERT 360 267,899.72 1
15 MAYNARD COURT 7.000 1,829.59 55
6.750 1,829.59 500,000.00
RIDGEWOOD NJ 07450 5 11/18/93 00
388751 05 01/01/94 0
388751 O 12/01/23
0
1492170 F45/F45 F 325,000.00 ZZ
CASEY MICHAEL D 360 299,352.97 1
1
23 MEADOW LANE 7.250 2,217.08 71
7.000 2,217.08 458,000.00
NORWOOD NJ 07648 2 12/21/93 00
390617 05 02/01/94 0
390617 O 01/01/24
0
1492171 F45/F45 F 300,000.00 ZZ
CASTELLVI FRANK J 360 293,661.72 1
336 WINDHAM COURT 7.750 2,149.24 75
7.500 2,149.24 401,000.00
WYCKOFF NJ 07481 2 01/21/94 00
390732 05 03/01/94 0
390732 O 02/01/24
0
1492172 F45/F45 F 255,000.00 T
CELLA CARLO 360 248,339.59 1
132 EAST HOLLY BANKS LANE 7.875 1,848.93 73
7.625 1,848.93 350,000.00
LONG BEACH NJ 08008 2 06/04/93 00
390997 05 08/01/93 0
390997 O 07/01/23
0
1492173 F45/F45 F 235,800.00 ZZ
CHOE YONG H 360 201,380.48 1
419 WASHINGTON AVENUE 8.125 1,750.81 67
7.875 1,750.81 352,000.00
WASHINGTON TOWN NJ 07675 5 04/27/93 00
391490 05 06/01/93 0
391490 O 05/01/23
0
1492174 F45/F45 F 365,000.00 ZZ
CHOI HAK J 360 351,329.58 1
10 MEADOW LANE 7.500 2,552.14 55
7.250 2,552.14 667,000.00
ALLENDALE NJ 07401 1 08/28/92 00
391508 05 10/01/92 0
391508 O 09/01/22
0
1492175 F45/F45 F 320,000.00 ZZ
CONSIGLIO THOMAS 360 311,927.75 1
4 NAVAJO AVENUE 7.125 2,155.90 62
6.875 2,155.90 520,000.00
RAMSEY NJ 07446 1 11/16/93 00
392647 05 01/01/94 0
1
392647 O 12/01/23
0
1492177 F45/F45 F 520,000.00 ZZ
COWEN STEPHEN H 360 507,373.31 1
154 ESSEX DRIVE 7.125 3,503.34 44
6.875 3,503.34 1,200,000.00
TENAFLY NJ 07675 5 12/08/93 00
393249 05 02/01/94 0
393249 O 01/01/24
0
1492178 F45/F45 F 225,000.00 ZZ
CURTISS BRIAN P 360 219,869.17 1
174 MOUNTAIN AVENUE 7.250 1,534.90 59
7.000 1,534.90 385,000.00
RIDGEWOOD NJ 07450 2 01/20/94 00
393710 05 03/01/94 0
393710 O 02/01/24
0
1492179 F45/F45 F 250,000.00 ZZ
DANZIGER RICHARD I 360 243,749.83 1
99 WOODCREST DRIVE 7.750 1,791.04 56
7.500 1,791.04 450,000.00
WOODCLIFF LAKE NJ 07675 5 08/23/93 00
394338 05 10/01/93 0
394338 O 09/01/23
0
1492180 F45/F45 F 118,000.00 ZZ
DEJESUS JR. JOHN M 360 113,726.31 1
8-35 OAK STREET 8.000 865.85 77
7.750 865.85 155,000.00
FAIR LAWN NJ 07410 1 09/02/92 00
394684 05 11/01/92 0
394684 O 10/01/22
0
1492181 F45/F45 F 220,000.00 ZZ
DEPASQUALE III THOMAS 360 213,634.06 1
18 JULIE PLACE 7.500 1,538.28 76
7.250 1,538.28 293,000.00
WAYNE NJ 07470 2 05/10/93 00
395418 05 07/01/93 0
395418 O 06/01/23
0
1
1492182 F45/F45 F 325,000.00 ZZ
DESTRO ANTHONY P 360 316,309.77 1
13 VICTORIA LANE 7.750 2,328.34 44
7.500 2,328.34 741,000.00
MAHWAH NJ 07430 2 06/30/93 00
395616 05 08/01/93 0
395616 O 07/01/23
0
1492183 F45/F45 F 285,000.00 ZZ
DONELAN WILLIAM E 360 281,200.33 1
422 ELBERT STREET 8.625 2,216.71 74
8.375 2,216.71 386,000.00
RAMSEY NJ 07446 1 07/15/94 00
396325 05 09/01/94 0
396325 O 08/01/24
0
1492184 F45/F45 F 227,000.00 ZZ
DOYLE DENNIS 360 221,700.75 1
7 LAKE ROAD 7.125 1,529.35 57
6.875 1,529.35 405,000.00
UPPER SADDLE RI NJ 07458 2 01/25/94 00
396515 05 03/01/94 0
396515 O 02/01/24
0
1492185 F45/F45 F 220,000.00 ZZ
EISZNER JR JAMES R 360 215,619.42 1
24 KENNEDY ROAD 7.750 1,576.11 38
7.500 1,576.11 585,000.00
CRESSKILL NJ 07626 5 02/09/94 00
397299 05 04/01/94 0
397299 O 03/01/24
0
1492186 F45/F45 F 299,000.00 ZZ
ENGLISH CRAIG S 240 278,511.40 1
152 KENILWORTH ROAD 7.750 2,454.64 76
7.500 2,454.64 395,000.00
RIDGEWOOD NJ 07450 2 05/28/93 00
397588 05 07/01/93 0
397588 O 06/01/13
0
1492187 F45/F45 F 256,500.00 ZZ
FEINGOLD MITCHELL S 360 250,884.75 1
493 WEST SADDLE RIVER ROAD 7.250 1,749.79 75
7.000 1,749.79 342,000.00
1
UPPER SADDLE RI NJ 07458 5 02/15/94 00
398362 05 04/01/94 0
398362 O 03/01/24
0
1492188 F45/F45 F 350,000.00 ZZ
FERRARO EUGENE J 360 339,712.58 1
71 NORTH PLEASEANT AVE 7.750 2,507.45 64
7.500 2,507.45 552,500.00
RIDGEWOOD NJ 07450 5 03/10/93 00
398537 05 05/01/93 0
398537 O 04/01/23
0
1492189 F45/F45 F 350,000.00 ZZ
FERRETTI DAVID J 360 340,829.73 1
25 SEMINARY DRIVE 7.500 2,447.26 54
7.250 2,447.26 655,000.00
MAHWAH NJ 07430 5 08/31/93 00
398586 05 10/01/93 0
398586 O 09/01/23
0
1492190 F45/F45 F 228,000.00 ZZ
FOO JOHN 360 221,751.00 1
474 MASON PLACE 8.250 1,712.89 75
8.000 1,712.89 305,000.00
PARAMUS NJ 07652 1 06/29/94 00
399428 05 08/01/94 0
399428 O 07/01/24
0
1492191 F45/F45 F 153,000.00 ZZ
FOULKE EVAN M 360 148,300.12 1
891 PRINCE STREET 6.875 1,005.11 85
6.625 1,005.11 180,000.00
TEANECK NJ 07666 1 09/30/93 10
399592 05 11/01/93 17
399592 O 10/01/23
0
1492192 F45/F45 F 250,000.00 ZZ
GALDA, JR. FRED C 360 244,979.12 1
45 UPPER SADDLE RIVER ROAD 7.250 1,705.45 64
7.000 1,705.45 395,000.00
MONTVALE NJ 07645 5 04/20/94 00
400549 05 06/01/94 0
400549 O 05/01/24
0
1
1492193 F45/F45 F 265,500.00 ZZ
GASPAROVIC CAROL 360 261,193.42 1
200 TONER ROAD, BLOCK 126.02 8.125 1,971.33 90
LOT 1 7.875 1,971.33 295,000.00
BOONTON NJ 07005 2 05/06/94 10
401091 05 07/01/94 22
401091 O 06/01/24
0
1492194 F45/F45 F 50,000.00 ZZ
GATENS JAMES T 360 48,767.71 1
484 WILSON AVENUE 7.250 341.09 28
7.000 341.09 185,000.00
PARAMUS NJ 07652 2 11/30/93 00
401117 05 01/01/94 0
401117 O 12/01/23
0
1492195 F45/F45 F 225,000.00 ZZ
GATH JAMES 360 219,104.80 1
135 GLENWOOD ROAD 7.500 1,573.24 79
7.250 1,573.24 285,000.00
ENGLEWOOD NJ 07631 1 08/19/93 00
401141 05 10/01/93 0
401141 O 09/01/23
0
1492196 F45/F45 F 265,400.00 T
GILSENAN RICHARD 360 258,765.14 1
81 D LONG BEACH BOULEVARD 7.750 1,901.36 51
LONG BEACH TWSHP 7.500 1,901.36 525,000.00
LOVELADIES NJ 08040 2 08/11/93 00
401893 05 10/01/93 0
401893 O 09/01/23
0
1492197 F45/F45 F 500,000.00 ZZ
GUTIERREZ ERIC 360 484,341.03 1
25 WILDWOOD ROAD 8.500 3,844.57 59
8.250 3,844.57 858,000.00
SADDLE RIVER NJ 07458 1 08/01/92 00
403378 05 10/01/92 0
403378 O 09/01/22
0
1492198 F45/F45 F 256,000.00 ZZ
HOCTOR DANIEL J 360 245,099.54 1
1
60 EAST PROSPECT STREET 6.750 1,660.42 80
6.500 1,660.42 320,000.00
WALDWICK NJ 07463 1 01/11/94 00
405316 05 03/01/94 0
405316 O 02/01/24
0
1492199 F45/F45 F 275,000.00 ZZ
KAUFMAN MITCHELL H 360 267,886.50 1
12 VANDERBILT COURT 7.750 1,970.14 73
7.500 1,970.14 380,000.00
PARAMUS NJ 07653 1 07/27/93 00
408195 05 09/01/93 0
408195 O 08/01/23
0
1492200 F45/F45 F 440,000.00 ZZ
KHORAMI ALLEN F 360 415,830.99 1
21 JAMES BRITE CIRCLE 7.750 3,152.22 60
7.500 3,152.22 737,000.00
MAHWAH NJ 07430 5 06/14/93 00
408740 05 08/01/93 0
408740 O 07/01/23
0
1492201 F45/F45 F 450,000.00 ZZ
KLINGER ARLEN S 360 438,045.23 1
331 INDIAN TRAIL DRIVE 8.125 3,341.24 60
7.875 3,341.24 753,500.00
FRANKLIN LAKES NJ 07417 5 04/14/93 00
409227 05 06/01/93 0
409227 O 05/01/23
0
1492202 F45/F45 F 106,000.00 ZZ
KNOERZER WAYNE 360 98,300.34 1
18 GAJEWSKI LANE 7.875 768.58 79
7.625 768.58 135,000.00
CEDAR RUN NJ 08092 1 10/02/92 00
409292 05 12/01/92 0
409292 O 11/01/22
0
1492203 F45/F45 F 261,600.00 ZZ
KOMATSU YOSHIYUKI 360 258,451.27 1
427 RUSSELL AVENUE 8.875 2,081.41 80
8.625 2,081.41 331,000.00
WYCKOFF NJ 07481 1 08/03/94 00
409482 05 10/01/94 0
1
409482 O 09/01/24
0
1492205 F45/F45 F 378,000.00 T
KYHL HENRY C 360 368,550.20 1
48 WINTHROP ROAD 7.750 2,708.04 70
7.500 2,708.04 540,000.00
SHELTER ISLAND NY 11965 2 08/09/93 00
410373 05 10/01/93 0
410373 O 09/01/23
0
1492206 F45/F45 F 228,000.00 ZZ
LANGTON CHARLES 360 221,273.46 1
21 CLAIRMONT DRIVE 7.000 1,516.89 80
6.750 1,516.89 286,000.00
WOODCLIFF LAKE NJ 07675 1 12/23/93 00
410936 05 02/01/94 0
410936 O 01/01/24
0
1492207 F45/F45 F 251,000.00 ZZ
LAUB EDWARD J 360 244,725.01 1
429 WYCKOFF AVENUE 7.750 1,798.20 48
7.500 1,798.20 530,000.00
WYCKOFF NJ 07481 1 08/25/93 00
411074 05 10/01/93 0
411074 O 09/01/23
0
1492208 F45/F45 F 430,000.00 ZZ
LING DAVID D 360 415,169.53 1
4 MALLARD RUN 8.500 3,306.33 74
8.250 3,306.33 587,000.00
UPPER SADDLE RI NJ 07458 5 04/20/92 00
412262 05 06/01/92 0
412262 O 05/01/22
0
1492209 F45/F45 F 227,500.00 ZZ
LOEFFLER RICHARD W 360 221,545.13 1
15 ROBIN RIDGE ROAD 7.125 1,532.71 61
6.875 1,532.71 379,000.00
UPPER SADDLE RI NJ 07458 1 10/26/93 00
412403 05 12/01/93 0
412403 O 11/01/23
0
1
1492210 F45/F45 F 259,200.00 ZZ
MAC ARTHUR THOMAS C 360 254,235.55 1
12 BUTTERNUT ROAD 7.500 1,812.37 90
7.250 1,812.37 290,000.00
RANDOLPH NJ 07869 1 04/28/94 10
413252 05 06/01/94 17
413252 O 05/01/24
0
1492211 F45/F45 F 250,000.00 T
MADONNA MICHAEL J 360 229,055.35 1
7 EAST HUDSON AVENUE 7.250 1,705.45 74
7.000 1,705.45 340,000.00
HARVEY CEDARS NJ 08008 1 09/10/93 00
413443 05 11/01/93 0
413443 O 10/01/23
0
1492213 F45/F45 F 243,500.00 ZZ
MALMUT MARK 360 240,086.64 1
53 OAK TRAIL ROAD 8.625 1,893.92 72
8.375 1,893.92 341,000.00
HILLSDALE NJ 07642 1 06/29/94 00
413716 05 08/01/94 0
413716 O 07/01/24
0
1492214 F45/F45 F 240,000.00 ZZ
MANERI CHRISTOPHA 240 223,637.23 1
23 COLES HILL 7.500 1,933.43 69
7.250 1,933.43 350,000.00
NORTH HALEDON NJ 07508 5 07/01/93 00
413815 05 08/01/93 0
413815 O 07/01/13
0
1492215 F45/F45 F 300,000.00 ZZ
MATERASSO MICHAEL J 360 294,254.15 1
184 WEST RIDGEWOOD AVENUE 7.500 2,097.65 54
7.250 2,097.65 560,000.00
RIDGEWOOD NJ 07450 5 04/13/94 00
414839 05 06/01/94 0
414839 O 05/01/24
0
1492216 F45/F45 F 225,000.00 ZZ
MATTHEWS SPERO S 360 219,106.32 1
7 MOCCASIN COURT 7.125 1,515.87 51
6.875 1,515.87 446,000.00
1
MAHWAH NJ 07430 1 10/15/93 00
414961 05 12/01/93 0
414961 O 11/01/23
0
1492218 F45/F45 F 225,000.00 ZZ
MERIL RICHARD B 360 219,104.80 1
478 MARK ROAD 7.500 1,573.24 46
7.250 1,573.24 490,000.00
ALLENDALE NJ 07401 1 08/20/93 00
416339 05 10/01/93 0
416339 O 09/01/23
0
1492219 F45/F45 F 225,000.00 ZZ
MEYERS, SR. RONALD 360 218,607.55 1
589 EWING AVENUE 8.250 1,690.35 30
8.000 1,690.35 750,000.00
FRANKLIN LAKES NJ 07417 5 01/19/93 00
416545 05 03/01/93 0
416545 O 02/01/23
0
1492220 F45/F45 F 320,000.00 ZZ
MILLER, M.D. RICHARD 360 312,186.42 1
405 HOLLY DRIVE 7.875 2,320.23 60
7.625 2,320.23 535,000.00
WYCKOFF NJ 07481 1 08/24/93 00
416826 05 10/01/93 0
416826 O 09/01/23
0
1492221 F45/F45 F 550,000.00 ZZ
MIRCHIN FRANK 360 539,250.89 1
9 MICHELLE WAY 7.625 3,892.87 66
7.375 3,892.87 835,500.00
MONTVILLE NJ 07045 5 03/21/94 00
417030 05 05/01/94 0
417030 O 04/01/24
0
1492222 F45/F45 F 250,000.00 ZZ
MUNDO FRANK M 360 245,845.07 1
4 BUTTERNUT ROAD 8.000 1,834.42 48
7.750 1,834.42 530,000.00
ALLENDALE BOROU NJ 07401 1 05/19/94 00
418210 05 07/01/94 0
418210 O 06/01/24
0
1
1492223 F45/F45 F 240,000.00 ZZ
ORLANDO CARLO E 360 233,275.69 1
707 BURKE STREET 7.500 1,678.12 80
7.250 1,678.12 302,000.00
WASHINGTON TOWN NJ 07675 1 06/30/93 00
420604 05 08/01/93 0
420604 O 07/01/23
0
1492224 F45/F45 F 230,000.00 ZZ
PANDOLFO FRANK W 360 191,109.27 1
11 BOGERT AVENUE 8.500 1,768.51 75
8.250 1,768.51 310,000.00
WESTWOOD NJ 07675 2 04/17/92 00
421131 05 06/01/92 0
421131 O 05/01/22
0
1492225 F45/F45 F 280,000.00 ZZ
PETTONI BRUNO 360 273,463.43 1
292 MERRYWOOD DRIVE 7.125 1,886.42 66
6.875 1,886.42 430,000.00
WYCKOFF NJ 07431 5 01/04/94 00
422279 05 03/01/94 0
422279 O 02/01/24
0
1492226 F45/F45 F 450,000.00 ZZ
PRICE GERALD F 360 438,482.60 1
50 SPLIT ROCK ROAD 7.625 3,185.08 67
7.375 3,185.08 675,000.00
BOONTON TOWNSHI NJ 07005 1 08/25/93 00
423541 05 10/01/93 0
423541 O 09/01/23
0
1492227 F45/F45 F 360,000.00 ZZ
PULSIFER DAVID 360 354,567.84 1
707 JENNY TRAIL 8.250 2,704.56 72
8.000 2,704.56 500,000.00
FRANKLIN LAKES NJ 07417 1 07/01/94 00
423756 05 08/01/94 0
423756 O 07/01/24
0
1492228 F45/F45 F 240,000.00 ZZ
RABINOWITZ JEFFREY H 360 229,744.51 1
1
26 VALLEY VIEW TERRACE 7.250 1,637.23 69
7.000 1,637.23 352,000.00
MONTVALE NJ 07645 2 01/11/94 00
424077 05 03/01/94 0
424077 O 02/01/24
0
1492229 F45/F45 F 236,000.00 ZZ
REGANATO PETER A 360 228,019.25 1
85 N. ISLAND ROAD 8.250 1,772.99 80
8.000 1,772.99 295,000.00
RAMSEY NJ 07446 2 11/30/92 00
424721 05 01/01/93 0
424721 O 12/01/22
0
1492230 F45/F45 F 240,000.00 ZZ
RICCIO MICHAEL G 360 233,637.83 1
279 VILLAGE PLACE 7.250 1,637.23 74
7.000 1,637.23 324,500.00
WYCKOFF NJ 07481 5 09/27/93 00
425165 05 11/01/93 0
425165 O 10/01/23
0
1492231 F45/F45 F 670,000.00 ZZ
ROKEACH MELVIN 360 642,285.86 1
42 PINE TERRACE 7.125 4,513.92 63
6.875 4,513.92 1,065,000.00
DEMAREST NJ 07627 5 12/23/93 00
425959 05 02/01/94 0
425959 O 01/01/24
0
1492232 F45/F45 F 330,000.00 ZZ
SABATINI FRANK 360 321,533.47 1
41 LOCUST LANE 7.125 2,223.28 73
6.875 2,223.28 454,000.00
SADDLE RIVER NJ 07458 5 12/17/93 00
427054 05 02/01/94 0
427054 O 01/01/24
0
1492233 F45/F45 F 277,200.00 ZZ
SALDARINI CHARLES T 360 272,365.41 1
6 MOHAWK TRAIL 7.750 1,985.90 79
7.500 1,985.90 355,000.00
MAHWAH NJ 07430 1 05/11/94 00
427195 05 07/01/94 0
1
427195 O 06/01/24
0
1492234 F45/F45 F 450,000.00 ZZ
SCHWARTZ DAVID 360 437,392.02 1
3 SHADOW RIDGE ROAD 7.500 3,146.47 76
7.250 3,146.47 595,000.00
WAYNE NJ 07470 1 07/02/93 00
428524 05 08/01/93 0
428524 O 07/01/23
0
1492235 F45/F45 F 243,750.00 ZZ
SHAKOOR JOHN M 360 238,779.49 1
8 AGATHA LANE 7.625 1,725.25 75
7.375 1,725.25 325,000.00
WAYNE TOWNSHIP NJ 07470 5 02/10/94 00
429225 05 04/01/94 0
429225 O 03/01/24
0
1492236 F45/F45 F 260,000.00 ZZ
SHAW DAVID L 360 253,654.66 1
106 JACKSON DRIVE 7.500 1,817.96 24
7.250 1,817.96 1,100,000.00
CRESSKILL NJ 07626 2 10/21/93 00
429290 05 12/01/93 0
429290 O 11/01/23
0
1492237 F45/F45 F 250,000.00 ZZ
SKEFFINGTON THOMAS J 360 243,696.81 1
69 VALLEY VIEW AVENUE 7.000 1,663.26 35
6.750 1,663.26 735,000.00
RIDGEWOOD NJ 07450 1 12/30/93 00
430215 05 02/01/94 0
430215 O 01/01/24
0
1492238 F45/F45 F 233,000.00 ZZ
SUMIKAWA HIDEO 300 220,146.96 1
520 OLD WOODS ROAD 8.500 1,876.18 73
8.250 1,876.18 321,000.00
WYCKOFF NJ 07481 2 04/06/92 00
432237 05 06/01/92 0
432237 O 05/01/17
0
1
1492239 F45/F45 F 210,000.00 ZZ
SYLVESTER MICHAEL 360 204,900.78 1
47 OSBORNE COURT 7.125 1,414.81 55
6.875 1,414.81 387,000.00
MAHWAH NJ 07430 5 12/09/93 00
432468 05 02/01/94 0
432468 O 01/01/24
0
1492240 F45/F45 F 112,000.00 ZZ
TSILKOS KALIOPI 360 109,133.50 1
200 DIVISION ST UNT 5H 7.625 792.73 80
7.375 792.73 140,000.00
CLIFFSIDE PARK NJ 07010 2 08/02/93 00
434290 08 10/01/93 0
434290 O 09/01/23
0
1492241 F45/F45 F 285,000.00 ZZ
VAN DYK ROBERT 360 279,785.50 1
32 CHESTNUT STREET 7.500 1,992.77 71
7.250 1,992.77 402,000.00
MAHWAH NJ 07430 5 05/26/94 00
434910 05 07/01/94 0
434910 O 06/01/24
0
1492242 F45/F45 F 284,000.00 T
VERRIER JOHN J 360 278,580.37 1
1107 SOUTH OCEAN AVENUE 7.750 2,034.62 80
7.500 2,034.62 355,000.00
SEASIDE PARK NJ 08752 1 03/10/94 00
435701 05 05/01/94 0
435701 O 04/01/24
0
1492243 F45/F45 F 237,900.00 ZZ
WAGNER CARL 360 231,579.14 1
50 WINDING WAY 7.500 1,663.44 80
7.250 1,663.44 299,000.00
UPPER SADDLE RI NJ 07458 1 08/01/93 00
436337 05 10/01/93 0
436337 O 09/01/23
0
1492244 F45/F45 F 280,000.00 ZZ
WANG CHUNG-SIN 360 273,663.01 1
311 SOUTH VAN DIEN AVE 7.500 1,957.80 69
7.250 1,957.80 410,000.00
1
RIDGEWOOD NJ 07450 2 12/22/93 00
436618 05 02/01/94 0
436618 O 01/01/24
0
1492245 F45/F45 F 300,000.00 ZZ
WEINPAHL JOHN 360 296,109.68 1
368 ELBERT STREET 8.500 2,306.75 76
8.250 2,306.75 395,000.00
RAMSEY NJ 07446 1 08/25/94 00
436972 05 10/01/94 0
436972 O 09/01/24
0
1492246 F45/F45 F 283,000.00 T
WELDON ROBERT L 360 275,781.48 1
5 THOMAS AVENUE 6.875 1,859.11 58
6.625 1,859.11 490,000.00
HARVEY CEDARS NJ 08006 1 12/30/93 00
437186 05 02/01/94 0
437186 O 01/01/24
0
1492247 F45/F45 F 412,000.00 ZZ
WITKOWSKI THOMAS W 360 403,396.93 1
10 LONGWOOD COURT 7.500 2,880.76 73
7.250 2,880.76 570,000.00
WOODCLIFF LAKE NJ 07675 1 02/22/94 00
437996 05 04/01/94 0
437996 O 03/01/24
0
1492248 F45/F45 F 450,000.00 ZZ
YEDIBALIAN KALOUST 360 437,392.02 1
711 CHARNWOOD DRIVE 7.500 3,146.47 64
7.250 3,146.47 707,000.00
WYCKOFF NJ 07481 1 06/22/93 00
438614 05 08/01/93 0
438614 O 07/01/23
0
1492249 F45/F45 F 288,000.00 ZZ
YOUNES GEORGE A 360 283,654.23 1
29 VALLEY LANE 8.250 2,163.65 58
8.000 2,163.65 498,000.00
UPPER SADDLE RI NJ 07458 2 06/06/94 00
438671 05 08/01/94 0
438671 O 07/01/24
0
1
1492250 F45/F45 F 235,716.23 ZZ
ZALKOWITZ ALAN 180 168,639.63 1
533 LONG DRIVE 7.750 2,218.74 39
7.500 2,218.74 615,000.00
WYCKOFF NJ 07481 1 01/01/87 00
438853 05 03/01/92 0
438853 O 02/01/07
0
1492251 F45/F45 F 700,000.00 ZZ
ZUCKER BARRY H 360 683,002.71 1
98 LOOKOUT ROAD 7.125 4,716.03 52
6.875 4,716.03 1,350,000.00
MOUNTAIN LAKES NJ 07046 5 12/09/93 00
439208 05 02/01/94 0
439208 O 01/01/24
0
1492252 F45/F45 F 228,000.00 ZZ
HANSON LETITIA J 360 224,826.25 1
14 RYDER ROAD 8.750 1,793.68 80
8.500 1,793.68 285,000.00
OSSINING NY 10562 1 09/26/94 00
468421 05 11/01/94 0
468421 O 10/01/24
0
1492253 F45/F45 F 215,000.00 ZZ
HARTMAN DAVID E 360 212,361.08 1
25 ARGYLE ROAD 8.500 1,653.16 53
8.250 1,653.16 413,000.00
RYE BROOK NY 10573 1 09/28/94 00
468595 05 11/01/94 0
468595 O 10/01/24
0
1492254 F45/F45 F 616,850.00 ZZ
BAILIN JOHN 360 610,218.05 2
176 WARREN STREET 8.875 4,907.94 75
8.625 4,907.94 825,000.00
BROOKLYN NY 11201 1 10/04/94 00
469213 05 12/01/94 0
469213 O 11/01/24
0
1492255 F45/F45 F 213,000.00 ZZ
ERRICO MARK 360 210,406.90 1
1
7923 11TH AVENUE 8.250 1,600.20 73
8.000 1,600.20 295,000.00
BROOKLYN NY 11228 1 10/06/94 00
469536 05 12/01/94 0
469536 O 11/01/24
0
1492256 F45/F45 F 268,000.00 ZZ
GOODERUM STEPHEN P 360 265,045.63 1
528 MELROSE PLACE 8.750 2,108.36 80
8.500 2,108.36 336,000.00
SOUTH ORANGE NJ 07079 1 10/05/94 00
469650 05 12/01/94 0
469650 O 11/01/24
0
1492257 F45/F45 F 217,000.00 ZZ
CULKIN JOHN M 360 214,292.43 1
310 BURTIS AVENUE 8.125 1,611.22 79
7.875 1,611.22 275,000.00
ROCKVILLE CENTR NY 11570 2 10/07/94 00
469775 05 12/01/94 0
469775 O 11/01/24
0
1492258 F45/F45 F 268,000.00 ZZ
DORSKY MICHAEL H 360 265,045.63 1
24 HILLCREST AVENUE 8.750 2,108.36 77
8.500 2,108.36 350,000.00
ROSLYN NY 11576 1 10/17/94 00
470161 05 12/01/94 0
470161 O 11/01/24
0
1492260 F45/F45 F 277,200.00 ZZ
DAVISON GLENN A 360 274,219.73 1
100 DEER HAVEN ROAD 8.875 2,205.53 90
8.625 2,205.53 308,000.00
BEDMINSTER NJ 07921 1 10/18/94 11
470450 05 12/01/94 17
470450 O 11/01/24
0
1492261 F45/F45 F 280,000.00 ZZ
BAUER ALBERT L 360 267,029.80 1
141 PARKVIEW ROAD 8.625 2,177.81 69
8.375 2,177.81 410,000.00
POUND RIDGE NY 10576 1 10/17/94 00
470468 05 12/01/94 0
1
470468 O 11/01/24
0
1492262 F45/F45 F 246,000.00 ZZ
BRUNO CRAIG J 360 242,881.72 1
18 BAER COURT 8.250 1,848.12 80
8.000 1,848.12 309,000.00
HAUPPAUGE NY 11788 1 10/18/94 00
470575 05 12/01/94 0
470575 O 11/01/24
0
1492263 F45/F45 F 270,000.00 ZZ
JOHNSON JOHN F 360 269,262.90 1
5 COACH HILL LANE 7.500 1,887.88 79
7.250 1,887.88 343,000.00
NORTHPORT NY 11768 2 02/22/96 00
470609 05 04/01/96 0
470609 O 03/01/26
0
1492264 F45/F45 F 243,750.00 ZZ
JENNIS MARK L 360 240,782.62 1
4 CHEROKEE COURT 8.250 1,831.21 75
8.000 1,831.21 325,000.00
MONTVILLE NJ 07045 1 10/01/94 00
470674 05 12/01/94 0
470674 O 11/01/24
0
1492265 F45/F45 F 327,100.00 ZZ
DEVITO RALPH J 360 323,310.01 1
8 PINEWOOD LANE 8.500 2,515.12 80
8.250 2,515.12 410,000.00
WARREN NJ 07059 1 10/21/94 00
470989 05 12/01/94 0
470989 O 11/01/24
0
1492266 F45/F45 F 226,200.00 ZZ
JAKUBICKI GARY J 360 223,446.15 1
7 MILBURNE LANE 8.250 1,699.37 80
8.000 1,699.37 284,000.00
ROBBINSVILLE NJ 08691 1 10/27/94 00
471540 05 12/01/94 0
471540 O 11/01/24
0
1
1492267 F45/F45 F 308,000.00 ZZ
BELFER BARRY I 360 300,342.18 1
130 LORRAINE DRIVE 8.125 2,286.89 80
7.875 2,286.89 385,000.00
BERKELEY HEIGHT NJ 07922 1 10/28/94 00
471797 05 12/01/94 0
471797 O 11/01/24
0
1492268 F45/F45 F 234,000.00 ZZ
STEPKA WILLIAM 360 231,355.30 1
82 READINGTON ROAD 8.625 1,820.03 89
8.375 1,820.03 265,000.00
WHITEHOUSE STAT NJ 08889 1 10/31/94 01
472043 05 12/01/94 17
472043 O 11/01/24
0
1492271 F45/F45 F 88,500.00 ZZ
PERSAUD DEV 360 86,351.88 1
93-12 VANDERVEER STREET 8.375 672.66 75
8.125 672.66 118,000.00
QUEENS VILLAGE NY 11428 1 04/18/95 00
485813 05 06/01/95 0
485813 O 05/01/25
0
1492273 F45/F45 F 256,000.00 ZZ
LEARY JOHN 360 254,015.64 1
23 FREMONT ROAD 8.375 1,945.78 79
8.125 1,945.78 325,000.00
NORTH TARRYTOWN NY 10591 1 04/18/95 00
486068 05 06/01/95 0
486068 O 05/01/25
0
1492274 F45/F45 F 216,000.00 ZZ
GLAZER LAWRENCE 360 214,447.47 1
14 CONKLIN TERRACE 8.750 1,699.27 80
8.500 1,699.27 270,000.00
EAST HAMPTON NY 11937 1 04/19/95 00
486118 05 06/01/95 0
486118 O 05/01/25
0
1492275 F45/F45 F 200,000.00 ZZ
SCOTT BRAD J 360 198,370.33 1
2319 OWEN COURT 8.125 1,484.99 70
7.875 1,484.99 287,000.00
1
DOVER TWP(TOMS NJ 08753 1 04/11/95 00
486217 05 06/01/95 0
486217 O 05/01/25
0
1492276 F45/F45 F 400,000.00 ZZ
TRUSS DONALD V 360 396,054.22 1
1836 WOODFIELD ROAD 9.000 3,218.49 67
8.750 3,218.49 600,000.00
MARTINSVILLE NJ 08836 1 11/04/94 00
486910 05 01/01/95 0
486910 O 12/01/24
0
1492277 F45/F45 F 460,000.00 ZZ
KUSKIN-BROWN DEBI F 360 454,729.46 1
10 DONNA COURT 8.250 3,455.83 74
8.000 3,455.83 629,000.00
OCEAN NJ 07712 1 11/04/94 00
487116 05 01/01/95 0
487116 O 12/01/24
0
1492278 F45/F45 F 244,000.00 ZZ
MASUGA JAMES M 360 241,204.38 1
15 NORTHFIELD ROAD 8.250 1,833.09 80
8.000 1,833.09 306,000.00
GLEN COVE NY 11542 1 11/10/94 00
487447 05 01/01/95 0
487447 O 12/01/24
0
1492280 F45/F45 F 346,500.00 ZZ
EDLEMAN ROBERT J 360 339,037.58 1
7 CAROL COURT 8.750 2,725.92 85
8.500 2,725.92 410,000.00
DIX HILLS NY 11746 1 11/15/94 01
487876 05 01/01/95 17
487876 O 12/01/24
0
1492281 F45/F45 F 350,000.00 ZZ
JHAVERI NARAYAN B 360 346,087.92 1
2-44 149TH STREET 8.375 2,660.25 72
8.125 2,660.25 490,000.00
WHITESTONE NY 11357 1 11/15/94 00
488007 05 01/01/95 0
488007 O 12/01/24
0
1
1492282 F45/F45 F 222,400.00 ZZ
WALLACH PERRY 360 219,914.16 1
7 EVELYN ROAD 8.375 1,690.40 80
8.125 1,690.40 278,500.00
PLAINVIEW NY 11803 1 11/17/94 00
488056 05 01/01/95 0
488056 O 12/01/24
0
1492283 F45/F45 F 261,600.00 ZZ
HAGEN KENNETH S 360 258,747.62 1
78 ROUND TOP ROAD 8.500 2,011.48 80
8.250 2,011.48 327,000.00
WARREN NJ 07059 1 11/18/94 00
488247 05 01/01/95 0
488247 O 12/01/24
0
1492285 F45/F45 F 435,000.00 ZZ
MALOFF PETER 360 430,137.86 1
7 BAILIWICK DRIVE 8.375 3,306.31 77
8.125 3,306.31 565,000.00
WARREN NJ 07060 1 11/18/94 00
488650 05 01/01/95 0
488650 O 12/01/24
0
1492286 F45/F45 F 350,000.00 ZZ
ZACHAROFF KEVIN 360 346,183.75 1
1 FLAX POND WOODS ROAD 8.500 2,691.20 72
8.250 2,691.20 487,500.00
OLD FIELD NY 11733 1 11/22/94 00
488809 05 01/01/95 0
488809 O 12/01/24
0
1492290 F45/F45 F 248,000.00 ZZ
MARABOTTO ELBIO E 360 245,526.65 1
34 SADDLE LANE 8.625 1,928.92 80
8.375 1,928.92 312,500.00
ROSLYN HEIGHTS NY 11577 1 12/07/94 00
490284 05 02/01/95 0
490284 O 01/01/25
0
1492291 F45/F45 F 220,500.00 ZZ
TURCHIN CHARLES B 360 218,188.56 1
1
257 KUHL ROAD EAST 8.375 1,675.96 69
8.125 1,675.96 320,000.00
FLEMINGTON NJ 08822 1 12/14/94 00
491191 05 02/01/95 0
491191 O 01/01/25
0
1492292 F45/F45 F 309,400.00 ZZ
SCHLOSS ALEXANDERJ 360 303,387.10 1
2622 ARLINGTON AVENUE 8.375 2,351.66 85
8.125 2,351.66 365,000.00
RIVERDALE NY 10463 1 12/16/94 11
491241 05 02/01/95 20
491241 O 01/01/25
0
1492293 F45/F45 F 262,400.00 ZZ
SCHWARTZ WAYNE M 360 212,168.98 1
41 JENNIFER COURT 9.000 2,111.33 80
8.750 2,111.33 328,000.00
MARLBORO NJ 07746 2 07/02/92 00
492173 05 09/01/92 0
492173 O 08/01/22
0
1492294 F45/F45 F 235,360.00 ZZ
DARBY DANA R 360 219,365.69 1
1407 CRABAPPLE DRIVE 8.750 1,851.58 73
8.500 1,851.58 326,000.00
WALL TOWNSHIP NJ 07719 1 07/30/92 00
492322 05 09/01/92 0
492322 O 08/01/22
0
1492295 F45/F45 F 248,500.00 ZZ
NISENSON LEROY F 360 240,963.59 1
106 SALEM AVENUE 8.500 1,910.75 61
8.250 1,910.75 410,000.00
SPRING LAKE NJ 07762 2 09/17/92 00
492777 05 11/01/92 0
492777 O 10/01/22
0
1492296 F45/F45 F 250,000.00 ZZ
MULVEE ROBERT D 360 242,418.34 1
734 SHACKAMAXON DRIVE 8.500 1,922.28 69
8.250 1,922.28 364,000.00
WESTFIELD NJ 07090 2 09/22/92 00
492850 05 11/01/92 0
1
492850 O 10/01/22
0
1492297 F45/F45 F 25,000.00 ZZ
GUY JUDITH A 360 22,343.88 1
52 EAST MANCHESTER COURT 7.500 174.80 59
7.250 174.80 43,000.00
FREEHOLD NJ 07728 1 10/26/92 00
493239 01 12/01/92 0
493239 O 11/01/22
0
1492298 F45/F45 F 230,000.00 ZZ
SIEBENHELLER DAVID 360 221,831.08 1
59 MULBERRY LANE 7.500 1,608.19 71
7.250 1,608.19 326,000.00
COLTS NECK NJ 07722 1 10/30/92 00
493338 05 12/01/92 0
493338 O 11/01/22
0
1492299 F45/F45 F 220,000.00 ZZ
SPERA VINCENT M 360 213,065.52 1
1010 BOYNTON AVENUE 8.000 1,614.28 70
7.750 1,614.28 316,000.00
WESTFIELD NJ 07090 1 11/25/92 00
493692 05 01/01/93 0
493692 O 12/01/22
0
1492300 F45/F45 F 240,000.00 ZZ
WELDON III ROBERT F 360 230,436.48 1
1420 CHAPEL HILL ROAD 7.625 1,698.71 51
7.375 1,698.71 479,000.00
MOUNTAINSIDE NJ 07092 1 01/26/93 00
493874 05 02/01/93 0
493874 O 01/01/23
0
1492301 F45/F45 F 335,000.00 ZZ
COLEMAN JOHN W 360 325,203.51 1
20 SHORE ROAD 8.250 2,516.74 70
8.000 2,516.74 485,000.00
OCEANPORT NJ 07757 1 12/30/92 00
494286 05 02/01/93 0
494286 O 01/01/23
0
1
1492302 F45/F45 F 464,000.00 ZZ
KEANE JOHN F 360 451,356.57 1
111 BROOKLYN BOULEVARD 8.625 3,608.95 80
8.375 3,608.95 580,000.00
SEA GIRT NJ 08750 2 12/21/92 00
494591 05 02/01/93 0
494591 O 01/01/23
0
1492303 F45/F45 F 324,000.00 ZZ
MASTORIS MICHAEL 360 313,658.23 1
18 HLUCHY ROAD 7.625 2,293.26 53
7.375 2,293.26 615,000.00
ROBBINSVILLE NJ 08691 2 01/12/93 00
494641 05 03/01/93 0
494641 O 02/01/23
0
1492304 F45/F45 F 235,000.00 ZZ
ARTHUR J R 360 222,456.24 1
1534 DEER PATH 8.250 1,765.48 59
8.000 1,765.48 405,000.00
MOUNTAINSIDE NJ 07092 5 01/21/93 00
494906 05 03/01/93 0
494906 O 02/01/23
0
1492305 F45/F45 F 400,000.00 ZZ
GROSSMAN PAUL 360 387,442.50 1
444 HOPE CHAPEL ROAD 7.875 2,900.28 77
7.625 2,900.28 525,000.00
LAKEWOOD NJ 08701 1 01/29/93 00
494971 05 03/01/93 0
494971 O 02/01/23
0
1492306 F45/F45 F 199,758.91 ZZ
LAZAR ROBERT R 359 183,920.23 1
11 GOLDEN WAY 7.125 1,346.89 77
6.875 1,346.89 260,000.00
HOWELL NJ 07731 1 03/19/93 00
495010 05 04/01/93 0
495010 O 02/01/23
0
1492307 F45/F45 F 335,000.00 ZZ
ROSIAK FREDERIC N 240 309,775.57 1
82 BUENA VISTA AVENUE 6.875 2,572.18 31
6.625 2,572.18 1,100,000.00
1
RUMSON NJ 07760 5 05/24/93 00
495226 05 07/01/93 0
495226 O 06/01/13
0
1492308 F45/F45 F 560,000.00 ZZ
MOFFETT BARRY 360 547,859.98 1
2144 SHADOWBROOK DRIVE 8.125 4,157.99 80
7.875 4,157.99 700,000.00
WALL TOWNSHIP NJ 07719 2 10/05/93 00
495861 05 12/01/93 0
495861 O 11/01/23
0
1492309 F45/F45 F 245,000.00 ZZ
WALLNER RICHARD 360 238,390.24 1
7 CLINTON AVENUE 7.875 1,776.42 70
7.625 1,776.42 350,000.00
EDISON NJ 08820 2 05/14/93 00
496042 05 07/01/93 0
496042 O 06/01/23
0
1492310 F45/F45 F 225,000.00 ZZ
KILEY JOAN 360 217,657.86 1
36 WARDELL AVENUE 8.000 1,650.98 70
7.750 1,650.98 324,000.00
BUROUGH OF RUMS NJ 07760 2 06/14/93 00
496141 05 08/01/93 0
496141 O 07/01/23
0
1492311 F45/F45 F 450,000.00 ZZ
GLOVER JANE O 360 438,615.02 1
884 NAVESINK RIVER ROAD 7.500 3,146.47 41
7.250 3,146.47 1,100,000.00
MIDDLETOWN TWP NJ 07760 5 09/24/93 00
496166 05 11/01/93 0
496166 O 10/01/23
0
1492312 F45/F45 F 266,000.00 ZZ
GOLUBOV JOSEPH 360 259,331.17 1
185 COMANCHE DRIVE 8.000 1,951.82 60
7.750 1,951.82 450,000.00
OCEANPORT NJ 07757 2 07/15/93 00
496695 05 09/01/93 0
496695 O 08/01/23
0
1
1492313 F45/F45 F 200,000.00 ZZ
TRAPANI JUNE 360 194,389.81 1
FOUR TOLEDO DRIVE 8.000 1,467.53 54
7.750 1,467.53 373,000.00
BRICK NJ 08723 2 03/24/93 00
496786 05 05/01/93 0
496786 O 04/01/23
0
1492314 F45/F45 F 245,000.00 ZZ
VIERSCHILLING JAMES F 360 238,580.86 1
517 SHERWOOD PARKWAY 7.500 1,713.08 67
7.250 1,713.08 370,000.00
WESTFIELD NJ 07090 2 08/06/93 00
496943 05 10/01/93 0
496943 O 09/01/23
0
1492315 F45/F45 F 232,000.00 ZZ
HATAB ANTHONY J 360 225,791.17 1
13 SWEET BRIAR LANE 8.250 1,742.94 62
8.000 1,742.94 375,000.00
HOLMDEL NJ 07733 5 03/25/93 00
496976 05 05/01/93 0
496976 O 04/01/23
0
1492316 F45/F45 F 330,000.00 ZZ
DOWLING ANTHONY J 360 319,681.69 1
184 RUMSON ROAD 7.250 2,251.19 70
7.000 2,251.19 475,000.00
RUMSON NJ 07760 2 04/22/93 00
497164 05 06/01/93 0
497164 O 05/01/23
0
1492318 F45/F45 F 211,500.00 ZZ
STACY S A 360 205,354.17 1
103 MAPLE AVENUE 7.125 1,424.92 90
6.875 1,424.92 235,000.00
LITTLE SILVER NJ 07739 2 07/26/93 04
497362 05 09/01/93 22
497362 O 08/01/23
0
1492319 F45/F45 F 250,000.00 ZZ
LOBELLO JR FRANK 360 243,340.87 1
1
18 FALLSWOOD LANE 6.625 1,600.78 66
6.375 1,600.78 380,000.00
MANALAPAN NJ 07726 1 12/09/93 00
497610 05 02/01/94 0
497610 O 01/01/24
0
1492320 F45/F45 F 236,800.00 ZZ
WONG EDWARD K 360 230,449.43 1
35 JERNEE DRIVE 7.375 1,635.52 80
7.125 1,635.52 296,000.00
EAST BRUNSWICK NJ 08816 1 08/04/93 00
497727 05 10/01/93 0
497727 O 09/01/23
0
1492321 F45/F45 F 400,000.00 ZZ
COPPOLA ANTHONY R 360 130,357.39 1
382 NORWOOD AVE 7.500 2,796.86 34
7.250 2,796.86 1,200,000.00
W LONG BRANCH NJ 07764 2 09/03/93 00
498121 05 11/01/93 0
498121 O 10/01/23
0
1492322 F45/F45 F 255,000.00 ZZ
RAKIN JONATHAN 360 249,124.16 1
5 SHAWNEE COURT 6.750 1,653.93 53
6.500 1,653.93 490,000.00
COLTS NECK NJ 07722 2 03/31/94 00
498303 05 05/01/94 0
498303 O 04/01/24
0
1492323 F45/F45 F 255,000.00 ZZ
GRIM PETER W 360 248,009.47 1
12 SADDLE RIDGE DRIVE 6.875 1,675.17 80
6.625 1,675.17 320,000.00
COLTS NECK NJ 07722 1 10/05/93 00
498477 05 12/01/93 0
498477 O 11/01/23
0
1492324 F45/F45 F 262,500.00 ZZ
SPENCER KENNETH H 360 255,507.87 1
132 MEADOW AVE 6.625 1,680.82 75
6.375 1,680.82 350,000.00
BAYHEAD NJ 08742 5 12/15/93 00
498543 05 02/01/94 0
1
498543 O 01/01/24
0
1492326 F45/F45 F 234,000.00 ZZ
POLGAR ROBERT I 360 225,174.80 1
60 TULIP LANE 7.375 1,616.18 72
7.125 1,616.18 325,000.00
COLTS NECK NJ 07722 2 12/06/93 00
498998 05 02/01/94 0
498998 O 01/01/24
0
1492327 F45/F45 F 215,000.00 ZZ
FAGEN JAMES 360 211,678.41 1
39 CHURCH STREET 8.375 1,634.16 79
8.125 1,634.16 275,000.00
MANASQUAN NJ 08736 2 05/27/94 00
499145 05 07/01/94 0
499145 O 06/01/24
0
1492328 F45/F45 F 250,000.00 ZZ
LOBELLO RICHARD 360 244,737.29 1
40 BRUNS ROAD 7.000 1,663.26 65
6.750 1,663.26 390,000.00
OCEAN TWP NJ 07711 1 04/12/94 00
499301 03 06/01/94 0
499301 O 05/01/24
0
1492329 F45/F45 F 150,000.00 ZZ
TUCKER BRUCE 240 141,600.82 1
10 CHURCHILL ROAD 6.625 1,129.43 69
6.375 1,129.43 220,000.00
EAST BRUNSWICK NJ 08816 2 02/02/94 00
500769 05 04/01/94 0
500769 O 03/01/14
0
1492330 F45/F45 F 328,000.00 ZZ
SCHMERMUND WILLIAM H 360 321,311.39 1
3 VALLEY POINT DRIVE 7.625 2,321.57 78
7.375 2,321.57 425,000.00
HOLMDEL NJ 07733 2 02/01/94 00
500843 05 04/01/94 0
500843 O 03/01/24
0
1
1492331 F45/F45 F 95,000.00 ZZ
LOCKWOOD KATHRYN M 360 91,855.93 1
25 WOLF HILL AVE 6.625 608.30 80
6.375 608.30 120,000.00
OCEANPORT NJ 07757 1 04/22/94 00
501759 05 06/01/94 0
501759 O 05/01/24
0
1492332 F45/F45 F 367,500.00 ZZ
WEIGEL PETER J 360 350,145.89 1
12 DITZEL FARM COURT 7.625 2,601.15 75
7.375 2,601.15 490,000.00
SCOTCH PLAINS NJ 07076 5 06/02/94 00
501866 05 08/01/94 0
501866 O 07/01/24
0
1492334 F45/F45 F 97,500.00 ZZ
IADEVAIA MICHAEL J 360 81,475.34 1
193 DE VOE AVENUE 7.000 648.67 58
6.750 648.67 169,000.00
SPOTSWOOD NJ 08884 1 05/17/94 00
502104 05 07/01/94 0
502104 O 06/01/24
0
1492335 F45/F45 F 20,000.00 ZZ
GERBER MARGARET J 300 1,007.16 1
50 PARKS RD 7.500 147.80 71
7.250 147.80 28,500.00
DENVILLE NJ 07834 1 11/30/71 00
5025 05 01/01/72 0
5025 O 12/01/96
0
1492336 F45/F45 F 420,000.00 ZZ
SHELLEY CHARLES 360 412,497.08 1
20 MARK TWAIN DRIVE 7.625 2,972.74 80
7.375 2,972.74 528,000.00
MORRIS TOWNSHIP NJ 07960 1 05/27/94 00
502567 05 07/01/94 0
502567 O 06/01/24
0
1492337 F45/F45 F 225,000.00 ZZ
HOFFMAN SCOTT I 360 221,770.58 1
43 SPRINGBROOK ROAD 8.250 1,690.35 90
8.000 1,690.35 250,000.00
1
LIVINGSTON NJ 07039 1 07/22/94 04
503151 05 09/01/94 22
503151 O 08/01/24
0
1492338 F45/F45 F 247,500.00 ZZ
BRIZER DAVID A 360 244,536.54 1
223 CORLIES AVENUE 8.625 1,925.03 75
8.375 1,925.03 332,000.00
ALLENHURST NJ 07711 1 09/14/94 00
503284 05 11/01/94 0
503284 O 10/01/24
0
1492339 F45/F45 F 475,000.00 ZZ
DEFABIO EDWARD 360 468,926.03 1
16 KEMP AVENUE 8.000 3,485.39 64
7.750 3,485.39 750,000.00
RUMSON NJ 07760 1 10/19/94 00
503615 05 12/01/94 0
503615 O 11/01/24
0
1492340 F45/F45 F 30,000.00 ZZ
TRAFFICANTE JOHN F 300 5,287.47 1
11 MEADOW BROOK DRIVE 7.500 221.70 55
7.250 221.70 55,000.00
FREEHOLD NJ 07728 1 06/22/73 00
504282 05 08/01/73 0
504282 O 07/01/98
0
1492343 F45/F45 F 43,095.90 ZZ
LEISCHKER GEORGE 164 35,243.94 1
1614 WATERS EDGE DRIVE 6.875 405.98 31
6.625 405.98 141,000.00
TOMS RIVER NJ 08753 1 04/20/93 00
506816 01 05/01/93 0
506816 O 12/01/06
0
1492344 F45/F45 F 85,406.68 ZZ
HECKEL JR JOHN F 180 71,807.83 1
STUART STREET 7.500 791.73 60
7.250 791.73 143,500.00
HOWELL NJ 07731 1 07/30/92 00
507400 05 09/01/92 0
507400 O 08/01/07
0
1
1492345 F45/F45 F 24,318.30 ZZ
YURKOVIC NADJA 306 23,210.62 1
16 GEISLERS LANE 7.250 174.56 14
7.000 174.56 182,000.00
FREEHOLD TWSHIP NJ 07728 1 05/03/93 00
507830 05 06/01/93 0
507830 O 11/01/18
0
1492346 F45/F45 F 210,000.00 ZZ
BLAKE ALLAN 360 170,496.03 1
477 OCEAN AVE UNIT B-1 8.500 1,614.72 63
BUILDING #TOWER A-B 8.250 1,614.72 335,000.00
LONG BRANCH NJ 07740 1 09/28/89 00
508291 01 11/01/89 0
508291 O 10/01/19
0
1492347 F45/F45 F 299,900.00 ZZ
MANGONE JESSE G 360 274,617.00 1
477 OCEAN AVE UNIT B-3 8.000 2,200.56 77
7.750 2,200.56 390,000.00
LONG BRANCH NJ 07740 1 06/22/90 00
508655 01 08/01/90 0
508655 O 07/01/20
0
1492348 F45/F45 F 246,500.00 ZZ
MOCARSKI JOYCE 360 231,807.76 1
477 OCEAN AVE UNIT E3 8.000 1,808.73 71
7.750 1,808.73 350,000.00
LONG BRANCH NJ 07740 1 06/29/90 00
508663 01 08/01/90 0
508663 O 07/01/20
0
1492349 F45/F45 F 298,053.62 ZZ
RAUCH ALAN 347 287,520.86 1
105 LEABROOK LANE 8.500 2,310.77 75
8.250 2,310.77 400,000.00
PRINCETON NJ 08540 1 07/29/92 00
509265 05 09/01/92 0
509265 O 07/01/21
0
1492350 F45/F45 F 249,437.72 ZZ
ROSENSTRACH JORDAN 354 239,973.89 1
1
25 HILLYER LANE 8.625 1,947.12 75
8.375 1,947.12 334,000.00
MIDDLETOWN NJ 07748 1 02/19/92 00
509331 05 04/01/92 0
509331 O 09/01/21
0
1492351 F45/F45 F 228,000.00 T
FENSTER SAUL K 360 197,780.98 1
477 OCEAN AVE UNIT B2 8.000 1,672.99 79
7.750 1,672.99 290,000.00
LONG BRANCH NJ 07740 1 08/13/91 00
509380 01 10/01/91 0
509380 O 09/01/21
0
1492352 F45/F45 F 236,000.00 T
SMITH CLIFTON L 360 225,508.08 1
477 OCEAN AVENUE UNIT G3 8.000 1,731.69 80
7.750 1,731.69 295,000.00
LONG BRANCH NJ 07740 1 09/30/91 00
509497 01 11/01/91 0
509497 O 10/01/21
0
1492353 F45/F45 F 249,900.00 ZZ
CALCARA EPIFANIO 360 241,270.44 1
38 CANTERBURY PLACE 8.625 1,943.70 80
8.375 1,943.70 313,000.00
CRANFORD NJ 07016 2 03/13/92 00
509828 05 05/01/92 0
509828 O 04/01/22
0
1492354 F45/F45 F 225,000.00 ZZ
SHAPSON JAY 334 221,053.98 1
247 SWEETMANS LANE 8.500 1,760.39 36
8.250 1,760.39 630,000.00
MILLSTONE TOWNS NJ 07726 2 07/27/94 00
510131 05 08/01/94 0
510131 O 05/01/22
0
1492355 F45/F45 F 239,114.57 ZZ
WAREIKIS ALBERT 180 220,196.77 1
3502 WINDSOR ROAD 7.875 2,267.88 77
7.625 2,267.88 312,000.00
WALL TOWNSHIP NJ 07719 1 04/18/94 00
511931 05 05/01/94 0
1
511931 O 04/01/09
0
1492356 F45/F45 F 242,467.39 ZZ
MESSINA PHILIP J 294 229,208.92 1
6 ROUND HILL 9.250 2,087.37 45
9.000 2,087.37 550,000.00
HOLMDEL NJ 07733 1 08/20/86 00
512871 05 04/01/92 0
512871 O 09/01/16
0
1492357 F45/F45 F 313,169.88 ZZ
LAWES ANN M 335 299,704.12 1
12 RIVERSIDE DRIVE 8.625 2,475.68 54
8.375 2,475.68 585,000.00
RUMSON NJ 07760 1 03/05/92 00
513507 05 04/01/92 0
513507 O 02/01/20
0
1492358 F45/F45 F 32,000.00 ZZ
BARON IRWIN 300 1,613.05 1
HEYWARD HILLS DRIVE 7.500 236.48 60
7.250 236.48 53,400.00
HOLMDEL NJ 07733 1 11/17/71 00
513622 05 01/01/72 0
513622 O 12/01/96
0
1492359 F45/F45 F 21,000.00 ZZ
MAGNENAT GEORGE 300 3,705.25 1
1 SUNNYBROOK PLACE 7.500 155.19 70
7.250 155.19 30,000.00
MATAWAN NJ 07747 1 07/26/73 00
513754 05 09/01/73 0
513754 O 08/01/98
0
1492360 F45/F45 F 125,600.00 ZZ
IUNI VITO F 360 124,601.74 1
2024 70TH STREET 8.250 943.59 79
8.000 943.59 160,000.00
BROOKLYN NY 11204 1 04/24/95 00
519710 07 06/01/95 0
519710 O 05/01/25
0
1
1492361 F45/F45 F 250,000.00 ZZ
WETTEN ROBERT E 360 248,157.15 1
44 TAXTER ROAD 8.625 1,944.47 75
8.375 1,944.47 335,000.00
IRVINGTON NY 10533 1 04/25/95 00
519975 05 06/01/95 0
519975 O 05/01/25
0
1492362 F45/F45 F 113,000.00 ZZ
SALERNO GERALD 360 111,885.24 1
296 EAST MAIN STREE 8.750 888.97 91
8.500 888.97 125,000.00
ROCKAWAY NJ 07866 1 04/25/95 10
520056 05 06/01/95 25
520056 O 05/01/25
0
1492363 F45/F45 F 240,000.00 ZZ
FARRELL THOMAS D 360 238,360.39 1
49 GROVE STREET 9.000 1,931.09 80
8.750 1,931.09 300,000.00
GARDEN CITY NY 11530 1 04/26/95 00
520247 05 06/01/95 0
520247 O 05/01/25
0
1492364 F45/F45 F 238,000.00 ZZ
MCCREADY, JR. FRED P 360 236,060.65 1
8 DIANAS CIRCLE 8.125 1,767.14 51
7.875 1,767.14 469,000.00
ROSLYN ESTATES NY 11576 1 04/27/95 00
520387 05 06/01/95 0
520387 O 05/01/25
0
1492365 F45/F45 F 225,000.00 ZZ
NIZZO JAMES 360 223,382.71 1
14 MONTEREY DRIVE 8.750 1,770.08 54
8.500 1,770.08 420,000.00
MANHASSET HILLS NY 11040 1 04/27/95 00
520528 05 06/01/95 0
520528 O 05/01/25
0
1492366 F45/F45 F 221,600.00 ZZ
GELLER WILLIAM G 360 220,047.04 1
43 ROUTE 116 8.875 1,763.15 80
8.625 1,763.15 280,000.00
1
SOMERS NY 10578 1 04/28/95 00
520544 05 06/01/95 0
520544 O 05/01/25
0
1492367 F45/F45 F 319,500.00 ZZ
COMO KELLIE T 360 317,930.20 1
1116 HUNTER AVENUE 7.875 2,316.60 90
7.625 2,316.60 355,000.00
PELHAM MANOR NY 10803 1 08/29/95 10
520650 05 11/01/95 17
520650 O 10/01/25
0
1492369 F45/F45 F 424,000.00 ZZ
DIRVIN DAVID V 360 419,876.01 1
11 SHADBUSH LANE 8.750 3,335.61 80
8.500 3,335.61 530,000.00
DARIEN CT 06820 1 12/15/94 00
522524 05 02/01/95 0
522524 O 01/01/25
0
1492371 F45/F45 F 303,200.00 ZZ
MARUM SCOTT J 360 300,192.33 1
8 BRADWAHL DRIVE 8.875 2,412.40 79
8.625 2,412.40 385,000.00
MORRIS TOWNSHIP NJ 07960 1 12/23/94 00
523522 05 02/01/95 0
523522 O 01/01/25
0
1492372 F45/F45 F 300,000.00 ZZ
HASSIN MICHAEL D 360 297,205.26 1
2371 HALYARD DRIVE 8.625 2,333.37 58
8.375 2,333.37 520,000.00
MERRICK NY 11566 1 01/09/95 00
524942 05 03/01/95 0
524942 O 02/01/25
0
1492373 F45/F45 F 260,000.00 ZZ
CERPA ROBERT 360 255,563.98 1
29 PLMOUTH DR SOUTH 8.750 2,045.42 80
8.500 2,045.42 325,000.00
GLEN HEAD NY 11545 1 01/11/95 00
525154 05 03/01/95 0
525154 O 02/01/25
0
1
1492374 F45/F45 F 130,000.00 ZZ
BIDEAUX ROBERT 360 129,798.59 1
227 DANIEL ROAD NORTH 7.250 886.83 72
7.000 886.83 183,000.00
MASSAPEQUA NY 11758 1 02/26/96 00
525667 05 05/01/96 0
525667 O 04/01/26
0
1492375 F45/F45 F 350,000.00 ZZ
GRUNZWEIG MILTON J 360 349,478.88 1
6 WHITE DRIVE 7.500 2,447.25 77
7.250 2,447.25 455,000.00
CEDARHURST NY 11516 1 02/21/96 00
526004 05 04/01/96 0
526004 O 03/01/26
0
1492376 F45/F45 F 250,000.00 ZZ
OBST MEL 360 246,679.10 1
75 ELM RIDGE ROAD 8.875 1,989.11 56
8.625 1,989.11 450,000.00
HOPEWELL NJ 08540 5 01/30/95 00
528182 05 04/01/95 0
528182 O 03/01/25
0
1492377 F45/F45 F 188,000.00 ZZ
MINKOFF STEVEN 360 187,713.02 1
27 DONALD PLACE 7.375 1,298.47 79
7.125 1,298.47 240,000.00
STATEN ISLAND NY 10310 1 02/15/96 00
529875 05 04/01/96 0
529875 O 03/01/26
0
1492378 F45/F45 F 210,000.00 ZZ
BUCKLEY BRUCE B 360 208,397.04 1
277 CREST DRIVE 9.250 1,727.62 80
9.000 1,727.62 262,500.00
TARRYTOWN NY 10591 1 02/15/95 00
530006 05 04/01/95 0
530006 O 03/01/25
0
1492379 F45/F45 F 210,000.00 ZZ
SCOURAS HARRY 360 208,313.36 1
1
214 FAIRVIEW AVENUE 9.000 1,689.71 78
8.750 1,689.71 270,000.00
LONG VALLEY NJ 07853 1 02/16/95 00
530220 05 04/01/95 0
530220 O 03/01/25
0
1492380 F45/F45 F 356,000.00 ZZ
ESPIRITO SANTO R 360 352,984.73 1
6 WHITE PLAINS ROAD 8.875 2,832.50 78
8.625 2,832.50 460,000.00
BRONXVILLE NY 10708 1 02/27/95 00
531020 05 04/01/95 0
531020 O 03/01/25
0
1492382 F45/F45 F 335,000.00 ZZ
GARAN ARED 360 326,734.30 1
10 WESTERLY LANE SOUTH 9.000 2,695.49 89
8.750 2,695.49 380,000.00
THORNWOOD NY 10594 1 03/09/95 10
532192 05 05/01/95 25
532192 O 04/01/25
0
1492384 F45/F45 F 250,000.00 ZZ
SCANLON JAMES 360 247,945.31 1
5 FOX WOOD LANE 8.500 1,922.28 61
8.250 1,922.28 415,000.00
MOUNT PLEASANT NY 10594 1 03/24/95 00
533703 05 05/01/95 0
533703 O 04/01/25
0
1492385 F45/F45 F 165,000.00 ZZ
XELAS PETER G 360 163,835.14 1
28-30 200TH ST. 9.250 1,357.41 79
9.000 1,357.41 211,000.00
BAYSIDE NY 11360 1 03/30/95 00
533729 05 05/01/95 0
533729 O 04/01/25
0
1492386 F45/F45 F 98,550.00 ZZ
JASPER AUBREY J 360 98,115.17 1
9 E HERITAGE DRIVE 7.625 697.53 80
7.375 697.53 124,000.00
NEW CITY NY 10956 2 10/26/95 00
533885 01 12/01/95 0
1
533885 O 11/01/25
0
1492387 F45/F45 F 275,000.00 ZZ
LANZONE JOHN A 360 273,008.26 1
4 KENWORTH ROAD 9.125 2,237.49 64
8.875 2,237.49 435,000.00
PORT WASHINGTON NY 11050 1 03/28/95 00
534263 05 05/01/95 0
534263 O 04/01/25
0
1492388 F45/F45 F 239,200.00 ZZ
HRIVNAK STEVEN 360 237,282.84 1
58 COLONIAL DRIVE 8.625 1,860.47 55
8.375 1,860.47 435,000.00
HUNTINGTON NY 11743 1 03/28/95 00
534370 05 05/01/95 0
534370 O 04/01/25
0
1492389 F45/F45 F 300,000.00 ZZ
MASCH ROBERT B 360 297,471.74 1
63 KENT DRIVE 8.375 2,280.22 75
8.125 2,280.22 400,000.00
CORTLANDT MANOR NY 10566 1 03/28/95 00
534412 05 05/01/95 0
534412 O 04/01/25
0
1492390 F45/F45 F 230,000.00 ZZ
CAMEROTA MICHAEL 360 228,202.44 1
76 ALKAMONT AVENUE 8.750 1,809.41 80
8.500 1,809.41 290,000.00
SCARSDALE NY 10583 1 03/30/95 00
534685 05 05/01/95 0
534685 O 04/01/25
0
1492391 F45/F45 F 325,100.00 ZZ
DICKER ADRIAN J 360 322,147.97 1
7 CHAUCER COURT 8.000 2,385.47 80
7.750 2,385.47 410,000.00
WEST WINDSOR NJ 08550 1 03/30/95 00
534701 05 05/01/95 0
534701 O 04/01/25
0
1
1492392 F45/F45 F 337,600.00 ZZ
MCCONKEY JAMES 360 335,351.66 1
47 SALEM RD 9.125 2,746.82 80
8.875 2,746.82 422,000.00
WESTON CT 10013 1 04/03/95 00
535153 05 06/01/95 0
535153 O 05/01/25
0
1492393 F45/F45 F 324,000.00 ZZ
KLEIN KENNETH S 360 321,868.90 1
635 WINDING RIVER ROAD 8.250 2,434.10 80
8.000 2,434.10 408,500.00
BRICK NJ 08724 1 06/30/95 00
622092 05 08/01/95 0
622092 O 07/01/25
0
1492394 F45/F45 F 240,000.00 ZZ
LETSCHER WILLIAM 360 238,305.57 1
47 ALLEN STREET 9.250 1,974.42 80
9.000 1,974.42 300,000.00
DOBBS FERRY NY 10522 1 05/02/95 00
637587 05 07/01/95 0
637587 O 06/01/25
0
1492395 F45/F45 F 242,400.00 ZZ
MAURER BRUCE R 360 239,512.61 1
45 CUMMINGS ROAD 8.000 1,778.65 80
7.750 1,778.65 303,000.00
SOUTH BRUNSWICK NJ 08852 1 05/01/95 00
638106 05 07/01/95 0
638106 O 06/01/25
0
1492396 F45/F45 F 320,000.00 ZZ
WICKS STEPHEN M 360 317,952.06 1
2 CEDAR LANE 8.875 2,546.06 80
8.625 2,546.06 405,000.00
LLOYDS NECK NY 11743 1 05/05/95 00
638148 05 07/01/95 0
638148 O 06/01/25
0
1492397 F45/F45 F 350,000.00 ZZ
PATERNITI NAN 360 347,816.35 1
115 OLD TURNPIKE ROAD 9.000 2,816.18 27
8.750 2,816.18 1,300,000.00
1
TEWKSBURY NJ 08858 5 05/05/95 00
638205 05 07/01/95 0
638205 O 06/01/25
0
1492399 F45/F45 F 115,000.00 ZZ
HYDE ROBERT J 360 114,709.59 1
2 PRESTON LANE 7.250 784.50 57
7.000 784.50 205,000.00
SYOSSET NY 11791 1 01/16/96 00
63875 05 03/01/96 0
63875 O 02/01/26
0
1492401 F45/F45 F 77,700.00 ZZ
HOCKENBURY ALLEN D 360 77,149.76 1
17 CALIFORNIA DRIVE 8.375 590.58 78
8.125 590.58 100,000.00
JACKSON NJ 08527 1 05/10/95 00
638882 05 07/01/95 0
638882 O 06/01/25
0
1492402 F45/F45 F 125,000.00 ZZ
FEUER ALAN B 360 124,136.92 1
28 GARNET LANE 8.500 961.14 62
8.250 961.14 203,000.00
PLANVIEW NY 11803 5 05/11/95 00
639021 05 07/01/95 0
639021 O 06/01/25
0
1492404 F45/F45 F 115,000.00 ZZ
MIGLIARESE MARC A 360 114,054.82 1
62 OAKLAND DRIVE 7.625 813.96 66
7.375 813.96 175,000.00
TRUMBULL CT 06611 1 05/15/95 00
639732 05 07/01/95 0
639732 O 06/01/25
0
1492405 F45/F45 F 350,000.00 ZZ
HIRSCHHORN DAVID B 360 347,521.77 1
138 GOOD HILL ROAD 8.375 2,660.25 78
8.125 2,660.25 450,000.00
WESTON CT 06883 1 05/16/95 00
639914 05 07/01/95 0
639914 O 06/01/25
0
1
1492406 F45/F45 F 115,000.00 ZZ
GIORGIO STEFANO R 360 114,122.33 2
1619 72ND STREET 8.000 843.83 79
7.750 843.83 146,000.00
BROOKLYN NY 11204 1 05/16/95 00
639930 05 07/01/95 0
639930 O 06/01/25
0
1492407 F45/F45 F 119,000.00 T
BELLIFEMINE MORRIS 360 118,198.79 1
22 MARINA KEY 8.625 925.57 70
8.375 925.57 171,000.00
SECAUCUS NJ 07094 1 05/18/95 00
640292 01 07/01/95 0
640292 O 06/01/25
0
1492408 F45/F45 F 350,000.00 ZZ
CHIMON MORRIS 360 347,261.81 1
2 LIVENGOOD COURT 7.875 2,537.74 79
7.625 2,537.74 445,000.00
WOODBURY NY 11797 1 05/18/95 00
640359 05 07/01/95 0
640359 O 06/01/25
0
1492409 F45/F45 F 232,600.00 ZZ
PERRONE JOSEPH J 360 231,033.92 1
988 MARCEL ROAD 8.625 1,809.14 88
8.375 1,809.14 265,000.00
BALDWIN NY 11510 1 05/19/95 10
640375 05 07/01/95 25
640375 O 06/01/25
0
1492410 F45/F45 F 258,750.00 ZZ
CROCETTI EMIDIO M 360 256,775.22 1
569 CALEDONIA ROAD 8.000 1,898.62 75
7.750 1,898.62 345,000.00
DIX HILLS NY 11746 5 05/18/95 00
640441 05 07/01/95 0
640441 O 06/01/25
0
1492411 F45/F45 F 224,000.00 ZZ
PELOSI RANDOLPH 360 222,529.51 1
1
4 CASTLE COURT 8.750 1,762.21 80
8.500 1,762.21 280,000.00
NESCONSET NY 11767 1 05/19/95 00
640466 05 07/01/95 0
640466 O 06/01/25
0
1492412 F45/F45 F 235,000.00 ZZ
THOMPSON TOBJY T 360 233,206.50 1
220 FLETCHER STREET 8.000 1,724.35 68
7.750 1,724.35 350,000.00
EDISON NJ 08820 1 05/25/95 00
640474 05 07/01/95 0
640474 O 06/01/25
0
1492413 F45/F45 F 417,900.00 ZZ
MODICA JOSEPH 360 414,789.05 1
11 PLAIN VIEW 8.125 3,102.90 71
7.875 3,102.90 595,000.00
ARDSLEY NY 10502 1 05/19/95 00
640524 05 07/01/95 0
640524 O 06/01/25
0
1492416 F45/F45 F 230,000.00 ZZ
HOCHBERG LYNN C 360 228,371.39 1
3 BENJAMIN LANE 8.375 1,748.17 75
8.125 1,748.17 310,000.00
CORTLANDT NY 10566 1 05/19/95 00
640698 05 07/01/95 0
640698 O 06/01/25
0
1492417 F45/F45 F 140,000.00 ZZ
BARAN RONALD 240 137,273.15 1
6 PEARL AVENUE 8.000 1,171.02 86
7.750 1,171.02 164,000.00
PEQUANNOCK NJ 07444 1 05/19/95 04
640722 05 07/01/95 12
640722 O 06/01/15
0
1492418 F45/F45 F 268,000.00 ZZ
SIMON JEFFREY B 360 264,629.41 1
210 SOMERSET DRIVE 7.750 1,919.98 80
7.500 1,919.98 335,000.00
HEWLETT NY 11557 1 05/22/95 00
640813 05 07/01/95 0
1
640813 O 06/01/25
0
1492419 F45/F45 F 135,000.00 ZZ
CARROLL ROBERT P 360 134,067.88 1
585 PARKER AVENUE 8.500 1,038.03 87
8.250 1,038.03 156,000.00
LEVITTOWN NY 11756 1 05/25/95 04
641563 05 07/01/95 25
641563 O 06/01/25
0
1492420 F45/F45 F 450,000.00 ZZ
ALTSCHULER JEFFREY I 360 446,460.89 1
15 PEMBROKE ROAD 8.000 3,301.94 36
7.750 3,301.94 1,275,000.00
SUMMIT NJ 07901 1 05/25/95 00
641613 05 07/01/95 0
641613 O 06/01/25
0
1492421 F45/F45 F 290,000.00 ZZ
GELLERMAN KENNETH 360 285,570.45 1
42 GEDNEY PARK DRIVE 8.125 2,153.24 73
7.875 2,153.24 400,000.00
WHITE PLAINS NY 10605 1 05/25/95 00
641712 05 07/01/95 0
641712 O 06/01/25
0
1492422 F45/F45 F 400,000.00 ZZ
MANDELBAUM KENNETH A 360 397,095.77 1
9 SHORE EDGE LANE 8.250 3,005.07 23
SHORT HILLS 8.000 3,005.07 1,800,000.00
MILLBURN NJ 07078 1 05/25/95 00
641944 05 07/01/95 0
641944 O 06/01/25
0
1492423 F45/F45 F 291,900.00 ZZ
WEINTRAUB NANCY E 360 289,521.38 1
124 SAXON WAY 8.125 2,167.35 80
7.875 2,167.35 365,000.00
MONTGOMERY NJ 08502 1 05/26/95 00
642132 05 07/01/95 0
642132 O 06/01/25
0
1
1492424 F45/F45 F 309,000.00 ZZ
COHEN IRVING 360 306,460.27 1
4 DEBRA COURT 7.625 2,187.08 58
7.375 2,187.08 540,000.00
MARLBORO NJ 07746 1 05/26/95 00
642215 05 07/01/95 0
642215 O 06/01/25
0
1492425 F45/F45 F 425,000.00 ZZ
SESSA JR JOHN V 360 421,874.95 1
24 SUNSET COURT 8.750 3,343.48 66
8.500 3,343.48 650,000.00
MONTVILLE NJ 07045 5 05/26/95 00
642322 05 08/01/95 0
642322 O 07/01/25
0
1492426 F45/F45 F 129,200.00 ZZ
MONIELLO ANTHONY 360 128,330.17 1
307 BAYSIDE EAST PA 8.625 1,004.90 79
8.375 1,004.90 165,000.00
FORKED RIVER NJ 08759 1 05/30/95 00
642629 05 07/01/95 0
642629 O 06/01/25
0
1492427 F45/F45 F 325,000.00 ZZ
GAZZOLA DANIEL 360 322,663.92 1
35 CEDARFIELD ROAD 8.750 2,556.78 44
8.500 2,556.78 750,000.00
LAUREL HOLLOW NY 11791 1 04/26/95 00
642744 05 06/01/95 0
642744 O 05/01/25
0
1492428 F45/F45 F 241,000.00 ZZ
ZIS THOMAS G 360 239,248.78 1
2 NEVINS COURT 7.750 1,726.55 80
7.500 1,726.55 302,000.00
HILLSBOROUGH NJ 08502 2 05/30/95 00
642751 05 08/01/95 0
642751 O 07/01/25
0
1492429 F45/F45 F 285,750.00 ZZ
LIEBERMAN IRA S 360 283,636.01 1
14 CRIMSON LANE 8.375 2,171.91 80
8.125 2,171.91 360,000.00
1
FREEHOLD NJ 07728 1 05/30/95 00
642769 05 07/01/95 0
642769 O 06/01/25
0
1492430 F45/F45 F 250,000.00 ZZ
STORCH MARC I 360 248,139.00 1
40 SULLIVAN WAY 8.125 1,856.24 68
1502 BLDG 75 7.875 1,856.24 370,000.00
HIGHLAND PARK NJ 08904 1 05/30/95 00
642850 05 07/01/95 0
642850 O 06/01/25
0
1492431 F45/F45 F 229,500.00 ZZ
LOPEZ JOSE D 360 227,993.40 1
143-53 QUINCE AVENUE 8.750 1,805.48 89
8.500 1,805.48 258,000.00
FLUSHING NY 11355 1 05/30/95 10
642868 05 07/01/95 25
642868 O 06/01/25
0
1492432 F45/F45 F 238,000.00 ZZ
SMYTH GREGORY P 360 232,382.09 1
31 TRESCOTT PATH 7.625 1,684.55 80
7.375 1,684.55 298,000.00
FORT SALONGA NY 11768 1 05/30/95 00
642876 05 07/01/95 0
642876 O 06/01/25
0
1492433 F45/F45 F 305,000.00 ZZ
KELLER WILLIAM G 360 302,494.77 1
225 CLIFF AVENUE 7.125 2,054.84 51
6.875 2,054.84 605,000.00
PELHAM NY 10803 1 06/22/95 00
643114 05 08/01/95 0
643114 O 07/01/25
0
1492434 F45/F45 F 48,000.00 ZZ
MURRAY VICTORIA 360 47,676.82 1
NO 9-10-17 RR NO 3 8.625 373.34 48
8.375 373.34 102,000.00
DYBERRY TOWNSHI PA 18431 1 05/31/95 00
643221 05 07/01/95 0
643221 O 06/01/25
0
1
1492435 F45/F45 F 208,000.00 ZZ
DELA MERCED ERNESTO M 360 206,527.22 1
7 BENNINGTON ROAD 8.375 1,580.95 75
8.125 1,580.95 278,000.00
CLINTON NJ 08809 1 05/31/95 00
643346 05 07/01/95 0
643346 O 06/01/25
0
1492436 F45/F45 F 276,000.00 T
MCCREERY DAVID A 360 274,261.23 1
31 HARBOR HILL LANE 8.625 2,146.70 80
8.375 2,146.70 345,000.00
EAST HAMPTON NY 11937 1 06/01/95 00
643429 05 08/01/95 0
643429 O 07/01/25
0
1492437 F45/F45 F 600,000.00 ZZ
SHANGOLD GARY A 360 595,640.07 1
14 HILLVIEW DRIVE 7.750 4,298.47 69
7.500 4,298.47 875,000.00
TEWKSBURY TWNSH NJ 07830 5 06/02/95 00
643585 05 08/01/95 0
643585 O 07/01/25
0
1492438 F45/F45 F 227,200.00 ZZ
DEVITA JR FRANK 360 225,670.27 1
134 JOY DRIVE 8.625 1,767.14 79
8.375 1,767.14 288,000.00
VALLEY COTTAGE NY 10989 1 05/01/95 00
643601 05 07/01/95 0
643601 O 06/01/25
0
1492440 F45/F45 F 216,000.00 ZZ
ZACSEK JO A 360 214,125.86 1
15 LARCH DRIVE 8.500 1,660.85 80
8.250 1,660.85 273,000.00
CHESTER NJ 07930 1 06/01/95 00
643791 05 08/01/95 0
643791 O 07/01/25
0
1492442 F45/F45 F 264,000.00 ZZ
ARZT DAVID 360 262,348.75 1
1
351 HIGHLAND AVENUE 8.500 2,029.93 79
8.250 2,029.93 337,000.00
MONTCLAIR NJ 07043 1 06/02/95 00
643957 05 08/01/95 0
643957 O 07/01/25
0
1492443 F45/F45 F 216,000.00 ZZ
CHAPMAN KEVIN G 360 214,614.44 1
43 CARTWRIGHT DRIVE WEST 8.375 1,641.76 80
8.125 1,641.76 272,500.00
WEST WINDSOR NJ 08550 1 06/02/95 00
644211 03 08/01/95 0
644211 O 07/01/25
0
1492445 F45/F45 F 212,000.00 ZZ
MESSECAR RAYMOND 360 210,707.13 1
161 GALLOWS HILL ROAD 8.625 1,648.91 80
8.375 1,648.91 266,000.00
REDDING CT 06896 1 06/08/95 00
644468 05 08/01/95 0
644468 O 07/01/25
0
1492446 F45/F45 F 440,000.00 ZZ
ARMSTRONG PETER N 240 432,972.52 1
230 CENTRAL PARK WEST APT 6A 8.750 3,888.33 67
8.500 3,888.33 665,000.00
NEW YORK NY 10024 2 06/06/95 00
644534 10 08/01/95 0
644534 O 07/01/15
0
1492447 F45/F45 F 127,300.00 ZZ
MORRISSEY THOMAS C 360 126,202.51 1
950 NEWARK AVENUE 6.875 836.27 91
LACEY TWNSHIP 6.625 836.27 140,000.00
FORKED RIVER NJ 08731 1 06/01/95 04
644559 05 08/01/95 30
644559 O 07/01/25
0
1492448 F45/F45 F 45,000.00 ZZ
KARYOTAKIS LYDIA 360 44,667.73 1,396
249-22 5TH AVENUE UNIT 264 7.875 326.28 70
7.625 326.28 65,000.00
LITTLE NECK NY 11362 1 06/08/95 00
644674 12 08/01/95 0
1
644674 O 07/01/25
0
1492449 F45/F45 F 110,000.00 ZZ
MAKIN CLAIRE 360 109,345.96 45
115 EAST 90TH STREET APT 1A 8.750 865.37 57
8.500 865.37 195,000.00
NEW YORK NY 10128 1 06/08/95 00
644682 12 08/01/95 0
644682 O 07/01/25
0
1492450 F45/F45 F 227,500.00 ZZ
DEVILLAFRANCA RICHARD G 360 225,926.85 1
2903 CHEVERLY OAKS COURT 8.000 1,669.32 90
7.750 1,669.32 255,000.00
CHEVERLY MD 20785 2 06/29/95 01
647453 05 08/01/95 25
647453 O 07/01/25
0
1492452 F45/F45 F 248,650.00 ZZ
PHILLIPS MICHAEL 360 246,947.03 1
14309 DUNWOOD VALLEY DRIVE 7.500 1,738.60 80
7.250 1,738.60 311,000.00
MITCHELLVILLE MD 20721 1 07/19/95 00
647743 05 09/01/95 0
647743 O 08/01/25
0
1492453 F45/F45 F 275,000.00 ZZ
PATTERSON KENNETH E 360 273,116.59 1
12603 MISTY CREEK LANE 7.500 1,922.84 63
7.250 1,922.84 442,000.00
FAIRFAX VA 22033 2 07/18/95 00
647750 03 09/01/95 0
647750 O 08/01/25
0
1492454 F45/F45 F 310,000.00 ZZ
OGLETREE WILLIAM M 360 307,715.12 1
9702 BRAIDED MANE COURT 7.125 2,088.53 76
6.875 2,088.53 412,000.00
FAIRFAX STATION VA 22039 1 07/24/95 00
647768 03 09/01/95 0
647768 O 08/01/25
0
1
1492455 F45/F45 F 256,500.00 ZZ
STOLTZ WILLIAM E 360 254,948.33 1
9587 BURNT OAK DRIVE 8.125 1,904.51 90
7.875 1,904.51 285,000.00
FAIRFAX STATION VA 22039 2 07/20/95 01
647800 03 09/01/95 25
647800 O 08/01/25
0
1492456 F45/F45 F 289,900.00 ZZ
LARSON LARS E 360 287,804.44 1
6416 JUMET COURT 7.250 1,977.63 75
7.000 1,977.63 389,900.00
FAIRFAX STATION VA 22039 1 07/31/95 00
647867 05 09/01/95 0
647867 O 08/01/25
0
1492457 F45/F45 F 240,000.00 ZZ
MCGLAUGHLIN MICHAEL R 360 238,396.28 1
5540 MUNCASTER MILL ROAD 7.625 1,698.71 55
7.375 1,698.71 443,000.00
ROCKVILLE MD 20850 5 07/28/95 00
647883 05 09/01/95 0
647883 O 08/01/25
0
1492458 F45/F45 F 265,050.00 ZZ
DUENAS JESSE R 360 263,278.91 1
727 26TH STREET SOUTH 7.625 1,876.01 95
7.375 1,876.01 279,000.00
ARLINGTON VA 22202 1 07/27/95 01
647958 05 09/01/95 30
647958 O 08/01/25
0
1492459 F45/F45 F 352,000.00 ZZ
WEISS CAROL L 360 349,761.64 1
3 INDIAN RUN 7.875 2,552.25 80
7.625 2,552.25 440,000.00
LAWRENCEVILLE NJ 08648 1 08/01/95 00
647966 03 09/01/95 0
647966 O 08/01/25
0
1492460 F45/F45 F 324,000.00 ZZ
RICHARDS ALLEN 360 321,780.95 1
6605 NORTH LEE HIGHWAY 7.500 2,265.46 90
7.250 2,265.46 360,000.00
1
ARLINGTON VA 22205 1 08/03/95 10
648063 05 09/01/95 25
648063 O 08/01/25
0
1492461 F45/F45 F 324,000.00 ZZ
KELLY JAMES H 360 322,088.55 1
11499 SAINT DAVIDS LANE 8.250 2,434.11 80
8.000 2,434.11 410,000.00
LUTHERVILLE MD 21093 1 07/26/95 00
648089 03 09/01/95 0
648089 O 08/01/25
0
1492462 F45/F45 F 284,000.00 ZZ
CANTRILL JESSE T 360 282,281.94 1
5617 MCLEAN DRIVE 8.125 2,108.70 79
7.875 2,108.70 362,000.00
BETHESDA MD 20816 1 07/31/95 00
648170 05 09/01/95 0
648170 O 08/01/25
0
1492463 F45/F45 F 300,000.00 ZZ
FRIEDMAN BARUCH 360 297,945.31 1
3216 HUNTING TWEED DRIVE 7.500 2,097.65 67
7.250 2,097.65 450,000.00
OWINGS MILLS MD 21117 2 07/24/95 00
648279 05 09/01/95 0
648279 O 08/01/25
0
1492464 F45/F45 F 261,600.00 ZZ
JOHNSON JANIS J 360 259,808.34 1
4107 25TH PLACE NORTH 7.500 1,829.15 80
7.250 1,829.15 327,000.00
ARLINGTON VA 22207 1 07/28/95 00
648303 05 09/01/95 0
648303 O 08/01/25
0
1492465 F45/F45 F 228,000.00 ZZ
RE JOSEPH S 360 225,774.40 1
6502 FLOWER DEW HUNDRED CT 7.375 1,574.74 79
7.125 1,574.74 290,000.00
CENTREVILLE VA 22020 1 07/31/95 00
648329 05 09/01/95 0
648329 O 08/01/25
0
1
1492466 F45/F45 F 448,400.00 ZZ
FLOYD WILLIAM R 360 445,470.99 1
1611 WHITE PINE DRIVE 7.125 3,020.96 78
6.875 3,020.96 575,000.00
VIENNA VA 22182 1 08/11/95 00
648444 05 10/01/95 0
648444 O 09/01/25
0
1492468 F45/F45 F 260,000.00 ZZ
YEHOSHUA RAFAEL 360 258,246.51 1
40 NORTH ROAD 8.125 1,930.49 64
7.875 1,930.49 411,000.00
GREAT NECK NY 11024 1 06/07/95 00
654921 05 08/01/95 0
654921 O 07/01/25
0
1492469 F45/F45 F 225,000.00 ZZ
WHITEHEAD ROBERT 360 223,282.47 1
46 NORTHFIELD ROAD 7.500 1,573.23 90
7.250 1,573.23 251,000.00
GLEN COVE NY 11542 1 06/08/95 10
654954 05 08/01/95 25
654954 O 07/01/25
0
1492470 F45/F45 F 220,000.00 ZZ
GOLDSTEIN LEWIS 360 218,440.52 1
22 SOUTH OCEAN AVENUE 7.875 1,595.15 80
7.625 1,595.15 275,000.00
BAYPORT NY 11705 1 06/09/95 00
655456 05 08/01/95 0
655456 O 07/01/25
0
1492471 F45/F45 F 257,600.00 ZZ
GAMBARDELLA THOMAS M 360 255,728.11 1
25 HABITAT LANE 7.750 1,845.48 72
7.500 1,845.48 360,000.00
CORTLANDT NY 10566 1 06/12/95 00
655522 05 08/01/95 0
655522 O 07/01/25
0
1492472 F45/F45 F 355,600.00 ZZ
SHEAR JEFFREY 360 349,858.23 1
1
108 EUCLID AVENUE 8.125 2,640.32 80
7.875 2,640.32 445,000.00
ARDSLEY NY 10502 1 06/13/95 00
655746 05 08/01/95 0
655746 O 07/01/25
0
1492473 F45/F45 F 550,000.00 ZZ
MANDELBAUM LAURENCE H 360 546,290.65 1
40-42 AFTERGLOW WAY 8.125 4,083.73 80
7.875 4,083.73 690,000.00
MONTCLAIR/VERON NJ 07042 1 06/15/95 00
655795 05 08/01/95 0
655795 O 07/01/25
0
1492474 F45/F45 F 245,600.00 ZZ
DUFFY MATTHEW J 360 243,984.56 1
14 CLAYDON ROAD 8.250 1,845.11 80
8.000 1,845.11 307,000.00
GARDEN CITY NY 11530 1 06/13/95 00
655860 05 08/01/95 0
655860 O 07/01/25
0
1492475 F45/F45 F 303,700.00 ZZ
AIESE ROBERT 360 301,381.67 1
130 WOODLANDS AVENUE 8.375 2,308.34 90
8.125 2,308.34 338,000.00
WHITE PLAINS NY 10607 1 06/14/95 10
655969 05 08/01/95 25
655969 O 07/01/25
0
1492476 F45/F45 F 200,000.00 ZZ
BEZY MICHEL M 360 198,396.71 1
48 DEER HILL DRIVE 7.250 1,364.35 61
7.000 1,364.35 330,000.00
RIDGEFIELD CT 06877 1 06/14/95 00
656041 05 08/01/95 0
656041 O 07/01/25
0
1492477 F45/F45 F 327,250.00 ZZ
SEQUEIRA RODRIGO 360 323,839.30 1
8 ARBOR LANE 7.750 2,344.46 84
7.500 2,344.46 391,500.00
DIX HILLS NY 11746 1 06/14/95 11
656066 05 08/01/95 12
1
656066 O 07/01/25
0
1492478 F45/F45 F 63,200.00 ZZ
SCOTTO FRANCINE 360 62,729.23 1
91C NARROWS ROAD NORTH 7.625 447.33 64
7.375 447.33 100,000.00
STATEN ISLAND NY 10305 1 06/14/95 00
656090 01 08/01/95 0
656090 O 07/01/25
0
1492479 F45/F45 F 355,500.00 ZZ
LUBIN ERIC A 360 352,979.97 1
58 FRANKLIN AVENUE 7.875 2,577.62 90
7.625 2,577.62 395,000.00
RYE NY 10580 1 06/15/95 10
656181 05 08/01/95 25
656181 O 07/01/25
0
1492480 F45/F45 F 285,000.00 ZZ
MARSILLO ANTHONY 360 282,601.62 1
50 87TH STREET 7.000 1,896.11 76
6.750 1,896.11 375,000.00
BROOKLYN NY 11209 1 06/15/95 00
656496 05 08/01/95 0
656496 O 07/01/25
0
1492482 F45/F45 F 336,000.00 ZZ
CONCIALDI JAMES 360 333,269.93 1
24 KENT DRIVE 8.000 2,465.45 76
7.750 2,465.45 445,000.00
CORTLANDT MANOR NY 10566 1 06/16/95 00
656660 05 08/01/95 0
656660 O 07/01/25
0
1492484 F45/F45 F 500,000.00 ZZ
SUNA JONATHAN 360 496,542.69 1
18 YORK ROAD 8.000 3,668.82 67
7.750 3,668.82 750,000.00
LARCHMONT NY 10538 1 06/19/95 00
656959 05 08/01/95 0
656959 O 07/01/25
0
1
1492485 F45/F45 F 270,000.00 ZZ
CAHILL MICHAEL J 360 268,038.06 1
137 CHARLES STREET 7.750 1,934.31 80
7.500 1,934.31 340,000.00
EAST WILLISTON NY 11596 1 06/19/95 00
656967 05 08/01/95 0
656967 O 07/01/25
0
1492486 F45/F45 F 116,250.00 ZZ
CONLEY CHRISTOPH 360 115,522.91 94
39 EAST 12TH STREET APT 511 8.500 893.86 75
8.250 893.86 157,000.00
NEW YORK NY 10003 1 06/19/95 00
656983 11 08/01/95 0
656983 O 07/01/25
0
1492487 F45/F45 F 220,500.00 ZZ
MCGUINNESS CLAUDIA 360 218,488.59 1
310 CENTRAL BLVD 7.750 1,579.69 90
7.500 1,579.69 245,000.00
NEW HYDE PARK NY 11040 1 06/21/95 10
657049 05 08/01/95 25
657049 O 07/01/25
0
1492488 F45/F45 F 288,750.00 ZZ
LOHSE JOHN M 360 286,703.10 1
43 KETCHAM ROAD 7.875 2,093.64 89
7.625 2,093.64 325,000.00
MONTGOMERY NJ 08502 1 06/16/95 10
657148 03 08/01/95 30
657148 O 07/01/25
0
1492489 F45/F45 F 155,000.00 ZZ
SIMONOFSKY ROBERT S 360 153,802.54 1
8 APPLETREE DRIVE 7.500 1,083.78 49
7.250 1,083.78 317,000.00
CLINTON TOWNSHI NJ 08801 1 06/19/95 00
657221 05 08/01/95 0
657221 O 07/01/25
0
1492490 F45/F45 F 152,800.00 ZZ
MACDONALD JEFF S 240 143,508.12 1
9 WAYNE AVENUE 8.250 1,301.96 80
8.000 1,301.96 191,000.00
1
PISCATAWAY NJ 08854 1 06/19/95 00
657247 05 08/01/95 0
657247 O 07/01/15
0
1492491 F45/F45 F 360,000.00 ZZ
DELASHO GAIL 360 357,572.05 1
60 MIDDLE PATENT ROAD 8.125 2,672.99 69
7.875 2,672.99 528,000.00
NORTH CASTLE NY 10504 1 06/20/95 00
657338 05 08/01/95 0
657338 O 07/01/25
0
1492492 F45/F45 F 216,000.00 ZZ
GAILING DAVID K 360 214,506.44 1
220-60 77TH AVENUE 8.000 1,584.93 80
7.750 1,584.93 270,000.00
BAYSIDE NY 11364 1 06/20/95 00
657353 05 08/01/95 0
657353 O 07/01/25
0
1492493 F45/F45 F 268,000.00 ZZ
GOLDSTEIN BRUCE 360 266,100.17 1
47 ORCHARD COURT 7.875 1,943.19 52
7.625 1,943.19 518,000.00
WOODBURY NY 11797 1 06/20/95 00
657437 05 08/01/95 0
657437 O 07/01/25
0
1492494 F45/F45 F 192,000.00 ZZ
WURDEMANN ARDETH 360 190,569.99 1
166 EAST KITCHELL LAKE ROAD 7.625 1,358.96 80
7.375 1,358.96 240,000.00
WEST MILFORD NJ 07480 1 06/20/95 00
657544 05 08/01/95 0
657544 O 07/01/25
0
1492495 F45/F45 F 212,850.00 ZZ
RATNER PHILIP 360 211,584.44 1
130 SEWARD AVENUE 8.750 1,674.49 92
8.500 1,674.49 233,500.00
MINEOLA NY 11501 1 06/26/95 10
657585 05 08/01/95 30
657585 O 07/01/25
0
1
1492496 F45/F45 F 275,000.00 T
SALYGIN NATALIA 360 273,406.00 1
717 OCEAN AVE UNIT 610 8.875 2,188.02 70
8.625 2,188.02 393,000.00
LONG BRANCH NJ 07740 1 06/26/95 00
657692 01 08/01/95 0
657692 O 07/01/25
0
1492497 F45/F45 F 40,000.00 ZZ
SCHREIBER LISA M 360 39,730.22 122
83-60 118TH STREET APT 11G 8.125 297.00 73
7.875 297.00 55,000.00
KEW GARDEN NY 11415 1 06/27/95 00
657866 10 08/01/95 0
657866 O 07/01/25
0
1492498 F45/F45 F 220,000.00 ZZ
AYZENBERG ALEXANDER 360 217,051.32 1
2809 LEN DRIVE 7.750 1,576.11 69
7.500 1,576.11 320,000.00
SOUTH BELLMORE NY 11710 1 06/27/95 00
657874 05 08/01/95 0
657874 O 07/01/25
0
1492499 F45/F45 F 230,000.00 ZZ
ANDERSON NANCY A 360 228,409.61 1
818 HAMPTON COURT 8.000 1,687.66 89
7.750 1,687.66 260,000.00
WESTBURY NY 11590 1 06/21/95 04
658096 05 08/01/95 25
658096 O 07/01/25
0
1492500 F45/F45 F 244,000.00 ZZ
MINOGUE JOHN 360 242,337.19 1
2178 MEROKEE DRIVE 8.250 1,833.09 80
8.000 1,833.09 305,000.00
MERRICK NY 11566 1 06/21/95 00
658211 05 08/01/95 0
658211 O 07/01/25
0
1492501 F45/F45 F 253,000.00 ZZ
HAYES S L 360 251,377.16 1
1
947 ROUTE 9W 8.375 1,922.98 71
8.125 1,922.98 361,000.00
UPPER GRANDVIEW NY 10960 1 06/22/95 00
658369 05 08/01/95 0
658369 O 07/01/25
0
1492502 F45/F45 F 127,250.00 ZZ
PAWLOWSKI MARK 360 125,847.22 1
18 CURLEY STREET 7.125 857.31 67
6.875 857.31 190,000.00
LONG BEACH NY 11561 1 06/22/95 00
658435 05 08/01/95 0
658435 O 07/01/25
0
1492503 F45/F45 F 228,000.00 ZZ
NELSON ROY G 360 226,609.52 1
128 KAMDA BOULEVARD 8.625 1,773.36 94
8.375 1,773.36 243,000.00
NEW HYDE PARK NY 11041 1 06/23/95 10
658682 05 08/01/95 30
658682 O 07/01/25
0
1492504 F45/F45 F 256,800.00 ZZ
KELLY PAUL 360 254,791.06 1
90 RIDGEVIEW DRIVE 7.375 1,773.65 80
7.125 1,773.65 325,000.00
MONTGOMERY TWNS NJ 08502 1 06/22/95 00
658765 05 08/01/95 0
658765 O 07/01/25
0
1492505 F45/F45 F 45,000.00 ZZ
MASTERSON SUSAN 360 44,696.54 210
505 EAST 79TH ST APT 5-H 8.125 334.12 75
7.875 334.12 60,000.00
NEW YORK NY 10021 1 06/23/95 00
658898 10 08/01/95 0
658898 O 07/01/25
0
1492506 F45/F45 F 213,750.00 ZZ
BOCCIA RAYMOND 360 212,077.78 1
27 STEERS AVENUE 7.375 1,476.32 73
7.125 1,476.32 295,000.00
NORTHPORT NY 11768 1 06/23/95 00
658930 05 08/01/95 0
1
658930 O 07/01/25
0
1492507 F45/F45 F 275,000.00 ZZ
DRIVAS ELIAS 360 273,001.73 1
17 BEECHWOOD DRIVE 7.750 1,970.13 79
7.500 1,970.13 350,000.00
GLEN HEAD NY 11545 1 06/23/95 00
659151 05 08/01/95 0
659151 O 07/01/25
0
1492508 F45/F45 F 265,000.00 ZZ
GOETHALS ROBERT K 360 263,074.37 1
3 MARK PLACE 7.750 1,898.49 80
7.500 1,898.49 332,000.00
CORTLANDT NY 10566 1 06/26/95 00
659342 05 08/01/95 0
659342 O 07/01/25
0
1492509 F45/F45 F 219,000.00 ZZ
EDDI JOSEPH 360 216,354.77 1
14 OLD QUEENS COURT 8.375 1,664.56 72
8.125 1,664.56 305,000.00
EATONTOWN NJ 07724 1 06/27/95 00
659706 05 08/01/95 0
659706 O 07/01/25
0
1492510 F45/F45 F 568,000.00 ZZ
SNEDEKER ROBERT 360 563,914.42 1
138 COLONIAL PARKWAY 7.250 3,874.76 80
7.000 3,874.76 713,000.00
MANHASSET NY 11030 1 07/07/95 00
659854 05 09/01/95 0
659854 O 08/01/25
0
1492511 F45/F45 F 650,000.00 ZZ
MOELIS RONALD 360 645,108.69 1
9 REBEAU DRIVE 7.625 4,600.66 36
7.375 4,600.66 1,850,000.00
LARCHMONT NY 10538 1 06/27/95 00
659896 05 08/01/95 0
659896 O 07/01/25
0
1
1492512 F45/F45 F 234,000.00 ZZ
RUBIN WAYNE L 360 232,299.67 1
1022 LOFT ROAD 7.750 1,676.40 80
7.500 1,676.40 295,000.00
WOODMERE NY 11598 1 06/28/95 00
659995 05 08/01/95 0
659995 O 07/01/25
0
1492513 F45/F45 F 170,000.00 ZZ
SPEISER CINDY 360 168,853.42 161
400 EAST 77TH STREET, APT 16K 8.125 1,262.25 71
7.875 1,262.25 240,000.00
NEW YORK NY 10021 1 06/28/95 00
660134 10 08/01/95 0
660134 O 07/01/25
0
1492514 F45/F45 F 272,000.00 ZZ
BECK BARRY 360 269,923.67 1
321 LINKS DRIVE WEST 7.500 1,901.86 80
7.250 1,901.86 340,000.00
OCEANSIDE NY 11572 1 06/28/95 00
660597 05 08/01/95 0
660597 O 07/01/25
0
1492515 F45/F45 F 260,000.00 ZZ
ZAWESKI RICHARD S 360 258,015.21 1
66 SALEM RIDGE DRIVE 7.500 1,817.96 60
7.250 1,817.96 440,000.00
HUNTINGTON NY 11743 1 06/29/95 00
660779 05 08/01/95 0
660779 O 07/01/25
0
1492516 F45/F45 F 255,200.00 ZZ
ALBERTI MARK J 360 252,094.25 1
9 ARBOR LANE 7.750 1,828.28 80
7.500 1,828.28 320,000.00
HOLMES NY 10512 1 06/29/95 00
660860 05 08/01/95 0
660860 O 07/01/25
0
1492517 F45/F45 F 234,000.00 ZZ
GOSKO JR GEORGE K 360 232,299.67 1
402 NORTH CHESTNUT STREET 7.750 1,676.40 89
7.500 1,676.40 264,000.00
1
WESTFIELD NJ 07090 1 06/29/95 01
661157 05 08/01/95 25
661157 O 07/01/25
0
1492518 F45/F45 F 137,000.00 ZZ
KONIUCH PETER A 240 134,339.47 1
42 JASMINE LANE 7.125 1,072.46 70
6.875 1,072.46 198,000.00
KINGS PARK NY 11754 1 06/29/95 00
661215 05 08/01/95 0
661215 O 07/01/15
0
1492519 F45/F45 F 407,500.00 ZZ
GREENSTEIN STANLEY 360 404,496.55 1
3 TALLEYRAND DRIVE 7.125 2,745.40 64
6.875 2,745.40 645,000.00
COLTS NECK NJ 07722 2 07/13/95 00
661249 05 09/01/95 0
661249 O 08/01/25
0
1492520 F45/F45 F 220,000.00 ZZ
MURPHY ERIC J 360 218,361.36 1
1600 TEMPLE DRIVE 7.625 1,557.15 80
7.375 1,557.15 275,000.00
WANTAGH NY 11793 1 06/29/95 00
661314 05 08/01/95 0
661314 O 07/01/25
0
1492521 F45/F45 F 900,000.00 ZZ
MACDONALD BONNIE J 360 892,959.19 1
49 WHITE FALLS LANE 7.375 6,216.08 70
7.125 6,216.08 1,300,000.00
NEW CANAAN CT 06840 1 06/30/95 00
661520 05 08/01/95 0
661520 O 07/01/25
0
1492522 F45/F45 F 264,800.00 ZZ
HARMAN ALICE 360 263,014.12 1
61 MEADOW WAY 8.125 1,966.13 80
7.875 1,966.13 331,000.00
IRVINGTON NY 10533 1 06/30/95 00
661546 05 08/01/95 0
661546 O 07/01/25
0
1
1492523 F45/F45 F 345,000.00 ZZ
MARCUS ELYNNE 360 342,554.38 1
67 TALCOTT ROAD 7.875 2,501.49 89
7.625 2,501.49 390,000.00
RYE BROOK NY 10573 1 06/01/95 14
661652 05 08/01/95 25
661652 O 07/01/25
0
1492524 F45/F45 F 496,000.00 ZZ
LONDON ALEXANDER 360 492,119.71 1
40 WILLIS LANE 7.375 3,425.75 80
7.125 3,425.75 620,000.00
MUTTONTOWN NY 11791 1 06/30/95 00
661751 05 08/01/95 0
661751 O 07/01/25
0
1492525 F45/F45 F 220,000.00 ZZ
CHINSEE NGALAI 360 218,278.86 1
34 GINNIE LANE 7.375 1,519.49 68
7.125 1,519.49 325,000.00
WEST WINDSOR NJ 08691 1 06/29/95 00
661884 03 08/01/95 0
661884 O 07/01/25
0
1492526 F45/F45 F 113,600.00 ZZ
MIDDLEMAN JEFFREY D 360 112,802.61 333
2 TUDOR CITY PLACE APT 10JN 7.375 784.61 79
7.125 784.61 145,000.00
NEW YORK NY 10017 1 07/05/95 00
662262 11 09/01/95 0
662262 O 08/01/25
0
1492527 F45/F45 F 283,050.00 ZZ
SANDORA DANIEL 360 281,140.99 1
64 PACE DRIVE SOUTH 8.125 2,101.64 90
7.875 2,101.64 315,000.00
WEST ISLIP NY 11795 1 06/30/95 10
662353 05 08/01/95 25
662353 O 07/01/25
0
1492528 F45/F45 F 271,200.00 ZZ
BROWER BRIAN S 360 269,517.93 1
1
136 KENILWORTH ROAD 8.000 1,989.97 79
7.750 1,989.97 344,000.00
MOUNTAIN LAKES NJ 07046 1 07/05/95 00
662361 05 09/01/95 0
662361 O 08/01/25
0
1492529 F45/F45 F 244,600.00 ZZ
GUJA GARY 360 243,082.88 1
372 NORTH DRIVE 8.000 1,794.79 86
7.750 1,794.79 285,000.00
MATTITUCK NY 11952 1 07/05/95 11
662411 05 09/01/95 30
662411 O 08/01/25
0
1492530 F45/F45 F 150,000.00 ZZ
TOOHIG GREGORY 360 148,997.71 1
1551 WALES AVENUE 7.625 1,061.69 94
7.375 1,061.69 160,000.00
BALDWIN NY 11510 1 07/05/95 14
662452 05 09/01/95 30
662452 O 08/01/25
0
1492531 F45/F45 F 245,000.00 ZZ
HIGHLAND A C 360 243,442.07 1
1335 BOLTON ROAD 7.875 1,776.42 53
7.625 1,776.42 465,000.00
PELHAM NY 10803 1 07/05/95 00
662478 05 09/01/95 0
662478 O 08/01/25
0
1492532 F45/F45 F 266,850.00 ZZ
POHL MARK R 360 265,153.11 1
169 ARBOR CREST 7.875 1,934.85 90
7.625 1,934.85 299,000.00
SOMERS NY 10589 1 07/06/95 11
662551 05 09/01/95 25
662551 O 08/01/25
0
1492533 F45/F45 F 220,000.00 ZZ
SKERRY BRUCE R 360 217,773.62 1
8 PARK HILL TERRACE 7.500 1,538.27 80
7.250 1,538.27 275,000.00
DOBBS FERRY NY 10522 1 07/05/95 00
662601 05 09/01/95 0
1
662601 O 08/01/25
0
1492534 F45/F45 F 220,800.00 ZZ
CLARK JOHN M 360 219,360.64 1
2 MEMORY LANE 7.750 1,581.84 80
7.500 1,581.84 276,000.00
MAHOPAC NY 10541 1 07/27/95 00
662718 05 09/01/95 0
662718 O 08/01/25
0
1492535 F45/F45 F 389,200.00 ZZ
FRIEDMAN LAURENCE M 360 386,845.62 1
24 TALL PINES LANE 8.125 2,889.80 80
7.875 2,889.80 490,000.00
MT KISCO NY 10549 1 07/06/95 00
662759 05 09/01/95 0
662759 O 08/01/25
0
1492536 F45/F45 F 464,000.00 ZZ
BERWICK SARAH 360 460,822.13 1
27 BROOKLAWN DRIVE 7.500 3,244.36 79
7.250 3,244.36 590,000.00
MILLBURN NJ 07041 1 07/06/95 00
663062 05 09/01/95 0
663062 O 08/01/25
0
1492541 F45/F45 F 298,335.29 ZZ
SEEGMILLER RAY 336 297,566.06 1
5524 WOODWAY 8.000 2,227.84 50
7.750 2,227.84 600,000.00
HOUSTON TX 77056 2 01/29/96 00
665646 05 03/01/96 0
665646 O 02/01/24
0
1492543 F45/F45 F 261,186.41 ZZ
GREEN STUART 348 260,306.43 1
9 SANDS COURT 8.500 2,023.59 77
8.250 2,023.59 340,000.00
PORT WASHINGTON NY 11050 1 11/01/95 00
665877 01 01/01/96 0
665877 O 12/01/24
0
1
1492545 F45/F45 F 465,075.97 ZZ
ABINADER,JR JEAN 349 461,529.00 1
6908 OAKRIDGE AVENUE 8.500 3,600.90 79
8.250 3,600.90 589,000.00
CHEVY CHASE MD 20815 1 08/01/95 00
666537 05 09/01/95 0
666537 O 09/01/24
0
1492547 F45/F45 F 356,492.91 ZZ
GILL RAE F 349 354,316.79 1
109 MARLBOROUGH ST UNITS 1 & 2 8.500 2,760.18 47
8.250 2,760.18 760,000.00
BOSTON MA 02116 5 08/01/95 00
668087 01 09/01/95 0
668087 O 09/01/24
0
1492548 F45/F45 F 327,970.74 ZZ
KATOS MICHAEL J 349 320,627.43 1
11 MARTIN COURT 8.500 2,539.35 80
8.250 2,539.35 413,900.00
HOUSTON TX 77055 1 12/04/95 00
668236 03 01/01/96 0
668236 O 01/01/25
0
1492553 F45/F45 F 214,109.23 ZZ
FARRAR STEPHEN A 336 213,177.81 1
149 NORTH STREET 8.625 1,691.38 78
8.375 1,691.38 275,000.00
MEDFIELD MA 02052 2 10/06/95 00
669499 05 12/01/95 0
669499 O 11/01/23
0
1492554 F45/F45 F 289,410.26 ZZ
ANDERSON WILLIAM 337 288,348.42 1
1521 PALOS VERDE COURT 8.500 2,259.37 88
8.250 2,259.37 329,900.00
EL DORADO HILLS CA 95762 1 10/24/95 10
669721 05 01/01/96 17
669721 O 01/01/24
0
1492555 F45/F45 F 207,848.64 ZZ
EVANS LONDON M 347 206,734.69 1
16735 WEST 2ND AVENUE 8.625 1,629.69 77
8.375 1,629.69 270,000.00
1
GOLDEN CO 80401 1 08/02/95 00
669945 03 10/01/95 0
669945 O 08/01/24
0
1492556 F45/F45 F 246,938.68 ZZ
HIGGS JR OWEN J 324 245,757.59 1
6621 STONINGTON DRIVE NORTH 8.625 1,968.21 75
8.375 1,968.21 330,000.00
TAMPA FL 33647 5 10/06/95 00
670083 05 12/01/95 0
670083 O 11/01/22
0
1492557 F45/F45 F 312,758.79 ZZ
ROBINSON RANDALL M 312 310,951.24 1
7573 ALASKA AVE NW 9.000 2,598.16 63
8.750 2,598.16 500,000.00
WASHINGTON DC 20012 5 09/11/95 00
670703 05 11/01/95 0
670703 O 10/01/21
0
1492558 F45/F45 F 297,699.76 ZZ
PROANO AUGUSTO 312 296,098.97 1
7705 SE MAPLE AVENUE 8.500 2,370.82 75
8.250 2,370.82 400,000.00
VANCOUVER WA 98664 1 10/26/95 00
674168 05 12/01/95 0
674168 O 11/01/21
0
1492560 F45/F45 F 628,346.33 ZZ
GOUVION WAYNE A 313 624,381.44 1
106 DIAMOND AVENUE 8.500 4,999.65 67
8.250 4,999.65 940,000.00
NEWPORT BEACH CA 92662 2 11/01/95 00
674358 05 12/01/95 0
674358 O 12/01/21
0
1492561 F45/F45 F 241,777.00 ZZ
RAY LOUIS H 313 240,885.81 1
6100 BEECH TREE DRIVE 8.250 1,882.73 69
8.000 1,882.73 355,000.00
ALEXANDRIA VA 22310 5 01/03/96 00
674572 05 02/01/96 0
674572 O 02/01/22
0
1
1492562 F45/F45 F 228,936.39 ZZ
DEBLOIS MARK H 337 227,752.56 1
4 OLDFIELD DRIVE 8.500 1,787.27 50
8.250 1,787.27 465,000.00
SHERBORN MA 01770 2 10/06/95 00
675686 05 11/01/95 0
675686 O 11/01/23
0
1492563 F45/F45 F 282,796.63 ZZ
LOEB ANDREW G 338 281,497.18 1
6255 HURD COURT 8.250 2,157.11 78
8.000 2,157.11 365,500.00
SAN DIEGO CA 92122 1 10/24/95 00
675918 05 12/01/95 0
675918 O 01/01/24
0
1492564 F45/F45 F 768,019.86 ZZ
MAYO-ALVAREZ RICARDO 316 764,275.53 1
13050 MAR STREET 8.000 5,834.88 64
7.750 5,834.88 1,200,000.00
CORAL GABLES FL 33156 1 01/23/96 00
676635 05 03/01/96 0
676635 O 06/01/22
0
1492566 F45/F45 F 218,980.59 ZZ
TANG BENNY B 312 217,715.04 1
11910 MAYFIELD AVENUE UNIT301 9.000 1,819.12 86
8.750 1,819.12 255,000.00
LOS ANGELES CA 90049 1 09/11/95 11
677047 01 11/01/95 25
677047 O 10/01/21
0
1492567 F45/F45 F 186,877.03 ZZ
PAWSON VALERIE L 324 184,919.32 1
196 ELIOT STREET 8.625 1,489.50 60
8.375 1,489.50 315,000.00
SOUTH NATICK MA 01760 1 08/14/95 00
677377 05 10/01/95 0
677377 O 09/01/22
0
1492568 F45/F45 F 737,394.91 ZZ
SEVERSON ROGERS A 321 735,399.23 1
1
602 FAIRWAY ROAD 8.000 5,576.78 37
7.750 5,576.78 2,000,000.00
SUN VALLEY ID 83353 2 01/29/96 00
677815 05 03/01/96 0
677815 O 11/01/22
0
1492574 F45/F45 F 270,561.32 ZZ
KRESBACH MICHAEL J 325 268,570.64 1
748 PARKSIDE CIRCLE 8.500 2,131.47 78
8.250 2,131.47 350,000.00
BOCA RATON FL 33486 1 08/09/95 00
679639 03 09/01/95 0
679639 O 09/01/22
0
1492576 F45/F45 F 225,250.00 ZZ
MCNAMARA KEVIN T 360 210,212.67 1
1744 DANIEL COURT 8.125 1,672.47 85
7.875 1,672.47 265,000.00
WALL NJ 07719 1 07/06/95 10
681403 05 09/01/95 12
681403 O 08/01/25
0
1492577 F45/F45 F 350,000.00 ZZ
SPINELLI JR SALVATORE 360 347,602.95 1
7 DEBRA COURT 7.500 2,447.25 65
7.250 2,447.25 545,000.00
MARLBORO NJ 07746 1 07/07/95 00
681585 05 09/01/95 0
681585 O 08/01/25
0
1492578 F45/F45 F 262,000.00 ZZ
HABERLY STEVEN D 360 260,160.99 1
530H SCHWENK MILL ROAD 7.375 1,809.57 68
7.125 1,809.57 389,400.00
HILLTOWN PA 18944 1 07/07/95 00
681619 05 09/01/95 0
681619 O 08/01/25
0
1492579 F45/F45 F 320,000.00 ZZ
BERNER BERNARD B 360 318,015.20 1
191 SOUTH BROADWAY 8.000 2,348.05 75
7.750 2,348.05 430,000.00
HASTINGS ON HUD NY 10706 1 07/10/95 00
681742 05 09/01/95 0
1
681742 O 08/01/25
0
1492581 F45/F45 F 360,000.00 ZZ
FISCHER RICHARD 360 357,710.80 1
601 FORT HILL ROAD 7.875 2,610.25 77
7.625 2,610.25 470,000.00
SCARSDALE NY 10583 1 07/11/95 00
682880 05 09/01/95 0
682880 O 08/01/25
0
1492582 F45/F45 F 220,000.00 ZZ
KIERNAN KEVIN 360 217,637.62 1
12 LAFAYETTE AVENUE APT 26E 7.875 1,595.15 79
7.625 1,595.15 280,000.00
SEA CLIFF NY 11579 1 07/11/95 00
682971 05 09/01/95 0
682971 O 08/01/25
0
1492583 F45/F45 F 336,000.00 ZZ
ALPERN SPENSER J 360 334,067.10 1
275 W 96TH STREET APT 2GE 8.375 2,553.84 80
8.125 2,553.84 420,000.00
NEW YORK NY 10025 1 07/11/95 00
683102 01 09/01/95 0
683102 O 08/01/25
0
1492584 F45/F45 F 247,000.00 ZZ
KUKER KEVIN L 360 245,134.69 1
3 MINSI ROAD 7.000 1,643.30 89
6.750 1,643.30 280,000.00
READINGTON NJ 08870 1 07/12/95 10
683219 05 09/01/95 25
683219 O 08/01/25
0
1492585 F45/F45 F 300,000.00 ZZ
BENSON DONALD L 360 295,889.19 1
37 GREENBRIAR DRIVE 7.250 2,046.53 73
7.000 2,046.53 415,000.00
MT PLEASANT NY 10514 1 07/12/95 00
683375 05 09/01/95 0
683375 O 08/01/25
0
1
1492586 F45/F45 F 145,600.00 ZZ
DEMICCO MARK 360 144,696.96 1
7 DAIRY FARM ROAD 8.000 1,068.36 80
7.750 1,068.36 183,000.00
STONY BROOK NY 11790 1 07/13/95 00
683599 05 09/01/95 0
683599 O 08/01/25
0
1492587 F45/F45 F 410,000.00 ZZ
FERRARO JOSEPH 360 407,327.34 1
4 KNOLL ROAD 7.750 2,937.29 62
7.500 2,937.29 665,000.00
SANDS POINT NY 11050 1 07/13/95 00
683649 05 09/01/95 0
683649 O 08/01/25
0
1492588 F45/F45 F 225,000.00 ZZ
GINDI MICHAEL E 360 223,341.60 1
7 ALBA LANE 7.125 1,515.87 59
6.875 1,515.87 385,000.00
WEST LONG BRANC NJ 07764 1 07/13/95 00
683672 05 09/01/95 0
683672 O 08/01/25
0
1492589 F45/F45 F 344,000.00 ZZ
OLIVEIRA JOAO 360 342,015.81 1
3 DEERFIELD LANE 8.250 2,584.36 77
8.000 2,584.36 450,000.00
MAMARONECK NY 10543 1 08/07/95 00
683763 05 10/01/95 0
683763 O 09/01/25
0
1492590 F45/F45 F 400,000.00 ZZ
KONNER KEVAH 360 397,122.78 1
88 OLD FARM ROAD 7.250 2,728.71 62
7.000 2,728.71 650,000.00
CHAPPAQUA NY 10514 1 07/14/95 00
684050 05 09/01/95 0
684050 O 08/01/25
0
1492591 F45/F45 F 240,000.00 ZZ
O'NEILL PATRICIA 360 238,548.21 1
15 HARBOUR POINT DRIVE 8.125 1,781.99 63
7.875 1,781.99 387,000.00
1
NORTHPORT NY 11768 1 07/14/95 00
684142 01 09/01/95 0
684142 O 08/01/25
0
1492592 F45/F45 F 216,000.00 ZZ
VALDEZ ROBERTO 360 214,660.30 1
30 OSSMAN DRIVE 8.000 1,584.93 80
7.750 1,584.93 270,000.00
POMONA NY 10970 1 07/14/95 00
684274 05 09/01/95 0
684274 O 08/01/25
0
1492593 F45/F45 F 460,000.00 ZZ
MANDELBAUM MICHAEL 360 456,926.29 1
730 FLOYD STREET 7.625 3,255.85 80
7.375 3,255.85 579,000.00
ENGLEWOOD CLIFF NJ 07632 1 07/14/95 00
684472 05 09/01/95 0
684472 O 08/01/25
0
1492594 F45/F45 F 285,000.00 ZZ
SPINELLI LEONARD 360 283,048.12 1
8 EVAN DRIVE 7.500 1,992.76 67
7.250 1,992.76 430,000.00
MARLBORO NJ 07746 1 07/14/95 00
684480 05 09/01/95 0
684480 O 08/01/25
0
1492595 F45/F45 F 392,100.00 ZZ
VOLLARO FRANK P 360 389,480.00 1
322 MOCKINGBIRD LANE 7.625 2,775.26 78
7.375 2,775.26 503,000.00
MARLBORO NJ 07751 1 07/19/95 00
684993 05 09/01/95 0
684993 O 08/01/25
0
1492596 F45/F45 F 735,000.00 ZZ
KEY NIGEL R 360 729,582.69 1
120 WESTERN DRIVE 7.125 4,951.83 63
6.875 4,951.83 1,175,000.00
MILLBURN NJ 07078 1 07/18/95 00
685115 05 09/01/95 0
685115 O 08/01/25
0
1
1492597 F45/F45 F 217,600.00 ZZ
SALMINEN NEAL A 360 216,250.38 1
12 WEST OXFORD STREET 8.000 1,596.67 80
7.750 1,596.67 273,000.00
VALHALLA NY 10595 1 07/18/95 00
685180 05 09/01/95 0
685180 O 08/01/25
0
1492598 F45/F45 F 270,000.00 ZZ
HAMROFF MICHAEL 360 267,372.68 1
10 MERYL LANE 7.625 1,911.04 64
7.375 1,911.04 425,000.00
GREAT NECK NY 11024 1 07/18/95 00
685214 05 09/01/95 0
685214 O 08/01/25
0
1492599 F45/F45 F 60,000.00 ZZ
STRAZZANTI ALEX 360 59,557.79 1
56 B TIMBER PARK DRIVE 7.125 404.23 40
6.875 404.23 153,000.00
HOLTSVILLE NY 11742 1 07/18/95 00
685321 01 09/01/95 0
685321 O 08/01/25
0
1492600 F45/F45 F 250,000.00 ZZ
HAND DAVID J 360 248,124.73 1
11 MCFADDEN DRIVE 7.750 1,791.03 77
7.500 1,791.03 325,000.00
WILTON CT 06897 1 07/18/95 00
685362 05 09/01/95 0
685362 O 08/01/25
0
1492601 F45/F45 F 235,000.00 ZZ
EDELMAN SCOTT 360 233,468.09 1
19 YATES LANE 7.750 1,683.57 71
7.500 1,683.57 335,000.00
JERICHO NY 11753 1 07/19/95 00
685412 05 09/01/95 0
685412 O 08/01/25
0
1492602 F45/F45 F 240,000.00 ZZ
PINS PAUL 360 236,577.69 1
1
3 LOWELL DRIVE 7.125 1,616.92 80
6.875 1,616.92 300,000.00
NEW CITY NY 10956 1 07/18/95 00
685420 05 09/01/95 0
685420 O 08/01/25
0
1492603 F45/F45 F 276,000.00 ZZ
BERMAN HOWARD 360 274,288.14 1
36 ROGER DRIVE 8.000 2,025.19 80
7.750 2,025.19 345,000.00
PORT WASHINGTON NY 11050 1 07/18/95 00
685461 05 09/01/95 0
685461 O 08/01/25
0
1492604 F45/F45 F 225,000.00 ZZ
FRIEDEL MITCHELL N 360 223,496.51 1
29 SECOR ROAD 7.625 1,592.54 70
7.375 1,592.54 325,000.00
SCARSDALE NY 10583 1 07/19/95 00
685685 05 09/01/95 0
685685 O 08/01/25
0
1492605 F45/F45 F 235,200.00 ZZ
TENORE PETER 360 232,300.60 1
86 CORALYN AVENUE 8.000 1,725.81 80
7.750 1,725.81 294,000.00
WHITE PLAINS NY 10605 1 07/19/95 00
685750 05 09/01/95 0
685750 O 08/01/25
0
1492606 F45/F45 F 271,800.00 ZZ
PEAN PIERRE M 360 270,275.36 1
176-09 DALNY ROAD 8.500 2,089.91 88
AKA DALNY PLACE 8.250 2,089.91 311,000.00
JAMAICA ESTATES NY 11435 1 07/20/95 01
685834 05 09/01/95 25
685834 O 08/01/25
0
1492607 F45/F45 F 270,000.00 ZZ
SCANLAN BRIAN D 360 268,407.16 1
51 RAVINE AVENUE 8.250 2,028.42 72
8.000 2,028.42 378,000.00
WYCKOFF NJ 07481 1 07/20/95 00
685917 05 09/01/95 0
1
685917 O 08/01/25
0
1492608 F45/F45 F 473,650.00 ZZ
TSENG YEN H 360 470,712.23 1
3 FORD LANE 8.000 3,475.48 79
7.750 3,475.48 600,000.00
GREENWICH CT 06870 1 07/19/95 00
686055 05 09/01/95 0
686055 O 08/01/25
0
1492609 F45/F45 F 284,800.00 ZZ
ZELEZNIK MICHAEL 360 283,202.43 1
35 AMSTERDAM COURT 8.500 2,189.87 80
8.250 2,189.87 356,000.00
FREEHOLD NJ 07728 2 07/24/95 00
686121 05 09/01/95 0
686121 O 08/01/25
0
1492610 F45/F45 F 475,000.00 ZZ
ARNOLD THOMAS E 360 469,885.80 1
48 QUAKER BRIDGE ROAD 7.875 3,444.08 68
7.625 3,444.08 700,000.00
NEW CASTLE NY 10520 1 07/20/95 00
686360 05 09/01/95 0
686360 O 08/01/25
0
1492611 F45/F45 F 271,500.00 ZZ
CAMPBELL RICHARD 360 269,640.55 1
146 OLIVER ROAD 7.500 1,898.37 73
7.250 1,898.37 372,000.00
BEDFORD NY 10506 1 07/20/95 00
686394 05 09/01/95 0
686394 O 08/01/25
0
1492612 F45/F45 F 232,000.00 ZZ
LEVY PAUL 360 230,487.63 1
30 ASH DRIVE 7.750 1,662.08 40
7.500 1,662.08 586,000.00
EAST HILLS NY 11576 1 07/20/95 00
686402 05 09/01/95 0
686402 O 08/01/25
0
1
1492614 F45/F45 F 252,000.00 ZZ
ALBERT JED 360 250,187.43 1
5 PEMBURY COURT 7.250 1,719.08 87
7.000 1,719.08 290,000.00
MELVILLE NY 11747 1 07/21/95 10
686576 05 09/01/95 25
686576 O 08/01/25
0
1492615 F45/F45 F 325,000.00 ZZ
HONIG SAMUEL 360 322,933.33 1
9 DEERFIELD ROAD 7.875 2,356.48 42
7.625 2,356.48 790,000.00
CHAPPAQUA NY 10514 1 07/21/95 00
686600 05 09/01/95 0
686600 O 08/01/25
0
1492616 F45/F45 F 50,000.00 ZZ
BUSCH STUART H 360 49,719.52 260
61 JANE STREET, APT 6R 8.500 384.46 62
8.250 384.46 81,000.00
NEW YORK NY 10014 1 07/24/95 00
686881 10 09/01/95 0
686881 O 08/01/25
0
1492617 F45/F45 F 244,000.00 ZZ
CHAMBERS DANIEL J 360 242,486.60 1
755 FAIRMOUNT AVENUE 8.000 1,790.39 80
7.750 1,790.39 305,000.00
CHATHAM NJ 07928 1 07/24/95 00
686931 05 09/01/95 0
686931 O 08/01/25
0
1492618 F45/F45 F 270,400.00 ZZ
MARTINI PHILIP M 360 268,580.57 1
4 EDGEHILL AVENUE 7.875 1,960.59 80
7.625 1,960.59 339,000.00
CHATHAM NJ 07928 1 07/24/95 00
687020 05 09/01/95 0
687020 O 08/01/25
0
1492620 F45/F45 F 280,000.00 ZZ
BOHNENBERGER ROBERT W 360 278,174.80 1
15 WESTBURY AVENUE 7.750 2,005.95 80
7.500 2,005.95 350,000.00
1
STATEN ISLAND NY 10310 1 07/24/95 00
687129 05 09/01/95 0
687129 O 08/01/25
0
1492621 F45/F45 F 82,000.00 ZZ
MCMAHON BARBARA J 360 81,516.24 96
425 EAST 85TH STREET APT 6E 8.250 616.04 79
8.000 616.04 105,000.00
NEW YORK NY 10028 1 07/24/95 00
687186 11 09/01/95 0
687186 O 08/01/25
0
1492622 F45/F45 F 270,400.00 ZZ
DECRESIE EILEEN F 360 269,056.59 1
38 TWIN LAKES ROAD 8.500 2,079.14 80
8.250 2,079.14 340,000.00
SOUTH SALEM NY 10590 1 08/09/95 00
687293 05 10/01/95 0
687293 O 09/01/25
0
1492623 F45/F45 F 300,000.00 ZZ
NAIDUS DOUG W 360 297,894.26 1
UNIT 3Z 225 WEST 83RD STREET 7.375 2,072.03 80
7.125 2,072.03 375,000.00
NEW YORK NY 10024 1 07/25/95 00
687368 01 09/01/95 0
687368 O 08/01/25
0
1492624 F45/F45 F 77,500.00 ZZ
SOHA, JR JOHN P 360 77,042.81 1
24 STATE STREET 8.250 582.23 45
8.000 582.23 175,000.00
MAHWAH NJ 07430 1 07/25/95 00
687491 05 09/01/95 0
687491 O 08/01/25
0
1492625 F45/F45 F 87,000.00 ZZ
GREIDER SCOTT 360 86,512.04 59
250 W 15TH STREET APT 1F 8.500 668.95 75
8.250 668.95 117,000.00
NY NY 10011 1 07/25/95 00
687525 11 09/01/95 0
687525 O 08/01/25
0
1
1492626 F45/F45 F 200,000.00 ZZ
ROZELL PATRICIA L 360 198,849.49 1
2340 BLUE SPRUCE DR 8.375 1,520.14 42
8.125 1,520.14 480,000.00
YORKTOWN HEIGHT NY 10598 2 07/25/95 00
687533 05 09/01/95 0
687533 O 08/01/25
0
1492627 F45/F45 F 175,000.00 ZZ
ONDERDONK JOHN A 360 174,085.47 76
136 WAVERLY PLACE APT 6A 8.250 1,314.72 69
8.000 1,314.72 255,000.00
NEW YORK NY 10014 2 08/11/95 00
687608 12 10/01/95 0
687608 O 09/01/25
0
1492628 F45/F45 F 278,550.00 ZZ
MCCORMACK SEAN M 360 275,372.74 1
58 ELIZABETH STREET 7.875 2,019.68 89
7.625 2,019.68 315,000.00
BERNARDS NJ 07920 1 07/25/95 01
687616 05 09/01/95 25
687616 O 08/01/25
0
1492629 F45/F45 F 340,000.00 ZZ
GLAZIER MICHAEL A 360 337,554.39 1
10 WINSLOW ROAD 7.250 2,319.40 74
7.000 2,319.40 465,000.00
WESTON CT 06883 1 07/26/95 00
687632 05 09/01/95 0
687632 O 08/01/25
0
1492630 F45/F45 F 52,000.00 ZZ
DORFF NORMAN 360 51,715.62 259
115 EAST 9TH STREET, APT 8F 8.625 404.45 23
8.375 404.45 226,000.00
NEW YORK NY 10003 1 07/25/95 00
687681 12 09/01/95 0
687681 O 08/01/25
0
1492631 F45/F45 F 240,000.00 ZZ
GARCEAU JEFFREY A 360 238,619.36 1
1
21 BROOK LANE 8.375 1,824.17 71
8.125 1,824.17 340,000.00
RYE BROOK NY 10573 1 07/26/95 00
687889 05 09/01/95 0
687889 O 08/01/25
0
1492632 F45/F45 F 212,000.00 ZZ
CESARMAN ETHEL 360 210,685.11 1
820 PARK AVENUE 8.000 1,555.58 78
7.750 1,555.58 275,000.00
HOBOKEN NJ 07030 1 07/27/95 00
688051 07 09/01/95 0
688051 O 08/01/25
0
1492633 F45/F45 F 65,600.00 ZZ
CHICOINE SUSAN A 360 65,183.21 52
150 WEST 55TH STREET APT 4E 8.125 487.08 73
7.875 487.08 90,000.00
NEW YORK NY 10019 1 07/27/95 00
688267 11 09/01/95 0
688267 O 08/01/25
0
1492634 F45/F45 F 256,000.00 ZZ
O'CONOR ANDREW J 360 234,213.84 1
9 IRVING PLACE 8.250 1,923.24 79
8.000 1,923.24 325,000.00
IRVINGTON NY 10533 1 07/27/95 00
688309 05 09/01/95 0
688309 O 08/01/25
0
1492635 F45/F45 F 328,600.00 ZZ
ZIKUSOKA AGGREY 360 326,349.50 1
108 S. LONGFELLOW DRIVE 7.500 2,297.62 80
7.250 2,297.62 415,000.00
WEST WINDSOR NJ 08550 1 07/27/95 00
688416 05 09/01/95 0
688416 O 08/01/25
0
1492637 F45/F45 F 650,000.00 ZZ
IACONE JOHN 360 645,548.38 1
1 TALL OAK COURT 7.500 4,544.89 51
7.250 4,544.89 1,290,000.00
OYSTER BAY COVE NY 11771 1 07/27/95 00
688580 05 09/01/95 0
1
688580 O 08/01/25
0
1492638 F45/F45 F 219,400.00 ZZ
BARTELS JEANNIE 360 218,132.82 1
46 WEBB AVE 7.750 1,571.81 72
7.500 1,571.81 306,000.00
STAMFORD CT 06902 2 07/31/95 00
689042 05 10/01/95 0
689042 O 09/01/25
0
1492639 F45/F45 F 256,500.00 ZZ
LEW KENNETH 360 255,192.92 1
122 HUNTLEY DRIVE 8.375 1,949.59 95
8.125 1,949.59 270,000.00
ARDSLEY NY 10502 1 08/01/95 11
689091 05 10/01/95 30
689091 O 09/01/25
0
1492640 F45/F45 F 60,000.00 ZZ
EMMI PATRICIA C 357 59,755.10 1
100 BARRAUD DR 8.125 446.38 31
7.875 446.38 199,000.00
PORT JEFFERSON NY 11776 1 12/04/95 00
689323 05 12/01/95 0
689323 O 08/01/25
0
1492641 F45/F45 F 218,800.00 ZZ
SIDEBOTHAM JAMES M 360 217,373.71 100
415 EAST 85TH ST APT 2D/2E 7.750 1,567.51 80
7.500 1,567.51 275,000.00
NEW YORK NY 10028 1 07/28/95 00
689356 10 09/01/95 0
689356 O 08/01/25
0
1492642 F45/F45 F 250,000.00 ZZ
WIESENECK TODD J 360 246,602.06 1
39 GREENVIEW WAY 7.375 1,726.69 65
7.125 1,726.69 385,000.00
MONTCLAIR NJ 07043 1 07/28/95 00
689752 05 09/01/95 0
689752 O 08/01/25
0
1
1492643 F45/F45 F 428,000.00 ZZ
PERRETTI VINCENT 360 425,475.07 1
415 FAWNS RUN 8.250 3,215.42 80
8.000 3,215.42 535,000.00
MARLBORO NJ 07746 1 07/31/95 00
689893 05 09/01/95 0
689893 O 08/01/25
0
1492644 F45/F45 F 238,000.00 ZZ
ZABRANSKY JAMES E 360 236,486.56 1
35 HENNESSY DRIVE 7.875 1,725.67 84
7.625 1,725.67 285,000.00
HUNTINGTON NY 11743 1 07/28/95 10
689927 05 09/01/95 25
689927 O 08/01/25
0
1492645 F45/F45 F 304,000.00 ZZ
SAMUELS GENE 360 302,294.75 1
6 PICKERING PLACE 8.500 2,337.50 76
8.250 2,337.50 400,000.00
DIX HILLS NY 11746 1 07/31/95 00
689968 05 09/01/95 0
689968 O 08/01/25
0
1492646 F45/F45 F 300,000.00 ZZ
CHAPMAN STEPHEN G 360 296,426.77 1
515 WESTCHESTER AVENUE 7.875 2,175.21 62
7.625 2,175.21 490,000.00
YONKERS NY 10707 1 07/31/95 00
690016 05 09/01/95 0
690016 O 08/01/25
0
1492647 F45/F45 F 492,000.00 ZZ
GOLD DAVID 360 488,373.66 1
23 SKY VIEW DRIVE 7.125 3,314.70 80
6.875 3,314.70 615,000.00
ARMONK NY 10504 1 07/31/95 00
690024 05 09/01/95 0
690024 O 08/01/25
0
1492648 F45/F45 F 277,600.00 ZZ
WALDEN SOLOMON 360 275,962.29 1
49 ROGER DRIVE 8.250 2,085.52 80
8.000 2,085.52 347,000.00
1
PORT WASHINGTON NY 11050 1 07/31/95 00
690180 05 09/01/95 0
690180 O 08/01/25
0
1492649 F45/F45 F 310,000.00 ZZ
O'BRIEN FRANCIS J 360 308,028.72 38
119 EAST 84TH ST APT 7A 7.875 2,247.72 75
7.625 2,247.72 415,000.00
NEW YORK NY 10028 1 07/31/95 00
690313 12 09/01/95 0
690313 O 08/01/25
0
1492650 F45/F45 F 600,000.00 ZZ
MURRAY A Q 360 595,577.72 1
55 SOUTHERN BOULEVARD 7.125 4,042.31 68
6.875 4,042.31 892,000.00
CHATHAM TOWNSHI NJ 07928 1 07/31/95 00
690727 05 09/01/95 0
690727 O 08/01/25
0
1492651 F45/F45 F 488,000.00 ZZ
GUTTA JAYANTH K 360 485,250.76 1
15 CASTLE DRIVE 7.875 3,538.34 80
7.625 3,538.34 610,000.00
WOODBURY NY 11797 1 08/01/95 00
690867 05 10/01/95 0
690867 O 09/01/25
0
1492652 F45/F45 F 228,000.00 ZZ
ROSSLAND JOHN 360 226,715.50 1
2 GREENWAY 7.875 1,653.16 80
7.625 1,653.16 285,000.00
ROSLYN NY 11576 2 08/01/95 00
690875 05 10/01/95 0
690875 O 09/01/25
0
1492653 F45/F45 F 320,000.00 ZZ
GALLIVAN JOHN 360 315,459.23 1
23 LAWRENCE LANE 7.875 2,320.22 77
7.625 2,320.22 420,000.00
BAY SHORE NY 11706 1 08/04/95 00
690909 05 10/01/95 0
690909 O 09/01/25
0
1
1492654 F45/F45 F 580,000.00 ZZ
BUFORD JR ROBERT S 360 576,891.90 1
54 JAFFRAY COURT 8.125 4,306.48 80
7.875 4,306.48 725,000.00
IRVINGTON NY 10533 2 08/01/95 00
690958 05 10/01/95 0
690958 O 09/01/25
0
1492655 F45/F45 F 430,000.00 ZZ
GINGOLD ALYSSA 360 419,557.72 1
12 CLEARMEADOW LANE 8.250 3,230.45 62
8.000 3,230.45 700,000.00
WOODBURY NY 11797 1 08/01/95 00
691030 05 10/01/95 0
691030 O 09/01/25
0
1492656 F45/F45 F 418,400.00 ZZ
MINTZ ALAN 360 416,101.00 1
23 BIRCH GROVE DRIVE 8.000 3,070.07 80
7.750 3,070.07 525,000.00
ARMONK NY 10514 1 08/01/95 00
691055 05 10/01/95 0
691055 O 09/01/25
0
1492657 F45/F45 F 224,000.00 ZZ
CERIELLO JAMES P 360 222,706.30 1
25 HARRETON ROAD 7.750 1,604.76 80
7.500 1,604.76 280,000.00
ALLENDALE NJ 07401 1 08/02/95 00
691303 05 10/01/95 0
691303 O 09/01/25
0
1492658 F45/F45 F 325,000.00 ZZ
BERMAN SCOTT 360 323,075.81 1
92 OAK HILL ROAD 7.625 2,300.33 65
7.375 2,300.33 500,000.00
CHAPPAQUA NY 10514 1 08/02/95 00
691410 05 10/01/95 0
691410 O 09/01/25
0
1492659 F45/F45 F 430,000.00 ZZ
HOGAN KEVIN 360 427,637.24 1
1
7 HEATHER LANE 8.000 3,155.19 80
7.750 3,155.19 540,000.00
MUTTONTOWN NY 11753 1 08/02/95 00
691444 05 10/01/95 0
691444 O 09/01/25
0
1492661 F45/F45 F 60,000.00 ZZ
FINIO MARTIN 360 59,653.33 5
17 WARREN STREET APT 5A 7.750 429.85 28
7.500 429.85 216,000.00
NEW YORK NY 10017 1 08/02/95 00
691485 12 10/01/95 0
691485 O 09/01/25
0
1492662 F45/F45 F 256,400.00 ZZ
ROMEO RICHARD P 360 254,946.69 1
207 FOREST DRIVE 8.000 1,881.37 78
7.750 1,881.37 330,000.00
MOUNT KISCO NY 10549 1 08/02/95 00
691501 05 10/01/95 0
691501 O 09/01/25
0
1492663 F45/F45 F 312,500.00 ZZ
KOREN PAUL M 360 310,825.41 45
APT 14C 45 EAST 72ND STREET 8.125 2,320.30 50
7.875 2,320.30 625,000.00
NEW YORK NY 10021 1 08/02/95 00
691519 12 10/01/95 0
691519 O 09/01/25
0
1492664 F45/F45 F 223,000.00 ZZ
AZEVEDO JOSEPH 360 221,834.69 1
276 THOMAS STREET 8.250 1,675.32 80
8.000 1,675.32 279,000.00
STATEN ISLAND NY 10306 1 08/03/95 00
691535 05 10/01/95 0
691535 O 09/01/25
0
1492666 F45/F45 F 298,400.00 ZZ
SILVER STANLEY 360 296,760.38 1
UNIT 22C 311 EAST 38TH STREET 8.000 2,189.55 80
7.750 2,189.55 373,000.00
NEW YORK NY 10016 1 08/03/95 00
691634 01 10/01/95 0
1
691634 O 09/01/25
0
1492667 F45/F45 F 519,200.00 ZZ
BLUM MICHAEL 360 515,917.50 1
3 TODD LANE 8.375 3,946.30 80
8.125 3,946.30 650,000.00
SOMERS NY 10589 1 08/03/95 00
691659 05 10/01/95 0
691659 O 09/01/25
0
1492668 F45/F45 F 500,000.00 ZZ
BAUM WILLIAM D 360 496,965.70 1
28 ORMOND PARK ROAD 7.500 3,496.07 56
7.250 3,496.07 905,000.00
BROOKVILLE NY 11545 1 08/03/95 00
691915 05 10/01/95 0
691915 O 09/01/25
0
1492669 F45/F45 F 460,000.00 ZZ
DOOLEY PATRICK 360 457,408.51 1
7 BREVOORT LANE 7.875 3,335.32 80
7.625 3,335.32 575,000.00
RYE NY 10580 1 08/04/95 00
691931 05 10/01/95 0
691931 O 09/01/25
0
1492670 F45/F45 F 212,000.00 ZZ
CROCKER HAROLD G 360 210,805.63 1
15 ROBINS WOOD LANE 7.875 1,537.15 80
7.625 1,537.15 265,000.00
SOUTH SALEM NY 10590 1 08/04/95 00
691949 05 10/01/95 0
691949 O 09/01/25
0
1492671 F45/F45 F 182,000.00 ZZ
TANZI JOHN J 360 180,613.76 1
33 BENEDICT AVENUE 7.625 1,288.18 80
7.375 1,288.18 227,500.00
STATEN ISLAND NY 10314 1 08/04/95 00
692020 05 10/01/95 0
692020 O 09/01/25
0
1
1492672 F45/F45 F 282,000.00 ZZ
PERGOLA RICHARD M 360 280,411.27 1
6 BRIARWOOD LANE 7.875 2,044.70 49
7.625 2,044.70 580,000.00
ORANGEBURG NY 10962 2 08/04/95 00
692053 05 10/01/95 0
692053 O 09/01/25
0
1492673 F45/F45 F 308,000.00 ZZ
FRANK MICHAEL T 360 306,307.65 1
6 THORMAN LANE 8.000 2,259.99 79
7.750 2,259.99 390,000.00
HUNTINGTON NY 11743 1 08/04/95 00
692186 05 10/01/95 0
692186 O 09/01/25
0
1492674 F45/F45 F 124,000.00 ZZ
ELY ONDINA M 360 123,228.70 34
350 EAST 57TH STREET APT 4A 7.375 856.44 40
7.125 856.44 315,000.00
NEW YORK NY 10022 1 08/07/95 00
692343 11 10/01/95 0
692343 O 09/01/25
0
1492675 F45/F45 F 210,000.00 ZZ
BLYSKAL RONALD R 360 208,725.59 1
1627 CORNELIUS AVENUE 7.500 1,468.35 80
7.250 1,468.35 265,000.00
WANTAGH NY 11793 1 08/07/95 00
692384 05 10/01/95 0
692384 O 09/01/25
0
1492676 F45/F45 F 350,000.00 ZZ
SCHAEFER MICHAEL R 360 348,069.93 497
15 WEST 72ND STREET APT 37G 8.125 2,598.74 64
7.875 2,598.74 555,000.00
NEW YORK NY 10023 1 08/07/95 00
692574 12 10/01/95 0
692574 O 09/01/25
0
1492677 F45/F45 F 252,900.00 ZZ
NORTHRUP GREGORY 360 251,611.34 1
75 MONROE STREET 8.375 1,922.22 90
8.125 1,922.22 281,000.00
1
PELHAM MANOR NY 10803 1 08/08/95 04
692764 05 10/01/95 25
692764 O 09/01/25
0
1492678 F45/F45 F 220,000.00 ZZ
DODD RAYMOND J 360 217,439.63 1
367 FIFTH STREET 7.125 1,482.18 40
6.875 1,482.18 560,000.00
BROOKLYN NY 11215 2 08/08/95 00
692798 05 10/01/95 0
692798 O 09/01/25
0
1492679 F45/F45 F 293,400.00 ZZ
DA COSTA DENNIS 360 289,745.07 1
7 SANFORD STREET 8.375 2,230.05 80
8.125 2,230.05 370,000.00
PLEASANTVILLE NY 10570 1 08/08/95 00
692830 05 10/01/95 0
692830 O 09/01/25
0
1492680 F45/F45 F 136,000.00 ZZ
DI GUARDIA JR ANDREW J 360 135,154.08 1
3 CAMELOT COURT 7.375 939.32 52
7.125 939.32 264,000.00
CLINTON NJ 08833 1 08/08/95 00
692871 05 10/01/95 0
692871 O 09/01/25
0
1492681 F45/F45 F 313,500.00 ZZ
RYAN THOMAS 360 311,777.41 1
7 ROBIN ROAD 8.000 2,300.35 69
7.750 2,300.35 460,000.00
SOMERS NY 10589 5 08/08/95 00
692962 05 10/01/95 0
692962 O 09/01/25
0
1492682 F45/F45 F 650,000.00 ZZ
HYLAND THOMAS P 360 646,516.78 1
5 BUTTERCUP LANE 8.125 4,826.23 74
7.875 4,826.23 885,000.00
HOLMDEL NJ 07733 5 08/09/95 00
693184 05 10/01/95 0
693184 O 09/01/25
0
1
1492684 F45/F45 F 280,000.00 ZZ
HARRINGTON MICHAEL J 360 278,171.04 1
12310 TURLEY DRIVE 7.125 1,886.41 80
6.875 1,886.41 350,000.00
POTOMAC MD 20878 2 08/09/95 00
693242 03 10/01/95 0
693242 O 09/01/25
0
1492685 F45/F45 F 472,500.00 ZZ
DAWSON PATRICK J 360 469,378.42 1
651 SAGAPONACK ROAD 7.250 3,223.28 79
7.000 3,223.28 600,000.00
SAGAPONACK NY 11962 2 08/09/95 00
693291 05 10/01/95 0
693291 O 09/01/25
0
1492686 F45/F45 F 268,000.00 ZZ
SENDER MICHAEL 360 266,490.14 1
35 VALLEY DRIVE 7.875 1,943.19 67
7.625 1,943.19 400,000.00
HUNTINGTON BAY NY 11743 5 08/09/95 00
693309 05 10/01/95 0
693309 O 09/01/25
0
1492687 F45/F45 F 250,000.00 ZZ
FEINSTEIN DANIEL J 360 233,328.65 1
134 WHEATLEY ROAD 7.625 1,769.48 34
7.375 1,769.48 755,000.00
BROOKVILLE NY 11545 1 08/10/95 00
693465 05 10/01/95 0
693465 O 09/01/25
0
1492688 F45/F45 F 240,000.00 ZZ
GLASER THOMAS 360 238,470.19 1
91 PRESCOTT DRIVE 7.250 1,637.22 79
7.000 1,637.22 306,000.00
DEMAREST NJ 07627 1 08/10/95 00
693630 05 10/01/95 0
693630 O 09/01/25
0
1492689 F45/F45 F 219,100.00 ZZ
BRUNO JEFFREY 360 216,992.51 1
1
7 WESTON DR AKA 7 SHANNON WAY 7.875 1,588.63 80
7.625 1,588.63 276,000.00
ALEXANDRIA NJ 08867 1 08/10/95 00
693671 05 10/01/95 0
693671 O 09/01/25
0
1492690 F45/F45 F 85,600.00 ZZ
SOLOMON ELAINE 360 85,185.36 69
330 EAST 79TH STREET APT 8F 8.625 665.79 80
8.375 665.79 107,000.00
NEW YORK NY 10021 1 08/10/95 00
693713 11 10/01/95 0
693713 O 09/01/25
0
1492691 F45/F45 F 285,000.00 ZZ
MUSTICH JR JAMES G 360 283,312.66 1
33 JEREMY DRIVE 7.625 2,017.21 74
7.375 2,017.21 390,000.00
NEW FAIRFIELD CT 06812 1 08/10/95 00
693812 05 10/01/95 0
693812 O 09/01/25
0
1492692 F45/F45 F 352,000.00 ZZ
BLACK SETH 360 350,065.86 1
19 THE TULIPS 8.000 2,582.85 78
7.750 2,582.85 452,000.00
ROSLYN ESTATES NY 11576 1 08/11/95 00
694083 05 10/01/95 0
694083 O 09/01/25
0
1492693 F45/F45 F 232,000.00 ZZ
PORTER MICHAEL J 360 230,725.25 1
159 WAVERLY ROAD 8.000 1,702.33 80
7.750 1,702.33 290,000.00
NEW ROCHELLE NY 10583 1 08/11/95 00
694190 05 10/01/95 0
694190 O 09/01/25
0
1492694 F45/F45 F 304,200.00 ZZ
MCKAY DOUGLAS 360 302,398.95 1
83 GARDINER STREET 7.625 2,153.11 75
7.375 2,153.11 410,000.00
DARIEN CT 06820 1 08/11/95 00
694265 05 10/01/95 0
1
694265 O 09/01/25
0
1492695 F45/F45 F 320,000.00 ZZ
LOCASTRO DOREEN 360 318,151.81 2
255 ASPINWALL STREET 7.750 2,292.52 66
7.500 2,292.52 490,000.00
STATEN ISLAND NY 10307 1 08/11/95 00
694372 05 10/01/95 0
694372 O 09/01/25
0
1492696 F45/F45 F 266,000.00 ZZ
MUNTER RICKY S 360 264,463.66 1
24 ROCKLAND DRIVE 7.750 1,905.66 80
7.500 1,905.66 333,000.00
JERICHO NY 11753 1 08/14/95 00
694380 05 10/01/95 0
694380 O 09/01/25
0
1492697 F45/F45 F 336,500.00 ZZ
GINIS ROBERT E 360 334,301.99 1
2201 TORONTO STREET 7.125 2,267.06 74
6.875 2,267.06 455,000.00
FALLS CHURCH VA 22043 5 08/14/95 00
694521 05 10/01/95 0
694521 O 09/01/25
0
1492698 F45/F45 F 296,000.00 ZZ
GASIOR GREGORY R 360 294,373.57 1
11 WINGED FOOT COURT 8.000 2,171.94 89
7.750 2,171.94 335,000.00
MONTGOMERY TOWN NJ 08558 2 08/14/95 04
694612 05 10/01/95 30
694612 O 09/01/25
0
1492699 F45/F45 F 390,000.00 ZZ
PEARLSTEIN ANDREW S 360 387,574.25 1
12504 SPLIT CREEK COURT 7.375 2,693.63 75
7.125 2,693.63 523,000.00
NORTH POTOMAC MD 20878 1 08/14/95 00
694687 05 10/01/95 0
694687 O 09/01/25
0
1
1492700 F45/F45 F 324,000.00 ZZ
STOLL JR EDWARD 360 322,128.66 1
25 HORSESHOE RIDGE ROAD 7.750 2,321.18 80
7.500 2,321.18 405,000.00
NEWTOWN CT 06470 1 08/14/95 00
694695 05 10/01/95 0
694695 O 09/01/25
0
1492701 F45/F45 F 222,400.00 ZZ
BRONSTEIN JANIS E 360 221,115.51 1
52 TANSEY LANE 7.750 1,593.30 80
7.500 1,593.30 278,000.00
BRIDGEHAMPTON NY 11937 1 08/14/95 00
694711 05 10/01/95 0
694711 O 09/01/25
0
1492702 F45/F45 F 283,500.00 ZZ
SONN JAMES J 360 280,619.97 1
21 DECHIARO LANE 8.125 2,104.98 90
7.875 2,104.98 316,000.00
WILLISTON PARK NY 11596 1 08/14/95 11
694745 05 10/01/95 25
694745 O 09/01/25
0
1492703 F45/F45 F 487,500.00 ZZ
FOX STEWART 360 484,887.61 1
23 VASSAR PLACE 8.125 3,619.67 75
7.875 3,619.67 650,000.00
ROCKVILLE CENTR NY 11570 5 08/01/95 00
694927 05 10/01/95 0
694927 O 09/01/25
0
1492704 F45/F45 F 300,000.00 ZZ
GIANFRANCESCO JR GEORGE 360 298,264.34 1
154 UPPER SHAD ROAD 7.875 2,175.21 71
7.625 2,175.21 425,000.00
POUND RIDGE NY 10576 1 08/15/95 00
695023 05 10/01/95 0
695023 O 09/01/25
0
1492705 F45/F45 F 105,000.00 ZZ
RONE RABBI 360 104,372.50 185
315 WEST 70TH STREET APT 7L 7.875 761.32 73
7.625 761.32 145,000.00
1
NEW YORK NY 10023 1 08/15/95 00
695106 11 10/01/95 0
695106 O 09/01/25
0
1492706 F45/F45 F 275,000.00 ZZ
WENGROVER BERNARD 360 273,450.76 1
100 HILTON AVENUE UNIT 416 7.875 1,993.94 63
7.625 1,993.94 440,000.00
GARDEN CITY NY 11530 1 08/15/95 00
695296 01 10/01/95 0
695296 O 09/01/25
0
1492707 F45/F45 F 235,000.00 ZZ
SELTZER NEAL 360 233,642.72 1
121 FINUCANE PLACE 7.750 1,683.57 76
7.500 1,683.57 310,000.00
WOODMERE NY 11598 1 08/15/95 00
695304 05 10/01/95 0
695304 O 09/01/25
0
1492708 F45/F45 F 235,000.00 ZZ
LIPMAN ROBERT M 360 233,676.11 1
5100 LAWTON DRIVE 7.875 1,703.91 66
7.625 1,703.91 361,000.00
BETHESDA MD 20816 1 08/15/95 00
695338 05 10/01/95 0
695338 O 09/01/25
0
1492709 F45/F45 F 250,000.00 ZZ
HOROWITZ DANIEL 360 248,556.09 1
64 CENTER ST. 7.750 1,791.03 52
7.500 1,791.03 490,000.00
WESTPORT CT 06880 1 08/01/95 00
695346 05 10/01/95 0
695346 O 09/01/25
0
1492710 F45/F45 F 292,500.00 ZZ
RODGERS ADAM 360 290,971.50 1
52 NEW STREET 8.250 2,197.45 90
8.000 2,197.45 325,000.00
RIDGEFIELD CT 06877 1 08/15/95 01
695353 05 10/01/95 25
695353 O 09/01/25
0
1
1492711 F45/F45 F 220,000.00 ZZ
IMPERATO ANDREW 360 218,906.98 1
123 REVERE ROAD 8.500 1,691.61 65
8.250 1,691.61 340,000.00
ROSLYN HEIGHTS NY 11577 1 08/16/95 00
695601 05 10/01/95 0
695601 O 09/01/25
0
1492712 F45/F45 F 425,000.00 ZZ
DUVAL PATRICK W 360 418,571.76 1
UNIT 8, 22WEST 66TH STREET 7.000 2,827.54 48
6.750 2,827.54 900,000.00
NEW YORK NY 10023 1 08/15/95 00
695650 01 10/01/95 0
695650 O 09/01/25
0
1492713 F45/F45 F 48,800.00 ZZ
COELLO GIOVANNI E 360 48,555.81 281
139-15 83RD AVENUE APT 724 8.625 379.56 76
8.375 379.56 65,000.00
BRIARWOOD NY 11435 1 08/16/95 00
695767 12 10/01/95 0
695767 O 09/01/25
0
1492714 F45/F45 F 216,000.00 ZZ
VENNITTI VINCENT J 360 214,926.87 1
41-79 GLENWOOD STREET 8.500 1,660.85 80
8.250 1,660.85 270,000.00
LITTLE NECK NY 11363 1 08/16/95 00
695775 05 10/01/95 0
695775 O 09/01/25
0
1492715 F45/F45 F 250,000.00 ZZ
TULLER ANDREW 360 248,519.88 1
19 LEBANON ROAD 7.625 1,769.48 61
7.375 1,769.48 415,000.00
SCARSDALE NY 10583 1 08/16/95 00
695817 05 10/01/95 0
695817 O 09/01/25
0
1492716 F45/F45 F 283,500.00 ZZ
MILKES JAY 360 281,980.78 1
1
24 NANCY'S LANE 8.125 2,104.98 90
7.875 2,104.98 315,000.00
POUND RIDGE NY 10576 2 08/16/95 04
695940 05 10/01/95 25
695940 O 09/01/25
0
1492717 F45/F45 F 633,750.00 ZZ
PIMENTEL JR MARIANO 360 630,179.62 1
430 STRAWTOWN ROAD 7.875 4,595.13 75
7.625 4,595.13 845,000.00
WEST NYACK NY 10994 2 08/16/95 00
695973 05 10/01/95 0
695973 O 09/01/25
0
1492718 F45/F45 F 50,000.00 ZZ
GRUBER WILLIAM 360 49,711.20 1,396
252-36 60 AVENUE APT 590 7.750 358.21 66
7.500 358.21 76,000.00
LITTLE NECK NY 11362 1 08/18/95 00
696005 12 10/01/95 0
696005 O 09/01/25
0
1492719 F45/F45 F 85,000.00 ZZ
KIRSHBERG RICHARD 360 84,509.08 111
501 EAST 79TH STREET, APT 12C 7.750 608.95 41
7.500 608.95 209,000.00
NEW YORK NY 10021 1 08/17/95 00
696021 12 10/01/95 0
696021 O 09/01/25
0
1492720 F45/F45 F 216,000.00 ZZ
PRIMAVERA RITA 360 214,953.71 1
26 PROSPECT RD 8.625 1,680.03 79
8.375 1,680.03 275,000.00
ATLANTIC HIGHLA NJ 07716 1 08/17/95 00
696054 05 10/01/95 0
696054 O 09/01/25
0
1492721 F45/F45 F 310,000.00 ZZ
FISHMAN ROBERT 360 308,379.97 1
51 WARREN STREET 8.250 2,328.93 80
8.000 2,328.93 390,000.00
HASTINGS-ON-HUD NY 10706 1 08/17/95 00
696146 05 10/01/95 0
1
696146 O 09/01/25
0
1492722 F45/F45 F 200,000.00 ZZ
KOPPEL JAMES D 360 198,693.58 1
12 BOULDERWOOD DRIVE 7.125 1,347.44 44
6.875 1,347.44 457,000.00
LIVINGSTON NJ 07039 1 08/17/95 00
696278 05 10/01/95 0
696278 O 09/01/25
0
1492723 F45/F45 F 396,000.00 ZZ
BALLEN MICHAEL 360 393,655.49 1
237 EVANDALE ROAD 7.625 2,802.86 80
7.375 2,802.86 500,000.00
SCARSDALE NY 10583 1 08/17/95 00
696302 05 10/01/95 0
696302 O 09/01/25
0
1492725 F45/F45 F 211,500.00 ZZ
ALAM S F 360 210,278.47 1
34 LAWTON AVENUE 7.750 1,515.21 90
7.500 1,515.21 235,000.00
HARTSDALE NY 10530 1 08/17/95 01
696500 05 10/01/95 25
696500 O 09/01/25
0
1492726 F45/F45 F 225,000.00 ZZ
MALLON JOHN F 360 223,794.27 1
ICE POND ROAD 8.125 1,670.62 75
7.875 1,670.62 300,000.00
BREWSTER NY 10509 5 08/17/95 00
696559 05 10/01/95 0
696559 O 09/01/25
0
1492727 F45/F45 F 228,000.00 ZZ
EVANS BRIAN P 360 226,650.11 1
20 WHITE PINE ROAD 7.625 1,613.77 80
7.375 1,613.77 286,000.00
SOUTH BRUNSWICK NJ 08831 1 08/29/95 00
696609 05 10/01/95 0
696609 O 09/01/25
0
1
1492728 F45/F45 F 123,500.00 ZZ
TZOU NOLAN 360 122,806.76 41
1045 PARK AVE #6C 8.375 938.69 54
8.125 938.69 230,000.00
NEW YORK NY 10028 1 08/18/95 00
696930 12 10/01/95 0
696930 O 09/01/25
0
1492729 F45/F45 F 283,500.00 ZZ
DEHN THOMAS J 360 282,055.43 1
26 WOODCHUCK LANE 8.375 2,154.80 90
8.125 2,154.80 315,000.00
WILTON CT 06897 1 08/18/95 10
697029 05 10/01/95 25
697029 O 09/01/25
0
1492730 F45/F45 F 318,750.00 ZZ
TRACY CHARLES 360 317,166.37 1
UNIT PHC2 299 WEST 12TH STREET 8.500 2,450.91 75
8.250 2,450.91 425,000.00
NEW YORK NY 10014 1 08/18/95 00
697169 01 10/01/95 0
697169 O 09/01/25
0
1492731 F45/F45 F 384,000.00 ZZ
SOTNICK CLIFFORD 360 375,908.44 1
9613 WIND CROFT WAY 7.375 2,652.19 80
7.125 2,652.19 480,000.00
POTOMAC MD 20854 1 08/18/95 00
697185 05 10/01/95 0
697185 O 09/01/25
0
1492732 F45/F45 F 350,000.00 ZZ
LAVORGNA MICHAEL M 360 347,927.79 1
12 DOGWOOD LANE 7.625 2,477.28 79
7.375 2,477.28 445,000.00
EAST HANOVER NJ 07936 1 08/18/95 00
697243 05 10/01/95 0
697243 O 09/01/25
0
1492733 F45/F45 F 270,000.00 ZZ
CECORA RAYMOND 360 268,658.53 1
105 GOLD PLACE 8.500 2,076.07 86
8.250 2,076.07 315,000.00
1
MALVERNE NY 11565 1 08/18/95 11
697326 05 10/01/95 25
697326 O 09/01/25
0
1492734 F45/F45 F 410,000.00 ZZ
SCUDIERI ANTHONY J 360 407,386.53 1
82 TAKOLUSA DRIVE 7.250 2,796.92 66
7.000 2,796.92 630,000.00
HOLMDEL NJ 07733 1 08/21/95 00
697458 05 10/01/95 0
697458 O 09/01/25
0
1492735 F45/F45 F 340,000.00 ZZ
PIERPONT SR JOHN T 360 338,036.28 1
1006 PROSPECT AVENUE 7.750 2,435.80 80
7.500 2,435.80 425,000.00
PELHAM MANOR NY 10803 1 08/18/95 00
697490 05 10/01/95 0
697490 O 09/01/25
0
1492736 F45/F45 F 268,800.00 ZZ
LIVOTI PHILLIP 300 266,485.41 1
80 STURGES STREET 8.000 2,074.64 80
7.750 2,074.64 336,000.00
STATEN ISLAND NY 10314 1 08/18/95 00
697557 05 10/01/95 0
697557 O 09/01/20
0
1492737 F45/F45 F 215,000.00 ZZ
ROUTLEDGE BRIAN R 360 213,847.85 1
62 VASSAR STREET 8.125 1,596.37 69
7.875 1,596.37 315,000.00
GARDEN CITY NY 11530 1 08/21/95 00
697581 05 10/01/95 0
697581 O 09/01/25
0
1492738 F45/F45 F 237,000.00 ZZ
RUBINO JAMES M 360 235,561.70 1
38 EAST LANE 7.500 1,657.14 75
7.250 1,657.14 320,000.00
STAMFORD CT 06905 2 08/21/95 00
697623 05 10/01/95 0
697623 O 09/01/25
0
1
1492740 F45/F45 F 222,400.00 ZZ
MICHELMAN ALEX 360 220,982.35 1
20 BOYD STREET 7.250 1,517.16 80
7.000 1,517.16 280,000.00
LONG BEACH NY 11561 1 08/21/95 00
697797 05 10/01/95 0
697797 O 09/01/25
0
1492741 F45/F45 F 284,800.00 ZZ
WALLACE ROBERT 360 283,195.50 1
130 BUCKINGHAM ROAD 7.875 2,065.00 75
7.625 2,065.00 380,000.00
MONTCLAIR NJ 07043 1 08/21/95 00
697805 05 10/01/95 0
697805 O 09/01/25
0
1492742 F45/F45 F 288,000.00 ZZ
ROSENBLATT RICHARD 360 284,074.87 7
APT 7 143 PRINCE STREET 8.250 2,163.65 41
8.000 2,163.65 705,000.00
NEW YORK NY 10012 1 08/21/95 00
697839 11 10/01/95 0
697839 O 09/01/25
0
1492743 F45/F45 F 250,000.00 ZZ
BARONE MARK A 360 248,482.80 1
38 ARGYLE ROAD 7.500 1,748.04 70
7.250 1,748.04 360,000.00
SCARSDALER NY 10583 1 08/21/95 00
697862 05 10/01/95 0
697862 O 09/01/25
0
1492744 F45/F45 F 265,000.00 ZZ
GOTTFRIED WENDY 360 263,507.11 1
24 FARMVIEW ROAD 7.875 1,921.43 50
7.625 1,921.43 530,000.00
PORT WASHINGTON NY 11050 1 08/21/95 00
697896 05 10/01/95 0
697896 O 09/01/25
0
1492745 F45/F45 F 136,000.00 ZZ
MASTOWSKI MARK 360 135,085.44 1
1
RAMTOWN GREENVILLE ROAD 7.625 962.60 80
7.375 962.60 171,000.00
HOWELL NJ 07731 1 08/21/95 00
697979 03 10/01/95 0
697979 O 09/01/25
0
1492746 F45/F45 F 214,500.00 ZZ
JOHNSON NEAL 360 213,350.50 1
5 LEON TERRACE 8.125 1,592.66 72
7.875 1,592.66 300,000.00
KINNELON NJ 07405 2 08/22/95 00
698084 05 10/01/95 0
698084 O 09/01/25
0
1492747 F45/F45 F 288,000.00 ZZ
BROWN CLIFFORD L 360 286,494.97 1
320 LYNCROFT ROAD 8.250 2,163.65 90
8.000 2,163.65 320,000.00
NEW ROCHELLE NY 10804 1 08/22/95 10
698233 05 10/01/95 25
698233 O 09/01/25
0
1492748 F45/F45 F 267,000.00 ZZ
KATZ BERNARD 360 265,407.26 1
143 BERRIAN ROAD 7.750 1,912.82 80
7.500 1,912.82 337,000.00
NEW ROCHELLE NY 10804 1 08/22/95 00
698258 05 10/01/95 0
698258 O 09/01/25
0
1492749 F45/F45 F 336,000.00 ZZ
MORETTI DANIEL 360 334,107.11 1
16 EDGEWOOD ROAD 7.875 2,436.23 80
7.625 2,436.23 420,000.00
SCARSDALE NY 10583 1 08/22/95 00
698274 05 10/01/95 0
698274 O 09/01/25
0
1492750 F45/F45 F 58,500.00 ZZ
COBURN CHRISTINE 360 58,209.38 193
400 EAST 85TH STREET 15A 8.500 449.81 72
8.250 449.81 82,000.00
NEW YORK NY 10021 1 08/21/95 00
698282 11 10/01/95 0
1
698282 O 09/01/25
0
1492751 F45/F45 F 428,000.00 ZZ
HAIGNEY WILLIAM F 360 425,706.41 1
44 DAVIS AVENUE 8.125 3,177.89 80
7.875 3,177.89 535,000.00
RYE NY 10580 1 08/22/95 00
698308 05 10/01/95 0
698308 O 09/01/25
0
1492752 F45/F45 F 280,250.00 ZZ
REYNOLDS JR OLNEY 360 278,785.51 1
19 WHITEWOOD ROAD 8.250 2,105.42 95
8.000 2,105.42 295,000.00
WHITE PLAINS NY 10603 1 08/23/95 10
698613 05 10/01/95 30
698613 O 09/01/25
0
1492753 F45/F45 F 230,000.00 ZZ
DIMENNA LOUIS 360 228,736.20 1
6 ARROWOOD DRIVE 8.000 1,687.66 75
7.750 1,687.66 308,000.00
SAINT JAMES NY 11780 2 08/23/95 00
698720 05 10/01/95 0
698720 O 09/01/25
0
1492754 F45/F45 F 264,000.00 ZZ
BORDES STEPHEN 360 262,512.74 1
177 LAKE AVE 7.875 1,914.18 80
7.625 1,914.18 330,000.00
GREENWICH CT 06830 1 08/22/95 00
698787 05 10/01/95 0
698787 O 09/01/25
0
1492755 F45/F45 F 650,000.00 ZZ
HOMLER ROBERT A 360 645,957.04 1
13 LAURELWOOD DRIVE 7.375 4,489.39 75
7.125 4,489.39 875,000.00
BERNARDSVILLE NJ 07924 1 08/23/95 00
698837 05 10/01/95 0
698837 O 09/01/25
0
1
1492756 F45/F45 F 214,250.00 ZZ
JACOBS KENNETH 360 213,012.60 1
6 SHADWELL COURT 7.750 1,534.91 78
7.500 1,534.91 276,000.00
WEST WINDSOR NJ 08550 1 08/01/95 00
699017 03 10/01/95 0
699017 O 09/01/25
0
1492757 F45/F45 F 296,000.00 ZZ
MCCOY JOHN S 360 294,373.57 1
54 LONGVIEW ROAD 8.000 2,171.94 79
7.750 2,171.94 375,000.00
PORT WASHINGTON NY 11050 1 08/23/95 00
699215 05 10/01/95 0
699215 O 09/01/25
0
1492758 F45/F45 F 385,000.00 ZZ
LARKIN JAMES P 360 381,951.08 1
23 ORCHARD FARM ROAD 6.875 2,529.18 66
6.625 2,529.18 585,000.00
PORT WASHINGTON NY 11050 1 08/23/95 00
699223 05 10/01/95 0
699223 O 09/01/25
0
1492759 F45/F45 F 232,000.00 ZZ
EPISCOPIO DOUGLAS J 360 230,592.03 1
39-33 222ND STREET 7.500 1,622.18 80
7.250 1,622.18 290,000.00
BAYSIDE NY 11361 1 08/24/95 00
699256 05 10/01/95 0
699256 O 09/01/25
0
1492760 F45/F45 F 400,000.00 ZZ
ROTTENBERG MARK M 360 397,450.23 1
72 ORCHARD ROAD 7.250 2,728.71 71
7.000 2,728.71 565,000.00
DEMAREST NJ 07627 2 08/24/95 00
699322 05 10/01/95 0
699322 O 09/01/25
0
1492761 F45/F45 F 270,000.00 ZZ
ISAACS GLENN 360 268,320.63 1
60 MEADOW DRIVE 7.375 1,864.82 74
7.125 1,864.82 365,000.00
1
WOODSBURGH NY 11598 1 08/24/95 00
699454 05 10/01/95 0
699454 O 09/01/25
0
1492762 F45/F45 F 251,500.00 ZZ
O'GORMAN ROBERT E 360 249,857.22 1
11001 BLENHEIM DRIVE 7.125 1,694.40 80
6.875 1,694.40 317,000.00
OAKTON VA 22124 1 08/24/95 00
699462 05 10/01/95 0
699462 O 09/01/25
0
1492763 F45/F45 F 500,000.00 ZZ
CHANCY ALEKSANDR 360 497,252.65 1
8 CYPRESS POINT DRIVE 8.000 3,668.82 80
7.750 3,668.82 625,000.00
PURCHASE NY 10577 1 08/24/95 00
699488 05 10/01/95 0
699488 O 09/01/25
0
1492764 F45/F45 F 240,350.00 ZZ
CERASOLI JR FRANCIS 360 238,817.92 1
25 TODD LANE 7.250 1,639.61 95
7.000 1,639.61 253,000.00
STAMFORD CT 06905 1 08/25/95 01
699850 05 10/01/95 30
699850 O 09/01/25
0
1492765 F45/F45 F 229,000.00 ZZ
KINNEY ROBERT J 360 227,575.60 1
2911 EDGEHILL DRIVE 7.375 1,581.65 80
7.125 1,581.65 288,000.00
ALEXANDRIA VA 22302 2 08/24/95 00
699892 05 10/01/95 0
699892 O 09/01/25
0
1492766 F45/F45 F 275,000.00 ZZ
KESSLER BRADLEY 360 273,507.91 1
33 LISA DRIVE 7.375 1,899.36 66
7.125 1,899.36 420,000.00
DIX HILLS NY 11746 1 09/05/95 00
699934 05 11/01/95 0
699934 O 10/01/25
0
1
1492768 F45/F45 F 225,000.00 ZZ
DILEONARDO VINCENT M 360 223,937.55 1
18 BAYVIEW TERRACE 8.750 1,770.08 47
8.500 1,770.08 485,000.00
GREEN BROOK NJ 08812 2 08/25/95 00
700054 05 10/01/95 0
700054 O 09/01/25
0
1492769 F45/F45 F 245,000.00 ZZ
LIPKIN PAUL H 360 243,571.06 1
28 BARTHEL COURT 8.000 1,797.72 66
7.750 1,797.72 375,000.00
TIMONIUM MD 21093 1 08/25/95 00
700112 05 10/01/95 0
700112 O 09/01/25
0
1492770 F45/F45 F 285,000.00 ZZ
INGRAM ANDREW D 360 283,227.36 1
4 KENFIELD ROAD 7.375 1,968.42 75
7.125 1,968.42 380,000.00
SOUTH SALEM NY 10590 1 08/25/95 00
700195 05 10/01/95 0
700195 O 09/01/25
0
1492771 F45/F45 F 279,000.00 ZZ
REID JAMES C 360 277,336.30 1
30 CHATHAM RD 7.750 1,998.79 90
7.500 1,998.79 310,000.00
NEW ROCHELLE NY 10804 1 08/25/95 10
700229 05 10/01/95 25
700229 O 09/01/25
0
1492772 F45/F45 F 254,000.00 ZZ
STRACHER TODD 360 252,604.34 1
30 COBB AVENUE 8.000 1,863.76 80
7.750 1,863.76 317,500.00
WHITE PLAINS NY 10606 1 08/25/95 00
700245 05 10/01/95 0
700245 O 09/01/25
0
1492773 F45/F45 F 216,000.00 ZZ
CARULLI LINDA A 360 214,752.47 1
1
12 MONTCLAIR COURT 7.750 1,547.45 80
7.500 1,547.45 270,000.00
EAST BRUNSWICK NJ 08816 1 08/25/95 00
700450 05 10/01/95 0
700450 O 09/01/25
0
1492774 F45/F45 F 312,000.00 ZZ
ARAPS FRANK T 360 310,410.14 1
72 BELLE GLADES LANE 8.375 2,371.43 80
8.125 2,371.43 394,000.00
MONTGOMERY TOWN NJ 08502 1 08/25/95 00
700500 05 10/01/95 0
700500 O 09/01/25
0
1492775 F45/F45 F 499,900.00 ZZ
SARLIN JONATHAN G 360 497,416.35 1
405 WEST 245TH STREET 8.500 3,843.80 79
8.250 3,843.80 635,000.00
BRONX NY 10471 1 08/28/95 00
700641 05 10/01/95 0
700641 O 09/01/25
0
1492776 F45/F45 F 225,000.00 ZZ
GONZALEZ PATRICK B 360 223,910.13 1
5 PATTEN AVENUE 8.625 1,750.03 89
8.375 1,750.03 255,000.00
ROCKVILLE CENTR NY 11570 1 08/28/95 14
700823 05 10/01/95 25
700823 O 09/01/25
0
1492777 F45/F45 F 292,000.00 ZZ
SONNENFELD KENNETH 360 290,395.56 1
25 SARATOGA DRIVE 8.000 2,142.59 80
7.750 2,142.59 365,000.00
JERICHO NY 11753 1 08/28/95 00
700831 05 10/01/95 0
700831 O 09/01/25
0
1492778 F45/F45 F 234,700.00 ZZ
SANDFORD THOMAS J 360 233,344.46 1
83 CHICORY LANE 7.750 1,681.42 90
7.500 1,681.42 262,000.00
HOPEWELL TOWNSH NJ 08638 1 08/28/95 10
700880 03 10/01/95 25
1
700880 O 09/01/25
0
1492779 F45/F45 F 215,000.00 ZZ
COHAN DAVID L 360 213,788.78 1
3 DAHILL ROAD 7.875 1,558.90 86
7.625 1,558.90 250,000.00
OLD BETHPAGE NY 11804 1 08/28/95 11
701177 05 10/01/95 25
701177 O 09/01/25
0
1492780 F45/F45 F 720,000.00 ZZ
SHIRE DAVID 360 716,422.82 1
19 LUDLOW LANE 8.500 5,536.18 60
8.250 5,536.18 1,200,000.00
PALISADES NY 10964 1 08/28/95 00
701227 05 10/01/95 0
701227 O 09/01/25
0
1492781 F45/F45 F 230,000.00 ZZ
SCHREIBER SETH 360 228,638.23 1
5 POWDER HORN DRIVE 7.625 1,627.93 62
7.375 1,627.93 375,000.00
WESLEY HILLS NY 10901 1 08/28/95 00
701250 05 10/01/95 0
701250 O 09/01/25
0
1492782 F45/F45 F 276,000.00 ZZ
GALIADI GREGORY C 360 274,365.91 1
1160 HAYMAN DRIVE 7.625 1,953.51 78
7.375 1,953.51 354,500.00
CROWNSVILLE MD 21032 1 08/25/95 00
701300 05 10/01/95 0
701300 O 09/01/25
0
1492783 F45/F45 F 213,000.00 ZZ
SEGALE ANDREW W 360 211,914.67 1
199 RHODE ISLAND AVENUE 8.375 1,618.95 95
8.125 1,618.95 225,000.00
MASSAPEQUA NY 11758 1 08/28/95 10
701326 05 10/01/95 30
701326 O 09/01/25
0
1
1492784 F45/F45 F 475,000.00 ZZ
BABCOCK ALAN 360 472,607.27 1
13 FIELDSTONE ROAD 7.750 3,402.96 74
7.500 3,402.96 650,000.00
RYE NY 10580 5 08/28/95 00
701367 05 11/01/95 0
701367 O 10/01/25
0
1492785 F45/F45 F 318,600.00 ZZ
ZELONY DAVID 360 316,849.40 1
2414 APPLE RIDGE CIRCLE 8.000 2,337.77 87
7.750 2,337.77 370,000.00
WALL NJ 08736 1 08/29/95 11
701433 03 10/01/95 25
701433 O 09/01/25
0
1492786 F45/F45 F 368,000.00 ZZ
NAGELBERG HOWARD 360 365,926.77 1
9 PADDOCK LANE 7.875 2,668.26 80
7.625 2,668.26 465,000.00
LAKE SUCCESS NY 11020 1 08/29/95 00
701482 05 10/01/95 0
701482 O 09/01/25
0
1492787 F45/F45 F 300,000.00 ZZ
PERL BEZALEL 360 298,223.83 1
3 PINE DRIVE 7.625 2,123.38 55
7.375 2,123.38 550,000.00
WOODBURY NY 11797 1 08/29/95 00
701490 05 10/01/95 0
701490 O 09/01/25
0
1492788 F45/F45 F 260,000.00 ZZ
PORTILLO GRISEL 360 258,675.12 1
89 HARLAN DRIVE 8.375 1,976.19 80
8.125 1,976.19 325,000.00
NEW ROCHELLE NY 10804 1 08/29/95 00
701540 05 10/01/95 0
701540 O 09/01/25
0
1492789 F45/F45 F 280,000.00 ZZ
SAUER BRUCE 360 278,422.60 1
954 CLIFFSIDE AVENUE 7.875 2,030.19 80
7.625 2,030.19 350,000.00
1
NORTH WOODMERE NY 11581 1 08/29/95 00
701755 05 10/01/95 0
701755 O 09/01/25
0
1492790 F45/F45 F 291,000.00 ZZ
ULEPIC DAVID J 360 289,401.06 1
1209 CRAYTON ROAD 8.000 2,135.25 72
7.750 2,135.25 405,000.00
HERNDON VA 22070 1 08/29/95 00
701953 03 10/01/95 0
701953 O 09/01/25
0
1492791 F45/F45 F 300,000.00 ZZ
ANNUNZIATO THOMAS C 360 296,440.28 1
123 ROCKLAND AVENUE 8.125 2,227.49 66
7.875 2,227.49 455,000.00
LARCHMONT NY 10538 1 08/30/95 00
701979 05 10/01/95 0
701979 O 09/01/25
0
1492792 F45/F45 F 248,000.00 ZZ
SALIH HAMBERT 360 246,671.04 1
28 LOCUST LANE 8.125 1,841.39 79
7.875 1,841.39 315,000.00
ROSLYN HEIGHTS NY 11577 1 08/30/95 00
701987 05 10/01/95 0
701987 O 09/01/25
0
1492793 F45/F45 F 395,000.00 ZZ
CONROY ROBERT J 360 392,960.19 1
1201 DENBIGH LANE 7.625 2,795.79 51
7.375 2,795.79 780,000.00
UPPER MERION PA 19087 2 08/30/95 00
702019 03 11/01/95 0
702019 O 10/01/25
0
1492794 F45/F45 F 265,000.00 ZZ
MUNCH WILLIAM 360 263,615.14 1
136 NASSAU ROAD 8.250 1,990.86 79
8.000 1,990.86 336,000.00
HUNTINGTON NY 11743 1 08/30/95 00
702159 05 10/01/95 0
702159 O 09/01/25
0
1
1492795 F45/F45 F 240,000.00 ZZ
ZOMBACK JEFFREY 360 238,613.85 1
89 ROBERT DRIVE 7.750 1,719.39 72
7.500 1,719.39 335,000.00
NEW ROCHELLE NY 10804 1 08/30/95 00
702209 05 10/01/95 0
702209 O 09/01/25
0
1492796 F45/F45 F 315,000.00 ZZ
GARNER BRUCE 360 312,992.04 1
183 ARGYLE ROAD 7.250 2,148.86 75
7.000 2,148.86 425,000.00
BROOKLYN NY 11218 1 08/01/95 00
702282 05 10/01/95 0
702282 O 09/01/25
0
1492797 F45/F45 F 230,000.00 ZZ
COHEN CHARLES R 360 228,533.87 1
1539 HEWLETT AVENUE 7.250 1,569.01 80
7.000 1,569.01 290,000.00
HEWLETT NY 11557 1 08/30/95 00
702290 05 10/01/95 0
702290 O 09/01/25
0
1492798 F45/F45 F 243,000.00 ZZ
MCCLAVE DAMIEN 360 241,697.78 1
39 SPICER ROAD 8.125 1,804.27 90
7.875 1,804.27 270,000.00
WESTPORT CT 06880 1 08/30/95 10
702324 05 10/01/95 25
702324 O 09/01/25
0
1492799 F45/F45 F 272,000.00 ZZ
WILDER DON C 360 270,349.35 1
5800 WESTCHESTER STREET 7.500 1,901.86 78
7.250 1,901.86 350,000.00
ALEXANDRIA VA 22310 1 08/30/95 00
702654 05 10/01/95 0
702654 O 09/01/25
0
1492800 F45/F45 F 225,000.00 ZZ
COHEN STEVEN B 360 223,824.21 1
1
5 KRISTOFFER COURT 8.250 1,690.36 79
8.000 1,690.36 285,000.00
NEW CITY NY 10956 1 08/31/85 00
702688 05 10/01/95 0
702688 O 09/01/25
0
1492802 F45/F45 F 300,000.00 ZZ
D'AMBROSIO JOSEPH 360 298,392.37 1
12 MONARCH LANE 8.125 2,227.49 67
7.875 2,227.49 450,000.00
FREEHOLD NJ 07728 1 08/31/95 00
702779 05 10/01/95 0
702779 O 09/01/25
0
1492803 F45/F45 F 465,400.00 ZZ
FELIBRICO OLIVER G 360 462,359.96 1
22 TWIN LAKES DRIVE 7.125 3,135.49 80
6.875 3,135.49 582,000.00
COLTS NECK NJ 07722 1 08/31/95 00
702829 05 10/01/95 0
702829 O 09/01/25
0
1492804 F45/F45 F 234,000.00 ZZ
CARVALHO JEFFREY 360 227,518.65 1
6 RUDDEN LANE 7.625 1,656.24 72
7.375 1,656.24 327,000.00
MORRIS PLAINS NJ 07950 1 08/31/95 00
702837 05 10/01/95 0
702837 O 09/01/25
0
1492805 F45/F45 F 260,000.00 ZZ
NEVINS GARY D 360 255,093.69 1
1355 TAMARACK ROAD 7.375 1,795.76 77
7.125 1,795.76 340,000.00
WALL NJ 08736 1 08/31/95 00
702852 03 10/01/95 0
702852 O 09/01/25
0
1492806 F45/F45 F 97,500.00 ZZ
CASCARDI JAMES W 360 96,930.66 1
121 SOUTHARD DRIVE 7.000 648.67 75
6.750 648.67 130,000.00
STAFFORD NJ 08050 5 08/31/95 00
702878 05 11/01/95 0
1
702878 O 10/01/25
0
1492807 F45/F45 F 246,750.00 ZZ
SEFRIN DEAN 360 245,567.66 1
37 SUNFISH LANE 8.000 1,810.56 80
7.750 1,810.56 310,000.00
MONROE NY 10950 1 09/01/95 00
702928 05 11/01/95 0
702928 O 10/01/25
0
1492808 F45/F45 F 380,000.00 ZZ
ROSS MICHAEL E 360 377,636.40 1
57 LONG MEADOW ROAD 7.375 2,624.57 69
7.125 2,624.57 555,000.00
GREENWICH CT 06878 1 08/30/95 00
702985 05 10/01/95 0
702985 O 09/01/25
0
1492809 F45/F45 F 372,000.00 ZZ
SICLARE JOSEPH 360 369,686.21 1
43 JEFFERSON DRIVE 7.375 2,569.31 73
7.125 2,569.31 510,000.00
RIDGEFIELD CT 06877 1 08/31/95 00
702993 05 10/01/95 0
702993 O 09/01/25
0
1492810 F45/F45 F 340,000.00 ZZ
FEINSTEIN MICHAEL 360 337,885.18 1
11 ST. GEORGE COURT 7.375 2,348.30 80
7.125 2,348.30 428,000.00
MELVILLE NY 11747 1 08/31/95 00
703033 05 10/01/95 0
703033 O 09/01/25
0
1492811 F45/F45 F 39,600.00 ZZ
BRANDIN WESTLEY 360 39,342.17 2,904
245-15 76TH AVENUE 2ND FL GV15 7.750 283.70 80
FL-2 7.500 283.70 50,000.00
BELLEROSE NY 11426 1 08/31/95 00
703058 11 10/01/95 0
703058 O 09/01/25
0
1
1492812 F45/F45 F 400,000.00 ZZ
SIGGELKOW RICHARD 360 398,111.26 1
28 SMITH AVENUE 8.750 3,146.80 89
8.500 3,146.80 450,000.00
SOUTH NYACK NY 10960 1 08/31/95 04
703215 05 10/01/95 25
703215 O 09/01/25
0
1492813 F45/F45 F 471,000.00 ZZ
MADONNA PAUL 360 458,530.18 1
17 DOGWOOD HILL 8.375 3,579.94 61
8.125 3,579.94 778,000.00
BROOKVILLE NY 11545 1 08/31/95 00
703256 05 10/01/95 0
703256 O 09/01/25
0
1492814 F45/F45 F 240,000.00 ZZ
OBERT WILLIAM A 360 238,713.91 1
22 LAKE TRAIL WEST 8.125 1,781.99 80
7.875 1,781.99 302,500.00
HARDING TWP NJ 07462 1 08/31/95 00
703264 05 10/01/95 0
703264 O 09/01/25
0
1492815 F45/F45 F 400,800.00 ZZ
SPIEGEL PAUL 360 398,973.60 1
2 LONG POND COURT 8.250 3,011.08 77
8.000 3,011.08 524,000.00
ARMONK NY 10504 1 09/01/95 00
703785 05 11/01/95 0
703785 O 10/01/25
0
1492816 F45/F45 F 136,000.00 ZZ
GIANGRANDE GEORGE 360 135,380.29 1
8 STATE PLACE 8.250 1,021.72 76
8.000 1,021.72 180,000.00
HUNTINGTON NY 11743 1 09/01/95 00
703819 05 11/01/95 0
703819 O 10/01/25
0
1492817 F45/F45 F 250,000.00 ZZ
RUBIN MILES A 360 247,482.06 1
25 RODNEY ROAD 7.625 1,769.48 55
7.375 1,769.48 460,000.00
1
SCARSDALE NY 10583 1 09/01/95 00
703967 05 11/01/95 0
703967 O 10/01/25
0
1492819 F45/F45 F 299,000.00 ZZ
SCHENDEL KEVIN 240 295,145.83 1
1908 WILSON POINT ROAD 7.625 2,431.63 90
7.375 2,431.63 335,000.00
BALTIMORE MD 21220 2 08/01/95 10
704130 05 11/01/95 25
704130 O 10/01/15
0
1492820 F45/F45 F 139,900.00 ZZ
SWIFT ROLLAND E 240 137,736.64 1
50 MADDAKET VILLAGE 7.250 1,105.74 80
7.000 1,105.74 175,000.00
SCOTCH PLAINS NJ 07076 1 09/01/95 00
704171 01 11/01/95 0
704171 O 10/01/15
0
1492821 F45/F45 F 225,000.00 ZZ
SARGENT GEORGE P 360 223,838.07 1
420 BASSWOOD LANE 7.625 1,592.54 79
7.375 1,592.54 287,000.00
MARLBORO NJ 07751 1 09/01/95 00
704361 05 11/01/95 0
704361 O 10/01/25
0
1492822 F45/F45 F 226,800.00 ZZ
KNUST PAUL J 360 225,766.54 1
8 STIRRUP LANE 8.250 1,703.87 90
8.000 1,703.87 252,000.00
SETAUKET NY 11733 1 09/06/95 14
704585 05 11/01/95 25
704585 O 10/01/25
0
1492823 F45/F45 F 264,000.00 ZZ
KENNY LAWRENCE P 360 261,830.99 1
146 BOND STREET 8.000 1,937.14 80
7.750 1,937.14 330,000.00
BROOKLYN NY 11217 1 09/05/95 00
704593 05 11/01/95 0
704593 O 10/01/25
0
1
1492824 F45/F45 F 260,000.00 ZZ
PAIUSCO AUGUSTO D 360 258,844.79 1
22 INDIAN HILL 8.375 1,976.19 77
8.125 1,976.19 340,000.00
NEW ROCHELLE NY 10801 1 09/05/95 00
704635 01 11/01/95 0
704635 O 10/01/25
0
1492825 F45/F45 F 264,000.00 T
VODA STEPHEN E 360 262,797.03 1
1307 OCEAN BOULEVARD 8.250 1,983.34 79
8.000 1,983.34 335,000.00
SHIP BOTTOM NJ 08008 1 09/01/95 00
704692 05 11/01/95 0
704692 O 10/01/25
0
1492826 F45/F45 F 292,500.00 ZZ
FITZPATRICK MICHAEL K 360 290,989.49 1
1982 LEONARD DRIVE 7.625 2,070.30 89
7.375 2,070.30 330,000.00
DOVER TOWNSHIP NJ 08753 1 09/01/95 04
704718 05 11/01/95 25
704718 O 10/01/25
0
1492827 F45/F45 F 225,000.00 ZZ
MURPHY KENNETH 360 224,000.32 1
3 WILLIAMS DRIVE 8.375 1,710.16 75
8.125 1,710.16 300,000.00
MASSAPEQUA PARK NY 11762 1 09/05/95 00
704742 05 11/01/95 0
704742 O 10/01/25
0
1492828 F45/F45 F 325,000.00 ZZ
JARVIS JEFFREY A 360 323,147.95 1
141 DEER RIDGE ROAD 7.125 2,189.59 64
6.875 2,189.59 515,000.00
BERNARDS NJ 07920 1 09/05/95 00
704791 05 11/01/95 0
704791 O 10/01/25
0
1492829 F45/F45 F 220,000.00 ZZ
FAZIO GERARD T 360 218,806.32 1
1
6 GIDEON REYNOLDS ROAD 7.375 1,519.49 44
7.125 1,519.49 500,000.00
CROSS RIVER NY 10518 1 09/05/95 00
704825 05 11/01/95 0
704825 O 10/01/25
0
1492830 F45/F45 F 332,000.00 ZZ
HIRSHFIELD GARY 360 330,409.09 1
54 LITCHFIELD ROAD 8.000 2,436.10 78
7.750 2,436.10 427,500.00
PORT WASHINGTON NY 11050 2 09/06/95 00
705012 05 11/01/95 0
705012 O 10/01/25
0
1492831 F45/F45 F 300,000.00 ZZ
MARCHESANO JOHN E 360 298,632.95 1
164 WEST WATERVIEW STREET 8.250 2,253.80 73
8.000 2,253.80 415,000.00
NORTHPORT NY 11768 1 09/06/95 00
705020 05 11/01/95 0
705020 O 10/01/25
0
1492832 F45/F45 F 319,500.00 ZZ
XIANG SHAOKUN S 360 317,890.58 1
142 BARCLAY DRIVE 7.750 2,288.94 90
7.500 2,288.94 355,000.00
STAMFORD CT 06903 1 09/06/95 14
705053 05 11/01/95 25
705053 O 10/01/25
0
1492833 F45/F45 F 95,000.00 ZZ
CODDINGTON MICHAEL D 360 93,957.08 333
2 TUDOR PLACE APT 14D NORTH 8.250 713.70 70
8.000 713.70 137,000.00
NEW YORK NY 10017 1 09/06/95 00
705087 11 11/01/95 0
705087 O 10/01/25
0
1492834 F45/F45 F 200,000.00 ZZ
WEBB III JOHN G 360 199,064.40 1
10 WINDY HILL ROAD 8.125 1,484.99 79
7.875 1,484.99 255,000.00
METUCHEN NJ 08840 1 09/06/95 00
705210 05 11/01/95 0
1
705210 O 10/01/25
0
1492835 F45/F45 F 292,000.00 ZZ
HANDLER SCOTT 360 290,454.29 1
5 CYPRESS DRIVE 7.500 2,041.71 80
7.250 2,041.71 365,000.00
HANOVER NJ 07927 1 09/06/95 00
705228 05 11/01/95 0
705228 O 10/01/25
0
1492836 F45/F45 F 250,000.00 ZZ
DICHTER STEVEN 360 248,802.05 1
28 BRANWOOD COURT 8.000 1,834.41 40
7.750 1,834.41 636,000.00
DIX HILLS NY 11746 1 09/06/95 00
705236 05 11/01/95 0
705236 O 10/01/25
0
1492837 F45/F45 F 390,000.00 ZZ
ROSEN DAN A 360 388,083.84 1
1372 OUTLOOK DRIVE 7.875 2,827.77 76
7.625 2,827.77 515,000.00
MOUNTAINSIDE NJ 07092 2 09/07/95 00
705384 05 11/01/95 0
705384 O 10/01/25
0
1492838 F45/F45 F 350,000.00 ZZ
VON OLNHAUSEN ERNST 360 348,444.95 1
240 PALMER HILL ROAD 8.375 2,660.25 78
8.125 2,660.25 450,000.00
OLD GREENWICH CT 06870 1 09/07/95 00
705434 05 11/01/95 0
705434 O 10/01/25
0
1492839 F45/F45 F 300,000.00 ZZ
GATTO JR GERARD 360 298,700.47 1
90 LEEWOOD DRIVE 8.500 2,306.74 79
8.250 2,306.74 380,000.00
EASTCHESTER NY 10709 1 09/07/95 00
705491 05 11/01/95 0
705491 O 10/01/25
0
1
1492840 F45/F45 F 350,000.00 ZZ
FALANGA JOSEPH 360 348,147.31 1
459 RIDGE RD 7.500 2,447.25 79
7.250 2,447.25 445,000.00
WATCHUNG NJ 07060 1 09/07/95 00
705640 05 11/01/95 0
705640 O 10/01/25
0
1492841 F45/F45 F 300,000.00 ZZ
NEUBERGER NED C 360 298,562.48 1
19 GOLDSMITH DRIVE 8.000 2,201.29 68
7.750 2,201.29 442,000.00
HOLMDEL NJ 07733 1 09/07/95 00
705657 05 11/01/95 0
705657 O 10/01/25
0
1492842 F45/F45 F 240,000.00 ZZ
SANNINO ROBERT S 360 238,850.00 1
8 NATHANIEL DRIVE 8.000 1,761.03 78
7.750 1,761.03 308,500.00
MILLSTONE TWP NJ 07726 1 09/07/95 00
705673 05 11/01/95 0
705673 O 10/01/25
0
1492843 F45/F45 F 220,800.00 ZZ
SACKETT JEFFREY 360 219,715.18 1
82-27 217TH ST 7.875 1,600.95 80
7.625 1,600.95 276,000.00
QUEENS VILLAGE NY 11427 1 09/08/95 00
705863 05 11/01/95 0
705863 O 10/01/25
0
1492844 F45/F45 F 146,800.00 ZZ
WATANABE HIROYUKI 360 146,113.96 362
APT 2E 340 EAST 80TH STREET 8.125 1,089.99 79
7.875 1,089.99 186,000.00
NEW YORK NY 10028 1 09/08/95 00
705947 12 11/01/95 0
705947 O 10/01/25
0
1492845 F45/F45 F 224,000.00 ZZ
CUMMINGS THOMAS P 360 222,899.40 1
4 BELLEW AVENUE 7.875 1,624.16 80
7.625 1,624.16 280,000.00
1
EASTCHESTER NY 10709 1 09/08/95 00
706036 05 11/01/95 0
706036 O 10/01/25
0
1492846 F45/F45 F 240,000.00 ZZ
O'NEILL ROBERT J 360 238,933.68 1
98 COUNTRY VILLAGE COURT 8.375 1,824.17 62
8.125 1,824.17 390,000.00
MANHASSET HILLS NY 11040 1 09/08/95 00
706069 05 11/01/95 0
706069 O 10/01/25
0
1492847 F45/F45 F 280,000.00 ZZ
RAPOPORT MITCHELL J 360 278,554.11 1
40 WOODHILL ROAD 7.625 1,981.82 54
7.375 1,981.82 520,000.00
WILTON CT 06897 2 09/08/95 00
706473 05 11/01/95 0
706473 O 10/01/25
0
1492848 F45/F45 F 223,000.00 ZZ
CASARONA CHRISTOPH 360 220,836.12 1
15 WEBSTER COURT 7.625 1,578.38 77
7.375 1,578.38 291,000.00
PLAINSBORO TWP NJ 08536 1 09/03/95 00
706499 03 11/01/95 0
706499 O 10/01/25
0
1492849 F45/F45 F 212,000.00 ZZ
WEITZENKAMP CAROL 360 211,047.63 46
100 HUDSON STREET APT 3A 8.500 1,630.10 80
8.250 1,630.10 265,000.00
NEW YORK NY 10013 1 09/11/95 00
706697 11 11/01/95 0
706697 O 10/01/25
0
1492850 F45/F45 F 584,000.00 ZZ
BARMAKIAN JOSEPH T 360 580,984.18 1
258 EAST DUDLEY AVENUE 7.625 4,133.52 80
7.375 4,133.52 730,000.00
WESTFIELD NJ 07090 1 09/11/95 00
707059 05 11/01/95 0
707059 O 10/01/25
0
1
1492851 F45/F45 F 228,000.00 ZZ
HOOKE JEFFREY C 360 227,012.36 1
7504 MAPLE AVENUE 8.500 1,753.12 79
8.250 1,753.12 290,000.00
TARRYTOWN MD 20815 1 09/12/95 00
707075 05 11/01/95 0
707075 O 10/01/25
0
1492853 F45/F45 F 450,000.00 ZZ
HANFLING RICHARD 360 447,733.19 1
82 WOODS DRIVE 7.750 3,223.86 75
7.500 3,223.86 600,000.00
EAST HILLS NY 11576 1 09/13/95 00
707687 05 11/01/95 0
707687 O 10/01/25
0
1492854 F45/F45 F 352,000.00 ZZ
CALLAWAY JOHN P 360 350,270.57 1
276 FILLOW STREET 7.875 2,552.24 80
7.625 2,552.24 445,000.00
NORWALK CT 06850 1 09/14/95 00
708024 05 11/01/95 0
708024 O 10/01/25
0
1492855 F45/F45 F 325,000.00 ZZ
EPSTEIN BARRY E 360 323,403.16 1
5 HENHAWK LANE 7.875 2,356.48 50
7.625 2,356.48 650,000.00
ROSLYN NY 11576 1 09/15/95 00
708164 05 11/01/95 0
708164 O 10/01/25
0
1492856 F45/F45 F 285,600.00 ZZ
MCCONNELL ROBERT B 360 284,196.76 1
823 SOUTH COLUMBUS STREET 7.875 2,070.80 80
7.625 2,070.80 360,000.00
ALEXANDRIA VA 22314 1 09/14/95 00
708396 05 11/01/95 0
708396 O 10/01/25
0
1492857 F45/F45 F 236,000.00 ZZ
METZ PETER 360 234,897.19 1
1
25 SOUTH DRIVE 8.125 1,752.29 80
7.875 1,752.29 295,000.00
GREAT NECK NY 11201 1 09/15/95 00
708453 05 11/01/95 0
708453 O 10/01/25
0
1492858 F45/F45 F 424,950.00 ZZ
NADERKHANI MAJID R 360 422,809.44 1
5815 MADAKET ROAD 7.750 3,044.39 80
7.500 3,044.39 535,000.00
BETHESDA MD 20816 1 09/15/95 00
708495 07 11/01/95 0
708495 O 10/01/25
0
1492859 F45/F45 F 234,400.00 ZZ
CALLAHAN THOMAS 360 233,189.55 1
57 EAST CURTIS AVE 7.625 1,659.07 80
7.375 1,659.07 293,000.00
HOPEWELL TWP NJ 08628 1 09/15/95 00
708529 05 11/01/95 0
708529 O 10/01/25
0
1492860 F45/F45 F 600,000.00 ZZ
LEVINE LYNN S 360 597,196.19 1
31 SOUSA DRIVE 8.125 4,454.98 75
7.875 4,454.98 810,000.00
SANDS POINT NY 11050 1 09/15/95 00
708826 05 11/01/95 0
708826 O 10/01/25
0
1492861 F45/F45 F 195,000.00 ZZ
SALAMAN MITCHELL E 360 193,967.78 144
UNIT 424 101 WEST 81ST ST 7.500 1,363.47 75
7.250 1,363.47 260,000.00
NEW YORK NY 10024 1 09/18/95 00
708891 12 11/01/95 0
708891 O 10/01/25
0
1492862 F45/F45 F 255,200.00 ZZ
NEALSON WILLIAM R 360 253,882.14 1
1910 DIPLOMAT COURT 7.625 1,806.29 80
7.375 1,806.29 319,500.00
FALLS CHURCH VA 22043 1 09/15/95 00
708941 05 11/01/95 0
1
708941 O 10/01/25
0
1492863 F45/F45 F 270,050.00 ZZ
GERHOLD III GEORGE C 360 268,620.49 1
2104 WOODVALE LANE 7.500 1,888.23 80
7.250 1,888.23 340,000.00
MITCHELLVILLE MD 20721 1 09/15/95 00
708966 03 11/01/95 0
708966 O 10/01/25
0
1492864 F45/F45 F 334,100.00 ZZ
MANCINI THOMAS J 360 332,577.59 1
41901 RASPBERRY DRIVE 8.250 2,509.98 80
8.000 2,509.98 420,000.00
LEESBURG VA 22075 1 09/18/95 00
708990 03 11/01/95 0
708990 O 10/01/25
0
1492865 F45/F45 F 302,000.00 ZZ
ZABAR LORI 360 300,588.75 1
77 MEADOW WAY 8.125 2,242.34 80
7.875 2,242.34 379,000.00
EAST HAMPTON NY 11937 1 09/18/95 00
709014 05 11/01/95 0
709014 O 10/01/25
0
1492866 F45/F45 F 418,000.00 ZZ
WILSON ARNOLD 360 415,894.44 1
123 DORCHESTER ROAD 7.750 2,994.60 79
7.500 2,994.60 530,000.00
NEW ROCHELLE NY 10583 1 09/18/95 00
709030 05 11/01/95 0
709030 O 10/01/25
0
1492867 F45/F45 F 392,000.00 ZZ
RUDY RICHARD 360 390,213.70 1
956 EAST 7TH STREET 8.250 2,944.97 75
8.000 2,944.97 523,000.00
BROOKLYN NY 11230 5 09/18/95 00
709196 05 11/01/95 0
709196 O 10/01/25
0
1
1492868 F45/F45 F 90,200.00 ZZ
TWERSKY SHALOM 360 89,799.21 1
160 WEST END AVENUE APT 3J 8.375 685.59 79
8.125 685.59 115,000.00
NEW YORK NY 10023 1 09/19/95 00
709352 11 11/01/95 0
709352 O 10/01/25
0
1492869 F45/F45 F 225,000.00 ZZ
KLIEGER WAYNE A 360 223,838.07 1
15 MARSHALL COURT 7.625 1,592.54 68
7.375 1,592.54 332,000.00
PLAINSBORO NJ 08536 1 09/20/95 00
710020 05 11/01/95 0
710020 O 10/01/25
0
1492870 F45/F45 F 226,000.00 ZZ
BUXBAUM JULES M 360 224,995.89 162
APT 18D, 14 HORATIO STREET 8.375 1,717.76 80
8.125 1,717.76 286,000.00
NEW YORK NY 10014 1 09/21/95 00
710079 12 11/01/95 0
710079 O 10/01/25
0
1492872 F45/F45 F 444,000.00 ZZ
FLEISHMAN STEVEN I 360 441,872.45 1
5 SARGEANT PLACE 8.000 3,257.91 80
7.750 3,257.91 555,000.00
MANHASSET NY 11030 1 09/21/95 00
710228 05 11/01/95 0
710228 O 10/01/25
0
1492873 F45/F45 F 208,000.00 ZZ
SHEIKH ARFAN 360 207,075.85 1
7 LEWIS AVENUE 8.375 1,580.95 76
8.125 1,580.95 275,000.00
NEW HYDE PARK NY 11040 1 09/21/95 00
710285 05 11/01/95 0
710285 O 10/01/25
0
1492874 F45/F45 F 299,200.00 ZZ
TAYLOR EDWARD J 360 297,616.20 1
120 DAVIS LANE 7.500 2,092.05 80
7.250 2,092.05 374,000.00
1
MIDDLETOWN NJ 07701 1 09/21/95 00
710350 05 11/01/95 0
710350 O 10/01/25
0
1492875 F45/F45 F 366,200.00 ZZ
FISHER LAWRENCE B 360 364,308.95 1
763 HARDSCRABBLE RD 7.625 2,591.94 55
7.375 2,591.94 670,000.00
CHAPPAQUA NY 10514 2 09/21/95 00
710574 05 11/01/95 0
710574 O 10/01/25
0
1492876 F45/F45 F 230,000.00 ZZ
MIKHLY LAZAR 360 228,841.41 1
3677 BEDFORD AVENUE 7.750 1,647.75 71
7.500 1,647.75 325,000.00
BROOKLYN NY 11229 1 09/21/95 00
710632 05 11/01/95 0
710632 O 10/01/25
0
1492877 F45/F45 F 360,000.00 ZZ
SIEGAL DAVID 360 358,140.94 1
12 VILLAGE ROAD 7.625 2,548.06 80
7.375 2,548.06 450,000.00
ROSLYN HEIGHTS NY 11577 1 09/22/95 00
710962 05 11/01/95 0
710962 O 10/01/25
0
1492878 F45/F45 F 252,000.00 ZZ
MARSHAK ADAM 360 250,908.41 1
26 SEAGULL LANE 8.500 1,937.66 74
8.250 1,937.66 345,000.00
PORT WASHINGTON NY 11050 1 09/22/95 00
710988 05 11/01/95 0
710988 O 10/01/25
0
1492879 F45/F45 F 250,000.00 ZZ
BONDY WILLIAM 360 248,860.77 1
64 BAYVIEW AVENUE 8.250 1,878.17 66
8.000 1,878.17 380,000.00
PORT WASHINGTON NY 11050 2 09/21/95 00
711077 05 11/01/95 0
711077 O 10/01/25
0
1
1492880 F45/F45 F 218,000.00 ZZ
HALLE MARGO L 360 217,055.67 1
1474 OLD LOGGING ROAD 8.500 1,676.23 76
8.250 1,676.23 290,000.00
YORKTOWN HEIGHT NY 10598 2 09/21/95 00
711085 05 11/01/95 0
711085 O 10/01/25
0
1492881 F45/F45 F 470,000.00 ZZ
SPINA LOUIS J 360 467,572.92 1
2 HOMESTEAD DRIVE 7.625 3,326.63 76
7.375 3,326.63 624,000.00
COLTS NECK NJ 07722 1 09/21/95 00
711127 05 11/01/95 0
711127 O 10/01/25
0
1492883 F45/F45 F 232,200.00 ZZ
URBANOWICZ GARY R 360 230,047.89 1
105 KENT DRIVE 8.375 1,764.89 53
8.125 1,764.89 445,000.00
CORTLANDT MANOR NY 10566 1 09/22/95 00
711242 05 11/01/95 0
711242 O 10/01/25
0
1492885 F45/F45 F 233,000.00 ZZ
PLUCHINO CANDICE A 360 231,766.63 1
22 ALPINE DRIVE 7.500 1,629.17 69
7.250 1,629.17 339,500.00
MILLSTONE NJ 08535 1 09/22/95 00
711333 05 11/01/95 0
711333 O 10/01/25
0
1492886 F45/F45 F 264,000.00 ZZ
GOLDEN JR JAMES J 360 262,670.15 1
134 DEFOREST ROAD 7.750 1,891.33 80
7.500 1,891.33 330,000.00
WILTON CT 06897 1 09/22/95 00
711457 05 11/01/95 0
711457 O 10/01/25
0
1492887 F45/F45 F 296,000.00 ZZ
COHEN RAFI 360 294,781.52 1
1
1363 EAST 24TH STREET 8.750 2,328.63 80
8.500 2,328.63 372,000.00
BROOKLYN NY 11210 1 09/20/95 00
711713 05 11/01/95 0
711713 O 10/01/25
0
1492888 F45/F45 F 215,000.00 ZZ
COPPOLA ALESSANDR 360 214,163.17 1
179 WOOD RIDGE DRIVE 8.250 1,615.22 77
8.000 1,615.22 280,000.00
STAMFORD CT 06902 2 09/26/95 00
711952 05 12/01/95 0
711952 O 11/01/25
0
1492889 F45/F45 F 266,000.00 ZZ
COHEN ANDREW R 360 264,660.06 1
21 LODGE ROAD 7.750 1,905.66 70
7.500 1,905.66 384,000.00
GREAT NECK NY 11021 1 09/26/95 00
711994 05 11/01/95 0
711994 O 10/01/25
0
1492890 F45/F45 F 504,750.00 ZZ
ELKINS JAY S 360 502,078.10 1
185 ROCK CREEK LANE 7.500 3,529.29 75
7.250 3,529.29 682,000.00
SCARSDALE NY 10583 1 09/27/95 00
712331 05 11/01/95 0
712331 O 10/01/25
0
1492891 F45/F45 F 290,000.00 ZZ
HACKETT JAMES 360 288,720.46 1
1507 BROOKFIELD 7.625 2,052.60 75
7.375 2,052.60 391,000.00
YARDLEY PA 19067 2 09/27/95 00
712596 05 12/01/95 0
712596 O 11/01/25
0
1492892 F45/F45 F 221,000.00 ZZ
CALAMUSA BARBARA 360 219,992.95 135
530 EAST 72ND STREET, APT 6F 8.250 1,660.30 60
8.000 1,660.30 370,000.00
NEW YORK NY 10021 1 09/27/95 00
712711 12 11/01/95 0
1
712711 O 10/01/25
0
1492893 F45/F45 F 448,000.00 ZZ
SOKOLOW HARALD 360 445,906.46 1
7 MONTEREY COURT 8.125 3,326.39 80
7.875 3,326.39 563,000.00
HOLMDEL NJ 07733 1 09/27/95 00
712943 05 11/01/95 0
712943 O 10/01/25
0
1492894 F45/F45 F 211,000.00 ZZ
KRYZWORZEKA JOZEF 360 210,258.20 1
197 B HOPE DELAWARE ROAD 8.750 1,659.94 77
8.500 1,659.94 275,000.00
HOPE NJ 07825 2 09/28/95 00
713180 05 12/01/95 0
713180 O 11/01/25
0
1492895 F45/F45 F 75,000.00 ZZ
MOSS JEREMY 360 74,683.29 178
201 EAST 25TH STREET, APT 3J 8.625 583.34 79
8.375 583.34 95,000.00
NEW YORK NY 10010 1 09/28/95 00
713446 11 11/01/95 0
713446 O 10/01/25
0
1492896 F45/F45 F 600,000.00 ZZ
HARDISTY JEREMY P 360 597,334.20 1
647 MILTON ROAD 8.375 4,560.43 80
8.125 4,560.43 750,000.00
RYE NY 10580 1 09/28/95 00
713529 05 11/01/95 0
713529 O 10/01/25
0
1492897 F45/F45 F 310,000.00 T
LYNCH KRIS 360 308,622.68 1
44 CONCOURSE EAST 8.375 2,356.22 78
8.125 2,356.22 400,000.00
BRIGHTWATERS NY 11718 1 09/28/95 00
713784 05 11/01/95 0
713784 O 10/01/25
0
1
1492898 F45/F45 F 254,300.00 ZZ
COHEN GARY M 360 252,340.64 1
20 WEXFORD WAY 7.500 1,778.10 90
7.250 1,778.10 283,000.00
BRIDGEWATER NJ 08807 1 09/28/95 10
713842 05 11/01/95 25
713842 O 10/01/25
0
1492899 F45/F45 F 228,000.00 ZZ
MANELA TODD A 360 226,762.94 1
1708 TALL OAKS LANE 7.375 1,574.74 80
7.125 1,574.74 285,000.00
DOVER NJ 08753 1 09/29/95 00
713909 05 11/01/95 0
713909 O 10/01/25
0
1492900 F45/F45 F 312,000.00 ZZ
GARRETT BARBARA 360 310,348.44 1
44 MERRILAND ROAD 7.500 2,181.55 78
7.250 2,181.55 400,000.00
STAMFORD CT 06903 1 09/29/95 00
715045 05 11/01/95 0
715045 O 10/01/25
0
1492901 F45/F45 F 335,000.00 ZZ
GLICK CORY I 360 333,354.08 1
5 HIGHWOOD ROAD 7.875 2,428.98 79
7.625 2,428.98 425,000.00
WILTON/WESTPORT CT 06880 1 09/01/95 00
715201 05 11/01/95 0
715201 O 10/01/25
0
1492902 F45/F45 F 213,600.00 ZZ
RUFFA PASQUALE 360 212,626.63 1
VONES LANE 8.250 1,604.71 80
8.000 1,604.71 269,000.00
RARITAN NJ 08869 1 09/29/95 00
715318 05 11/01/95 0
715318 O 10/01/25
0
1492903 F45/F45 F 257,850.00 ZZ
LEOPOLD GUY 360 256,820.69 1
668 NORTH PARK AVENUE 8.125 1,914.53 89
7.875 1,914.53 290,000.00
1
HUNTINGTON NY 11743 1 10/02/95 11
715722 05 12/01/95 25
715722 O 11/01/25
0
1492904 F45/F45 F 442,500.00 ZZ
STRAW MARTYN 360 440,733.58 75
255 WEST 84TH STREET 8.125 3,285.55 75
APT 6B 7.875 3,285.55 590,000.00
NEW YORK NY 10024 1 10/12/95 00
715771 12 12/01/95 0
715771 O 11/01/25
0
1492905 F45/F45 F 320,000.00 ZZ
HOCHMAN JEFFREY 360 318,622.82 1
481 HARRISON AVENUE 7.750 2,292.52 79
7.500 2,292.52 410,000.00
HARRISON NY 10528 1 10/02/95 00
716134 05 12/01/95 0
716134 O 11/01/25
0
1492906 F45/F45 F 235,000.00 ZZ
MARRANO GEORGE J 360 233,910.46 1
64-21 211TH STREET 7.375 1,623.09 75
7.125 1,623.09 315,000.00
BAYSIDE NY 11364 1 10/10/95 00
716142 05 12/01/95 0
716142 O 11/01/25
0
1492908 F45/F45 F 328,000.00 ZZ
ABRAMOWITZ EDWARD M 360 326,755.22 1
34 CEDARCLIFF ROAD 8.375 2,493.04 70
8.125 2,493.04 475,000.00
STATEN ISLAND NY 10301 2 10/03/95 00
716456 05 12/01/95 0
716456 O 11/01/25
0
1492909 F45/F45 F 408,000.00 ZZ
LOPEZ MAXIMO 360 406,329.83 1
4 SUMMIT AVENUE 8.000 2,993.76 79
7.750 2,993.76 521,000.00
EAST WILLISTON NY 11596 1 10/03/95 00
716472 05 12/01/95 0
716472 O 11/01/25
0
1
1492910 F45/F45 F 300,000.00 ZZ
KEKLAK C S 360 298,643.12 1
17 SOMERSET DRIVE 7.500 2,097.64 47
7.250 2,097.64 650,000.00
RUMSON NJ 07760 1 10/03/95 00
716506 05 12/01/95 0
716506 O 11/01/25
0
1492911 F45/F45 F 344,000.00 ZZ
KOCZAN JULIUS A 360 342,556.05 1
613 HOLLY HILL DRIVE 7.875 2,494.24 80
7.625 2,494.24 430,000.00
BRIELLE NJ 08730 2 10/03/95 00
716563 05 12/01/95 0
716563 O 11/01/25
0
1492912 F45/F45 F 300,000.00 ZZ
ERTMAN ANDREW C 360 298,771.96 1
600 LAWRENCE AVE 8.000 2,201.29 60
7.750 2,201.29 505,000.00
WESTFIELD NJ 07690 1 10/03/95 00
716597 05 12/01/95 0
716597 O 11/01/25
0
1492913 F45/F45 F 340,000.00 ZZ
LEEMAN PETER 360 338,131.78 1
80 DOGWOOD AVENUE 8.000 2,494.80 80
7.750 2,494.80 425,000.00
ROSLYN HARBOR NY 11576 1 08/25/95 00
716811 05 10/01/95 0
716811 O 09/01/25
0
1492914 F45/F45 F 40,000.00 ZZ
ALAM BILAL A 360 39,855.71 2,904
245-38 77TH CRESCENT 8.625 311.12 73
APT GV5-C8-1 8.375 311.12 55,000.00
BELLEROSE NY 11426 1 10/05/95 00
716860 10 12/01/95 0
716860 O 11/01/25
0
1492915 F45/F45 F 343,000.00 ZZ
DENOMA MICHAEL 360 341,730.99 1
1
2402 APPLE RIDGE CIRCLE 8.500 2,637.37 89
8.250 2,637.37 387,500.00
WALL NJ 07719 1 10/04/95 10
716944 03 12/01/95 25
716944 O 11/01/25
0
1492917 F45/F45 F 452,000.00 ZZ
NORWOOD JOHN 360 450,005.67 1
60 COBB ISLE ROAD 7.625 3,199.23 80
7.375 3,199.23 565,000.00
WATER MILL NY 11976 1 10/05/95 00
717306 05 12/01/95 0
717306 O 11/01/25
0
1492919 F45/F45 F 215,000.00 ZZ
ARESTA JOSEPH 360 214,097.55 1
26 TRISHS COURT 7.875 1,558.90 73
7.625 1,558.90 295,000.00
OLD BRIDGE NJ 08857 5 10/06/95 00
717504 05 12/01/95 0
717504 O 11/01/25
0
1492922 F45/F45 F 232,000.00 ZZ
KANUNGO VISHNU 360 231,096.96 1
36 CREST DRIVE 8.250 1,742.94 79
8.000 1,742.94 297,000.00
MARLBORO NJ 07751 1 10/06/95 00
717942 05 12/01/95 0
717942 O 11/01/25
0
1492923 F45/F45 F 305,150.00 ZZ
POISSON DAVID E 360 303,869.14 1
20756 EASTLAKE COURT 7.875 2,212.55 80
7.625 2,212.55 384,000.00
STERLING VA 20165 1 10/10/95 00
718338 03 12/01/95 0
718338 O 11/01/25
0
1492924 F45/F45 F 221,350.00 ZZ
YAP STEVEN 360 220,466.38 1
401 IRONWOOD LANE 8.125 1,643.52 90
7.875 1,643.52 246,000.00
MARLBORO NJ 07751 1 10/10/95 01
718346 03 12/01/95 25
1
718346 O 11/01/25
0
1492925 F45/F45 F 580,000.00 ZZ
VERTUCCI ALAN R 360 577,503.86 1
139 HOYT FARM ROAD 7.750 4,155.19 27
7.500 4,155.19 2,200,000.00
NEW CANAAN CT 06840 2 10/11/95 00
718510 05 12/01/95 0
718510 O 11/01/25
0
1492926 F45/F45 F 310,000.00 ZZ
BORNER KAI 360 308,665.85 2
152 LINCOLN PLACE 7.750 2,220.88 58
7.500 2,220.88 540,000.00
BROOKLYN NY 11217 1 10/11/95 00
718528 05 12/01/95 0
718528 O 11/01/25
0
1492927 F45/F45 F 82,500.00 ZZ
JACOBS HEIDI B 360 82,186.90 333
2 TUDOR CITY PLACE 8.375 627.06 75
APT 8F NORTH 8.125 627.06 110,000.00
NEW YORK NY 10017 1 10/11/95 00
718775 11 12/01/95 0
718775 O 11/01/25
0
1492928 F45/F45 F 412,000.00 ZZ
GRAZIANO JOHN E 360 410,182.19 1
29 APPLE GROVE DRIVE 7.625 2,916.11 80
7.375 2,916.11 515,000.00
HOLMDEL NJ 07733 2 10/12/95 00
719385 05 12/01/95 0
719385 O 11/01/25
0
1492929 F45/F45 F 123,000.00 ZZ
KOGAN IRINE 360 122,750.76 1
800 PALISADE AVE UNIT 508 8.000 902.53 55
7.750 902.53 225,000.00
FORT LEE NJ 07024 1 01/01/96 00
719740 01 03/01/96 0
719740 O 02/01/26
0
1
1492930 F45/F45 F 326,000.00 ZZ
BRODY MARC 360 324,631.58 1
140 RIVERSIDE DRIVE, APT 9F 7.875 2,363.73 73
7.625 2,363.73 450,000.00
NEW YORK NY 10024 1 10/16/95 00
720086 10 12/01/95 0
720086 O 11/01/25
0
1492931 F45/F45 F 360,000.00 ZZ
SHORE STEVEN R 360 347,078.67 1
311 GREENS FARMS ROAD 8.250 2,704.56 68
8.000 2,704.56 534,000.00
WESTPORT CT 06880 1 10/16/95 00
720177 05 12/01/95 0
720177 O 11/01/25
0
1492932 F45/F45 F 350,000.00 ZZ
HAYES PATRICK F 360 346,540.11 1
154 ROCKWOOD ROAD 7.375 2,417.36 68
7.125 2,417.36 515,000.00
MANHASSET NY 11030 1 10/16/95 00
720383 05 12/01/95 0
720383 O 11/01/25
0
1492933 F45/F45 F 244,800.00 ZZ
BUSSMANN STEPHEN P 360 243,822.82 1
2026 LABRADOR LANE 8.125 1,817.63 80
7.875 1,817.63 306,000.00
VIENNA VA 22182 2 10/17/95 00
720722 05 12/01/95 0
720722 O 11/01/25
0
1492934 F45/F45 F 267,600.00 ZZ
ISLAMI JOAN 360 266,531.80 1
62 KENT DRIVE 8.125 1,986.92 80
7.875 1,986.92 334,550.00
ROSELAND NJ 07068 1 10/17/95 00
720797 01 12/01/95 0
720797 O 11/01/25
0
1492936 F45/F45 F 129,500.00 ZZ
MAYERS VINCENT 360 129,334.27 2
310 JEFFERSON AVENUE 8.250 972.89 70
8.000 972.89 185,000.00
1
BROOKLYN NY 11216 1 02/01/96 00
721332 05 04/01/96 0
721332 O 03/01/26
0
1492937 F45/F45 F 516,000.00 ZZ
KOST STEPHEN A 360 513,887.68 1
93 NORTH MOUNTAIN DRIVE 8.000 3,786.23 80
7.750 3,786.23 650,000.00
ARDSLEY-ON-HUDS NY 10503 1 10/19/95 00
721696 05 12/01/95 0
721696 O 11/01/25
0
1492938 F45/F45 F 240,000.00 ZZ
LINDER PETER 360 236,396.30 1
49 PINECREST PARKWAY 7.625 1,698.70 67
7.375 1,698.70 360,000.00
HASTINGS-ON-HUD NY 10706 1 10/19/95 00
721761 05 12/01/95 0
721761 O 11/01/25
0
1492939 F45/F45 F 211,500.00 ZZ
CHANG TAO 360 210,655.72 1
50 TERREHANS LANE 8.125 1,570.38 90
7.875 1,570.38 235,000.00
SYOSSET NY 11791 1 10/20/95 10
721852 05 12/01/95 25
721852 O 11/01/25
0
1492940 F45/F45 F 215,000.00 ZZ
FONTICOBA PEDRO 360 214,141.74 1
34 NUGENT DR 8.125 1,596.37 70
7.875 1,596.37 310,000.00
CLIFTON NJ 07103 1 10/20/95 00
721928 05 12/01/95 0
721928 O 11/01/25
0
1492941 F45/F45 F 250,000.00 ZZ
JOHNSTON GARY R 360 248,840.93 1
140 DOUGLAS RD 7.375 1,726.69 80
7.125 1,726.69 315,000.00
NEW CANAAN CT 06840 1 10/20/95 00
722116 05 12/01/95 0
722116 O 11/01/25
0
1
1492942 F45/F45 F 224,500.00 ZZ
ZABEL ANDREW H 360 223,484.56 1
24 REBEL RUN DRIVE 7.500 1,569.74 73
7.250 1,569.74 310,000.00
EAST BRUNSWICK NJ 08816 1 10/20/95 00
722330 05 12/01/95 0
722330 O 11/01/25
0
1492943 F45/F45 F 244,000.00 ZZ
ROSENBLIT SCOTT D 360 243,026.00 1
354 WOOD STREET 8.125 1,811.69 80
7.875 1,811.69 305,000.00
PUTNAM VALLEY NY 10541 1 10/20/95 00
722496 05 12/01/95 0
722496 O 11/01/25
0
1492944 F45/F45 F 382,500.00 ZZ
WARD SIMON E 360 380,853.81 1
190 HILLSPOINT ROAD 7.750 2,740.28 90
7.500 2,740.28 425,000.00
WESTPORT CT 06880 1 10/23/95 01
722538 05 12/01/95 25
722538 O 11/01/25
0
1492945 F45/F45 F 307,000.00 ZZ
IANELLI MICHAEL J 360 305,474.88 2
193 CONNECTICUT STREET 8.000 2,252.66 80
7.750 2,252.66 384,000.00
STATEN ISLAND NY 10307 1 10/23/95 00
722835 05 12/01/95 0
722835 O 11/01/25
0
1492946 F45/F45 F 283,000.00 ZZ
SNYDER STEVEN I 360 281,621.84 1
41 ELDERWOOD DRIVE 7.125 1,906.62 90
6.875 1,906.62 315,000.00
ST. JAMES NY 11780 2 10/23/95 04
722843 05 12/01/95 25
722843 O 11/01/25
0
1492947 F45/F45 F 200,000.00 ZZ
DORING EUGENE 240 198,331.57 1
1
3391-01 COUNTRY CLUB ROAD 8.250 1,704.13 73
8.000 1,704.13 275,000.00
BRONX NY 10465 1 11/07/95 00
722884 03 01/01/96 0
722884 O 12/01/15
0
1492948 F45/F45 F 373,600.00 ZZ
WINIK MARK A 360 371,992.12 1
4 MARTHA DRIVE 7.750 2,676.52 80
7.500 2,676.52 471,500.00
MELVILLE NY 11747 1 10/24/95 00
722892 05 12/01/95 0
722892 O 11/01/25
0
1492949 F45/F45 F 336,000.00 ZZ
MOSKOWITZ MICHAEL 360 334,442.23 1
17 CLINTON LANE 7.375 2,320.67 80
7.125 2,320.67 420,000.00
JERICHO NY 11753 1 10/24/95 00
723130 05 12/01/95 0
723130 O 11/01/25
0
1492950 F45/F45 F 332,000.00 ZZ
GOPEN TOBY 360 330,707.70 1
17 OAKS HUNT ROAD 8.250 2,494.21 80
8.000 2,494.21 415,000.00
LAKE SUCCESS NY 11020 1 10/24/95 00
723270 05 12/01/95 0
723270 O 11/01/25
0
1492951 F45/F45 F 456,000.00 ZZ
DEMIRJIAN TEDDY A 360 453,885.87 1
33 CENTURY RIDGE ROAD 7.375 3,149.48 80
7.125 3,149.48 575,000.00
PURCHASE NY 10577 1 10/25/95 00
723494 05 12/01/95 0
723494 O 11/01/25
0
1492952 F45/F45 F 276,800.00 ZZ
PETERSEN SHELDON C 360 275,516.68 1
510 FORTRESS CIRCLE 7.375 1,911.79 80
7.125 1,911.79 346,000.00
LEESBURG VA 22075 1 10/25/95 00
723551 05 12/01/95 0
1
723551 O 11/01/25
0
1492953 F45/F45 F 230,000.00 ZZ
JASSEY WILLIAM 360 229,058.47 1
44 POWDER HORN HILL ROAD 8.000 1,687.66 60
7.750 1,687.66 388,000.00
WILTON CT 06897 1 10/25/95 00
723858 05 12/01/95 0
723858 O 11/01/25
0
1492954 F45/F45 F 275,000.00 ZZ
MANENTE NICHOLAS 360 273,756.16 1
152 MILLER ROAD 7.500 1,922.84 63
7.250 1,922.84 440,000.00
KINNELON NJ 07405 1 10/26/95 00
723916 05 12/01/95 0
723916 O 11/01/25
0
1492955 F45/F45 F 228,000.00 ZZ
FREIBERGER JONATHAN H 360 226,994.02 1
3 HADDON HALL 7.625 1,613.77 75
7.375 1,613.77 305,000.00
MELVILLE NY 11747 1 10/27/95 00
724799 05 12/01/95 0
724799 O 11/01/25
0
1492956 F45/F45 F 223,200.00 ZZ
VALLUZZO DAVID 360 222,309.04 1
135 WESTPORT RD 8.125 1,657.25 80
7.875 1,657.25 280,000.00
EASTON CT 06612 1 10/27/95 00
725119 05 12/01/95 0
725119 O 11/01/25
0
1492957 F45/F45 F 240,000.00 ZZ
MALLEY BRENDAN J 360 238,509.52 1
60 DIMOND AVENUE 8.000 1,761.03 80
7.750 1,761.03 300,000.00
CORTLANDT MANOR NY 10566 1 10/27/95 00
725325 05 12/01/95 0
725325 O 11/01/25
0
1
1492958 F45/F45 F 264,000.00 ZZ
PASCALE CHARLES G 360 263,047.88 1
9 ROSEHOLM PLACE 8.625 2,053.36 79
8.375 2,053.36 335,000.00
MOUNT KISCO NY 10549 1 10/27/95 00
725366 05 12/01/95 0
725366 O 11/01/25
0
1492959 F45/F45 F 278,600.00 ZZ
EIMBINDER ERIC B 360 277,308.36 1
176 FISHING TRAIL ROAD 7.375 1,924.22 80
7.125 1,924.22 350,000.00
STAMFORD CT 06903 1 10/27/95 00
725549 05 12/01/95 0
725549 O 11/01/25
0
1492960 F45/F45 F 252,000.00 ZZ
DONOFRIO JOHN 360 250,942.25 1
212 BRIXTON ROAD 7.875 1,827.17 76
7.625 1,827.17 335,000.00
GARDEN CITY NY 11530 1 10/30/95 00
725812 05 12/01/95 0
725812 O 11/01/25
0
1492961 F45/F45 F 232,500.00 ZZ
ANSARI HESHMAT 360 231,767.28 1
8900 TRIPLE RIDGE ROAD 8.375 1,767.17 75
8.125 1,767.17 310,000.00
FAIRFAX STATION VA 22039 2 10/30/95 00
725846 03 01/01/96 0
725846 O 12/01/25
0
1492962 F45/F45 F 308,000.00 ZZ
KABAKOW JAMES 360 306,536.44 1
5 PETER'S LANE 7.250 2,101.10 80
7.000 2,101.10 385,000.00
WESTPORT CT 06880 1 10/30/95 00
725895 05 12/01/95 0
725895 O 11/01/25
0
1492963 F45/F45 F 420,000.00 ZZ
MIZRAHI CHARLES 360 418,642.36 1
2271 EAST 7TH STREET 8.250 3,155.32 66
8.000 3,155.32 645,000.00
1
BROOKLYN NY 11223 5 10/31/95 00
726117 05 01/01/96 0
726117 O 12/01/25
0
1492964 F45/F45 F 348,000.00 ZZ
GRAND MARK 360 346,464.58 1
32 CLUB DRIVE NORTH 7.625 2,463.12 80
7.375 2,463.12 435,000.00
JERICHO NY 11753 1 10/31/95 00
726372 01 12/01/95 0
726372 O 11/01/25
0
1492965 F45/F45 F 285,000.00 ZZ
UNGERLEIDER RICHARD S 360 283,902.30 1
3108 ROLLING ROAD 7.375 1,968.42 50
7.125 1,968.42 575,000.00
CHEVY CHASE MD 20015 5 11/01/95 00
726851 05 01/01/96 0
726851 O 12/01/25
0
1492966 F45/F45 F 434,000.00 ZZ
MORMILE RALPH P 360 432,243.95 1
10 PORPOISE COURT 7.125 2,923.94 77
6.875 2,923.94 565,000.00
NORTHPORT NY 11768 1 11/01/95 00
726869 05 01/01/96 0
726869 O 12/01/25
0
1492968 F45/F45 F 336,000.00 ZZ
PETTERSON JOHN 360 334,673.52 1
45 OAK STREET 7.250 2,292.11 79
7.000 2,292.11 430,000.00
WESTPORT CT 06880 1 11/03/95 00
727230 05 01/01/96 0
727230 O 12/01/25
0
1492969 F45/F45 F 374,400.00 ZZ
NELSON FREDERICK 360 373,127.09 1
13 ROBERT DRIVE 8.000 2,747.21 90
7.750 2,747.21 416,000.00
CHATHAM TWP NJ 07928 1 11/02/95 04
727578 05 01/01/96 25
727578 O 12/01/25
0
1
1492970 F45/F45 F 244,700.00 ZZ
CEDERDAHL STEVEN B 360 243,780.56 1
1405 ALICIA DRIVE 7.500 1,710.98 80
7.250 1,710.98 306,000.00
WALL TOWNSHIP NJ 07719 1 11/03/95 00
727818 05 01/01/96 0
727818 O 12/01/25
0
1492971 F45/F45 F 252,000.00 ZZ
GLEASON JEFFREY E 360 251,225.81 1
1296 TOWN LINE ROAD 8.500 1,937.66 75
8.250 1,937.66 336,000.00
SAGAPONACK NY 11962 5 11/03/95 00
727875 05 01/01/96 0
727875 O 12/01/25
0
1492972 F45/F45 F 243,000.00 ZZ
PRICE SUSAN B 360 241,334.91 1
1210 STOCKTON DRIVE 7.875 1,761.92 75
7.625 1,761.92 324,000.00
NORTH BRUNSWICK NJ 08902 5 11/03/95 00
728196 05 01/01/96 0
728196 O 12/01/25
0
1492973 F45/F45 F 420,000.00 ZZ
ZATE ANTHONY R 360 418,572.04 1
94 COVE ROAD 8.000 3,081.81 78
7.750 3,081.81 540,000.00
OYSTER BAY COVE NY 11771 1 11/03/95 00
728261 05 01/01/96 0
728261 O 12/01/25
0
1492974 F45/F45 F 223,200.00 ZZ
WITZER ERIC 360 221,461.19 1
12 TALISMAN DRIVE 8.250 1,676.83 80
8.000 1,676.83 280,000.00
DIX HILL NY 11746 1 11/06/95 00
728378 05 01/01/96 0
728378 O 12/01/25
0
1492975 F45/F45 F 450,000.00 ZZ
BOCCITTO ELIO 360 448,134.06 1
1
300 PALMER HILL ROAD 7.000 2,993.86 60
6.750 2,993.86 750,000.00
OLD GREENWICH CT 06870 1 11/06/95 00
728451 05 01/01/96 0
728451 O 12/01/25
0
1492976 F45/F45 F 450,000.00 ZZ
REISS MICHAEL 360 448,545.39 1
246 FOX MEADOW ROAD 8.250 3,380.70 71
8.000 3,380.70 638,000.00
SCARSDALE NY 10583 1 11/06/95 00
728600 05 01/01/96 0
728600 O 12/01/25
0
1492977 F45/F45 F 275,300.00 ZZ
RUEFENACHT MAX A 360 274,387.32 1
25 BUCKLEY HILL ROAD 8.125 2,044.09 68
7.875 2,044.09 405,000.00
MORRIS TOWNSHIP NJ 07960 2 11/07/95 00
728626 05 01/01/96 0
728626 O 12/01/25
0
1492978 F45/F45 F 261,000.00 ZZ
COHEN MORRIS 360 260,177.46 1
3 SAXONY DRIVE 8.375 1,983.79 40
8.125 1,983.79 662,500.00
OCEAN NJ 07755 5 11/07/95 00
728675 05 01/01/96 0
728675 O 12/01/25
0
1492980 F45/F45 F 210,000.00 ZZ
POSNER JEFFREY 360 209,354.83 1
1603 CYNTHIA COURT 8.500 1,614.72 53
8.250 1,614.72 400,000.00
HEWLETT NY 11557 2 11/08/95 00
729160 05 01/01/96 0
729160 O 12/01/25
0
1492981 F45/F45 F 250,000.00 ZZ
BOHRER STEPHEN D 360 248,397.73 1
692 GREENWICH STREET UNIT 5 8.125 1,856.24 65
7.875 1,856.24 385,000.00
NEW YORK NY 10014 1 11/08/95 00
729285 01 01/01/96 0
1
729285 O 12/01/25
0
1492982 F45/F45 F 300,000.00 ZZ
GOLDMAN GARY N 360 298,980.05 1
48 KENT DR. 8.000 2,201.29 71
7.750 2,201.29 425,000.00
CORTLANDT MANOR NY 10566 5 11/09/95 00
729558 05 01/01/96 0
729558 O 12/01/25
0
1492983 F45/F45 F 265,500.00 ZZ
JONKE GUENTER 360 264,425.76 1
1 ABBEY LANE 7.125 1,788.72 90
6.875 1,788.72 295,000.00
EAST SETAUKET NY 11733 2 11/09/95 01
729640 05 01/01/96 25
729640 O 12/01/25
0
1492984 F45/F45 F 214,550.00 ZZ
HIOS ANTON T 360 213,838.69 1
20 TOWER HILL DRIVE 8.125 1,593.03 80
7.875 1,593.03 268,500.00
PORT CHESTER NY 10573 1 11/10/95 00
730002 05 01/01/96 0
730002 O 12/01/25
0
1492986 F45/F45 F 224,600.00 ZZ
TURNER J L 360 223,836.35 1
275 E CENTER STREET 8.000 1,648.04 80
7.750 1,648.04 283,000.00
SHAVERTOWN PA 18708 1 11/13/95 00
730796 05 01/01/96 0
730796 O 12/01/25
0
1492987 F45/F45 F 350,000.00 ZZ
THOMAS KENNETH C 360 348,651.93 1
10 WHITE TAIL LANE 7.375 2,417.36 72
7.125 2,417.36 490,000.00
BEDMINSTER NJ 07921 2 11/15/95 00
731422 03 01/01/96 0
731422 O 12/01/25
0
1
1492988 F45/F45 F 354,000.00 ZZ
GREEN KENNETH D 360 352,765.80 1
4 LADY JANES WAY 7.875 2,566.75 80
7.625 2,566.75 448,000.00
NORTHPORT NY 11768 1 11/15/95 00
731562 07 01/01/96 0
731562 O 12/01/25
0
1492989 F45/F45 F 120,000.00 ZZ
SINGER NAOMI L 360 119,621.82 72
320 WEST 76ST APT 10A 8.375 912.09 68
8.125 912.09 177,000.00
NEW YORK NY 10023 1 11/16/95 00
731679 11 01/01/96 0
731679 O 12/01/25
0
1492990 F45/F45 F 454,250.00 ZZ
MCDONAGH JR THOMAS J 360 452,705.56 1
5 COBBLESTONE COURT 8.000 3,333.13 80
7.750 3,333.13 568,000.00
CENTERPORT NY 11721 1 11/16/95 00
731711 05 01/01/96 0
731711 O 12/01/25
0
1492991 F45/F45 F 228,000.00 ZZ
SULLIVAN BRIAN 360 227,224.83 1
141 MELBURY ROAD 8.000 1,672.98 72
7.750 1,672.98 320,000.00
BABYLON NY 11702 1 11/16/95 00
731851 05 01/01/96 0
731851 O 12/01/25
0
1492992 F45/F45 F 344,000.00 ZZ
PENNINGTON NEIL 360 342,707.44 1
2108 EDGE ROAD 7.500 2,405.30 80
7.250 2,405.30 430,000.00
MUTTONTOWN NY 11791 1 11/16/95 00
731893 05 01/01/96 0
731893 O 12/01/25
0
1492993 F45/F45 F 357,750.00 ZZ
VAN DIJK ALEXANDERA 360 356,335.38 1
45 CANFIELD RD. 7.875 2,593.94 90
7.625 2,593.94 400,000.00
1
MORRIS (CONVENT NJ 07961 1 11/17/95 10
732081 05 01/01/96 25
732081 O 12/01/25
0
1492994 F45/F45 F 650,000.00 ZZ
CALDERON JORGE A 360 646,976.52 1
627 SAGAPONACK MAIN STREET 8.000 4,769.47 74
7.750 4,769.47 885,000.00
SAGAPONACK NY 11962 1 11/17/95 00
732214 05 01/01/96 0
732214 O 12/01/25
0
1492995 F45/F45 F 366,600.00 ZZ
BENTLEY MICHAEL C 360 365,415.00 1
72 DIMOND AVENUE 8.250 2,754.14 90
8.000 2,754.14 408,000.00
CORTLANDT NY 10566 1 11/17/95 10
732404 05 01/01/96 25
732404 O 12/01/25
0
1492996 F45/F45 F 150,000.00 ZZ
GRUNDMAN VIVIAN E 360 149,463.78 1
22 ADAMS LANE 7.750 1,074.62 51
7.500 1,074.62 295,000.00
NORWALK CT 06850 1 11/17/95 00
732552 05 01/01/96 0
732552 O 12/01/25
0
1492997 F45/F45 F 248,000.00 ZZ
ARSHADI FARZAD 360 247,113.46 1
12205 QUICK FOX LANE 7.750 1,776.70 80
7.500 1,776.70 310,000.00
BOWIE MD 20720 2 11/20/95 00
732719 03 01/01/96 0
732719 O 12/01/25
0
1492998 F45/F45 F 348,000.00 ZZ
CASTRO RICHARD P 360 346,064.97 1
6 MISTY BROOK LANE #98 7.875 2,523.24 78
7.625 2,523.24 450,000.00
NEW FAIRFIELD CT 06812 1 11/20/95 00
732867 03 01/01/96 0
732867 O 12/01/25
0
1
1492999 F45/F45 F 287,000.00 ZZ
O'CONNELL WILLIAM J 360 286,024.25 1
1919 GAYFIELDS DRIVE 8.000 2,105.90 67
7.750 2,105.90 430,000.00
SILVER SPRING MD 20906 2 11/20/95 00
733030 05 01/01/96 0
733030 O 12/01/25
0
1493000 F45/F45 F 222,000.00 ZZ
COSTANZA MARK N 360 221,317.96 1
706 WOODSIDE CIRCLE 8.500 1,706.99 80
8.250 1,706.99 277,500.00
BEL AIR MD 21014 2 11/01/95 00
733063 05 01/01/96 0
733063 O 12/01/25
0
1493001 F45/F45 F 236,000.00 ZZ
CORRSIN STEPHEN 360 235,135.05 1
5 BIRCH LANE 7.625 1,670.39 90
7.375 1,670.39 264,000.00
LARCHMONT NY 10538 1 11/20/95 01
733154 05 01/01/96 25
733154 O 12/01/25
0
1493002 F45/F45 F 264,000.00 ZZ
ANDREWS DESIREE 360 263,008.03 1
11 CARRIAGE WAY 7.500 1,845.93 80
7.250 1,845.93 330,000.00
MILLSTONE NJ 07728 1 11/20/95 00
733196 05 01/01/96 0
733196 O 12/01/25
0
1493004 F45/F45 F 209,000.00 ZZ
CLASS ERIC 360 207,951.29 1
3 ROCHAMBEAU AVEN 7.875 1,515.40 84
7.625 1,515.40 250,000.00
RIDGEFIELD CT 06877 2 11/21/95 10
733303 05 01/01/96 12
733303 O 12/01/25
0
1493005 F45/F45 F 100,000.00 ZZ
CROWLEY MARGARET 360 99,668.45 333
1
2 TUDOR CITY PLACE 2KN 8.125 742.50 77
7.875 742.50 130,000.00
NEW YORK NY 10017 1 11/21/95 00
733394 11 01/01/96 0
733394 O 12/01/25
0
1493006 F45/F45 F 325,000.00 ZZ
WEST DAVID L 360 323,922.50 1
9926 JUNIPER HILL ROAD 8.125 2,413.12 74
7.875 2,413.12 445,000.00
ROCKVILLE MD 20850 1 11/21/95 00
733451 03 01/01/96 0
733451 O 12/01/25
0
1493007 F45/F45 F 250,000.00 ZZ
FARMAKIS JR JOHN 360 249,171.19 1
344 FAIRMOUNT AVE 8.125 1,856.24 73
7.875 1,856.24 345,000.00
CHATHAM TWP NJ 07928 5 11/21/95 00
733501 05 01/01/96 0
733501 O 12/01/25
0
1493008 F45/F45 F 325,000.00 ZZ
SQUILLANTE FRANK P 360 323,895.05 1
17 RIDGE ROAD 8.000 2,384.73 33
7.750 2,384.73 985,000.00
WESTON CT 06883 5 11/21/95 00
733634 05 01/01/96 0
733634 O 12/01/25
0
1493009 F45/F45 F 245,000.00 ZZ
GOOSMAN SHERMAN 360 244,102.06 1
1053 FAIRFIELD BEACH ROAD 7.625 1,734.09 70
7.375 1,734.09 350,000.00
FAIRFIELD CT 06430 1 11/21/95 00
733709 05 01/01/96 0
733709 O 12/01/25
0
1493010 F45/F45 F 354,000.00 ZZ
HENRY I W 360 352,636.51 1
4817 GODFREY AVENUE 7.375 2,444.99 54
7.125 2,444.99 660,000.00
ALEXANDRIA VA 22309 2 11/22/95 00
733907 05 01/01/96 0
1
733907 O 12/01/25
0
1493011 F45/F45 F 600,000.00 ZZ
RINTEL SHELDON J 360 596,093.80 1
74 BACON ROAD 8.375 4,560.43 48
8.125 4,560.43 1,275,000.00
OLD WESTBURY NY 11568 1 11/22/95 00
734020 05 01/01/96 0
734020 O 12/01/25
0
1493012 F45/F45 F 250,000.00 ZZ
SUTCLIFFE GILBERT W 360 248,988.43 1
11 COACHMANS PLACE 7.125 1,684.30 50
6.875 1,684.30 510,000.00
WILTON CT 06897 1 11/22/95 00
734103 05 01/01/96 0
734103 O 12/01/25
0
1493013 F45/F45 F 290,000.00 ZZ
RUSSEY III JOHN W 360 289,062.60 1
3108 GOSHEFF LANE 8.250 2,178.67 73
8.000 2,178.67 397,500.00
GAMBRILLS MD 21054 2 11/24/95 00
734483 03 01/01/96 0
734483 O 12/01/25
0
1493014 F45/F45 F 612,500.00 ZZ
POLLINGER RICHARD 360 610,921.53 1
41 DRUID HILL ROAD 8.250 4,601.51 70
8.000 4,601.51 880,000.00
SUMMIT NJ 07901 5 11/27/95 00
734558 05 02/01/96 0
734558 O 01/01/26
0
1493015 F45/F45 F 254,400.00 ZZ
SYRON THOMAS N 360 253,370.65 1
3011 FRANKLIN CORNER LANE 7.125 1,713.94 80
6.875 1,713.94 320,000.00
HERNDON VA 22071 1 11/27/95 00
734863 03 01/01/96 0
734863 O 12/01/25
0
1
1493016 F45/F45 F 129,000.00 ZZ
WEINER JONATHAN 360 128,538.86 359
305 E 40TH STREET 7.750 924.17 77
7.500 924.17 169,000.00
NEW YORK NY 10017 1 11/28/95 00
735167 11 01/01/96 0
735167 O 12/01/25
0
1493017 F45/F45 F 224,000.00 ZZ
MORENO MARIA A 360 223,294.08 121
245 EAST 72ND STREET APT 15C 8.375 1,702.56 70
8.125 1,702.56 320,000.00
NEW YORK NY 10021 1 11/28/95 00
735225 12 01/01/96 0
735225 O 12/01/25
0
1493018 F45/F45 F 292,000.00 ZZ
MCCARTHY KEVIN M 360 290,780.25 1
7 GREEN FARMS ROAD 8.125 2,168.09 80
7.875 2,168.09 365,000.00
GREEN NJ 07821 1 11/28/95 00
735332 05 01/01/96 0
735332 O 12/01/25
0
1493019 F45/F45 F 250,000.00 ZZ
DOERNBERG DANIEL 360 249,013.03 1
18 ROLAND DRIVE 7.250 1,705.44 57
7.000 1,705.44 445,000.00
WHITE PLAINS NY 10605 1 11/28/95 00
735449 05 01/01/96 0
735449 O 12/01/25
0
1493020 F45/F45 F 285,000.00 ZZ
SACCHETTI TOBIA 360 284,078.76 1
114 NORTH DEERFIELD LANE 8.250 2,141.11 53
8.000 2,141.11 540,000.00
PLEASANTVILLE NY 10570 1 11/28/95 00
735654 05 01/01/96 0
735654 O 12/01/25
0
1493021 F45/F45 F 219,800.00 ZZ
FEINBLUM FREDRIC J 360 219,014.28 1
2314 FRANKLIN'S CHANCE COURT 7.750 1,574.67 80
7.500 1,574.67 275,000.00
1
FALLSTON MD 21047 1 11/29/95 00
735746 05 01/01/96 0
735746 O 12/01/25
0
1493023 F45/F45 F 220,000.00 ZZ
AZADI MOHAMMAD 360 219,270.66 1
109 JEFFERSON AVENUE 8.125 1,633.49 80
7.875 1,633.49 275,000.00
ROSLYN HEIGHTS NY 11577 1 11/29/95 00
735886 05 01/01/96 0
735886 O 12/01/25
0
1493024 F45/F45 F 290,000.00 ZZ
GURIN NEIL 360 288,937.11 1
45 ABBEY CLOSE 7.625 2,052.60 77
7.375 2,052.60 380,000.00
SCARSDALE NY 10583 1 11/29/95 00
735944 05 01/01/96 0
735944 O 12/01/25
0
1493025 F45/F45 F 217,500.00 ZZ
SHEINMAN ALAN M 360 216,910.38 1
344 DERBY AVENUE 8.000 1,595.94 75
7.750 1,595.94 290,000.00
WOODMERE NY 11598 5 11/29/95 00
736009 05 02/01/96 0
736009 O 01/01/26
0
1493026 F45/F45 F 300,000.00 ZZ
BARON MARK 360 299,186.76 1
1310 HARBOR ROAD 8.000 2,201.29 51
7.750 2,201.29 591,000.00
HEWLETT HARBOR NY 11557 5 11/29/95 00
736074 05 02/01/96 0
736074 O 01/01/26
0
1493027 F45/F45 F 252,000.00 ZZ
GRAMAN MARILYN 360 251,099.14 343
2 FIFTH AVE 10-P 7.750 1,805.36 60
7.500 1,805.36 425,000.00
NEW YORK NY 10011 1 11/30/95 00
736496 12 01/01/96 0
736496 O 12/01/25
0
1
1493028 F45/F45 F 300,000.00 ZZ
DENNINGER WILLIAM C 360 298,844.50 1
231 ROXBURY ROAD 7.375 2,072.03 79
7.125 2,072.03 380,000.00
STAMFORD CT 06902 1 11/30/95 00
736660 05 01/01/96 0
736660 O 12/01/25
0
1493029 F45/F45 F 242,500.00 ZZ
HOFFMAN BRIAN T 360 241,825.87 1
203 MEADOW VIEW LANE 7.875 1,758.29 69
7.625 1,758.29 352,000.00
LEBANON TWP NJ 08826 2 11/30/95 00
736850 05 02/01/96 0
736850 O 01/01/26
0
1493030 F45/F45 F 232,000.00 ZZ
BENTLEY RICHARD 360 231,128.26 1
21 MORA COURT 7.500 1,622.18 80
7.250 1,622.18 292,000.00
MANHASSET NY 11030 1 11/30/95 00
737171 05 01/01/96 0
737171 O 12/01/25
0
1493031 F45/F45 F 400,000.00 ZZ
MCMURRAY MICHAEL 360 398,706.99 1
22 WILDWOOD DRIVE 8.250 3,005.07 60
8.000 3,005.07 670,000.00
GREENWICH CT 06830 1 11/30/95 00
737213 03 01/01/96 0
737213 O 12/01/25
0
1493032 F45/F45 F 550,000.00 ZZ
CAAN PAUL W 360 548,079.44 1
490 NORTH STREET 7.250 3,751.97 66
7.000 3,751.97 845,000.00
GREENWICH CT 06830 1 12/01/95 00
737569 05 02/01/96 0
737569 O 01/01/26
0
1493033 F45/F45 F 450,000.00 ZZ
PRIMIS LANCE R 360 448,617.65 1
1
UNIT 50D 160 WEST 66TH STREET 7.375 3,108.04 40
7.125 3,108.04 1,150,000.00
NEW YORK NY 10023 1 12/01/95 00
737734 01 02/01/96 0
737734 O 01/01/26
0
1493034 F45/F45 F 245,000.00 ZZ
CHAUSOW ROBERT 360 244,368.63 103
875 WEST END AVENUE APT 12E 8.250 1,840.60 66
8.000 1,840.60 375,000.00
NEW YORK NY 10025 1 12/04/95 00
737874 12 02/01/96 0
737874 O 01/01/26
0
1493035 F45/F45 F 255,000.00 ZZ
RUBECK LINDA 360 254,135.68 1
118 APPLE VALLEY ROAD 6.875 1,675.17 50
6.625 1,675.17 520,000.00
STAMFORD CT 06903 2 12/04/95 00
738021 05 02/01/96 0
738021 O 01/01/26
0
1493036 F45/F45 F 387,000.00 ZZ
ERLER BRIAN S 360 385,811.21 1
24 COLONIAL COURT 7.375 2,672.91 90
7.125 2,672.91 430,000.00
FREEHOLD NJ 07728 1 12/04/95 01
738039 05 02/01/96 25
738039 O 01/01/26
0
1493037 F45/F45 F 288,000.00 ZZ
SERGEANT JOHN B 360 287,199.36 1
18 HAGEMAN ROAD 7.875 2,088.20 76
7.625 2,088.20 380,000.00
READINGTON TOWN NJ 08822 2 12/05/95 00
738294 05 02/01/96 0
738294 O 01/01/26
0
1493038 F45/F45 F 295,000.00 ZZ
LENNON DAVID 360 294,116.03 1
29 POND HILL ROAD 7.500 2,062.68 75
7.250 2,062.68 395,000.00
CHAPPAQUA NY 10514 2 12/05/95 00
738344 05 02/01/96 0
1
738344 O 01/01/26
0
1493039 F45/F45 F 207,200.00 ZZ
KATZ WARREN A 360 206,609.33 1
7 WILLOW COURT 7.750 1,484.41 80
7.500 1,484.41 259,000.00
PARK RIDGE NJ 07656 1 12/06/95 00
738617 05 02/01/96 0
738617 O 01/01/26
0
1493040 F45/F45 F 296,800.00 ZZ
JOHNSON JR WILLIAM P 360 294,320.64 1
7906 SCOTT COURT 7.125 1,999.60 80
6.875 1,999.60 371,000.00
SPRINGFIELD VA 22153 2 12/06/95 00
738740 03 02/01/96 0
738740 O 01/01/26
0
1493041 F45/F45 F 225,000.00 ZZ
KARMOL THOMAS A 360 224,325.80 1
5 DORCHESTER AVENUE 7.500 1,573.23 73
7.250 1,573.23 310,000.00
CRANFORD NJ 07016 5 12/06/95 00
738757 05 02/01/96 0
738757 O 01/01/26
0
1493042 F45/F45 F 275,000.00 ZZ
PRINCE CHRIS N 360 274,273.09 1
60 NORTHWOODS LANE 8.125 2,041.87 72
7.875 2,041.87 382,000.00
EAST HAMPTON NY 11937 1 12/06/95 00
738864 05 02/01/96 0
738864 O 01/01/26
0
1493043 F45/F45 F 172,000.00 ZZ
UNION PAULA R 360 171,509.69 498
15 WEST 72ND STREET 7.750 1,232.23 79
7.500 1,232.23 218,000.00
NEW YORK NY 10023 1 12/06/95 00
738963 11 02/01/96 0
738963 O 01/01/26
0
1
1493045 F45/F45 F 500,000.00 ZZ
GOLDBERG NEIL S 360 498,464.07 1
42 SPRINGDALE ROAD 7.375 3,453.38 77
7.125 3,453.38 650,000.00
SCARSDALE NY 10583 1 12/07/95 00
739185 05 02/01/96 0
739185 O 01/01/26
0
1493046 F45/F45 F 215,000.00 ZZ
QUALMAN GENE 360 214,102.84 1
16 ALMA ROCK RD 7.500 1,503.31 66
7.250 1,503.31 326,000.00
STAMFORD CT 06903 1 12/08/95 00
739409 05 02/01/96 0
739409 O 01/01/26
0
1493047 F45/F45 F 210,000.00 ZZ
VAN IDERSTINE WILLIAM P 360 209,401.35 1
34 TAMARACK DRIVE 7.750 1,504.47 80
7.500 1,504.47 263,000.00
ROXBURY NJ 07876 1 12/08/95 00
739458 05 02/01/96 0
739458 O 01/01/26
0
1493048 F45/F45 F 276,000.00 ZZ
MARTIN BRIAN R 360 275,251.80 1
19 CENTER STREET 8.000 2,025.19 80
7.750 2,025.19 345,000.00
WESTPORT CT 06880 1 12/08/95 00
739516 05 02/01/96 0
739516 O 01/01/26
0
1493049 F45/F45 F 270,000.00 ZZ
OATES MICHAEL 360 269,009.47 1
1 KINGS GATE ROAD 7.875 1,957.69 74
7.625 1,957.69 365,000.00
MONTEBELLO NY 10901 1 12/08/95 00
739565 05 02/01/96 0
739565 O 01/01/26
0
1493050 F45/F45 F 224,000.00 ZZ
RIZZO MICHAEL J 360 223,328.78 1
112 SHELLBANK PLACE 7.500 1,566.24 76
7.250 1,566.24 295,000.00
1
ROCKVILLE CENTR NY 11570 1 12/11/95 00
740324 05 02/01/96 0
740324 O 01/01/26
0
1493051 F45/F45 F 344,000.00 ZZ
HANNA ADEL F 360 343,043.68 1
124 SPLIT OAK DRIVE 7.875 2,494.24 80
7.625 2,494.24 435,000.00
EAST NORWICH NY 11732 1 12/11/95 00
740373 05 02/01/96 0
740373 O 01/01/26
0
1493052 F45/F45 F 64,000.00 ZZ
KOTELAWALA USHA 360 63,830.82 44
360 RIVERSIDE DRIVE #2D 8.125 475.20 80
7.875 475.20 81,000.00
NEW YORK NY 10025 1 12/11/95 00
740381 11 02/01/96 0
740381 O 01/01/26
0
1493053 F45/F45 F 368,000.00 ZZ
PETROSINI ROBERT J 360 366,950.96 1
ONE LEDGEMOOR LANE 7.750 2,636.40 80
7.500 2,636.40 460,000.00
WESTPORT CT 06880 1 12/11/95 00
740530 05 02/01/96 0
740530 O 01/01/26
0
1493054 F45/F45 F 237,600.00 ZZ
POPA DAVID M 360 236,833.17 1
8 WALDEN DRIVE 7.125 1,600.76 80
6.875 1,600.76 299,000.00
CLINTON TOWNSHI NJ 08801 1 12/12/95 00
740647 03 02/01/96 0
740647 O 01/01/26
0
1493055 F45/F45 F 220,000.00 ZZ
DEJOSEPH, JR JOSEPH 360 219,403.61 1
138 JANSEN STREET 8.000 1,614.28 69
7.750 1,614.28 320,000.00
STATEN ISLAND NY 10312 1 12/12/95 00
740720 05 02/01/96 0
740720 O 01/01/26
0
1
1493056 F45/F45 F 265,000.00 ZZ
SACHS KELLY J 360 264,281.61 1
5 DICKSON LANE 8.000 1,944.48 48
7.750 1,944.48 555,000.00
MOUNT KISCO NY 10549 1 12/12/95 00
740837 05 02/01/96 0
740837 O 01/01/26
0
1493057 F45/F45 F 268,000.00 ZZ
MALAYEV ALBERT 360 267,326.69 1
184-34 TUDOR ROAD 8.375 2,036.99 64
8.125 2,036.99 420,000.00
JAMAICA ESTATES NY 11432 1 12/12/95 00
740902 05 02/01/96 0
740902 O 01/01/26
0
1493058 F45/F45 F 225,000.00 ZZ
DEROSA JAMES T 360 224,156.65 1
21 SETALCOTT PLACE 7.750 1,611.93 90
7.500 1,611.93 250,000.00
SETAUKET NY 11733 1 12/13/95 10
741124 05 02/01/96 25
741124 O 01/01/26
0
1493059 F45/F45 F 300,000.00 ZZ
SABIA VIOLA 360 298,763.74 1
5 ZACHERY TAYLOR STREET 8.375 2,280.22 75
8.125 2,280.22 400,000.00
STONY POINT NY 10977 1 12/13/95 00
741132 05 02/01/96 0
741132 O 01/01/26
0
1493060 F45/F45 F 499,000.00 ZZ
SPUNGEN DAVID A 360 497,681.03 5
331 WEST 84TH STREET APT #1 8.125 3,705.06 77
7.875 3,705.06 650,000.00
NEW YORK NY 10024 2 12/13/95 00
741389 13 02/01/96 0
741389 O 01/01/26
0
1493061 F45/F45 F 256,500.00 ZZ
DEZFOLI ALLEN 360 255,786.94 1
1
412 FEATHER ROCK DRIVE 7.875 1,859.80 95
7.625 1,859.80 272,500.00
ROCKVILLE MD 20850 1 12/13/95 10
741462 05 02/01/96 30
741462 O 01/01/26
0
1493062 F45/F45 F 230,000.00 ZZ
NIVASCH MICHAEL 360 229,392.06 1
40 ROCKLAND DRIVE 8.125 1,707.74 74
7.875 1,707.74 312,000.00
JERICHO NY 11753 1 12/14/95 00
741538 05 02/01/96 0
741538 O 01/01/26
0
1493063 F45/F45 F 348,000.00 ZZ
DIC JOSEPH 360 345,012.80 1
325 SUNSET BOULEVARD 7.875 2,523.24 80
7.625 2,523.24 440,000.00
MASSAPEQUA NY 11758 1 12/14/95 00
741546 05 02/01/96 0
741546 O 01/01/26
0
1493064 F45/F45 F 293,250.00 ZZ
CHO JOHN 360 292,414.05 1
71-49 JUNO STREET 7.750 2,100.88 84
7.500 2,100.88 350,000.00
FOREST HILLS NY 11375 1 12/14/95 10
741553 05 02/01/96 25
741553 O 01/01/26
0
1493065 F45/F45 F 261,350.00 ZZ
CRIST PETER A 360 260,485.55 1
62 WAGNER ROAD 7.000 1,738.77 84
6.750 1,738.77 312,000.00
STOCKTON NJ 08559 1 12/14/95 04
741603 05 02/01/96 12
741603 O 01/01/26
0
1493066 F45/F45 F 315,000.00 ZZ
SANDERS RICHARD L 360 314,056.08 1
100 HILTON AVE., UNIT 520E 7.500 2,202.53 72
7.250 2,202.53 440,000.00
GARDEN CITY NY 11530 1 12/14/95 00
741892 01 02/01/96 0
1
741892 O 01/01/26
0
1493067 F45/F45 F 272,000.00 ZZ
LIPKA ROBERT H 360 271,243.84 1
3 GLORY ROAD 7.875 1,972.19 80
7.625 1,972.19 340,000.00
WESTON CT 06883 1 12/15/95 00
742049 05 02/01/96 0
742049 O 01/01/26
0
1493068 F45/F45 F 235,000.00 ZZ
PACKER EDWARD L 240 233,300.21 1
68 NANCY BOULEVARD 8.000 1,965.63 80
7.750 1,965.63 295,000.00
MERRICK NY 11566 2 12/15/95 00
742148 05 02/01/96 0
742148 O 01/01/16
0
1493069 F45/F45 F 260,000.00 ZZ
SALCEDO JUAN C 360 259,295.16 1
173A OLD ALBANY POST ROAD 8.000 1,907.79 80
7.750 1,907.79 325,000.00
COLD SPRING NY 10516 1 12/15/95 00
742684 05 02/01/96 0
742684 O 01/01/26
0
1493071 F45/F45 F 296,000.00 ZZ
LOMBARDO JOSEPH 360 295,156.22 1
119 REMINGTON RD 7.750 2,120.58 79
7.500 2,120.58 375,000.00
RIDGEFIELD CT 06877 1 12/15/95 00
742775 05 02/01/96 0
742775 O 01/01/26
0
1493072 F45/F45 F 300,000.00 ZZ
GIORGI MARCO J 360 299,166.00 1
54 HIGHLAND ROAD 7.875 2,175.21 75
7.625 2,175.21 405,000.00
GLEN COVE NY 11542 1 12/15/95 00
742890 05 02/01/96 0
742890 O 01/01/26
0
1
1493073 F45/F45 F 225,600.00 ZZ
FRANCO MATTHEW R 360 224,248.61 1
173 GNARLED HOLLOW ROAD 8.125 1,675.07 76
7.875 1,675.07 300,000.00
EAST SETAUKET NY 11733 1 12/15/95 00
742908 05 02/01/96 0
742908 O 01/01/26
0
1493074 F45/F45 F 88,250.00 ZZ
MANCUSO MICHELLE T 360 87,992.06 1
12 HAMPTON ROAD 7.625 624.63 74
7.375 624.63 120,000.00
NEW FAIRFIELD CT 06812 1 12/18/95 00
742940 05 02/01/96 0
742940 O 01/01/26
0
1493075 F45/F45 F 283,500.00 ZZ
DONAHUE PATRICK G 360 282,671.37 1
23 PARK LANE 7.625 2,006.60 90
7.375 2,006.60 316,000.00
ROCKVILLE CENTR NY 11570 1 12/18/95 11
743146 05 02/01/96 25
743146 O 01/01/26
0
1493076 F45/F45 F 295,000.00 ZZ
NICHOLSON JOHN 360 294,116.03 1
14 SANDY COURT 7.500 2,062.68 84
7.250 2,062.68 353,000.00
PORT WASHINGTON NY 11050 1 12/01/95 11
743278 05 02/01/96 12
743278 O 01/01/26
0
1493077 F45/F45 F 350,000.00 ZZ
EGBERT ANN B 360 348,977.02 1
2 BAY POINT HARBOUR 7.625 2,477.28 77
7.375 2,477.28 460,000.00
PT. PLEASANT NJ 08742 1 12/18/95 00
743468 01 02/01/96 0
743468 O 01/01/26
0
1493078 F45/F45 F 291,000.00 ZZ
KESSLER DAVID L 360 290,128.03 1
38 RUSSET LANE 7.500 2,034.71 89
7.250 2,034.71 329,000.00
1
HUNTINGTON NY 11743 1 12/19/95 01
743591 05 02/01/96 25
743591 O 01/01/26
0
1493079 F45/F45 F 272,500.00 ZZ
ZIMMERMAN WARREN 360 271,662.92 1
2 MEAD LANE 7.375 1,882.09 59
7.125 1,882.09 465,000.00
ROSLYN NY 11576 1 12/19/95 00
743658 05 02/01/96 0
743658 O 01/01/26
0
1493080 F45/F45 F 224,000.00 ZZ
EL SMAHI BAHAA 360 223,422.72 1
1 SOUTH GLEN AVENUE 8.250 1,682.84 76
8.000 1,682.84 295,000.00
MOUNT ARLINGTON NJ 07856 1 12/19/95 00
743773 05 02/01/96 0
743773 O 01/01/26
0
1493081 F45/F45 F 410,000.00 ZZ
KENNEDY MARK T 360 408,676.78 1
409 ROLLING HILLS DRIVE 7.125 2,762.25 65
6.875 2,762.25 635,000.00
FAIRFIELD CT 06432 1 12/19/95 00
743872 05 02/01/96 0
743872 O 01/01/26
0
1493082 F45/F45 F 280,000.00 ZZ
ANGELO MARK 360 279,160.97 1
12 WAMPUS AVENUE 7.500 1,957.80 78
7.250 1,957.80 360,000.00
ARMONK NY 10504 1 12/19/95 00
743880 05 02/01/96 0
743880 O 01/01/26
0
1493083 F45/F45 F 251,700.00 ZZ
JORDAN JAMES 360 250,966.95 1
14 ARGYLE ROAD 8.375 1,913.10 95
8.125 1,913.10 265,000.00
WESTBURY NY 11590 1 12/20/95 14
744219 05 02/01/96 30
744219 O 01/01/26
0
1
1493085 F45/F45 F 221,250.00 ZZ
WEIL JAMES 360 220,634.91 1
1991 BROADWAY, UNIT 26/27C 7.875 1,604.22 74
7.625 1,604.22 300,000.00
NEW YORK NY 10023 1 12/22/95 00
744565 01 02/01/96 0
744565 O 01/01/26
0
1493086 F45/F45 F 228,000.00 ZZ
MCCARTHY JOSEPH R 360 227,412.41 1
445 MOUNT AIRY RD 8.250 1,712.89 79
8.000 1,712.89 290,000.00
BERNARDS TWP NJ 07920 1 12/21/95 00
744631 05 02/01/96 0
744631 O 01/01/26
0
1493087 F45/F45 F 234,500.00 ZZ
DURRELL STEWART J 360 233,814.59 1
182 EVERETT ROAD 7.625 1,659.78 73
7.375 1,659.78 325,000.00
EASTON CT 06612 2 12/22/95 00
744722 05 02/01/96 0
744722 O 01/01/26
0
1493088 F45/F45 F 252,000.00 ZZ
TUMINELLI JULIA C 360 251,225.90 1
78 SEAVIEW AVENUE 7.375 1,740.50 80
7.125 1,740.50 316,000.00
MONMOUTH BEACH NJ 07750 1 12/22/95 00
745240 05 02/01/96 0
745240 O 01/01/26
0
1493089 F45/F45 F 300,000.00 ZZ
RIZZUTO PETER J 360 299,007.72 1
6 ASHLEY PLACE 7.000 1,995.91 61
6.750 1,995.91 495,000.00
MONTVILLE NJ 07045 1 12/26/95 00
745364 05 02/01/96 0
745364 O 01/01/26
0
1493090 F45/F45 F 228,000.00 ZZ
MOUNT MICHAEL 360 227,582.70 1
1
3 NATALE WAY 8.500 1,753.12 90
8.250 1,753.12 256,000.00
FARMINGDALE, HO NJ 07727 2 12/26/95 10
745463 05 03/01/96 25
745463 O 02/01/26
0
1493091 F45/F45 F 344,000.00 ZZ
HOFFMAN DIANA L 360 343,135.74 1
18 FAIRFIELD TERRACE 8.375 2,614.65 79
8.125 2,614.65 440,000.00
MILLBURN TOWNSH NJ 07078 1 12/26/95 00
745471 05 02/01/96 0
745471 O 01/01/26
0
1493092 F45/F45 F 376,000.00 ZZ
STOPPELMAN ANDREW 360 375,157.61 1
3 TRAILS END 7.500 2,629.05 41
7.250 2,629.05 925,000.00
CHAPPAQUA NY 10514 2 01/04/96 00
745836 05 03/01/96 0
745836 O 02/01/26
0
1493093 F45/F45 F 420,000.00 ZZ
FERRETTI ROBERT S 360 419,148.92 1
11406 GREEN MOOR LANE 8.000 3,081.81 75
7.750 3,081.81 560,000.00
OAKTON VA 22124 2 12/27/95 00
745893 05 03/01/96 0
745893 O 02/01/26
0
1493095 F45/F45 F 315,000.00 ZZ
ROTEMAN ROBERT M 360 313,958.13 1
32 NORTH WAY 7.000 2,095.70 70
6.750 2,095.70 455,000.00
CHAPPAQUA NY 10514 1 12/28/95 00
746263 05 02/01/96 0
746263 O 01/01/26
0
1493096 F45/F45 F 400,000.00 ZZ
DAVILA RICARDO J 360 399,147.56 1
127 PARSONAGE HILL ROAD 7.750 2,865.65 25
7.500 2,865.65 1,600,000.00
MILLBURN TWP NJ 07078 2 12/28/95 00
746289 05 03/01/96 0
1
746289 O 02/01/26
0
1493097 F45/F45 F 430,000.00 ZZ
EISENBERG MARC J 360 428,804.60 1
890 COLONIAL RD 7.875 3,117.80 78
7.625 3,117.80 556,000.00
FRANKLIN LAKES NJ 07417 1 12/28/95 00
746495 05 02/01/96 0
746495 O 01/01/26
0
1493098 F45/F45 F 236,500.00 ZZ
BOGART KENNETH M 360 235,768.91 1
21 LT. JOHN A OLSON LANE 7.500 1,653.64 73
7.250 1,653.64 327,000.00
ST. JAMES NY 11780 1 01/17/96 00
746826 05 03/01/96 0
746826 O 02/01/26
0
1493099 F45/F45 F 356,500.00 ZZ
MAJNEMER JACOB 360 355,019.11 1
5 MERRIVALE ROAD 7.000 2,371.80 73
6.750 2,371.80 490,000.00
GREAT NECK NY 11021 1 12/29/95 00
746974 05 02/01/96 0
746974 O 01/01/26
0
1493100 F45/F45 F 261,000.00 ZZ
KOSHY RACHEL 360 260,178.18 1
17 GEORGIAN ROAD 7.250 1,780.48 88
7.000 1,780.48 297,000.00
RANDOLPH TOWNSH NJ 07869 1 12/29/95 01
746990 05 02/01/96 25
746990 O 01/01/26
0
1493101 F45/F45 F 85,500.00 ZZ
SMOLINSKI LINDA 240 85,004.73 1
319 CONSTITUTION DIVE 7.000 662.88 90
6.750 662.88 95,000.00
LACEY NJ 08731 2 01/25/96 11
747071 05 03/01/96 12
747071 O 02/01/16
0
1
1493102 F45/F45 F 258,700.00 ZZ
LEMASTER GRANT 360 257,479.34 1
121 CORNWALL HILL ROAD 7.250 1,764.79 90
7.000 1,764.79 288,000.00
PATTERSON NY 12563 1 12/29/95 10
747139 05 02/01/96 30
747139 O 01/01/26
0
1493103 F45/F45 F 388,000.00 ZZ
PANOSIAN GARY 360 387,170.78 39
366 BROADWAY APT 10C 7.750 2,779.68 78
7.500 2,779.68 502,000.00
NEW YORK NY 10013 1 01/02/96 00
747394 13 03/01/96 0
747394 O 02/01/26
0
1493104 F45/F45 F 260,000.00 ZZ
KNOEDLER JOHN C 360 259,201.31 1
17712 LONG DRAFT ROAD 7.375 1,795.76 80
7.125 1,795.76 327,000.00
GAITHERSBURG MD 20878 1 12/29/95 00
747493 05 02/01/96 0
747493 O 01/01/26
0
1493105 F45/F45 F 240,000.00 ZZ
ARCURE ANTHONY R 360 239,549.36 1
3 BUXTON COURT 8.375 1,824.17 80
8.125 1,824.17 300,000.00
BRICK NJ 08724 1 01/03/96 00
747725 05 03/01/96 0
747725 O 02/01/26
0
1493106 F45/F45 F 253,800.00 ZZ
LOKAIYAN GOVINDA R 360 253,285.71 1
474 ROUND HILL ROAD 8.000 1,862.29 90
7.750 1,862.29 285,000.00
EAST HILLS NY 11577 1 01/03/96 11
747808 05 03/01/96 25
747808 O 02/01/26
0
1493107 F45/F45 F 125,000.00 ZZ
HENNESSEY PATRICIA 360 124,719.95 484
170 WEST END AVENUE APT 15P 7.500 874.02 50
7.250 874.02 255,000.00
1
NEW YORK NY 10023 1 01/04/96 00
747980 12 03/01/96 0
747980 O 02/01/26
0
1493108 F45/F45 F 283,500.00 ZZ
KORSUN LORI 360 280,891.12 1
44 OLD NORTHPORT ROAD 7.875 2,055.57 90
7.625 2,055.57 315,000.00
HUNTINGTON NY 11743 1 01/05/96 10
748285 05 03/01/96 25
748285 O 02/01/26
0
1493109 F45/F45 F 540,000.00 ZZ
RYAN PATRICK 360 538,877.81 1
35 WHITE DEER LANE 7.875 3,915.37 80
7.625 3,915.37 675,000.00
HARRISON NY 10604 1 01/05/96 00
748293 05 03/01/96 0
748293 O 02/01/26
0
1493110 F45/F45 F 320,000.00 ZZ
GROSSMAN DAVID S 360 319,300.75 1
12 ORCHARD DRIVE 7.625 2,264.94 80
7.375 2,264.94 401,000.00
WOODBURY NY 11797 1 01/05/96 00
748475 05 03/01/96 0
748475 O 02/01/26
0
1493111 F45/F45 F 212,000.00 ZZ
PIZZUTO JERRY 360 211,591.63 1
2734 REMSEN STREET 8.250 1,592.69 79
8.000 1,592.69 269,000.00
BALDWIN NY 11510 1 01/09/96 00
749036 05 03/01/96 0
749036 O 02/01/26
0
1493112 F45/F45 F 304,000.00 ZZ
STRIDH ULF L 360 303,368.25 1
60 BANKSVILLE ROAD 7.875 2,204.21 80
7.625 2,204.21 380,000.00
ARMONK NY 10504 1 01/10/96 00
749127 05 03/01/96 0
749127 O 02/01/26
0
1
1493113 F45/F45 F 105,000.00 ZZ
SPERBER PETER 360 104,764.74 1
42 LOVELL DRIVE 7.500 734.18 58
7.250 734.18 184,000.00
WANAQUE NJ 07465 5 01/12/96 00
749614 05 03/01/96 0
749614 O 02/01/26
0
1493114 F45/F45 F 125,000.00 ZZ
IACCARINO PAUL 360 124,500.20 1
33 MAPLE AVENUE 7.500 874.02 76
7.250 874.02 165,000.00
FARMINGDALE NY 11735 1 01/12/96 00
749663 05 03/01/96 0
749663 O 02/01/26
0
1493115 F45/F45 F 225,000.00 ZZ
COOK ROBERT T 360 224,390.05 1
22 WAYNE DRIVE 8.000 1,650.97 70
7.750 1,650.97 325,000.00
NORTHPORT NY 11768 1 01/12/96 00
749671 05 03/01/96 0
749671 O 02/01/26
0
1493116 F45/F45 F 246,400.00 ZZ
OLTZ FREDERICK 360 245,805.36 1
30 FAYSON LAKES ROAD 7.125 1,660.04 80
6.875 1,660.04 310,000.00
KINNELON NJ 07405 1 01/12/96 00
749812 05 03/01/96 0
749812 O 02/01/26
0
1493117 F45/F45 F 70,000.00 ZZ
BER STEVEN 360 69,850.81 1
221 LONGWOOD DRIVE 7.750 501.49 51
7.500 501.49 138,000.00
MANALAPAN NJ 07726 1 01/12/96 00
749937 01 03/01/96 0
749937 O 02/01/26
0
1493119 F45/F45 F 72,000.00 ZZ
AKIZAWA TOSHIYA 360 71,842.68 147
1
175 WEST 73RD ST 5B 7.625 509.61 74
7.375 509.61 98,000.00
NEW YORK NY 10023 1 01/16/96 00
750117 11 03/01/96 0
750117 O 02/01/26
0
1493120 F45/F45 F 232,000.00 ZZ
JORDAN DAVID 360 231,493.06 1
15 MAYMONT LANE 7.625 1,642.08 79
7.375 1,642.08 295,000.00
TRUMBULL CT 06611 1 01/16/96 00
750174 05 03/01/96 0
750174 O 02/01/26
0
1493121 F45/F45 F 109,200.00 ZZ
HAHN LUCY A 360 108,967.29 1
129 WEST 24TH STREET 7.750 782.32 70
7.500 782.32 156,000.00
BAYONNE NJ 07002 5 01/16/96 00
750182 05 03/01/96 0
750182 O 02/01/26
0
1493122 F45/F45 F 231,500.00 ZZ
CARDANEO JAMES P 360 230,981.36 1
3 ENGLISH LANE 7.500 1,618.68 85
7.250 1,618.68 275,000.00
FRANKLIN NJ 08540 2 01/16/96 01
750216 05 03/01/96 12
750216 O 02/01/26
0
1493123 F45/F45 F 96,750.00 ZZ
TROWELL JAMES 360 96,538.59 8
220 EAST 12TH NO 5B 7.625 684.79 72
7.375 684.79 135,000.00
NEW YORK NY 10003 1 01/01/96 00
750257 11 03/01/96 0
750257 O 02/01/26
0
1493124 F45/F45 F 122,400.00 ZZ
FISHKIN THOMAS J 360 122,037.86 1
128 BEECHWOOD AVENUE 7.750 876.89 80
7.500 876.89 153,000.00
WEST LONG BRANC NJ 07764 1 01/18/96 00
750281 05 03/01/96 0
1
750281 O 02/01/26
0
1493125 F45/F45 F 164,900.00 ZZ
MAXIMOS SAMIR L 360 164,482.00 1
178 WEST 32ND STREET 6.875 1,083.28 85
6.625 1,083.28 195,000.00
BAYONNE NJ 07002 1 01/16/96 10
750299 05 03/01/96 12
750299 O 02/01/26
0
1493126 F45/F45 F 170,000.00 ZZ
CHABROL VINCENT 240 169,059.00 1
14 SALEM STREET 7.375 1,356.54 68
7.125 1,356.54 250,000.00
GREENWICH CT 06807 2 01/16/96 00
750323 05 03/01/96 0
750323 O 02/01/16
0
1493127 F45/F45 F 130,000.00 ZZ
TAMBERELLI THOMAS D 360 129,749.59 1
720 PINE STREET 8.250 976.65 71
8.000 976.65 185,000.00
FRANKLIN SQUARE NY 11010 1 01/16/96 00
750356 05 03/01/96 0
750356 O 02/01/26
0
1493128 F45/F45 F 140,000.00 ZZ
SMITH CAROLYN R 360 139,723.39 1
100 SHEARWATER CT. APT 36 8.125 1,039.50 80
7.875 1,039.50 175,000.00
JERSEY CITY NJ 07306 1 01/17/96 00
750364 08 03/01/96 0
750364 O 02/01/26
0
1493129 F45/F45 F 60,000.00 ZZ
DZIERZANOWSKI ROBERT 360 59,868.88 1
174 SAPPHIRE LANE 7.625 424.68 74
7.375 424.68 82,000.00
FRANKLIN NJ 08823 2 01/17/96 00
750406 01 03/01/96 0
750406 O 02/01/26
0
1
1493130 F45/F45 F 82,000.00 ZZ
FRANZOSO DANIEL J 360 81,806.95 1
229 ANN STREET 7.250 559.38 66
7.000 559.38 125,000.00
MILLSTONE NJ 08876 2 01/17/96 00
750455 05 03/01/96 0
750455 O 02/01/26
0
1493131 F45/F45 F 156,000.00 ZZ
DITIZIO ROBERT A 360 155,566.92 1
114 COLONY LANE 7.750 1,117.60 77
7.500 1,117.60 205,000.00
SYOSSET NY 11791 1 01/17/96 00
750505 05 03/01/96 0
750505 O 02/01/26
0
1493132 F45/F45 F 279,000.00 ZZ
HAMMER WARREN I 360 278,343.12 1
551 CANOE HILL ROAD 7.250 1,903.27 47
7.000 1,903.27 595,000.00
NEW CANAAN CT 06840 2 01/25/96 00
750521 05 03/01/96 0
750521 O 02/01/26
0
1493133 F45/F45 F 136,950.00 ZZ
BRANN ANITA 360 136,672.49 1
448 EAST 49TH STREET 8.000 1,004.89 95
7.750 1,004.89 145,000.00
BROOKLYN NY 11203 1 01/17/96 04
750554 05 03/01/96 30
750554 O 02/01/26
0
1493134 F45/F45 F 260,000.00 ZZ
DE SCIORA EDWARD A 360 259,417.49 1
94 WOODHILL LANE 7.500 1,817.96 62
7.250 1,817.96 423,000.00
MANHASSET NY 11030 1 01/17/96 00
750588 05 03/01/96 0
750588 O 02/01/26
0
1493135 F45/F45 F 85,600.00 ZZ
BUSTAMANTE JOSE 360 81,313.63 1
14 STEGMAN COURT 7.875 620.66 79
7.625 620.66 109,000.00
1
JERSEY CITY NJ 07305 1 01/17/96 00
750620 05 03/01/96 0
750620 O 02/01/26
0
1493136 F45/F45 F 90,000.00 ZZ
CONNOLLY RUTH B 360 89,782.80 1
504 PHILADELPHIA AVE 7.125 606.35 62
6.875 606.35 147,000.00
CAPE MAY NJ 08204 5 01/18/96 00
750695 05 03/01/96 0
750695 O 02/01/26
0
1493137 F45/F45 F 235,600.00 ZZ
LINDNER MICHAEL P 360 235,002.81 1
5 BOWIE PLACE 6.875 1,547.72 80
6.625 1,547.72 295,000.00
COLTS NECK NJ 07722 1 01/18/96 00
750760 05 03/01/96 0
750760 O 02/01/26
0
1493138 F45/F45 F 108,000.00 ZZ
PILATO TIMOTHY D 360 107,775.57 1
427 DUNELLEN AVENUE 7.875 783.07 78
7.625 783.07 139,000.00
DUNELLEN NJ 08812 1 01/18/96 00
750778 05 03/01/96 0
750778 O 02/01/26
0
1493139 F45/F45 F 83,700.00 ZZ
SMITH SHEILA M 360 83,487.83 1
186 MELVILLE AVENUE 6.875 549.85 90
6.625 549.85 93,000.00
LAKEWOOD NJ 08701 1 01/18/96 01
750794 05 03/01/96 25
750794 O 02/01/26
0
1493140 F45/F45 F 152,100.00 ZZ
ERROA MANUEL D 360 151,741.89 1
78-30 64TH PLACE 7.250 1,037.59 90
7.000 1,037.59 170,000.00
GLENDALE NY 11385 1 01/18/96 01
750802 05 03/01/96 25
750802 O 02/01/26
0
1
1493142 F45/F45 F 240,000.00 ZZ
OLIJSLAGER NICOLAAS C 360 239,501.24 1
129 WHITENACK RD 7.875 1,740.17 75
7.625 1,740.17 320,000.00
BERNARDS TWP NJ 07920 5 01/18/96 00
750901 05 03/01/96 0
750901 O 02/01/26
0
1493143 F45/F45 F 257,000.00 ZZ
BARTFELD PETER M 360 256,452.31 1
735 MULBERRY PLACE 7.750 1,841.18 80
7.500 1,841.18 323,500.00
NORTH WOODMERE NY 11581 1 01/18/96 00
750992 05 03/01/96 0
750992 O 02/01/26
0
1493144 F45/F45 F 250,000.00 ZZ
NOWAK KATHLEEN 360 249,530.58 1
25 STONEWALL LANE 8.375 1,900.18 82
8.125 1,900.18 305,000.00
CONGERS NY 10920 1 01/18/96 10
751065 05 03/01/96 25
751065 O 02/01/26
0
1493145 F45/F45 F 120,000.00 ZZ
SPINOSA PAUL 360 119,737.79 1
101 E GREAT CREEK ROAD 7.625 849.35 71
7.375 849.35 170,000.00
GALLOWAY TOWNSH NJ 08201 2 01/18/96 00
751081 05 03/01/96 0
751081 O 02/01/26
0
1493146 F45/F45 F 231,200.00 ZZ
VISCONTI ANTHONY E 360 230,694.37 1
6 WOODFIELD ROAD 7.875 1,676.36 80
7.625 1,676.36 290,000.00
POMONA NY 10970 1 01/18/96 00
751131 05 03/01/96 0
751131 O 02/01/26
0
1493147 F45/F45 F 137,000.00 ZZ
AIELLO JON 360 136,693.08 1
1
4 SALONGA WOODS ROAD 7.500 957.92 58
7.250 957.92 237,000.00
FT. SALONGA NY 11768 1 01/18/96 00
751222 05 03/01/96 0
751222 O 02/01/26
0
1493148 F45/F45 F 290,800.00 ZZ
COLON VICTOR 360 289,943.81 1
42 FLAT ROCK DRIVE 6.750 1,886.12 80
6.500 1,886.12 365,000.00
RIDGEFIELD CT 06877 1 01/23/96 00
751420 05 03/01/96 0
751420 O 02/01/26
0
1493149 F45/F45 F 340,000.00 ZZ
FERRARO JOHN A 360 339,238.27 1
1 HARNESS COURT 7.500 2,377.33 78
7.250 2,377.33 440,000.00
PURDYS NY 10578 1 01/19/96 00
751453 03 03/01/96 0
751453 O 02/01/26
0
1493150 F45/F45 F 244,000.00 ZZ
VORBACH JAMES 360 243,530.01 1
6 WEST MALL DRIVE 8.250 1,833.09 80
8.000 1,833.09 306,000.00
HUNTINGTON NY 11743 1 01/19/96 00
751479 05 03/01/96 0
751479 O 02/01/26
0
1493151 F45/F45 F 63,000.00 ZZ
DOWD LORRAINE A 360 62,875.53 1
116 DARI DRIVE 8.125 467.77 42
7.875 467.77 150,000.00
HOLBROOK NY 11741 5 01/19/96 00
751487 03 03/01/96 0
751487 O 02/01/26
0
1493152 F45/F45 F 75,000.00 ZZ
REID ANDREW 360 74,855.55 1
40-41 166TH STREET 8.250 563.45 30
8.000 563.45 250,000.00
FLUSHING NY 11358 5 01/19/96 00
751503 05 03/01/96 0
1
751503 O 02/01/26
0
1493153 F45/F45 F 120,000.00 ZZ
QUIETT ANITA J 360 119,731.14 1
251 PARK AVENUE 7.500 839.06 71
7.250 839.06 169,000.00
HUNTINGTON NY 11743 1 01/19/96 00
751537 05 03/01/96 0
751537 O 02/01/26
0
1493154 F45/F45 F 188,000.00 ZZ
MCGUIRE MICHAEL T 360 187,019.14 1
103 MEADOW STREET 6.875 1,235.03 73
6.625 1,235.03 260,000.00
GARDEN CITY NY 11530 1 01/19/96 00
751586 05 03/01/96 0
751586 O 02/01/26
0
1493155 F45/F45 F 88,300.00 ZZ
POWELL EARL C 360 88,065.01 1
79 NORTH DAWES AVENUE 6.625 565.39 93
6.375 565.39 95,000.00
KINGSTON PA 18704 1 01/19/96 01
751651 05 03/01/96 30
751651 O 02/01/26
0
1493156 F45/F45 F 166,400.00 ZZ
JOHNSON-SALTER WENDY E 360 165,796.63 1
60 REVOLUTIONARY ROAD 7.125 1,121.07 80
6.875 1,121.07 210,000.00
OSSINING NY 10562 1 01/22/96 00
751891 05 03/01/96 0
751891 O 02/01/26
0
1493157 F45/F45 F 212,000.00 ZZ
SORACE CLAUDIO P 360 211,525.06 1
14 HILLVALE ROAD 7.500 1,482.33 79
7.250 1,482.33 270,000.00
SYOSSET NY 11791 1 01/22/96 00
751909 05 03/01/96 0
751909 O 02/01/26
0
1
1493158 F45/F45 F 133,000.00 ZZ
MEEK MARTHA J 360 132,694.52 1
75 LANCASTER ROAD 7.375 918.60 94
7.125 918.60 141,500.00
WOODBRIDGE NJ 07067 1 01/22/96 01
751941 05 03/01/96 30
751941 O 02/01/26
0
1493159 F45/F45 F 460,000.00 ZZ
LIPSTEIN BARRY 360 459,067.86 1
38 ROBERTS ROAD 8.000 3,375.32 64
7.750 3,375.32 725,000.00
NEW CITY NY 10956 5 01/23/96 00
752204 05 03/01/96 0
752204 O 02/01/26
0
1493160 F45/F45 F 162,000.00 ZZ
WEISMAN MICHELE 360 161,461.38 1
58 GENTRY DRIVE 7.875 1,174.61 90
7.625 1,174.61 180,000.00
ENGLEWOOD NJ 07631 2 01/23/96 04
752212 01 03/01/96 25
752212 O 02/01/26
0
1493161 F45/F45 F 128,700.00 ZZ
O'CONNELL MARGARET 360 128,404.40 1
9 GERALD LANE 7.375 888.90 90
7.125 888.90 144,000.00
HAMPTON BAYS NY 11946 1 01/23/96 01
752279 05 03/01/96 30
752279 O 02/01/26
0
1493162 F45/F45 F 157,000.00 ZZ
SONG KEY R 360 156,689.82 1
45-22 194TH STREET 8.125 1,165.72 56
7.875 1,165.72 283,500.00
FLUSHING NY 11358 5 01/23/96 00
752352 05 03/01/96 0
752352 O 02/01/26
0
1493163 F45/F45 F 287,000.00 ZZ
CLARKE JOHN M 360 286,307.38 1
30 GAYNOR AVENUE 7.125 1,933.57 77
6.875 1,933.57 375,000.00
1
MANHASSET NY 11030 1 01/23/96 00
752428 05 03/01/96 0
752428 O 02/01/26
0
1493164 F45/F45 F 375,000.00 ZZ
MOULTON ROBERT 360 373,410.73 1
29 REVERE ROAD 7.250 2,558.16 65
7.000 2,558.16 577,000.00
MANHASSET NY 11030 1 01/23/96 00
752436 05 03/01/96 0
752436 O 02/01/26
0
1493165 F45/F45 F 243,750.00 ZZ
HIGBEE GEORGE K 360 243,256.07 1
169 SOUTH MANNHEIM AVE 8.000 1,788.55 75
7.750 1,788.55 325,000.00
GALLOWAY TWP NJ 08215 2 01/24/96 00
752501 05 03/01/96 0
752501 O 02/01/26
0
1493167 F45/F45 F 40,000.00 ZZ
ENCARNACION JR ERNESTO C 360 39,561.33 59
78-14 AUSTIN STREET APT 5G 7.500 279.69 80
7.250 279.69 50,000.00
FOREST HILLS NY 11375 1 01/24/96 00
752576 11 03/01/96 0
752576 O 02/01/26
0
1493168 F45/F45 F 156,275.00 ZZ
GALLAGHER THERESA 360 155,648.26 1
3 INDIAN HEAD DRIVE 7.875 1,133.10 95
7.625 1,133.10 165,000.00
SAYVILLE NY 11782 1 01/24/96 10
752600 05 03/01/96 30
752600 O 02/01/26
0
1493169 F45/F45 F 280,000.00 ZZ
SALVO CHRISTOPHA 360 279,372.69 1
110 INDIAN FIELD RD 7.500 1,957.80 74
7.250 1,957.80 380,000.00
GREENWICH CT 06830 1 01/24/96 00
752634 05 03/01/96 0
752634 O 02/01/26
0
1
1493170 F45/F45 F 150,000.00 ZZ
KAMMERLING DIANE 360 149,725.46 1
235 WEST END AVENUE UNIT 16D 8.500 1,153.37 75
8.250 1,153.37 200,000.00
NEW YORK NY 10023 2 01/24/96 00
752766 01 03/01/96 0
752766 O 02/01/26
0
1493171 F45/F45 F 433,000.00 ZZ
BERGGREN BRADLEY S 360 431,875.29 1
33 BONNIE BROOK ROAD 6.750 2,808.43 78
6.500 2,808.43 557,500.00
WESTPORT CT 06880 1 01/24/96 00
752832 05 03/01/96 0
752832 O 02/01/26
0
1493172 F45/F45 F 118,800.00 ZZ
BERTMAN NOEL 360 118,426.51 1
21 FREMONT STREET 7.875 861.38 90
7.625 861.38 132,000.00
LINDENHURST NY 11757 1 01/26/96 01
752915 05 03/01/96 25
752915 O 02/01/26
0
1493173 F45/F45 F 542,000.00 T
SAMAAN SELIM 360 540,785.73 1
4875 NASSAU POINT ROAD 7.500 3,789.74 61
7.250 3,789.74 902,000.00
CUTCHOGUE NY 11935 2 01/25/96 00
752949 05 03/01/96 0
752949 O 02/01/26
0
1493174 F45/F45 F 299,200.00 ZZ
LEWIS DAVID E 360 298,495.56 1
170 BARCLAY DRIVE 7.250 2,041.07 80
7.000 2,041.07 374,000.00
STAMFORD CT 06903 1 01/25/96 00
753038 05 03/01/96 0
753038 O 02/01/26
0
1493175 F45/F45 F 150,000.00 ZZ
O'CONNELL DAVID 360 149,688.30 1
1
400 CENTER STREET 7.875 1,087.60 93
7.625 1,087.60 162,500.00
CARLSTADT NJ 07072 1 01/25/96 01
753046 05 03/01/96 30
753046 O 02/01/26
0
1493176 F45/F45 F 193,600.00 ZZ
MCMANUS THOMAS 360 193,155.33 1
37 DIANA COURT 7.375 1,337.15 76
7.125 1,337.15 255,000.00
WADING RIVER NY 11792 1 01/25/96 00
753087 05 03/01/96 0
753087 O 02/01/26
0
1493177 F45/F45 F 134,000.00 ZZ
MASTERS NEIL S 360 133,692.23 1
658 FOCH BOULEVARD 7.375 925.50 58
7.125 925.50 235,000.00
WILLISTON PARK NY 11596 5 01/25/96 00
753111 05 03/01/96 0
753111 O 02/01/26
0
1493178 F45/F45 F 408,000.00 ZZ
FRANK RONALD 360 407,152.12 1
30 IRVING DRIVE 7.875 2,958.28 80
7.625 2,958.28 515,000.00
WOODBURY NY 11797 2 01/25/96 00
753145 05 03/01/96 0
753145 O 02/01/26
0
1493179 F45/F45 F 120,000.00 ZZ
GORTON WILLIAM R 360 119,680.64 1
21 THUNDERBIRD DRIVE 6.625 768.37 40
6.375 768.37 300,000.00
OAKLAND NJ 07436 1 01/25/96 00
753269 05 03/01/96 0
753269 O 02/01/26
0
1493180 F45/F45 F 149,000.00 ZZ
TAORMINA VINCENZO 360 148,649.20 1
153 HEREFORD STREET 7.250 1,016.44 94
7.000 1,016.44 160,000.00
STATEN ISLAND NY 10308 1 01/25/96 11
753301 05 03/01/96 30
1
753301 O 02/01/26
0
1493181 F45/F45 F 154,000.00 ZZ
SANTIAGO HARRY 360 153,663.49 1
184 ELMWOOD DRIVE 7.625 1,090.00 79
7.375 1,090.00 195,000.00
ELMWOOD PARK NJ 07407 1 01/25/96 00
753327 05 03/01/96 0
753327 O 02/01/26
0
1493182 F45/F45 F 228,200.00 ZZ
LIPSKI ROBERT A 360 227,725.75 1
109 TOMAHAWK STREET 7.875 1,654.61 79
7.625 1,654.61 290,000.00
GRANITE SPRINGS NY 10527 1 01/25/96 00
753400 05 03/01/96 0
753400 O 02/01/26
0
1493183 F45/F45 F 95,000.00 ZZ
HAWTHORNE JERRY 360 94,781.80 1
45 FRANKLIN CORNER ROAD 7.375 656.14 56
7.125 656.14 170,000.00
LAWRENCEVILLE T NJ 08648 5 01/25/96 00
753418 05 03/01/96 0
753418 O 02/01/26
0
1493184 F45/F45 F 326,750.00 ZZ
LANGBEIN JEFFREY A 360 326,017.97 1
10 ELSA WAY 7.500 2,284.68 90
7.250 2,284.68 365,000.00
NORTHAMPTON TWP PA 18954 1 01/25/96 04
753467 05 03/01/96 25
753467 O 02/01/26
0
1493185 F45/F45 F 64,000.00 ZZ
INCORVAIA JUNE E 360 63,867.01 1
38 CLARK COURT 7.875 464.04 80
7.625 464.04 80,000.00
RUTHERFORD NJ 07070 1 01/25/96 00
753491 01 03/01/96 0
753491 O 02/01/26
0
1
1493186 F45/F45 F 203,000.00 ZZ
MORAN JAMES M 360 202,533.74 1
103 HUNTINGTON ROAD 7.375 1,402.07 77
7.125 1,402.07 265,000.00
GARDEN CITY NY 11530 1 01/26/96 00
753533 05 03/01/96 0
753533 O 02/01/26
0
1493187 F45/F45 F 203,000.00 ZZ
FRIEDMAN RODGER 360 202,141.43 1
RR1, 12 STERLING PINES 7.500 1,419.41 77
7.250 1,419.41 265,000.00
TUXEDO, TOWN OF NY 10987 1 01/26/96 00
753582 03 03/01/96 0
753582 O 02/01/26
0
1493188 F45/F45 F 300,800.00 ZZ
MIESEL JR. VICTOR H 360 300,091.77 1
129 LEE DR 7.250 2,051.99 80
7.000 2,051.99 376,000.00
FAIRFIELD CT 06430 1 01/26/96 00
753624 05 03/01/96 0
753624 O 02/01/26
0
1493189 F45/F45 F 182,000.00 ZZ
MCGUIRE JACK L 240 181,066.84 1
463 PRINCETON AVENUE 8.000 1,522.32 60
7.750 1,522.32 305,000.00
BRICK NJ 08724 2 01/26/96 00
753699 05 03/01/96 0
753699 O 02/01/16
0
1493190 F45/F45 F 138,700.00 ZZ
WELLS TIMOTHY D 360 138,404.43 1
120 SHERMAN AVENUE 7.750 993.66 72
7.500 993.66 194,000.00
TEANECK NJ 07666 5 01/26/96 00
753707 05 03/01/96 0
753707 O 02/01/26
0
1493191 F45/F45 F 70,000.00 ZZ
OZEHOSKI RAYMOND J 360 69,818.17 1
309 MONROE AVENUE 6.750 454.02 63
6.500 454.02 112,000.00
1
EDGEWATER PARK NJ 08010 5 01/26/96 00
753723 05 03/01/96 0
753723 O 02/01/26
0
1493192 F45/F45 F 110,200.00 ZZ
MORALES DIEGO 360 109,953.12 1
66 JULIET STREET 7.500 770.53 92
7.250 770.53 120,000.00
NEW BRUNSWICK NJ 08901 1 01/26/96 10
753749 05 03/01/96 30
753749 O 02/01/26
0
1493194 F45/F45 F 203,100.00 ZZ
SOUT PAVEL N 360 201,671.35 1
131 ROCK ROAD 7.875 1,472.62 77
7.625 1,472.62 264,000.00
WAYNE NJ 07470 1 01/29/96 00
753962 03 03/01/96 0
753962 O 02/01/26
0
1493195 F45/F45 F 90,000.00 ZZ
TESTA GARY J 360 89,793.27 1
11 PEONY ROAD 7.375 621.61 70
7.125 621.61 129,900.00
LEVITTOWN NY 11756 1 01/26/96 00
754242 05 03/01/96 0
754242 O 02/01/26
0
1493196 F45/F45 F 190,000.00 ZZ
SIEGEL NORA 360 189,518.40 1
904 FOXBORO DRIVE 6.875 1,248.16 80
6.625 1,248.16 240,000.00
NORWALK CT 06851 1 01/26/96 00
754283 01 03/01/96 0
754283 O 02/01/26
0
1493197 F45/F45 F 150,000.00 ZZ
MEYER JERRY 240 149,156.99 1
148 CIRCLE AVENUE 7.250 1,185.56 74
7.000 1,185.56 205,000.00
RIDGEWOOD NJ 07450 5 01/26/96 00
754291 05 03/01/96 0
754291 O 02/01/16
0
1
1493198 F45/F45 F 166,600.00 T
BASILICE JOSEPH P 360 166,262.41 1
2405 BAYSHORE ROAD 8.000 1,222.45 70
7.750 1,222.45 238,000.00
GREENPORT NY 11944 1 01/26/96 00
754309 05 03/01/96 0
754309 O 02/01/26
0
1493199 F45/F45 F 394,000.00 ZZ
NASRA MAGDY A 360 393,095.42 1
27 WILLOW BROOK ROAD 8.000 2,891.03 85
7.750 2,891.03 465,000.00
HOLMDEL NJ 07733 2 01/29/96 11
754440 05 04/01/96 12
754440 O 03/01/26
0
1493200 F45/F45 F 89,000.00 T
COCHRANE JAMES R 360 88,109.73 1
1610 CENTRAL AVENUE 7.500 622.30 58
7.250 622.30 155,000.00
SURF CITY NJ 08008 5 01/29/96 00
754473 05 04/01/96 0
754473 O 03/01/26
0
1493201 F45/F45 F 91,000.00 ZZ
COCHRANE JAMES R 360 90,864.50 1
181 WEST LAKE AVE 7.500 636.29 74
7.250 636.29 124,000.00
RAHWAY NJ 07065 5 01/29/96 00
754481 05 04/01/96 0
754481 O 03/01/26
0
1493202 F45/F45 F 352,000.00 ZZ
BERMAN HOWARD 360 351,321.98 8
69 MURRAY STREET, THIRD FLOOR 8.250 2,644.46 80
8.000 2,644.46 443,500.00
NEW YORK NY 10007 1 01/29/96 00
754507 12 03/01/96 0
754507 O 02/01/26
0
1493203 F45/F45 F 236,000.00 T
MARKS STEPHEN 360 235,457.96 1
1
43 EAST SHORE ROAD 7.375 1,629.99 76
7.125 1,629.99 312,000.00
SOUTHAMPTO NY 11968 1 01/29/96 00
754515 05 03/01/96 0
754515 O 02/01/26
0
1493204 F45/F45 F 172,800.00 ZZ
NOSTRO KENNETH R 360 172,317.17 1
65 FLEETS COVE ROAD 7.750 1,237.96 90
7.500 1,237.96 192,000.00
HUNTINGTON NY 11743 1 01/29/96 10
754564 05 03/01/96 25
754564 O 02/01/26
0
1493205 F45/F45 F 562,000.00 ZZ
ZAFONTE LOUIS 360 561,019.92 1
35 AUSTIN HILL ROA 7.250 3,833.83 66
7.000 3,833.83 860,000.00
POUND RIDGE NY 10576 2 01/29/96 00
754580 05 04/01/96 0
754580 O 03/01/26
0
1493206 F45/F45 F 123,200.00 ZZ
MELHORN CURT H 360 122,879.99 1
923 SOUTHERN DRIVE 6.750 799.07 72
6.500 799.07 172,000.00
FRANKLIN SQUARE NY 11010 1 01/29/96 00
754606 05 03/01/96 0
754606 O 02/01/26
0
1493207 F45/F45 F 125,000.00 ZZ
SPINELLI SR. SALVATORE 360 124,733.60 1
5 GREENFIELDS DRIVE 7.750 895.52 66
7.500 895.52 190,950.00
LAKEWOOD NJ 08701 1 01/29/96 00
754663 03 03/01/96 0
754663 O 02/01/26
0
1493208 F45/F45 F 85,000.00 ZZ
BOYER JOSEPH C 360 84,879.63 1
25 A/K/A 27 STUYVESANT AVE 7.750 608.95 38
7.500 608.95 225,000.00
KEARNY NJ 07032 5 01/29/96 00
754671 05 04/01/96 0
1
754671 O 03/01/26
0
1493209 F45/F45 F 342,000.00 ZZ
PFEFER STEVEN 360 341,271.17 1
25 BUCKOUT ROAD 7.750 2,450.13 88
7.500 2,450.13 390,000.00
WHITE PLAINS NY 10604 1 01/29/96 10
754739 03 03/01/96 25
754739 O 02/01/26
0
1493211 F45/F45 F 125,400.00 ZZ
GIBNEY JAMES 360 125,088.12 1
32 KYNOR AVENUE 6.875 823.79 91
6.625 823.79 138,000.00
HOPATCONG NJ 07874 2 01/01/96 10
754796 05 04/01/96 30
754796 O 03/01/26
0
1493212 F45/F45 F 240,000.00 ZZ
FELL STANLEY 360 239,668.58 1
60 CABIN RIDGE ROAD 7.875 1,740.17 58
7.625 1,740.17 420,000.00
CHAPPAQUA NY 10514 5 01/30/96 00
754853 05 04/01/96 0
754853 O 03/01/26
0
1493213 F45/F45 F 184,000.00 ZZ
TZANETOS JOHN 360 183,555.96 1
1400 RHODE AVENUE 7.125 1,239.64 78
6.875 1,239.64 236,000.00
MERRICK NY 11566 1 01/30/96 00
754911 05 03/01/96 0
754911 O 02/01/26
0
1493214 F45/F45 F 66,000.00 ZZ
OLSON ALAN 360 65,894.14 2
25-27 MYRTLE AVENUE 7.125 444.65 38
6.875 444.65 175,000.00
NORTH PLAINFIEL NJ 07060 5 01/30/96 00
754929 05 04/01/96 0
754929 O 03/01/26
0
1
1493215 F45/F45 F 260,000.00 ZZ
KOPROSKI JEFFREY J 360 259,340.95 1
6 BOAS LANE 6.875 1,708.01 84
6.625 1,708.01 310,000.00
WILTON CT 06807 1 01/30/96 01
754960 05 03/01/96 12
754960 O 02/01/26
0
1493216 F45/F45 F 127,600.00 ZZ
GIORDANO MICHAEL 360 127,354.21 1
3 IROQUOIS RD 8.250 958.62 80
8.000 958.62 159,500.00
OSSINING NY 10562 1 01/30/96 00
754994 05 03/01/96 0
754994 O 02/01/26
0
1493217 F45/F45 F 170,000.00 ZZ
KAUFMAN LAWRENCE J 360 169,569.08 1
28 LEDGEWAY RD 6.875 1,116.78 61
6.625 1,116.78 280,000.00
REDDING CT 06896 1 01/30/96 00
755140 05 03/01/96 0
755140 O 02/01/26
0
1493218 F45/F45 F 66,400.00 ZZ
CARDOSO YVETTE 240 66,163.09 1
307 FOURTH STREET 7.625 540.00 80
7.375 540.00 83,000.00
OCEAN NJ 08758 2 01/30/96 00
755231 05 04/01/96 0
755231 O 03/01/16
0
1493220 F45/F45 F 141,000.00 ZZ
MIHALCHICK GEORGE J 360 140,691.90 1
2540 DAMIAN DRIVE 7.625 997.99 75
7.375 997.99 189,000.00
UPPER MORELAND PA 19040 1 01/30/96 00
755322 05 03/01/96 0
755322 O 02/01/26
0
1493221 F45/F45 F 165,000.00 ZZ
FRIEDMAN STANLEY C 240 164,382.05 1
5 WINDING WOODS WAY 7.500 1,329.23 59
7.250 1,329.23 280,000.00
1
MANALAPAN NJ 07726 5 01/31/96 00
755363 05 04/01/96 0
755363 O 03/01/16
0
1493222 F45/F45 F 256,900.00 ZZ
NEWFIELD KEITH B 360 256,324.45 1
7 PATSY PLACE 7.500 1,796.28 70
7.250 1,796.28 367,000.00
GREAT NECK NY 11023 1 01/31/96 00
755470 05 03/01/96 0
755470 O 02/01/26
0
1493223 F45/F45 F 30,000.00 ZZ
GREEN SR GEORGE W 360 29,923.96 1
59 CHEROKEE DRIVE 6.875 197.08 36
6.625 197.08 85,000.00
GALLOWAY TOWNSH NJ 08201 1 01/31/96 00
755496 01 03/01/96 0
755496 O 02/01/26
0
1493224 F45/F45 F 247,000.00 ZZ
TOWNLEY MICHAEL R 360 246,403.92 1
561 MOUNTAIN AVENUE 7.125 1,664.08 89
6.875 1,664.08 280,000.00
BERKELEY HEIGHT NJ 07922 1 01/31/96 11
755520 05 03/01/96 25
755520 O 02/01/26
0
1493225 F45/F45 F 188,000.00 ZZ
HORSTMANN JOSEPH 360 187,609.31 1
29 RIVERS ROAD 7.875 1,363.13 80
7.625 1,363.13 235,000.00
EAST HAMPTON NY 11937 1 01/31/96 00
755538 05 03/01/96 0
755538 O 02/01/26
0
1493226 F45/F45 F 434,800.00 ZZ
LINDGREN DOUGLAS A 360 433,642.80 1
115 DUDLEY ROAD 6.625 2,784.07 80
6.375 2,784.07 545,000.00
WILTON CT 06897 1 01/31/96 00
755553 05 03/01/96 0
755553 O 02/01/26
0
1
1493227 F45/F45 F 286,000.00 ZZ
BONITATIBUS JERRY 360 284,600.39 1
1215 PARK LANE 7.875 2,073.70 80
7.625 2,073.70 358,000.00
YORKTOWN HEIGHT NY 10598 1 01/31/96 00
755686 05 03/01/96 0
755686 O 02/01/26
0
1493228 F45/F45 F 272,000.00 ZZ
STANEZAI SHAH M 360 271,390.63 1
6355 ALDERMAN DRIVE 7.500 1,901.86 79
7.250 1,901.86 345,000.00
ALEXANDRIA VA 22315 1 01/31/96 00
755728 03 03/01/96 0
755728 O 02/01/26
0
1493229 F45/F45 F 370,000.00 ZZ
BAILENSON LEONARD 360 369,171.07 1
RUSTIC RIDGE COURT 7.500 2,587.09 71
7.250 2,587.09 525,000.00
YORKTOWN HEIGHT NY 10598 1 01/31/96 00
755744 05 03/01/96 0
755744 O 02/01/26
0
1493230 F45/F45 F 186,400.00 ZZ
BARRIE TODD 360 185,666.74 1
21 MEADOW PLACE 7.750 1,335.39 78
7.500 1,335.39 239,500.00
NORTHPORT NY 11768 1 01/31/96 00
755751 05 03/01/96 0
755751 O 02/01/26
0
1493231 F45/F45 F 175,000.00 ZZ
ARTHUR MITCHELL 360 174,408.52 1
88 KENSINGTON AVENUE 7.625 1,238.64 85
7.375 1,238.64 208,000.00
NORWOOD NJ 07648 1 01/31/96 01
755785 05 03/01/96 25
755785 O 02/01/26
0
1493232 F45/F45 F 205,000.00 ZZ
DEBRIZZI NANCY 360 204,359.60 1
1
173 SILVER BEECH ROAD 7.625 1,450.98 62
7.375 1,450.98 335,000.00
SOUTHBURY CT 06488 1 01/31/96 00
755843 05 03/01/96 0
755843 O 02/01/26
0
1493233 F45/F45 F 252,000.00 ZZ
BATTIPAGLIA MICHAEL G 360 251,421.21 1
30 OLD WEST MOUNTAIN ROAD 7.375 1,740.50 80
7.125 1,740.50 315,000.00
RIDGEFIELD CT 06877 1 01/31/96 00
755850 05 03/01/96 0
755850 O 02/01/26
0
1493234 F45/F45 F 94,500.00 ZZ
WALSH MICHAEL W 360 94,303.62 1
5 REVERE DRIVE 7.875 685.19 75
7.625 685.19 126,000.00
TINTON FALLS NJ 07712 1 01/31/96 00
755900 05 03/01/96 0
755900 O 02/01/26
0
1493235 F45/F45 F 140,000.00 ZZ
RUIVO JOSE S 360 139,775.42 2
160 WILSON AVENUE 7.125 943.21 71
6.875 943.21 198,000.00
KEARNY NJ 07032 2 02/01/96 00
755942 05 04/01/96 0
755942 O 03/01/26
0
1493236 F45/F45 F 75,000.00 ZZ
SETTICASE ANTHONY 360 74,737.39 2
463 HOBSON AVENUE 7.500 524.41 33
7.250 524.41 228,000.00
SADDLE BROOK NJ 07662 5 02/01/96 00
755975 05 04/01/96 0
755975 O 03/01/26
0
1493237 F45/F45 F 180,000.00 ZZ
DRUCKER STEVEN B 360 179,751.45 1
28 MILL HILL LANE 7.875 1,305.12 80
7.625 1,305.12 225,000.00
EAST HAMPTON NY 11937 1 02/01/96 00
755983 05 04/01/96 0
1
755983 O 03/01/26
0
1493238 F45/F45 F 200,000.00 ZZ
STAFFORD AUDREY 360 199,716.79 1
680 SCUTTLE HOLE ROOD 7.750 1,432.82 48
7.500 1,432.82 425,000.00
WATER MILL NY 11976 1 02/01/96 00
755991 05 04/01/96 0
755991 O 03/01/26
0
1493239 F45/F45 F 95,000.00 ZZ
MICHAELS KENNETH 360 94,843.80 1
16 HEMLOCK AVENUE 7.000 632.04 67
6.750 632.04 143,000.00
DEER PARK NY 11729 1 02/01/96 00
756007 05 04/01/96 0
756007 O 03/01/26
0
1493240 F45/F45 F 239,400.00 ZZ
TEPPER ALAN 360 238,786.96 1
2873 BEACH DRIVE 7.500 1,673.92 88
7.250 1,673.92 275,000.00
MERRICK NY 11566 2 02/01/96 01
756015 05 04/01/96 25
756015 O 03/01/26
0
1493241 F45/F45 F 170,000.00 ZZ
LIVESEY KEVIN M 360 169,776.83 1
1145 MAPLECREST CIRCLE WEST 8.125 1,262.25 66
7.875 1,262.25 260,000.00
LOWER MERION PA 19035 2 02/01/96 00
756023 05 04/01/96 0
756023 O 03/01/26
0
1493242 F45/F45 F 250,400.00 ZZ
ANTONELLI-LADEFOGED DINA 360 250,036.37 1
599 WEST SADDLE RIVER RD 7.625 1,772.32 80
7.375 1,772.32 315,000.00
UPPER SADDLE NJ 07458 1 02/01/96 00
756064 05 04/01/96 0
756064 O 03/01/26
0
1
1493243 F45/F45 F 350,000.00 ZZ
STEMPER JR GEORGE G 360 349,516.69 1
702 COLONIAL RD 7.875 2,537.74 75
7.625 2,537.74 470,000.00
FRANKLIN LAKES NJ 07417 2 02/01/96 00
756080 05 04/01/96 0
756080 O 03/01/26
0
1493244 F45/F45 F 217,000.00 ZZ
SIMONI JR JOHN B 360 216,676.89 1
34 BAR BEACH ROAD 7.500 1,517.30 77
7.250 1,517.30 285,000.00
PORT WASHINGTON NY 11050 2 02/01/96 00
756122 05 04/01/96 0
756122 O 03/01/26
0
1493245 F45/F45 F 330,000.00 ZZ
CACARO MERRILEE 360 329,520.80 1
9 SHADY MEADOW LANE 7.625 2,335.72 45
7.375 2,335.72 740,000.00
MUTTONTOWN NY 11791 5 02/01/96 00
756130 05 04/01/96 0
756130 O 03/01/26
0
1493246 F45/F45 F 48,750.00 ZZ
RAMOS SAMUEL 360 47,669.45 106
83-33 AUSTIN STREET APT 2C 7.375 336.70 75
7.125 336.70 65,000.00
KEW GARDENS NY 11415 1 02/01/96 00
756155 10 04/01/96 0
756155 O 03/01/26
0
1493247 F45/F45 F 144,000.00 ZZ
MOCZARSKI JR. PETER J 360 143,790.90 1
1500 PATRICIAN COURT 7.625 1,019.22 80
7.375 1,019.22 180,000.00
PEEKSKILL NY 10566 1 02/01/96 00
756197 05 04/01/96 0
756197 O 03/01/26
0
1493248 F45/F45 F 152,750.00 ZZ
RICCIO JOSEPH 300 152,379.17 1
141 FIFTY ACRE ROAD SOUTH 7.125 1,091.82 87
6.875 1,091.82 176,000.00
1
SMITHTOWN NY 11787 1 02/01/96 10
756205 05 04/01/96 25
756205 O 03/01/21
0
1493249 F45/F45 F 186,000.00 ZZ
JACOBS DAVID L 360 185,736.59 209
239 EAST 79TH STREET APT 7P 7.750 1,332.53 75
7.500 1,332.53 250,000.00
NEW YORK NY 10021 1 02/01/96 00
756213 10 04/01/96 0
756213 O 03/01/26
0
1493250 F45/F45 F 114,000.00 ZZ
MILIAN MARITZA 360 113,817.13 3
115 BERGEN STREET 7.125 768.04 49
6.875 768.04 235,000.00
HARRISON NJ 07029 2 02/01/96 00
756221 05 04/01/96 0
756221 O 03/01/26
0
1493251 F45/F45 F 309,000.00 ZZ
BRAMSON GABRIEL 360 308,516.46 1
36 PLUMWOOD ROAD 7.250 2,107.92 60
7.000 2,107.92 515,000.00
BRIARCLIFF MANO NY 10510 1 02/02/96 00
756254 05 04/01/96 0
756254 O 03/01/26
0
1493252 F45/F45 F 170,000.00 ZZ
COOLEY DOUGLAS L 360 169,720.50 1
2308 RAMSHORN DRIVE 7.000 1,131.01 57
6.750 1,131.01 302,000.00
WALL NJ 07719 1 02/02/96 00
756262 05 04/01/96 0
756262 O 03/01/26
0
1493253 F45/F45 F 181,800.00 ZZ
LOSINNO VITO 360 181,515.50 1
60-10 77TH STREET 7.250 1,240.20 90
7.000 1,240.20 203,000.00
ELMHURST NY 11373 1 02/02/96 11
756452 05 04/01/96 25
756452 O 03/01/26
0
1
1493254 F45/F45 F 484,000.00 ZZ
HOFFMAN PETER 360 483,279.36 1
13 BEECHWOOD BOULEVARD 7.500 3,384.20 80
7.250 3,384.20 610,000.00
RYE BROOK NY 10573 1 02/02/96 00
756478 05 04/01/96 0
756478 O 03/01/26
0
1493256 F45/F45 F 67,600.00 ZZ
CONSTABLE DOUGLAS 360 67,477.45 1
7 ORCHARD STREET 6.500 427.28 80
6.250 427.28 85,000.00
EAST LYME CT 06351 1 02/02/96 00
756668 05 04/01/96 0
756668 O 03/01/26
0
1493257 F45/F45 F 265,000.00 ZZ
SIMS SCOTT F 360 264,634.07 1
42 WINDFALL LANE 7.875 1,921.43 75
7.625 1,921.43 355,000.00
MARLBORO NJ 07746 5 02/05/96 00
756676 05 04/01/96 0
756676 O 03/01/26
0
1493258 F45/F45 F 180,000.00 ZZ
FANIZZA JR JOHN A 360 179,725.22 1
405 TRAVERS AVENUE 7.375 1,243.22 65
7.125 1,243.22 280,000.00
MAMARONECK NY 10543 1 02/05/96 00
756742 05 04/01/96 0
756742 O 03/01/26
0
1493260 F45/F45 F 625,000.00 ZZ
MONASSEBIAN SANDRA 360 624,136.94 1
22 SPLIT ROCK DRIVE 7.875 4,531.68 57
7.625 4,531.68 1,106,500.00
KINGS POINT NY 11024 1 02/05/96 00
756817 05 04/01/96 0
756817 O 03/01/26
0
1493261 F45/F45 F 925,000.00 ZZ
BURNES PETER A 360 923,785.74 1
1
9304 BELMART RD 8.125 6,868.10 70
7.875 6,868.10 1,325,000.00
POTOMAC MD 20854 2 02/05/96 00
756833 05 04/01/96 0
756833 O 03/01/26
0
1493262 F45/F45 F 279,000.00 ZZ
CHIA JAMES 360 278,420.21 1
12025 BLACKBERRY TERRACE 7.875 2,022.94 74
7.625 2,022.94 380,000.00
NORTH POTOMAC MD 20878 2 02/01/96 00
756890 05 04/01/96 0
756890 O 03/01/26
0
1493263 F45/F45 F 265,000.00 ZZ
FORSTER NEIL B 360 264,564.30 1
15 TANGLEWILD ROAD 7.000 1,763.05 56
6.750 1,763.05 480,000.00
CHAPPAQUA NY 10514 1 02/07/96 00
757005 05 04/01/96 0
757005 O 03/01/26
0
1493264 F45/F45 F 310,000.00 ZZ
MCCARTHY CAREY 360 309,571.91 1
330 WEST BEECH STREET 7.875 2,247.72 90
7.625 2,247.72 345,000.00
LONG BEACH NY 11561 1 02/06/96 01
757013 05 04/01/96 25
757013 O 03/01/26
0
1493265 F45/F45 F 308,000.00 ZZ
GLENNON MICHAEL 360 306,690.54 1
23 SEAVIEW AVENUE 7.250 2,101.10 75
7.000 2,101.10 415,000.00
MILFORD CT 06460 5 02/06/96 00
757054 05 04/01/96 0
757054 O 03/01/26
0
1493266 F45/F45 F 237,000.00 ZZ
SLUYK PATRICK J 360 236,672.73 1
121 BENNINGTON ROAD 7.875 1,718.41 70
7.625 1,718.41 340,000.00
FREEHOLD NJ 07728 1 02/06/96 00
757070 05 04/01/96 0
1
757070 O 03/01/26
0
1493267 F45/F45 F 263,200.00 ZZ
SAXON JONATHAN 360 262,745.51 1
197 CATALPA ROAD 6.750 1,707.11 80
6.500 1,707.11 330,000.00
WILTON CT 06897 1 02/06/96 00
757096 05 04/01/96 0
757096 O 03/01/26
0
1493269 F45/F45 F 80,000.00 ZZ
MULCAHY JR JOHN W 360 79,875.18 91
175 WEST 92 STREET, #5B 7.750 573.13 44
7.500 573.13 185,000.00
NEW YORK NY 10025 2 02/06/96 00
757153 10 04/01/96 0
757153 O 03/01/26
0
1493270 F45/F45 F 260,000.00 ZZ
CHRISTOFFEL DANIEL M 360 259,640.97 1
1 LIGHTHOUSE ROAD 7.875 1,885.18 59
7.625 1,885.18 447,500.00
SANDS POINT NY 11050 1 02/06/96 00
757260 05 04/01/96 0
757260 O 03/01/26
0
1493271 F45/F45 F 201,750.00 ZZ
BELL GARY E 360 201,464.30 1
705 WILSON COURT 7.750 1,445.36 75
7.500 1,445.36 269,000.00
LEXINGTON PARK MD 20653 5 02/07/96 00
757369 05 04/01/96 0
757369 O 03/01/26
0
1493272 F45/F45 F 164,000.00 ZZ
YEE KEN K 360 163,795.41 1
110-36 62ND DRIVE 8.375 1,246.52 80
8.125 1,246.52 205,000.00
FOREST HILLS NY 11375 1 02/07/96 00
757401 05 04/01/96 0
757401 O 03/01/26
0
1
1493273 F45/F45 F 71,400.00 ZZ
TURNER DAVID 360 71,310.93 108
255 W 108TH ST, #2C1 8.375 542.69 68
8.125 542.69 106,000.00
NEW YORK NY 10025 1 02/09/96 00
757419 10 04/01/96 0
757419 O 03/01/26
0
1493274 F45/F45 F 358,000.00 ZZ
WELLS ALLEN L 360 357,493.01 1
160 BENNINGTON ROAD 7.750 2,564.76 87
7.500 2,564.76 416,000.00
FREEHOLD NJ 07728 1 02/06/96 10
757468 05 04/01/96 25
757468 O 03/01/26
0
1493275 F45/F45 F 238,000.00 ZZ
KHURANA GIRDHAR 360 237,671.34 1
2 LEAMAR DRIVE 7.875 1,725.67 70
7.625 1,725.67 340,000.00
NEW HYDE PARK NY 11040 5 02/07/96 00
757526 05 04/01/96 0
757526 O 03/01/26
0
1493276 F45/F45 F 122,400.00 ZZ
RICHEY ROY W 360 122,217.75 1
200 GOTHIC CIRCLE 7.500 855.84 77
7.250 855.84 160,000.00
MANORVILLE NY 11949 1 02/07/96 00
757542 09 04/01/96 0
757542 O 03/01/26
0
1493277 F45/F45 F 80,000.00 ZZ
CIORCIARI DANIEL A 360 79,874.81 1
206 PULASKI ROAD 7.250 545.74 52
7.000 545.74 155,000.00
EAST NORTH PORT NY 11731 1 02/08/96 00
757567 05 04/01/96 0
757567 O 03/01/26
0
1493278 F45/F45 F 104,000.00 ZZ
MATHIS JR. LAWRENCE A 360 103,824.74 1
57 STAGE ROAD 6.875 683.21 71
6.625 683.21 147,500.00
1
LITTLE EGG HARB NJ 08087 2 02/08/96 00
757591 05 04/01/96 0
757591 O 03/01/26
0
1493279 F45/F45 F 50,000.00 ZZ
KURDES EDWARD 360 49,838.49 1
135 EAST MOUNT AVENUE 8.500 384.46 20
8.250 384.46 260,000.00
ATLANTIC HIGHLA NJ 07716 5 02/08/96 00
757716 05 04/01/96 0
757716 O 03/01/26
0
1493280 F45/F45 F 211,500.00 ZZ
EVANS WILLIAM 360 211,207.94 1
4 FINCH ROAD 7.875 1,533.52 75
7.625 1,533.52 285,000.00
NORTH SALEM NY 10560 1 02/08/96 00
757765 05 04/01/96 0
757765 O 03/01/26
0
1493281 F45/F45 F 434,000.00 ZZ
RESNICK SCOTT A 360 433,369.78 1
125 CEDAR DRIVE 7.625 3,071.82 80
7.375 3,071.82 544,000.00
EAST HILLS NY 11576 1 02/09/96 00
757781 05 04/01/96 0
757781 O 03/01/26
0
1493282 F45/F45 F 200,000.00 ZZ
O'BRIEN KEVIN 360 199,679.17 1
29 BALL ROAD 7.125 1,347.44 59
6.875 1,347.44 340,000.00
MOUNTAIN LAKES NJ 07046 5 02/09/96 00
757831 05 04/01/96 0
757831 O 03/01/26
0
1493283 F45/F45 F 140,000.00 ZZ
PERSICHILLI RICHARD 360 139,791.55 1
2 SPRUCE AVENUE 7.500 978.90 74
7.250 978.90 191,000.00
FLORAL PARK NY 11001 1 02/09/96 00
757864 05 04/01/96 0
757864 O 03/01/26
0
1
1493285 F45/F45 F 184,500.00 ZZ
MONTY BRYAN P 360 184,204.04 1
11 ELIZABETH AVENUE 7.125 1,243.01 69
6.875 1,243.01 270,000.00
WARREN NJ 07059 1 02/22/96 00
757906 05 04/01/96 0
757906 O 03/01/26
0
1493286 F45/F45 F 252,800.00 ZZ
PITMAN HENRY 360 252,423.61 1
7 ROOSEVELT STREET 7.500 1,767.61 79
7.250 1,767.61 320,000.00
GARDEN CITY NY 11530 1 02/08/96 00
757914 05 04/01/96 0
757914 O 03/01/26
0
1493288 F45/F45 F 260,000.00 ZZ
BERESFORD MICHAEL 360 259,612.87 1
5 QUARTZ LEDGE 7.500 1,817.96 40
7.250 1,817.96 665,000.00
BEDFORD NY 10506 1 02/09/96 00
757963 05 04/01/96 0
757963 O 03/01/26
0
1493289 F45/F45 F 114,000.00 ZZ
WENTZ BRIAN W 360 113,830.27 1
27 OLD FARM ROAD 7.500 797.10 78
7.250 797.10 147,000.00
SICKLERVILLE NJ 08081 1 02/09/96 00
758003 05 04/01/96 0
758003 O 03/01/26
0
1493290 F45/F45 F 250,000.00 ZZ
KAUFFMAN ALISA G 360 249,627.76 1
59 NORTH CAPTAINS NECK LANE 7.500 1,748.04 69
7.250 1,748.04 364,000.00
SOUTHHAMPTON NY 11968 1 02/09/96 00
758037 05 04/01/96 0
758037 O 03/01/26
0
1493291 F45/F45 F 52,000.00 ZZ
ROMERO MANUEL A 360 51,862.10 1
1
35 51ST STREET APT C3 6.875 341.60 73
6.625 341.60 72,000.00
WEEHAWKEN NJ 07087 5 02/22/96 00
758045 01 04/01/96 0
758045 O 03/01/26
0
1493292 F45/F45 F 102,000.00 ZZ
MESSEMER KENNETH 360 101,836.39 2
23-18 121 ST. 7.125 687.19 53
6.875 687.19 195,000.00
COLLEGE POINT NY 11356 2 02/09/96 00
758094 05 04/01/96 0
758094 O 03/01/26
0
1493293 F45/F45 F 135,000.00 ZZ
MACKAY ANN 360 134,808.81 1
115-20 10TH AVENUE 7.750 967.16 82
7.500 967.16 165,000.00
COLLEGE POINT NY 11356 1 02/12/96 01
758177 05 04/01/96 12
758177 O 03/01/26
0
1493294 F45/F45 F 236,000.00 ZZ
CLARKE HOWARD Y 360 235,592.48 1
313 CARDINAL PLACE 6.750 1,530.69 52
6.500 1,530.69 460,000.00
PARAMUS NJ 07652 2 02/20/96 00
758193 05 04/01/96 0
758193 O 03/01/26
0
1493295 F45/F45 F 275,000.00 ZZ
SOLOMON DAVID 360 274,398.18 1
66 OLD POND ROAD 7.375 1,899.36 48
7.125 1,899.36 575,000.00
GREAT NECK NY 11023 1 02/09/96 00
758250 05 04/01/96 0
758250 O 03/01/26
0
1493296 F45/F45 F 464,650.00 ZZ
HANDLER HOWARD N 360 463,958.17 1
43 BEECHWOOD ROAD 7.500 3,248.90 79
7.250 3,248.90 595,000.00
IRVINGTON NY 10533 2 02/13/96 00
758417 05 04/01/96 0
1
758417 O 03/01/26
0
1493297 F45/F45 F 267,000.00 ZZ
ORAZIO JAMES P 360 266,621.89 1
82 CORAL DRIVE 7.750 1,912.82 73
7.500 1,912.82 370,000.00
FAIRFIELD CT 06432 1 02/13/96 00
758425 05 04/01/96 0
758425 O 03/01/26
0
1493298 F45/F45 F 255,000.00 ZZ
VENEZIANO ALLEN 360 254,638.88 1
32 VINCENT ROAD 7.750 1,826.85 41
7.500 1,826.85 625,000.00
CEDAR GROVE NJ 07009 5 02/13/96 00
758433 05 04/01/96 0
758433 O 03/01/26
0
1493299 F45/F45 F 100,000.00 ZZ
RIPPON KATHRYN M 360 99,851.12 1
110 GROVE STREET 7.500 699.21 55
7.250 699.21 185,000.00
WALDWICK NJ 07463 5 02/13/96 00
758508 05 04/01/96 0
758508 O 03/01/26
0
1493300 F45/F45 F 115,000.00 ZZ
SASLAW SCOTT 360 114,554.78 1
4A JAMES STREET 6.875 755.47 70
6.625 755.47 165,000.00
HUNTINGTON STAT NY 11746 5 02/13/96 00
758532 05 04/01/96 0
758532 O 03/01/26
0
1493301 F45/F45 F 141,750.00 ZZ
PARIETTI RONALD D 360 141,538.94 1
16 CROTON STREET 7.500 991.14 90
7.250 991.14 158,000.00
MELVILLE NY 11747 1 02/13/96 10
758540 05 04/01/96 25
758540 O 03/01/26
0
1
1493302 F45/F45 F 223,000.00 ZZ
MONGELLI JOHN R 360 222,699.74 1
38 DUNCAN ROAD 8.000 1,636.30 50
7.750 1,636.30 449,000.00
HO-HO-KUS NJ 07423 5 02/13/96 00
758581 05 04/01/96 0
758581 O 03/01/26
0
1493303 F45/F45 F 160,000.00 ZZ
MARTIN DARYL S 360 159,773.41 1
7 SARAH COURT 7.750 1,146.26 61
7.500 1,146.26 265,000.00
MONMOUTH JUNCTI NJ 08852 1 02/13/96 00
758599 05 04/01/96 0
758599 O 03/01/26
0
1493304 F45/F45 F 197,350.00 ZZ
HALLERAN JAMES J 360 197,009.21 1
2 FAIRMOUNT COURT 6.750 1,280.01 76
6.500 1,280.01 263,000.00
JAMESBURG NJ 08831 1 02/13/96 00
758730 03 04/01/96 0
758730 O 03/01/26
0
1493305 F45/F45 F 100,000.00 ZZ
CHETKOF LISA A 360 99,858.39 1
2 RICHMOND ROAD, #5W 7.750 716.41 66
7.500 716.41 152,000.00
LIDO BEACH NY 11561 1 02/14/96 00
758755 01 04/01/96 0
758755 O 03/01/26
0
1493306 F45/F45 F 290,000.00 ZZ
GOTTLIEB BARRY M 360 289,422.61 1
311 LUPINE WAY 7.000 1,929.38 74
6.750 1,929.38 392,000.00
MILLBURN NJ 07078 1 02/14/96 00
758763 05 04/01/96 0
758763 O 03/01/26
0
1493307 F45/F45 F 85,000.00 ZZ
CERENOV OKA 360 84,849.61 1
151 WEST FOURTH STREET 6.625 544.26 70
6.375 544.26 123,000.00
1
HOWELL NJ 07731 5 02/14/96 00
758789 05 04/01/96 0
758789 O 03/01/26
0
1493308 F45/F45 F 290,000.00 ZZ
GOIDEL JEFFREY 360 289,609.53 1
7 WINDGATE DRIVE 8.000 2,127.92 78
7.750 2,127.92 375,000.00
NEW CITY NY 10956 1 02/13/96 00
758821 05 04/01/96 0
758821 O 03/01/26
0
1493309 F45/F45 F 135,000.00 ZZ
FISHER KAREN J 360 134,798.99 1
93 ARDEN LANE 7.500 943.94 42
7.250 943.94 325,000.00
STAMFORD CT 06905 5 02/14/96 00
761262 05 04/01/96 0
761262 O 03/01/26
0
1493310 F45/F45 F 204,000.00 ZZ
WOODRUFF JOHN F 360 203,725.33 1
12 MORAN PLACE 8.000 1,496.88 80
7.750 1,496.88 255,000.00
NEW ROCHELLE NY 10801 1 02/15/96 00
761270 05 04/01/96 0
761270 O 03/01/26
0
1493311 F45/F45 F 135,000.00 ZZ
CASEY PATRICK G 360 134,798.99 1
UNIT 16C AT 270 WEST 17TH ST 7.500 943.94 90
7.250 943.94 150,000.00
NEW YORK NY 10011 2 02/14/96 01
761288 01 04/01/96 25
761288 O 03/01/26
0
1493312 F45/F45 F 97,500.00 ZZ
VOLZ JOHN 360 97,178.83 1
942 NEVILLE STREET 7.750 698.50 75
7.500 698.50 131,000.00
DOVER TOWNSHIP NJ 08753 5 02/14/96 00
761296 05 04/01/96 0
761296 O 03/01/26
0
1
1493313 F45/F45 F 117,000.00 ZZ
BONACCORSI EMIL A 360 116,838.43 1
94 HILDRETH PLACE 7.875 848.33 94
7.625 848.33 125,000.00
YONKERS NY 10704 1 02/14/96 10
761395 05 04/01/96 30
761395 O 03/01/26
0
1493314 F45/F45 F 228,750.00 ZZ
REBENSTOCK HOWARD E 360 228,442.00 1
1091 DUSTON ROAD 8.000 1,678.49 75
7.750 1,678.49 305,000.00
NORTH WOODMERE NY 11581 1 02/14/96 00
761437 05 04/01/96 0
761437 O 03/01/26
0
1493315 F45/F45 F 251,200.00 ZZ
JARCHO DAVID A 360 250,844.26 1
457 BARRACK HILL RD 7.750 1,799.63 80
7.500 1,799.63 315,000.00
RIDGEFIELD CT 06877 1 02/15/96 00
761486 05 04/01/96 0
761486 O 03/01/26
0
1493316 F45/F45 F 72,000.00 ZZ
CONGER ALFRED P 360 71,872.61 1
646 DELAWARE AVENUE 6.625 461.02 66
6.375 461.02 110,000.00
POINT PLEASANT NJ 08742 5 02/15/96 00
761601 05 04/01/96 0
761601 O 03/01/26
0
1493317 F45/F45 F 184,000.00 ZZ
MONTAGUE ROBERT L 360 183,758.47 1
14 STONEGATE ROAD 8.125 1,366.19 80
7.875 1,366.19 230,000.00
OSSINING NY 10562 1 02/15/96 00
761627 05 04/01/96 0
761627 O 03/01/26
0
1493318 F45/F45 F 476,800.00 ZZ
FLANAGAN JOANNE D 360 476,124.79 1
1
26 BEACON CREST DRIVE 7.750 3,415.85 79
7.500 3,415.85 607,000.00
BERNARDS TOWNSH NJ 07920 1 02/15/96 00
761668 03 04/01/96 0
761668 O 03/01/26
0
1493319 F45/F45 F 226,000.00 ZZ
TATUM WILBERT A 360 225,848.36 2
34 EAST 3RD STREET 8.000 1,658.31 31
7.750 1,658.31 750,000.00
NEW YORK NY 10003 2 03/18/96 00
761692 05 05/01/96 0
761692 O 04/01/26
0
1493320 F45/F45 F 90,000.00 ZZ
FREEMAN STEPHEN D 360 89,840.75 1
23-16 207TH STREET 6.625 576.28 43
6.375 576.28 210,000.00
BAYSIDE NY 11360 5 02/15/96 00
761700 05 04/01/96 0
761700 O 03/01/26
0
1493321 F45/F45 F 487,500.00 ZZ
DAVIDGE NICHOLAS A 360 486,809.64 1
7 FENCE CREEK DRIVE 7.750 3,492.51 75
7.500 3,492.51 650,000.00
MADISON CT 06443 5 02/16/96 00
761726 05 04/01/96 0
761726 O 03/01/26
0
1493322 F45/F45 F 115,000.00 ZZ
STANLEY DIANE 360 114,837.15 1
11 ASTRONOMY LANE 7.750 823.87 80
7.500 823.87 145,000.00
LEVITTOWN NY 11756 1 02/15/96 00
761759 05 04/01/96 0
761759 O 03/01/26
0
1493323 F45/F45 F 430,000.00 ZZ
HOFF MARK B 360 429,327.09 1
908 LAURIE LANE 7.250 2,933.36 80
7.000 2,933.36 540,000.00
FRANKLIN LAKES NJ 07417 1 02/15/96 00
761791 05 04/01/96 0
1
761791 O 03/01/26
0
1493324 F45/F45 F 230,000.00 ZZ
GREENFIELD KENNETH L 360 229,657.55 1
24 MARLIN ROAD 7.500 1,608.19 71
7.250 1,608.19 328,000.00
NEWTOWN CT 06482 2 02/15/96 00
761833 05 04/01/96 0
761833 O 03/01/26
0
1493325 F45/F45 F 106,000.00 ZZ
TITUS DAVID 360 105,342.90 1
RR1 CROSS RIDGE ROAD 7.625 750.26 48
7.375 750.26 221,000.00
TUXEDO NY 10987 2 02/15/96 00
761882 05 04/01/96 0
761882 O 03/01/26
0
1493326 F45/F45 F 165,000.00 ZZ
ZEOLLA PETER G 360 164,621.40 1
14 BROADOAK LANE 6.875 1,083.93 46
6.625 1,083.93 365,000.00
DIX HILLS NY 11746 5 02/16/96 00
761924 05 04/01/96 0
761924 O 03/01/26
0
1493327 F45/F45 F 160,000.00 ZZ
ROMERO JUNE V 360 159,755.76 1
1101 CAMBRIDGE LANE 7.375 1,105.08 64
7.125 1,105.08 250,000.00
BRIDGEWATER NJ 08807 5 02/16/96 00
761957 05 04/01/96 0
761957 O 03/01/26
0
1493328 F45/F45 F 142,000.00 ZZ
KHAN ROOKMADEE 360 141,783.23 1
95-27 131ST STREET 7.375 980.76 95
7.125 980.76 150,000.00
RICHMOND HILL NY 11419 1 02/16/96 10
762039 05 04/01/96 30
762039 O 03/01/26
0
1
1493329 F45/F45 F 336,000.00 ZZ
MASI PHILIP G 360 335,524.17 1
39 LONDONDERRY LANE 7.750 2,407.15 80
7.500 2,407.15 420,000.00
SOMERS NY 10589 1 02/16/96 00
762146 05 04/01/96 0
762146 O 03/01/26
0
1493330 F45/F45 F 112,500.00 ZZ
CARIDEO EDWARD 360 112,295.36 1
63 ABBOTT DRIVE 7.375 777.01 90
7.125 777.01 125,000.00
HUNTINGTON NY 11743 1 02/26/96 01
762203 05 04/01/96 25
762203 O 03/01/26
0
1493331 F45/F45 F 110,000.00 ZZ
RIZZO EMILIA F 360 109,592.84 1
15B UNION CORNERS ROAD 7.000 731.83 67
6.750 731.83 165,000.00
WARWICK NY 10990 1 02/16/96 00
762229 05 04/01/96 0
762229 O 03/01/26
0
1493332 F45/F45 F 235,000.00 ZZ
GIARDINA PAUL 360 234,667.21 1
8 CYGNET LANE 7.750 1,683.57 74
7.500 1,683.57 320,000.00
VALLEY COTTAGE NY 10989 2 02/16/96 00
762237 05 04/01/96 0
762237 O 03/01/26
0
1493333 F45/F45 F 375,000.00 ZZ
GLEESON JOHN 360 374,441.66 1
43 CHERRY LANE 7.500 2,622.05 79
7.250 2,622.05 478,000.00
HUNTINGTON NY 11743 1 02/16/96 00
762252 05 04/01/96 0
762252 O 03/01/26
0
1493334 F45/F45 F 400,000.00 ZZ
WELLS THOMAS M 360 399,433.54 1
2013 CARTER MILL WAY 7.750 2,865.65 72
7.500 2,865.65 560,000.00
1
BROOKEVILLE MD 20833 5 02/20/96 00
762294 05 04/01/96 0
762294 O 03/01/26
0
1493335 F45/F45 F 92,000.00 ZZ
RADTKE STEPHEN 360 91,872.96 1
12 KENNEDY DRIVE 7.875 667.06 78
7.625 667.06 118,000.00
EAST QUOGUE NY 11942 1 02/20/96 00
762468 05 04/01/96 0
762468 O 03/01/26
0
1493336 F45/F45 F 450,000.00 ZZ
MILLER DONNA 360 449,295.80 1
141 TARA DRIVE 7.250 3,069.79 68
7.000 3,069.79 670,000.00
ROSLYN NY 11576 1 02/20/96 00
762534 05 04/01/96 0
762534 O 03/01/26
0
1493338 F45/F45 F 250,000.00 ZZ
MOSER ELIZABETHH 360 249,636.97 1
70 URBAN STREET 7.625 1,769.48 40
7.375 1,769.48 640,000.00
STAMFORD CT 06905 2 02/23/96 00
762559 05 04/01/96 0
762559 O 03/01/26
0
1493339 F45/F45 F 150,000.00 ZZ
LEE WAN C 360 149,765.27 1
131 SIMPAUG TURNPIKE 7.250 1,023.26 64
7.000 1,023.26 235,000.00
WEST REDDING CT 06896 1 02/20/96 00
762641 05 04/01/96 0
762641 O 03/01/26
0
1493340 F45/F45 F 125,000.00 ZZ
OKOLOWICZ SOFIA M 360 124,822.97 1
S. EAST MOUNTAIN ROAD 7.750 895.52 69
COUNTY OF DUTCHES 7.500 895.52 182,000.00
TOWN OF DOVER NY 12594 2 02/21/96 00
762666 05 04/01/96 0
762666 O 03/01/26
0
1
1493341 F45/F45 F 320,000.00 ZZ
SCRIVANI EDWARD R 240 318,730.12 1
10 ELK RIDGE ROAD 6.750 2,433.16 80
6.500 2,433.16 400,000.00
LEBANON NJ 07830 2 02/21/96 00
762732 05 04/01/96 0
762732 O 03/01/16
0
1493342 F45/F45 F 312,000.00 ZZ
ROBINSON KEVIN 360 311,558.16 1
1857 LONG RIDGE RD 7.750 2,235.21 79
7.500 2,235.21 395,000.00
STAMFORD CT 06903 2 02/21/96 00
762757 05 04/01/96 0
762757 O 03/01/26
0
1493343 F45/F45 F 152,000.00 ZZ
MAIORANA JOSEPH P 360 151,773.67 1
4 UNIVERSITY ROAD 7.500 1,062.81 78
7.250 1,062.81 195,000.00
EAST BRUNSWICK NJ 08816 2 02/22/96 00
762799 05 04/01/96 0
762799 O 03/01/26
0
1493344 F45/F45 F 240,000.00 ZZ
BIEBER LEE M 360 239,633.64 1
121 RYDER AVENUE 7.375 1,657.62 73
7.125 1,657.62 332,000.00
DIX HILLS NY 11746 1 02/22/96 00
762807 05 04/01/96 0
762807 O 03/01/26
0
1493345 F45/F45 F 115,200.00 ZZ
POLO ANTONIO 360 115,116.62 1
441 STEINWAY ROAD 7.625 815.38 89
7.375 815.38 130,000.00
SADDLE BROOK NJ 07663 1 03/01/96 10
762823 05 05/01/96 25
762823 O 04/01/26
0
1493346 F45/F45 F 280,000.00 ZZ
GREENBERG HOWARD L 360 279,583.10 1
1
11 OAKWOOD LANE 7.500 1,957.80 75
7.250 1,957.80 375,000.00
WESTPORT CT 06880 1 02/21/96 00
762930 05 04/01/96 0
762930 O 03/01/26
0
1493347 F45/F45 F 310,000.00 ZZ
LEE WARREN 360 309,490.30 1
6 OAKSTWAIN ROAD 7.000 2,062.44 72
6.750 2,062.44 435,000.00
SCARSDALE NY 10583 1 02/21/96 00
763003 05 04/01/96 0
763003 O 03/01/26
0
1493348 F45/F45 F 134,000.00 ZZ
CAMPANELLI MICHAEL 360 133,819.58 1
22 CHATHAM WOODS DRIVE 8.000 983.24 80
7.750 983.24 168,000.00
CENTEREACH NY 11720 1 02/22/96 00
763136 05 04/01/96 0
763136 O 03/01/26
0
1493349 F45/F45 F 165,000.00 ZZ
GRASSI HENRY C 360 164,735.31 1
8 CANDEUB COURT 7.125 1,111.64 53
6.875 1,111.64 315,000.00
MANALAPAN NJ 07726 1 02/22/96 00
763144 05 04/01/96 0
763144 O 03/01/26
0
1493351 F45/F45 F 170,000.00 ZZ
CAHILL EDWARD 360 169,727.31 1
145 MOUNTAIN ROAD 7.125 1,145.32 62
6.875 1,145.32 275,000.00
WILTON CT 06897 1 02/22/96 00
763235 05 04/01/96 0
763235 O 03/01/26
0
1493352 F45/F45 F 132,000.00 ZZ
MITCHELL BRIAN C 360 131,826.72 1
3640 WOODBRIDGE LANE 8.125 980.10 80
7.875 980.10 165,000.00
WANTAGH NY 11793 1 02/23/96 00
763276 05 04/01/96 0
1
763276 O 03/01/26
0
1493353 F45/F45 F 138,800.00 ZZ
TYERECH LOUIS 360 138,582.79 1
27 MEADOW PLACE 7.250 946.86 80
7.000 946.86 175,500.00
FREEHOLD NJ 07728 1 02/23/96 00
763284 05 04/01/96 0
763284 O 03/01/26
0
1493354 F45/F45 F 107,900.00 ZZ
LINARDI GEORGE 360 107,713.67 1
35 PLEASANT VIEW DRIVE 6.750 699.84 80
6.500 699.84 135,000.00
SPARTA NJ 07871 1 02/23/96 00
763391 05 04/01/96 0
763391 O 03/01/26
0
1493355 F45/F45 F 260,000.00 ZZ
DENSEN LAWRENCE 360 259,320.54 1
3 RIGA LANE 7.625 1,840.26 70
7.375 1,840.26 375,000.00
MELVILLE NY 11747 1 02/26/96 00
763441 05 04/01/96 0
763441 O 03/01/26
0
1493356 F45/F45 F 30,000.00 ZZ
SAPORITO PETER 360 29,748.88 1
27 11TH STREET NORTH 6.875 197.08 25
6.625 197.08 120,000.00
BRIGANTINE NJ 08203 5 02/23/96 00
763458 05 04/01/96 0
763458 O 03/01/26
0
1493357 F45/F45 F 376,000.00 ZZ
WITSCHEY, JR. JOHN F 360 375,480.78 1
13135 COMPTON ROAD 7.875 2,726.26 79
7.625 2,726.26 480,000.00
CLIFTON VA 22024 2 02/23/96 00
763516 05 04/01/96 0
763516 O 03/01/26
0
1
1493358 F45/F45 F 203,000.00 ZZ
WARNER SUZANNE Z 360 202,674.36 1
14 ARNOLD STREET 7.125 1,367.65 62
6.875 1,367.65 330,000.00
GREENWICH CT 06870 2 02/23/96 00
763565 05 04/01/96 0
763565 O 03/01/26
0
1493359 F45/F45 F 455,200.00 ZZ
GOLDSTEIN SANFORD M 360 454,487.65 1
4 WOODSFORD BEND 7.250 3,105.27 80
7.000 3,105.27 570,000.00
BRIARCLIFF MANO NY 10510 1 02/26/96 00
763649 05 04/01/96 0
763649 O 03/01/26
0
1493360 F45/F45 F 300,000.00 ZZ
RIEGER JOHN E 360 299,585.73 1
111 KENILWORTH ROAD 7.875 2,175.21 74
7.625 2,175.21 408,000.00
RIDGEWOOD NJ 07450 5 02/23/96 00
763680 05 04/01/96 0
763680 O 03/01/26
0
1493361 F45/F45 F 245,000.00 ZZ
STUFSKY JEFFREY R 360 244,626.01 1
1 CAITLIN DRIVE 7.375 1,692.15 46
7.125 1,692.15 535,000.00
MARLBORO NJ 07746 2 02/23/96 00
763789 05 04/01/96 0
763789 O 03/01/26
0
1493362 F45/F45 F 174,400.00 ZZ
ADAMS ROBERT 360 174,165.18 1
76-16 60TH ROAD 8.000 1,279.69 80
7.750 1,279.69 218,000.00
ELMHURST NY 11373 1 02/21/96 00
763854 05 04/01/96 0
763854 O 03/01/26
0
1493363 F45/F45 F 240,000.00 ZZ
LEE EDMUND 360 239,624.43 1
220 SCHENCK AVENUE 7.250 1,637.22 67
7.000 1,637.22 360,000.00
1
GREAT NECK NY 11021 1 02/26/96 00
763862 05 04/01/96 0
763862 O 03/01/26
0
1493364 F45/F45 F 264,000.00 ZZ
MALAMED JONATHAN 360 263,635.45 1
12 TAIN DRIVE 7.875 1,914.18 80
7.625 1,914.18 334,000.00
GREAT NECK NY 11023 1 02/26/96 00
763938 05 04/01/96 0
763938 O 03/01/26
0
1493365 F45/F45 F 180,000.00 ZZ
BARNETT LOIS T 360 179,876.13 1
369 GUARD HILL ROAD 7.875 1,305.12 23
7.625 1,305.12 800,000.00
BEDFORD NY 10506 5 02/26/96 00
763946 05 05/01/96 0
763946 O 04/01/26
0
1493366 F45/F45 F 80,000.00 T
BOLES JOHN 360 79,874.81 1
327 GEORGE STREET 7.250 545.74 62
7.000 545.74 130,000.00
WEST ISLIP NY 11795 1 02/26/96 00
763987 05 04/01/96 0
763987 O 03/01/26
0
1493368 F45/F45 F 450,000.00 ZZ
SHAMSI HAMID R 360 449,690.32 1
8 RYAN COURT 7.875 3,262.81 68
7.625 3,262.81 670,000.00
CHESTER NJ 07930 5 02/27/96 00
764100 05 05/01/96 0
764100 O 04/01/26
0
1493369 F45/F45 F 256,000.00 ZZ
MENDES RICHARD H 360 255,628.26 1
65 CRANE ROAD 7.625 1,811.95 80
7.375 1,811.95 320,000.00
CARMEL NY 10512 1 02/27/96 00
764134 05 04/01/96 0
764134 O 03/01/26
0
1
1493370 F45/F45 F 63,000.00 ZZ
SCHILLER JOSEPHINEM 360 62,953.24 1
829 VOORHEES AVENUE 7.500 440.51 49
7.250 440.51 131,000.00
MIDDLESEX NJ 08846 5 02/26/96 00
764142 05 05/01/96 0
764142 O 04/01/26
0
1493371 F45/F45 F 468,000.00 ZZ
HEINEGG PHILIP C 360 467,430.95 1
3 LAKE SHORE DRIVE 8.500 3,598.52 78
8.250 3,598.52 600,000.00
NEW ROCHELLE NY 10804 1 02/28/96 00
764209 05 04/01/96 0
764209 O 03/01/26
0
1493372 F45/F45 F 84,000.00 ZZ
SPENCER ONEY 360 83,931.15 1
42 PEARY STREET 7.000 558.85 72
6.750 558.85 118,000.00
WEST BABYLON NY 11704 5 02/27/96 00
764217 05 05/01/96 0
764217 O 04/01/26
0
1493373 F45/F45 F 70,000.00 ZZ
LAWRENCE GORDON H 360 69,903.34 1
1001 FUAE AVENUE 7.875 507.55 80
7.625 507.55 88,000.00
NORTHFIELD NJ 08225 1 02/27/96 00
764233 05 04/01/96 0
764233 O 03/01/26
0
1493374 F45/F45 F 104,000.00 ZZ
GRIFFIN KENNETH P 360 103,926.60 1
386 BOULEVARD 7.750 745.07 71
7.500 745.07 148,000.00
GARFIELD NJ 07026 5 02/27/96 00
764241 05 05/01/96 0
764241 O 04/01/26
0
1493375 F45/F45 F 268,000.00 ZZ
ZEPNICK MATTHEW A 360 266,195.55 1
1
16 HATHAWAY DRIVE 8.625 2,084.48 79
8.375 2,084.48 340,000.00
NEW PROVIDENCE NJ 07974 1 05/01/95 00
764258 05 07/01/95 0
764258 O 06/01/25
0
1493377 F45/F45 F 50,000.00 ZZ
DE MATTEIS ARTHUR T 360 49,929.19 1
62 CREEK ROAD 7.750 358.21 90
7.500 358.21 56,000.00
BRICK NJ 08724 1 02/28/96 10
764365 01 04/01/96 25
764365 O 03/01/26
0
1493378 F45/F45 F 245,000.00 ZZ
HANFT KEVIN W 360 244,822.68 1
87 BERNARD DRIVE 7.625 1,734.09 54
7.375 1,734.09 459,000.00
BERNARDS TOWNSH NJ 07920 5 02/28/96 00
764407 05 05/01/96 0
764407 O 04/01/26
0
1493379 F45/F45 F 132,000.00 ZZ
DETWILER LINDA A 360 131,904.46 1
264 SWEETMAN'S LANE 7.625 934.29 72
7.375 934.29 185,000.00
MILLSTONE NJ 07726 2 02/27/96 00
764506 05 05/01/96 0
764506 O 04/01/26
0
1493380 F45/F45 F 65,000.00 ZZ
WILLIAMS ANGELA 360 64,951.76 1
144 DEWEY AVENUE 7.500 454.49 42
7.250 454.49 155,000.00
TOTOWA NJ 07512 5 02/28/96 00
764548 05 05/01/96 0
764548 O 04/01/26
0
1493381 F45/F45 F 240,000.00 ZZ
MC GANN PAUL J 360 239,584.50 1
4 VILLAGE ROAD 6.875 1,576.63 78
6.625 1,576.63 310,000.00
FLORHAM PARK NJ 07932 1 02/28/96 00
764647 05 04/01/96 0
1
764647 O 03/01/26
0
1493382 F45/F45 F 333,000.00 ZZ
O'HARA JR. THOMAS J 360 332,720.24 1
6205 HALLEY COMMONS COURT 6.875 2,187.57 70
6.625 2,187.57 477,000.00
FAIRFAX STATION VA 22039 5 02/28/96 00
764662 05 05/01/96 0
764662 O 04/01/26
0
1493383 F45/F45 F 775,000.00 ZZ
CHMIL STEPHEN 360 774,479.99 1
84 3RD STREET 8.000 5,686.68 68
7.750 5,686.68 1,150,000.00
GARDEN CITY NY 11530 5 02/28/96 00
764761 05 05/01/96 0
764761 O 04/01/26
0
1493384 F45/F45 F 130,000.00 ZZ
CINO JOSEPH V 360 129,829.34 1
196 RHODE ISLAND AV 8.125 965.25 78
7.875 965.25 167,000.00
MASSAPEQUA NY 11758 1 02/29/96 00
764795 05 04/01/96 0
764795 O 03/01/26
0
1493385 F45/F45 F 229,500.00 ZZ
SEDITSKY ANA 360 229,158.29 1
30 PITTIS AVENUE 7.500 1,604.70 89
7.250 1,604.70 258,000.00
ALLENDALE NJ 07401 1 02/29/96 04
764811 05 04/01/96 25
764811 O 03/01/26
0
1493386 F45/F45 F 148,500.00 ZZ
CALDWELL THOMAS G 360 148,261.79 1
101 CORNWALL ROAD 7.125 1,000.47 90
6.875 1,000.47 165,000.00
WARREN CT 06754 1 02/29/96 11
764845 05 04/01/96 25
764845 O 03/01/26
0
1
1493387 F45/F45 F 300,000.00 ZZ
CASSETTA SEBASTIANE 360 299,693.97 1
7 MORNINGSIDE LANE 7.250 2,046.53 67
7.000 2,046.53 450,000.00
WESTPORT CT 06880 5 02/29/96 00
764886 05 05/01/96 0
764886 O 04/01/26
0
1493389 F45/F45 F 402,000.00 ZZ
DAVIS MARK E 360 401,386.35 1
5 BEACON CREST 7.375 2,776.51 74
7.125 2,776.51 545,000.00
BERNARDS TOWNSH NJ 07920 1 02/29/96 00
764985 05 04/01/96 0
764985 O 03/01/26
0
1493390 F45/F45 F 332,000.00 ZZ
GREEN RICHARD L 360 331,747.38 1
38 MOUNTAIN ROAD 7.375 2,293.04 73
7.125 2,293.04 460,000.00
WILTON CT 06897 5 02/29/96 00
765008 05 05/01/96 0
765008 O 04/01/26
0
1493391 F45/F45 F 180,000.00 ZZ
FORTUNATO KATHLEEN M 360 177,766.98 1
2374 APPLE RIDGE CIRCLE 8.500 1,384.04 46
8.250 1,384.04 392,000.00
WALL NJ 08736 1 02/29/96 00
765024 03 04/01/96 0
765024 O 03/01/26
0
1493392 F45/F45 F 279,000.00 ZZ
HEALY MICHAEL J 360 278,563.40 1
42 ROWAN ROAD 7.250 1,903.27 74
7.000 1,903.27 380,000.00
CHATHAM NJ 07928 1 02/29/96 00
765032 05 04/01/96 0
765032 O 03/01/26
0
1493393 F45/F45 F 117,600.00 ZZ
HOPKO DEBORAH 360 117,437.61 1
30 FRANKLIN AVENUE 7.875 852.68 80
7.625 852.68 148,000.00
1
QUIOGUE NY 11978 1 02/29/96 00
765107 05 04/01/96 0
765107 O 03/01/26
0
1493394 F45/F45 F 150,000.00 ZZ
HAMILTON JOHN V 360 149,753.38 1
23 BREEZE DRIVE 7.000 997.95 58
6.750 997.95 259,000.00
SOUTH BRUNSWICK NJ 08810 1 02/28/96 00
765123 05 04/01/96 0
765123 O 03/01/26
0
1493395 F45/F45 F 190,000.00 ZZ
KRAJA ELEZ 360 189,737.64 2
2009 BOGART AVENUE 7.875 1,377.63 78
7.625 1,377.63 244,000.00
BRONX NY 10462 1 02/29/96 00
765180 05 04/01/96 0
765180 O 03/01/26
0
1493396 F45/F45 F 137,600.00 ZZ
ELLIOTT RICHARD A 360 137,389.95 1
5533 CALLANDER DRIVE 7.375 950.37 77
7.125 950.37 181,000.00
SPRINGFIELD VA 22151 1 02/29/96 00
765222 05 04/01/96 0
765222 O 03/01/26
0
1493397 F45/F45 F 295,000.00 ZZ
BELL ERNEST D 360 294,807.03 1
7920 LONG BRANCH PARKWAY 8.125 2,190.37 75
7.875 2,190.37 395,000.00
TAKOMA PARK MD 20912 5 02/29/96 00
765248 05 05/01/96 0
765248 O 04/01/26
0
1493398 F45/F45 F 262,000.00 ZZ
LENNHOFF DAVID C 240 261,541.19 1
13169 SCARLET OAK DRIVE 7.750 2,150.89 51
7.500 2,150.89 515,000.00
GAITHERSBURG MD 20878 2 02/29/96 00
765271 05 05/01/96 0
765271 O 04/01/16
0
1
1493400 F45/F45 F 105,600.00 ZZ
SCHAEFFER FRANK 360 105,527.33 1
383 SOUTH 16TH STREET 7.875 765.67 80
7.625 765.67 132,000.00
LINDENHURST NY 11757 2 02/29/96 00
765297 05 05/01/96 0
765297 O 04/01/26
0
1493401 F45/F45 F 315,500.00 ZZ
BARLOW GEOFFREY C 360 315,259.93 1
143 DAVIS HILL RD. 7.375 2,179.08 71
7.125 2,179.08 450,000.00
WESTON CT 06883 5 02/29/96 00
765305 05 05/01/96 0
765305 O 04/01/26
0
1493402 F45/F45 F 116,250.00 ZZ
FRANTZ JOSEPH 360 116,093.48 1
112 RUTLAND ROAD 8.000 853.00 75
7.750 853.00 155,000.00
HEMPSTEAD NY 11550 1 02/29/96 00
765370 05 04/01/96 0
765370 O 03/01/26
0
1493403 F45/F45 F 160,000.00 ZZ
PASCARELLI ROSANNE 360 159,878.25 1
7 SPINNING WHEEL LANE 7.375 1,105.08 58
7.125 1,105.08 280,000.00
NORWALK CT 06851 5 02/29/96 00
765388 05 05/01/96 0
765388 O 04/01/26
0
1493404 F45/F45 F 160,800.00 ZZ
TIERNAN KEITH 360 160,689.34 1
13 ALISTER CIRCLE 7.875 1,165.91 80
7.625 1,165.91 203,000.00
EAST NORTHPORT NY 11731 1 03/06/96 00
765479 05 05/01/96 0
765479 O 04/01/26
0
1493406 F45/F45 F 334,000.00 ZZ
SPIEGEL LAWRENCE S 360 333,758.26 1
1
17 BRYCEWOOD DRIVE 7.625 2,364.03 80
7.375 2,364.03 422,000.00
DIX HILLS NY 11746 1 03/01/96 00
765545 05 05/01/96 0
765545 O 04/01/26
0
1493407 F45/F45 F 96,000.00 ZZ
DANIELS GERHARDUS 360 95,923.23 1
86 JOHNSON LANE 7.125 646.77 77
6.875 646.77 126,000.00
JACKSON NJ 08527 2 03/01/96 00
765560 05 05/01/96 0
765560 O 04/01/26
0
1493408 F45/F45 F 122,350.00 ZZ
DAUGHTREY GORDON 360 122,263.65 1
12 JOHN STREET 7.750 876.53 71
7.500 876.53 174,500.00
MONTVILLE TWP. NJ 07058 2 03/01/96 00
765586 05 05/01/96 0
765586 O 04/01/26
0
1493409 F45/F45 F 412,500.00 ZZ
DURAKIS CHARLES A 360 412,216.12 1
11806 WOLLINGFORD COURT 7.875 2,990.91 75
7.625 2,990.91 550,000.00
CLARKSVILLE MD 21029 5 03/01/96 00
765594 05 05/01/96 0
765594 O 04/01/26
0
1493410 F45/F45 F 525,000.00 ZZ
SILVERSTEIN MARK K 360 524,600.52 1
77 WOODRIDGE DRIVE 7.375 3,626.04 75
7.125 3,626.04 700,000.00
NEW CANAAN CT 06840 5 03/01/96 00
765644 05 05/01/96 0
765644 O 04/01/26
0
1493411 F45/F45 F 195,000.00 ZZ
ALDRICH MICHAEL M 360 194,851.62 1
39 CLUB CIRCLE 7.375 1,346.82 57
7.125 1,346.82 347,500.00
STAMFORD CT 06905 2 03/01/96 00
765669 05 05/01/96 0
1
765669 O 04/01/26
0
1493413 F45/F45 F 315,000.00 ZZ
WIETFELDT PETER 360 314,799.14 1
168 FOREST STREET UNIT 2 8.250 2,366.49 90
8.000 2,366.49 350,000.00
NEW CANAAN CT 06840 1 03/01/96 04
765800 01 05/01/96 25
765800 O 04/01/26
0
1493414 F45/F45 F 212,000.00 ZZ
PICONE ROBERT L 360 211,764.81 1
34 SOUTH CLINTON AVENUE 8.250 1,592.69 80
8.000 1,592.69 265,000.00
HASTINGS ON HUD NY 10706 1 03/01/96 00
765859 05 05/01/96 0
765859 O 04/01/26
0
1493415 F45/F45 F 71,000.00 ZZ
SCHREIER LAWRENCE 360 70,947.31 1
2 MANCHESTER BOULEVARD 7.500 496.44 46
7.250 496.44 155,000.00
WHEATLEY HEIGHT NY 11798 5 03/05/96 00
766089 05 05/01/96 0
766089 O 04/01/26
0
1493416 F45/F45 F 131,800.00 ZZ
LORQUET CLAUDE 240 131,579.70 2
149-31 WELLER LANE 8.125 1,112.70 76
7.875 1,112.70 174,000.00
ROSEDALE NY 11422 2 03/19/96 00
766097 05 05/01/96 0
766097 O 04/01/16
0
1493417 F45/F45 F 80,000.00 ZZ
PANTANO FRANK C 360 79,386.59 1
374 CLARKE AVENUE 7.375 552.54 32
7.125 552.54 255,000.00
STATEN ISLAND NY 10306 5 03/05/96 00
766113 05 05/01/96 0
766113 O 04/01/26
0
1
1493418 F45/F45 F 137,000.00 ZZ
HAMILL PATRICK J 360 136,917.01 1
110 CHURCH STREET 8.500 1,053.41 80
8.250 1,053.41 172,000.00
TOTOWA NJ 07512 1 03/01/96 00
766147 05 05/01/96 0
766147 O 04/01/26
0
1493419 F45/F45 F 276,000.00 ZZ
NOLET JR. CHARLES J 360 275,795.17 1
247 TILLOU ROAD 7.500 1,929.83 79
7.250 1,929.83 350,000.00
SOUTH ORANGE VI NJ 07079 2 03/05/96 00
766154 05 05/01/96 0
766154 O 04/01/26
0
1493420 F45/F45 F 248,000.00 ZZ
HULINA KATHRYN A 360 247,829.33 1
418 WARREN AVENUE 7.875 1,798.17 80
7.625 1,798.17 310,000.00
MAMARONECK NY 10543 1 03/05/96 00
766170 05 05/01/96 0
766170 O 04/01/26
0
1493421 F45/F45 F 215,000.00 ZZ
MADEIRA STEPHEN T 360 214,836.40 1
32 AUTUMN LANE 7.375 1,484.95 35
7.125 1,484.95 630,000.00
NEW CANAAN CT 06840 5 03/05/96 00
766220 05 05/01/96 0
766220 O 04/01/26
0
1493423 F45/F45 F 104,000.00 ZZ
KROLIKOWSKI PAUL H 360 103,910.46 1
425 PARK AVENUE 6.750 674.54 76
6.500 674.54 138,000.00
LOWER SALFORD PA 19438 1 03/06/96 00
766295 05 05/01/96 0
766295 O 04/01/26
0
1493424 F45/F45 F 250,000.00 ZZ
HOROWITZ JASON 360 249,789.97 1
18 OVERHILL RD 6.875 1,642.32 72
6.625 1,642.32 350,000.00
1
WOODBRIDGE CT 06525 2 03/06/96 00
766386 05 05/01/96 0
766386 O 04/01/26
0
1493425 F45/F45 F 474,000.00 ZZ
STONE DANIEL 360 473,620.95 1
8 JOAN DRIVE 7.125 3,193.43 79
6.875 3,193.43 600,000.00
CHAPPAQUA NY 10514 1 03/06/96 00
766477 05 05/01/96 0
766477 O 04/01/26
0
1493426 F45/F45 F 132,000.00 ZZ
GILSON ALAN P 360 131,902.04 1
11 DEMOND PLACE 7.500 922.96 80
7.250 922.96 167,000.00
SOMERVILLE NJ 08876 2 03/07/96 00
766584 05 05/01/96 0
766584 O 04/01/26
0
1493428 F45/F45 F 118,000.00 ZZ
SPECTOR GREGORY 360 117,903.27 1
300 WINSTON TOWER, UNIT 719 7.000 785.06 79
6.750 785.06 150,000.00
CLIFFSIDE PARK NJ 07010 2 03/07/96 00
766865 01 05/01/96 0
766865 O 04/01/26
0
1493429 F45/F45 F 107,000.00 ZZ
MATURI GEORGE J 360 106,926.37 1
45 DEMAREST AVENUE 7.875 775.82 50
7.625 775.82 215,000.00
OAKLAND NJ 07436 5 03/08/96 00
766915 05 05/01/96 0
766915 O 04/01/26
0
1493430 F45/F45 F 147,000.00 ZZ
REED KATHERINEB 360 146,401.37 1
UNIT 8D, 825 WEST END AVENUE 8.000 1,078.63 36
7.750 1,078.63 410,000.00
NEW YORK NY 10025 5 03/08/96 00
766931 01 05/01/96 0
766931 O 04/01/26
0
1
1493431 F45/F45 F 92,800.00 ZZ
IANETTI SANDRA M 360 92,736.14 1
325 SALEM ROAD 7.875 672.86 78
7.625 672.86 120,000.00
UNION NJ 07083 1 03/08/96 00
766956 05 05/01/96 0
766956 O 04/01/26
0
1493432 F45/F45 F 358,000.00 ZZ
DESSAUER GEORGE M 360 357,734.31 1
36 WIDGEON WAY 7.500 2,503.19 69
7.250 2,503.19 525,000.00
GREENWICH CT 06830 2 03/08/96 00
766964 05 05/01/96 0
766964 O 04/01/26
0
1493433 F45/F45 F 70,000.00 ZZ
REPSTIEN DOLORES 360 69,951.83 2
279-281 CROOKS AVENUE 7.875 507.55 51
7.625 507.55 139,000.00
PATERSON NJ 07503 2 03/08/96 00
766980 05 05/01/96 0
766980 O 04/01/26
0
1493434 F45/F45 F 128,000.00 ZZ
REIGOT THOMAS A 360 127,902.61 1
3 BELLAIRE DRIVE 7.375 884.06 77
7.125 884.06 166,500.00
HUNTINGTON NY 11743 1 03/08/96 00
767012 05 05/01/96 0
767012 O 04/01/26
0
1493435 F45/F45 F 142,100.00 ZZ
ESCHMANN KATHRYN R 360 142,002.21 1
115 INWOOD AVENUE 7.875 1,030.32 53
7.625 1,030.32 270,000.00
POINT LOOKOUT NY 11569 1 03/08/96 00
767020 05 05/01/96 0
767020 O 04/01/26
0
1493436 F45/F45 F 109,250.00 ZZ
CLADEK, III WALTER E 360 109,174.81 1
1
134 TUNISON ROAD 7.875 792.14 88
7.625 792.14 125,000.00
BRUNSWICK NJ 08901 1 03/08/96 04
767186 05 05/01/96 30
767186 O 04/01/26
0
1493437 F45/F45 F 292,500.00 ZZ
BREGMAN JAMES 360 292,282.93 1
5 IVANHOE LANE 7.500 2,045.20 75
7.250 2,045.20 390,000.00
WESTPORT CT 06880 5 03/11/96 00
767251 05 05/01/96 0
767251 O 04/01/26
0
1493438 F45/F45 F 330,000.00 ZZ
KLAUM YVONNE C 360 329,761.16 1
22 BERKSHIRE ROAD 7.625 2,335.72 75
7.375 2,335.72 445,000.00
ROCKVILLE CENTR NY 11570 1 03/11/96 00
767269 05 05/01/96 0
767269 O 04/01/26
0
1493439 F45/F45 F 245,000.00 ZZ
ROEMER THOMAS 360 244,794.17 1
1 LIBERTY LANE 6.875 1,609.48 78
6.625 1,609.48 315,000.00
MILLSTONE NJ 07726 1 03/14/96 00
767277 05 05/01/96 0
767277 O 04/01/26
0
1493440 F45/F45 F 75,000.00 ZZ
GLEICHMANN CRAIG 360 74,942.93 1
33 HOFFMAN STREET 7.375 518.01 55
7.125 518.01 137,500.00
VALLEY STREAM NY 11580 5 03/11/96 00
767301 05 05/01/96 0
767301 O 04/01/26
0
1493441 F45/F45 F 118,350.00 ZZ
MOLLOY JOSEPH 360 118,268.55 1
434 WEST CHESTER STREET 7.875 858.12 90
7.625 858.12 132,000.00
LONG BEACH NY 11561 1 03/12/96 10
767442 05 05/01/96 25
1
767442 O 04/01/26
0
1493443 F45/F45 F 65,000.00 ZZ
SLATER JULIA M 240 64,887.92 1
108-50 171ST PLACE 7.875 538.64 62
7.625 538.64 105,000.00
JAMAICA NY 11433 5 03/21/96 00
767475 05 05/01/96 0
767475 O 04/01/16
0
1493444 F45/F45 F 288,000.00 ZZ
PALEVSKY ARTHUR 360 287,786.26 1
17 DUNHILL RD 7.500 2,013.74 80
7.250 2,013.74 360,000.00
MANHASSET HILLS NY 11040 2 03/12/96 00
767517 05 05/01/96 0
767517 O 04/01/26
0
1493446 F45/F45 F 123,000.00 ZZ
FLEMING DENNIS J 240 122,770.97 1
7 STONY WELL COURT 7.250 972.16 79
7.000 972.16 157,000.00
HAMPTON BAYS NY 11946 1 03/12/96 00
767558 05 05/01/96 0
767558 O 04/01/16
0
1493447 F45/F45 F 800,000.00 ZZ
QUALLEN MARK E 360 799,420.98 1
5 FORGE RD 7.625 5,662.35 60
7.375 5,662.35 1,350,000.00
WILTON CT 06897 2 03/12/96 00
767566 05 05/01/96 0
767566 O 04/01/26
0
1493448 F45/F45 F 220,000.00 ZZ
WIEHL WILLIAM P 360 219,810.58 1
612 PENFIELD ROAD 6.750 1,426.92 67
6.500 1,426.92 330,000.00
FAIRFIELD CT 06430 1 03/12/96 00
767616 05 05/01/96 0
767616 O 04/01/26
0
1
1493449 F45/F45 F 647,000.00 ZZ
TROOBOFF STEVAN 360 646,519.83 1
35 DAWN HARBOR LANE 7.500 4,523.92 65
7.250 4,523.92 1,000,000.00
GREENWICH CT 06878 5 03/13/96 00
767624 05 05/01/96 0
767624 O 04/01/26
0
1493450 F45/F45 F 92,000.00 ZZ
MONTALVO, JR. EUGENIO 360 91,930.00 1
306-308 VERONA AVENUE 7.375 635.42 92
7.125 635.42 100,000.00
NEWARK NJ 07104 1 03/13/96 04
767681 05 05/01/96 30
767681 O 04/01/26
0
1493451 F45/F45 F 172,000.00 ZZ
KRAUSHAAR NORMAN 360 171,872.35 1
408 STUYVESANT STREET 7.500 1,202.65 75
7.250 1,202.65 230,000.00
LACEY NJ 08731 5 03/13/96 00
767707 05 05/01/96 0
767707 O 04/01/26
0
1493453 F45/F45 F 160,000.00 ZZ
PELOSO RICHARD 360 159,892.65 1
208 EASTWOODS ROAD 8.000 1,174.02 77
7.750 1,174.02 210,000.00
POUND RIDGE NY 10576 1 03/14/96 00
767822 05 05/01/96 0
767822 O 04/01/26
0
1493454 F45/F45 F 250,000.00 ZZ
FALCONE LAWRENCE J 360 249,809.77 1
305 PARK STREET 7.375 1,726.69 76
7.125 1,726.69 330,000.00
STATEN ISLAND NY 10306 1 03/14/96 00
767830 05 05/01/96 0
767830 O 04/01/26
0
1493456 F45/F45 F 150,000.00 ZZ
SORACE JAMES P 360 149,906.77 1
918 COUNTRY CLUB ROAD 8.375 1,140.11 63
8.125 1,140.11 240,000.00
1
BRIDGEWATER NJ 08807 5 03/13/96 00
767889 05 05/01/96 0
767889 O 04/01/26
0
1493457 F45/F45 F 149,200.00 ZZ
DUNHAM KATHY 360 149,092.01 1
43 FALLSINGTON PLACE 7.625 1,056.03 80
7.375 1,056.03 186,500.00
HOWELL TWP. FRE NJ 07728 1 03/13/96 00
768002 05 05/01/96 0
768002 O 04/01/26
0
1493458 F45/F45 F 212,800.00 ZZ
SANTANGELO LARRY 360 212,653.55 1
50 EMERSON AVENUE 7.875 1,542.95 80
7.625 1,542.95 266,000.00
NEW ROCHELLE NY 10801 1 03/14/96 00
768044 05 05/01/96 0
768044 O 04/01/26
0
1493459 F45/F45 F 111,000.00 ZZ
VIEIRA DAVID P 360 110,902.06 1
3 WOODLAND HILL R 6.625 710.75 75
6.375 710.75 148,000.00
DANBURY CT 06811 2 03/14/96 00
768051 05 05/01/96 0
768051 O 04/01/26
0
1493461 F45/F45 F 135,850.00 ZZ
KERN KEITH 360 135,746.63 1
52 WILSON CIRCLE WEST 7.375 938.28 94
7.125 938.28 146,000.00
MIDDLETOWN NJ 07701 1 03/14/96 04
768168 05 05/01/96 30
768168 O 04/01/26
0
1493462 F45/F45 F 220,000.00 ZZ
CALAMIA ANTHONY 360 219,810.58 1
8 CEDAR COURT 6.750 1,426.92 78
6.500 1,426.92 283,000.00
MARLBORO NJ 07746 1 03/15/96 00
768176 05 05/01/96 0
768176 O 04/01/26
0
1
1493463 F45/F45 F 207,000.00 ZZ
HYMAN RONNY 360 206,868.01 1
3 CELIA STREET CART 8.250 1,555.12 80
8.000 1,555.12 260,000.00
SUFFERN NY 10901 1 03/15/96 00
768275 05 05/01/96 0
768275 O 04/01/26
0
1493464 F45/F45 F 400,000.00 ZZ
HALL DONNA P 360 399,655.61 1
104 RANDI DRIVE 6.750 2,594.39 69
6.500 2,594.39 580,000.00
MADISON CT 06443 5 03/15/96 00
768333 05 05/01/96 0
768333 O 04/01/26
0
1493465 F45/F45 F 137,600.00 ZZ
LARRACUENTE JEROME J 360 137,481.53 1
36 MONTERO DRIVE 6.750 892.47 80
6.500 892.47 172,500.00
STRATFORD CT 06497 1 03/15/96 00
768499 05 05/01/96 0
768499 O 04/01/26
0
1493466 F45/F45 F 240,000.00 ZZ
FRAGEN ALEXANDER 360 239,808.08 1
18 FAIRPORT RD 7.125 1,616.92 80
6.875 1,616.92 300,000.00
WESTPORT CT 06880 1 03/15/96 00
768556 05 05/01/96 0
768556 O 04/01/26
0
1493467 F45/F45 F 600,000.00 ZZ
LYNCH KENNETH M 360 599,565.74 1
VANBEUREN RD.\HOLLY HILL LANE 7.625 4,246.76 35
7.375 4,246.76 1,750,000.00
HARDING NJ 07976 5 03/16/96 00
768580 03 05/01/96 0
768580 O 04/01/26
0
1493468 F45/F45 F 75,000.00 ZZ
ORR ROBERT R 360 74,941.50 1
1
61 COOPER HILL ROAD 7.250 511.63 22
7.000 511.63 344,000.00
RIDGEFIELD CT 06877 2 03/15/96 00
768689 05 05/01/96 0
768689 O 04/01/26
0
1493469 F45/F45 F 392,000.00 ZZ
LINT ERIC B 360 391,701.72 1
100 HORSESHOE LANE 7.375 2,707.45 80
7.125 2,707.45 495,000.00
FAIRFIELD CT 06430 1 03/15/96 00
768697 05 05/01/96 0
768697 O 04/01/26
0
1493470 F45/F45 F 270,000.00 ZZ
BIRD WILLIAM G 360 269,773.17 1
211 WEST 71ST STREET APT. 8A 6.875 1,773.71 75
6.625 1,773.71 360,000.00
NEW YORK NY 10023 1 03/15/96 00
768721 01 05/01/96 0
768721 O 04/01/26
0
1493471 F45/F45 F 224,000.00 ZZ
MARS JANICE 360 223,857.16 5
361 WEST 22ND STREET, UNIT 3/4 8.250 1,682.84 80
8.000 1,682.84 280,000.00
NEW YORK NY 10011 1 03/15/96 00
768739 12 05/01/96 0
768739 O 04/01/26
0
1493472 F45/F45 F 492,000.00 ZZ
HONOUR LINDA M 360 491,576.40 1
31 ALLENBY LANE 6.750 3,191.10 79
6.500 3,191.10 630,000.00
SCOTCH PLAINS NJ 07076 2 03/15/96 00
768747 05 05/01/96 0
768747 O 04/01/26
0
1493473 F45/F45 F 475,000.00 ZZ
ZERBO DONNA M 360 474,681.29 1
10 SENTRY COURT 8.000 3,485.38 53
7.750 3,485.38 900,000.00
BERNARDS TOWNSH NJ 07920 5 03/15/96 00
768754 05 05/01/96 0
1
768754 O 04/01/26
0
1493474 F45/F45 F 348,000.00 ZZ
COOK, III THOMAS C 360 347,741.73 1
100 WHITNEY RD 7.500 2,433.27 80
7.250 2,433.27 435,000.00
MILLBURN NJ 07078 1 03/15/96 00
768788 05 05/01/96 0
768788 O 04/01/26
0
1493475 F45/F45 F 100,000.00 ZZ
GAMBELLI FRANK E 360 99,927.63 1
718 FAIRVIEW LANE 7.625 707.79 26
7.375 707.79 395,000.00
LACEY TWP. NJ 08731 5 03/15/96 00
768796 05 05/01/96 0
768796 O 04/01/26
0
1493477 F45/F45 F 121,550.00 ZZ
MEDINA JOSE M 360 121,459.79 1
530 ALLGAIR AVENUE 7.500 849.90 85
7.250 849.90 144,000.00
NORTH BRUNSWICK NJ 08902 1 03/18/96 10
768820 05 05/01/96 12
768820 O 04/01/26
0
1493478 F45/F45 F 252,000.00 ZZ
PETSHAFT DAVID B 360 251,812.98 1
310 SAYBROOK ROAD 7.500 1,762.02 90
7.250 1,762.02 280,000.00
ORANGE CT 06477 1 03/18/96 04
768861 05 05/01/96 25
768861 O 04/01/26
0
1493479 F45/F45 F 179,800.00 ZZ
DIAZ JORGE L 360 179,693.84 1
42 EMBREE STREET 8.625 1,398.47 80
8.375 1,398.47 226,000.00
TARRYTOWN NY 10591 1 03/18/96 00
768879 05 05/01/96 0
768879 O 04/01/26
0
1
1493480 F45/F45 F 262,000.00 ZZ
HELYER GARRY C 360 261,805.56 1
470 EASTBURY HILL ROAD 7.500 1,831.94 68
7.250 1,831.94 390,000.00
GLASTONBURY CT 06033 2 03/22/96 00
768887 05 05/01/96 0
768887 O 04/01/26
0
1493481 F45/F45 F 550,000.00 ZZ
PURNELL CHARLES 360 549,601.92 1
24 WOODLAND PLACE 7.625 3,892.87 69
7.375 3,892.87 800,000.00
SCARSDALE NY 10583 1 03/15/96 00
768911 05 05/01/96 0
768911 O 04/01/26
0
1493482 F45/F45 F 355,000.00 ZZ
MARTINOLICH MICHAEL 360 354,709.01 1
215 CIRCLE DRIVE 7.000 2,361.82 67
6.750 2,361.82 530,000.00
PLANDOME MANOR NY 11030 2 03/19/96 00
768929 05 05/01/96 0
768929 O 04/01/26
0
1493483 F45/F45 F 235,000.00 ZZ
ROSEN MICHAEL J 360 234,807.37 1
96 WARREN STREET 7.000 1,563.46 75
6.750 1,563.46 315,000.00
SOMERS NY 10589 5 03/19/96 00
768945 05 05/01/96 0
768945 O 04/01/26
0
1493484 F45/F45 F 500,000.00 ZZ
MUSCO JOSEPH 360 499,638.11 1
119 KENSETT ROAD 7.625 3,538.97 74
7.375 3,538.97 683,000.00
MANHASSET NY 11030 1 03/19/96 00
768952 05 05/01/96 0
768952 O 04/01/26
0
1493485 F45/F45 F 95,000.00 ZZ
COHEN JANET 360 94,927.71 1
308 COURT HOUSE ROAD 7.375 656.14 60
7.125 656.14 160,000.00
1
FRANKLIN SQUARE NY 11010 1 03/19/96 00
768960 05 05/01/96 0
768960 O 04/01/26
0
1493486 F45/F45 F 110,000.00 ZZ
GREGORIO LYNN 360 109,742.17 1
94-403 SOUTHFIELD AVENUE 7.500 769.14 49
7.250 769.14 225,000.00
STAMFORD CT 06902 5 03/19/96 00
769000 01 05/01/96 0
769000 O 04/01/26
0
1493487 F45/F45 F 228,000.00 ZZ
NIMETZ EVERETT 360 227,803.70 1
14 NEWPORT DRIVE 6.750 1,478.80 76
6.500 1,478.80 303,000.00
PLAINVIEW NY 11803 1 03/18/96 00
769075 05 05/01/96 0
769075 O 04/01/26
0
1493488 F45/F45 F 150,000.00 ZZ
BROIDIS JAN E 360 149,877.05 1
72 CLOVE HILL ROAD 7.000 997.95 58
6.750 997.95 260,000.00
GLASTONBURY CT 06033 2 03/18/96 00
769091 05 05/01/96 0
769091 O 04/01/26
0
1493489 F45/F45 F 135,000.00 ZZ
OOMS THOMAS 360 134,924.32 1
10 RUCERETO AVENUE 8.875 1,074.12 62
8.625 1,074.12 220,000.00
DUMONT NJ 07628 5 03/18/96 00
769117 05 05/01/96 0
769117 O 04/01/26
0
1493490 F45/F45 F 350,000.00 ZZ
COLLINS GREGORY A 360 349,726.96 1
45 SOUTH AWIXA AVE 7.250 2,387.62 58
7.000 2,387.62 610,000.00
BAY SHORE NY 11706 5 03/18/96 00
769133 05 05/01/96 0
769133 O 04/01/26
0
1
1493491 F45/F45 F 141,500.00 ZZ
PATTI SALVATOREV 300 140,952.54 1
12 BOND AVENUE 8.000 1,092.12 74
7.750 1,092.12 192,000.00
LAVALLETTE NJ 08735 5 03/18/96 00
769166 05 05/01/96 0
769166 O 04/01/21
0
1493492 F45/F45 F 203,200.00 ZZ
MADERA BERNARDO H 360 203,049.20 1
102 PRINCETON DRIVE 7.500 1,420.80 77
7.250 1,420.80 265,000.00
TAPPAN NY 10983 1 03/18/96 00
769182 05 05/01/96 0
769182 O 04/01/26
0
1493493 F45/F45 F 192,000.00 ZZ
MURRAY JOHN W 360 191,853.90 1
321 BAKER AVENUE 7.375 1,326.10 58
7.125 1,326.10 335,000.00
WESTFIELD NJ 07090 2 03/08/96 00
769190 05 05/01/96 0
769190 O 04/01/26
0
1493494 F45/F45 F 500,000.00 ZZ
PATEL HEMANT 360 499,590.16 1
25 PHEASANT RUN 7.000 3,326.51 69
6.750 3,326.51 725,000.00
SCARSDALE NY 10583 1 03/19/96 00
769208 05 05/01/96 0
769208 O 04/01/26
0
1493495 F45/F45 F 300,000.00 ZZ
CASCONE COREY 360 299,798.71 1
5 LAFAYETTE PLACE 8.000 2,201.29 93
7.750 2,201.29 325,000.00
MASSAPEQUA NY 11758 1 03/19/96 11
769216 05 05/01/96 30
769216 O 04/01/26
0
1493496 F45/F45 F 108,000.00 ZZ
SVEC JOHN P 360 107,931.13 1
1
2 NORTH PIONEER AVENUE 8.250 811.37 80
8.000 811.37 135,500.00
KINGSTON PA 18708 1 03/21/96 00
770107 05 05/01/96 0
770107 O 04/01/26
0
1493497 F45/F45 F 240,000.00 ZZ
GRINDBERG THOMAS 360 239,858.30 1
1075 WINDSOR-PERRINEVILLE ROAD 8.625 1,866.70 80
8.375 1,866.70 300,000.00
MILLSTONE NJ 08535 2 03/19/96 00
770115 05 05/01/96 0
770115 O 04/01/26
0
1493498 F45/F45 F 137,750.00 ZZ
SCIEPURA STEPHEN 360 137,655.20 1
79 DEER RUN ROAD 7.875 998.78 94
7.625 998.78 147,000.00
CARMEL NY 10512 1 03/20/96 04
770206 05 05/01/96 30
770206 O 04/01/26
0
1493500 F45/F45 F 234,000.00 ZZ
SPATA MICHAEL J 360 233,826.34 1
8 PLYMOUTH ROAD 7.500 1,636.16 90
7.250 1,636.16 260,000.00
ROCKVILLE CENTR NY 11570 1 03/20/96 10
770222 05 05/01/96 25
770222 O 04/01/26
0
1493501 F45/F45 F 412,000.00 ZZ
NWASOKWA OBI 360 411,686.50 1
12 LINDEN BLVD 7.375 2,845.58 80
7.125 2,845.58 515,000.00
GREAT NECK NY 11021 1 03/20/96 00
770248 05 05/01/96 0
770248 O 04/01/26
0
1493502 F45/F45 F 600,000.00 ZZ
DIERKER ROBERT A 360 599,543.45 1
845 MACKALL AVENUE 7.375 4,144.05 48
7.125 4,144.05 1,250,000.00
MCLEAN VA 22101 2 03/20/96 00
770289 05 05/01/96 0
1
770289 O 04/01/26
0
1493503 F45/F45 F 272,000.00 ZZ
YURCHENCO PETER D 360 271,803.13 1
95 SOUTH WIGGINS LANE 7.625 1,925.20 80
7.375 1,925.20 340,000.00
MONTGOMERY NJ 08502 2 03/20/96 00
770305 05 05/01/96 0
770305 O 04/01/26
0
1493504 F45/F45 F 365,000.00 ZZ
LYNCH JR. ROBERT H 360 364,722.27 1
22 WEST 15 STREET APT 21D 7.375 2,520.96 69
7.125 2,520.96 533,000.00
NEW YORK NY 10011 1 03/20/96 00
770313 01 05/01/96 0
770313 O 04/01/26
0
1493505 F45/F45 F 200,000.00 ZZ
GARSON MITCHELL A 360 199,847.82 1
11 OKUN COURT 7.375 1,381.35 50
7.125 1,381.35 400,000.00
MARLBORO NJ 07726 2 03/20/96 00
770339 05 05/01/96 0
770339 O 04/01/26
0
1493506 F45/F45 F 180,000.00 ZZ
GRAMIERI MARIA R 360 179,841.19 1
33 DEBRA DRIVE 6.625 1,152.56 66
6.375 1,152.56 275,000.00
SOUTH BRUNSWICK NJ 08810 2 03/20/96 00
770388 05 05/01/96 0
770388 O 04/01/26
0
1493507 F45/F45 F 115,000.00 ZZ
SCHAFFER ADAM 360 114,908.03 1
34 FIRST AVENUE 7.125 774.78 80
6.875 774.78 145,000.00
MONROE TWP NJ 08884 1 03/20/96 00
770420 05 05/01/96 0
770420 O 04/01/26
0
1
1493508 F45/F45 F 288,000.00 ZZ
ZELEN ROBERT L 360 287,796.73 1
4 STANLEY ROAD 7.750 2,063.27 67
7.500 2,063.27 435,000.00
WHITE PLAINS NY 10605 5 03/20/96 00
770461 05 05/01/96 0
770461 O 04/01/26
0
1493509 F45/F45 F 175,000.00 ZZ
REINER DAVID 360 174,845.61 1
36 EVERETT ROAD 6.625 1,120.54 43
6.375 1,120.54 408,000.00
DEMAREST NJ 07627 1 03/21/96 00
770487 05 05/01/96 0
770487 O 04/01/26
0
1493510 F45/F45 F 86,650.00 ZZ
GILHAM MICHAEL J 360 86,390.80 1
119 OVERLOOK DRIVE 7.500 605.87 85
7.250 605.87 102,000.00
UNION TOWNSHIP NJ 08809 1 03/21/96 04
770511 01 05/01/96 30
770511 O 04/01/26
0
1493511 F45/F45 F 115,000.00 ZZ
KRONER DONALD 360 114,940.38 1
11 APPLE COURT 9.250 946.08 39
9.000 946.08 300,000.00
NANUET NY 10954 5 03/21/96 00
770529 05 05/01/96 0
770529 O 04/01/26
0
1493512 F45/F45 F 300,000.00 ZZ
SAMBERG PETER 360 299,777.36 1
55 WHITETAIL ROAD 7.500 2,097.64 63
7.250 2,097.64 478,000.00
IRVINGTON NY 10533 5 03/01/96 00
770545 05 05/01/96 0
770545 O 04/01/26
0
1493513 F45/F45 F 986,000.00 ZZ
GREEN GEORGE J 360 985,304.10 1
72 SHERWOOD AVENUE 7.750 7,063.82 34
7.500 7,063.82 2,900,000.00
1
GREENWICH CT 06830 5 03/21/96 00
770560 05 05/01/96 0
770560 O 04/01/26
0
1493514 F45/F45 F 100,000.00 ZZ
ROTHMAN ELLEN S 360 99,934.58 1
2102 HARVEST COURT 8.125 742.50 50
7.875 742.50 200,000.00
HANOVER TWP NJ 07981 1 03/21/96 00
770586 01 05/01/96 0
770586 O 04/01/26
0
1493515 F45/F45 F 600,000.00 T
QUICK PERRY D 360 599,597.41 1
160 GREEN COVE POINT WAY 8.000 4,402.59 71
7.750 4,402.59 850,000.00
CENTREVILLE MD 21617 5 03/21/96 00
770644 05 05/01/96 0
770644 O 04/01/26
0
1493517 F45/F45 F 235,000.00 ZZ
CHARLES PAUL 360 234,821.18 1
48 WRIGHT ROAD 7.375 1,623.09 73
7.125 1,623.09 325,000.00
ROCKVILLE CENTR NY 11570 1 03/22/96 00
770834 05 05/01/96 0
770834 O 04/01/26
0
1493518 F45/F45 F 245,000.00 ZZ
FRAWLEY ROBERT C 360 244,813.58 1
8 FAWN MEADOW LANE 7.375 1,692.15 64
7.125 1,692.15 385,000.00
SHELTON CT 06484 2 03/22/96 00
770883 05 05/01/96 0
770883 O 04/01/26
0
1493519 F45/F45 F 335,000.00 ZZ
TAYLOR TAYLOR T 360 334,763.56 1
82 OLD STONE HILL 7.750 2,399.98 85
7.500 2,399.98 395,000.00
POUND RIDGE NY 10576 1 03/22/96 10
770925 05 05/01/96 12
770925 O 04/01/26
0
1
1493521 F45/F45 F 246,000.00 ZZ
DURANT GREGORY J 360 245,817.43 1
571 STANGLE ROAD 7.500 1,720.07 80
7.250 1,720.07 310,000.00
BRIDGEWATE NJ 08836 2 03/22/96 00
771055 05 05/01/96 0
771055 O 04/01/26
0
1493522 F45/F45 F 115,000.00 ZZ
MARZELLA FRANCIS 360 114,912.49 1
3 GLENROTHES COURT 7.375 794.28 53
7.125 794.28 220,000.00
JACKSON NJ 08857 1 03/25/96 00
771402 05 05/01/96 0
771402 O 04/01/26
0
1493523 F45/F45 F 267,800.00 ZZ
BOCCOLINI JOHN J 360 267,580.49 1
39 LAKE SHORE DRIVE 7.000 1,781.68 79
6.750 1,781.68 340,000.00
ROCKAWAY TWP NJ 07885 1 03/26/96 00
771444 05 05/01/96 0
771444 O 04/01/26
0
1493524 F45/F45 F 440,000.00 ZZ
AUSTEIN LANCE I 360 439,681.54 1
35 CHARTER OAK ROAD 7.625 3,114.29 80
7.375 3,114.29 552,000.00
STATEN ISLAND NY 10304 1 03/26/96 00
771451 05 05/01/96 0
771451 O 04/01/26
0
1493527 F45/F45 F 141,600.00 ZZ
PARONICH PAUL 360 141,292.25 1
624 LAMONT AVENUE 7.375 978.00 80
7.125 978.00 177,000.00
STATEN ISLAND NY 10312 1 03/27/96 00
771733 05 05/01/96 0
771733 O 04/01/26
0
1493529 F45/F45 F 60,000.00 ZZ
BARSTOW SCOTT J 360 59,857.65 1
1
13 PINE BOULEVARD 7.750 429.85 37
7.500 429.85 165,000.00
MEDFORD NJ 08055 1 03/27/96 00
771881 05 05/01/96 0
771881 O 04/01/26
0
1493530 F45/F45 F 151,000.00 ZZ
SATTANINO CHRISTOPH 360 150,898.69 1
163 WOODBURY ROAD 8.000 1,107.98 77
7.750 1,107.98 198,000.00
HAUPPAUGE NY 11788 1 03/27/96 00
771931 05 05/01/96 0
771931 O 04/01/26
0
1493531 F45/F45 F 480,000.00 ZZ
PETITO ORAZIO J 360 479,730.90 1
CRESENT BEACH ROAD 8.875 3,819.10 71
8.625 3,819.10 685,000.00
GLEN COVE NY 11542 1 03/28/96 00
772053 05 05/01/96 0
772053 O 04/01/26
0
1493532 F45/F45 F 156,000.00 ZZ
KAERGEL KENNETH M 360 155,875.25 1
30 CORAL DRIVE 7.125 1,051.00 80
6.875 1,051.00 195,000.00
FAIRFIELD CT 06430 1 03/27/96 00
772061 05 05/01/96 0
772061 O 04/01/26
0
1493533 F45/F45 F 224,000.00 ZZ
TOURKAMAN ALI B 360 223,849.70 1
1318 KURTZ ROAD 8.000 1,643.63 80
7.750 1,643.63 280,000.00
MCLEAN VA 22101 1 03/28/96 00
772178 05 05/01/96 0
772178 O 04/01/26
0
1493534 F45/F45 F 59,000.00 ZZ
CALVI JR ALBERT G 360 58,949.21 1
21 LYDALE PLACE 6.750 382.67 79
6.500 382.67 75,000.00
MERIDEN CT 06450 1 03/27/96 00
772228 05 05/01/96 0
1
772228 O 04/01/26
0
1493535 F45/F45 F 425,000.00 ZZ
SIMONS DAVID 360 424,676.61 1
17 CEDAR HILLS 7.375 2,935.37 74
7.125 2,935.37 580,000.00
WESTON CT 06883 1 03/28/96 00
772384 05 05/01/96 0
772384 O 04/01/26
0
1493537 F45/F45 F 288,000.00 ZZ
BRODSKY JEFFREY 360 287,775.33 1
9 CRAGMERE OVAL 7.250 1,964.67 79
7.000 1,964.67 365,000.00
NEW CITY NY 10956 1 03/28/96 00
772848 05 05/01/96 0
772848 O 04/01/26
0
1493538 F45/F45 F 36,000.00 ZZ
KEEDY GOLDIE K 360 35,973.28 1
140 COLONIAL COURT 7.500 251.72 72
7.250 251.72 50,000.00
GALLOWAY NJ 08201 1 03/28/96 00
773101 01 05/01/96 0
773101 O 04/01/26
0
1493540 F45/F45 F 12,500.00 ZZ
MCDONALD EUGENE W 240 1,283.53 1
95 ARBOR RD 9.000 112.47 72
8.750 112.47 17,500.00
VILLAS NJ 08251 1 04/29/77 00
85365 05 06/01/77 0
85365 O 05/01/97
0
1493585 966/728 F 368,150.00 ZZ
SARGENT J S 360 368,150.00 1
3561 MARQUETTE STREET 8.375 2,798.21 74
8.125 2,798.21 500,000.00
DALLAS TX 75225 2 04/22/96 00
0380435306 05 06/01/96 0
UNKNOWN O 05/01/26
0
1
1494140 966/728 F 220,000.00 ZZ
COHEN CLAUDIA C 360 220,000.00 1
4229 CARUTH BOULEVARD 8.625 1,711.14 71
8.375 1,711.14 310,000.00
UNIVERSITY PARK TX 75225 1 04/12/96 00
0380432139 05 06/01/96 0
9602398 O 05/01/26
0
1494225 163/728 F 367,200.00 ZZ
SCHECHNER ROBERT 360 366,940.83 1
7553 EAST CLUB VILLA CIRCLE 7.750 2,630.67 80
7.500 2,630.67 459,000.00
SCOTTSDALE AZ 85262 2 03/22/96 00
0380436114 03 05/01/96 0
215125588 O 04/01/26
0
1494537 822/728 F 338,085.00 ZZ
COHEN PETER 360 337,890.48 1
240 ROUND HILL DRIVE 8.750 2,659.72 87
8.500 2,659.72 392,228.00
FREEHOLD NJ 07728 1 03/21/96 12
0380417635 05 05/01/96 25
0176193634 O 04/01/26
0
1494561 B62/728 F 142,750.00 ZZ
HINLO RAFAEL C 360 142,750.00 1
122 GOLDEN MEADOWS LANE 8.375 1,085.00 80
8.125 1,085.00 178,447.00
FRANKLIN TN 37067 1 04/26/96 00
0380435967 05 06/01/96 0
UNKNOWN O 05/01/26
0
1494753 470/728 F 200,000.00 ZZ
BREEN WARREN R 360 200,000.00 1
1831 LANTERN DRIVE 8.250 1,502.54 61
8.000 1,502.54 330,000.00
LAKE HAVASU CIT AZ 86404 2 04/03/96 00
0380430869 05 06/01/96 0
51009348 O 05/01/26
0
1494850 105/728 F 285,000.00 ZZ
KING LARRY 360 285,000.00 1
6683 32ND STREET N W 9.125 2,318.85 95
8.875 2,318.85 300,000.00
1
WASHINGTON DC 20015 1 04/11/96 12
0380422874 05 06/01/96 30
737916 O 05/01/26
0
1495047 232/232 F 236,000.00 ZZ
DI RICO LUCIANO 360 236,000.00 1
136 SYLVIA LANE 8.250 1,772.99 68
8.000 1,772.99 350,000.00
NEW HYDE PARK NY 11040 5 04/05/96 00
12952660 05 06/01/96 0
12952660 O 05/01/26
0
1495320 685/728 F 258,750.00 ZZ
FORCHEMER CHRISTINA 360 258,750.00 1
11719 PEAR TREE COURT 8.750 2,035.59 75
8.500 2,035.59 345,000.00
LEAVENWORTH WA 98826 1 04/15/96 00
0380424623 05 06/01/96 0
200518 O 05/01/26
0
1495343 369/728 F 238,300.00 ZZ
PERKINS MICHAEL G 360 238,300.00 1
506 W LINDEN STREET 8.875 1,896.03 80
8.625 1,896.03 298,035.00
LOUISVILLE CO 80027 1 04/15/96 00
0380422536 05 06/01/96 0
49238884 O 05/01/26
0
1495453 439/728 F 388,000.00 ZZ
SCHARFF PETER B 360 388,000.00 1
45 QUAKER BRIDGE ROAD 8.400 2,955.94 80
8.150 2,955.94 485,000.00
OSSINING NY 10562 1 04/12/96 00
0380422908 05 06/01/96 0
1849448 O 05/01/26
0
1495455 439/728 F 337,600.00 ZZ
SMART SR. ROBERT M 360 337,600.00 1
2804 SHENANDOAH PLACE 8.650 2,631.83 80
8.400 2,631.83 422,000.00
COLLEYVILLE TX 76034 1 04/15/96 00
0380422502 03 06/01/96 0
1849698 O 05/01/26
0
1
1495590 163/728 F 310,000.00 ZZ
DESHERBININ NICHOLAS J 360 308,124.75 1
173 SCHOOL STREET 8.125 2,301.74 62
7.875 2,301.74 500,000.00
MANCHESTER MA 01944 2 07/26/95 00
0380435629 05 09/01/95 0
UNKNOWN O 08/01/25
0
1495639 976/728 F 282,000.00 ZZ
OSTRANDER JR RICHARD G 360 281,820.17 1
10 DICARLO ROAD 8.250 2,118.58 75
8.000 2,118.58 376,000.00
HOPKINTON MA 01748 5 03/28/96 00
0380431925 05 05/01/96 0
865510 O 04/01/26
0
1495835 670/728 F 257,400.00 ZZ
BROGAN III WALTER C 360 255,476.93 1
9109 SALEM DR 8.500 1,979.19 70
8.250 1,979.19 367,750.00
LUBBOCK TX 79424 1 03/20/96 00
0380429036 05 05/01/96 0
13175734 O 04/01/26
0
1495837 670/728 F 218,000.00 ZZ
SMITH ANTHONY W 360 218,000.00 1
508 WEST EISENHOWER DRIVE 8.250 1,637.77 78
8.000 1,637.77 280,000.00
LOUISVILLE CO 80027 2 04/05/96 00
0380429051 05 06/01/96 0
13190245 O 05/01/26
0
1495839 670/728 F 215,000.00 ZZ
MCCORMICK DAVID 360 215,000.00 1
OFF EL PROTRERO ROAD 8.500 1,653.16 63
8.250 1,653.16 345,000.00
CHIMAYO NM 87522 5 04/02/96 00
0380429077 05 06/01/96 0
13202308 O 05/01/26
0
1495850 670/728 F 175,000.00 ZZ
LONGO JOSEPH E 360 174,899.31 1
1
183 UNION AVENUE 8.750 1,376.73 23
8.500 1,376.73 775,000.00
HARRISON NY 10528 5 03/21/96 00
0380429184 05 05/01/96 0
14099713 O 04/01/26
0
1495855 670/728 F 322,537.00 ZZ
LAMBETH JAMES E 360 322,331.31 1
9600 LEANING ROCK CIRCLE 8.250 2,423.11 80
8.000 2,423.11 405,000.00
AUSTIN TX 78730 1 03/29/96 00
0380429242 03 05/01/96 0
14103214 O 04/01/26
0
1495858 670/728 F 325,760.00 ZZ
WOODWARD WILLIAM R 360 325,760.00 1
2900 THOUSAND OAKS DRIVE 8.450 2,493.28 67
8.200 2,493.28 490,000.00
AUSTIN TX 78746 2 04/09/96 00
0380429267 03 06/01/96 0
14103494 O 05/01/26
0
1495891 670/728 F 262,400.00 ZZ
LITZOW DAVID J 360 262,232.67 1
1634 KING STREET 8.250 1,971.33 75
8.000 1,971.33 350,000.00
LA CROSSE WI 54601 5 03/12/96 00
0380429648 05 05/01/96 0
34183868 O 04/01/26
0
1495939 670/728 F 291,000.00 ZZ
BALASCO VINCENT 360 290,809.64 1
255 BEECHWOOD DRIVE 8.125 2,160.67 76
7.875 2,160.67 386,000.00
CRANSTON RI 02921 2 03/25/96 00
0380430125 05 05/01/96 0
34238727 O 04/01/26
0
1495988 670/728 F 400,000.00 ZZ
ANDERSON GREG D 300 399,620.32 1
6138 SUNSHINE CANYON DRIVE 8.625 3,254.68 52
8.375 3,254.68 775,000.00
BOULDER CO 80302 2 03/28/96 00
0380430570 05 05/01/96 0
1
34300503 O 04/01/21
0
1496502 A52/728 F 289,360.00 ZZ
MCKENZIE SCOTT M 360 289,360.00 1
140 OLD SANDHURST LANDING 8.250 2,173.87 80
8.000 2,173.87 361,700.00
ALPHARETTA GA 30202 1 04/26/96 00
0380415365 03 06/01/96 0
145827 O 05/01/26
0
1497025 A83/728 F 263,500.00 ZZ
CUNNINGHAM WILLIAM S 360 258,916.84 1
2945 AMERICAN SADDLER DRIVE 8.250 1,979.59 44
8.000 1,979.59 600,000.00
PARK CITY UT 84060 2 02/12/96 00
0380433376 05 04/01/96 0
125984 O 03/01/26
0
1497026 A83/728 F 224,200.00 ZZ
RIDGELY DEAN A 360 223,866.18 1
4423 MOLETON DRIVE 7.500 1,567.64 75
7.250 1,567.64 298,983.00
MT AIRY MD 21771 1 02/28/96 00
0380433517 05 04/01/96 0
126939 O 03/01/26
0
1497098 A83/728 F 291,200.00 ZZ
ARRANT ALFRED E 360 290,449.54 1
5015 FENWICK DRIVE 8.250 2,187.69 80
8.000 2,187.69 364,000.00
CUMMING GA 30130 2 02/27/95 00
0380433343 03 02/01/96 0
119947 O 01/01/26
0
1497101 A83/728 F 229,000.00 ZZ
DEISS E A 360 228,846.35 1
5284 EAST EMIGRATION CANYON 8.000 1,680.32 61
7.750 1,680.32 380,000.00
SALT LAKE CITY UT 84108 2 03/05/96 00
0380425521 05 05/01/96 0
127016 O 04/01/26
0
1
1497103 A83/728 F 211,500.00 ZZ
STACHNIK ROY E 360 211,200.49 1
1301 WALZ AVENUE 7.750 1,515.21 75
7.500 1,515.21 282,000.00
GLENWOOD SPRING CO 81601 5 02/05/96 00
0380425737 05 04/01/96 0
125844 O 03/01/26
0
1497105 A83/728 F 237,750.00 ZZ
PARKER BRADLEY H 360 237,243.33 1
922 SOUTH MILITARY DRIVE 7.750 1,703.27 75
7.500 1,703.27 317,000.00
SALT LAKE CITY UT 84108 5 01/25/96 00
0380433350 05 03/01/96 0
125137 O 02/01/26
0
1497108 A83/728 F 490,000.00 ZZ
JONES STANTON D 360 489,305.89 1
2732 MEADOW CREEK DRIVE 7.750 3,510.42 60
7.500 3,510.42 820,000.00
PARK CITY UT 84060 5 02/01/96 00
0380433335 05 04/01/96 0
125973 O 03/01/26
0
1497234 670/728 F 365,000.00 ZZ
MICHALOWSKI GREG 360 365,000.00 1
3 SPRINGHOUSE ROAD 8.125 2,710.12 61
7.875 2,710.12 600,000.00
BERNARDSVILLE NJ 07924 1 04/04/96 00
0380428343 05 06/01/96 0
12338206 O 05/01/26
0
1497237 670/728 F 250,000.00 ZZ
PARKER JOHN D 360 250,000.00 1
12801 SOUTHWEST 64TH COURT 8.250 1,878.17 75
8.000 1,878.17 335,000.00
MIAMI FL 33156 1 04/18/96 00
0380428186 05 06/01/96 0
12634751 O 05/01/26
0
1497238 670/728 F 272,300.00 T
CHARLES JR HERBERT L 360 272,300.00 1
4690 HAMDEN FOREST DRIVE SW 8.750 2,142.19 66
8.500 2,142.19 415,000.00
1
ATLANTA GA 30331 2 04/12/96 00
0380428319 09 06/01/96 0
12687880 O 05/01/26
0
1497241 670/728 F 500,000.00 ZZ
WALKER JACK J 360 500,000.00 1
1530 TIMBER LANE 8.500 3,844.57 61
8.250 3,844.57 820,000.00
BOULDER CO 80304 1 04/08/96 00
0380428335 05 06/01/96 0
13151223 O 05/01/26
0
1497301 601/728 F 380,800.00 ZZ
BOWEN WILLIAM C 360 380,800.00 1
2051 THURSTON ROAD 7.750 2,728.10 80
7.500 2,728.10 476,000.00
URBANA MD 21701 2 04/05/96 00
0380423732 05 06/01/96 0
9604007 O 05/01/26
0
1497481 F45/F45 F 130,065.79 ZZ
WEBER WARREN M 144 128,924.04 1
498 ADELPHI STREET 7.250 1,354.97 57
7.000 1,354.97 230,000.00
EAST MEADOW NY 11554 5 02/01/93 00
120063 05 04/01/96 0
120063 O 03/01/08
0
1497484 F45/F45 F 104,900.00 ZZ
ARAUJO DOMINGOS D 360 100,756.48 1
44 MARC DRIVE 7.625 742.48 88
7.375 742.48 120,000.00
RIDGE NY 11961 1 05/13/92 10
136663 05 07/01/92 17
136663 O 06/01/22
0
1497510 F45/F45 F 198,000.00 ZZ
COSTAGLIOLA ROBERT A 360 196,877.79 1
160-35 79TH STREET 7.875 1,435.64 68
7.625 1,435.64 295,000.00
HOWARD BEACH NY 11414 2 10/23/95 00
379503 05 12/01/95 0
379503 O 11/01/25
0
1
1497514 F45/F45 F 350,000.00 ZZ
BUDHILL EDWARD M 360 345,843.08 1
36 VINE ROAD 8.375 2,660.25 75
8.125 2,660.25 470,000.00
LARCHMONT NY 10538 1 10/14/94 00
470278 05 12/01/94 0
470278 O 11/01/24
0
1497528 F45/F45 F 322,500.00 ZZ
KAPLAN ANDREW 360 320,482.78 1
297 MCLAIN STREET 8.500 2,479.75 75
8.250 2,479.75 430,000.00
BEDFORD HILLS NY 10507 1 06/06/95 00
656652 05 08/01/95 0
656652 O 07/01/25
0
1497550 F45/F45 F 102,000.00 ZZ
JIULIANI JOSEPH D 360 101,587.37 1
1 ALDEN TERRACE 7.875 739.57 80
7.625 739.57 128,000.00
PATERSON NJ 07522 1 01/12/96 00
750083 05 03/01/96 0
750083 O 02/01/26
0
1497555 F45/F45 F 130,000.00 ZZ
MCKOWN GILBERT 360 129,736.59 1
31 HIBBLER ROAD 8.000 953.89 52
7.750 953.89 250,000.00
CLINTON TWSHP NJ 08801 5 01/01/96 00
750810 05 03/01/96 0
750810 O 02/01/26
0
1497563 F45/F45 F 250,000.00 ZZ
SINGER MARK 360 249,819.06 1
3 RAQUEL COURT 7.625 1,769.48 70
7.375 1,769.48 360,000.00
EAST HANOVER NJ 07936 5 03/06/96 00
766642 05 05/01/96 0
766642 O 04/01/26
0
1498362 664/728 F 217,500.00 ZZ
VALENCIA RICARDO M 360 217,500.00 1
1
33107 12TH COURT S.W. 8.250 1,634.01 70
8.000 1,634.01 311,000.00
FEDERAL WAY WA 98023 5 04/26/96 00
0380434663 03 06/01/96 0
2192649 O 05/01/26
0
TOTAL NUMBER OF LOANS : 1,430
TOTAL ORIGINAL BALANCE : 371,491,791.63
TOTAL PRINCIPAL BALANCE : 367,497,079.85
TOTAL ORIGINAL P+I : 2,696,669.70
TOTAL CURRENT P+I : 2,696,669.70
***************************
* END OF REPORT *
***************************
RUN ON : 05/23/96 RFC DISCLOSURE SYSTEM RFFSDFIX-01
AT : 12.17.07 FIXED PASSTHRU REPORT AMORTIZED BALANCE
SERIES : RFMSI I 1996-S14 CUTOFF : 05/01/96
POOL : 0004208
:
:
POOL STATUS: F
RFC LOAN NUMBER SUB SERV FEE
PRINCIPAL BALANCE MSTR SERV FEE
CURR NOTE RATE ALL EXP
RFC NET RATE MISC EXP
NET MTG RATE(INVSTR RATE) SPREAD
POST SPREAD RATE STRIP
--------------------------------------------------------------------------
1447659 .2500
334,389.93 .0300
8.0000 .0000
7.7500 .0000
7.7200 .2200
7.5000 .0000
1473006 .2500
195,000.00 .0300
8.6250 .0000
8.3750 .0000
8.3450 .8450
7.5000 .0000
1473785 .2500
241,999.63 .0800
8.7500 .0000
8.5000 .0000
8.4200 .9200
7.5000 .0000
1475950 .2500
225,822.00 .0800
8.2500 .0000
8.0000 .0000
7.9200 .4200
7.5000 .0000
1476842 .2500
367,718.86 .0800
8.1250 .0000
7.8750 .0000
7.7950 .2950
7.5000 .0000
1480719 .2500
350,000.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .5950
7.5000 .0000
1
1483590 .2500
457,600.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .9700
7.5000 .0000
1488806 .2500
272,000.00 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1488852 .2500
224,000.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .7200
7.5000 .0000
1489700 .2500
293,312.84 .0300
8.2500 .0000
8.0000 .0000
7.9700 .4700
7.5000 .0000
1491345 .2500
403,985.56 .0800
8.1250 .0000
7.8750 .0000
7.7950 .2950
7.5000 .0000
1491957 .2500
132,790.67 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1491962 .2500
101,271.44 .0800
9.2500 .0000
9.0000 .0000
8.9200 1.4200
7.5000 .0000
1491967 .2500
108,575.69 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1
1491972 .2500
261,289.76 .0800
8.0000 .0000
7.7500 .0000
7.6700 .1700
7.5000 .0000
1491974 .2500
99,783.31 .0800
8.6250 .0000
8.3750 .0000
8.2950 .7950
7.5000 .0000
1491982 .2500
44,959.74 .0800
9.2500 .0000
9.0000 .0000
8.9200 1.4200
7.5000 .0000
1491989 .2500
107,060.13 .0800
9.0000 .0000
8.7500 .0000
8.6700 1.1700
7.5000 .0000
1491995 .2500
145,745.66 .0800
8.6250 .0000
8.3750 .0000
8.2950 .7950
7.5000 .0000
1491996 .2500
2,907.58 .0800
7.2500 .0000
7.0000 .0000
6.9200 .0000
6.9200 .0000
1492000 .2500
106,800.07 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0450
7.5000 .0000
1492001 .2500
111,117.32 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0450
7.5000 .0000
1
1492004 .2500
102,175.89 .0800
8.5000 .0000
8.2500 .0000
8.1700 .6700
7.5000 .0000
1492006 .2500
117,896.49 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.1700 .0000
1492012 .2500
273,195.74 .0800
8.0000 .0000
7.7500 .0000
7.6700 .1700
7.5000 .0000
1492015 .2500
212,506.61 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0450
7.5000 .0000
1492016 .2500
53,775.25 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1492018 .2500
251,044.05 .0800
7.0000 .0000
6.7500 .0000
6.6700 .0000
6.6700 .0000
1492019 .2500
130,274.02 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1492021 .2500
154,263.58 .0800
8.2500 .0000
8.0000 .0000
7.9200 .4200
7.5000 .0000
1
1492023 .2500
228,331.11 .0800
8.5000 .0000
8.2500 .0000
8.1700 .6700
7.5000 .0000
1492025 .2500
109,334.18 .0800
8.2500 .0000
8.0000 .0000
7.9200 .4200
7.5000 .0000
1492026 .2500
77,066.18 .0800
8.1250 .0000
7.8750 .0000
7.7950 .2950
7.5000 .0000
1492027 .2500
95,662.53 .0800
8.1250 .0000
7.8750 .0000
7.7950 .2950
7.5000 .0000
1492031 .2500
128,175.00 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0450
7.5000 .0000
1492033 .2500
72,325.22 .0800
8.1250 .0000
7.8750 .0000
7.7950 .2950
7.5000 .0000
1492035 .2500
254,015.88 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.1700 .0000
1492036 .2500
134,841.57 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.2950 .0000
1
1492043 .2500
174,719.27 .0800
7.1250 .0000
6.8750 .0000
6.7950 .0000
6.7950 .0000
1492046 .2500
20,760.01 .0800
9.2500 .0000
9.0000 .0000
8.9200 1.4200
7.5000 .0000
1492049 .2500
206,557.82 .0800
7.3750 .0000
7.1250 .0000
7.0450 .0000
7.0450 .0000
1492050 .2500
72,594.11 .0800
6.6250 .0000
6.3750 .0000
6.2950 .0000
6.2950 .0000
1492052 .2500
46,989.48 .0800
7.1250 .0000
6.8750 .0000
6.7950 .0000
6.7950 .0000
1492053 .2500
349,068.56 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.2950 .0000
1492054 .2500
154,266.93 .0800
6.7500 .0000
6.5000 .0000
6.4200 .0000
6.4200 .0000
1492058 .2500
105,185.15 .0800
8.8750 .0000
8.6250 .0000
8.5450 1.0450
7.5000 .0000
1
1492060 .2500
88,704.53 .0800
8.5000 .0000
8.2500 .0000
8.1700 .6700
7.5000 .0000
1492063 .2500
287,432.50 .0800
8.6250 .0000
8.3750 .0000
8.2950 .7950
7.5000 .0000
1492077 .2500
541,948.79 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.1700 .0000
1492078 .2500
483,630.87 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.2950 .0000
1492079 .2500
144,306.30 .0800
6.8750 .0000
6.6250 .0000
6.5450 .0000
6.5450 .0000
1492080 .2500
67,438.31 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.1700 .0000
1492083 .2500
73,135.91 .0800
7.0000 .0000
6.7500 .0000
6.6700 .0000
6.6700 .0000
1492087 .2500
145,802.40 .0800
7.0000 .0000
6.7500 .0000
6.6700 .0000
6.6700 .0000
1
1492088 .2500
232,440.79 .0800
6.8750 .0000
6.6250 .0000
6.5450 .0000
6.5450 .0000
1492089 .2500
215,653.23 .0800
7.3750 .0000
7.1250 .0000
7.0450 .0000
7.0450 .0000
1492090 .2500
441,584.63 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.2950 .0000
1492091 .2500
298,357.85 .0800
8.0000 .0000
7.7500 .0000
7.6700 .1700
7.5000 .0000
1492092 .2500
84,879.37 .0800
7.3750 .0000
7.1250 .0000
7.0450 .0000
7.0450 .0000
1492093 .2500
53,944.67 .0800
7.2500 .0000
7.0000 .0000
6.9200 .0000
6.9200 .0000
1492094 .2500
268,854.25 .0800
8.7500 .0000
8.5000 .0000
8.4200 .9200
7.5000 .0000
1492095 .2500
393,023.87 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1
1492096 .2500
262,609.59 .0800
7.0000 .0000
6.7500 .0000
6.6700 .0000
6.6700 .0000
1492097 .2500
211,250.27 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1492098 .2500
303,004.05 .0800
8.1250 .0000
7.8750 .0000
7.7950 .2950
7.5000 .0000
1492099 .2500
245,845.32 .0800
8.0000 .0000
7.7500 .0000
7.6700 .1700
7.5000 .0000
1492100 .2500
224,390.55 .0800
8.2500 .0000
8.0000 .0000
7.9200 .4200
7.5000 .0000
1492101 .2500
329,889.67 .0800
8.0000 .0000
7.7500 .0000
7.6700 .1700
7.5000 .0000
1492102 .2500
285,405.68 .0800
8.0000 .0000
7.7500 .0000
7.6700 .1700
7.5000 .0000
1492104 .2500
295,130.79 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0450
7.5000 .0000
1
1492105 .2500
140,622.31 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1492106 .2500
330,303.97 .0800
8.6250 .0000
8.3750 .0000
8.2950 .7950
7.5000 .0000
1492107 .2500
215,839.70 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.1700 .0000
1492108 .2500
416,618.22 .0800
8.5000 .0000
8.2500 .0000
8.1700 .6700
7.5000 .0000
1492109 .2500
248,379.50 .0800
8.5000 .0000
8.2500 .0000
8.1700 .6700
7.5000 .0000
1492110 .2500
216,341.99 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1492111 .2500
206,831.24 .0800
8.2500 .0000
8.0000 .0000
7.9200 .4200
7.5000 .0000
1492112 .2500
292,938.44 .0800
8.7500 .0000
8.5000 .0000
8.4200 .9200
7.5000 .0000
1
1492113 .2500
309,025.55 .0800
8.0000 .0000
7.7500 .0000
7.6700 .1700
7.5000 .0000
1492114 .2500
241,516.39 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1492116 .2500
207,056.25 .0800
8.6250 .0000
8.3750 .0000
8.2950 .7950
7.5000 .0000
1492117 .2500
246,227.59 .0800
8.2500 .0000
8.0000 .0000
7.9200 .4200
7.5000 .0000
1492118 .2500
311,699.57 .0800
8.0000 .0000
7.7500 .0000
7.6700 .1700
7.5000 .0000
1492119 .2500
212,199.85 .0800
8.6250 .0000
8.3750 .0000
8.2950 .7950
7.5000 .0000
1492120 .2500
246,408.28 .0800
8.5000 .0000
8.2500 .0000
8.1700 .6700
7.5000 .0000
1492121 .2500
338,638.14 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1
1492122 .2500
107,298.26 .0800
8.1250 .0000
7.8750 .0000
7.7950 .2950
7.5000 .0000
1492123 .2500
206,744.39 .0800
8.2500 .0000
8.0000 .0000
7.9200 .4200
7.5000 .0000
1492124 .2500
233,756.68 .0800
7.1250 .0000
6.8750 .0000
6.7950 .0000
6.7950 .0000
1492125 .2500
304,592.26 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.1700 .0000
1492126 .2500
225,033.18 .0800
9.0000 .0000
8.7500 .0000
8.6700 1.1700
7.5000 .0000
1492127 .2500
266,124.67 .0800
8.2500 .0000
8.0000 .0000
7.9200 .4200
7.5000 .0000
1492128 .2500
271,053.01 .0800
8.2500 .0000
8.0000 .0000
7.9200 .4200
7.5000 .0000
1492129 .2500
242,676.88 .0800
8.2500 .0000
8.0000 .0000
7.9200 .4200
7.5000 .0000
1
1492130 .2500
316,075.62 .0800
8.5000 .0000
8.2500 .0000
8.1700 .6700
7.5000 .0000
1492131 .2500
255,974.59 .0800
8.1250 .0000
7.8750 .0000
7.7950 .2950
7.5000 .0000
1492132 .2500
288,816.78 .0800
9.0000 .0000
8.7500 .0000
8.6700 1.1700
7.5000 .0000
1492133 .2500
295,587.62 .0800
8.1250 .0000
7.8750 .0000
7.7950 .2950
7.5000 .0000
1492134 .2500
249,278.79 .0800
8.1250 .0000
7.8750 .0000
7.7950 .2950
7.5000 .0000
1492135 .2500
230,733.64 .0800
8.7500 .0000
8.5000 .0000
8.4200 .9200
7.5000 .0000
1492136 .2500
365,827.39 .0800
8.5000 .0000
8.2500 .0000
8.1700 .6700
7.5000 .0000
1492138 .2500
220,795.86 .0800
8.0000 .0000
7.7500 .0000
7.6700 .1700
7.5000 .0000
1
1492139 .2500
295,913.48 .0800
8.2500 .0000
8.0000 .0000
7.9200 .4200
7.5000 .0000
1492140 .2500
228,408.44 .0800
8.3750 .0000
8.1250 .0000
8.0450 .5450
7.5000 .0000
1492141 .2500
404,264.71 .0800
8.3750 .0000
8.1250 .0000
8.0450 .5450
7.5000 .0000
1492142 .2500
240,534.27 .0800
8.7500 .0000
8.5000 .0000
8.4200 .9200
7.5000 .0000
1492143 .2500
222,009.59 .0800
8.3750 .0000
8.1250 .0000
8.0450 .5450
7.5000 .0000
1492144 .2500
227,090.39 .0800
8.6250 .0000
8.3750 .0000
8.2950 .7950
7.5000 .0000
1492145 .2500
287,479.89 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.1700 .0000
1492146 .2500
259,080.64 .0800
8.6250 .0000
8.3750 .0000
8.2950 .7950
7.5000 .0000
1
1492147 .2500
246,915.10 .0800
8.7500 .0000
8.5000 .0000
8.4200 .9200
7.5000 .0000
1492148 .2500
263,493.54 .0800
8.8750 .0000
8.6250 .0000
8.5450 1.0450
7.5000 .0000
1492149 .2500
419,210.88 .0800
8.2500 .0000
8.0000 .0000
7.9200 .4200
7.5000 .0000
1492150 .2500
251,440.28 .0800
8.1250 .0000
7.8750 .0000
7.7950 .2950
7.5000 .0000
1492151 .2500
359,618.76 .0800
8.8750 .0000
8.6250 .0000
8.5450 1.0450
7.5000 .0000
1492152 .2500
208,838.12 .0800
8.6250 .0000
8.3750 .0000
8.2950 .7950
7.5000 .0000
1492153 .2500
256,791.67 .0800
8.7500 .0000
8.5000 .0000
8.4200 .9200
7.5000 .0000
1492154 .2500
292,585.07 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1
1492155 .2500
308,149.87 .0800
8.7500 .0000
8.5000 .0000
8.4200 .9200
7.5000 .0000
1492156 .2500
221,969.54 .0800
8.8750 .0000
8.6250 .0000
8.5450 1.0450
7.5000 .0000
1492157 .2500
208,340.74 .0800
8.1250 .0000
7.8750 .0000
7.7950 .2950
7.5000 .0000
1492158 .2500
281,753.42 .0800
8.8750 .0000
8.6250 .0000
8.5450 1.0450
7.5000 .0000
1492159 .2500
246,696.10 .0800
8.1250 .0000
7.8750 .0000
7.7950 .2950
7.5000 .0000
1492160 .2500
259,115.06 .0800
8.2500 .0000
8.0000 .0000
7.9200 .4200
7.5000 .0000
1492161 .2500
247,313.37 .0800
8.2500 .0000
8.0000 .0000
7.9200 .4200
7.5000 .0000
1492162 .2500
234,285.31 .0800
6.7500 .0000
6.5000 .0000
6.4200 .0000
6.4200 .0000
1
1492163 .2500
208,010.03 .0800
7.2500 .0000
7.0000 .0000
6.9200 .0000
6.9200 .0000
1492164 .2500
389,407.83 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.2950 .0000
1492165 .2500
255,920.92 .0800
8.6250 .0000
8.3750 .0000
8.2950 .7950
7.5000 .0000
1492166 .2500
214,983.22 .0800
7.2500 .0000
7.0000 .0000
6.9200 .0000
6.9200 .0000
1492167 .2500
269,868.47 .0800
8.0000 .0000
7.7500 .0000
7.6700 .1700
7.5000 .0000
1492168 .2500
302,179.93 .0800
7.1250 .0000
6.8750 .0000
6.7950 .0000
6.7950 .0000
1492169 .2500
267,899.72 .0800
7.0000 .0000
6.7500 .0000
6.6700 .0000
6.6700 .0000
1492170 .2500
299,352.97 .0800
7.2500 .0000
7.0000 .0000
6.9200 .0000
6.9200 .0000
1
1492171 .2500
293,661.72 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1492172 .2500
248,339.59 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0450
7.5000 .0000
1492173 .2500
201,380.48 .0800
8.1250 .0000
7.8750 .0000
7.7950 .2950
7.5000 .0000
1492174 .2500
351,329.58 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.1700 .0000
1492175 .2500
311,927.75 .0800
7.1250 .0000
6.8750 .0000
6.7950 .0000
6.7950 .0000
1492177 .2500
507,373.31 .0800
7.1250 .0000
6.8750 .0000
6.7950 .0000
6.7950 .0000
1492178 .2500
219,869.17 .0800
7.2500 .0000
7.0000 .0000
6.9200 .0000
6.9200 .0000
1492179 .2500
243,749.83 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1
1492180 .2500
113,726.31 .0800
8.0000 .0000
7.7500 .0000
7.6700 .1700
7.5000 .0000
1492181 .2500
213,634.06 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.1700 .0000
1492182 .2500
316,309.77 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1492183 .2500
281,200.33 .0800
8.6250 .0000
8.3750 .0000
8.2950 .7950
7.5000 .0000
1492184 .2500
221,700.75 .0800
7.1250 .0000
6.8750 .0000
6.7950 .0000
6.7950 .0000
1492185 .2500
215,619.42 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1492186 .2500
278,511.40 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1492187 .2500
250,884.75 .0800
7.2500 .0000
7.0000 .0000
6.9200 .0000
6.9200 .0000
1
1492188 .2500
339,712.58 .0800
7.7500 .0000
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1493471 .2500
223,857.16 .0800
8.2500 .0000
8.0000 .0000
7.9200 .4200
7.5000 .0000
1493472 .2500
491,576.40 .0800
6.7500 .0000
6.5000 .0000
6.4200 .0000
6.4200 .0000
1
1493473 .2500
474,681.29 .0800
8.0000 .0000
7.7500 .0000
7.6700 .1700
7.5000 .0000
1493474 .2500
347,741.73 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.1700 .0000
1493475 .2500
99,927.63 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.2950 .0000
1493477 .2500
121,459.79 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.1700 .0000
1493478 .2500
251,812.98 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.1700 .0000
1493479 .2500
179,693.84 .0800
8.6250 .0000
8.3750 .0000
8.2950 .7950
7.5000 .0000
1493480 .2500
261,805.56 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.1700 .0000
1493481 .2500
549,601.92 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.2950 .0000
1
1493482 .2500
354,709.01 .0800
7.0000 .0000
6.7500 .0000
6.6700 .0000
6.6700 .0000
1493483 .2500
234,807.37 .0800
7.0000 .0000
6.7500 .0000
6.6700 .0000
6.6700 .0000
1493484 .2500
499,638.11 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.2950 .0000
1493485 .2500
94,927.71 .0800
7.3750 .0000
7.1250 .0000
7.0450 .0000
7.0450 .0000
1493486 .2500
109,742.17 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.1700 .0000
1493487 .2500
227,803.70 .0800
6.7500 .0000
6.5000 .0000
6.4200 .0000
6.4200 .0000
1493488 .2500
149,877.05 .0800
7.0000 .0000
6.7500 .0000
6.6700 .0000
6.6700 .0000
1493489 .2500
134,924.32 .0800
8.8750 .0000
8.6250 .0000
8.5450 1.0450
7.5000 .0000
1
1493490 .2500
349,726.96 .0800
7.2500 .0000
7.0000 .0000
6.9200 .0000
6.9200 .0000
1493491 .2500
140,952.54 .0800
8.0000 .0000
7.7500 .0000
7.6700 .1700
7.5000 .0000
1493492 .2500
203,049.20 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.1700 .0000
1493493 .2500
191,853.90 .0800
7.3750 .0000
7.1250 .0000
7.0450 .0000
7.0450 .0000
1493494 .2500
499,590.16 .0800
7.0000 .0000
6.7500 .0000
6.6700 .0000
6.6700 .0000
1493495 .2500
299,798.71 .0800
8.0000 .0000
7.7500 .0000
7.6700 .1700
7.5000 .0000
1493496 .2500
107,931.13 .0800
8.2500 .0000
8.0000 .0000
7.9200 .4200
7.5000 .0000
1493497 .2500
239,858.30 .0800
8.6250 .0000
8.3750 .0000
8.2950 .7950
7.5000 .0000
1
1493498 .2500
137,655.20 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0450
7.5000 .0000
1493500 .2500
233,826.34 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.1700 .0000
1493501 .2500
411,686.50 .0800
7.3750 .0000
7.1250 .0000
7.0450 .0000
7.0450 .0000
1493502 .2500
599,543.45 .0800
7.3750 .0000
7.1250 .0000
7.0450 .0000
7.0450 .0000
1493503 .2500
271,803.13 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.2950 .0000
1493504 .2500
364,722.27 .0800
7.3750 .0000
7.1250 .0000
7.0450 .0000
7.0450 .0000
1493505 .2500
199,847.82 .0800
7.3750 .0000
7.1250 .0000
7.0450 .0000
7.0450 .0000
1493506 .2500
179,841.19 .0800
6.6250 .0000
6.3750 .0000
6.2950 .0000
6.2950 .0000
1
1493507 .2500
114,908.03 .0800
7.1250 .0000
6.8750 .0000
6.7950 .0000
6.7950 .0000
1493508 .2500
287,796.73 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1493509 .2500
174,845.61 .0800
6.6250 .0000
6.3750 .0000
6.2950 .0000
6.2950 .0000
1493510 .2500
86,390.80 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.1700 .0000
1493511 .2500
114,940.38 .0800
9.2500 .0000
9.0000 .0000
8.9200 1.4200
7.5000 .0000
1493512 .2500
299,777.36 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.1700 .0000
1493513 .2500
985,304.10 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1493514 .2500
99,934.58 .0800
8.1250 .0000
7.8750 .0000
7.7950 .2950
7.5000 .0000
1
1493515 .2500
599,597.41 .0800
8.0000 .0000
7.7500 .0000
7.6700 .1700
7.5000 .0000
1493517 .2500
234,821.18 .0800
7.3750 .0000
7.1250 .0000
7.0450 .0000
7.0450 .0000
1493518 .2500
244,813.58 .0800
7.3750 .0000
7.1250 .0000
7.0450 .0000
7.0450 .0000
1493519 .2500
334,763.56 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1493521 .2500
245,817.43 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.1700 .0000
1493522 .2500
114,912.49 .0800
7.3750 .0000
7.1250 .0000
7.0450 .0000
7.0450 .0000
1493523 .2500
267,580.49 .0800
7.0000 .0000
6.7500 .0000
6.6700 .0000
6.6700 .0000
1493524 .2500
439,681.54 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.2950 .0000
1
1493527 .2500
141,292.25 .0800
7.3750 .0000
7.1250 .0000
7.0450 .0000
7.0450 .0000
1493529 .2500
59,857.65 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1493530 .2500
150,898.69 .0800
8.0000 .0000
7.7500 .0000
7.6700 .1700
7.5000 .0000
1493531 .2500
479,730.90 .0800
8.8750 .0000
8.6250 .0000
8.5450 1.0450
7.5000 .0000
1493532 .2500
155,875.25 .0800
7.1250 .0000
6.8750 .0000
6.7950 .0000
6.7950 .0000
1493533 .2500
223,849.70 .0800
8.0000 .0000
7.7500 .0000
7.6700 .1700
7.5000 .0000
1493534 .2500
58,949.21 .0800
6.7500 .0000
6.5000 .0000
6.4200 .0000
6.4200 .0000
1493535 .2500
424,676.61 .0800
7.3750 .0000
7.1250 .0000
7.0450 .0000
7.0450 .0000
1
1493537 .2500
287,775.33 .0800
7.2500 .0000
7.0000 .0000
6.9200 .0000
6.9200 .0000
1493538 .2500
35,973.28 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.1700 .0000
1493540 .2500
1,283.53 .0800
9.0000 .0000
8.7500 .0000
8.6700 1.1700
7.5000 .0000
1493585 .2500
368,150.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .5950
7.5000 .0000
1494140 .2500
220,000.00 .0300
8.6250 .0000
8.3750 .0000
8.3450 .8450
7.5000 .0000
1494225 .2500
366,940.83 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1494537 .2500
337,890.48 .0300
8.7500 .0000
8.5000 .0000
8.4700 .9700
7.5000 .0000
1494561 .2500
142,750.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .5950
7.5000 .0000
1
1494753 .2500
200,000.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .4700
7.5000 .0000
1494850 .2500
285,000.00 .0300
9.1250 .0000
8.8750 .0000
8.8450 1.3450
7.5000 .0000
1495047 .2500
236,000.00 .0800
8.2500 .0000
8.0000 .0000
7.9200 .4200
7.5000 .0000
1495320 .2500
258,750.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .9700
7.5000 .0000
1495343 .2500
238,300.00 .0300
8.8750 .0000
8.6250 .0000
8.5950 1.0950
7.5000 .0000
1495453 .2500
388,000.00 .0300
8.4000 .0000
8.1500 .0000
8.1200 .6200
7.5000 .0000
1495455 .2500
337,600.00 .0300
8.6500 .0000
8.4000 .0000
8.3700 .8700
7.5000 .0000
1495590 .2500
308,124.75 .0300
8.1250 .0000
7.8750 .0000
7.8450 .3450
7.5000 .0000
1
1495639 .2500
281,820.17 .0300
8.2500 .0000
8.0000 .0000
7.9700 .4700
7.5000 .0000
1495835 .2500
255,476.93 .0300
8.5000 .0000
8.2500 .0000
8.2200 .7200
7.5000 .0000
1495837 .2500
218,000.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .4700
7.5000 .0000
1495839 .2500
215,000.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .7200
7.5000 .0000
1495850 .2500
174,899.31 .0300
8.7500 .0000
8.5000 .0000
8.4700 .9700
7.5000 .0000
1495855 .2500
322,331.31 .0300
8.2500 .0000
8.0000 .0000
7.9700 .4700
7.5000 .0000
1495858 .2500
325,760.00 .0300
8.4500 .0000
8.2000 .0000
8.1700 .6700
7.5000 .0000
1495891 .2500
262,232.67 .0300
8.2500 .0000
8.0000 .0000
7.9700 .4700
7.5000 .0000
1
1495939 .2500
290,809.64 .0300
8.1250 .0000
7.8750 .0000
7.8450 .3450
7.5000 .0000
1495988 .2500
399,620.32 .0300
8.6250 .0000
8.3750 .0000
8.3450 .8450
7.5000 .0000
1496502 .2500
289,360.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .4700
7.5000 .0000
1497025 .2500
258,916.84 .0300
8.2500 .0000
8.0000 .0000
7.9700 .4700
7.5000 .0000
1497026 .2500
223,866.18 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
1497098 .2500
290,449.54 .0300
8.2500 .0000
8.0000 .0000
7.9700 .4700
7.5000 .0000
1497101 .2500
228,846.35 .0300
8.0000 .0000
7.7500 .0000
7.7200 .2200
7.5000 .0000
1497103 .2500
211,200.49 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1
1497105 .2500
237,243.33 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1497108 .2500
489,305.89 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1497234 .2500
365,000.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .3450
7.5000 .0000
1497237 .2500
250,000.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .4700
7.5000 .0000
1497238 .2500
272,300.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .9700
7.5000 .0000
1497241 .2500
500,000.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .7200
7.5000 .0000
1497301 .2500
380,800.00 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1497481 .2500
128,924.04 .0800
7.2500 .0000
7.0000 .0000
6.9200 .0000
6.9200 .0000
1
1497484 .2500
100,756.48 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.2950 .0000
1497510 .2500
196,877.79 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0450
7.5000 .0000
1497514 .2500
345,843.08 .0800
8.3750 .0000
8.1250 .0000
8.0450 .5450
7.5000 .0000
1497528 .2500
320,482.78 .0800
8.5000 .0000
8.2500 .0000
8.1700 .6700
7.5000 .0000
1497550 .2500
101,587.37 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0450
7.5000 .0000
1497555 .2500
129,736.59 .0800
8.0000 .0000
7.7500 .0000
7.6700 .1700
7.5000 .0000
1497563 .2500
249,819.06 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.2950 .0000
1
1498362 .2500
217,500.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .4700
7.5000 .0000
TOTAL NUMBER OF LOANS: 1430
TOTAL BALANCE........: 367,497,079.85
1
RUN ON : 05/23/96 RFC DISCLOSURE SYSTEM RFFSDFIX-01
AT : 12.17.07H INITIAL SECURITY FEES AMORTIZED BALANCE
SERIES : RFMSI I 1996-S14 FIXED SUMMARY REPORT CUTOFF : 05/01/96
POOL : 0004208
:
:
POOL STATUS: F
WEIGHTED AVERAGES FROM TO
---------------------------------------------------------------------------
CURR NOTE RATE 7.8443 6.5000 9.2500
RFC NET RATE 7.5943 6.2500 9.0000
NET MTG RATE(INVSTR RATE) 7.5160 6.1700 8.9200
POST STRIP RATE 7.3031 6.1700 7.5000
SUB SERV FEE .2500 .2500 .2500
MSTR SERV FEE .0783 .0300 .0800
ALL EXP .0000 .0000 .0000
MISC EXP .0000 .0000 .0000
SPREAD .2130 .0000 1.4200
STRIP .0000 .0000 .0000
TOTAL NUMBER OF LOANS: 1430
TOTAL BALANCE........: 367,497,079.85
***************************
* END OF REPORT *
***************************
<PAGE>
EXHIBIT G
FORM OF SELLER/SERVICER CONTRACT
This Seller/Servicer Contract (as may be amended, supplemented or otherwise
modified from time to time, this "Contract") is made this _________ day of
_______, 19____, by and between Residential Funding Corporation, its successors
and assigns ("Residential Funding") and _____________________ (the
"Seller/Servicer," and, together with Residential Funding, the "parties" and
each, individually, a "party").
WHEREAS, the Seller/Servicer desires to sell Loans to, and/or service Loans
for, Residential Funding, and Residential Funding desires to purchase Loans from
the Seller/Servicer and/or have the Seller/Servicer service various of its
Loans, pursuant to the terms of this Contract and the Residential Funding Seller
and Servicer Guides incorporated herein by reference, as amended, supplemented
or otherwise modified, from time to time (together, the "Guides").
NOW, THEREFORE, in consideration of the premises, and the terms, conditions
and agreements set forth below, the parties agree as follows:
1. INCORPORATION OF GUIDES BY REFERENCE.
The Seller/Servicer acknowledges that it has received and read the Guides.
All provisions of the Guides are incorporated by reference into and made a part
of this Contract, and shall be binding upon the parties; provided, however, that
-------- -------
the Seller/Servicer shall be entitled to sell Loans to and/or service Loans for
Residential Funding only if and for so long as it shall have been authorized to
do so by Residential Funding in writing. Specific reference in this Contract to
particular provisions of the Guides and not to other provisions does not mean
that those provisions of the Guides not specifically cited in this Contract are
not applicable. All terms used herein shall have the same meanings as such
terms have in the Guides, unless the context clearly requires otherwise.
2. AMENDMENTS.
This Contract may not be amended or modified orally, and no provision of
this Contract may be waived or amended except in writing signed by the party
against whom enforcement is sought. Such a written waiver or amendment must
expressly reference this Contract. However, by their terms, the Guides may be
amended or supplemented by Residential Funding from time to time. Any such
amendment(s) to the Guides shall be binding upon the parties hereto.
<PAGE>
3. REPRESENTATIONS AND WARRANTIES.
a. Reciprocal Representations and Warranties.
The Seller/Servicer and Residential Funding each represents and
warrants to the other that as of the date of this Contract:
(1) Each party is duly organized, validly existing, and in good
standing under the laws of its jurisdiction of organization, is
qualified, if necessary, to do business and in good standing in
each jurisdiction in which it is required to be so qualified, and
has the requisite power and authority to enter into this Contract
and all other agreements which are contemplated by this Contract
and to carry out its obligations hereunder and under the Guides
and under such other agreements.
(2) This Contract has been duly authorized, executed and delivered by
each party and constitutes a valid and legally binding agreement
of each party enforceable in accordance with its terms.
(3) There is no action, proceeding or investigation pending or
threatened, and no basis therefor is known to either party, that
could affect the validity or prospective validity of this
Contract.
(4) Insofar as its capacity to carry out any obligation under this
Contract is concerned, neither party is in violation of any
charter, articles of incorporation, bylaws, mortgage, indenture,
indebtedness, agreement, instrument, judgment, decree, order,
statute, rule or regulation and none of the foregoing adversely
affects its capacity to fulfill any of its obligations under this
Contract. Its execution of, and performance pursuant to, this
Contract will not result in a violation of any of the foregoing.
b. Seller/Servicer's Representations, Warranties and Covenants.
In addition to the representations, warranties and covenants made by
the Seller/Servicer pursuant to subparagraph (a) of this paragraph 3,
the Seller/Servicer makes the representations, warranties and
covenants set forth in the Guides and, upon
G-2
<PAGE>
request, agrees to deliver to Residential Funding the certified
Resolution of Board of Directors which authorizes the execution and
delivery of this Contract.
4. REMEDIES OF RESIDENTIAL FUNDING.
If an Event of Seller Default or an Event of Servicer Default shall occur,
Residential Funding may, at its option, exercise one or more of those remedies
set forth in the Guides.
5. SELLER/SERVICER'S STATUS AS INDEPENDENT CONTRACTOR.
At no time shall the Seller/Servicer represent that it is acting as an
agent of Residential Funding. The Seller/Servicer shall, at all times, act as
an independent contractor.
6. PRIOR AGREEMENTS SUPERSEDED.
This Contract restates, amends and supersedes any and all prior Seller
Contracts or Servicer Contracts between the parties except that any subservicing
agreement executed by the Seller/Servicer in connection with any loan-security
exchange transaction shall not be affected.
7. ASSIGNMENT.
This Contract may not be assigned or transferred, in whole or in part, by
the Seller/Servicer without the prior written consent of Residential Funding.
Residential Funding may sell, assign, convey, hypothecate, pledge or in any
other way transfer, in whole or in part, without restriction, its rights under
this Contract and the Guides with respect to any Commitment or Loan.
8. NOTICES.
All notices, requests, demands or other communications that are to be given
under this Contract shall be in writing, addressed to the appropriate parties
and sent by telefacsimile or by overnight courier or by United States mail,
postage prepaid, to the addresses and telefacsimile numbers specified below.
However, another name, address and/or telefacsimile number may be substituted by
the Seller/Servicer pursuant to the requirements of this paragraph 8, or
Residential Funding pursuant to an amendment to the Guides.
If to Residential Funding, notices must be sent to the appropriate address or
telefacsimile number specified in the Guides.
G-3
<PAGE>
If to the Seller/Servicer, notice must be sent to:
-------------------------------------
-------------------------------------
-------------------------------------
Attention:--------------------------------
Telefacsimile Number: (___) ___-____
9. JURISDICTION AND VENUE.
Each of the parties irrevocably submits to the jurisdiction of any state or
federal court located in Hennepin County, Minnesota, over any action, suit or
proceeding to enforce or defend any right under this Contract or otherwise
arising from any loan sale or servicing relationship existing in connection with
this Contract, and each of the parties irrevocably agrees that all claims in
respect of any such action or proceeding may be heard or determined in such
state or federal court. Each of the parties irrevocably waives the defense of
an inconvenient forum to the maintenance of any such action or proceeding and
any other substantive or procedural rights or remedies it may have with respect
to the maintenance of any such action or proceeding in any such forum. Each of
the parties agrees that a final judgment in any such action or proceeding shall
be conclusive and may be enforced in any other jurisdiction by suit on the
judgment or in any other manner provided by law. Each of the parties further
agrees not to institute any legal actions or proceedings against the other party
or any director, officer, employee, attorney, agent or property of the other
party, arising out of or relating to this Contract in any court other than as
hereinabove specified in this paragraph 9.
10. MISCELLANEOUS.
This Contract, including all documents incorporated by reference herein,
constitutes the entire understanding between the parties hereto and supersedes
all other agreements, covenants, representations, warranties, understandings and
communications between the parties, whether written or oral, with respect to the
transactions contemplated by this Contract. All paragraph headings contained
herein are for convenience only and shall not be construed as part of this
Contract. Any provision of this Contract that is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining portions
hereof or affecting the validity or enforceability of such provision in any
other jurisdiction, and, to this end, the provisions hereof are
G-4
<PAGE>
severable. This Contract shall be governed by, and construed and enforced in
accordance with, applicable federal laws and the laws of the State of Minnesota.
G-5
<PAGE>
IN WITNESS WHEREOF, the duly authorized officers of the Seller/Servicer and
Residential Funding have executed this Seller/Servicer Contract as of the date
first above written.
ATTEST: SELLER/SERVICER
[Corporate Seal]
---------------------------
(Name of Seller/Servicer)
By: By:
-------------------- --------------------
(Signature) (Signature)
By:
--------------------
(Typed Name) (Typed Name)
Title: Title:
--------------------
================================================================================
ATTEST: RESIDENTIAL FUNDING CORPORATION
By: By:
-------------------- --------------------
(Signature) (Signature)
By:
- -------------------- --------------------
(Typed Name) (Typed Name)
Title: Title:
G-6
<PAGE>
EXHIBIT H
FORMS OF REQUEST FOR RELEASE
DATE:
TO:
RE: REQUEST FOR RELEASE OF DOCUMENTS
In connection with the administration of the pool of Mortgage Loans held by you
for the referenced pool, we request the release of the Mortgage Loan File
described below.
Pooling and Servicing Agreement Dated:
Series#:
Account#:
Pool#:
Loan#:
Borrower Name(s):
Reason for Document Request: (circle one) Mortgage Loan Prepaid in Full
Mortgage Loan Repurchased
"We hereby certify that all amounts received or to be received in connection
with such payments which are required to be deposited have been or will be so
deposited as provided in the Pooling and Servicing Agreement."
- -------------------------------
Residential Funding Corporation
Authorized Signature
****************************************************************
TO CUSTODIAN/TRUSTEE: Please acknowledge this request, and check off documents
being enclosed with a copy of this form. You should retain this form for your
files in accordance with the terms of the Pooling and Servicing Agreement.
Enclosed Documents: [ ] Promissory Note
[ ] Primary Insurance Policy
[ ] Mortgage or Deed of Trust
[ ] Assignment(s) of Mortgage or Deed of Trust
[ ] Title Insurance Policy
[ ] Other:
------------------------------------
Deed of Trust
- ----------------------
Name
- ----------------------
Title
- ----------------------
Date
<PAGE>
EXHIBIT I-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 Mortgage Pass-Through Certificates, Series 1996-S14,
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" as of [date of transfer] within the meaning of Section 860E(e)(5)
of the Internal Revenue Code of 1986, as amended (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-I][R-II] Certificates, and (iii)
is acquiring the Class [R-I][R-II] 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 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-I][R-II] Certificates to disqualified organizations under
the Code, that applies to all transfers of Class [R-I][R-II] Certificates after
March 31, 1988; (ii) that such tax would be on the transferor, 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
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-
I][R-II] Certificates may be "noneconomic residual interests" within the meaning
of Treasury
<PAGE>
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.
4. That the Owner is aware of the tax imposed on a "pass-through
entity" holding Class [R-I][R-II] Certificates 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 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.]
6. That the Owner is aware that the Trustee will not register the
transfer of any Class [R-I][R-II] 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-I][R-II] Certificates and the provisions of Section 5.02(f) of
the Pooling and Servicing Agreement under which the Class [R-I][R-II]
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-I][R-II] Certificates will
only be owned, directly or indirectly, by an Owner that is not a disqualified
organization.
I-1-2
<PAGE>
9. The Owner's Taxpayer Identification Number
is ______________.
10. This affidavit and agreement relates only to the Class [R-I][R-
II] Certificates held by the Owner and not to any other holder of the Class [R-
I][R-II] Certificates. The Owner understands that the liabilities described
herein relate only to the Class [R-I][R-II] Certificates.
11. That no purpose of the Owner relating to the transfer of any of
the Class [R-I][R-II] 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-I][R-II]
Certificate that the Owner intends to pay taxes associated with holding such
Class [R-I][R-II] Certificate as they become due, fully understanding that it
may incur tax liabilities in excess of any cash flows generated by the Class [R-
I][R-II] Certificate.
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-I][R-II] Certificates remain outstanding.
14. 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, or an estate or
trust whose income from sources without the United States is includible in gross
income for United States federal income tax purposes regardless of its
connection with the conduct of a trade or business within the United States.
I-1-3
<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 ____ day of _______________, 199__.
[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 ____ day of ________________,
199__.
----------------------------------------------
NOTARY PUBLIC
COUNTY OF_____________________________________
STATE OF______________________________________
My Commission expires the ____ day of
_______________, 19__.
I-1-4
<PAGE>
EXHIBIT I-2
FORM OF TRANSFEROR CERTIFICATE
__________________, 19__
Residential Funding Mortgage
Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota 55437
The First National Bank of Chicago
One North State Street
Chicago, Illinois 60602
Attention: Residential Funding Corporation Series 1996-S14
Re: Mortgage Pass-Through Certificates,
Series 1996-S14, Class [R-I][R-II]
-----------------------------------
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 Mortgage Pass-Through Certificates, Series
1996-S14, Class [R-I][R-II] (the "Certificates"), pursuant to Section 5.02 of
the Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"),
dated as of May 1, 1996 among Residential Funding Mortgage Securities I, Inc.,
as seller (the "Company"), Residential Funding Corporation, as master servicer,
and The First National Bank of Chicago, 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 Master Servicer a transfer affidavit and agreement in the form
attached to the Pooling and Servicing Agreement as Exhibit I-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, has a result of that
investiigation, the
<PAGE>
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-I][R-II] 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.
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:___________________________________
I-2-2
<PAGE>
EXHIBIT J
FORM OF INVESTOR REPRESENTATION LETTER
______________, 19__
Residential Funding Mortgage
Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, MN 55437
The First National Bank of Chicago
One North State Street
Chicago, Illinois 60602
Attention: Residential Funding Corporation Series 1996-S14
RE: Mortgage Pass-Through Certificates,
Series 1996-S14, [Class B-]
-----------------------------
Ladies and Gentlemen:
_________________________ (the "Purchaser") intends to purchase from
___________________________ (the "Seller") $_____________ Initial Certificate
Principal Balance of Mortgage Pass-Through Certificates, Series 1996-S14, Class
__ (the "Certificates"), issued pursuant to the Pooling and Servicing Agreement
(the "Pooling and Servicing Agreement"), dated as of May 1, 1996 among
Residential Funding Mortgage Securities I, Inc., as seller (the "Company"),
Residential Funding Corporation, as master servicer, and The First National Bank
of Chicago, 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 and the Trustee 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.
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.
<PAGE>
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 ___________________, 19__, 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
J-2
<PAGE>
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.
[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 (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
(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 Department of Labor Prohibited
Transaction Class Exemption ("PTCE") 95-60), and the purchase is being
made in reliance upon the availability of the exemptive relief
afforded under Section III of PTCE 95-60.]
Very truly yours,
-------------------------------
By:____________________________
Name:____________________________
Title:____________________________
J-3
<PAGE>
EXHIBIT K
FORM OF TRANSFEROR REPRESENTATION LETTER
_________, 19__
Residential Funding Mortgage
Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, MN 55437
The First National Bank of Chicago
One North State Street
Chicago, Illinois 60602
Attention: Residential Funding Corporation Series 1996-S14
Re: Mortgage Pass-Through Certificates,
Series 1996-S14, [Class B-]
-------------------------------
Ladies and Gentlemen:
In connection with the sale by _____________(the "Seller") to
__________________ (the "Purchaser") of $___________ Initial Certificate
Principal Balance of Mortgage Pass-Through Certificates, Series 1996-S14, Class
N
(the "Certificates"), issued pursuant to the Pooling and Servicing Agreement
(the "Pooling and Servicing Agreement"), dated as of May 1, 1996 among
Residential Funding Mortgage Securities I, Inc., as seller (the "Company"),
Residential Funding Corporation, as master servicer, and The First National Bank
of Chicago, 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
<PAGE>
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:__________________________________
K-2
<PAGE>
EXHIBIT L
[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 Master Servicer (as defined in the Pooling and
Servicing Agreement (the "Agreement"), dated as of May 1, 1996 among Residential
Funding Corporation as Master Servicer, Residential Funding Mortgage Securities
I, Inc. as depositor pursuant to Section 5.02 of the Agreement and The First
National Bank of Chicago, 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 under the 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; or
L-2
<PAGE>
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 Department of Labor Prohibited Transaction Class
Exemption ("PTCE") 95-60), and the purchase is being made in reliance upon
the availability of the exemptive relief afforded under Section III of PTCE
95-60.]
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.
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:____________________________
L-3
<PAGE>
ANNEX 1 TO EXHIBIT L
--------------------
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.
----------------------------------
L-4
<PAGE>
___ 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.
___ 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.
___ ERISA Plan. The Buyer is an employee benefit plan within the 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.
L-5
<PAGE>
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.
___ ___ 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.
L-6
<PAGE>
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:____________________________
L-7
<PAGE>
ANNEX 2 TO EXHIBIT L
--------------------
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
L-8
<PAGE>
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.
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:_____________________________
L-9
<PAGE>
EXHIBIT M
[TEXT OF AMENDMENT TO POOLING AND SERVICING
AGREEMENT PURSUANT TO SECTION 12.01(E) FOR A
LIMITED GUARANTY]
ARTICLE XII
Subordinate Certificate Loss Coverage; Limited Guaranty
Section 12.01. Subordinate Certificate Loss Coverage; Limited
----------------------------------------------
Guaranty. (a) Subject to subsection (c) below, prior to the later of the third
- --------
Business Day prior to each Distribution Date or the related Determination Date,
the Master Servicer shall determine whether it or any Subservicer will be
entitled to any reimbursement pursuant to Section 4.02(a) on such Distribution
Date for Advances or Subservicer Advances previously made, (which will not be
Advances or Subservicer Advances that were made with respect to delinquencies
which were subsequently determined to be Excess Special Hazard Losses, Excess
Fraud Losses, Excess Bankruptcy Losses or Extraordinary Losses) and, if so, the
Master Servicer shall demand payment from Residential Funding of an amount equal
to the amount of any Advances or Subservicer Advances reimbursed pursuant to
Section 4.02(a), to the extent such Advances or Subservicer Advances have not
been included in the amount of the Realized Loss in the related Mortgage Loan,
and shall distribute the same to the Class B Certificateholders in the same
manner as if such amount were to be distributed pursuant to Section 4.02(a).
(b) Subject to subsection (c) below, prior to the later of the third
Business Day prior to each Distribution Date or the related Determination Date,
the Master Servicer shall determine whether any Realized Losses (other than
Excess Special Hazard Losses, Excess Bankruptcy Losses, Excess Fraud Losses and
Extraordinary Losses) will be allocated to the Class B Certificates on such
Distribution Date pursuant to Section 4.05, and, if so, the Master Servicer
shall demand payment from Residential Funding of the amount of such Realized
Loss and shall distribute the same to the Class B Certificateholders in the same
manner as if such amount were to be distributed pursuant to Section 4.02(a);
provided, however, that the amount of such demand in respect of any Distribution
- -------- -------
Date shall in no event be greater than the sum of (i) the additional amount of
Accrued Certificate Interest that would have been paid for the Class B
Certificateholders on such Distribution Date had such Realized Loss or Losses
not occurred plus (ii) the amount of the reduction in the Certificate Principal
Balances of the Class B Certificates on such Distribution Date due to such
Realized Loss or Losses. Notwithstanding such payment, such Realized Losses
shall be deemed to have been borne by the Certificateholders for purposes of
Section 4.05. Excess Special Hazard Losses, Excess Fraud Losses, Excess
Bankruptcy Losses and Extraordinary Losses allocated to the Class B Certificates
will not be covered by the Subordinate Certificate Loss Obligation.
<PAGE>
(c) Demands for payments pursuant to this Section shall be made prior
to the later of the third Business Day prior to each Distribution Date or the
related Determination Date by the Master Servicer with written notice thereof to
the Trustee. The maximum amount that Residential Funding shall be required to
pay pursuant to this Section on any Distribution Date (the "Amount Available")
shall be equal to the lesser of (X) _______________ minus the sum of (i) all
previous payments made under subsections (a) and (b) hereof and (ii) all draws
under the Limited Guaranty made in lieu of such payments as described below in
subsection (d) and (Y) the then outstanding Certificate Principal Balances of
the Class B Certificates, or such lower amount as may be established pursuant to
Section 12.02. Residential Funding's obligations as described in this Section
are referred to herein as the "Subordinate Certificate Loss Obligation."
(d) The Trustee will promptly notify General Motors Acceptance
Corporation of any failure of Residential Funding to make any payments hereunder
and shall demand payment pursuant to the limited guaranty (the "Limited
Guaranty"), executed by General Motors Acceptance Corporation, of Residential
Funding's obligation to make payments pursuant to this Section, in an amount
equal to the lesser of (i) the Amount Available and (ii) such required payments,
by delivering to General Motors Acceptance Corporation a written demand for
payment by wire transfer, not later than the second Business Day prior to the
Distribution Date for such month, with a copy to the Master Servicer.
(e) All payments made by Residential Funding pursuant to this Section
or amounts paid under the Limited Guaranty shall be deposited directly in the
Certificate Account, for distribution on the Distribution Date for such month to
the Class B Certificateholders.
(f) The Company shall have the option, in its sole discretion, to
substitute for either or both of the Limited Guaranty or the Subordinate
Certificate Loss Obligation another instrument in the form of a corporate
guaranty, an irrevocable letter of credit, a surety bond, insurance policy or
similar instrument or a reserve fund; provided that (i) the Company obtains
(subject to the provisions of Section 10.01(f) as if the Company was substituted
for the Master Servicer solely for the purposes of such provision) an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
obtaining such substitute corporate guaranty, irrevocable letter of credit,
surety bond, insurance policy or similar instrument or reserve fund will not
cause either (a) any federal tax to be imposed on the Trust Fund, including
without limitation, any federal tax imposed on "prohibited transactions" under
Section 860(F)(a)(1) of the Code or on "contributions after the startup
M-2
<PAGE>
date" under Section 860(G)(d)(1) of the Code or (b) either REMIC I or REMIC II
to fail to qualify as a REMIC at any time that any Certificate is outstanding,
and (ii) no such substitution shall be made unless (A) the substitute Limited
Guaranty or Subordinate Certificate Loss Obligation is for an initial amount not
less than the then current Amount Available and contains provisions that are in
all material respects equivalent to the original Limited Guaranty or Subordinate
Certificate Loss Obligation (including that no portion of the fees,
reimbursements or other obligations under any such instrument will be borne by
the Trust Fund), (B) the long term debt obligations of any obligor of any
substitute Limited Guaranty or Subordinate Certificate Loss Obligation (if not
supported by the Limited Guaranty) shall be rated at least the lesser of (a) the
rating of the long term debt obligations of General Motors Acceptance
Corporation as of the date of issuance of the Limited Guaranty and (b) the
rating of the long term debt obligations of General Motors Acceptance
Corporation at the date of such substitution and (C) the Company obtains written
confirmation from each nationally recognized credit rating agency that rated the
Class B Certificates at the request of the Company that such substitution shall
not lower the rating on the Class B Certificates below the lesser of (a) the
then-current rating assigned to the Class B Certificates by such rating agency
and (b) the original rating assigned to the Class B Certificates by such rating
agency. Any replacement of the Limited Guaranty or Subordinate Certificate Loss
Obligation pursuant to this Section shall be accompanied by a written Opinion of
Counsel to the substitute guarantor or obligor, addressed to the Master Servicer
and the Trustee, that such substitute instrument constitutes a legal, valid and
binding obligation of the substitute guarantor or obligor, enforceable in
accordance with its terms, and concerning such other matters as the Master
Servicer and the Trustee shall reasonably request. Neither the Company, the
Master Servicer nor the Trustee shall be obligated to substitute for or replace
the Limited Guaranty or Subordinate Certificate Loss Obligation under any
circumstance.
Section 12.02. Amendments Relating to the Limited Guaranty.
-------------------------------------------
Notwithstanding Sections 12.01 or 12.01: (i) the provisions of this Article XII
may be amended, superseded or deleted, (ii) the Limited Guaranty or Subordinate
Certificate Loss Obligation may be amended, reduced or canceled, and (iii) any
other provision of this Agreement which is related or incidental to the matters
described in this Article XII may be amended in any manner; in each case by
written instrument executed or consented to by the Company and Residential
Funding but without the consent of any Certificateholder and without the consent
of the Master Servicer or the Trustee being required unless any such amendment
would impose any additional obligation on, or otherwise adversely affect the
interests of, the Master Servicer or the Trustee, as applicable; provided that
the Company shall also obtain a letter from each nationally recognized credit
rating agency that rated the Class B Certificates at the request
M-3
<PAGE>
of the Company to the effect that such amendment, reduction, deletion or
cancellation will not lower the rating on the Class B Certificates below the
lesser of (a) the then-current rating assigned to the Class B Certificates by
such rating agency and (b) the original rating assigned to the Class B
Certificates by such rating agency, unless (A) the Holder of 100% of the Class B
Certificates is Residential Funding or an Affiliate of Residential Funding, or
(B) such amendment, reduction, deletion or cancellation is made in accordance
with Section 12.01(e) and, provided further that the Company obtains (subject to
the provisions of Section 10.01(f) as if the Company was substituted for the
Master Servicer solely for the purposes of such provision), in the case of a
material amendment or supersession (but not a reduction, cancellation or
deletion of the Limited Guaranty or the Subordinate Certificate Loss
Obligation), an Opinion of Counsel (which need not be an opinion of Independent
counsel) to the effect that any such amendment or supersession will not cause
either (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) either REMIC I or REMIC II to fail to
qualify as a REMIC at any time that any Certificate is outstanding. A copy of
any such instrument shall be provided to the Trustee and the Master Servicer
together with an Opinion of Counsel that such amendment complies with this
Section 12.02.
M-4
<PAGE>
EXHIBIT N
[FORM OF LIMITED GUARANTY]
LIMITED GUARANTY
RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.
Mortgage Pass-Through Certificates
Series 1996-S14
_________________199__
The First National Bank of Chicago
One North State Street
Chicago, Illinois 60602
Attention: Residential Funding Corporation Series 1996-S14
Ladies and Gentlemen:
WHEREAS, Residential Funding Corporation, a Delaware corporation
("Residential Funding"), an indirect wholly-owned subsidiary of General Motors
Acceptance Corporation, a New York corporation ("GMAC"), plans to incur certain
obligations as described under Section 12.01 of the Pooling and Servicing
Agreement dated as of May 1, 1996 (the "Servicing Agreement"), among Residential
Funding Mortgage Securities I, Inc. (the "Company"), Residential Funding and The
First National Bank of Chicago (the "Trustee") as amended by Amendment No. ___
thereto, dated as of ________, with respect to the Mortgage Pass-Through
Certificates, Series 1996-S14 (the "Certificates"); and
WHEREAS, pursuant to Section 12.01 of the Servicing Agreement,
Residential Funding agrees to make payments to the Holders of the Class B
Certificates with respect to certain losses on the Mortgage Loans as described
in the Servicing Agreement; and
WHEREAS, GMAC desires to provide certain assurances with respect to
the ability of Residential Funding to secure sufficient funds and faithfully to
perform its Subordinate Certificate Loss Obligation;
NOW THEREFORE, in consideration of the premises herein contained and
certain other good and valuable consideration, the receipt of which is hereby
acknowledged, GMAC agrees as follows:
1. Provision of Funds. (a) GMAC agrees to contribute and deposit in
------------------
the Certificate Account on behalf of Residential Funding (or otherwise provide
to Residential Funding, or to cause to be made available to Residential
Funding), either directly or through a subsidiary, in any case prior to the
related Distribution Date, such moneys as may be required by Residential
<PAGE>
Funding to perform its Subordinate Certificate Loss Obligation when and as the
same arises from time to time upon the demand of the Trustee in accordance with
Section 12.01 of the Servicing Agreement.
(b) The agreement set forth in the preceding clause (a) shall be
absolute, irrevocable and unconditional and shall not be affected by the
transfer by GMAC or any other person of all or any part of its or their interest
in Residential Funding, by any insolvency, bankruptcy, dissolution or other
proceeding affecting Residential Funding or any other person, by any defense or
right of counterclaim, set-off or recoupment that GMAC may have against
Residential Funding or any other person or by any other fact or circumstance.
Notwithstanding the foregoing, GMAC's obligations under clause (a) shall
terminate upon the earlier of (x) substitution for this Limited Guaranty
pursuant to Section 12.01(f) of the Servicing Agreement, or (y) the termination
of the Trust Fund pursuant to the Servicing Agreement.
2. Waiver. GMAC hereby waives any failure or delay on the part of
------
Residential Funding, the Trustee or any other person in asserting or enforcing
any rights or in making any claims or demands hereunder. Any defective or
partial exercise of any such rights shall not preclude any other or further
exercise of that or any other such right. GMAC further waives demand,
presentment, notice of default, protest, notice of acceptance and any other
notices with respect to this Limited Guaranty, including, without limitation,
those of action or nonaction on the part of Residential Funding or the Trustee.
3. Modification, Amendment and Termination. This Limited Guaranty
---------------------------------------
may be modified, amended or terminated only by the written agreement of GMAC and
the Trustee and only if such modification, amendment or termination is permitted
under Section 12.02 of the Servicing Agreement. The obligations of GMAC under
this Limited Guaranty shall continue and remain in effect so long as the
Servicing Agreement is not modified or amended in any way that might affect the
obligations of GMAC under this Limited Guaranty without the prior written
consent of GMAC.
4. Successor. Except as otherwise expressly provided herein, the
---------
guarantee herein set forth shall be binding upon GMAC and its respective
successors.
5. Governing Law. This Limited Guaranty shall be governed by the
-------------
laws of the State of New York.
6. Authorization and Reliance. GMAC understands that a copy of this
--------------------------
Limited Guaranty shall be delivered to the Trustee in connection with the
execution of Amendment No. 1 to the Servicing Agreement and GMAC hereby
authorizes the Company and
N-2
<PAGE>
the Trustee to rely on the covenants and agreements set forth herein.
7. Definitions. Capitalized terms used but not otherwise defined
-----------
herein shall have the meaning given them in the Servicing Agreement.
8. Counterparts. This Limited Guaranty may be executed in any
------------
number of counterparts, each of which shall be deemed to be an original and such
counterparts shall constitute but one and the same instrument.
IN WITNESS WHEREOF, GMAC has caused this Limited Guaranty to be
executed and delivered by its respective officers thereunto duly authorized as
of the day and year first above written.
GENERAL MOTORS ACCEPTANCE
CORPORATION
By:______________________________
Name:____________________________
Title:___________________________
Acknowledged by:
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:____________________________________
Name:__________________________________
Title:_________________________________
RESIDENTIAL FUNDING MORTGAGE
SECURITIES I, INC.
By: ________________________________
Name:________________________________
Title:_______________________________
N-3
<PAGE>
EXHIBIT O
FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN
__________________, 19____
Residential Funding Mortgage
Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota 55437
The First National Bank of Chicago
One North State Street
Chicago, Illinois 60602
Attention: Residential Funding Corporation Series 1996-S14
Re: Mortgage Pass-Through Certificates, Series 1996-S14 Assignment of
Mortgage Loan
Ladies and Gentlemen:
This letter is delivered to you in connection with the assignment by
_________________ (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 May
1, 1996 among Residential Funding Mortgage Securities I, Inc., as seller (the
"Company"), Residential Funding Corporation, as master 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 Master 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
<PAGE>
(iv) such assignment is at the request of the borrower under the related
Mortgage Loan.
Very truly yours,
--------------------------------
(Lender)
By:_____________________________
Name:___________________________
Title:__________________________
O-2
<PAGE>
EXHIBIT P
SCHEDULE OF DISCOUNT FRACTIONS
Schedule of Discount Fractions
PRINCIPAL NET MORTGAGE DISCOUNT PO
LOAN # BALANCE RATE FRACTION BALANCE
1493256 67,477.45 6.170 17.7333333333% 11,966.00
1492050 72,594.11 6.295 16.0666666667% 11,663.45
1492319 243,340.87 6.295 16.0666666667% 39,096.77
1492324 255,507.87 6.295 16.0666666667% 41,051.60
1492329 141,600.82 6.295 16.0666666667% 22,750.53
1492331 91,855.93 6.295 16.0666666667% 14,758.19
1493155 88,065.01 6.295 16.0666666667% 14,149.11
1493179 119,680.64 6.295 16.0666666667% 19,228.69
1493226 433,642.80 6.295 16.0666666667% 69,671.94
1493307 84,849.61 6.295 16.0666666667% 13,632.50
1493316 71,872.61 6.295 16.0666666667% 11,547.53
1493320 89,840.75 6.295 16.0666666667% 14,434.41
1493459 110,902.06 6.295 16.0666666667% 17,818.26
1493506 179,841.19 6.295 16.0666666667% 28,894.48
1493509 174,845.61 6.295 16.0666666667% 28,091.86
1492054 154,266.93 6.420 14.4000000000% 22,214.44
1492162 234,285.31 6.420 14.4000000000% 33,737.08
1492198 245,099.54 6.420 14.4000000000% 35,294.33
1492322 249,124.16 6.420 14.4000000000% 35,873.88
1493148 289,943.81 6.420 14.4000000000% 41,751.91
1493171 431,875.29 6.420 14.4000000000% 62,190.04
1493191 69,818.17 6.420 14.4000000000% 10,053.82
1493206 122,879.99 6.420 14.4000000000% 17,694.72
1493267 262,745.51 6.420 14.4000000000% 37,835.35
1493294 235,592.48 6.420 14.4000000000% 33,925.32
1493304 197,009.21 6.420 14.4000000000% 28,369.33
1493341 318,730.12 6.420 14.4000000000% 45,897.14
1493354 107,713.67 6.420 14.4000000000% 15,510.77
1493423 103,910.46 6.420 14.4000000000% 14,963.11
1493448 219,810.58 6.420 14.4000000000% 31,652.72
1493462 219,810.58 6.420 14.4000000000% 31,652.72
1493464 399,655.61 6.420 14.4000000000% 57,550.41
1493465 137,481.53 6.420 14.4000000000% 19,797.34
1493472 491,576.40 6.420 14.4000000000% 70,787.00
1493487 227,803.70 6.420 14.4000000000% 32,803.73
1493534 58,949.21 6.420 14.4000000000% 8,488.69
1492079 144,306.30 6.545 12.7333333333% 18,375.00
1492088 232,440.79 6.545 12.7333333333% 29,597.46
1492191 148,300.12 6.545 12.7333333333% 18,883.55
1492246 275,781.48 6.545 12.7333333333% 35,116.18
1492307 309,775.57 6.545 12.7333333333% 39,444.76
1492323 248,009.47 6.545 12.7333333333% 31,579.87
1492343 35,243.94 6.545 12.7333333333% 4,487.73
1492447 126,202.51 6.545 12.7333333333% 16,069.79
1492758 381,951.08 6.545 12.7333333333% 48,635.10
1493035 254,135.68 6.545 12.7333333333% 32,359.94
1493125 164,482.00 6.545 12.7333333333% 20,944.04
1493137 235,002.81 6.545 12.7333333333% 29,923.69
1493139 83,487.83 6.545 12.7333333333% 10,630.78
1493154 187,019.14 6.545 12.7333333333% 23,813.77
1493196 189,518.40 6.545 12.7333333333% 24,132.01
1493211 125,088.12 6.545 12.7333333333% 15,927.89
1493215 259,340.95 6.545 12.7333333333% 33,022.75
1493217 169,569.08 6.545 12.7333333333% 21,591.80
1493223 29,923.96 6.545 12.7333333333% 3,810.32
1493278 103,824.74 6.545 12.7333333333% 13,220.35
1493291 51,862.10 6.545 12.7333333333% 6,603.77
1493300 114,554.78 6.545 12.7333333333% 14,586.64
1493326 164,621.40 6.545 12.7333333333% 20,961.79
1493356 29,748.88 6.545 12.7333333333% 3,788.02
1493381 239,584.50 6.545 12.7333333333% 30,507.09
1493382 332,720.24 6.545 12.7333333333% 42,366.38
1493424 249,789.97 6.545 12.7333333333% 31,806.59
1493439 244,794.17 6.545 12.7333333333% 31,170.46
1493470 269,773.17 6.545 12.7333333333% 34,351.12
1492018 251,044.05 6.670 11.0666666667% 27,782.21
1492083 73,135.91 6.670 11.0666666667% 8,093.71
1492087 145,802.40 6.670 11.0666666667% 16,135.47
1492096 262,609.59 6.670 11.0666666667% 29,062.13
1492169 267,899.72 6.670 11.0666666667% 29,647.57
1492206 221,273.46 6.670 11.0666666667% 24,487.60
1492237 243,696.81 6.670 11.0666666667% 26,969.11
1492328 244,737.29 6.670 11.0666666667% 27,084.26
1492334 81,475.34 6.670 11.0666666667% 9,016.60
1492480 282,601.62 6.670 11.0666666667% 31,274.58
1492584 245,134.69 6.670 11.0666666667% 27,128.24
1492712 418,571.76 6.670 11.0666666667% 46,321.94
1492806 96,930.66 6.670 11.0666666667% 10,726.99
1492975 448,134.06 6.670 11.0666666667% 49,593.50
1493065 260,485.55 6.670 11.0666666667% 28,827.07
1493089 299,007.72 6.670 11.0666666667% 33,090.19
1493095 313,958.13 6.670 11.0666666667% 34,744.70
1493099 355,019.11 6.670 11.0666666667% 39,288.78
1493101 85,004.73 6.670 11.0666666667% 9,407.19
1493239 94,843.80 6.670 11.0666666667% 10,496.05
1493252 169,720.50 6.670 11.0666666667% 18,782.40
1493263 264,564.30 6.670 11.0666666667% 29,278.45
1493306 289,422.61 6.670 11.0666666667% 32,029.44
1493331 109,592.84 6.670 11.0666666667% 12,128.27
1493347 309,490.30 6.670 11.0666666667% 34,250.26
1493372 83,931.15 6.670 11.0666666667% 9,288.38
1493394 149,753.38 6.670 11.0666666667% 16,572.71
1493428 117,903.27 6.670 11.0666666667% 13,047.96
1493482 354,709.01 6.670 11.0666666667% 39,254.46
1493483 234,807.37 6.670 11.0666666667% 25,985.35
1493488 149,877.05 6.670 11.0666666667% 16,586.39
1493494 499,590.16 6.670 11.0666666667% 55,287.98
1493523 267,580.49 6.670 11.0666666667% 29,612.24
1492043 174,719.27 6.795 9.4000000000% 16,423.61
1492052 46,989.48 6.795 9.4000000000% 4,417.01
1492124 233,756.68 6.795 9.4000000000% 21,973.13
1492168 302,179.93 6.795 9.4000000000% 28,404.91
1492175 311,927.75 6.795 9.4000000000% 29,321.21
1492177 507,373.31 6.795 9.4000000000% 47,693.09
1492184 221,700.75 6.795 9.4000000000% 20,839.87
1492209 221,545.13 6.795 9.4000000000% 20,825.24
1492216 219,106.32 6.795 9.4000000000% 20,595.99
1492225 273,463.43 6.795 9.4000000000% 25,705.56
1492231 642,285.86 6.795 9.4000000000% 60,374.87
1492232 321,533.47 6.795 9.4000000000% 30,224.15
1492239 204,900.78 6.795 9.4000000000% 19,260.67
1492251 683,002.71 6.795 9.4000000000% 64,202.25
1492306 183,920.23 6.795 9.4000000000% 17,288.50
1492318 205,354.17 6.795 9.4000000000% 19,303.29
1492433 302,494.77 6.795 9.4000000000% 28,434.51
1492454 307,715.12 6.795 9.4000000000% 28,925.22
1492466 445,470.99 6.795 9.4000000000% 41,874.27
1492502 125,847.22 6.795 9.4000000000% 11,829.64
1492518 134,339.47 6.795 9.4000000000% 12,627.91
1492519 404,496.55 6.795 9.4000000000% 38,022.68
1492588 223,341.60 6.795 9.4000000000% 20,994.11
1492596 729,582.69 6.795 9.4000000000% 68,580.77
1492599 59,557.79 6.795 9.4000000000% 5,598.43
1492602 236,577.69 6.795 9.4000000000% 22,238.30
1492647 488,373.66 6.795 9.4000000000% 45,907.12
1492650 595,577.72 6.795 9.4000000000% 55,984.31
1492678 217,439.63 6.795 9.4000000000% 20,439.33
1492684 278,171.04 6.795 9.4000000000% 26,148.08
1492697 334,301.99 6.795 9.4000000000% 31,424.39
1492722 198,693.58 6.795 9.4000000000% 18,677.20
1492762 249,857.22 6.795 9.4000000000% 23,486.58
1492803 462,359.96 6.795 9.4000000000% 43,461.84
1492828 323,147.95 6.795 9.4000000000% 30,375.91
1492946 281,621.84 6.795 9.4000000000% 26,472.45
1492966 432,243.95 6.795 9.4000000000% 40,630.93
1492983 264,425.76 6.795 9.4000000000% 24,856.02
1493012 248,988.43 6.795 9.4000000000% 23,404.91
1493015 253,370.65 6.795 9.4000000000% 23,816.84
1493040 294,320.64 6.795 9.4000000000% 27,666.14
1493054 236,833.17 6.795 9.4000000000% 22,262.32
1493081 408,676.78 6.795 9.4000000000% 38,415.62
1493116 245,805.36 6.795 9.4000000000% 23,105.70
1493136 89,782.80 6.795 9.4000000000% 8,439.58
1493156 165,796.63 6.795 9.4000000000% 15,584.88
1493163 286,307.38 6.795 9.4000000000% 26,912.89
1493213 183,555.96 6.795 9.4000000000% 17,254.26
1493214 65,894.14 6.795 9.4000000000% 6,194.05
1493224 246,403.92 6.795 9.4000000000% 23,161.97
1493235 139,775.42 6.795 9.4000000000% 13,138.89
1493248 152,379.17 6.795 9.4000000000% 14,323.64
1493250 113,817.13 6.795 9.4000000000% 10,698.81
1493282 199,679.17 6.795 9.4000000000% 18,769.84
1493285 184,204.04 6.795 9.4000000000% 17,315.18
1493292 101,836.39 6.795 9.4000000000% 9,572.62
1493349 164,735.31 6.795 9.4000000000% 15,485.12
1493351 169,727.31 6.795 9.4000000000% 15,954.37
1493358 202,674.36 6.795 9.4000000000% 19,051.39
1493386 148,261.79 6.795 9.4000000000% 13,936.61
1493407 95,923.23 6.795 9.4000000000% 9,016.78
1493425 473,620.95 6.795 9.4000000000% 44,520.37
1493466 239,808.08 6.795 9.4000000000% 22,541.96
1493507 114,908.03 6.795 9.4000000000% 10,801.35
1493532 155,875.25 6.795 9.4000000000% 14,652.27
1491996 2,907.58 6.920 7.7333333333% 224.85
1492093 53,944.67 6.920 7.7333333333% 4,171.72
1492163 208,010.03 6.920 7.7333333333% 16,086.11
1492166 214,983.22 6.920 7.7333333333% 16,625.37
1492170 299,352.97 6.920 7.7333333333% 23,149.96
1492178 219,869.17 6.920 7.7333333333% 17,003.22
1492187 250,884.75 6.920 7.7333333333% 19,401.75
1492192 244,979.12 6.920 7.7333333333% 18,945.05
1492194 48,767.71 6.920 7.7333333333% 3,771.37
1492211 229,055.35 6.920 7.7333333333% 17,713.61
1492228 229,744.51 6.920 7.7333333333% 17,766.91
1492230 233,637.83 6.920 7.7333333333% 18,067.99
1492316 319,681.69 6.920 7.7333333333% 24,722.05
1492345 23,210.62 6.920 7.7333333333% 1,794.95
1492374 129,798.59 6.920 7.7333333333% 10,037.76
1492399 114,709.59 6.920 7.7333333333% 8,870.87
1492456 287,804.44 6.920 7.7333333333% 22,256.88
1492476 198,396.71 6.920 7.7333333333% 15,342.68
1492510 563,914.42 6.920 7.7333333333% 43,609.38
1492585 295,889.19 6.920 7.7333333333% 22,882.10
1492590 397,122.78 6.920 7.7333333333% 30,710.83
1492614 250,187.43 6.920 7.7333333333% 19,347.83
1492629 337,554.39 6.920 7.7333333333% 26,104.21
1492685 469,378.42 6.920 7.7333333333% 36,298.60
1492688 238,470.19 6.920 7.7333333333% 18,441.69
1492734 407,386.53 6.920 7.7333333333% 31,504.56
1492740 220,982.35 6.920 7.7333333333% 17,089.30
1492760 397,450.23 6.920 7.7333333333% 30,736.15
1492764 238,817.92 6.920 7.7333333333% 18,468.59
1492796 312,992.04 6.920 7.7333333333% 24,204.72
1492797 228,533.87 6.920 7.7333333333% 17,673.29
1492820 137,736.64 6.920 7.7333333333% 10,651.63
1492962 306,536.44 6.920 7.7333333333% 23,705.48
1492968 334,673.52 6.920 7.7333333333% 25,881.42
1493019 249,013.03 6.920 7.7333333333% 19,257.01
1493032 548,079.44 6.920 7.7333333333% 42,384.81
1493100 260,178.18 6.920 7.7333333333% 20,120.45
1493102 257,479.34 6.920 7.7333333333% 19,911.74
1493130 81,806.95 6.920 7.7333333333% 6,326.40
1493132 278,343.12 6.920 7.7333333333% 21,525.20
1493140 151,741.89 6.920 7.7333333333% 11,734.71
1493164 373,410.73 6.920 7.7333333333% 28,877.10
1493174 298,495.56 6.920 7.7333333333% 23,083.66
1493180 148,649.20 6.920 7.7333333333% 11,495.54
1493188 300,091.77 6.920 7.7333333333% 23,207.10
1493197 149,156.99 6.920 7.7333333333% 11,534.81
1493205 561,019.92 6.920 7.7333333333% 43,385.54
1493251 308,516.46 6.920 7.7333333333% 23,858.61
1493253 181,515.50 6.920 7.7333333333% 14,037.20
1493265 306,690.54 6.920 7.7333333333% 23,717.40
1493277 79,874.81 6.920 7.7333333333% 6,176.99
1493323 429,327.09 6.920 7.7333333333% 33,201.29
1493336 449,295.80 6.920 7.7333333333% 34,745.54
1493339 149,765.27 6.920 7.7333333333% 11,581.85
1493353 138,582.79 6.920 7.7333333333% 10,717.07
1493359 454,487.65 6.920 7.7333333333% 35,147.04
1493363 239,624.43 6.920 7.7333333333% 18,530.96
1493366 79,874.81 6.920 7.7333333333% 6,176.99
1493387 299,693.97 6.920 7.7333333333% 23,176.33
1493392 278,563.40 6.920 7.7333333333% 21,542.24
1493446 122,770.97 6.920 7.7333333333% 9,494.29
1493468 74,941.50 6.920 7.7333333333% 5,795.48
1493490 349,726.96 6.920 7.7333333333% 27,045.55
1493537 287,775.33 6.920 7.7333333333% 22,254.63
1497481 128,924.04 6.920 7.7333333333% 9,970.13
1492049 206,557.82 7.045 6.0666666667% 12,531.17
1492089 215,653.23 7.045 6.0666666667% 13,082.96
1492092 84,879.37 7.045 6.0666666667% 5,149.35
1492320 230,449.43 7.045 6.0666666667% 13,980.60
1492326 225,174.80 7.045 6.0666666667% 13,660.60
1492377 187,713.02 7.045 6.0666666667% 11,387.92
1492465 225,774.40 7.045 6.0666666667% 13,696.98
1492504 254,791.06 7.045 6.0666666667% 15,457.32
1492506 212,077.78 7.045 6.0666666667% 12,866.05
1492521 892,959.19 7.045 6.0666666667% 54,172.86
1492524 492,119.71 7.045 6.0666666667% 29,855.26
1492525 218,278.86 7.045 6.0666666667% 13,242.25
1492526 112,802.61 7.045 6.0666666667% 6,843.36
1492578 260,160.99 7.045 6.0666666667% 15,783.10
1492623 297,894.26 7.045 6.0666666667% 18,072.25
1492642 246,602.06 7.045 6.0666666667% 14,960.52
1492674 123,228.70 7.045 6.0666666667% 7,475.87
1492680 135,154.08 7.045 6.0666666667% 8,199.35
1492699 387,574.25 7.045 6.0666666667% 23,512.84
1492731 375,908.44 7.045 6.0666666667% 22,805.11
1492755 645,957.04 7.045 6.0666666667% 39,188.06
1492761 268,320.63 7.045 6.0666666667% 16,278.12
1492765 227,575.60 7.045 6.0666666667% 13,806.25
1492766 273,507.91 7.045 6.0666666667% 16,592.81
1492770 283,227.36 7.045 6.0666666667% 17,182.46
1492805 255,093.69 7.045 6.0666666667% 15,475.68
1492808 377,636.40 7.045 6.0666666667% 22,909.94
1492809 369,686.21 7.045 6.0666666667% 22,427.63
1492810 337,885.18 7.045 6.0666666667% 20,498.37
1492829 218,806.32 7.045 6.0666666667% 13,274.25
1492899 226,762.94 7.045 6.0666666667% 13,756.95
1492906 233,910.46 7.045 6.0666666667% 14,190.57
1492932 346,540.11 7.045 6.0666666667% 21,023.43
1492941 248,840.93 7.045 6.0666666667% 15,096.35
1492949 334,442.23 7.045 6.0666666667% 20,289.50
1492951 453,885.87 7.045 6.0666666667% 27,535.74
1492952 275,516.68 7.045 6.0666666667% 16,714.68
1492959 277,308.36 7.045 6.0666666667% 16,823.37
1492965 283,902.30 7.045 6.0666666667% 17,223.41
1492987 348,651.93 7.045 6.0666666667% 21,151.55
1493010 352,636.51 7.045 6.0666666667% 21,393.28
1493028 298,844.50 7.045 6.0666666667% 18,129.90
1493033 448,617.65 7.045 6.0666666667% 27,216.14
1493036 385,811.21 7.045 6.0666666667% 23,405.88
1493045 498,464.07 7.045 6.0666666667% 30,240.15
1493079 271,662.92 7.045 6.0666666667% 16,480.88
1493088 251,225.90 7.045 6.0666666667% 15,241.04
1493104 259,201.31 7.045 6.0666666667% 15,724.88
1493126 169,059.00 7.045 6.0666666667% 10,256.25
1493158 132,694.52 7.045 6.0666666667% 8,050.13
1493161 128,404.40 7.045 6.0666666667% 7,789.87
1493176 193,155.33 7.045 6.0666666667% 11,718.09
1493177 133,692.23 7.045 6.0666666667% 8,110.66
1493183 94,781.80 7.045 6.0666666667% 5,750.10
1493186 202,533.74 7.045 6.0666666667% 12,287.05
1493195 89,793.27 7.045 6.0666666667% 5,447.46
1493203 235,457.96 7.045 6.0666666667% 14,284.45
1493233 251,421.21 7.045 6.0666666667% 15,252.89
1493246 47,669.45 7.045 6.0666666667% 2,891.95
1493258 179,725.22 7.045 6.0666666667% 10,903.33
1493295 274,398.18 7.045 6.0666666667% 16,646.82
1493327 159,755.76 7.045 6.0666666667% 9,691.85
1493328 141,783.23 7.045 6.0666666667% 8,601.52
1493330 112,295.36 7.045 6.0666666667% 6,812.59
1493344 239,633.64 7.045 6.0666666667% 14,537.77
1493361 244,626.01 7.045 6.0666666667% 14,840.64
1493389 401,386.35 7.045 6.0666666667% 24,350.77
1493390 331,747.38 7.045 6.0666666667% 20,126.01
1493396 137,389.95 7.045 6.0666666667% 8,334.99
1493401 315,259.93 7.045 6.0666666667% 19,125.77
1493403 159,878.25 7.045 6.0666666667% 9,699.28
1493410 524,600.52 7.045 6.0666666667% 31,825.76
1493411 194,851.62 7.045 6.0666666667% 11,821.00
1493417 79,386.59 7.045 6.0666666667% 4,816.12
1493421 214,836.40 7.045 6.0666666667% 13,033.41
1493434 127,902.61 7.045 6.0666666667% 7,759.43
1493440 74,942.93 7.045 6.0666666667% 4,546.54
1493450 91,930.00 7.045 6.0666666667% 5,577.09
1493454 249,809.77 7.045 6.0666666667% 15,155.13
1493461 135,746.63 7.045 6.0666666667% 8,235.30
1493469 391,701.72 7.045 6.0666666667% 23,763.24
1493485 94,927.71 7.045 6.0666666667% 5,758.95
1493493 191,853.90 7.045 6.0666666667% 11,639.14
1493501 411,686.50 7.045 6.0666666667% 24,975.65
1493502 599,543.45 7.045 6.0666666667% 36,372.30
1493504 364,722.27 7.045 6.0666666667% 22,126.48
1493505 199,847.82 7.045 6.0666666667% 12,124.10
1493517 234,821.18 7.045 6.0666666667% 14,245.82
1493518 244,813.58 7.045 6.0666666667% 14,852.02
1493522 114,912.49 7.045 6.0666666667% 6,971.36
1493527 141,292.25 7.045 6.0666666667% 8,571.73
1493535 424,676.61 7.045 6.0666666667% 25,763.71
1492006 117,896.49 7.170 4.4000000000% 5,187.45
1492035 254,015.88 7.170 4.4000000000% 11,176.70
1492077 541,948.79 7.170 4.4000000000% 23,845.75
1492080 67,438.31 7.170 4.4000000000% 2,967.29
1492107 215,839.70 7.170 4.4000000000% 9,496.95
1492125 304,592.26 7.170 4.4000000000% 13,402.06
1492145 287,479.89 7.170 4.4000000000% 12,649.12
1492174 351,329.58 7.170 4.4000000000% 15,458.50
1492181 213,634.06 7.170 4.4000000000% 9,399.90
1492189 340,829.73 7.170 4.4000000000% 14,996.51
1492195 219,104.80 7.170 4.4000000000% 9,640.61
1492210 254,235.55 7.170 4.4000000000% 11,186.36
1492214 223,637.23 7.170 4.4000000000% 9,840.04
1492215 294,254.15 7.170 4.4000000000% 12,947.18
1492218 219,104.80 7.170 4.4000000000% 9,640.61
1492223 233,275.69 7.170 4.4000000000% 10,264.13
1492234 437,392.02 7.170 4.4000000000% 19,245.25
1492236 253,654.66 7.170 4.4000000000% 11,160.81
1492241 279,785.50 7.170 4.4000000000% 12,310.56
1492243 231,579.14 7.170 4.4000000000% 10,189.48
1492244 273,663.01 7.170 4.4000000000% 12,041.17
1492247 403,396.93 7.170 4.4000000000% 17,749.46
1492248 437,392.02 7.170 4.4000000000% 19,245.25
1492263 269,262.90 7.170 4.4000000000% 11,847.57
1492297 22,343.88 7.170 4.4000000000% 983.13
1492298 221,831.08 7.170 4.4000000000% 9,760.57
1492311 438,615.02 7.170 4.4000000000% 19,299.06
1492314 238,580.86 7.170 4.4000000000% 10,497.56
1492321 130,357.39 7.170 4.4000000000% 5,735.73
1492335 1,007.16 7.170 4.4000000000% 44.32
1492340 5,287.47 7.170 4.4000000000% 232.65
1492344 71,807.83 7.170 4.4000000000% 3,159.54
1492358 1,613.05 7.170 4.4000000000% 70.97
1492359 3,705.25 7.170 4.4000000000% 163.03
1492375 349,478.88 7.170 4.4000000000% 15,377.07
1492452 246,947.03 7.170 4.4000000000% 10,865.67
1492453 273,116.59 7.170 4.4000000000% 12,017.13
1492460 321,780.95 7.170 4.4000000000% 14,158.36
1492463 297,945.31 7.170 4.4000000000% 13,109.59
1492464 259,808.34 7.170 4.4000000000% 11,431.57
1492469 223,282.47 7.170 4.4000000000% 9,824.43
1492489 153,802.54 7.170 4.4000000000% 6,767.31
1492514 269,923.67 7.170 4.4000000000% 11,876.64
1492515 258,015.21 7.170 4.4000000000% 11,352.67
1492533 217,773.62 7.170 4.4000000000% 9,582.04
1492536 460,822.13 7.170 4.4000000000% 20,276.17
1492577 347,602.95 7.170 4.4000000000% 15,294.53
1492594 283,048.12 7.170 4.4000000000% 12,454.12
1492611 269,640.55 7.170 4.4000000000% 11,864.18
1492635 326,349.50 7.170 4.4000000000% 14,359.38
1492637 645,548.38 7.170 4.4000000000% 28,404.13
1492668 496,965.70 7.170 4.4000000000% 21,866.49
1492675 208,725.59 7.170 4.4000000000% 9,183.93
1492738 235,561.70 7.170 4.4000000000% 10,364.71
1492743 248,482.80 7.170 4.4000000000% 10,933.24
1492759 230,592.03 7.170 4.4000000000% 10,146.05
1492799 270,349.35 7.170 4.4000000000% 11,895.37
1492835 290,454.29 7.170 4.4000000000% 12,779.99
1492840 348,147.31 7.170 4.4000000000% 15,318.48
1492861 193,967.78 7.170 4.4000000000% 8,534.58
1492863 268,620.49 7.170 4.4000000000% 11,819.30
1492874 297,616.20 7.170 4.4000000000% 13,095.11
1492885 231,766.63 7.170 4.4000000000% 10,197.73
1492890 502,078.10 7.170 4.4000000000% 22,091.44
1492898 252,340.64 7.170 4.4000000000% 11,102.99
1492900 310,348.44 7.170 4.4000000000% 13,655.33
1492910 298,643.12 7.170 4.4000000000% 13,140.30
1492942 223,484.56 7.170 4.4000000000% 9,833.32
1492954 273,756.16 7.170 4.4000000000% 12,045.27
1492970 243,780.56 7.170 4.4000000000% 10,726.34
1492992 342,707.44 7.170 4.4000000000% 15,079.13
1493002 263,008.03 7.170 4.4000000000% 11,572.35
1493030 231,128.26 7.170 4.4000000000% 10,169.64
1493038 294,116.03 7.170 4.4000000000% 12,941.11
1493041 224,325.80 7.170 4.4000000000% 9,870.34
1493046 214,102.84 7.170 4.4000000000% 9,420.52
1493050 223,328.78 7.170 4.4000000000% 9,826.47
1493066 314,056.08 7.170 4.4000000000% 13,818.47
1493076 294,116.03 7.170 4.4000000000% 12,941.11
1493078 290,128.03 7.170 4.4000000000% 12,765.63
1493082 279,160.97 7.170 4.4000000000% 12,283.08
1493092 375,157.61 7.170 4.4000000000% 16,506.93
1493098 235,768.91 7.170 4.4000000000% 10,373.83
1493107 124,719.95 7.170 4.4000000000% 5,487.68
1493113 104,764.74 7.170 4.4000000000% 4,609.65
1493114 124,500.20 7.170 4.4000000000% 5,478.01
1493122 230,981.36 7.170 4.4000000000% 10,163.18
1493134 259,417.49 7.170 4.4000000000% 11,414.37
1493147 136,693.08 7.170 4.4000000000% 6,014.50
1493149 339,238.27 7.170 4.4000000000% 14,926.48
1493153 119,731.14 7.170 4.4000000000% 5,268.17
1493157 211,525.06 7.170 4.4000000000% 9,307.10
1493167 39,561.33 7.170 4.4000000000% 1,740.70
1493169 279,372.69 7.170 4.4000000000% 12,292.40
1493173 540,785.73 7.170 4.4000000000% 23,794.57
1493184 326,017.97 7.170 4.4000000000% 14,344.79
1493187 202,141.43 7.170 4.4000000000% 8,894.22
1493192 109,953.12 7.170 4.4000000000% 4,837.94
1493200 88,109.73 7.170 4.4000000000% 3,876.83
1493201 90,864.50 7.170 4.4000000000% 3,998.04
1493221 164,382.05 7.170 4.4000000000% 7,232.81
1493222 256,324.45 7.170 4.4000000000% 11,278.28
1493228 271,390.63 7.170 4.4000000000% 11,941.19
1493229 369,171.07 7.170 4.4000000000% 16,243.53
1493236 74,737.39 7.170 4.4000000000% 3,288.45
1493240 238,786.96 7.170 4.4000000000% 10,506.63
1493244 216,676.89 7.170 4.4000000000% 9,533.78
1493254 483,279.36 7.170 4.4000000000% 21,264.29
1493276 122,217.75 7.170 4.4000000000% 5,377.58
1493283 139,791.55 7.170 4.4000000000% 6,150.83
1493286 252,423.61 7.170 4.4000000000% 11,106.64
1493288 259,612.87 7.170 4.4000000000% 11,422.97
1493289 113,830.27 7.170 4.4000000000% 5,008.53
1493290 249,627.76 7.170 4.4000000000% 10,983.62
1493296 463,958.17 7.170 4.4000000000% 20,414.16
1493299 99,851.12 7.170 4.4000000000% 4,393.45
1493301 141,538.94 7.170 4.4000000000% 6,227.71
1493309 134,798.99 7.170 4.4000000000% 5,931.16
1493311 134,798.99 7.170 4.4000000000% 5,931.16
1493324 229,657.55 7.170 4.4000000000% 10,104.93
1493333 374,441.66 7.170 4.4000000000% 16,475.43
1493343 151,773.67 7.170 4.4000000000% 6,678.04
1493346 279,583.10 7.170 4.4000000000% 12,301.66
1493370 62,953.24 7.170 4.4000000000% 2,769.94
1493380 64,951.76 7.170 4.4000000000% 2,857.88
1493385 229,158.29 7.170 4.4000000000% 10,082.96
1493415 70,947.31 7.170 4.4000000000% 3,121.68
1493419 275,795.17 7.170 4.4000000000% 12,134.99
1493426 131,902.04 7.170 4.4000000000% 5,803.69
1493432 357,734.31 7.170 4.4000000000% 15,740.31
1493437 292,282.93 7.170 4.4000000000% 12,860.45
1493444 287,786.26 7.170 4.4000000000% 12,662.60
1493449 646,519.83 7.170 4.4000000000% 28,446.87
1493451 171,872.35 7.170 4.4000000000% 7,562.38
1493474 347,741.73 7.170 4.4000000000% 15,300.64
1493477 121,459.79 7.170 4.4000000000% 5,344.23
1493478 251,812.98 7.170 4.4000000000% 11,079.77
1493480 261,805.56 7.170 4.4000000000% 11,519.44
1493486 109,742.17 7.170 4.4000000000% 4,828.66
1493492 203,049.20 7.170 4.4000000000% 8,934.16
1493500 233,826.34 7.170 4.4000000000% 10,288.36
1493510 86,390.80 7.170 4.4000000000% 3,801.20
1493512 299,777.36 7.170 4.4000000000% 13,190.20
1493521 245,817.43 7.170 4.4000000000% 10,815.97
1493538 35,973.28 7.170 4.4000000000% 1,582.82
1497026 223,866.18 7.220 3.7333333333% 8,357.67
1492036 134,841.57 7.295 2.7333333333% 3,685.67
1492053 349,068.56 7.295 2.7333333333% 9,541.21
1492078 483,630.87 7.295 2.7333333333% 13,219.24
1492090 441,584.63 7.295 2.7333333333% 12,069.98
1492164 389,407.83 7.295 2.7333333333% 10,643.81
1492221 539,250.89 7.295 2.7333333333% 14,739.52
1492226 438,482.60 7.295 2.7333333333% 11,985.19
1492235 238,779.49 7.295 2.7333333333% 6,526.64
1492240 109,133.50 7.295 2.7333333333% 2,982.98
1492300 230,436.48 7.295 2.7333333333% 6,298.60
1492303 313,658.23 7.295 2.7333333333% 8,573.32
1492330 321,311.39 7.295 2.7333333333% 8,782.51
1492332 350,145.89 7.295 2.7333333333% 9,570.65
1492336 412,497.08 7.295 2.7333333333% 11,274.92
1492386 98,115.17 7.295 2.7333333333% 2,681.81
1492404 114,054.82 7.295 2.7333333333% 3,117.50
1492424 306,460.27 7.295 2.7333333333% 8,376.58
1492432 232,382.09 7.295 2.7333333333% 6,351.78
1492457 238,396.28 7.295 2.7333333333% 6,516.16
1492458 263,278.91 7.295 2.7333333333% 7,196.29
1492478 62,729.23 7.295 2.7333333333% 1,714.60
1492494 190,569.99 7.295 2.7333333333% 5,208.91
1492511 645,108.69 7.295 2.7333333333% 17,632.97
1492520 218,361.36 7.295 2.7333333333% 5,968.54
1492530 148,997.71 7.295 2.7333333333% 4,072.60
1492593 456,926.29 7.295 2.7333333333% 12,489.32
1492595 389,480.00 7.295 2.7333333333% 10,645.79
1492598 267,372.68 7.295 2.7333333333% 7,308.19
1492604 223,496.51 7.295 2.7333333333% 6,108.90
1492658 323,075.81 7.295 2.7333333333% 8,830.74
1492671 180,613.76 7.295 2.7333333333% 4,936.78
1492687 233,328.65 7.295 2.7333333333% 6,377.65
1492691 283,312.66 7.295 2.7333333333% 7,743.88
1492694 302,398.95 7.295 2.7333333333% 8,265.57
1492715 248,519.88 7.295 2.7333333333% 6,792.88
1492723 393,655.49 7.295 2.7333333333% 10,759.92
1492727 226,650.11 7.295 2.7333333333% 6,195.10
1492732 347,927.79 7.295 2.7333333333% 9,510.03
1492745 135,085.44 7.295 2.7333333333% 3,692.34
1492781 228,638.23 7.295 2.7333333333% 6,249.44
1492782 274,365.91 7.295 2.7333333333% 7,499.33
1492787 298,223.83 7.295 2.7333333333% 8,151.45
1492793 392,960.19 7.295 2.7333333333% 10,740.91
1492804 227,518.65 7.295 2.7333333333% 6,218.84
1492817 247,482.06 7.295 2.7333333333% 6,764.51
1492819 295,145.83 7.295 2.7333333333% 8,067.32
1492821 223,838.07 7.295 2.7333333333% 6,118.24
1492826 290,989.49 7.295 2.7333333333% 7,953.71
1492847 278,554.11 7.295 2.7333333333% 7,613.81
1492848 220,836.12 7.295 2.7333333333% 6,036.19
1492850 580,984.18 7.295 2.7333333333% 15,880.23
1492859 233,189.55 7.295 2.7333333333% 6,373.85
1492862 253,882.14 7.295 2.7333333333% 6,939.45
1492869 223,838.07 7.295 2.7333333333% 6,118.24
1492875 364,308.95 7.295 2.7333333333% 9,957.78
1492877 358,140.94 7.295 2.7333333333% 9,789.19
1492881 467,572.92 7.295 2.7333333333% 12,780.33
1492891 288,720.46 7.295 2.7333333333% 7,891.69
1492917 450,005.67 7.295 2.7333333333% 12,300.15
1492928 410,182.19 7.295 2.7333333333% 11,211.65
1492938 236,396.30 7.295 2.7333333333% 6,461.50
1492955 226,994.02 7.295 2.7333333333% 6,204.50
1492964 346,464.58 7.295 2.7333333333% 9,470.03
1493001 235,135.05 7.295 2.7333333333% 6,427.02
1493009 244,102.06 7.295 2.7333333333% 6,672.12
1493024 288,937.11 7.295 2.7333333333% 7,897.61
1493074 87,992.06 7.295 2.7333333333% 2,405.12
1493075 282,671.37 7.295 2.7333333333% 7,726.35
1493077 348,977.02 7.295 2.7333333333% 9,538.71
1493087 233,814.59 7.295 2.7333333333% 6,390.93
1493110 319,300.75 7.295 2.7333333333% 8,727.55
1493119 71,842.68 7.295 2.7333333333% 1,963.70
1493120 231,493.06 7.295 2.7333333333% 6,327.48
1493123 96,538.59 7.295 2.7333333333% 2,638.72
1493129 59,868.88 7.295 2.7333333333% 1,636.42
1493145 119,737.79 7.295 2.7333333333% 3,272.83
1493181 153,663.49 7.295 2.7333333333% 4,200.14
1493218 66,163.09 7.295 2.7333333333% 1,808.46
1493220 140,691.90 7.295 2.7333333333% 3,845.58
1493231 174,408.52 7.295 2.7333333333% 4,767.17
1493232 204,359.60 7.295 2.7333333333% 5,585.83
1493242 250,036.37 7.295 2.7333333333% 6,834.33
1493245 329,520.80 7.295 2.7333333333% 9,006.90
1493247 143,790.90 7.295 2.7333333333% 3,930.28
1493281 433,369.78 7.295 2.7333333333% 11,845.44
1493325 105,342.90 7.295 2.7333333333% 2,879.37
1493338 249,636.97 7.295 2.7333333333% 6,823.41
1493345 115,116.62 7.295 2.7333333333% 3,146.52
1493355 259,320.54 7.295 2.7333333333% 7,088.09
1493369 255,628.26 7.295 2.7333333333% 6,987.17
1493378 244,822.68 7.295 2.7333333333% 6,691.82
1493379 131,904.46 7.295 2.7333333333% 3,605.39
1493406 333,758.26 7.295 2.7333333333% 9,122.73
1493438 329,761.16 7.295 2.7333333333% 9,013.47
1493447 799,420.98 7.295 2.7333333333% 21,850.84
1493457 149,092.01 7.295 2.7333333333% 4,075.18
1493467 599,565.74 7.295 2.7333333333% 16,388.13
1493475 99,927.63 7.295 2.7333333333% 2,731.36
1493481 549,601.92 7.295 2.7333333333% 15,022.45
1493484 499,638.11 7.295 2.7333333333% 13,656.78
1493503 271,803.13 7.295 2.7333333333% 7,429.29
1493524 439,681.54 7.295 2.7333333333% 12,017.96
1497484 100,756.48 7.295 2.7333333333% 2,754.01
1497563 249,819.06 7.295 2.7333333333% 6,828.39
1491957 132,790.67 7.420 1.0666666667% 1,416.43
1491967 108,575.69 7.420 1.0666666667% 1,158.14
1492016 53,775.25 7.420 1.0666666667% 573.60
1492019 130,274.02 7.420 1.0666666667% 1,389.59
1492095 393,023.87 7.420 1.0666666667% 4,192.25
1492097 211,250.27 7.420 1.0666666667% 2,253.34
1492105 140,622.31 7.420 1.0666666667% 1,499.97
1492110 216,341.99 7.420 1.0666666667% 2,307.65
1492114 241,516.39 7.420 1.0666666667% 2,576.17
1492121 338,638.14 7.420 1.0666666667% 3,612.14
1492154 292,585.07 7.420 1.0666666667% 3,120.91
1492171 293,661.72 7.420 1.0666666667% 3,132.39
1492179 243,749.83 7.420 1.0666666667% 2,600.00
1492182 316,309.77 7.420 1.0666666667% 3,373.97
1492185 215,619.42 7.420 1.0666666667% 2,299.94
1492186 278,511.40 7.420 1.0666666667% 2,970.79
1492188 339,712.58 7.420 1.0666666667% 3,623.60
1492196 258,765.14 7.420 1.0666666667% 2,760.16
1492199 267,886.50 7.420 1.0666666667% 2,857.46
1492200 415,830.99 7.420 1.0666666667% 4,435.53
1492205 368,550.20 7.420 1.0666666667% 3,931.20
1492207 244,725.01 7.420 1.0666666667% 2,610.40
1492233 272,365.41 7.420 1.0666666667% 2,905.23
1492242 278,580.37 7.420 1.0666666667% 2,971.52
1492250 168,639.63 7.420 1.0666666667% 1,798.82
1492418 264,629.41 7.420 1.0666666667% 2,822.71
1492428 239,248.78 7.420 1.0666666667% 2,551.99
1492437 595,640.07 7.420 1.0666666667% 6,353.49
1492471 255,728.11 7.420 1.0666666667% 2,727.77
1492477 323,839.30 7.420 1.0666666667% 3,454.29
1492485 268,038.06 7.420 1.0666666667% 2,859.07
1492487 218,488.59 7.420 1.0666666667% 2,330.54
1492498 217,051.32 7.420 1.0666666667% 2,315.21
1492507 273,001.73 7.420 1.0666666667% 2,912.02
1492508 263,074.37 7.420 1.0666666667% 2,806.13
1492512 232,299.67 7.420 1.0666666667% 2,477.86
1492516 252,094.25 7.420 1.0666666667% 2,689.01
1492517 232,299.67 7.420 1.0666666667% 2,477.86
1492534 219,360.64 7.420 1.0666666667% 2,339.85
1492587 407,327.34 7.420 1.0666666667% 4,344.82
1492600 248,124.73 7.420 1.0666666667% 2,646.66
1492601 233,468.09 7.420 1.0666666667% 2,490.33
1492612 230,487.63 7.420 1.0666666667% 2,458.53
1492620 278,174.80 7.420 1.0666666667% 2,967.20
1492638 218,132.82 7.420 1.0666666667% 2,326.75
1492641 217,373.71 7.420 1.0666666667% 2,318.65
1492657 222,706.30 7.420 1.0666666667% 2,375.53
1492661 59,653.33 7.420 1.0666666667% 636.30
1492695 318,151.81 7.420 1.0666666667% 3,393.62
1492696 264,463.66 7.420 1.0666666667% 2,820.95
1492700 322,128.66 7.420 1.0666666667% 3,436.04
1492701 221,115.51 7.420 1.0666666667% 2,358.57
1492707 233,642.72 7.420 1.0666666667% 2,492.19
1492709 248,556.09 7.420 1.0666666667% 2,651.26
1492718 49,711.20 7.420 1.0666666667% 530.25
1492719 84,509.08 7.420 1.0666666667% 901.43
1492725 210,278.47 7.420 1.0666666667% 2,242.97
1492735 338,036.28 7.420 1.0666666667% 3,605.72
1492748 265,407.26 7.420 1.0666666667% 2,831.01
1492756 213,012.60 7.420 1.0666666667% 2,272.13
1492771 277,336.30 7.420 1.0666666667% 2,958.25
1492773 214,752.47 7.420 1.0666666667% 2,290.69
1492778 233,344.46 7.420 1.0666666667% 2,489.01
1492784 472,607.27 7.420 1.0666666667% 5,041.14
1492795 238,613.85 7.420 1.0666666667% 2,545.21
1492811 39,342.17 7.420 1.0666666667% 419.65
1492832 317,890.58 7.420 1.0666666667% 3,390.83
1492853 447,733.19 7.420 1.0666666667% 4,775.82
1492858 422,809.44 7.420 1.0666666667% 4,509.97
1492866 415,894.44 7.420 1.0666666667% 4,436.21
1492876 228,841.41 7.420 1.0666666667% 2,440.98
1492886 262,670.15 7.420 1.0666666667% 2,801.81
1492889 264,660.06 7.420 1.0666666667% 2,823.04
1492905 318,622.82 7.420 1.0666666667% 3,398.64
1492925 577,503.86 7.420 1.0666666667% 6,160.04
1492926 308,665.85 7.420 1.0666666667% 3,292.44
1492944 380,853.81 7.420 1.0666666667% 4,062.44
1492948 371,992.12 7.420 1.0666666667% 3,967.92
1492996 149,463.78 7.420 1.0666666667% 1,594.28
1492997 247,113.46 7.420 1.0666666667% 2,635.88
1493016 128,538.86 7.420 1.0666666667% 1,371.08
1493021 219,014.28 7.420 1.0666666667% 2,336.15
1493027 251,099.14 7.420 1.0666666667% 2,678.39
1493039 206,609.33 7.420 1.0666666667% 2,203.83
1493043 171,509.69 7.420 1.0666666667% 1,829.44
1493047 209,401.35 7.420 1.0666666667% 2,233.61
1493053 366,950.96 7.420 1.0666666667% 3,914.14
1493058 224,156.65 7.420 1.0666666667% 2,391.00
1493064 292,414.05 7.420 1.0666666667% 3,119.08
1493071 295,156.22 7.420 1.0666666667% 3,148.33
1493096 399,147.56 7.420 1.0666666667% 4,257.57
1493103 387,170.78 7.420 1.0666666667% 4,129.82
1493117 69,850.81 7.420 1.0666666667% 745.08
1493121 108,967.29 7.420 1.0666666667% 1,162.32
1493124 122,037.86 7.420 1.0666666667% 1,301.74
1493131 155,566.92 7.420 1.0666666667% 1,659.38
1493143 256,452.31 7.420 1.0666666667% 2,735.49
1493190 138,404.43 7.420 1.0666666667% 1,476.31
1493204 172,317.17 7.420 1.0666666667% 1,838.05
1493207 124,733.60 7.420 1.0666666667% 1,330.49
1493208 84,879.63 7.420 1.0666666667% 905.38
1493209 341,271.17 7.420 1.0666666667% 3,640.23
1493230 185,666.74 7.420 1.0666666667% 1,980.45
1493238 199,716.79 7.420 1.0666666667% 2,130.31
1493249 185,736.59 7.420 1.0666666667% 1,981.19
1493269 79,875.18 7.420 1.0666666667% 852.00
1493271 201,464.30 7.420 1.0666666667% 2,148.95
1493274 357,493.01 7.420 1.0666666667% 3,813.26
1493293 134,808.81 7.420 1.0666666667% 1,437.96
1493297 266,621.89 7.420 1.0666666667% 2,843.97
1493298 254,638.88 7.420 1.0666666667% 2,716.15
1493303 159,773.41 7.420 1.0666666667% 1,704.25
1493305 99,858.39 7.420 1.0666666667% 1,065.16
1493312 97,178.83 7.420 1.0666666667% 1,036.57
1493315 250,844.26 7.420 1.0666666667% 2,675.67
1493318 476,124.79 7.420 1.0666666667% 5,078.66
1493321 486,809.64 7.420 1.0666666667% 5,192.64
1493322 114,837.15 7.420 1.0666666667% 1,224.93
1493329 335,524.17 7.420 1.0666666667% 3,578.92
1493332 234,667.21 7.420 1.0666666667% 2,503.12
1493334 399,433.54 7.420 1.0666666667% 4,260.62
1493340 124,822.97 7.420 1.0666666667% 1,331.45
1493342 311,558.16 7.420 1.0666666667% 3,323.29
1493374 103,926.60 7.420 1.0666666667% 1,108.55
1493377 49,929.19 7.420 1.0666666667% 532.58
1493398 261,541.19 7.420 1.0666666667% 2,789.77
1493408 122,263.65 7.420 1.0666666667% 1,304.15
1493508 287,796.73 7.420 1.0666666667% 3,069.83
1493513 985,304.10 7.420 1.0666666667% 10,509.91
1493519 334,763.56 7.420 1.0666666667% 3,570.81
1493529 59,857.65 7.420 1.0666666667% 638.48
1488806 272,000.00 7.470 0.4000000000% 1,088.00
1494225 366,940.83 7.470 0.4000000000% 1,467.76
1497103 211,200.49 7.470 0.4000000000% 844.80
1497105 237,243.33 7.470 0.4000000000% 948.97
1497108 489,305.89 7.470 0.4000000000% 1,957.22
1497301 380,800.00 7.470 0.4000000000% 1,523.20
$177,356,112.47 5.4409446991% $9,649,848.00
P-1
<PAGE>
EXHIBIT Q
COPY OF FSA POLICY
Q-1
ENDORSEMENT NO. 1 TO
FINANCIAL GUARANTY INSURANCE POLICY
FINANCIAL SECURITY 350 Park Avenue
ASSURANCE INC. New York, New York
10022
TRUST: The Trust Fund held by the Trustee under the
Pooling and Servicing Agreement, dated as of May
1, 1996, between The FirstNational Bank of
Chicago, as Trustee, Residential Funding
Mortgage Securities I, Inc., and Residential
Funding Corporation, as Master Servicer.
CERTIFICATES: $36,750,000 Original Principal Amount
Residential Funding Mortgage Securities I,
Inc.Mortgage Pass-Through Certificates, Series
1996-S-14, Class A-3, Class A-5, Class A-6,
Class A-9, Class A-10, Class A-15 and Class A-16.
Policy No.: 50466-N
Date of Issuance: May 30, 1996
1. Definitions. For all purposes of this Policy, the terms
specified below shall have the meanings or constructions provided
below. Capitalized terms used herein and not otherwise defined
herein shall have the meanings provided in the Pooling and
Servicing Agreement unless the context shall otherwise require.
"Accrued Certificate Interest" has the meaning
set forth in the Pooling and Servicing Agreement, provided,
however, that, for all purposes of this Policy, Accrued
Certificate Interest on the Certificates will be deemed to include
any portion of the amounts allocated to the Certificates described
in clause (i) of the definition thereof (to the extent such
amounts are not offset by payments made by the Master Servicer or
from the Insured Reserve Withdrawal); clauses (ii) and (iii) of
the definition thereof; and clause (iv) of the definition thereof
(in each case, to the extent such shortfalls are not covered by
the subordination provided by the Class M and Class B Certificates
and provided that such shortfalls shall not include interest not
collectible pursuant to the Soldiers' and Sailors' Relief Act of
1940).
"Business Day" means any day other than (i) a
Saturday or Sunday, or (ii) a day on which banking institutions in
the City of New York, the State of Michigan, the State of
California or the State of Illinois (and such other state or
states in which the Custodial Account or the Certificate Account
are at the time located) are authorized or obligated by law or
executive order to be closed.
"Guaranteed Distributions" means, with respect
to each Distribution Date, the distribution to be made to Holders
of the Certificates in an aggregate amount equal to the sum of (1)
the Accrued Certificate Interest thereon and (2) the principal
portion of any Realized Losses allocable to the Certificates on
such Distribution Date, and (3) the Certificate Principal Balances
of the Certificates to the extent unpaid on the final Distribution
Date or earlier termination of the Trust Fund pursuant to the
terms of the Pooling and Servicing Agreement, in accordance with
the original terms of the Certificates when issued and without
regard to any amendment or modification of the Certificates or the
Pooling and Servicing Agreement except amendments or modifications
to which Financial Security has given its prior written consent.
Guaranteed Distributions shall not include, nor shall coverage be
provided under this Policy in respect of, any taxes, withholding
or other charge imposed by any governmental authority.
"Policy" means this Financial Guaranty Insurance
Policy and includes each endorsement thereto.
"Pooling and Servicing Agreement" means the
Pooling and Servicing Agreement, dated as of May 1, 1996 between
The First National Bank of Chicago, as Trustee, Residential
Funding Mortgage Securities I, Inc., and Residential Funding
Corporation, as Master Servicer relating to the Certificates.
"Receipt" and "Received" mean actual delivery to
Financial Security and to the Fiscal Agent (as defined below), if
any, prior to 12:00 noon, New York City time, on a Business Day;
delivery either on a day that is not a Business Day, or after
12:00 noon, New York City time, shall be deemed to be receipt on
the next succeeding Business Day. If any notice or certificate
given hereunder by the Trustee is not in proper form or is not
properly completed, executed or delivered, it shall be deemed not
to have been Received, and Financial Security or its Fiscal Agent
shall promptly so advise the Trustee and the Trustee may submit an
amended notice.
"Term of This Policy" means the period from and
including the Date of Issuance to and including the day five days
after the date on which the Certificate Principal Balance on the
Certificates is zero.
"Trustee" means The First National Bank of
Chicago in its capacity as Trustee under the Pooling and Servicing
Agreement and any successor in such capacity.
2. Deletions from Policy. The second paragraph of
the Financial Guaranty Insurance Policy to which this Endorsement
relates (regarding Policy payments subsequently avoided in whole
or in part as a preference payment under applicable law) is hereby
deleted.
3. Notices and Conditions to Payment in Respect of
Guaranteed Distributions. Following Receipt by Financial Security
of a notice and certificate from the Trustee in the form attached
as Exhibit A to this Endorsement, Financial Security will pay any
amount payable hereunder in respect of Guaranteed Distributions
out of the funds of Financial Security on the later to occur of
(a) 12:00 noon, New York City time, on the Business Day following
such Receipt; and (b) 12:00 noon, New York City time, on the
Distribution Date to which such claim relates. Payments due
hereunder in respect of Guaranteed Distributions will be disbursed
by wire transfer of immediately available funds to the FSA Policy
Payments Account established pursuant to the Pooling and Servicing
Agreement or, if no such FSA Policy Payments Account has been
established, to the Trustee for deposit to the Certificate
Account.
Financial Security shall be entitled to pay, at any
time after a claim is made under the Policy, any amount hereunder
in respect of Guaranteed Distributions, including any acceleration
payment, whether or not any notice and certificate shall have been
Received by Financial Security as provided above. Financial
Security shall be entitled to pay hereunder any amount in respect
of Guaranteed Distributions on an accelerated basis, at any time
after a claim is made under the Policy, or from time to time, in
whole or in part, prior to the scheduled date of payment thereof;
Guaranteed Distributions insured hereunder shall not include
interest, in respect of principal paid hereunder on an accelerated
basis, accruing from after the date of such payment of principal.
Financial Security's obligations hereunder in respect of
Guaranteed Distributions shall be discharged to the extent funds
are disbursed by Financial Security as provided herein whether or
not such funds are properly applied by the Trustee.
4. Governing Law. This Policy shall be governed by
and construed in accordance with the laws of the State of New
York, without giving effect to the conflict of laws principles
thereof.
5. Fiscal Agent. At any time during the Term of
this Policy, Financial Security may appoint a fiscal agent (the
"Fiscal Agent") for purposes of this Policy by written notice to
the Trustee at the notice address specified in the Pooling and
Servicing Agreement specifying the name and notice address of the
Fiscal Agent. From and after the date of receipt of such notice
by the Trustee, (i) copies of all notices and documents required
to be delivered to Financial Security pursuant to this Policy
shall be simultaneously delivered to the Fiscal Agent and to
Financial Security and shall not be deemed Received until Received
by both and (ii) all payments required to be made by Financial
Security under this Policy may be made directly by Financial
Security or by the Fiscal Agent on behalf of Financial Security.
The Fiscal Agent is the agent of Financial Security only and the
Fiscal Agent shall in no event be liable to any Holder for any
acts of the Fiscal Agent or any failure of Financial Security to
deposit, or cause to be deposited, sufficient funds to make
payments due under this Policy.
6. Waiver of Defenses. To the fullest extent
permitted by applicable law, Financial Security agrees not to
assert, and hereby waives, for the benefit of each Holder of any
Certificates, all rights (whether by counterclaim, set off or
otherwise) and defenses (including, without limitation, the
defense of fraud), whether acquired by subrogation, assignment or
otherwise, to the extent that such rights and defenses may be
available to Financial Security to avoid payment of its
obligations under this Policy in accordance with the express
provisions of this Policy.
7. Notices. All notices to be given hereunder
shall be in writing (except as otherwise specifically provided
herein) and shall be mailed by registered mail or personally
delivered or telecopied to Financial Security as follows:
Financial Security Assurance Inc.
350 Park Avenue
New York, New York 10022
Attention: Senior Vice President
- Surveillance
Telecopy No.: (212) 339-3518
(212) 826-0100
Financial Security may specify a different address or addresses by
writing mailed or delivered to the Trustee.
8. Priorities. In the event any term or provision
of the face of this Policy is inconsistent with the provisions of
this Endorsement, the provisions of this Endorsement shall take
precedence and shall be binding.
9. Exclusions From Insurance Guaranty Funds. This
Policy is not covered by the Property/Casualty Insurance Security
Fund specified in Article 76 of the New York Insurance Law. This
Policy is not covered by the Florida Insurance Guaranty
Association created under Part II of Chapter 631 of the Florida
Insurance Code. In the event Financial Security were to become
insolvent, any claims arising under this Policy are excluded from
coverage by the California Insurance Guaranty Association,
established pursuant to Article 14.2 of Chapter 1 of Part 2 of
Division 1 of the California Insurance Code.
10. Surrender of Policy. The Holder shall surrender
this Policy to Financial Security for cancellation upon expiration
of the Term of this Policy.
IN WITNESS WHEREOF, FINANCIAL SECURITY ASSURANCE INC.
has caused this Endorsement No. 1 to be executed by its Authorized
Officer.
FINANCIAL SECURITY ASSURANCE
INC.
By
Authorized Officer
Exhibit A
To Endorsement 1
NOTICE OF CLAIM AND CERTIFICATE
Financial Security Assurance Inc.
350 Park Avenue
New York, NY 10022
The undersigned, a duly authorized officer of The
First National Bank of Chicago (the "Trustee"), hereby certifies
to Financial Security Assurance Inc. ("Financial Security"), with
reference to Financial Guaranty Insurance Policy No. 50466-N dated
May 30, 1996 (the "Policy") issued by Financial Security in
respect of the Residential Funding Mortgage Securities I, Inc.
Mortgage Pass-Through Certificates, Series 1996-S-14, Class A-3,
Class A-5, Class A-6, Class A-9, Class A-10, Class A-15 and Class
A-16 (the " Certificates"), that:
(i) The Trustee is the Trustee under the Pooling and Servicing
Agreement for the Holders of the Certificates.
(ii) The sum of all amounts on deposit (or scheduled
to be on deposit) in the Certificate Account (after giving effect
to any applications of funds from the Insured Reserve Fund) and
available for distribution to the Holders pursuant to the Pooling
and Servicing Agreement will be $___________ (the "Shortfall")
less than the sum of (a) the Guaranteed Distributions with respect
to the Distribution Date ($____________) and (b) the aggregate
amount on deposit (or scheduled to be on deposit) in the
Certificate Account (after giving effect to any applications of
funds from the Certificate Reserve Fund) that will be applied to
make payments of principal on the Certificates on such
Distribution Date pursuant to the Pooling and Servicing Agreement,
but without giving effect to any payments to be made under the
Policy.
(iii) The Trustee is making a claim under the Policy
for the lesser of (a) the Shortfall and (b) the Guaranteed
Distributions with respect to the Distribution Date, to be applied
to distributions of principal or interest or both with respect to
the Certificates.
(iv) The Trustee agrees that, following receipt of
funds from Financial Security, it shall (a) hold such amounts in
trust and apply the same directly to the payment of Guaranteed
Distributions on the Certificates when due; (b) not apply such
funds for any other purpose; (c) not commingle such funds with
other funds held by the Trustee and (d) maintain an accurate
record of such payments with respect to each Certificate and the
corresponding claim on the Policy and proceeds thereof and, if the
Certificate is required to be presented for such payment, shall
stamp on each such Certificate the legend "$[insert applicable
amount] paid by Financial Security and the balance hereof has been
canceled and reissued" and then shall deliver such Certificate to
Financial Security.
(v) The Trustee, on behalf of the Holders, hereby
assigns to Financial Security the rights of the Holders with
respect to the Certificates to the extent of any payments under
the Policy, including, without limitation, any amounts due to the
Holders in respect of securities law violations arising from the
offer and sale of the Certificates. The foregoing assignment is
in addition to, and not in limitation of, rights of subrogation
otherwise available to Financial Security in respect of such
payments. The Trustee shall take such action and deliver such
instruments as may be reasonably requested or required by
Financial Security to effectuate the purpose or provisions of this
clause (v).
(vi) The Trustee, on its behalf and on behalf of the
Holders, hereby appoints Financial Security as
agent and attorney-in-fact for the Trustee and
each such Holder in any legal
proceeding with respect to the Certificates. The Trustee hereby
agrees that, so long as a Financial Security Default (as defined
in the Pooling and Servicing Agreement) shall not exist, Financial
Security may at any time during the continuation of any proceeding
by or against the Depositor under the United States Bankruptcy
Code or any other applicable bankruptcy, insolvency, receivership,
rehabilitation or similar law (an "Insolvency Proceeding") direct
all matters relating to such Insolvency Proceeding with respect to
the Certificates. In addition, the Trustee hereby agrees that
Financial Security shall be subrogated to, and the Trustee on its
behalf and on behalf of each Holder, hereby delegates and assigns,
to the fullest extent permitted by law, the rights of the Trustee
and each Holder in the conduct of any Insolvency Proceeding with
respect to the Certificates, including, without limitation, all
rights of any party to an adversary proceeding or action with
respect to any court order issued in connection with any such
Insolvency Proceeding.
(vii) Payments should be made by wire transfer
directed to [SPECIFY FSA POLICY PAYMENTS ACCOUNT OR CERTIFICATE
ACCOUNT].
Unless the context otherwise requires, capitalized
terms used in this Notice of Claim and Certificate and not defined
herein shall have the meanings provided in the Policy.
IN WITNESS WHEREOF, the Trustee has executed and
delivered this Notice of Claim and Certificate as of the
day of , .
By:
Title:
For Financial Security or Fiscal Agent Use Only
Wire transfer sent on by
Confirmation Number
