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)
December 28, 1995
Residential Funding Mortgage Securities I, Inc. (as
company under a Pooling and Servicing Agreement dated
as of December 1, 1995 providing for, inter alia, the
issuance of Mortgage Pass-Through Certificates, Series
1995-S21)
Residential Funding Mortgage Securities I, Inc.
(Exact name of registrant as specified in its charter)
DELAWARE 33-95932 51-0368240
(State or other
jurisdiction (Commission) (I.R.S. employer
of incorporation) identification file number)
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:
Exhibit Sequentially Exhibit
Number Numbered Page
7(c) Pooling and Servicing Agreement,
dated as of December 1, 1995 among
Residential Funding Mortgage
Securities I, Inc., as company,
Residential Funding Corporation,as
master servicer, and Bankers Trust
Company, as trustee. 004
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:
Name: Diane S. Wold
Title: Vice President
Dated: December 28, 1995
Exhibit 7(c)
Pooling and Servicing Agreement
RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.,
Company,
RESIDENTIAL FUNDING CORPORATION,
Master Servicer,
and
BANKERS TRUST COMPANY,
Trustee
POOLING AND SERVICING AGREEMENT
Dated as of December 1, 1995
Mortgage Pass-Through Certificates
Series 1995-S21
TABLE OF CONTENTS
Page
ARTICLE I
DEFINITIONS
Section 1.01. Definitions. . . . . . . . . . . 3
Accretion Termination Date . . . . . . . . 3
Accrual Distribution Amount. . . . . . . . 3
Accrued Certificate Interest . . . . . . . 3
Adjusted Mortgage Rate . . . . . . . . . . 4
Adjusted Senior Accelerated Distribution
Percentage. . . . . . . . . . . . . . 4
Adjusted Senior Percentage . . . . . . . . 6
Adjusted Senior Principal Distribution
Amount. . . . . . . . . . . . . . . . 6
Advance. . . . . . . . . . . . . . . . . . 6
Affiliate. . . . . . . . . . . . . . . . . 6
Agreement. . . . . . . . . . . . . . . . . 6
Amount Held for Future Distribution. . . . 6
Appraised Value. . . . . . . . . . . . . . 7
Assignment . . . . . . . . . . . . . . . . 7
Assignment Agreement . . . . . . . . . . . 7
Assignment of Proprietary Lease. . . . . . 7
Available Distribution Amount. . . . . . . 7
Bankruptcy Amount. . . . . . . . . . . . . 7
Bankruptcy Code. . . . . . . . . . . . . . 8
Bankruptcy Loss. . . . . . . . . . . . . . 8
Book-Entry Certificate . . . . . . . . . . 9
Business Day . . . . . . . . . . . . . . . 9
Buydown Funds. . . . . . . . . . . . . . . 9
Buydown Mortgage Loan. . . . . . . . . . . 9
Cash Liquidation . . . . . . . . . . . . . 9
Certificate. . . . . . . . . . . . . . . . 9
Certificate Account. . . . . . . . . . . . 9
Certificate Account Deposit Date . . . . . 10
Certificateholder or Holder. . . . . . . . 10
Certificate Owner. . . . . . . . . . . . . 10
Certificate Principal Balance. . . . . . . 10
Certificate Register and Certificate
Registrar . . . . . . . . . . . . . . 11
Class. . . . . . . . . . . . . . . . . . . 11
Class A Certificate. . . . . . . . . . . . 11
Class A-5 Component A. . . . . . . . . . . 11
Class A-5 Component B. . . . . . . . . . . 12
Class A-5 Component C. . . . . . . . . . . 12
Class A-5 Component D. . . . . . . . . . . 12
Class A-5 Component E. . . . . . . . . . . 12
Class A-7 Collection Shortfall . . . . . . 12
Class A-7 Principal Distribution Amount. . 12
Class B Certificate. . . . . . . . . . . . 12
Class B Percentage . . . . . . . . . . . . 13
Class B-1 Percentage . . . . . . . . . . . 13
Class B-1 Prepayment Distribution
Trigger . . . . . . . . . . . . . . . 13
Class B-2 Percentage . . . . . . . . . . . 13
Class B-2 Prepayment Distribution
Trigger . . . . . . . . . . . . . . . 13
Class B-3 Percentage . . . . . . . . . . . 13
Class B-3 Prepayment Distribution
Trigger . . . . . . . . . . . . . . . 13
Class M Certificate. . . . . . . . . . . . 14
Class M Percentage . . . . . . . . . . . . 14
Class M-1 Percentage . . . . . . . . . . . 14
Class M-2 Percentage . . . . . . . . . . . 14
Class M-2 Prepayment Distribution
Trigger . . . . . . . . . . . . . . . 14
Class M-3 Percentage . . . . . . . . . . . 14
Class M-3 Prepayment Distribution
Trigger . . . . . . . . . . . . . . . 15
Class R-I Certificate. . . . . . . . . . . 15
Class R-II Certificate . . . . . . . . . . 15
Closing Date . . . . . . . . . . . . . . . 15
Code . . . . . . . . . . . . . . . . . . . 15
Compensating Interest. . . . . . . . . . . 15
Component. . . . . . . . . . . . . . . . . 15
Cooperative. . . . . . . . . . . . . . . . 15
Cooperative Apartment. . . . . . . . . . . 16
Cooperative Lease. . . . . . . . . . . . . 16
Cooperative Loans. . . . . . . . . . . . . 16
Cooperative Stock. . . . . . . . . . . . . 16
Cooperative Stock Certificate. . . . . . . 16
Corporate Trust Office . . . . . . . . . . 16
Credit Support Depletion Date. . . . . . . 16
Curtailment. . . . . . . . . . . . . . . . 16
Custodial Account. . . . . . . . . . . . . 16
Custodial Agreement. . . . . . . . . . . . 17
Custodian. . . . . . . . . . . . . . . . . 17
Cut-off Date . . . . . . . . . . . . . . . 17
Cut-off Date Principal Balance . . . . . . 17
Debt Service Reduction . . . . . . . . . . 17
Deficient Valuation. . . . . . . . . . . . 17
Definitive Certificate . . . . . . . . . . 17
Deleted Mortgage Loan. . . . . . . . . . . 17
Depository . . . . . . . . . . . . . . . . 17
Depository Participant . . . . . . . . . . 17
Destroyed Mortgage Note. . . . . . . . . . 18
Determination Date . . . . . . . . . . . . 18
Discount Fraction. . . . . . . . . . . . . 18
Discount Mortgage Loan . . . . . . . . . . 18
Disqualified Organization. . . . . . . . . 18
Distribution Date. . . . . . . . . . . . . 18
Due Date . . . . . . . . . . . . . . . . . 19
Due Period . . . . . . . . . . . . . . . . 19
Eligible Account . . . . . . . . . . . . . 19
Eligible Funds . . . . . . . . . . . . . . 19
Event of Default . . . . . . . . . . . . . 20
Excess Bankruptcy Loss . . . . . . . . . . 20
Excess Fraud Loss. . . . . . . . . . . . . 20
Excess Special Hazard Loss . . . . . . . . 20
Excess Spread. . . . . . . . . . . . . . . 20
Excess Subordinate Principal Amount. . . . 20
Extraordinary Events . . . . . . . . . . . 20
Extraordinary Losses . . . . . . . . . . . 21
FDIC . . . . . . . . . . . . . . . . . . . 21
FHLMC. . . . . . . . . . . . . . . . . . . 21
Final Distribution Date. . . . . . . . . . 21
Fitch. . . . . . . . . . . . . . . . . . . 21
FNMA . . . . . . . . . . . . . . . . . . . 21
Foreclosure Profits. . . . . . . . . . . . 21
Fraud Loss Amount. . . . . . . . . . . . . 22
Fraud Losses . . . . . . . . . . . . . . . 22
Independent. . . . . . . . . . . . . . . . 22
Initial Certificate Principal Balance. . . 23
Initial Monthly Payment Fund . . . . . . . 23
Insurance Proceeds . . . . . . . . . . . . 23
Insurer. . . . . . . . . . . . . . . . . . 23
Late Collections . . . . . . . . . . . . . 23
Liquidation Proceeds . . . . . . . . . . . 23
Loan-to-Value Ratio. . . . . . . . . . . . 23
Maturity Date. . . . . . . . . . . . . . . 23
Monthly Payment. . . . . . . . . . . . . . 23
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. . . . . . . . . . . . . 25
Non-Discount Mortgage Loan . . . . . . . . 25
Non-Primary Residence Loans. . . . . . . . 25
Non-United States Person . . . . . . . . . 26
Nonrecoverable Advance . . . . . . . . . . 26
Nonsubserviced Mortgage Loan . . . . . . . 26
Notional Amount. . . . . . . . . . . . . . 26
Officers' Certificate. . . . . . . . . . . 26
Opinion of Counsel . . . . . . . . . . . . 26
Original Adjusted Senior Percentage. . . . 26
Outstanding Mortgage Loan. . . . . . . . . 27
Owner or Holder. . . . . . . . . . . . . . 27
Ownership Interest . . . . . . . . . . . . 27
PAC Certificate. . . . . . . . . . . . . . 27
Pass-Through Rate. . . . . . . . . . . . . 27
Paying Agent . . . . . . . . . . . . . . . 27
Percentage Interest. . . . . . . . . . . . 27
Permitted Investments. . . . . . . . . . . 27
Permitted Transferee . . . . . . . . . . . 29
Person . . . . . . . . . . . . . . . . . . 29
Planned Principal Balance. . . . . . . . . 29
Pool Stated Principal Balance. . . . . . . 29
Prepayment Assumption. . . . . . . . . . . 29
Prepayment Distribution Percentage . . . . 29
Prepayment Distribution Trigger. . . . . . 31
Prepayment Period. . . . . . . . . . . . . 31
Primary Insurance Policy . . . . . . . . . 31
Principal Prepayment . . . . . . . . . . . 32
Principal Prepayment in Full . . . . . . . 32
Program Guide. . . . . . . . . . . . . . . 32
Purchase Price . . . . . . . . . . . . . . 32
Qualified Substitute Mortgage Loan . . . . 32
Rating Agency. . . . . . . . . . . . . . . 33
Realized Loss. . . . . . . . . . . . . . . 33
Record Date. . . . . . . . . . . . . . . . 33
Regular Certificate. . . . . . . . . . . . 34
REMIC. . . . . . . . . . . . . . . . . . . 34
REMIC I. . . . . . . . . . . . . . . . . . 34
REMIC I Certificates . . . . . . . . . . . 34
REMIC II . . . . . . . . . . . . . . . . . 34
REMIC II Certificates. . . . . . . . . . . 34
REMIC Provisions . . . . . . . . . . . . . 35
REO Acquisition. . . . . . . . . . . . . . 35
REO Disposition. . . . . . . . . . . . . . 35
REO Imputed Interest . . . . . . . . . . . 35
REO Proceeds . . . . . . . . . . . . . . . 35
REO Property . . . . . . . . . . . . . . . 35
Request for Release. . . . . . . . . . . . 35
Required Insurance Policy. . . . . . . . . 35
Residential Funding. . . . . . . . . . . . 35
Responsible Officer. . . . . . . . . . . . 35
Schedule of Discount Fractions . . . . . . 36
Security Agreement . . . . . . . . . . . . 36
Seller . . . . . . . . . . . . . . . . . . 36
Seller's Agreement . . . . . . . . . . . . 36
Senior Principal Distribution Amount . . . 36
Senior Support Certificates. . . . . . . . 36
Senior Support Percentage. . . . . . . . . 36
Servicing Advances . . . . . . . . . . . . 37
Servicing Fee. . . . . . . . . . . . . . . 37
Servicing Officer. . . . . . . . . . . . . 37
Special Hazard Amount. . . . . . . . . . . 37
Special Hazard Loss. . . . . . . . . . . . 38
Spread Rate. . . . . . . . . . . . . . . . 38
Standard & Poor's. . . . . . . . . . . . . 38
Stated Principal Balance . . . . . . . . . 38
Subordinate Percentage . . . . . . . . . . 39
Subordinate Principal Distribution
Amount. . . . . . . . . . . . . . . . 39
Subserviced Mortgage Loan. . . . . . . . . 39
Subservicer. . . . . . . . . . . . . . . . 39
Subservicer Advance. . . . . . . . . . . . 39
Subservicing Account . . . . . . . . . . . 39
Subservicing Agreement . . . . . . . . . . 40
Subservicing Fee . . . . . . . . . . . . . 40
Super Senior Certificates. . . . . . . . . 40
Super Senior Optimal Percentage. . . . . . 40
Super Senior Optimal Principal
Distribution Amount . . . . . . . . . 40
Tax Returns. . . . . . . . . . . . . . . . 40
Transfer . . . . . . . . . . . . . . . . . 40
Transferee . . . . . . . . . . . . . . . . 41
Transferor . . . . . . . . . . . . . . . . 41
Trust Fund . . . . . . . . . . . . . . . . 41
Uncertificated Accrued Interest. . . . . . 41
Uncertificated Pass-Through Rate . . . . . 41
Uncertificated Principal Balance . . . . . 42
Uncertificated REMIC I Regular Interest
U . . . . . . . . . . . . . . . . . . 42
Uncertificated REMIC I Regular Interest
V . . . . . . . . . . . . . . . . . . 42
Uncertificated REMIC I Regular Interest
W . . . . . . . . . . . . . . . . . . 42
Uncertificated REMIC I Regular Interest
X . . . . . . . . . . . . . . . . . . 42
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 . . . . . . . . 43
Uncertificated REMIC I Regular Interest
V Distribution Amount . . . . . . . . 43
Uncertificated REMIC I Regular Interest
W Distribution Amount . . . . . . . . 43
Uncertificated REMIC I Regular Interest
X Distribution Amount . . . . . . . . 43
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
Uninsured Cause. . . . . . . . . . . . . . 44
United States Person . . . . . . . . . . . 44
Voting Rights. . . . . . . . . . . . . . . 44
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01. Conveyance of Mortgage Loans . . 45
Section 2.02. Acceptance by Trustee. . . . . . 50
Section 2.03. Representations, Warranties
and Covenants of the Master
Servicer and the Company . . . . 52
Section 2.04. Representations and Warranties
of Sellers . . . . . . . . . . . 56
Section 2.05. Issuance of Certificates
Evidencing Interests in REMIC
I Certificates . . . . . . . . . 59
Section 2.06. Conveyance of Uncertificated
REMIC I and REMIC II Regular
Interests; Acceptance by the
Trustee. . . . . . . . . . . . . 59
Section 2.07. Issuance of Certificates
Evidencing Interest in REMIC
II . . . . . . . . . . . . . . . 60
ARTICLE III
ADMINISTRATION AND SERVICING
OF MORTGAGE LOANS
Section 3.01. Master Servicer to Act as
Servicer . . . . . . . . . . . . 61
Section 3.02. Subservicing Agreements
Between Master Servicer and
Subservicers; Enforcement of
Subservicers' and Sellers'
Obligations. . . . . . . . . . . 62
Section 3.03. Successor Subservicers . . . . . 63
Section 3.04. Liability of the Master
Servicer . . . . . . . . . . . . 64
Section 3.05. No Contractual Relationship
Between Subservicer and
Trustee or
Certificateholders.. . . . . . . 64
Section 3.06. Assumption or Termination of
Subservicing Agreements by
Trustee. . . . . . . . . . . . . 64
Section 3.07. Collection of Certain Mortgage
Loan Payments; Deposits to
Custodial Account. . . . . . . . 65
Section 3.08. Subservicing Accounts;
Servicing Accounts . . . . . . . 67
Section 3.09. Access to Certain
Documentation and Information
Regarding the Mortgage Loans . . 69
Section 3.10. Permitted Withdrawals from the
Custodial Account. . . . . . . . 69
Section 3.11. Maintenance of the Primary
Insurance Policies;
Collections Thereunder . . . . . 71
Section 3.12. Maintenance of Fire Insurance
and Omissions and Fidelity
Coverage . . . . . . . . . . . . 72
Section 3.13. Enforcement of Due-on-Sale
Clauses; Assumption and
Modification Agreements;
Certain Assignments. . . . . . . 74
Section 3.14. Realization Upon Defaulted
Mortgage Loans . . . . . . . . . 76
Section 3.15. Trustee to Cooperate;
Release of Mortgage Files. . . . 79
Section 3.16. Servicing and Other
Compensation . . . . . . . . . . 81
Section 3.17. Reports to the Trustee
and the Company. . . . . . . . . 82
Section 3.18. Annual Statement as to
Compliance . . . . . . . . . . . 82
Section 3.19. Annual Independent Public
Accountants' Servicing Report. . 82
Section 3.20. Rights of the Company in
Respect of the Master
Servicer . . . . . . . . . . . . 83
Section 3.21. Administration of Buydown
Funds. . . . . . . . . . . . . . 84
ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS
Section 4.01. Certificate Account. . . . . . . 85
Section 4.02. Distributions. . . . . . . . . . 85
Section 4.03. Statements to
Certificateholders . . . . . . . 98
Section 4.04. Distribution of Reports to the
Trustee and the Company;
Advances by the Master
Servicer . . . . . . . . . . . .100
Section 4.05. Allocation of Realized Losses. .102
Section 4.06. Reports of Foreclosures and
Abandonment of Mortgaged
Property . . . . . . . . . . . .104
Section 4.07. Optional Purchase of
Defaulted Mortgage Loans . . . .104
ARTICLE V
THE CERTIFICATES AND EXCESS SPREAD
Section 5.01. The Certificates . . . . . . . .107
Section 5.02. Registration of Transfer
and Exchange of Certificates . .109
Section 5.03. Mutilated, Destroyed, Lost
or Stolen Certificates . . . . .115
Section 5.04. Persons Deemed Owners. . . . . .116
Section 5.05. Appointment of Paying Agent. . .116
Section 5.06. Optional Purchase of
Certificates . . . . . . . . . .116
ARTICLE VI
THE COMPANY AND THE MASTER SERVICER
Section 6.01. Respective Liabilities of the
Company and the Master
Servicer . . . . . . . . . . . .119
Section 6.02. Merger or Consolidation of the
Company or the Master
Servicer; Assignment of Rights
and Delegation of Duties by
Master Servicer. . . . . . . . .119
Section 6.03. Limitation on Liability of the
Company, the Master Servicer
and Others.. . . . . . . . . . .120
Section 6.04. Company and Master
Servicer Not to Resign . . . . .121
ARTICLE VII
DEFAULT
Section 7.01. Events of Default. . . . . . . .122
Section 7.02. Trustee or Company to Act;
Appointment of Successor . . . .124
Section 7.03. Notification to
Certificateholders . . . . . . .125
Section 7.04. Waiver of Events of Default. . .125
ARTICLE VIII
CONCERNING THE TRUSTEE
Section 8.01. Duties of Trustee. . . . . . . .127
Section 8.02. Certain Matters Affecting the
Trustee. . . . . . . . . . . . .129
Section 8.03. Trustee Not Liable for
Certificates or Mortgage
Loans. . . . . . . . . . . . . .130
Section 8.04. Trustee May Own Certificates . .131
Section 8.05. Master Servicer to Pay
Trustee's Fees and Expenses;
Indemnification. . . . . . . . .131
Section 8.06. Eligibility Requirements for
Trustee. . . . . . . . . . . . .132
Section 8.07. Resignation and Removal of the
Trustee. . . . . . . . . . . . .132
Section 8.08. Successor Trustee. . . . . . . .134
Section 8.09. Merger or Consolidation of
Trustee. . . . . . . . . . . . .134
Section 8.10. Appointment of Co-Trustee
or Separate Trustee.
. . . . . . . . . . . . . . . .135
Section 8.11. Appointment of Custodians. . . .136
Section 8.12. Appointment of Office or
Agency . . . . . . . . . . . . .136
ARTICLE IX
TERMINATION
Section 9.01. Termination Upon Purchase by
the Master Servicer or the
Company or Liquidation of All
Mortgage Loans . . . . . . . . .137
Section 9.02. Termination of REMIC II. . . . .140
Section 9.03. Additional Termination
Requirements . . . . . . . . . .140
ARTICLE X
REMIC PROVISIONS
Section 10.01. REMIC Administration . . . . . .142
Section 10.02. Master Servicer and Trustee
Indemnification. . . . . . . . . . . . . .146
ARTICLE XI
MISCELLANEOUS PROVISIONS
Section 11.01. Amendment. . . . . . . . . . . .148
Section 11.02. Recordation of Agreement;
Counterparts . . . . . . . . . .151
Section 11.03. Limitation on Rights
of Certificateholders. . . . . .151
Section 11.04. Governing Law. . . . . . . . . .152
Section 11.05. Notices. . . . . . . . . . . . .152
Section 11.06. Notices to Rating Agency . . . .153
Section 11.07. Severability of Provisions . . .154
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
11.01(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: Planned Principal Balances
This is a Pooling and Servicing Agreement,
effective as of December 1, 1995, 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 BANKERS TRUST
COMPANY, 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-6, Class A-7, Class M-1, Class M-2, Class M-3, Class
B-1, Class B-2 and Class B-3 Certificates, Class A-5
Component A, Class A-5 Component B, Class A-5 Component
C, Class A-5 Component D and Class A-5 Component E 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.
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.
Aggregate
Initial
Pass- Certificate
Through Principal
Designation Type Rate Balance
Class A-1 Senior 6.20% $ 37,500,000.00
Class A-2 Senior 6.50% $ 35,848,000.00
Class A-3 Senior 6.20% $ 8,450,000.00
Class A-4 Senior 7.05% $ 67,350,000.00
Class A-5 Senior See Below $104,043,000.00
Class A-6 Senior 7.50% $ 26,848,000.00
Class A-7 Senior 0.00% $ 366,090.95
Class R-I Senior 7.50% $ 100.00
Class R-II Senior 7.50% $ 100.00
Class M-1 Mezzanine 7.50% $ 6,711,800.00
Class M-2 Mezzanine 7.50% $ 4,474,600.00
Class M-3 Mezzanine 7.50% $ 2,983,000.00
Class B-1 Subordinate 7.50% $ 1,789,800.00
Class B-2 Subordinate 7.50% $ 745,700.00
Class B-3 Subordinate 7.50% $ 1,193,929.65
The Class A-5 Certificates are comprised of five
Components having the following designations, interest
rates, initial amounts and features:
Interest Initial
Designation Rate Amount Features
Class A-5
Component A 1.30% $0.00 PAC Strip/
Super Senior
Class A-5
Component B 1.00% $0.00 PAC Strip/
Super Senior
Class A-5
Component C 1.30% $0.00 PAC Strip/
Super Senior
Class A-5
Component D 8.253506% $40,221,976.00 Accretion
Directed/
Companion/
Super Senior
Class A-5
Component E 7.50% $63,821,024.00 Accrual/
Companion/
Super Senior
Maturity Initial
Designation Features Date S&P Fitch
Class A-1 PAC/Super
Senior December 25, 2025 AAA AAA
Class A-2 PAC/Super
Senior December 25, 2025 AAA AAA
Class A-3 PAC/Super
Senior December 25, 2025 AAA AAA
Class A-4 Accretion
Directed/
Companion/
Super Senior December 25, 2025 AAA AAA
Class A-5 See Below December 25, 2025 AAA AAA
Class A-6 Senior
Support December 25, 2025 AAA AAA
Class A-7 Principal
Only/Senior December 25, 2025 AAAr AAA
Class R-I Super
Senior/
Residual December 25, 2025 AAA AAA
Class R-II Super
Senior/
Residual December 25, 2025 AAA AAA
Class M-1 Mezzanine December 25, 2025 AA AA
Class M-2 Mezzanine December 25, 2025 A A
Class M-3 Mezzanine December 25, 2025 N/A BBB
Class B-1 Subordinate December 25, 2025 N/A BB
Class B-2 Subordinate December 25, 2025 N/A B
Class B-3 Subordinate December 25, 2025 N/A N/A
The Class A-5 Certificates are comprised of five
Components having the following designations, interest
rates, initial amounts and features:
Interest Initial
Designation Rate Amount Features
Class A-5
Component A 1.30% $0.00 PAC Strip/
Super Senior
Class A-5
Component B 1.00% $0.00 PAC Strip/
Super Senior
Class A-5
Component C 1.30% $0.00 PAC Strip/
Super Senior
Class A-5
Component D 8.253506% $40,221,976.00 Accretion
Directed/
Companion/
Super Senior
Class A-5
Component E 7.50% $63,821,024.00 Accrual/
Companion/
Super Senior
The Mortgage Loans have an aggregate Cut-off Date
Principal Balance equal to $298,304,120.60. 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.
Accretion Termination Date: With respect to Class
A-5 Component E, the earlier to occur of (i) the
Distribution Date on which the Certificate Principal
Balance of the Class A-4 Certificates and the amount of
Class A-5 Component D have been reduced to zero and
(ii) the Credit Support Depletion Date.
Accrual Distribution Amount: As defined in
Section 4.02(a)(ii)(Y)(D).
Accrued Certificate Interest: With respect to
each Distribution Date, as to any Class A Certificate
(other than the Class A-5 Certificates and Class A-7
Certificates), any Class M Certificate, any Class B
Certificate or any Class R Certificate, one month's
interest accrued 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-5 Certificates,
(i) in the case of Class A-5 Component A, one month's
interest accrued on the Notional Amount of such
Component at a rate of 1.30% per annum, (ii) in the
case of Class A-5 Component B, one month's interest
accrued on the Notional Amount of such Component at a
rate of 1.00% per annum; (iii) in the case of Class A-5
Component C, one month's interest accrued on the
Notional Amount of such Component at a rate of 1.30%
per annum; (iv) in the case of Class A-5 Component D,
one month's interest accrued on the amount of such
Component at a rate of 8.253506% per annum; and (v) in
the case of Class A-5 Component E, one month's interest
accrued on the amount of such Component at a rate of
7.50% per annum. Accrued Certificate Interest will be
calculated on the basis of a 360-day year consisting of
twelve 30-day months. In each case Accrued Certificate
Interest on any Class of Certificates or Components
will be reduced by the amount of (i) Prepayment
Interest Shortfalls (to the extent not offset by the
Master Servicer with a payment of Compensating Interest
as provided in Section 4.01), (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 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 and
the amount of Excess Spread payable on such
Distribution Date which would have resulted absent such
reductions. With respect to the Class A-5 Certificates
on each Distribution Date that occurs prior to the
Accretion Termination Date, interest shortfalls
allocable to Class A-5 Component E on such Distribution
Date will be so allocated by reducing the amount that
is added to the Certificate Principal Balance thereof
in respect of Accrued Certificate Interest pursuant to
Section 4.02(e). 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
January 1996 through
December 2000........100%
January 2001 through
December 2001........Adjusted Senior Percentage, plus
70% of the sum of the Subordinate
Percentage and the Senior Support
Percentage
January 2002 through
December 2002........Adjusted Senior Percentage, plus
60% of the sum of the Subordinate
Percentage and the Senior Support
Percentage
January 2003 through
December 2003........Adjusted Senior Percentage, plus
40% of the sum of the Subordinate
Percentage and the Senior Support
Percentage
January 2004 through
December 2004........Adjusted Senior Percentage, plus
20% of the sum of the Subordinate
Percentage and the Senior Support
Percentage
January 2005 and
thereafter...........Adjusted Senior Percentage
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 Certificate Principal Balance of the
Class M and Class B Certificates averaged over the last
six months, 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 any 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 Class A
Certificates (other than the Certificate Principal
Balance of the Class A-6 Certificates and the Class A-7
Certificates) and Class R 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
Class A Certificates (other than the Certificate
Principal Balance of the Class A-6 Certificates and the
Class A-7 Certificates) and Class R 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.
Adjusted Senior Principal Distribution Amount: As
defined in Section 4.02(b)(iii).
Advance: As to any Mortgage Loan, any advance
made by the Master Servicer, pursuant to Section 4.04.
Affiliate: With respect to any Person, any other
Person controlling, controlled by or under common
control with such first Person. For the purposes of
this definition, "control" means the power to direct
the management and policies of such Person, directly or
indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms
"controlling" and "controlled" have meanings
correlative to the foregoing.
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.
Assignment Agreement: The Assignment and
Assumption Agreement, dated as of December 28, 1995,
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) $137,232 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
(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.
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.
Certificate Account: The separate account or
accounts created and maintained pursuant to Section
4.01, which shall be entitled "Bankers Trust Company,
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 1995-S21" 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, 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.
Certificate Principal Balance: With respect to
each Class A Certificate 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, plus (ii)
in the case of each Class A-5 Certificate, an amount
equal to the aggregate Accrued Certificate Interest
added to the amount of Class A-5 Component E on each
Distribution Date on or prior to the Accretion
Termination Date pursuant to Section 4.02(e), 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.
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 Interest evidenced by such Certificate times
the excess, if any, of (A) the then aggregate Stated
Principal Balance of the Mortgage Loans over (B) the
then aggregate Certificate Principal Balance of all
other Classes of Certificates then outstanding.
Certificate Register and Certificate Registrar:
The register maintained and the registrar appointed
pursuant to Section 5.02.
Class: Collectively, all of the Certificates
bearing the same designation.
Class A Certificate: Any one of the Class A-1,
Class A-2, Class A-3, Class A-4, Class A-5, Class A-6
or Class A-7 Certificates, executed by the Trustee and
authenticated by the Certificate Registrar
substantially in the form annexed hereto as Exhibit A,
each such Certificate (other than the Class A-5
Certificates) evidencing an interest designated as a
"regular interest" in REMIC II for purposes of the
REMIC Provisions.
Class A-5 Component A: With respect to the Class
A-5 Certificates, the Component A thereof having a
Notional Amount as set forth in this Agreement and
entitled to distributions of interest (but not
principal) to the extent set forth in this Agreement,
being an uncertificated interest representing an
interest designated as a "regular interest" in REMIC II
for purposes of the REMIC Provisions.
Class A-5 Component B: With respect to the Class
A-5 Certificates, the Component B thereof having a
Notional Amount as set forth in this Agreement and
entitled to distributions of interest (but not
principal) to the extent set forth in this Agreement,
being an uncertificated interest representing an
interest designated as a "regular interest" in REMIC II
for purposes of the REMIC Provisions.
Class A-5 Component C: With respect to the Class
A-5 Certificates, the Component C thereof having a
Notional Amount as set forth in this Agreement and
entitled to distributions of interest (but not
principal) to the extent set forth in this Agreement,
being an uncertificated interest representing an
interest designated as a "regular interest" in REMIC II
for purposes of the REMIC Provisions.
Class A-5 Component D: With respect to the Class
A-5 Certificates, the Component D thereof having, on
any date of determination, an amount equal to (i)
$40,221,976.00 minus (ii) the sum of (x) the aggregate
of all amounts previously distributed with respect to
the Class A-5 Certificates and applied to reduce Class
A-5 Component D pursuant to Section 4.02(b), and (y)
the aggregate of all reductions in Class A-5 Component
D deemed to have occurred in connection with Realized
Losses which were previously allocated to Class A-5
Component D pursuant to Section 4.05, being an
uncertificated interest representing an interest
designated as a "regular interest" in REMIC II for
purposes of the REMIC Provisions.
Class A-5 Component E: With respect to the Class
A-5 Certificates, the Component E thereof having, on
any date of determination, an amount equal to (i)
$63,821,024.00 plus (ii) an amount equal to the
aggregate Accrued Certificate Interest added to the
amount of Class A-5 Component E on each Distribution
Date on or prior to the Accretion Termination Date
pursuant to Section 4.02(e), minus (iii) the sum of (x)
the aggregate of all amounts previously distributed
with respect to the Class A-5 Certificates and of all
amounts previously distributed with respect to the
Class A-5 Certificates and applied to reduce Class A-5
Component E pursuant to Section 4.02(b), and (y) the
aggregate of all reductions in Class A-5 Component E
deemed to have occurred in connection with Realized
Losses which were previously allocated to Class A-5
Component E pursuant to Section 4.05, being an
uncertificated interest representing an interest
designated as a "regular interest" in REMIC II for
purposes of the REMIC Provisions.
Class A-7 Collection Shortfall: With respect to
the Final 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-7 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) (other than the related Discount Fraction
of each Discount Mortgage Loan) immediately prior to
such Distribution Date.
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 1.25%.
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) (other than the related Discount Fraction
of each Discount Mortgage Loan) 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 0.65%.
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) (other than the related Discount Fraction
of each Discount Mortgage Loan) 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.
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) (other than the related Discount Fraction
of each Discount Mortgage Loan) 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) (other than the related Discount Fraction
of each Discount Mortgage Loan) 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 3.75%.
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) (other than the related Discount fraction
of each Discount Mortgage Loan) 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 2.25%.
Class R Certificate: Any one of the Class R-I
Certificates or Class R-II Certificates.
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: December 28, 1995.
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.
Component: Any of Class A-5 Component A, Class A-
5 Component B, Class A-5 Component C, Class A-5
Component D and Class A-5 Component E.
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.
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 Four Albany
Street, New York, New York 10006, Attention:
Residential Funding Corporation Series 1995-S21.
Credit Support Depletion Date: The first
Distribution Date on which the Senior Percentage equals
100%.
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.
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: December 1, 1995.
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.
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.
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 Bankers Trust Company, 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).
Eligible Funds: On any Distribution Date means
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-7 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.
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, as reduced by any such
amount that is included in Section 4.02(b)(i)(E)
hereof.
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.
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.
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.
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.
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 Proceeds: Proceeds paid in respect of
the Mortgage Loans pursuant to any Primary Insurance
Policy or any other related insurance policy covering a
Mortgage Loan, 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.
Insurer: Any named insurer under any Primary
Insurance Policy or any successor thereto or the named
insurer in any replacement policy.
Late Collections: With respect to any Mortgage
Loan, all amounts received during any Due Period,
whether as late payments of Monthly Payments or as
Insurance Proceeds, Liquidation Proceeds or otherwise,
which represent late payments or collections of Monthly
Payments due but delinquent for a previous Due Period
and not previously recovered.
Liquidation Proceeds: Amounts (other than
Insurance Proceeds) received by the 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.
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 December 25, 2025,
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");
(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
requested.
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.
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-Discount Mortgage Loan: A Mortgage Loan that
is not a Discount Mortgage Loan.
Non-Primary Residence Loans: The Mortgage Loans
designated as secured by second or vacation residences,
or by non-owner occupied residences, on the Mortgage
Loan Schedule.
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.
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-5 Component A, an amount equal
to the Certificate Principal Balance of the Class A-1
Certificates immediately prior to such date; with
respect to Class A-5 Component B, an amount equal to
the Certificate Principal Balance of the Class A-2
Certificates immediately prior to such date; and with
respect to Class A-5 Component C, an amount equal to
the Certificate Principal Balance of the Class A-3
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.
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 Adjusted Senior Percentage: The
fraction, expressed as a percentage, the numerator of
which is the aggregate Initial Certificate Principal
Balance of the Class A Certificates (excluding the
Certificate Principal Balance of the Class A-6
Certificates and Class A-7 Certificates) and Class R
Certificates and the denominator of which is the
aggregate Stated Principal Balance of the Mortgage
Loans (other than the related Discount Fraction of the
Discount Mortgage Loans), which is approximately 84.98%
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.
PAC Certificate: Any one of the Class A-1, Class
A-2 or Class A-3 Certificates.
Pass-Through Rate: With respect to the Class A
Certificates (other than the Class A-5 Certificates and
Class A-7 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. The Class A-7
Certificates have no Pass-Through Rate and are not
entitled to Accrued Certificate Interest.
Paying Agent: Bankers Trust Company 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;
(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;
provided, however, that 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.
Planned Principal Balance: With respect to each
Class of PAC Certificates and each Distribution Date,
the amount set forth for such Class on such
Distribution Date on Exhibit Q hereto.
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
265% 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:
(i) For any Distribution Date on which the Class
M-1 Certificates are outstanding and prior to
the later to occur of (x) the Distribution
Date in January 2003 and (y) the Distribution
Date on which the sum of the Class M-2
Percentage, Class M-3 Percentage and Class B
Percentage (before taking into account such
month's distribution) equals or exceeds
7.51%:
(a) in the case of the Class M-1
Certificates, 100%; and
(b) in the case of each other Class of
Class M Certificates and each Class of
Class B Certificates, 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
(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.
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 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.
Purchase Price: With respect to any Mortgage Loan
(or REO Property) required to be 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-I
Certificates pursuant to Section 4.02 hereof.
Rating Agency: Fitch and Standard & Poor's with
respect to the Class A, Class R, Class M-1 and
Class M-2 Certificates and Fitch with respect to the
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 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.
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 by foreclosure
or deed in lieu of foreclosure, and
(iv) the hazard insurance policies and
Primary Insurance Policies, if any, and
certain proceeds thereof.
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 M-1, Class M-2, Class M-3, Class B-1, Class B-2,
Class B-3 and Class R-II Certificates pursuant to
Section 2.06, with respect to which a separate REMIC
election is to be made.
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 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 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.
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.
Schedule of Discount Fractions: The schedule
setting forth the Discount Fractions with respect to
the Discount Mortgage Loans, attached hereto as Exhibit
P.
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 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 Class A
Certificates (other than the Certificate Principal
Balance of Class A-7 Certificates) and Class R
Certificates immediately prior to such Distribution
Date and the denominator of which is the aggregate
Stated Principal Balance of all of the Mortgage Loans
(or related REO Properties) (other than the related
Discount Fraction of each Discount Mortgage Loan)
immediately prior to such Distribution Date.
Senior Principal Distribution Amount: As to any
Distribution Date, the lesser of (a) the balance of the
Available Distribution Amount remaining after the
distribution of all amounts required to be distributed
pursuant to Section 4.02(a)(i) and (ii)(X) 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)(Y), (xvi) and (xvii).
Senior Support Certificates: Any of the Class A-6
Certificates.
Senior Support Percentage: As of any Distribution
Date, a fraction, expressed as a percentage, equal to
the aggregate Certificate Principal Balance of the
Senior Support 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.
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.
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.
Special Hazard Amount: As of any Distribution
Date, an amount equal to $3,300,925 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 50.0% (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.
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.
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 Senior 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 (other than the related
Discount Fraction of such Principal Payments in Full
and Curtailments with respect to a Discount Mortgage
Loans) to the extent not payable to the Senior
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.
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.
Super Senior Certificates: Any one of the Class
A-1, Class A-2, Class A-3, Class A-4, Class A-5 or
Class R Certificates.
Super Senior Optimal Percentage: As of any
Distribution Date occurring on or after the Credit
Support Depletion Date, the fraction, expressed as a
percentage, the numerator of which is the aggregate
Certificate Principal Balance of the Super Senior
Certificates immediately prior to such Distribution
Date and the denominator of which is the aggregate
Certificate Principal Balance of all Senior
Certificates (other than the Certificate Principal
Balance of the Class A-7 Certificates) immediately
prior to such Distribution Date.
Super Senior Optimal Principal Distribution
Amount: With respect to any Distribution Date
occurring on or after the Credit Support Depletion
Date, the sum of (A) the product of (a) the then-
applicable Super Senior Optimal Percentage for such
class and (b) the sum of the amounts described in
clauses (A), (E) and (G) of Section 4.02(a)(ii)(Y) and
(B) the sum of the amounts described in clauses (B) and
(C) of Section 4.02(a)(ii)(Y).
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.
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-1 Certificates if the Pass-Through Rate on such
Classes were equal to the Uncertificated 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-2 Certificates
if the Pass-Through Rate on such Classes were equal to
the Uncertificated 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-3 Certificates, if the Pass-Through Rate
on such Class 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-7
Certificates, if the Pass-Through Rate on such Class
were equal to the Uncertificated Pass-Through Rate on
Uncertificated REMIC I Regular Interest X, (v) 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-4, Class A-6, Class
M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class
B-3, and Class R-II Certificates and Class A-5
Component D and Class A-5 Component E, if the Pass-
Through Rates (or, in the case of Components, the rate
at which interest accrues thereon) on such Classes or
Components were equal to the Uncertificated Pass-
Through Rate on Uncertificated REMIC I Regular Interest
Y and (vi) 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, 7.50%, 7.50%, 7.50%,
0.00%, 7.50%, and the weighted average of the Spread
Rates for the Mortgage Loans, respectively.
Uncertificated Principal Balance: With
respect to each Uncertificated REMIC I Regular Interest
on any date of determination, an amount equal to
$37,500,000.00 with respect to Uncertificated REMIC I
Regular Interest U, an amount equal to $35,848,000.00
with respect to Uncertificated REMIC I Regular Interest
V, $8,450,000.00 with respect to Uncertificated REMIC I
Regular Interest W, $366,090.95 with respect to
Uncertificated REMIC I Regular Interest X,
$216,139,829.65 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-
1 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 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-
2 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 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-
3 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 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-
7 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-
4, Class A-6, 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 sum of the amounts of Class A-5 Component D and
Class A-5 Component E 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).
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.
Uninsured Cause: Any cause of damage to property
subject to a Mortgage such that the complete
restoration of such property is not fully reimbursable
by the hazard insurance policies.
United States Person: A citizen or resident of
the United States, a corporation, partnership or other
entity created or organized in, or under the laws of,
the United States 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. 98.0% of all of the Voting Rights shall be
allocated among Holders of Certificates, respectively,
other than the Class R-I Certificates and Class R-II
Certificates, in proportion to the outstanding
Certificate Principal Balances of their respective
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.
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).
(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
(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;
(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 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.
(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.
(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 the secured party," or possession by a
purchaser or a person designated by such secured party,
for purposes of perfecting the security interest
pursuant to the Minnesota Uniform Commercial Code and
the Uniform Commercial Code of any other applicable
jurisdiction (including, without limitation, 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, the Uncertificated REMIC II
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, the
Uncertificated REMIC I Regular Interests, the
Uncertificated REMIC II 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 or
Uncertificated REMIC II Regular Interest.
(f) The Master Servicer hereby acknowledges
the receipt by it of cash in an amount equal to
$571,048.86 (the "Initial Monthly Payment Fund"),
representing scheduled principal amortization and
interest at the Net Mortgage Rate for the Due Date in
January 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
January 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.
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, 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.
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. 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 or the Trustee on behalf of
Certificateholders.
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
Certificateholders that:
(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;
(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. 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):
(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) 30% of the principal balance of the Mortgage
Loan at origination if the Loan-to-Value Ratio is
between 95.00% and 90.01%, (b) at least 17% of
such balance if the Loan-to-Value Ratio is between
90.00% and 85.01%, and (c) at least 12% of such
balance if the Loan-to-Value Ratio is between
85.00% 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 1.2% 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, no
more than 0.6% 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, and none of
the Mortgage Loans 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);
(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) Approximately 0.06% of the Mortgage
Loans by aggregate Stated Principal Balance as of
the Cut-off Date 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) Approximately 0.4% of the Mortgage
Loans by aggregate Stated Principal Balance as of
the Cut-off Date 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;
(xvi) Interest on each Mortgage Loan is
calculated on the basis of a 360-day year
consisting of twelve 30-day months; and
(xvii) One of the Mortgage Loans contains
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. 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 Certificateholders
and the Owner of the Excess Spread or the Trustee on
behalf of 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.
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 Master Servicer was notified of the breach if such
90 day period expires before two years following the
Closing Date. 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
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
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 Certificateholders 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, and, if the Deleted Mortgage
Loan was a Discount Mortgage Loan, the Schedule of
Discount Fractions, for the benefit of the
Certificateholders to reflect the removal of such
Deleted Mortgage Loan and the substitution of the
Qualified Substitute Mortgage Loan or Loans and the
Master Servicer shall deliver the amended Mortgage Loan
Schedule, and, if the Deleted Mortgage Loan was a
Discount Loan, the amended Schedule of Discount
Fractions, to the Trustee. Upon such substitution, the
Qualified Substitute Mortgage Loan or Loans shall be
subject to the terms of this Agreement and the related
Subservicing Agreement in all respects, the 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.
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
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 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 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.
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 .
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 and
Uncertificated REMIC II 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 M-1, Class M-2, Class M-3, Class B-1, Class B-2,
Class B-3 and Class R-II Certificateholders. The
Trustee acknowledges receipt of the Uncertificated
REMIC I Regular Interests and Uncertificated REMIC II
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 M-1, Class M-2, Class M-3, Class B-1, Class B-2,
Class B-3 and Class R-II Certificateholders. 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 M-1, Class M-
2, Class M-3, Class B-1, Class B-2, Class B-3 and Class
R-II Certificateholders 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 M-1, Class M-2, Class M-3, Class B-1,
Class B-2, Class B-3 and Class R-II Certificates, 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 M-1, Class M-2, Class M-3, Class B-1, Class B-2,
Class B-3 and Class R-II Certificateholders in such
distributions, shall be as set forth in this Agreement.
Section 2.07. Issuance of Certificates
Evidencing Interest in REMIC
II.
The Trustee acknowledges the assignment to it
of the Uncertificated REMIC I Regular Interests and the
Uncertificated REMIC II 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 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 evidencing ownership of the entire REMIC
II.
ARTICLE III
ADMINISTRATION AND SERVICING
OF MORTGAGE LOANS
Section 3.01. Master Servicer to Act as Servicer.
(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 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 causing 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.
(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
Certificateholders, be added to the amount owing under
the related Mortgage Loans, notwithstanding that the
terms of such Mortgage Loan so permit, and such costs
shall be recoverable to the extent permitted by Section
3.10(a)(ii).
(c) The 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.
(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.
(b) As part of its servicing activities
hereunder, the Master Servicer, for the benefit of the
Trustee and the Certificateholders, 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.
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 and
Certificateholders for the servicing and administering
of the Mortgage Loans in accordance with the provisions
of Section 3.01 without diminution of such obligation
or liability by virtue of such Subservicing Agreements
or arrangements or by virtue of indemnification from
the Subservicer or the Company and to the same extent
and under the same terms and conditions as if the
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.
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 and Certificateholders
shall not be deemed parties thereto and shall have no
claims, rights, obligations, duties or liabilities with
respect to the Subservicer in its capacity as such
except as set forth in Section 3.06. 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.
(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.
(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.
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; 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 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.
(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).
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.
(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.
(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.
(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;
(ii) to reimburse itself or the related
Subservicer for previously unreimbursed advances
or expenses made pursuant to Sections 3.01, 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) late recoveries
of the payments for 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
Certificateholders as of the date on which the
related Stated Principal Balance or Purchase Price
is determined;
(vii) to reimburse itself or the related
Subservicer for any Nonrecoverable Advance or
Advances in the manner and to the extent provided
in subsection (c) below 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;
(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.
(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. 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.
(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 and
Certificateholders, 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.
(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
Certificateholders, be added to the amount owing under
the Mortgage Loan, notwithstanding that the terms of
the Mortgage Loan so permit. Such costs shall be
recoverable by the 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. When 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).
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 and Certificateholders, 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.
(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.
(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 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 cause
either REMIC I or REMIC II to fail to qualify as such
under the Code. 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 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 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. 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.
(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.
(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
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 and
(ii) that such expenses 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
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 its funds so
expended 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 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.
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.
(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 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 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.
(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); 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.
(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.
(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.
(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.
Section 3.18. Annual Statement as to Compliance.
The Master Servicer will deliver to the Company
and the Trustee 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 and of its
performance under the 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 fulfilled all of its material obligations
in all material respects throughout such year, or, if
there has been a default in the fulfillment in all
material respects of any such obligation relating to
this Agreement, specifying each such default known to
such officer and the nature and status thereof and
(iii) to the best of such officers' knowledge, each
Subservicer has fulfilled its material obligations
under its Subservicing Agreement in all material
respects, or if there has been a material default in
the fulfillment of such obligations relating to this
Agreement, specifying such default known to such
officer and the nature and status thereof.
Section 3.19. Annual Independent Public
Accountants' Servicing Report.
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 is a member of the American Institute
of Certified Public Accountants to furnish a statement
to the Company and the Trustee to the effect that such
firm has examined certain documents and records
relating to the servicing of the mortgage loans under
pooling and servicing agreements (including this
Agreement) substantially similar one to another (such
statement to have attached thereto a schedule setting
forth the pooling and servicing agreements covered
thereby, including this Agreement) and that, on the
basis of such examination conducted substantially in
compliance with the Uniform Single Audit Program for
Mortgage Bankers or the Audit Program for Mortgages
serviced for FHLMC, such servicing has been conducted
in compliance with such pooling and servicing
agreements except for such significant exceptions or
errors in records that, in the opinion of such firm,
the Uniform Single Audit Program for Mortgage Bankers
or the Audit Program for Mortgages serviced for FHLMC
requires it to report. In rendering such statement,
such firm may rely, as to matters relating to direct
servicing of mortgage loans by Subservicers, upon
comparable statements for examinations conducted
substantially in compliance with the Uniform Single
Audit Program for Mortgage Bankers or the Audit Program
for Mortgages serviced for FHLMC (rendered within one
year of such statement) of Independent public
accountants with respect to the related Subservicer.
For purposes of such statement, such firm may
conclusively assume that all pooling and servicing
agreements among the Company, the Master Servicer and
the Trustee relating to Mortgage Pass-Through
Certificates evidencing an interest in first mortgage
loans are substantially similar one to another except
for any such pooling and servicing agreement which, by
its terms, specifically states otherwise.
Section 3.20. Rights of the Company in Respect
of the Master Servicer.
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.
(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.
(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.
ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS
Section 4.01. Certificate Account.
(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, 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.
(a) On each Distribution Date the Master Servicer
on behalf of the Trustee or 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), 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-7 Certificateholders),
Class R Certificateholders and the Owner of the
Excess Spread, on a pro rata basis based on
Accrued Certificate Interest payable on such
Certificates and the amount of Excess Spread with
respect to such Distribution Date, Accrued
Certificate Interest on such Classes of
Certificates and such Excess Spread, as
applicable, for such Distribution Date, plus any
Accrued Certificate Interest thereon 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-7
Certificateholders, the Class A-7 Principal
Distribution Amount; and
(Y) to the Class A
Certificateholders (other than Class A-7
Certificateholders) and Class R
Certificateholders, in the priorities and amounts
set forth in Section 4.02(b)(ii) through (vi) and
Section 4.02(c), the sum of the following (applied
to reduce the Certificate Principal Balances of
such Class A Certificates or Class R Certificates,
as applicable):
(A) the Senior Percentage for such
Distribution Date times the sum of the
following:
(1) the principal portion of each
Monthly Payment due during the related
Due Period on each Outstanding Mortgage
Loan (other than the related Discount
Fraction of the principal portion of
such payment with respect to a 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);
(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) if such Distribution Date is on or
prior to the Accretion Termination Date, the
Accrued Certificate Interest on Class A-5
Component E that would otherwise be
distributed to the Class A-5 Certificates on
such Distribution Date, to the extent added
to the amount of such Component on such
Distribution Date in accordance with Section
4.02(e) (the "Accrual Distribution Amount");
(E) any Excess Subordinate Principal
Amount for such Distribution Date;
(F) the Class A-6 Certificates' pro
rata share, based on the Certificate
Principal Balance thereof relative to the
aggregate Certificate Principal Balance of
the Class A-6 Certificates, Class M
Certificates and Class B Certificates of the
unscheduled collections and Principal
Prepayments referred to in clauses (B) and
(C) above, to the extent such receipts are
not payable to the other classes of Senior
Certificates; provided that under the
circumstances set forth in Section 4.02(d),
100% of such Principal Prepayments (other
than the related Discount Fraction of such
Principal Prepayments, with respect to each
Discount Mortgage Loan) will be paid to the
Holders of the Class A-6 Certificates;
(G) any amounts described in subsection
(ii)(Y), clauses (A), (B), (C), (D) and (F)
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 (G) 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-7 Collection
Shortfalls remaining unpaid for all previous
Distribution Dates, to the extent the amounts
available pursuant to clause (x) of Sections
4.02(a)(vii), (ix), (xi), (xiii), (xiv) and (xv)
are insufficient therefor, applied in reduction
of the Certificate Principal Balance of the Class
M-1 Certificates;
(vi) to the Holders of the Class M-2
Certificates, the Accrued Certificate Interest
thereon for such Distribution Date, plus any
Accrued Certificate Interest thereon remaining
unpaid from any previous Distribution Date, except
as provided below;
(vii) to the Holders of the Class M-2
Certificates, an amount equal to the Subordinate
Principal Distribution Amount for such Class of
Certificates for such Distribution Date, minus (y)
the amount of any Class A-7 Collection Shortfalls
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-7 Collection
Shortfalls 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-7 Collection
Shortfalls remaining unpaid for all previous
Distribution Dates, to the extent the amounts
available pursuant to clause (x) of Sections
4.02(a)(xiii), (xiv) and (xv) are insufficient
therefor, applied in reduction of the Certificate
Principal Balance of the Class B-1 Certificates;
(xii) to the Holders of the Class B-2
Certificates, the Accrued Certificate Interest
thereon for such Distribution Date, plus any
Accrued Certificate Interest thereon remaining
unpaid from any previous Distribution Date, except
as provided below;
(xiii) to the Holders of the Class B-2
Certificates, an amount equal to (x) the
Subordinate Principal Distribution Amount for such
Class of Certificates for such Distribution Date
minus (y) the amount of any Class A-7 Collection
Shortfalls 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-7 Collection
Shortfalls 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-7 Collection
Shortfalls remaining unpaid for all previous
Distribution Dates applied in reduction of the
Certificate Principal Balance of the Class B-3
Certificates;
(xvi) 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
(xvii) to the Class R-I
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-5 Certificates, to
the extent of Class A-5 Component A, Class A-5
Component B and Class A-5 Component C) and Class R
Certificates on each Distribution Date occurring prior
to the occurrence of the Credit Support Depletion Date
will be made as follows:
(i) first, to the Class A-7
Certificates, until the Certificate Principal
Balance thereof is reduced to zero, an amount (the
"Class A-7 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 Final
Disposition of a Discount Mortgage Loan that
did not result in any Excess Special Hazard
Losses, Excess Fraud Losses, Excess
Bankruptcy Losses or Extraordinary Losses, an
amount equal to the lesser of (1) the
applicable Discount Fraction of the Stated
Principal Balance of such Discount Mortgage
Loan immediately prior to such Distribution
Date and (2) the aggregate amount of the
collections on such Mortgage Loan to the
extent applied as recoveries of principal;
(D) any amounts allocable to principal
for any previous Distribution Date
(calculated pursuant to clauses (A) through
(C) above) that remain undistributed; and
(E) the amount of any Class A-7
Collection Shortfalls for such Distribution
Date and the amount of any Class A-7
Collection Shortfalls remaining unpaid for
all previous Distribution Dates, but only to
the extent of the Eligible Funds for such
Distribution Date;
(ii) second, an amount equal to the Accrual
Distribution Amount shall be distributed to the
Class A-4 Certificates and to the Class A-5
Certificates with the amount so distributed to be
allocated in reduction of Class A-5 Component D,
on a pro rata basis in proportion to the
Certificate Principal Balance of the Class A-4
Certificates and the amount of Class A-5 Component
D, until the Certificate Principal Balance of the
Class A-4 Certificates and the amount of Class A-5
Component D have been reduced to zero;
(iii) third, the balance of the Senior
Principal Distribution Amount remaining after the
distribution described in clause 4.02(b)(ii) above
(the "Adjusted Senior Principal Distribution
Amount") shall be distributed to the Class R-I
Certificates and Class R-II Certificates,
concurrently, with the amount to be distributed
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, in reduction of the
Certificate Principal Balances of such
Certificates, until their respective Certificate
Principal Balances are reduced to zero;
(iv) fourth, an amount equal to the lesser
of (1) the Adjusted Senior Principal Distribution
Amount remaining after the distribution, if any,
described in clause (iii) above and (2) the sum of
(A) the Class A-6 Certificates' pro rata portion,
based on the Certificate Principal Balance thereof
relative to the aggregate Certificate Principal
Balance of the Senior Certificates (other than the
Class A-7 Certificates), of the aggregate of the
amounts described in clauses (A), (E) and (G) of
Section 4.02(a)(ii)(Y) and (B) the amount
described in clause (F) of Section 4.02(a)(ii)(Y)
shall be distributed to the Class A-6
Certificates, provided that if the Senior
Principal Distribution Amount set forth in clauses
(A), (B), (C), (D), (E), (F) and (G) of Section
4.02(a)(ii)(Y) is more than the balance of the
Available Distribution Amount remaining after the
Senior Interest Distribution Amount, the Principal
Only Distribution Amount, the Accrual Distribution
Amount and the Excess Spread have been
distributed, the amount paid to the Class A-6
Certificates pursuant to this clause (iv) shall be
reduced by an amount equal to the Class A-6
Certificates' pro rata share of such difference;
(v) fifth, an amount equal to the
lesser of (1) the balance of the Adjusted Senior
Principal Distribution Amount remaining after the
distributions, if any, described in clauses (iii)
and (iv) above and (2) the aggregate amount (the
"PAC Principal Amount") necessary to reduce the
outstanding Certificate Principal Balances of each
class of the PAC Certificates to their respective
Planned Principal Balances for such Distribution
Date, shall be distributed in reduction of the
Certificate Principal Balances of the classes set
forth below as follows:
(A) first, to the Class A-1
Certificates until the Certificate Principal
Balance thereof has been reduced to its
Planned Principal Balance;
(B) second, to the Class A-2
Certificates, until the Certificate Principal
Balance thereof has been reduced to its
Planned Principal Balance; and
(C) third, to the Class A-3
Certificates, until the Certificate Principal
Balance thereof has been reduced to its
Planned Principal Balance; and
(vi) sixth, the balance, if any, of the
Adjusted Senior Principal Distribution Amount
remaining after the distributions described in
clauses (iii), (iv) and (v) above shall be
distributed as follows:
(A) first, to the Class A-4
Certificates and to the Class A-5
Certificates, with the amount so
distributed to be allocated in
reduction of Class A-5 Component D,
on a pro rata basis in proportion
to the Certificate Principal
Balance of the Class A-4
Certificates and the amount of
Class A-5 Component D, until the
Certificate Principal Balance and
amount thereof have been reduced to
zero;
(B) second, to the Class A-5
Certificates, with the amounts so
distributed to be allocated in
reduction of Class A-5 Component E,
until the amount of Class A-5
Component E has been reduced to
zero;
(C) third, to the Class A-1
Certificates, without regard to the
Planned Principal Balance thereof
until the Certificate Principal
Balance thereof has been reduced to
zero;
(D) fourth, to the Class A-2
Certificates, without regard to the
Planned Principal Balance thereof
until the Certificate Principal
Balance thereof has been reduced to
zero; and
(E) fifth, to the Class A-3
Certificates, without regard to the
Planned Principal Balance thereof
until the Certificate Principal
Balance thereof has been reduced to
zero.
(c) On or after the occurrence of the Credit
Support Depletion Date but prior to the reduction of
the Certificate Principal Balance of the Class A-6
Certificates to zero, all priorities relating to
distributions as described above in respect of
principal among the various classes of Senior
Certificates (other than the Class A-7 Certificates)
will be disregarded and an amount equal to the Discount
Fraction of the principal portion of scheduled or
unscheduled payments received or advanced in respect of
Discount Mortgage Loans will be distributed to the
Class A-7 Certificates and the Senior Principal
Distribution Amount will be distributed among all
classes of Senior Certificates (other than the Class A-
7 Certificates) pro rata in accordance with their
respective outstanding Certificate Principal Balances
and the Senior Interest Distribution Amount will be
distributed as set forth in Section 4.02(a)(i) above;
provided that the aggregate amount distributable to the
Super Senior Certificates and the Class A-6
Certificates in respect of the aggregate Accrued
Certificate Interest thereon and in respect of their
collective pro rata portion of the Senior Principal
Distribution Amount will be distributed among such
Certificates in the following priority: first, to the
Super Senior Certificates, on a pro rata basis in
accordance with their respective amounts of Accrued
Certificate Interest, up to an amount equal to the
Accrued Certificate Interest thereon; second, to the
Super Senior Certificates, on a pro rata basis in
proportion to the respective Certificate Principal
Balances thereof, the Super Senior Optimal Principal
Distribution Amount thereof, in reduction of the
Certificate Principal Balances thereof until such
Certificate Principal Balances have been reduced to
zero; third, to the Class A-6 Certificates, up to an
amount equal to the Accrued Certificate Interest
thereon; and fourth, to the Class A-6 Certificates, the
remainder of the amount so distributable among the
Super Senior Certificates and Class A-6 Certificates,
until the Certificate Principal Balance thereof is
reduced to zero.
(d) On or after the occurrence of the Credit
Support Depletion Date and upon reduction of the
Certificate Principal Balance of the Class A-6
Certificates to zero, all priorities relating to
distributions as described above in respect of
principal among the various classes of Senior
Certificates (other than the Class A-7 Certificates)
will be disregarded and an amount equal to the Discount
Fraction of the principal portion of scheduled or
unscheduled payments received or advanced in respect of
Discount Mortgage Loans will be distributed to the
Class A-7 Certificates and the Senior Principal
Distribution Amount will be distributed among all
classes of Senior Certificates (other than the Class A-
7 Certificates) pro rata in accordance with their
respective outstanding Certificate Principal Balances.
After reduction of the Certificate Principal Balances
of the Super Senior Certificates to zero but prior to
the occurrence of the Credit Support Depletion Date,
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 paid
solely to the holders of the Class A-6 Certificates on
any Distribution Date prior to the Distribution Date
occurring in January 2005 on which (i) 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 Class A-6
Certificates or (ii) the outstanding principal balance
of Mortgage Loans delinquent 60 days or more is greater
than one-third of the aggregate Certificate Principal
Balance of the Class M Certificates and Class B
Certificates immediately prior to such Distribution
Date.
(e) On each Distribution Date prior to the
Accretion Termination Date, an amount equal to the
Accrued Certificate Interest that would otherwise be
distributed on the Class A-5 Certificates in respect of
Class A-5 Component E shall be added to the amount of
such Component; provided that if the Accretion
Termination Date is the Credit Support Depletion Date,
the entire amount of Accrued Certificate Interest on
Class A-5 Component E for such Distribution Date will
be paid in respect of Class A-5 Component E to the
Holders of the Class A-5 Certificates. On and after
the Accretion Termination Date, the entire amount of
Accrued Certificate Interest on Class A-5 Component E
for such Distribution Date shall be payable in respect
of Class A-5 Component E to the Holders of the Class A-
5 Certificates to the extent not required to fully
retire the Class A-4 Certificates or reduce the amount
of Class A-5 Component D to zero on such Accretion
Termination Date. Any such Accrued Certificate
Interest on Class A-5 Component E which is required to
be paid to the holders of the Class A-4 Certificates
and Class A-5 Component D on the Accretion Termination
Date will be added to the amount of Class A-5 Component
E in the manner described in the first sentence of this
Section 4.02(e).
(f) 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
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 11.01(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.
(f) 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.
(g) 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.
(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 and the
Company a statement setting forth the following
information as to the Excess Spread and each Class of
Certificates to the extent applicable:
(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 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;
(vii) the related Subordinate Principal
Distribution Amount and Prepayment Distribution
Percentage, if applicable;
(viii) 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;
(ix) the number, aggregate principal balance
and book value of any REO Properties;
(x) 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;
(xi) 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;
(xii) the weighted average Spread Rate
for such Distribution Date;
(xiii) the occurrence of the Credit
Support Depletion Date and the Accretion
Termination Date;
(xiv) the Senior Accelerated Distribution
Percentage applicable to such distribution;
(xv) the Senior Percentage for such
Distribution Date;
(xvi) the aggregate amount of Realized
Losses for such Distribution Date;
(xvii) the aggregate amount of any
recoveries on previously foreclosed loans from
Sellers due to a breach of representation or
warranty;
(xviii) the weighted average remaining term
to maturity of the Mortgage Loans after giving
effect to the amounts distributed on such
Distribution Date; and
(xix) the weighted average Mortgage Rates
of the Mortgage Loans after giving effect to the
amounts distributed on such Distribution 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.
(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, 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 and (ii) the amounts
required to be withdrawn from the Custodial Account and
deposited into the Certificate Account on the
immediately succeeding Certificate Account Deposit Date
pursuant to clause (iii) of Section 4.01(a). 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.
(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.
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.
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, if such Realized Losses are on a Discount
Mortgage Loan, to the Class A-7 Certificates, in an
amount equal to the Discount Fraction of the principal
portion thereof, and the remainder of such Realized
Losses and the entire amount of such Realized Losses on
Non-Discount Mortgage Loans among all the Class A
Certificates (other than the Class A-7 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 on Non-Discount
Mortgage Loans will be allocated among the Class A
(other than the Class A-7 Certificates), 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. The
principal portion of such losses on Discount Mortgage
Loans will be allocated to the Class A-7 Certificates
in an amount equal to the related Discount Fraction
thereof, and the remainder of such losses on Discount
Mortgage Loans will be allocated among the Class A
Certificates (other than the Class A-7 Certificates),
Class M, Class B and Class R Certificates on a pro rata
basis, as described below; except that the principal
portion of Defaulted Mortgage Losses otherwise
allocable to the Super Senior Certificates will be
allocated to the Class A-6 Certificates until the
Certificate Principal Balance thereof is reduced to
zero.
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 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;
provided that in determining the Certificate Principal
Balance of the Class A-5 Certificates for the purpose
of allocating any portion of a Realized Loss thereto,
the Certificate Principal Balance of the Class A-5
Certificates shall be deemed to be equal to the sum of
the amount of the Class A-5 Component D and the Class
A-5 Component E and the amount of the Class A-5
Component E shall be deemed to be the lesser of (i) the
original amount of such Component and (ii) the amount
of such Component prior to giving effect to
distributions to be made on such Distribution Date.
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.
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
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 any Realized Loss shall be
recoverable pursuant to the provisions for the recovery
of advances 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):
(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-6, Class A-7, Class M-1,
Class M-2, Class M-3, Class B-1, Class B-2, Class
B-3 and Class R-II Certificates and Class A-5
Component D and Class A-5 Component E 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-1 Certificates, (ii) Class A-2 Certificates,
(iii) Class A-3 Certificates, (iv) Class A-7
Certificates and (v) Class A-4, Class A-6, Class M-1,
Class M-2, Class M-3, Class B-1, Class B-2, Class B-3
and Class R-II Certificates and Class A-5 Component D
and Class A-5 Component E, 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).
(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-1
Certificates and the Class A-5 Component A under
Section 4.05 shall be deemed allocated to
Uncertificated REMIC I Regular Interest U; Realized
Losses allocated to the Class A-2 Certificates and the
Class A-5 Component B under Section 4.05 shall be
deemed allocated to Uncertificated REMIC I Regular
Interest V; Realized Losses allocated to the Class A-3
Certificates and the Class A-5 Component C under
Section 4.05 shall be deemed allocated to
Uncertificated REMIC I Regular Interest W; Realized
Losses allocated to the Class A-7 Certificates under
Section 4.05 shall be deemed allocated to
Uncertificated REMIC I Regular Interest X; Realized
Losses allocated to the Class A-4, Class A-6, Class A-5
(to the extent of Class A-5 Component D and Class A-5
Component E), Class M-1, Class M-2, Class M-3, Class B-
1, Class B-2, Class B-3, Class R-I 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, Uncertificated REMIC II Regular
Interests, Class M-1, Class M-2, Class M-3, Class B-1,
Class B-2, Class B-3 and Class R-II Certificates the
amounts distributable thereon, from the Uncertificated
REMIC I Regular Interest Distribution Amounts deemed to
have been received by REMIC II from REMIC I under this
Section 4.08.
(f) Notwithstanding the deemed
distributions on the Uncertificated REMIC I Regular
Interests and Uncertificated REMIC II Regular Interests
described in this Section 4.08, distributions of funds
from the Certificate Account shall be made only in
accordance with Section 4.02.
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 R Certificates,
shall be issuable in minimum dollar denominations of
$25,000 (or $250,000 in the case of the Class A-5,
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-3, Class A-4
and Class A-6 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-7,
Class M-1, Class M-2, 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-7 $ 25,090.95
Class M-1 $ 25,800.00
Class M-2 $250,600.00
Class B-1 $250,800.00
Class B-2 $250,700.00
Class B-3 $250,929.65
The Class R Certificates shall be issuable in
minimum denominations of not less than a 20% Percentage
Interest; provided, however, that one Class R-I
Certificate and one Class R-II Certificate will be
issuable to 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%.
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-5 Certificates and Class A-7 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 Certificate Owners
shall hold their respective Ownership Interests in and
to each of the Class A Certificates, other than the
Class A-5 Certificates and Class A-7 Certificates,
through the book-entry facilities of the Depository
and, except as provided below, shall not be entitled to
Definitive Certificates in respect of such Ownership
Interests. All transfers by Certificate Owners of
their respective Ownership Interests in the Book-Entry
Certificates shall be made in accordance with the
procedures established by the Depository Participant or
brokerage firm representing such Certificate Owner.
Each Depository Participant shall transfer the
Ownership Interests only in the Book-Entry Certificates
of Certificate Owners it represents or of brokerage
firms for which it acts as agent in accordance with the
Depository's normal procedures.
The Trustee, the 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.
(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 A-5, Class A-6,
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.
(d) No transfer, sale, pledge or other
disposition of a Class A-5 Certificate or 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 A-5 Certificate or 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.
(e) The first transfer of any Class A-5
Certificate by the first Holder that is not an
Affiliate of the Company may only be made if the
prospective transferee of such a Certificate provides
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; provided,
however, that notwithstanding the foregoing, the
transferees of the Class A-5 Certificates in the
aggregate who purchased from the first Holder that was
not an Affiliate of the Company may include three
institutional accredited investors who purchased in
compliance with the first sentence of Section 5.02(d).
Such transfers shall be deemed to have complied with
the requirements of Section 5.02(d). The Holder of such
a Certificate desiring to effect such transfer does
hereby agree to indemnify the Trustee, the Company, the
Master Servicer and the Certificate Registrar against
any liability that may result if transfer is not made
in accordance with this Agreement. Each Holder of such
a Certificate on the Closing Date does hereby agree
that it will comply with the requirements of this
Section 5.02(e) in connection with the transfer of any
such Certificate.
(f) In the case of any Class A-6, Class M, Class
B or Class R Certificate presented for registration in
the name of 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 Code (or
comparable provisions of any subsequent enactments) 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, unless otherwise directed by the Company,
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 a Class A-6,
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 ERISA or Section 4975 of the Code, 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. The
Trustee may (unless otherwise directed by the Company)
require that any prospective transferee of a Class M,
Class B or Class R Certificate provide either a
certification to the effect set forth in paragraph six
of Exhibit J, 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. So long as the Class
A-6 Certificates are Book-Entry Certificates, any
purchaser of a Class A-6 Certificate will be deemed to
have represented by such purchase that either (a) such
purchaser is not an employee benefit plan or other plan
subject to the prohibited transaction provisions of
ERISA or Section 4975 of the Code and is not purchasing
such Certificates on behalf of or with "plan assets" of
any Plan or (b) the purchase of any such Certificate by
or on behalf of or with "plan assets" of any Plan is
permissible under applicable law, will not result in
any non-exempt prohibited transaction under ERISA or
Section 4975 of the Code, and will not subject the
Master Servicer, the Company or the Trustee to any
obligation in addition to those undertaken in this
Agreement.
(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.
(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."
(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.
(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:
(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) 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 the Trust Fund to
cease to qualify as a REMIC and will not cause (x)
the Trust Fund 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.
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, 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 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, the
Certificate Registrar nor any agent of the Company, the
Master Servicer, the Trustee 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.
The Trustee may appoint a Paying Agent for the
purpose of making distributions to Certificateholders
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 Certificateholders
in the amounts and in the manner provided for in
Section 4.02, such sum to be held in trust for the
benefit of Certificateholders.
The Trustee shall cause each Paying Agent to
execute and deliver to the Trustee an instrument in
which such Paying Agent shall agree with the Trustee
that such Paying Agent will hold all sums held by it
for the payment to Certificateholders in trust for the
benefit of the Certificateholders entitled thereto
until such sums shall be paid to such
Certificateholders. Any sums so held by such Paying
Agent shall be held only in Eligible Accounts to the
extent such sums are not distributed to the
Certificateholders on the date of receipt by such
Paying Agent.
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:
(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 and any previously unpaid Accrued Certificate
Interest with respect thereto.
(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.
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).
(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.
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
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.
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.
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
(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.
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.
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.
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 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
Certificateholders at their respective addresses
appearing in the Certificate Register.
(b) Within 60 days after the occurrence of any
Event of Default, the Trustee shall transmit by mail to
all Holders of Certificates notice of each such Event
of Default hereunder known to the Trustee, unless such
Event of Default shall have been cured or waived.
Section 7.04. Waiver of Events of Default.
The Holders representing at least 66% of the
Voting Rights affected by a default or Event of Default
hereunder, may waive such default or Event of Default;
provided, however, that (a) a default or Event of
Default under clause (i) of Section 7.01 may be waived
only by all of the Holders of Certificates affected by
such default or Event of Default and (b) no waiver
pursuant to this Section 7.04 shall affect the Holders
of Certificates in the manner set forth in Section
11.01(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.
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 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 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:
(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; and
(v) Except to the extent provided in
Section 7.02, no provision in this Agreement shall
require the Trustee to expend or risk its own
funds (including, without limitation, the making
of any Advance) or otherwise incur any personal
financial liability in the performance of any of
its duties as Trustee hereunder, or in the
exercise of any of its rights or powers, if the
Trustee shall have reasonable grounds for
believing that repayment of funds or adequate
indemnity against such risk or liability is not
reasonably assured to it.
(d) The Trustee shall timely pay, from its own
funds, the amount of any and all federal, state and
local taxes imposed on the Trust Fund or its assets or
transactions including, without limitation, (A)
"prohibited transaction" penalty taxes as defined in
Section 860F of the Code, if, when and as the same
shall be due and payable, (B) any tax on contributions
to a REMIC after the Closing Date imposed by Section
860G(d) of the Code and (C) any tax on "net income from
foreclosure property" as defined in Section 860G(c) of
the Code, but only if such taxes arise out of a breach
by the Trustee of its obligations hereunder, which
breach constitutes negligence or willful misconduct of
the Trustee.
Section 8.02. Certain Matters Affecting the
Trustee.
(a) Except as otherwise provided in Section 8.01:
(i) The Trustee may rely and shall be
protected in acting or refraining from acting upon
any resolution, Officers' Certificate, certificate
of auditors or any other certificate, statement,
instrument, opinion, report, notice, request,
consent, order, appraisal, bond or other paper or
document believed by it to be genuine and to have
been signed or presented by the proper party or
parties;
(ii) The Trustee may consult with counsel
and any Opinion of Counsel shall be full and
complete authorization and protection in respect
of any action taken or suffered or omitted by it
hereunder in good faith and in accordance with
such Opinion of Counsel;
(iii) The Trustee shall be under no
obligation to exercise any of the trusts or powers
vested in it by this Agreement or to institute,
conduct or defend any litigation hereunder or in
relation hereto at the request, order or direction
of any of the Certificateholders, pursuant to the
provisions of this Agreement, unless such
Certificateholders shall have offered to the
Trustee reasonable security or indemnity against
the costs, expenses and liabilities which may be
incurred therein or thereby; nothing contained
herein shall, however, relieve the Trustee of the
obligation, upon the occurrence of an Event of
Default (which has not been cured), 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 time to
the Trustee of the costs, expenses or liabilities
likely to be incurred by it in the making of such
investigation is, in the opinion of the Trustee,
not reasonably assured to the Trustee by the
security afforded to it by the terms of this
Agreement, the Trustee may require reasonable
indemnity against such expense or liability as a
condition to so proceeding. The reasonable
expense of every such examination shall be paid by
the 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
(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 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.
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.
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 Certificateholders pursuant to the terms
of this Agreement.
Section 8.06. Eligibility Requirements for
Trustee.
The Trustee hereunder shall at all times be a
corporation or a national banking association having
its principal office in a state and city acceptable to
the Company and organized and doing business under the
laws of such state or the United States of America,
authorized under such laws to exercise corporate trust
powers, having a combined capital and surplus of at
least $50,000,000 and subject to supervision or
examination by federal or state authority. If such
corporation or national banking association publishes
reports of condition at least annually, pursuant to law
or to the requirements of the aforesaid supervising or
examining authority, then for the purposes of this
Section the combined capital and surplus of such
corporation shall be deemed to be its combined capital
and surplus as set forth in its most recent report of
condition so published. In case at any time the
Trustee shall cease to be eligible in accordance with
the provisions of this Section, the Trustee shall
resign immediately in the manner and with the effect
specified in Section 8.07.
Section 8.07. Resignation and Removal of the
Trustee.
(a) The Trustee may at any time resign and be
discharged from the trusts hereby created by giving
written notice thereof to the Company. Upon receiving
such notice of resignation, the Company shall promptly
appoint a successor trustee by written instrument, in
duplicate, one copy of which instrument shall be
delivered to the resigning Trustee and one copy to the
successor trustee. If no successor trustee shall have
been so appointed and have accepted appointment within
30 days after the giving of such notice of resignation,
the resigning Trustee may petition any court of
competent jurisdiction for the appointment of a
successor trustee.
(b) If at any time the Trustee shall cease to be
eligible in accordance with the provisions of Section
8.06 and shall fail to resign after written request
therefor by the Company, or if at any time the Trustee
shall become incapable of acting, or shall be adjudged
bankrupt or insolvent, or a receiver of the Trustee or
of its property shall be appointed, or any public
officer shall take charge or control of the Trustee or
of its property or affairs for the purpose of
rehabilitation, conservation or liquidation, then the
Company may remove the Trustee and appoint a successor
trustee by written instrument, in duplicate, one copy
of which instrument shall be delivered to the Trustee
so removed and one copy to the successor trustee. In
addition, in the event that the Company determines that
the Trustee has failed (i) to distribute or cause to be
distributed to Certificateholders 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.
(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.
Any corporation or national banking association
into which the Trustee may be merged or converted or
with which it may be consolidated or any corporation or
national banking association resulting from any
merger, conversion or consolidation to which the
Trustee shall be a party, or any corporation or
national banking association succeeding to the business
of the Trustee, shall be the successor of the Trustee
hereunder, provided such corporation or national
banking association shall be eligible under the
provisions of Section 8.06, without the execution or
filing of any paper or any further act on the part of
any of the parties hereto, anything herein to the
contrary notwithstanding. The Trustee shall mail
notice of any such merger or consolidation to the
Certificateholders at their address as shown in the
Certificate Register.
Section 8.10. Appointment of Co-Trustee
or Separate Trustee.
(a) Notwithstanding any other provisions hereof,
at any time, for the purpose of meeting any legal
requirements of any jurisdiction in which any part of
the Trust Fund or property securing the same may at the
time be located, the 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 of the appointment of co-trustee(s) or
separate trustee(s) shall be required under Section
8.08 hereof.
(b) In the case of any appointment of a co-
trustee or separate trustee pursuant to this Section
8.10 all rights, powers, duties and obligations
conferred or imposed upon the Trustee shall be
conferred or imposed upon and exercised or performed by
the Trustee, and such separate trustee or co-trustee
jointly, except to the extent that under any law of any
jurisdiction in which any particular act or acts are to
be performed (whether as Trustee hereunder or as
successor to the 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.
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. 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 11.01. The Trustee shall notify the
Certificateholders of the appointment of any Custodian
(other than the Custodian appointed as of the Closing
Date) pursuant to this Section 8.11.
Section 8.12. Appointment of Office or Agency.
The Trustee will maintain an office or agency in
the City of New York where Certificates may be
surrendered for registration of transfer or exchange.
The Trustee initially designates its offices located at
Four Albany Street, New York, NY 10006 for the purpose
of keeping the Certificate Register. The Trustee will
maintain an office at the address stated in Section
11.05(c) hereof where notices and demands to or upon
the Trustee in respect of this Agreement may be
served. ARTICLE IX
TERMINATION
Section 9.01. Termination Upon Purchase by the
Master Servicer or the Company or
Liquidation of All Mortgage Loans.
(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 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.
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
Certificateholders mailed not earlier than the 15th day
and not later than the 25th day of the month next
preceding the month of such final distribution
specifying:
(i) the anticipated Final Distribution
Date upon which final payment of the Certificates
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
(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 Certificates,
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 and any previously unpaid Accrued Certificate
Interest, 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.
(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.
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.
(a) REMIC I and REMIC II as the case may be,
shall be terminated in accordance with the following
additional requirements, unless 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 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 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.ARTICLE X
REMIC PROVISIONS
Section 10.01. REMIC Administration.
(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, the Class A,
Class M and Class B Certificates and Uncertificated
REMIC II Regular Interests 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
Uncertificated REMIC II Regular Interests 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.
(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 it 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 hereto 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.
(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.
(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
its control and the scope of duties more specifically
set forth herein, 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, 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 or the REMIC Administrator, as applicable,
determines in its sole discretion to indemnify the
Trust Fund against such tax, result in the imposition
of such a tax. 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 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.
(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
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 out-
standing 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 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 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
December 26, 2025, 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.
(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 and 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 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 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.
(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.
ARTICLE XI
MISCELLANEOUS PROVISIONS
Section 11.01. 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 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, as evidenced by an Opinion
of Counsel (at the expense of the party seeking so
to modify, eliminate or add such provisions),
cause either the Trust Fund 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 Senior
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 Counsel (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. It shall not be necessary for the
consent of Certificateholders under this Section 11.01
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 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 11.02. 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.
Section 11.03. Limitation on Rights
of Certificateholders.
(a) The death or incapacity of any
Certificateholder shall not operate to terminate this
Agreement or the Trust Fund, nor entitle such
Certificateholder's legal representatives or heirs to
claim an accounting or to take any action or proceeding
in any court for a partition or winding up of the Trust
Fund, nor otherwise affect the rights, obligations and
liabilities of any of the parties hereto.
(b) No Certificateholder shall have any right to
vote (except as expressly provided herein) or in any
manner otherwise control the operation and management
of the Trust Fund, or the obligations of the parties
hereto, nor shall anything herein set forth, or
contained in the terms of the Certificates, be
construed so as to constitute the Certificateholders
from time to time as partners or members of an
association; nor shall any Certificateholder be under
any liability to any third person by reason of any
action taken by the parties to this Agreement pursuant
to any provision hereof.
(c) No Certificateholder shall have any right by
virtue of any provision of this Agreement to institute
any suit, action or proceeding in equity or at law upon
or under or with respect to this Agreement, unless such
Holder previously shall have given to the Trustee a
written notice of default and of the continuance
thereof, as hereinbefore provided, and unless also the
Holders of Certificates of any Class evidencing in the
aggregate not less than 25% of the related Percentage
Interests of such Class, shall have made written
request upon the Trustee to institute such action, suit
or proceeding in its own name as Trustee hereunder and
shall have offered to the Trustee such reasonable
indemnity as it may require against the costs, expenses
and liabilities to be incurred therein or thereby, and
the Trustee, for 60 days after its receipt of such
notice, request and offer of indemnity, shall have
neglected or refused to institute any such action, suit
or proceeding it being understood and intended, and
being expressly covenanted by each Certificateholder
with every other Certificateholder and the Trustee,
that no one or more Holders of Certificates of any
Class shall have any right in any manner whatever by
virtue of any provision of this Agreement to affect,
disturb or prejudice the rights of the Holders of any
other of such Certificates of such Class or any other
Class, or to obtain or seek to obtain priority over or
preference to any other such Holder, or to enforce any
right under this Agreement, except in the manner herein
provided and for the common benefit of
Certificateholders of such Class or all Classes, as the
case may be. For the protection and enforcement of the
provisions of this Section 11.03, each and every
Certificateholder and the Trustee shall be entitled to
such relief as can be given either at law or in equity.
Section 11.04. Governing Law.
This agreement and the Certificates shall be
governed by and construed in accordance with the laws
of the State of New York and the obligations, rights
and remedies of the parties hereunder shall be
determined in accordance with such laws.
Section 11.05. 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 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 and the Trustee by
the Master Servicer in writing, (c) in the case of the
Trustee, Four Albany Street, New York, New York 10006,
Attention: Residential Funding Corporation Series 1995-
S21 or such other address as may hereafter be furnished
to the Company 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, the
Trustee 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, and Master
Servicer by Standard & Poor's. 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. Any notice so mailed within the time
prescribed in this Agreement shall be conclusively
presumed to have been duly given, whether or not the
Certificateholder receives such notice.
Section 11.06. Notices to Rating Agency.
The Company, the Master Servicer or the Trustee,
as applicable, shall notify each Rating Agency and the
Subservicer at such time as it is otherwise required
pursuant to this Agreement to give notice of the
occurrence of, any of the events described in clause
(a), (b), (c), (d), (g), (h), (i) or (j) below or
provide a copy to each Rating Agency at such time as
otherwise required to be delivered pursuant to this
Agreement of any of the statements described in clauses
(e) and (f) below:
(a) a material change or amendment to this
Agreement,
(b) the occurrence of an Event of Default,
(c) the termination or appointment of a
successor 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
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 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, and
(j) the repurchase of or substitution for
any Mortgage Loan,
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 and the
Subservicer of any such event known to the Master
Servicer.
Section 11.07. 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. 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: Diane S.
Wold
Title: Vice
President
Attest:
Name: Jill M. Johnson
Title: Vice President
RESIDENTIAL FUNDING
CORPORATION
[Seal]
By:
Name: Jill M.
Johnson
Title: Director
Attest:
Name: Diane S. Wold
Title: Director
BANKERS TRUST COMPANY,
as Trustee
[Seal]
By:
Name:
Title:
Attest:
Name:
Title:
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 28th day of December, 1995 before me, a
notary public in and for said State, personally appeared
Diane S. Wold, 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]
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 28th day of December, 1995 before me, a
notary public in and for said State, personally appeared
Jill M. Johnson, 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] STATE OF )
) ss.:
COUNTY OF )
On the 28th day of December, 1995 before me, a
notary public in and for said State, personally appeared
________________, known to me to be a ______________ of
Bankers Trust Company, 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] 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
DECEMBER 28, 1995. ASSUMING THAT THE MORTGAGE LOANS
PREPAY AT 265% 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.]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: ___%]
December 1, 1995
Aggregate [Initial
Certificate Principal
Balance] [Notional
Amount] of the Class A-
__ Certificates:
First Distribution Date:
January 25, 1996
[Class A-5 Component A:
$_____
Class A-5 Component B:
$_____
Class A-5 Component C:
$_____
Class A-5 Component D:
$_____
Class A-5 Component E:
$_____]
Master Servicer: [Initial] [Certificate
Principal
Residential Funding Balance] of this
Corporation Certificate:
$_____________]
Assumed Final
Distribution Date: CUSIP 760944-_____
MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 1995-S21
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 payab
le 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
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 Bankers Trust Company,
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 Class A-5 Component A as of any date
of determination is equal to the Certificate Principal
Balance of the Class A-1 Certificates as of such date.
The Notional Amount of Class A-5 Component B as of any
date of determination is equal to the Certificate
Principal Balance of the Class A-2 Certificates as of
such date. The Notional Amount of Class A-5 Component C
as of any date of determination is equal to the
Certificate Principal Balance of the Class A-3
Certificates as of 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 there
to 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 Initi
al Certificate Principal Balance of this Certificate and
the amounts of Class A-5 Component A, Class A-5 Component
B, Class A-5 Component C, Class A-5 Component D and Class
A-5 Component E are 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
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 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. IN WITNESS WHEREOF, the Trustee
has caused this Certificate to be duly executed.
Dated: BANKERS TRUST COMPANY,
as Trustee
By:
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class A-__ Certificates
referred to in the within-mentioned Agreement.
BANKERS TRUST COMPANY,
as Certificate Registrar
By:
Authorized Signatory
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.
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 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 CODE, OR TO ANY PERSON WHO IS USING "PLAN
ASSETS" OF ANY SUCH PLAN TO ACQUIRE THIS CERTIFICATE,
UNLESS THE TRANSFEREE PROVIDES AN OPINION OF COUNSEL OR
CERTIFICATION PURSUANT TO SECTION 5.02(f) OF THE
AGREEMENT SATISFACTORY TO THE MASTER SERVICER, THE
COMPANY AND THE TRUSTEE THAT THE PURCHASE OF THIS
CERTIFICATE BY, ON BEHALF OF, OR WITH "PLAN ASSETS" OF
SUCH PLAN IS PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT
CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED
TRANSACTION UNDER SECTION 406 OF 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 DECEMBER 28, 1995.
ASSUMING THAT THE MORTGAGE LOANS PREPAY AT 265% 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.]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:
December 1, 1995 Initial Certificate
Principal
Balance of this
Certificate:
First Distribution Date: $_______________
January 25, 1996
CUSIP: 760944-_____
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date:
December 25, 2025
MORTGAGE PASS-THROUGH CERTIFICATE,
SERIES 1995-S21
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 payab
le from payments on the Certificates.
This certifies that _________________________
is the registered owner of the Percentage Interest
evidenced by this Certificate (obtained by dividing the
Certificate Principal Balance of this Certificate by the
aggregate Certificate Principal Balance of all Class 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 creat
ed pursuant to a Pooling and Servicing Agreement dated as
specified above (the "Agreement") among the Company, the
Master Servicer and Bankers Trust Company, 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 there
to 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.
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
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 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. IN WITNESS WHEREOF, the Trustee
has caused this Certificate to be duly executed.
Dated: BANKERS TRUST COMPANY,
as Trustee
By:
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class M-__ Certificates
referred to in the within-mentioned Agreement.
BANKERS TRUST COMPANY,
as Certificate Registrar
By:
Authorized Signatory
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.
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 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 (THE "CODE"),
OR TO ANY PERSON WHO IS USING "PLAN ASSETS" OF ANY SUCH
PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS THE TRANSFEREE
PROVIDES AN OPINION OF COUNSEL OR CERTIFICATION PURSUANT
TO SECTION 5.02(f) OF THE AGREEMENT SATISFACTORY TO THE
MASTER SERVICER, THE COMPANY AND THE TRUSTEE THAT THE
PURCHASE OF THIS CERTIFICATE BY, ON BEHALF OF, OR WITH
"PLAN ASSETS" OF SUCH PLAN IS PERMISSIBLE UNDER
APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT IN A NON-
EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF 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 DECEMBER 28, 1995. ASSUMING
THAT THE MORTGAGE LOANS PREPAY AT 265% 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 METHO
D. NO REPRESENTATION IS MADE THAT THE MORTGAGE LOANS
WILL PREPAY AT A RATE BASED ON THE STANDARD PREPAYMENT
ASSUMPTION OR AT ANY OTHER RATE.Certificate No. __7.50 %
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: $_______________
December 1, 1995
Initial Certificate
Principal
Balance of this
Certificate:
First Distribution Date: $_______________
January 25, 1996
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date:
December 25, 2025
MORTGAGE PASS-THROUGH CERTIFICATE,
SERIES 1995-S21
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 payab
le 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 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 Pooli
ng and Servicing Agreement dated as specified above (the
"Agreement") among the Company, the Master Servicer and
Bankers Trust Company, 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 there
to 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.
No transfer of this Class B Certificate will be
made unless such transfer is exempt from the registrati
on 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 (i) 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 the Employee Retirement Income
Security Act of 1974, as amended ("ERISA") or Section
4975 of the Internal Revenue Code (the "Code"), an
investment manager, a named fiduciary or any other person
using "plan assets" of any such plan to effect such
acquisition (a "Plan Investor") or (ii) if such
transferee is a Plan Investor, 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
ERISA and Section 4975 of 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.
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
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 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. IN WITNESS WHEREOF, the Trustee
has caused this Certificate to be duly executed.
Dated: BANKERS TRUST COMPANY,
as Trustee
By:
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class M-__ Certificates
referred to in the within-mentioned Agreement.
BANKERS TRUST COMPANY,
as Certificate Registrar
By:
Authorized Signatory
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.
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 AN
EMPLOYEE BENEFIT PLAN SUBJECT TO THE PROHIBITED
TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED, ("ERISA"), OR SECTION
4975 OF THE CODE, OR TO ANY PERSON WHO IS USING "PLAN
ASSETS" OF ANY SUCH PLAN TO ACQUIRE THIS CERTIFICATE,
UNLESS THE TRANSFEREE PROVIDES AN OPINION OF COUNSEL
SATISFACTORY TO THE MASTER SERVICER, THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE BY, ON
BEHALF OF, OR WITH "PLAN ASSETS" OF SUCH PLAN IS
PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR
RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER
SECTION 406 OF 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 CERTIFICATEHOLD
ER 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.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:
December 1, 1995 Initial Certificate
Principal
Balance of this
Certificate:
First Distribution Date: $_______________
January 25, 1996
Percentage
Interest:
Master Servicer: _______%
Residential Funding Corporation
CUSIP 760944-_____
Assumed Final Distribution Date:
December 25, 2025
MORTGAGE PASS-THROUGH CERTIFICATE,
SERIES 1995-S21
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 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 payab
le 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 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 Bankers Trust Company,
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, 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.
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
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 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. IN WITNESS WHEREOF, the Trustee
has caused this Certificate to be duly executed.
Dated: BANKERS TRUST COMPANY
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.
BANKERS TRUST COMPANY,
as Certificate Registrar
By:
Authorized Signatory
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.
EXHIBIT E
CUSTODIAL AGREEMENT
THIS CUSTODIAL AGREEMENT (as amended and
supplemented from time to time, the "Agreement"), dated
as of December 1, 1995, by and among BANKERS TRUST
COMPANY, 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 December 1, 1995, relating to the
issuance of Residential Funding Mortgage Securities I,
Inc., Mortgage Pass-Through Certificates, Series 1995-S21
(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.
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 prese
nt 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 purpo
se 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 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 writt
en 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 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 Prima
ry 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 relea
se 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 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 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 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 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 counterpar
ts 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. IN WITNESS WHEREOF, this Agreement is
executed as of the date first above written.
Address: BANKERS TRUST COMPANY,
as Trustee
Four Albany Street
New York, New York 10006
Attention: Residential Funding Corporation
Series 1995-S21
By:
Name:
Title: Vice President
Address: RESIDENTIAL FUNDING
MORTGAGE
SECURITIES I, INC.
8400 Normandale Lake Boulevard
Minneapolis, Minnesota 55437
By:
Name:
Title: Vice President
Address: RESIDENTIAL FUNDING
CORPORATION, as Master
Servicer
8400 Normandale Lake Boulevard
Suite 700
Minneapolis, Minnesota 55437
By:
Name:
Title: Director
Address: NORWEST BANK
MINNESOTA,
NATIONAL ASSOCIATION
401 Second Avenue South
Minneapolis, Minnesota 55479
By:
Name: Kathleen Marshall
Title: Trust OfficerSTATE OF NEW
YORK )
) ss.:
COUNTY OF NEW YORK )
On the 28th day of December, 1995, before me,
a notary public in and for said State, personally
appeared _______________________, known to me to be a
Vice President of Bankers Trust Company, a New York
banking corporation 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
[SEAL]STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 28th day of December, 1995, before me,
a notary public in and for said State, personally
appeared Kathleen Marshall, known to me to be a Trust
Officer of Norwest Bank Minnesota, National
Association, a national banking association that
executed the within instrument, and also known to me to
be the person who executed it on behalf of said
national banking association, and acknowledged to me
that such national banking association 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
[SEAL]STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 28th day of December, 1995, 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]
STATE OF MINNESOTA )
) ss:
COUNTY OF HENNEPIN )
On the 28th day of December, 1995, 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]
EXHIBIT ONE
FORM OF CUSTODIAN
INITIAL CERTIFICATION
December 28, 1995
Bankers Trust Company
Four Albany Street
New York, New York 10006
Attention: Residential Funding Corporation Series
1995-S21
Re: Custodial Agreement dated as of December
1, 1995, by and among Bankers Trust
Company, Residential Funding Mortgage
Securities I, Inc., Residential Funding
Corporation and Norwest Bank Minnesota,
National Association, Mortgage Pass-
Through Certificates, Series 1995-S21
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:
EXHIBIT TWO
FORM OF CUSTODIAN INTERIM CERTIFICATION
________________ ____, 1995
Bankers Trust Company
Four Albany Street
New York, New York 10006
Attention: Residential Funding Corporation Series
1995-S21
Re: Custodial Agreement dated as of December
1, 1995, by and among Bankers Trust
Company, Residential Funding Mortgage
Securities I, Inc., Residential Funding
Corporation and Norwest Bank Minnesota,
National Association, Mortgage Pass-
Through Certificates, Series 1995-S21
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:
EXHIBIT THREE
FORM OF CUSTODIAN FINAL CERTIFICATION
_____________ ___, 1995
Bankers Trust Company
Four Albany Street
New York, New York 10006
Attention: Residential Funding Corporation Series
1995-S21
Re: Custodial Agreement dated as of December
1, 1995, by and among Bankers Trust
Company, Residential Funding Mortgage
Securities I, Inc., Residential Funding
Corporation and Norwest Bank Minnesota,
National Association, Mortgage Pass-
Through Certificates, Series 1995-S21
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 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 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:
EXHIBIT F
MORTGAGE LOAN SCHEDULE
RUN ON : 12/15/95 RFC DISCLOSURE SYSTEM
RFFSD177-01
AT : 15.05.19 FIXED RATE LOAN LISTING
AMORTIZED BALANCE
SERIES : RFMSI I 1995-S21
CUTOFF : 12/01/95
POOL : 0004189
:
:
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 #
_________________________________________________________________
_____________
1415338 721/728 F 280,000.00
ZZ
MERZ PETER A 360 280,000.00
1
1620 ROBERT LANE 8.125 2,078.99
70
7.875 2,078.99
402,500.00
NAPERVILLE IL 60565 1 11/03/95
00
0380272147 03 01/01/96
0
9914946 O 12/01/25
0
1421237 A19/728 F 229,000.00
ZZ
SMITH MICHAEL J 360 229,000.00
1
5 (LOT 16) CONSTITUTION ROAD 8.375 1,740.57
80
8.125 1,740.57
286,600.00
STONEHAM MA 02180 1 11/09/95
00
0380247800 05 01/01/96
0
4683 O 12/01/25
0
1421342 232/232 F 88,000.00
T
LONG LESLIE J 360 87,795.25
1
1415 LOWELL AVE UNIT B132 8.750 692.30
80
8.500 692.30
110,000.00
PARK CITY UT 84060 1 07/10/95
00
834387 01 09/01/95
0
834387 O 08/01/25
0
1424095 405/405 F 270,000.00
ZZ
FELDMAN HENRY S 360 269,286.28
1
6126 WEST MERCER WAY 8.125 2,004.75
72
7.875 2,004.75
380,000.00
MERCER ISLAND WA 98040 2 07/10/95
00
3681095 05 09/01/95
0
1
3681095 O 08/01/25
0
1433579 747/728 F 292,500.00
ZZ
SWANSON JOHN C 360 291,907.28
1
620 HICKORY ROAD 8.000 2,146.26
75
7.750 2,146.26
390,000.00
NAPLES FL 33963 5 08/17/95
00
0380258724 05 10/01/95
0
172879 O 09/01/25
0
1434400 696/728 F 410,000.00
ZZ
COLUCCIO ALLYSON J 360 408,943.40
1
6220 SADDLETREE LANE 8.250 3,080.19
75
8.000 3,080.19
550,000.00
THE PLAINS VA 22171 2 07/18/95
00
0380163478 05 09/01/95
0
5010703 O 08/01/25
0
1436160 028/728 F 273,750.00
ZZ
WINTERS JR JACK B 360 273,433.86
1
2375 WHITE WING DRIVE 8.750 2,153.59
75
8.500 2,153.59
365,000.00
JAMUL CA 91935 5 09/14/95
00
0380243361 05 11/01/95
0
177809 O 10/01/25
0
1436667 306/728 F 280,000.00
ZZ
PIZER JR WILLIAM P 360 279,500.50
1
611 FM ROAD NO 740 8.625 2,177.81
80
8.375 2,177.81
350,000.00
FORNEY TX 75126 1 08/31/95
00
0380202540 05 10/01/95
0
32306192 O 09/01/25
0
1437144 E22/728 F 202,000.00
ZZ
COFFMAN KELLY 360 201,766.73
3
7975 DEHESA ROAD 8.750 1,589.13
74
8.500 1,589.13
275,000.00
ALPINE CA 91901 2 09/22/95
00
0410023642 05 11/01/95
0
0410023642 O 10/01/25
0
1
1437771 965/728 F 535,000.00
ZZ
GOLDMAN MICHAEL V 360 534,658.85
1
6919 NORTH GLENEAGLES DRIVE 8.250 4,019.28
80
8.000 4,019.28
675,000.00
TUCSON AZ 85718 2 10/12/95
00
0380253576 05 12/01/95
0
123298 O 11/01/25
0
1437833 028/728 F 260,000.00
ZZ
MADSEN LARRY 360 259,667.28
1
13871 SOUTH 1950 WEST 8.250 1,953.29
57
8.000 1,953.29
458,000.00
RIVERTON UT 84065 4 09/07/95
00
0380245556 05 11/01/95
0
175614 O 10/01/25
0
1438101 232/232 F 995,000.00
ZZ
KONTOS SPERO L 360 993,850.90
1
0350 ANDORRA ROAD 8.750 7,827.67
60
8.500 7,827.67
1,666,780.00
EDWARDS CO 81632 4 09/11/95
00
10834820 03 11/01/95
0
10834820 O 10/01/25
0
1438544 976/728 F 223,250.00
ZZ
GRAY J G 360 222,674.63
1
1834 SOUTH CONCHO DRIVE 8.250 1,677.21
95
8.000 1,677.21
235,000.00
SAN ANGELO TX 76904 2 07/06/95
04
0380230194 02 09/01/95
30
488265 O 08/01/25
0
1438607 966/728 F 280,000.00
ZZ
OZENICK JR PHILLIP M 360 279,432.61
1
6209 TIFFANY OAKS LANE 8.000 2,054.54
89
7.750 2,054.54
315,000.00
ARLINGTON TX 76016 1 08/09/95
04
0380202987 05 10/01/95
25
7877400 O 09/01/25
0
1438775 559/728 F 650,000.00
ZZ
SEKHON RANBIR S 360 649,616.24
1
33144 AVENUE 12 8.625 5,055.64
73
8.375 5,055.64
900,000.00
1
MADERA CA 93638 4 10/05/95
00
0380246273 05 12/01/95
0
0373811 O 11/01/25
0
1439171 232/232 F 78,000.00
T
MOODY ROBERT E 360 77,804.03
1
535 PARK AVENUE 8.375 592.86
80
#326 8.125 592.86
97,500.00
BRECKENRIDGE CO 80424 1 07/25/95
00
10834460 08 09/01/95
0
10834460 O 08/01/25
0
1439260 B33/728 F 220,000.00
ZZ
DECUFFA JOHN A 360 219,732.50
1
30 WILLIS PLACE 8.500 1,691.61
80
8.250 1,691.61
277,000.00
PLEASANTVILLE NY 10570 1 09/12/95
00
0380213984 05 11/01/95
0
G1812 O 10/01/25
0
1439298 975/728 F 169,500.00
ZZ
CHUNG TOM Y 360 169,389.13
1
37 BLAZEWOOD 8.125 1,258.53
75
7.875 1,258.53
226,000.00
FOOTHILL RANCH CA 92610 2 10/13/95
00
0380253824 03 12/01/95
0
951799 O 11/01/25
0
1439430 E22/728 F 350,000.00
ZZ
NORMAN ROGER W 360 349,798.63
1
14325 QUIET MEADOW DRIVE 8.750 2,753.45
75
8.500 2,753.45
470,000.00
RENO NV 89511 5 10/02/95
00
0410023311 03 12/01/95
0
0410023311 O 11/01/25
0
1439586 597/728 F 219,700.00
ZZ
DEMPSEY STEPHEN 360 219,425.93
1
27 FIELDSTONE DRIVE 8.375 1,669.88
75
8.125 1,669.88
292,950.00
MORRISTOWN NJ 07960 1 09/14/95
00
0380255159 05 11/01/95
0
150793 O 10/01/25
0
1
1439723 051/728 F 463,000.00
ZZ
IKEMOTO TERRY H 360 462,085.25
1
5682 MORNINGSIDE DRIVE 8.125 3,437.76
80
7.875 3,437.76
578,754.00
SAN JOSE CA 95138 1 08/16/95
00
0380187790 03 10/01/95
0
16101952 O 09/01/25
0
1440781 232/232 F 119,900.00
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HALLADAY MICHAEL A 360 119,628.12
1
1415 LOWELL AVENUE 102AB 8.875 953.98
80
8.625 953.98
149,900.00
PARK CITY UT 84060 1 08/02/95
00
10834647 01 09/01/95
0
10834647 O 08/01/25
0
1441187 935/728 F 62,800.00
ZZ
PAPAGEORGE JOHN D 360 62,723.63
1
425 N WALNUT STREET 8.500 482.88
80
8.250 482.88
78,500.00
FRANKLIN IN 46131 1 09/18/95
00
0380200148 05 11/01/95
0
95001030 O 10/01/25
0
1441288 E22/728 F 555,000.00
ZZ
DAY NORMAN H 360 554,688.86
1
1849 ROYAL OAKS DRIVE 8.875 4,415.83
70
8.625 4,415.83
800,000.00
BRADBURY CA 91010 2 10/24/95
00
0410020606 05 12/01/95
0
0410020606 O 11/01/25
0
1441411 356/728 F 650,000.00
ZZ
SABRAW M O 360 649,574.80
1
6800 MILL CREEK ROAD 8.125 4,826.24
55
7.875 4,826.24
1,200,000.00
FREMONT CA 94538 2 10/16/95
00
0380256769 05 12/01/95
0
2312569 O 11/01/25
0
1441963 694/728 F 116,500.00
ZZ
CAMPOVERDE ALICIA 360 116,500.00
3
1
318 75TH STREET 8.625 906.13
54
8.375 906.13
216,500.00
NORTH BERGEN NJ 07047 1 11/01/95
00
0380253063 05 01/01/96
0
0405505940 O 12/01/25
0
1441971 E22/728 F 93,750.00
ZZ
MORAN PATRICK J 360 93,688.68
1
3415 40TH AVENUE SOUTHWEST 8.125 696.09
75
7.875 696.09
125,000.00
SEATTLE WA 98116 5 10/11/95
00
0410030621 05 12/01/95
0
0410030621 O 11/01/25
0
1441987 232/232 F 164,800.00
ZZ
CONNERS JOHN K 360 164,520.75
1
1485 EMPIRE AVE UNIT #310 8.875 1,311.23
77
8.625 1,311.23
215,000.00
PARK CITY UT 84060 1 08/04/95
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834659 01 10/01/95
0
834659 O 09/01/25
0
1441994 232/232 F 92,400.00
T
FUGIT MICHAEL D 360 92,239.32
1
950 PARK AVENUE 110 8.750 726.92
70
8.250 726.92
132,000.00
PARK CITY UT 84060 1 08/25/95
00
10834786 01 10/01/95
0
10834786 O 09/01/25
0
1442395 935/728 F 79,200.00
ZZ
PROPS MARK A 360 79,106.14
1
546 SAN CARLOS DRIVE 8.625 616.01
80
8.375 616.01
99,000.00
GREENWOOD IN 46142 1 09/21/95
00
0380204074 05 11/01/95
0
95001024 O 10/01/25
0
1442496 946/728 F 270,200.00
ZZ
DWIGANS LYNN W 360 270,200.00
1
529 OSPREY DRIVE 7.875 1,959.14
76
7.625 1,959.14
358,580.00
REDWOOD CITY CA 94065 1 11/09/95
00
0380273087 03 01/01/96
0
1
371298 O 12/01/25
0
1442557 664/728 F 346,000.00
ZZ
HYATT JOHN S 360 345,393.38
1
2217 CANYON DRIVE 8.750 2,721.99
73
8.500 2,721.99
480,000.00
LOS ANGELES CA 90068 2 08/29/95
00
0380208281 05 10/01/95
0
2060556 O 09/01/25
0
1442595 A35/728 F 142,500.00
ZZ
ANDRADE MARLO A 360 142,413.67
1
43-33 164TH STREET 8.500 1,095.70
75
8.250 1,095.70
192,500.00
FLUSHING NY 11358 1 10/19/95
00
0380255340 05 12/01/95
0
UNKNOWN O 11/01/25
0
1442771 A35/728 F 213,600.00
ZZ
FRIEDLANDER SCOTT 360 213,460.28
1
1 IVES LANE 8.125 1,585.97
80
7.875 1,585.97
267,000.00
PLAINVIEW NY 11803 1 10/26/95
00
0380265299 05 12/01/95
0
FRIEDLANDER O 11/01/25
0
1442777 766/728 F 138,700.00
ZZ
THOMPSON ROBIN L 360 138,531.36
1
482 HARDENDORF AVENUE 8.500 1,066.48
70
8.250 1,066.48
198,200.00
ATLANTA GA 30307 1 09/12/95
00
0380202615 05 11/01/95
0
95GR086 O 10/01/25
0
1442780 935/728 F 80,000.00
ZZ
GROVES LARRY R 360 79,902.73
1
368 NORTH BOLTON AVENUE 8.500 615.13
80
8.250 615.13
100,000.00
INDIANAPOLIS IN 46219 1 09/22/95
00
0380204835 05 11/01/95
0
95001035 O 10/01/25
0
1
1442947 559/728 F 350,000.00
ZZ
KIM DONGSOO 360 349,759.13
1
13408 ARGONNE DRIVE 7.875 2,537.75
61
7.625 2,537.75
575,000.00
SARATOGA CA 95070 2 10/18/95
00
0380256223 05 12/01/95
0
0389320 O 11/01/25
0
1442996 791/728 F 300,000.00
ZZ
GARBER MIGUEL G 360 299,813.53
1
3388 NE 169 STREET 8.375 2,280.22
75
8.125 2,280.22
400,000.00
NORTH MIAMI BEA FL 33160 1 10/06/95
00
0380253089 05 12/01/95
0
755183 O 11/01/25
0
1442998 694/728 F 115,000.00
ZZ
KACHEL REGINA M 360 114,926.67
1
333 MEADOW GLENN DRIVE 8.250 863.96
59
8.000 863.96
195,900.00
BEAR DE 19701 1 10/31/95
00
0380253048 05 12/01/95
0
0404105948 O 11/01/25
0
1443326 776/728 F 228,600.00
ZZ
BARSEGYAN RAPHAEL 360 228,454.23
1
34752 DOHENY PLACE 8.250 1,717.40
90
DANA POINT 8.000 1,717.40
254,000.00
CAPISTRANO BEAC CA 92624 1 10/04/95
04
0380251216 05 12/01/95
25
2124134 O 11/01/25
0
1443436 935/728 F 45,400.00
ZZ
SUNIER TROY O 360 45,344.79
1
9726 E. RAYMOND ST. 8.500 349.09
80
8.250 349.09
56,800.00
INDIANAPOLIS IN 46239 1 09/29/95
00
0380209826 05 11/01/95
0
95001036 O 10/01/25
0
1443458 E22/728 F 88,500.00
ZZ
LITTS EARL W 360 88,445.00
1
3052 PIANO LANE 8.375 672.66
75
8.125 672.66
118,000.00
1
SILVER SPRING MD 20904 5 10/05/95
00
0410001093 01 12/01/95
0
0410001093 O 11/01/25
0
1443500 764/728 F 720,000.00
ZZ
LIU DAPHNE 360 719,552.48
1
1612 HASTINGS HEIGHTS LANE 8.375 5,472.52
60
8.125 5,472.52
1,200,000.00
PASADENA CA 91107 1 10/12/95
00
0380245267 05 12/01/95
0
889839 O 11/01/25
0
1443577 051/728 F 260,000.00
ZZ
RIDENOUR JAMES E 360 259,683.86
1
512 WEYER ROAD 8.500 1,999.18
78
8.250 1,999.18
337,000.00
MODESTO CA 95357 2 09/05/95
00
0380231978 05 11/01/95
0
16101919 O 10/01/25
0
1443686 353/353 F 300,000.00
ZZ
WILLIAMS ROSS A 360 299,450.88
1
59-344 PUPUKEA ROAD 8.500 2,306.75
73
8.250 2,306.75
412,500.00
HALEIWA HI 96712 1 08/29/95
00
16061049 05 10/01/95
0
16061049 O 09/01/25
0
1443727 E22/728 F 610,000.00
ZZ
O'NEILL EDMUND 360 609,620.85
1
611 FUNCHAL ROAD 8.375 4,636.44
61
8.125 4,636.44
1,000,000.00
LOS ANGELES CA 90077 2 10/09/95
00
0410022693 05 12/01/95
0
0410022693 O 11/01/25
0
1443799 356/728 F 243,000.00
ZZ
DOMERESE JAMES R 360 242,845.05
1
1042 WHITMER CT 8.250 1,825.58
66
8.000 1,825.58
370,000.00
FREMONT CA 94539 2 10/03/95
00
0380253758 05 12/01/95
0
2317584 O 11/01/25
0
1
1443810 171/728 F 333,000.00
ZZ
BRADLEY DAVID M 360 332,808.42
1
6254 NAPOLI COURT 8.750 2,619.71
90
8.500 2,619.71
370,000.00
LONG BEACH CA 90803 1 10/03/95
10
0380250978 03 12/01/95
25
58073170 O 11/01/25
0
1443899 776/728 F 315,000.00
ZZ
DANNA KINUKO I 360 314,479.94
1
2041 NORTH RANCHO LA MERCED DR 9.000 2,534.56
75
8.750 2,534.56
420,000.00
COVINA CA 91724 5 08/24/95
00
0380228602 05 10/01/95
0
2422438 O 09/01/25
0
1443913 744/728 F 563,500.00
ZZ
KAMINOFF VICTOR 360 562,832.23
1
1616 NORTH KINGS ROAD 8.625 4,382.85
70
8.375 4,382.85
805,000.00
LOS ANGELES CA 90069 2 09/14/95
00
0380236308 05 11/01/95
0
75018 O 10/01/25
0
1443977 731/728 F 360,000.00
ZZ
GRAHEK TONY 360 359,792.88
1
2021 NORTH BRITTANY PARK ROAD 8.750 2,832.12
65
8.500 2,832.12
560,000.00
CAMARILLO AREA CA 93012 1 10/02/95
00
0380262106 05 12/01/95
0
8000138 O 11/01/25
0
1443982 B74/728 F 408,000.00
ZZ
BRIDEL JR ROBERT W 360 407,733.11
1
625 EAST PALM DRIVE 8.125 3,029.39
90
7.875 3,029.39
455,000.00
GLENDORA CA 91741 2 10/09/95
14
0380252701 05 12/01/95
25
955496 O 11/01/25
0
1444060 051/728 F 277,500.00
ZZ
WEISS STEPHEN D 360 277,144.89
1
1
19210 MUNCASTER ROAD 8.250 2,084.76
75
8.000 2,084.76
370,000.00
DERWOOD MD 20855 2 09/12/95
00
0380262312 05 11/01/95
0
30101857 O 10/01/25
0
1444144 439/439 F 263,700.00
ZZ
BLACKNEY ROBERT H 360 263,379.35
1
277 PAXTON COURT 8.500 2,027.63
90
8.375 2,027.63
293,000.00
UPLAND CA 91784 1 09/06/95
10
1804901 05 11/01/95
25
1804901 O 10/01/25
0
1444160 559/728 F 236,550.00
ZZ
SISON PERFECTO T 360 236,402.97
1
5301 KNIGHTS ESTATES 8.375 1,797.95
95
8.125 1,797.95
249,000.00
SAN JOSE CA 95135 1 10/05/95
01
0380250200 05 12/01/95
30
0392597 O 11/01/25
0
1444180 559/728 F 460,000.00
ZZ
HOFFMAN ARTHUR R 360 459,683.43
1
90 DIABLO VIEW ROAD 7.875 3,335.32
61
7.625 3,335.32
760,000.00
ORINDA CA 94563 1 10/27/95
00
0380261207 05 12/01/95
0
0392860 O 11/01/25
0
1444251 694/728 F 75,000.00
ZZ
SEXTON THOMAS G 360 74,954.56
1
12 SUSSEX PLACE 8.500 576.69
59
8.250 576.69
128,000.00
LITITZ PA 17543 2 10/24/95
00
0380252131 01 12/01/95
0
0600100275 O 11/01/25
0
1444291 B73/728 F 405,000.00
ZZ
BROWN GENE 360 404,754.65
1
1922 STREET ROAD 8.500 3,114.10
90
8.250 3,114.10
450,000.00
NEW HOPE PA 18938 1 10/25/95
11
0380276023 05 12/01/95
22
1
7628845 O 11/01/25
0
1444435 560/560 F 396,009.08
ZZ
JOLEY CRAIG D 349 394,979.30
1
762 AVENIDA ACAPULCO 8.625 3,101.00
80
8.375 3,101.00
500,000.00
SAN CLEMENTE CA 92672 1 06/30/95
00
221552722 05 09/01/95
0
221552722 O 09/01/24
0
1444559 560/560 F 270,000.00
T
GOLDMAN CLIFFORD H 360 269,321.64
1
120 OFFERSON ROAD UNIT #1420 8.375 2,052.20
75
8.125 2,052.20
360,000.00
AVON CO 81620 2 07/31/95
00
450189402 01 09/01/95
0
450189402 O 08/01/25
0
1444664 E19/728 F 357,000.00
ZZ
SULLIVAN MICHAEL P 360 356,494.44
1
24942 NELLIE GAIL ROAD 7.750 2,557.59
80
7.500 2,557.59
450,000.00
LAGUNA HILLS CA 92653 2 09/26/95
00
0380229238 05 11/01/95
0
100001870 O 10/01/25
0
1444731 776/728 F 378,750.00
ZZ
LIM DENNIS R 360 378,323.77
1
3985 MANDEVILLE CANYON ROAD 8.875 3,013.50
75
8.625 3,013.50
505,000.00
LOS ANGELES CA 90049 1 08/31/95
00
0380251232 05 11/01/95
0
2122948 O 10/01/25
0
1444784 334/728 F 265,500.00
ZZ
CELONI J R 360 264,832.94
1
2451 LOY LANE 8.375 2,018.00
90
8.125 2,018.00
295,000.00
LOS ANGELES CA 90041 1 07/26/95
11
0380230095 05 09/01/95
17
968806 O 08/01/25
0
1
1444963 647/647 F 236,000.00
ZZ
SEATON JOHN S 360 235,845.63
1
484 DESERT HOLLY DRIVE 8.125 1,752.29
80
7.875 1,752.29
295,917.00
PALM DESERT CA 92211 1 10/05/95
00
1940607 01 12/01/95
0
1940607 O 11/01/25
0
1445082 056/728 F 223,250.00
ZZ
MILES TONY 360 223,005.20
1
1287 CANTON DRIVE 9.000 1,796.32
95
8.750 1,796.32
235,000.00
MILPITAS CA 95035 1 09/19/95
04
0380221110 05 11/01/95
30
7936755 O 10/01/25
0
1445134 232/232 F 80,000.00
T
RITZEMA DALE 360 79,905.18
1
1385 LOWELL AVENUE #105 8.625 622.24
55
8.375 622.24
147,000.00
PARK CITY UT 84060 1 09/14/95
00
10834671 01 11/01/95
0
10834671 O 10/01/25
0
1445250 E15/728 F 561,000.00
ZZ
TATUSIAN SARKIS V 360 560,633.03
1
24 VISTA DEL SOL 8.125 4,165.41
60
7.875 4,165.41
950,000.00
LAGUNA BEACH CA 92651 4 10/05/95
00
0380254152 05 12/01/95
0
33000471 O 11/01/25
0
1445252 881/728 F 479,500.00
ZZ
MOSAZADEH FARIBORZ 360 479,186.34
1
10798 LINDBROOK DRIVE 8.125 3,560.27
70
7.875 3,560.27
685,000.00
LOS ANGELES CA 90024 2 10/17/95
00
0380260910 05 12/01/95
0
6013630 O 11/01/25
0
1445262 356/728 F 276,000.00
ZZ
PALMER SCOTT R 360 275,824.00
1
111 HILARY AVENUE 8.250 2,073.50
80
8.000 2,073.50
345,000.00
1
MOUNTAIN VIEW CA 94562 1 10/10/95
00
0380257056 05 12/01/95
0
238947 O 11/01/25
0
1445263 E19/728 F 230,000.00
ZZ
MURRAY III PATRICK C 360 229,841.72
1
2627 VISTA LOOP 7.875 1,667.66
87
7.625 1,667.66
265,000.00
OXNARD CA 93030 2 10/11/95
11
0380247412 05 12/01/95
25
100002125 O 11/01/25
0
1445288 721/728 F 300,000.00
ZZ
ELLIOTT DOUGLAS R 360 299,822.88
1
#30 BROOKWOOD COURT 8.625 2,333.37
79
8.375 2,333.37
380,000.00
OTTUMWA IA 52501 4 10/17/95
00
0380253675 05 12/01/95
0
0009921226 O 11/01/25
0
1445293 356/728 F 308,000.00
ZZ
HOFFMAN ROBERT R 360 307,803.59
1
575 SULLIVAN DR 8.250 2,313.91
62
8.000 2,313.91
500,000.00
MOUNTAIN VIEW CA 94041 2 10/13/95
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0380254145 05 12/01/95
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1445297 881/728 F 214,200.00
ZZ
ALONSO JAVIER 360 214,066.87
1
1836 ORANGEWOOD STREET 8.375 1,628.07
95
8.125 1,628.07
225,500.00
LA VERNE CA 91750 1 10/10/95
10
0380250424 05 12/01/95
30
601772 O 11/01/25
0
1445357 232/232 F 164,950.00
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WILLIAMS ROBERT A 360 164,663.19
1
2226 PINE STREET 8.750 1,297.67
75
8.500 1,297.67
219,950.00
BOULDER CO 80302 1 08/09/95
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10834760 05 10/01/95
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10834760 O 09/01/25
0
1
1445561 E22/728 F 200,000.00
ZZ
HOLIGA STEPHEN A 360 199,875.69
1
42780 GATEWOOD STREET 8.375 1,520.14
80
8.125 1,520.14
250,000.00
FREMONT CA 94538 2 10/11/95
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0410021851 05 12/01/95
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0410021851 O 11/01/25
0
1445598 769/728 F 206,750.00
ZZ
VARGA LOUIS 360 206,624.75
1
41 WOODMONT DRIVE 8.500 1,589.73
80
8.250 1,589.73
258,466.00
RANDOLPH NJ 07869 2 10/24/95
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0380257239 01 12/01/95
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110501390 O 11/01/25
0
1445750 776/728 F 230,000.00
ZZ
FAULCON RUDOLPHE J 360 229,727.44
1
6841 CAMROSE DRIVE 8.625 1,788.92
78
8.375 1,788.92
298,000.00
LOS ANGELES CA 90068 2 09/07/95
00
0380245275 05 11/01/95
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2122991 O 10/01/25
0
1445776 627/728 F 233,750.00
ZZ
OBLEPIAS ISIDITA E 360 233,589.13
1
2300 MAPLE AVENUE #157 7.875 1,694.85
85
7.625 1,694.85
275,000.00
TORRANCE CA 90503 2 10/16/95
10
0380257429 07 12/01/95
25
327063 O 11/01/25
0
1445777 171/728 F 259,200.00
ZZ
SCHMITT II LEONARD C 360 259,021.62
1
692 KNIGHT DRIVE 7.875 1,879.38
80
7.625 1,879.38
324,000.00
BENICIA CA 94510 1 10/16/95
00
0380256058 05 12/01/95
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19055129 O 11/01/25
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1445792 559/728 F 295,000.00
ZZ
KENNA MICHAEL J 360 294,811.89
1
1
198 BUTTERFIELD DRIVE 8.250 2,216.24
69
8.000 2,216.24
430,000.00
NOVATO CA 94945 2 10/20/95
00
0380257486 03 12/01/95
0
0395343 O 11/01/25
0
1445797 B73/728 F 500,000.00
ZZ
GENTILE ROBERT 360 499,152.86
1
4 MAGNOLIA COURT 8.875 3,978.22
80
8.625 3,978.22
625,000.00
COLTS NECK NJ 07722 1 08/29/95
00
0380224601 05 10/01/95
0
1087311 O 09/01/25
0
1445841 056/728 F 72,000.00
ZZ
CLARK ROBBIE D 360 71,912.45
1
1700 EAST 56TH STREET 8.500 553.62
74
8.250 553.62
97,400.00
CHICAGO IL 60637 1 09/26/95
00
0380252412 06 11/01/95
0
9301581 O 10/01/25
0
1445854 232/232 F 260,000.00
T
SHAPOW NATHAN 360 259,524.11
1
8925 COLLINS AVENUE 8.500 1,999.18
75
UNIT 8H 8.250 1,999.18
350,000.00
SURFSIDE FL 33154 1 08/29/95
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890712 06 10/01/95
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890712 O 09/01/25
0
1445867 776/728 F 73,600.00
ZZ
COLLINS MICHAEL H 360 73,465.29
1
8401 FOUNTAIN AVENUE NO 1 8.500 565.92
74
8.250 565.92
100,000.00
WEST HOLLYWOOD CA 90069 1 08/28/95
00
0380252446 01 10/01/95
0
2122819 O 09/01/25
0
1445873 664/728 F 265,500.00
ZZ
MITCHELL JONI 360 265,177.17
1
31717 KENTFIELD CT 8.500 2,041.47
90
8.250 2,041.47
295,000.00
WESTLAKE VILLAG CA 91361 1 09/06/95
12
0380230343 03 11/01/95
25
1
2060598 O 10/01/25
0
1445968 A26/728 F 410,800.00
ZZ
CHENG CHUEN Y 360 410,800.00
1
79 GREENWAY DRIVE 8.500 3,158.70
80
8.250 3,158.70
513,500.00
STATEN ISLAND NY 10301 1 11/06/95
00
0380277401 05 01/01/96
0
6114 O 12/01/25
0
1446015 B26/728 F 163,875.00
ZZ
PAPPAS STEVEN 360 163,875.00
1
2094 JONES AVENUE 8.000 1,202.46
75
7.750 1,202.46
218,500.00
WANTAGH NY 11793 1 11/08/95
00
0380256587 05 01/01/96
0
1311011160R O 12/01/25
0
1446220 670/670 F 1,070,406.13
ZZ
GILBERT CLIFFORD W 333 1,066,665.35
1
25045 ASHLEY RIDGE ROAD 8.625 8,480.19
68
8.375 8,480.19
1,575,000.00
HIDDEN HILLS CA 91302 2 08/01/95
00
3143414 05 09/01/95
0
3143414 O 05/01/23
0
1446243 731/728 F 455,000.00
ZZ
FROST JACK 360 454,722.92
1
19201 ROSITA STREET 8.500 3,498.56
65
TARZANA AREA 8.250 3,498.56
700,000.00
LOS ANGELES CA 91356 5 10/27/95
00
0380253295 05 12/01/95
0
411910667 O 11/01/25
0
1446315 E19/728 F 261,000.00
ZZ
ZEMANEK THOMAS A 360 260,833.57
1
26326 CARMEL STREET 8.250 1,960.81
90
8.000 1,960.81
290,000.00
LAGUNA HILLS CA 92656 2 10/18/95
10
0380249053 03 12/01/95
25
100002120 O 11/01/25
0
1
1446327 736/728 F 240,000.00
ZZ
HORNER KENT J 360 239,843.01
1
1244 SOUTH EL CAMINO REAL 8.125 1,781.99
75
7.875 1,781.99
320,000.00
ENCINITAS CA 92024 2 10/12/95
00
0380251372 05 12/01/95
0
449430 O 11/01/25
0
1446348 685/728 F 250,100.00
ZZ
ROSALES DAVID 360 249,940.52
1
14838 COUNTRY CREEK COURT 8.250 1,878.92
90
8.000 1,878.92
277,959.00
CHINO HILLS CA 91709 1 10/17/95
11
0380252826 05 12/01/95
25
102530 O 11/01/25
0
1446349 056/728 F 297,000.00
ZZ
LEONARD RICHARD J 360 296,805.72
1
1635 HASTINGS COURT 8.125 2,205.22
87
7.875 2,205.22
342,000.00
YUBA CITY CA 95991 1 10/17/95
10
0380262585 05 12/01/95
25
7800511 O 11/01/25
0
1446370 462/728 F 750,000.00
ZZ
HARTMAN HOWARD S 360 749,545.64
1
20315 HOWARD COURT 8.500 5,766.86
63
8.250 5,766.86
1,200,000.00
LOS ANGELES CA 91364 2 10/11/95
00
0380255316 05 12/01/95
0
4426573 O 11/01/25
0
1446449 363/728 F 234,000.00
ZZ
WELLS STEVEN J 360 233,715.48
1
17315 EAST BRANTLEY DRIVE 8.500 1,799.26
90
8.250 1,799.26
260,000.00
FOUNTAIN HILLS AZ 85268 1 09/13/95
04
0380228842 05 11/01/95
25
8714219673 O 10/01/25
0
1446456 769/728 F 241,200.00
ZZ
WHITEHEAD ROBERT 360 241,200.00
1
98 MOUNTAIN AVENUE 8.125 1,790.91
90
7.875 1,790.91
268,000.00
1
HAWTHORNE NJ 07506 1 11/20/95
04
0380268699 05 01/01/96
25
100101395 O 12/01/25
0
1446565 E19/728 F 458,800.00
ZZ
GILLIS DAVID B 360 458,507.44
1
3111 INDIAN WAY 8.250 3,446.81
77
8.000 3,446.81
600,000.00
LAFAYETTE CA 94549 2 10/30/95
00
0380254251 05 12/01/95
0
100001454 O 11/01/25
0
1446647 936/728 F 400,000.00
ZZ
SCHOELLKOPF III WILLIAM 360 399,513.63
1
26614 MENOMINEE PLACE 8.500 3,075.66
89
8.250 3,075.66
450,000.00
RANCHO PALOS VE CA 90275 2 09/05/95
10
0380227109 05 11/01/95
25
1848902 O 10/01/25
0
1446702 455/728 F 151,000.00
ZZ
MEADOWS NORMA W 360 150,910.84
1
120 TEEPEE TRAIL 8.625 1,174.47
60
8.375 1,174.47
253,000.00
WHITESBURG GA 30185 2 10/23/95
00
0380260894 05 12/01/95
0
37567 O 11/01/25
0
1446722 776/728 F 268,000.00
ZZ
KIRK RONALD C 360 267,665.69
1
11308 DONA TERESA DRIVE 8.375 2,036.99
80
8.125 2,036.99
335,000.00
LOS ANGELES CA 91604 1 09/19/95
00
0380228867 05 11/01/95
0
2124096 O 10/01/25
0
1446742 E04/728 F 288,450.00
ZZ
SONG WAN M 360 288,261.32
1
12025 NUGENT DRIVE 8.125 2,141.73
90
7.875 2,141.73
320,500.00
GRANADA HILLS A CA 91344 1 10/17/95
04
0380252966 05 12/01/95
25
9510023 O 11/01/25
0
1
1446760 180/728 F 240,000.00
ZZ
REED BRENDA 360 239,846.96
1
7785 MILL CREEK ROAD 8.250 1,803.04
80
8.000 1,803.04
300,000.00
HEALDSBURG CA 95448 2 10/18/95
00
0380268350 05 12/01/95
0
3586385 O 11/01/25
0
1446822 470/728 F 221,000.00
ZZ
FRANI MENANDRO 360 220,855.43
1
1160 CAMELLIA COURT 8.125 1,640.92
95
7.875 1,640.92
233,000.00
SAN LEANDRO CA 94577 1 10/18/95
12
0380256090 03 12/01/95
30
25071357 O 11/01/25
0
1446837 559/728 F 288,000.00
ZZ
HOANG LAM 360 287,806.75
1
115 MEADOWBROOK DRIVE 8.000 2,113.25
80
7.750 2,113.25
360,000.00
LOS GATOS CA 95032 1 10/23/95
00
0380255480 05 12/01/95
0
0398818 O 11/01/25
0
1446838 470/728 F 225,000.00
ZZ
FRANCO EVERARDO 360 225,000.00
1
1709 PECK AVENUE 8.375 1,710.17
95
8.125 1,710.17
237,000.00
SAN MATEO CA 94401 2 11/01/95
11
0380269119 05 01/01/96
30
25071766 O 12/01/25
0
1446843 664/728 F 338,300.00
ZZ
BURNS WALTER 360 338,095.05
1
14754 CELESTIAL PLACE 8.500 2,601.24
90
8.250 2,601.24
375,900.00
ADDISON TX 75240 1 10/23/95
11
0380257452 03 12/01/95
25
2109932 O 11/01/25
0
1446977 664/728 F 288,000.00
ZZ
SUMPTER VINCENT 360 287,649.80
1
1
943 CLARA DRIVE 8.500 2,214.48
78
8.250 2,214.48
370,000.00
PALO ALTO CA 94303 2 09/14/95
00
0380229980 05 11/01/95
0
2030906 O 10/01/25
0
1447030 232/232 F 225,000.00
ZZ
BROWN MATTHEW A 360 224,719.31
1
3427 FAIRWAY LANE 8.375 1,710.17
70
8.125 1,710.17
325,200.00
DURHAM NC 27712 1 09/28/95
00
10891505 03 11/01/95
0
10891505 O 10/01/25
0
1447032 769/728 F 76,000.00
ZZ
COOPER MALIN 360 76,000.00
1
38 HIAWATHA BOULEVARD 7.875 551.06
43
7.625 551.06
180,000.00
OAKLAND NJ 07436 1 11/17/95
00
0380263401 05 01/01/96
0
100401402 O 12/01/25
0
1447035 637/728 F 368,000.00
ZZ
RADNER ALLEN B 360 367,753.07
1
25661 WHIP ROAD 8.000 2,700.26
80
7.750 2,700.26
460,000.00
MONTEREY CA 93940 1 10/16/95
00
0380263997 05 12/01/95
0
3434495 O 11/01/25
0
1447038 B79/728 F 292,000.00
ZZ
RIKER NORMAN 360 291,823.10
1
9737 HORNER STREET 8.500 2,245.23
80
8.250 2,245.23
365,000.00
LOS ANGELES CA 90035 2 10/24/95
00
0380253832 05 12/01/95
0
027164 O 11/01/25
0
1447043 664/728 F 307,000.00
ZZ
PACIFICO DAVID 360 306,823.36
1
17441 RAYEN STREET 8.750 2,415.18
88
8.500 2,415.18
350,000.00
NORTHRIDGE AREA CA 91325 2 10/20/95
10
0380262478 05 12/01/95
25
1
2061730 O 11/01/25
0
1447054 960/728 F 275,000.00
ZZ
MARTIN BRUCE 360 273,611.22
1
12430 SW 101 COURT 7.875 1,993.94
63
7.625 1,993.94
440,950.00
MIAMI FL 33176 1 07/19/95
00
0380274952 03 09/01/95
0
9521500015 O 08/01/25
0
1447061 893/728 F 312,000.00
ZZ
ARATHOON WILLIAM R 360 311,810.99
1
1620 LEXINGTON AVENUE 8.500 2,399.01
75
8.250 2,399.01
416,000.00
SAN MATEO CA 94402 5 10/20/95
00
0380251331 05 12/01/95
0
1447061 O 11/01/25
0
1447066 627/728 F 189,300.00
ZZ
GEE EMERSON 360 189,182.34
1
1670 VETERAN AVENUE 8.375 1,438.82
75
8.125 1,438.82
252,500.00
LOS ANGELES CA 90024 1 10/19/95
00
0380257072 05 12/01/95
0
327053 O 11/01/25
0
1447103 232/232 F 294,500.00
ZZ
ROSENBLOOM DAVID C 360 293,814.82
1
115 - 1ST TERR RIVO ALTO ISL 8.750 2,316.83
95
8.500 2,316.83
310,000.00
MIAMI BEACH FL 33139 1 07/28/95
12
890688 05 09/01/95
30
890688 O 08/01/25
0
1447124 267/267 F 327,100.00
ZZ
KNIGHT MICHAEL 360 326,670.61
1
2844 CORTINA WAY 8.125 2,428.71
95
7.875 2,428.71
344,500.00
UNION CITY CA 94587 1 09/12/95
11
4362111 03 11/01/95
30
4362111 O 10/01/25
0
1
1447166 998/998 F 301,500.00
ZZ
HOREJS, JR. CHARLES F 360 301,073.02
1
35 LA CROSSE DRIVE 7.750 2,159.99
90
7.500 2,159.99
335,000.00
MORGAN HILL CA 95037 2 09/18/95
04
9905004 05 11/01/95
25
9905004 O 10/01/25
0
1447229 776/728 F 250,000.00
ZZ
WELCH CHRISTOPHW 360 249,696.03
1
2452 MEADOW VALLEY TERRACE 8.500 1,922.28
94
8.250 1,922.28
267,000.00
LOS ANGELES CA 90039 1 09/12/95
14
0380231416 05 11/01/95
30
2124061 O 10/01/25
0
1447330 750/728 F 124,000.00
ZZ
BOST MARY L 360 123,920.93
1
2001 AVON AVENUE 8.250 931.57
80
8.000 931.57
155,000.00
CAMBRIA CA 93428 2 10/19/95
00
0380257098 05 12/01/95
0
360400810 O 11/01/25
0
1447344 369/728 F 214,900.00
ZZ
HORTON WARREN A 360 214,603.23
1
816 RYDER COURT 7.875 1,558.18
90
7.625 1,558.18
238,826.00
WESTMINSTER MD 21158 1 09/29/95
04
0380230954 05 11/01/95
25
48868616 O 10/01/25
0
1447345 E19/728 F 273,000.00
ZZ
TINGEY PERRY E 360 272,821.42
1
2780 CROCKETT CIRCLE 8.125 2,027.02
80
7.875 2,027.02
345,000.00
LOS OSOS AREA CA 93402 2 10/30/95
00
0380256207 05 12/01/95
0
100001843 O 11/01/25
0
1447350 936/728 F 261,400.00
ZZ
CONGDON THOMAS A 360 261,245.66
1
28431 RANCHO GRANDE 8.625 2,033.15
90
8.375 2,033.15
293,000.00
1
LAGUNA NIGUEL CA 92656 2 10/20/95
12
0380274317 03 12/01/95
25
1906411 O 11/01/25
0
1447356 736/728 F 339,500.00
ZZ
ALTOUNIAN ROSE 360 339,283.51
1
11856 SOUTH BEACH CLUB WAY 8.250 2,550.55
70
8.000 2,550.55
485,000.00
MALIBU CA 90265 1 10/02/95
00
0380232281 01 12/01/95
0
449431 O 11/01/25
0
1447374 E22/728 F 310,800.00
ZZ
SALMO DEURAYD N 360 310,611.72
1
1152O SHADOW RANCH RD 8.500 2,389.78
74
8.250 2,389.78
420,000.00
LA MESA CA 91941 2 10/17/95
00
0410050082 03 12/01/95
0
0410050082 O 11/01/25
0
1447411 731/728 F 300,000.00
ZZ
DORRIS SR HUGH D 360 299,616.08
1
275 OLD MOUNTAIN VIEW 8.250 2,253.80
67
8.000 2,253.80
450,000.00
POWER SPRINGS GA 30073 5 09/22/95
00
0380237397 03 11/01/95
0
3140660809 O 10/01/25
0
1447439 731/728 F 188,800.00
ZZ
FERNANDEZ RAFAEL 360 188,581.96
1
1123 PELON WAY 8.750 1,485.29
80
8.500 1,485.29
236,000.00
MONTEREY PARK CA 91754 1 09/14/95
00
0380230921 05 11/01/95
0
411110489 O 10/01/25
0
1447455 635/635 F 277,000.00
ZZ
DIMARTINO JOSEPH T 349 275,837.04
1
2 PARSONS LANDING 10.000 2,443.28
69
8.125 2,443.28
403,500.00
ISLIP NY 11751 4 03/14/95
00
3459484 05 05/01/95
0
3459484 O 05/01/24
0
1
1447463 936/728 F 314,500.00
ZZ
PAYTON PAUL D 360 314,136.78
1
549 MEADOWRUN STREET 8.750 2,474.18
90
8.500 2,474.18
349,900.00
THOUSAND OAKS CA 91360 1 09/22/95
11
0380252362 05 11/01/95
20
1871201 O 10/01/25
0
1447469 069/728 F 550,000.00
ZZ
KAHAN MIGUEL 360 549,296.15
1
601 24TH STREET 8.250 4,131.97
62
8.000 4,131.97
890,000.00
SANTA MONICA CA 90402 1 09/21/95
00
0380237546 05 11/01/95
0
2362050052 O 10/01/25
0
1447503 689/728 F 234,000.00
ZZ
WIESE MERRITT R 360 233,850.79
1
21415 Q STREET 8.250 1,757.96
70
8.000 1,757.96
335,000.00
ELKHORN NE 68022 5 10/27/95
00
0380255068 05 12/01/95
0
58652 O 11/01/25
0
1447506 A13/728 F 248,000.00
ZZ
ANDRON RICHARD J 360 247,690.63
1
6717 TRACY AVENUE SOUTH 8.375 1,884.98
90
8.125 1,884.98
277,000.00
EDINA MN 55439 2 09/29/95
10
0380252222 05 11/01/95
25
950025902 O 10/01/25
0
1447519 E15/728 F 143,000.00
ZZ
MASTRANGELO MARTA 360 142,904.05
1
21100 LEMARSH STREET 8.000 1,049.28
70
(CHATSWORTH AREA) 7.750 1,049.28
205,000.00
LOS ANGELES CA 91311 2 10/19/95
00
0380257940 05 12/01/95
0
31004561 O 11/01/25
0
1447530 559/728 F 337,500.00
ZZ
FAIDI ZAYD 360 337,273.54
1
1
3650 PARADISE DRIVE 8.000 2,476.46
75
7.750 2,476.46
450,000.00
TIBURON CA 94920 1 10/20/95
00
0380262163 05 12/01/95
0
039960 O 11/01/25
0
1447545 B98/728 F 330,000.00
ZZ
MOHAMMADI ALI M 360 330,000.00
1
18968 BONNET WAY 8.750 2,596.11
74
8.500 2,596.11
448,000.00
SARATOGA CA 95070 5 11/21/95
00
0380273855 05 01/01/96
0
128956 O 12/01/25
0
1447579 232/232 F 85,000.00
T
KARR KENNETH D 360 84,791.81
1
1100 NORTH FRONTAGE ROAD WEST 8.500 653.58
46
#1519 8.250 653.58
185,000.00
VAIL CO 81657 1 07/26/95
00
10834471 01 09/01/95
0
10834471 O 08/01/25
0
1447594 731/728 F 325,000.00
ZZ
LIVINGSTON RALPH S 360 324,562.42
1
30034 TORREPINES PLACE 8.000 2,384.73
75
7.750 2,384.73
435,000.00
AGOURA HILLS CA 91301 2 09/25/95
00
0380230640 05 11/01/95
0
411910593 O 10/01/25
0
1447665 116/116 F 272,400.00
ZZ
LEON RALPH R 360 272,217.23
1
118 SOUTH MEADOWMIST CIRCLE 8.000 1,998.77
80
7.875 1,998.77
340,500.00
THE WOODLANDS TX 77381 1 10/31/95
00
091065736 03 12/01/95
0
091065736 O 11/01/25
0
1447710 975/728 F 330,000.00
ZZ
WONG CALVIN G 360 330,000.00
1
6000 MOONGATE DRIVE 7.875 2,392.73
75
7.625 2,392.73
442,000.00
RANCHO PALOS VE CA 90275 2 11/02/95
00
0380264375 05 01/01/96
0
1
952246 O 12/01/25
0
1447713 975/728 F 225,000.00
ZZ
TSENG KUO LIEH 360 224,870.55
1
2441 LYRIC AVENUE 8.750 1,770.08
67
8.500 1,770.08
340,000.00
LOS ANGELES CA 90027 2 10/26/95
00
0380257494 05 12/01/95
0
952219 O 11/01/25
0
1447719 028/728 F 60,000.00
ZZ
GREEN PHYLLIS J 360 59,927.04
1
7392 AZALEA COURT 8.500 461.35
47
8.250 461.35
130,000.00
TSP OF W BLOOMF MI 48322 1 09/22/95
00
0380234865 01 11/01/95
0
181126 O 10/01/25
0
1447734 B74/728 F 650,000.00
ZZ
RESNICK PAUL 360 649,606.23
1
401 SOUTH WINDSOR BLVD 8.500 4,997.94
69
8.250 4,997.94
950,000.00
LOS ANGELES CA 90020 2 10/26/95
00
0380261967 05 12/01/95
0
955629 O 11/01/25
0
1447779 766/728 F 83,900.00
ZZ
FALCON MARTA M 360 83,847.85
1
8877 COLLINS AVE #806 8.375 637.70
70
8.125 637.70
120,000.00
MIAMI BEACH FL 33154 1 10/10/95
00
0380234998 06 12/01/95
0
95HA074 O 11/01/25
0
1447810 051/728 F 200,000.00
ZZ
PETRIE JAMES R 360 199,633.93
1
1339 PASEO ISABELLA 8.500 1,537.83
80
8.250 1,537.83
250,000.00
SAN DIMAS CA 91773 1 08/25/95
00
0380241894 05 10/01/95
0
1017088 O 09/01/25
0
1
1447842 731/728 F 230,850.00
ZZ
MARTINEZ ABEL S 360 230,554.57
1
3233 TERRA COTTA DRIVE 8.250 1,734.30
95
8.000 1,734.30
243,000.00
SAN JOSE CA 95135 1 09/15/95
11
0380230814 05 11/01/95
30
112150822 O 10/01/25
0
1447843 051/728 F 284,000.00
ZZ
SATARIANO LOUIS J 360 283,823.47
1
3292 VALLEY SQUARE LANE 8.375 2,158.61
80
8.125 2,158.61
355,000.00
SAN JOSE CA 95117 2 10/05/95
00
0380234162 05 12/01/95
0
16102088 O 11/01/25
0
1447857 731/728 F 210,400.00
ZZ
PRICE WILLIAM M 360 210,116.72
1
310 BIRCH HOLLOW COURT 8.000 1,543.84
80
7.750 1,543.84
263,000.00
ROSWELL GA 30075 1 09/29/95
00
0380230871 03 11/01/95
0
3140660983 O 10/01/25
0
1447899 744/728 F 251,250.00
ZZ
BROWN JERRY L 360 251,077.09
1
30 MEEKS LANE 7.875 1,821.74
75
7.625 1,821.74
335,000.00
OAKLEY CA 94561 2 10/31/95
00
0380256231 05 12/01/95
0
75354 O 11/01/25
0
1447913 E19/728 F 248,000.00
ZZ
SALANGSANG RODOLFO C 360 248,000.00
1
1112 HALSEY BLVD 8.500 1,906.91
67
8.250 1,906.91
375,000.00
FOSTER CITY CA 94404 2 11/01/95
00
0380262411 05 01/01/96
0
100002458 O 12/01/25
0
1447915 E19/728 F 585,550.00
ZZ
FONG GILBERT T 360 585,550.00
1
723 NORTH VISTA BONITA AVE 8.000 4,296.56
66
7.750 4,296.56
900,000.00
1
GLENDORA CA 91741 5 11/06/95
00
0380271818 05 01/01/96
0
100002513 O 12/01/25
0
1447917 964/728 F 266,000.00
ZZ
BRADLEY STEPHEN P 360 265,826.00
1
727 EVA COURT 8.125 1,975.04
95
7.875 1,975.04
280,000.00
LAKEPORT CA 95453 1 10/20/95
12
0380258260 05 12/01/95
30
16000 O 11/01/25
0
1447918 536/536 F 360,000.00
ZZ
PANG BERNADETTM 360 360,000.00
1
2703 BOOTH ROAD 7.875 2,610.25
80
7.625 2,610.25
450,000.00
HONOLULU HI 96813 4 11/02/95
00
1114602 05 01/01/96
0
1114602 O 12/01/25
0
1447922 992/728 F 216,000.00
ZZ
NABER LANCE 360 215,851.35
1
4 LEAWOOD DRIVE 7.875 1,566.15
72
7.625 1,566.15
300,000.00
BRIARCLIFF MANO NY 10510 2 10/11/95
00
0380246216 05 12/01/95
0
323431 O 11/01/25
0
1447929 881/728 F 268,800.00
ZZ
POPE WILLIAM G 360 268,800.00
1
331 PAREJO CIRCLE 8.375 2,043.07
90
8.125 2,043.07
299,000.00
SANTA BARBARA CA 93111 1 11/01/95
12
0380265760 05 01/01/96
25
601789 O 12/01/25
0
1447985 232/232 F 296,000.00
ZZ
POSTON WILLIAM C 360 295,217.62
1
515 W 2ND AVENUE 8.125 2,197.79
80
7.875 2,197.79
370,000.00
WINDERMERE FL 34786 1 07/21/95
00
884173 05 09/01/95
0
884173 O 08/01/25
0
1
1448027 731/728 F 323,000.00
ZZ
KAZEMIAN MOSTAFA 360 322,607.27
1
2012 CANADA BOULEVARD 8.500 2,483.59
74
8.250 2,483.59
440,000.00
GLENDALE CA 91208 2 09/21/95
00
0380230665 05 11/01/95
0
411910545 O 10/01/25
0
1448037 439/439 F 333,000.00
ZZ
WILLIAMS DEXTER 360 332,578.17
1
423 CHERRY DRIVE 8.300 2,513.44
90
8.175 2,513.44
370,000.00
PASADENA CA 91105 2 09/20/95
10
1800172 05 11/01/95
17
1800172 O 10/01/25
0
1448047 965/728 F 261,900.00
ZZ
KARDJIAN ARAM N 360 261,741.34
1
1239 EAST GRANITE VIEW DRIVE 8.500 2,013.78
91
8.250 2,013.78
289,689.00
PHOENIX AZ 85048 1 10/31/95
10
0380264789 03 12/01/95
30
2946 O 11/01/25
0
1448049 356/728 F 244,800.00
ZZ
GUPTA RAJEEV 360 244,647.84
1
43847 N MORAY STREEET 8.375 1,860.66
80
8.125 1,860.66
306,000.00
FREMONT CA 94539 1 10/24/95
00
0380267576 03 12/01/95
0
2326007 O 11/01/25
0
1448064 637/728 F 170,000.00
ZZ
KOMINOS ARTHUR 360 170,000.00
1
98 PULIS AVENUE 9.000 1,367.86
68
8.750 1,367.86
250,000.00
MAHWAH NJ 07430 1 11/10/95
00
0380267022 05 01/01/96
0
4037081 O 12/01/25
0
1448065 E19/728 F 225,000.00
ZZ
MOSS TYRONE C 360 224,856.53
1
1
25531 HILLSBORO DRIVE 8.250 1,690.35
78
8.000 1,690.35
290,000.00
LAGUNA NIGUEL CA 92677 2 10/26/95
00
0380253279 05 12/01/95
0
100002609 O 11/01/25
0
1448085 975/728 F 216,000.00
ZZ
SHENG STEVE 360 215,869.15
1
13043 CAROLYN STREET 8.500 1,660.85
90
8.250 1,660.85
240,000.00
CERRITOS CA 90703 1 10/22/95
11
0380253451 05 12/01/95
25
952280 O 11/01/25
0
1448128 B91/728 F 247,500.00
ZZ
KAVANAUGH DENNIS C 360 247,342.17
1
7547 ENGLISH HILLS ROAD 8.250 1,859.39
75
8.000 1,859.39
330,000.00
VACAVILLE CA 95688 2 10/25/95
00
0380256983 05 12/01/95
0
19510902013 O 11/01/25
0
1448131 B46/728 F 349,000.00
ZZ
HENAR ERIC L 360 348,765.83
1
8341 LUBEC STREET 8.000 2,560.84
78
7.750 2,560.84
450,000.00
DOWNEY CA 90240 2 10/30/95
00
0380257007 05 12/01/95
0
100768 O 11/01/25
0
1448154 232/232 F 287,000.00
ZZ
TURNER SCOTT G 360 286,816.99
1
1906 OLD CLUB POINT 8.250 2,156.14
80
8.000 2,156.14
358,800.00
MAITLAND FL 32751 2 09/27/95
00
895308 05 12/01/95
0
895308 O 11/01/25
0
1448161 171/728 F 296,900.00
ZZ
ROSENTHAL JOSEF H 360 296,705.78
1
19 WILLOWGLADE 8.125 2,204.48
90
7.875 2,204.48
329,900.00
DOVE CANYON CA 92679 1 10/05/95
10
0380235045 03 12/01/95
25
1
03054601 O 11/01/25
0
1448176 575/575 F 198,450.00
ZZ
MEEKINS JEFFREY K 360 198,326.66
1
411 48TH STREET 8.375 1,508.36
65
8.125 1,508.36
306,915.00
VIRGINIA BEACH VA 23451 4 10/25/95
00
415009829 05 12/01/95
0
415009829 O 11/01/25
0
1448188 702/702 F 240,000.00
ZZ
MACHANIC P B 360 239,834.83
1
L 1 SPINNAKER LANE 7.875 1,740.17
78
7.625 1,740.17
311,417.00
SHELBURNE VT 05482 4 10/27/95
00
5022504 05 12/01/95
0
5022504 O 11/01/25
0
1448189 637/728 F 323,000.00
ZZ
MICHAEL MULUMEBETG 360 322,597.06
1
5304 SHENANDOAH AVENUE 8.375 2,455.04
88
8.125 2,455.04
370,000.00
LOS ANGELES CA 90056 1 09/29/95
11
0380244229 05 11/01/95
25
3465499 O 10/01/25
0
1448194 B93/728 F 234,400.00
ZZ
BREMER UWE J 360 234,257.99
1
2240 EAST VENADO DRIVE 8.500 1,802.34
80
8.250 1,802.34
293,000.00
PHOENIX AZ 85027 2 10/25/95
00
0380258385 05 12/01/95
0
31163 O 11/01/25
0
1448224 731/728 F 292,600.00
ZZ
FLORES HECTOR 360 292,444.29
1
17412 KINZIE STREET 9.125 2,380.69
95
NORTHRIDGE AREA 8.875 2,380.69
308,000.00
LOS ANGELES CA 91325 1 10/04/95
04
0380263336 05 12/01/95
30
41110583 O 11/01/25
0
1
1448232 232/232 F 46,000.00
ZZ
BROWN THOMAS L 360 45,945.48
1
2245 SIDEWINDER DRIVE #533 8.625 357.79
80
8.375 357.79
57,500.00
PARK CITY UT 84060 1 09/28/95
00
10834978 01 11/01/95
0
10834978 O 10/01/25
0
1448240 232/232 F 57,000.00
ZZ
RUSSELL RICHARD A 360 56,932.44
1
1150 EMPIRE AVE 8.625 443.35
50
#39 8.375 443.35
115,000.00
PARK CITY UT 84060 2 09/21/95
00
10834856 01 11/01/95
0
10834856 O 10/01/25
0
1448297 171/728 F 239,400.00
ZZ
LOZANO EDUARDO P 360 239,400.00
1
4883 SAPPHIRE ROAD 8.500 1,840.78
95
8.250 1,840.78
252,000.00
CHINO HILLS CA 91709 1 11/13/95
12
0380274226 05 01/01/96
30
67051821 O 12/01/25
0
1448304 470/728 F 220,500.00
ZZ
LIRIO JUANITO G 360 220,500.00
1
224 LOVERIN CT 8.250 1,656.55
90
8.000 1,656.55
245,000.00
HAYWARD CA 94544 2 11/08/95
14
0380267113 05 01/01/96
17
25072101 O 12/01/25
0
1448309 369/728 F 292,500.00
BB
BAEK SUNG H 360 292,318.20
1
19815 65TH AVENUE SE 8.375 2,223.21
90
8.125 2,223.21
325,000.00
SNOHOMISH WA 98290 1 10/03/95
04
0380256124 05 12/01/95
25
48983514 O 11/01/25
0
1448310 881/728 F 247,500.00
ZZ
MUNGCAL ELSA E 360 247,357.61
1
319 MUIRFIELD LANE 8.750 1,947.08
90
8.500 1,947.08
275,000.00
1
WALNUT CA 91789 1 10/13/95
04
0380253196 05 12/01/95
25
102870 O 11/01/25
0
1448313 881/728 F 656,250.00
ZZ
ROSENBLATT NATHAN 360 655,452.08
1
9814 HYTHE COURT 8.500 5,045.99
75
8.250 5,045.99
875,000.00
LOS ANGELES CA 90210 5 09/18/95
00
0380268467 05 11/01/95
0
102686 O 10/01/25
0
1448314 881/728 F 172,600.00
ZZ
NUBLA ALLAN T 360 172,355.57
1
129 ROSLYN DRIVE 7.750 1,236.53
95
7.500 1,236.53
183,000.00
CONCORD CA 94521 2 09/25/95
04
0380253659 05 11/01/95
30
401388 O 10/01/25
0
1448319 881/728 F 175,600.00
ZZ
SNELL JOHN D 360 175,357.52
1
6633 FOUNTAINE AVENUE 7.875 1,273.22
95
7.625 1,273.22
185,000.00
NEWARK CA 94560 2 09/25/95
04
0380252636 05 11/01/95
30
401389 O 10/01/25
0
1448323 881/728 F 181,000.00
ZZ
DELIPSKI ALEX W 360 180,730.50
1
6234 CASTILLON DRIVE 7.500 1,265.58
94
7.250 1,265.58
194,000.00
NEWARK CA 94560 2 09/25/95
04
0380252438 03 11/01/95
30
401390 O 10/01/25
0
1448330 E19/728 F 279,000.00
ZZ
GOULET RICHARD A 360 278,817.49
1
17240 HIGH COUNTRY CIRCLE 8.125 2,071.57
75
7.875 2,071.57
375,000.00
PERRIS AREA CA 92570 2 10/24/95
00
0380256660 05 12/01/95
0
100001990 O 11/01/25
0
1
1448331 559/728 F 460,000.00
ZZ
SKOV ANDREA R 360 459,699.09
1
14970 SOBEY ROAD 8.125 3,415.49
61
7.875 3,415.49
755,000.00
SARATOGA CA 95070 2 10/26/95
00
0380267956 05 12/01/95
0
0402974 O 11/01/25
0
1448337 B93/728 F 262,500.00
ZZ
FORMANEK DEAN J 360 262,323.86
1
3449 EAST DESERT BROOM WAY 8.000 1,926.14
75
7.750 1,926.14
350,000.00
PHOENIX AZ 85044 5 10/25/95
00
0380256454 03 12/01/95
0
1000016058 O 11/01/25
0
1448338 975/728 F 320,000.00
ZZ
BUSUIOC DOREL 360 319,806.15
1
11700 MARIPOSA BAY LANE 8.500 2,460.52
80
NORTHRIDGE AREA 8.250 2,460.52
405,000.00
LOS ANGELES CA 91326 2 10/26/95
00
0380254707 03 12/01/95
0
952164 O 11/01/25
0
1448362 635/635 F 293,400.00
ZZ
EVANS MARTIN H 360 292,427.27
1
77 BAY BREEZE DR 8.125 2,178.49
90
7.875 2,178.49
326,000.00
DOVER TOWNSHIP NJ 08753 1 06/22/95
11
614041200 05 08/01/95
25
614041200 O 07/01/25
0
1448380 232/232 F 230,000.00
ZZ
MAPLE ROBERT M 360 229,698.08
1
8213 HAMPTON LAKE LANE 8.125 1,707.74
80
7.875 1,707.74
290,000.00
JACKSONVILLE FL 32256 5 09/28/95
00
887914 03 11/01/95
0
887914 O 10/01/25
0
1448387 776/728 F 292,000.00
T
HYDE LAURENCE W 360 291,808.98
1
1
2331 JOHN SCOTT TRAIL 8.125 2,168.10
80
7.875 2,168.10
366,500.00
TAHOE CITY CA 96145 1 10/01/95
00
0380236753 03 12/01/95
0
6224228 O 11/01/25
0
1448400 A09/728 F 260,000.00
ZZ
GOLDEN LEON 360 259,834.21
1
135 IRWIN STREET 8.250 1,953.29
70
8.000 1,953.29
373,500.00
BROOKLYN NY 11235 1 10/20/95
00
0380253162 05 12/01/95
0
UNKNOWN O 11/01/25
0
1448421 664/728 F 190,000.00
ZZ
REIHANIAN DALIA 360 189,762.98
1
5453 ELLENVALE AVENUE 8.375 1,444.14
74
8.125 1,444.14
260,000.00
WOODLAND HILLS CA 91367 2 09/18/95
00
0380241316 05 11/01/95
0
2061141 O 10/01/25
0
1448501 635/635 F 388,000.00
ZZ
CHWICK MICHAEL 355 385,065.64
1
1 ACKER DRIVE 9.500 3,270.69
80
8.125 3,270.69
485,000.00
RYE BROOK NY 10573 4 11/03/94
00
3466596 05 11/01/94
0
3466596 O 05/01/24
0
1448504 685/728 F 247,500.00
ZZ
MCCONWAY BARRY J 360 247,342.18
1
23415 SUSANA AVENUE 8.250 1,859.38
90
8.000 1,859.38
275,000.00
TORRANCE CA 90505 1 10/26/95
11
0380254210 05 12/01/95
25
102599 O 11/01/25
0
1448509 664/728 F 356,250.00
ZZ
SEAWELL BETTY E 360 356,250.00
1
11351 DONA TERESA DRIVE 8.500 2,739.26
75
8.250 2,739.26
475,000.00
STUDIO CITY ARE CA 91604 2 11/01/95
00
0380266743 05 01/01/96
0
1
2061950 O 12/01/25
0
1448512 559/728 F 293,550.00
ZZ
BERTGES STEPHEN A 360 293,372.16
1
43016 GALLEGOS AVENUE 8.500 2,257.15
95
8.250 2,257.15
309,000.00
FREMONT CA 94539 1 10/29/95
12
0380267931 05 12/01/95
30
0397489 O 11/01/25
0
1448514 635/635 F 300,000.00
ZZ
ZAKEN DAVID 355 297,653.82
1
14 FIDDLER CRAB TRAIL 9.375 2,502.99
69
8.125 2,502.99
436,000.00
WESTHAMPTON NY 11977 4 09/28/94
00
3384096 05 10/01/94
0
3384096 O 04/01/24
0
1448532 E19/728 F 472,500.00
ZZ
DE LONG KENT 360 472,213.75
1
39478 BUTTERFLY DRIVE 8.500 3,633.12
75
8.250 3,633.12
630,000.00
BEAUMONT AREA CA 92399 5 10/26/95
00
0380257783 05 12/01/95
0
100002353 O 11/01/25
0
1448540 559/728 F 220,500.00
ZZ
REEVES PETER L 360 220,352.05
1
2587 BRIARWOOD DRIVE 8.000 1,617.95
86
7.750 1,617.95
257,000.00
SAN JOSE CA 95125 1 10/25/95
10
0380254301 05 12/01/95
20
404947 O 11/01/25
0
1448542 637/728 F 130,000.00
ZZ
HUSSEIN SUHAIL 360 130,000.00
1
30-24 83RD STREET 8.625 1,011.13
73
8.375 1,011.13
180,000.00
JACKSON HEIGHTS NY 11370 1 11/08/95
00
0380266677 03 01/01/96
0
4733242 O 12/01/25
0
1
1448545 723/728 F 222,400.00
ZZ
MANZANO ANGELITO J 360 222,250.78
1
3052 CEDAR RIDGE COURT 8.000 1,631.89
80
7.750 1,631.89
278,000.00
SAN JOSE CA 95148 2 10/25/95
00
0380269242 05 12/01/95
0
8226 O 11/01/25
0
1448547 964/728 F 220,000.00
ZZ
CARR JEFFREY 360 219,844.72
1
2840 SHANNON DRIVE 7.750 1,576.11
80
7.500 1,576.11
275,000.00
SOUTH SAN FRANC CA 94080 1 10/25/95
00
0380258138 05 12/01/95
0
16166 O 11/01/25
0
1448557 E22/728 F 100,500.00
ZZ
DUNDEE MICKEY L 360 100,439.11
1
617 NEVADA STREET 8.500 772.76
94
8.250 772.76
107,000.00
MANTECA CA 95337 2 09/27/95
04
0410022156 05 12/01/95
30
0410022156 O 11/01/25
0
1448559 171/728 F 299,250.00
ZZ
HARPER MARGUERITD 360 299,059.17
1
136 NORTH SILVER SHOALS DRIVE 8.250 2,248.17
74
8.000 2,248.17
406,000.00
PISMO BEACH CA 93449 2 10/24/95
00
0380265166 05 12/01/95
0
48085209 O 11/01/25
0
1448589 B74/728 F 304,000.00
ZZ
CRUZ YOLANDA E 360 304,000.00
1
800 SOUTH BRONSON AVENUE 8.500 2,337.50
87
8.250 2,337.50
350,000.00
LOS ANGELES CA 90005 2 11/15/95
12
0380272832 05 01/01/96
25
955607 O 12/01/25
0
1448662 E04/728 F 149,400.00
ZZ
CUFF KEVIN 360 149,302.27
1
1624 ORANGEWOOD AVENUE 8.125 1,109.29
65
7.875 1,109.29
232,000.00
1
UPLAND CA 91784 2 10/26/95
00
0380253865 05 12/01/95
0
9510081 O 11/01/25
0
1448673 A04/728 F 225,000.00
ZZ
CARNEVALE RANDALL J 360 224,856.53
1
4317 EAST 3RD STREET 8.250 1,690.35
80
8.000 1,690.35
282,000.00
LONG BEACH CA 90814 2 10/10/95
00
0380239880 05 12/01/95
0
950920029 O 11/01/25
0
1448702 639/728 F 228,800.00
ZZ
SPELLMAN NICHOLAS T 360 228,657.78
1
11 FOREST GLADE 8.375 1,739.05
80
8.125 1,739.05
286,000.00
WILBRAHAM MA 01095 1 10/26/95
00
0380268665 05 12/01/95
0
40071199 O 11/01/25
0
1449003 076/076 F 303,000.00
ZZ
TSUMAS HARRY L 360 302,136.25
1
455 GLEN EAGLES WEST 7.750 2,170.73
56
7.500 2,170.73
550,000.00
STATESVILLE NC 28677 2 07/18/95
00
4858212 05 09/01/95
0
4858212 O 08/01/25
0
1449010 A19/728 F 255,350.00
ZZ
PERROTTI JR THEODORE F 360 255,350.00
1
27 PINGREE FARM ROAD 8.375 1,940.84
79
8.125 1,940.84
325,000.00
GEORGETOWN MA 01833 2 11/08/95
00
0380250416 05 01/01/96
0
1449010 O 12/01/25
0
1449025 363/728 F 310,000.00
ZZ
SCHLESINGER ROBERT A 360 309,249.05
1
701 WEST LOS ALTOS ROAD 8.500 2,383.63
90
8.250 2,383.63
345,000.00
TUCSON AZ 85704 1 09/28/95
04
0380253154 05 11/01/95
25
8714220321 O 10/01/25
0
1
1449028 363/728 F 278,400.00
ZZ
CASTEEL JOHN E 360 278,043.72
1
2240 NORTH CONESTOGA AVENUE 8.250 2,091.53
80
8.000 2,091.53
348,000.00
TUCSON AZ 85749 1 09/27/95
00
0380254368 05 11/01/95
0
8714220282 O 10/01/25
0
1449038 766/728 F 179,000.00
T
FUHRMANN JAMES 360 178,894.32
1
5201 VIRGINIA DARE TRAIL 8.625 1,392.24
69
8.375 1,392.24
260,000.00
KITTY HAWK NC 27948 2 10/13/95
00
0380253188 05 12/01/95
0
95102 O 11/01/25
0
1449051 369/728 F 480,000.00
ZZ
TURNER CHARLES R 360 479,431.16
1
5915 HARABY COURT 8.625 3,733.40
60
8.375 3,733.40
800,000.00
DALLAS TX 75248 2 09/27/95
00
0380254236 05 11/01/95
0
48725683 O 10/01/25
0
1449065 201/728 F 187,500.00
ZZ
DONOFRIO FRANK 360 187,386.40
1
5291 NW 113TH AVENUE 8.500 1,441.72
75
COUNTY OF BROWARD 8.250 1,441.72
250,000.00
CORAL SPRINGS FL 33076 1 10/27/95
00
0380269390 03 12/01/95
0
3500841873 O 11/01/25
0
1449066 E19/728 F 625,000.00
ZZ
GERSH STUART J 360 625,000.00
1
17960 VIA BUENA VIDA 8.250 4,695.42
79
8.000 4,695.42
800,000.00
YORBA LINDA CA 92686 2 11/03/95
00
0380267030 05 01/01/96
0
100002756 O 12/01/25
0
1449085 B91/728 F 372,000.00
ZZ
PHILLIPS RICHARD R 360 371,750.39
1
1
3929 VIA CARDELINA 8.000 2,729.61
75
7.750 2,729.61
500,000.00
PALOS VEDES EST CA 90274 1 10/27/95
00
0380255563 05 12/01/95
0
1951001302 O 11/01/25
0
1449088 811/728 F 57,600.00
ZZ
GARCIA JOSE 360 57,566.86
1
620 ELM STREET 8.750 453.14
80
8.500 453.14
72,000.00
LABELLE FL 33935 1 10/13/95
00
0380265174 05 12/01/95
0
101697 O 11/01/25
0
1449105 975/728 F 215,000.00
ZZ
JOZEFOWSKI ROMAN 360 214,866.36
1
11888 EAST TRAIL 8.375 1,634.16
75
8.125 1,634.16
288,000.00
LAKEVIEW TERRAC CA 91342 2 10/24/95
00
0380254244 05 12/01/95
0
952067 O 11/01/25
0
1449112 683/728 F 95,000.00
ZZ
ROSA JOSE A 360 95,000.00
1
4 HAINES TERRACE 8.750 747.37
75
8.500 747.37
128,000.00
MERRIMACK NH 03054 1 11/07/95
00
0380259227 05 01/01/96
0
015032 O 12/01/25
0
1449116 B73/728 F 222,000.00
ZZ
DI PIERRO ALBERT A 360 221,685.61
1
1085 SOUTH LARC LANE 7.750 1,590.44
80
7.500 1,590.44
277,500.00
WEST CHESTER PA 19382 1 09/29/95
00
0380251240 05 11/01/95
0
1086114 O 10/01/25
0
1449141 069/728 F 278,100.00
ZZ
LEW KIM H 360 277,939.99
1
2834 NORTH DANBURY STREET 8.750 2,187.82
90
8.500 2,187.82
309,009.00
ORANGE CA 92667 1 10/11/95
04
0380249699 03 12/01/95
25
1
2362055127 O 11/01/25
0
1449145 559/728 F 67,500.00
ZZ
MCABEE HOWARD H 360 67,459.10
1
1036 LOCH LOMOND DRIVE 8.500 519.02
75
8.250 519.02
90,000.00
BAKERSFIELD CA 93304 1 10/06/95
00
0380252883 05 12/01/95
0
0395590 O 11/01/25
0
1449149 334/728 F 291,600.00
ZZ
HANSON DANIEL J 360 291,226.82
1
4905 E MERCER WAY 8.250 2,190.70
86
8.000 2,190.70
340,000.00
MERCER ISLAND WA 98040 1 09/21/95
10
0380240789 05 11/01/95
25
082144 O 10/01/25
0
1449152 232/232 F 240,000.00
ZZ
BRITTEN MARK D 360 239,523.55
1
36 CLEARWATER DRIVE 8.375 1,824.18
79
8.125 1,824.18
305,000.00
SCARBOROUGH ME 04074 1 09/11/95
10
169820 05 11/01/95
12
169820 O 10/01/25
0
1449159 313/728 F 275,000.00
ZZ
BLOMERT SR DAVID M 360 274,833.40
1
3827 LANDINGS WALK 8.500 2,114.52
83
8.250 2,114.52
333,000.00
GAINESVILLE GA 30506 2 10/11/95
04
0380272337 05 12/01/95
12
5649975 O 11/01/25
0
1449196 731/728 F 279,000.00
ZZ
RASHIDIAZAD JAVID 360 278,822.10
1
3441 RED ROSE DRIVE 8.250 2,096.03
90
ENCINO AREA 8.000 2,096.03
310,000.00
LOS ANGELES CA 91436 1 10/12/95
10
0380241639 05 12/01/95
25
411910638 O 11/01/25
0
1
1449204 729/729 F 432,450.00
ZZ
MARIO CRYSTAL A 360 431,822.01
1
1848 GRIST STONE COURT 7.625 3,060.86
85
7.375 3,060.86
508,809.00
ATLANTA GA 30307 1 09/22/95
10
1080431 03 11/01/95
12
1080431 O 10/01/25
0
1449276 074/728 F 253,650.00
ZZ
PENNY JR AUSTIN E 360 253,173.74
1
8134 COACH DRIVE 8.375 1,927.92
95
8.125 1,927.92
267,000.00
OAKLAND CA 94605 1 08/01/95
10
0380245481 03 10/01/95
30
1507047456 O 09/01/25
0
1449278 074/728 F 242,200.00
ZZ
TEATERS TIMOTHY C 360 241,756.69
1
15595 MALLORY COURT 8.500 1,862.31
85
8.250 1,862.31
285,000.00
MOORPARK CA 93021 2 08/04/95
04
0380242850 03 10/01/95
12
1507048335 O 09/01/25
0
1449282 074/728 F 333,000.00
ZZ
FESHARAKI AMIR M 360 332,435.78
1
23024 PARK VENETO 8.875 2,649.50
90
8.625 2,649.50
370,000.00
CALABASAS CA 91302 1 08/21/95
12
0380246745 01 10/01/95
25
1507052401 O 09/01/25
0
1449293 074/728 F 600,000.00
ZZ
TENNISON LANCE A 360 599,251.54
1
391 23RD STREET 8.375 4,560.43
79
8.125 4,560.43
760,000.00
NEWPORT BEACH CA 92660 2 09/14/95
00
0380243338 05 11/01/95
0
1507055501 O 10/01/25
0
1449309 074/728 F 650,000.00
ZZ
HUMPHREY MILES H 360 649,146.72
1
108 MARVIN AVENUE 8.125 4,826.24
73
7.875 4,826.24
897,000.00
1
LOS ALTOS CA 94022 1 09/06/95
00
0380248998 05 11/01/95
0
1561303008 O 10/01/25
0
1449311 074/728 F 311,400.00
ZZ
ROBINSON DANIEL L 360 310,980.71
1
1788 SAN LORENZO AVENUE 8.000 2,284.95
90
7.750 2,284.95
346,000.00
BERKELEY CA 94707 1 09/05/95
14
0380245226 05 11/01/95
25
1561303482 O 10/01/25
0
1449313 074/728 F 303,000.00
ZZ
BRUGNARA ALEO 360 302,631.58
1
603 ESTATE COURT 8.500 2,329.81
90
8.250 2,329.81
336,727.00
DALY CITY CA 94014 1 09/20/95
12
0380242876 05 11/01/95
25
1561304135 O 10/01/25
0
1449324 074/728 F 345,000.00
ZZ
LEWIS DEAN A 360 344,535.48
1
5202 CHANNEL DRIVE 8.000 2,531.49
88
7.750 2,531.49
395,000.00
NEWARK CA 94560 1 09/11/95
12
0380244450 05 11/01/95
25
1561306276 O 10/01/25
0
1449337 074/728 F 251,100.00
ZZ
SILVERS KENNETH L 360 250,753.25
1
405 FERNANDO COURT 7.875 1,820.65
90
7.625 1,820.65
279,000.00
SAN RAMON CA 94583 1 09/21/95
10
0380250739 05 11/01/95
25
1561308114 O 10/01/25
0
1449339 074/728 F 600,000.00
ZZ
HOLMGREN BRADLEY T 360 599,212.36
1
1853 BOOKSIN AVENUE 8.125 4,454.99
80
7.875 4,454.99
755,000.00
SAN JOSE CA 95125 1 09/22/95
00
0380247560 05 11/01/95
0
1561309060 O 10/01/25
0
1
1449341 074/728 F 315,000.00
ZZ
TOWBIN DAVID P 360 314,607.05
1
1912 SAINT SIMONS PLACE 8.375 2,394.23
90
8.125 2,394.23
350,000.00
FULLERTON CA 92631 1 09/22/95
10
0380242983 03 11/01/95
25
1562132090 O 10/01/25
0
1449342 074/728 F 315,600.00
ZZ
DONOVAN JR WILLIAM J 360 315,196.12
1
3408 CALLE SIN RIVAL 8.250 2,371.00
90
8.000 2,371.00
350,775.00
SAN CLEMENTE CA 92673 1 09/11/95
10
0380250655 03 11/01/95
25
1562132385 O 10/01/25
0
1449349 074/728 F 292,000.00
ZZ
LATHAM III ROBERT A 360 291,635.73
1
632 ETTA STREET 8.375 2,219.42
86
8.125 2,219.42
341,000.00
LOS ANGELES CA 90065 2 09/15/95
10
0380247438 05 11/01/95
25
1562134052 O 10/01/25
0
1449383 074/728 F 615,000.00
ZZ
MUSSELL DENNIS C 360 614,252.22
1
416 PINE NEEDLES DRIVE 8.500 4,728.82
75
8.250 4,728.82
820,000.00
DEL MAR CA 92014 5 09/01/95
00
0380244773 05 11/01/95
0
1567132393 O 10/01/25
0
1449385 074/728 F 246,100.00
ZZ
WEBSTER RICHARD P 360 245,815.79
1
2272 DUNHAVEN STREET 8.750 1,936.07
90
8.500 1,936.07
274,000.00
SAN DIEGO CA 92110 1 09/12/95
11
0380247446 05 11/01/95
25
1567134027 O 10/01/25
0
1449386 074/728 F 233,750.00
ZZ
WADE JEFFERY 360 233,450.86
1
1
1018 OLD MOUNTAIN VIEW ROAD 8.250 1,756.09
85
8.000 1,756.09
275,000.00
EL CAJON CA 92021 2 09/22/95
10
0380245192 05 11/01/95
12
1567134050 O 10/01/25
0
1449401 074/728 F 238,500.00
ZZ
MURRAY JR JOHN W 360 238,178.87
1
717 S TREMAINE AVENUE 8.000 1,750.03
90
7.750 1,750.03
265,000.00
LOS ANGELES CA 90005 1 09/23/95
10
0380247495 05 11/01/95
25
1567136962 O 10/01/25
0
1449442 074/728 F 300,000.00
ZZ
FEY MARIANNE E 360 299,606.17
1
544 BROOKSIDE 8.125 2,227.50
74
7.875 2,227.50
410,000.00
BIRMINGHAM MI 48009 1 09/20/95
00
0380238635 05 11/01/95
0
1581021417 O 10/01/25
0
1449495 729/729 F 296,000.00
ZZ
CRAWFORD DONALD W 360 295,611.43
1
290 NIMBLECREEK COURT 8.125 2,197.80
77
7.875 2,197.80
385,000.00
LILBURN GA 30247 2 09/26/95
00
120110892 05 11/01/95
0
120110892 O 10/01/25
0
1449497 729/729 F 372,000.00
ZZ
SPECTOR S J 360 371,499.12
1
1690 ROSEMONT PLACE 8.000 2,729.61
80
7.750 2,729.61
467,720.00
ATLANTA GA 30329 1 09/29/95
00
UNKNOWN 03 11/01/95
0
UNKNOWN O 10/01/25
0
1449502 729/729 F 238,950.00
ZZ
ORQUIA AMBER J 360 238,789.66
1
7203 AUSTIN LAKE CIRCLE 8.000 1,753.34
90
7.750 1,753.34
265,600.00
SMYRNA GA 30082 2 10/05/95
10
1091031 03 12/01/95
25
1
1091031 O 11/01/25
0
1449533 936/728 F 214,400.00
ZZ
LEPROWSE SHEILA R 360 214,158.71
1
9210 GROSSMONT BLVD 8.875 1,705.87
80
8.625 1,705.87
268,000.00
LA MESA CA 91941 1 09/29/95
00
0380262460 05 11/01/95
0
1882109 O 10/01/25
0
1449548 491/491 F 299,000.00
ZZ
RUTGERS GERRITT A 360 298,378.63
1
1512 LOCUST STREET 7.875 2,167.96
90
7.625 2,167.96
333,000.00
SAN MATEO CA 94402 1 08/01/95
04
4963725 05 10/01/95
17
4963725 O 09/01/25
0
1449551 491/491 F 313,000.00
ZZ
BROWN DENNIS J 360 312,455.79
1
410 27TH STREET 8.750 2,462.38
90
8.500 2,462.38
348,000.00
SAN FRANCISCO CA 94131 1 08/02/95
04
5586551 05 10/01/95
17
5586551 O 09/01/25
0
1449552 491/491 F 304,100.00
ZZ
DONNAN JOHN M 360 303,233.12
1
570 GLASGOW CIRCLE 7.750 2,178.61
90
7.500 2,178.61
337,900.00
DANVILLE CA 94526 1 07/19/95
04
5772460 03 09/01/95
17
5772460 O 08/01/25
0
1449553 491/491 F 264,550.00
ZZ
THERIEAU GREGG E 360 264,040.41
1
3010 EAST AVENIDA DE LOS ARBOL 8.250 1,987.48
88
8.000 1,987.48
302,503.00
THOUSAND OAKS CA 91362 1 08/29/95
11
5772974 01 10/01/95
17
5772974 O 09/01/25
0
1
1449557 491/491 F 289,755.00
ZZ
ABELLERA DANIEL N 360 289,196.87
1
292 CERRO DRIVE 8.250 2,176.84
90
8.000 2,176.84
321,950.00
DALY CITY CA 94015 1 08/17/95
21
5980798 03 10/01/95
25
5980798 O 09/01/25
0
1449558 491/491 F 302,000.00
ZZ
SHODA HEIHACHIR 360 301,340.08
1
2800 ELM AVENUE 7.625 2,137.54
89
7.375 2,137.54
340,000.00
MANHATTAN BEACH CA 90266 2 08/09/95
04
6081223 05 10/01/95
17
6081223 O 09/01/25
0
1449577 491/491 F 309,600.00
ZZ
HJELLE ROBERT T 360 308,739.29
1
29025 CATHERWOOD COURT 7.875 2,244.82
90
7.625 2,244.82
344,000.00
AGOURA HILLS CA 91301 1 07/19/95
21
60030151 03 09/01/95
25
60030151 O 08/01/25
0
1449596 491/491 F 320,000.00
ZZ
HEFFNER W. L 360 319,610.90
1
2345 CLUB VISTA DRIVE 8.500 2,460.53
87
8.250 2,460.53
370,000.00
GLENDORA CA 91740 2 09/06/95
04
60093081 05 11/01/95
25
60093081 O 10/01/25
0
1449620 491/491 F 236,000.00
ZZ
MCDOWELL JOHN 360 235,343.89
1
1647 CENTER ROAD 7.875 1,711.17
88
7.625 1,711.17
270,000.00
NOVATO CA 94947 2 07/27/95
14
60099887 05 09/01/95
25
60099887 O 08/01/25
0
1449622 491/491 F 292,400.00
ZZ
HARRINGTON MARY E 360 291,807.48
1
3646 WILLOW CREST AVENUE 8.000 2,145.53
90
STUDIO CITY AREA 7.750 2,145.53
325,000.00
1
LOS ANGELES CA 91604 1 08/23/95
04
60106051 05 10/01/95
25
60106051 O 09/01/25
0
1449636 491/491 F 335,750.00
ZZ
ALEXANDER ROGER K 360 335,135.47
1
117 JERVIS BAY 8.500 2,581.63
85
8.250 2,581.63
395,000.00
ALAMEDA CA 94502 2 08/21/95
10
60146915 03 10/01/95
12
60146915 O 09/01/25
0
1449642 491/491 F 216,000.00
ZZ
BEHNE ALISA J 360 215,573.22
1
1237 ALTISSIMO PLACE 8.125 1,603.80
90
7.875 1,603.80
240,000.00
SAN JOSE CA 95131 1 08/11/95
11
60155060 01 10/01/95
25
60155060 O 09/01/25
0
1449646 491/491 F 342,000.00
ZZ
BARONIAN GINA 360 341,341.22
1
235 LAUREL GLEN COURT 8.250 2,569.34
90
8.000 2,569.34
380,000.00
DANVILLE CA 94506 1 08/12/95
14
60156317 03 10/01/95
25
60156317 O 09/01/25
0
1449662 491/491 F 215,050.00
ZZ
PETESCH, II ROBERT M 360 214,781.73
1
6004 ROBERTSON AVENUE 8.375 1,634.54
90
8.125 1,634.54
239,000.00
NEWARK CA 94560 1 09/08/95
10
60159294 05 11/01/95
25
60159294 O 10/01/25
0
1449673 491/491 F 307,850.00
ZZ
JONES GREGG D 360 307,271.93
1
3656 VIA LUJOSA 8.375 2,339.89
90
8.125 2,339.89
342,100.00
ESCONDIDO CA 92025 1 08/24/95
21
60239689 03 10/01/95
25
60239689 O 09/01/25
0
1
1449681 B91/728 F 226,000.00
T
CESENA ROBERT J 360 225,863.08
1
4590 OPAL STREET 8.500 1,737.75
80
8.250 1,737.75
282,500.00
CAPITOLA CA 95010 1 10/25/95
00
0380259086 05 12/01/95
0
1951001237 O 11/01/25
0
1449685 964/728 F 340,000.00
ZZ
GEARY RUTH L 360 340,000.00
1
1042 WALKER AVENUE 7.750 2,435.81
80
7.500 2,435.81
425,000.00
OAKLAND CA 94610 2 11/06/95
00
0380269077 05 01/01/96
0
15837 O 12/01/25
0
1449688 E19/728 F 350,000.00
ZZ
HADDAD NABIH 360 350,000.00
1
26767 SAND CANYON ROAD 8.250 2,629.43
45
8.000 2,629.43
780,000.00
SANTA CLARITA CA 91351 2 11/14/95
00
0380274218 05 01/01/96
0
100002115 O 12/01/25
0
1449690 559/728 F 405,700.00
ZZ
SCHROTER CHARLES M 360 405,427.78
1
15133 GARDEN HILL DRIVE 8.000 2,976.89
80
7.750 2,976.89
513,000.00
LOS GATOS CA 95030 2 10/29/95
00
0380256991 05 12/01/95
0
0403253 O 11/01/25
0
1449693 470/470 F 650,000.00
T
LOCKHART PATRICK 360 650,000.00
1
1 NW 47TH STREET 9.250 5,347.40
75
8.750 5,347.40
875,000.00
LINCOLN CITY OR 97367 2 11/01/95
00
62011406 03 01/01/96
0
62011406 O 12/01/25
0
1449776 B74/728 F 203,000.00
ZZ
HAYDEN THOMAS G 360 202,870.56
1
1
28534 GLADSTONE COURT 8.250 1,525.07
65
8.000 1,525.07
315,335.00
ESCONDIDO CA 92026 4 10/05/95
00
0380256264 05 12/01/95
0
955394 O 11/01/25
0
1449781 776/728 F 406,000.00
ZZ
SAMPSON M S 360 405,493.54
1
5716 HEMPSTEAD DRIVE 8.375 3,085.89
80
8.125 3,085.89
507,500.00
AGOURA HILLS CA 91301 1 09/26/95
00
0380249467 03 11/01/95
0
2124631 O 10/01/25
0
1449921 970/728 F 223,250.00
ZZ
ARZABAL ERNEST A 360 222,992.17
1
3824 ALTA LOMA DRIVE 8.750 1,756.31
90
8.500 1,756.31
250,000.00
BONITA CA 91902 2 09/14/95
10
0380243510 05 11/01/95
30
7304080 O 10/01/25
0
1449937 975/728 F 474,000.00
ZZ
JONG SONG W 360 474,000.00
1
5220 LOS DIEGOS WAY 8.500 3,644.65
70
8.250 3,644.65
677,500.00
LOS ANGELES CA 90027 1 11/01/95
00
0380273863 05 01/01/96
0
952337 O 12/01/25
0
1449949 964/728 F 305,000.00
ZZ
HUYSSOON JOSEPH L 360 305,000.00
1
4231 LELIA DRIVE 7.875 2,211.46
73
7.625 2,211.46
420,000.00
RIO VISTA CA 94571 2 11/07/95
00
0380271222 05 01/01/96
0
16123 O 12/01/25
0
1450029 936/728 F 240,000.00
ZZ
KEATING DANIEL 360 239,700.62
1
7007 NORTHMOOR DRIVE 8.375 1,824.17
78
8.125 1,824.17
310,000.00
UNIVERSITY CITY MO 63105 4 09/21/95
00
0380252396 03 11/01/95
0
1
1865674 O 10/01/25
0
1450032 936/728 F 244,750.00
ZZ
CHI CHIA M 360 244,444.68
1
3032 E. AVENIDA DE LOS ARBOLES 8.375 1,860.28
90
8.125 1,860.28
271,990.00
THOUSAND OAKS CA 91362 1 09/25/95
11
0380257866 03 11/01/95
25
1864537 O 10/01/25
0
1450056 E22/728 F 135,000.00
ZZ
DOHERTY WILLIAM J 360 134,918.22
1
2150 RADNOR COURT 8.500 1,038.03
80
8.250 1,038.03
170,000.00
JUNO BEACH FL 33408 5 10/06/95
00
0410001390 05 12/01/95
0
0410001390 O 11/01/25
0
1450124 429/429 F 232,000.00
ZZ
LEFFERT ADAM E 360 231,355.01
1
109 WOODCHESTER DRIVE 7.875 1,682.16
70
7.625 1,682.16
332,500.00
NEWTON MA 02167 1 08/01/95
00
21143730 05 09/01/95
0
21143730 O 08/01/25
0
1450133 429/429 F 240,000.00
ZZ
DRAVIDA SUBRAHMAN 360 239,224.16
1
11 CRIMSON LANE 8.250 1,803.05
78
8.000 1,803.05
308,831.00
FREEHOLD NJ 07720 1 06/21/95
00
21155981 05 08/01/95
0
21155981 O 07/01/25
0
1450140 429/429 F 350,000.00
ZZ
ROGERS MARK 360 349,074.82
1
770 SHIRLEY DRIVE 8.125 2,598.75
55
7.875 2,598.75
640,000.00
BIRMINGHAM MI 48009 1 07/28/95
00
21162649 05 09/01/95
0
21162649 O 08/01/25
0
1
1450143 429/429 F 250,800.00
ZZ
HARPER CHARLES E 360 250,185.75
1
9520 HOLLYHOCK COURT 8.500 1,928.44
95
8.250 1,928.44
264,000.00
DAVIE FL 33328 1 07/28/95
14
21166368 05 09/01/95
30
21166368 O 08/01/25
0
1450165 429/429 F 249,850.00
ZZ
HAUGH KEVIN H 360 249,101.30
1
3316 WESSYNTON WAY 7.500 1,746.99
95
7.250 1,746.99
263,000.00
ALEXANDRIA VA 22309 1 08/01/95
14
21188271 05 09/01/95
30
21188271 O 08/01/25
0
1450171 429/429 F 262,000.00
ZZ
HARRIS, JR. ALLEN W 360 261,532.60
1
4 DORSET LANE 8.625 2,037.81
83
8.375 2,037.81
318,000.00
WELLESLEY MA 02181 2 08/16/95
14
21190483 05 10/01/95
25
21190483 O 09/01/25
0
1450172 429/429 F 239,850.00
ZZ
HALL MORRIS F 360 239,376.11
1
LOT#63 ROPER MOUNTAIN ESTATES 8.125 1,780.88
95
7.875 1,780.88
252,500.00
GREENVILLE SC 29615 1 08/10/95
14
21191382 05 10/01/95
30
21191382 O 09/01/25
0
1450199 429/429 F 247,500.00
ZZ
CARROLL, JR JOHN C 360 247,046.96
1
19 PACKET DRIVE 8.500 1,903.07
90
8.250 1,903.07
275,000.00
DENNIS MA 02638 1 08/28/95
04
21207659 05 10/01/95
25
21207659 O 09/01/25
0
1450208 B73/728 F 250,000.00
ZZ
HATFIELD WENDELL B 360 249,832.26
1
7585 SOUTH PRINCE STREET 8.000 1,834.41
65
7.750 1,834.41
387,624.00
1
LITTLETON CO 80120 1 10/03/95
00
0380256322 03 12/01/95
0
1084742 O 11/01/25
0
1450212 665/728 F 296,950.00
ZZ
CARTLAND JAMES P 360 296,755.75
1
272 PUFFIN WAY 8.125 2,204.85
90
7.875 2,204.85
330,000.00
TEMPLETON CA 93465 1 10/10/95
10
0380243429 05 12/01/95
25
9501203671 O 11/01/25
0
1450213 729/729 F 303,300.00
ZZ
BONANDER JOHN V 360 303,111.48
1
841 16TH AVENUE LANE NW 8.375 2,305.30
87
8.125 2,305.30
350,000.00
HICKORY NC 28601 2 09/28/95
10
UNKNOWN 05 12/01/95
25
UNKNOWN O 11/01/25
0
1450216 B73/728 F 216,550.00
ZZ
MADRON JOHN P 360 216,265.72
1
13523 DETROIT STREET 8.125 1,607.88
90
7.875 1,607.88
240,664.00
THORNTON CO 80241 1 09/25/95
14
0380256900 03 11/01/95
22
1084643 O 10/01/25
0
1450235 491/491 F 289,750.00
ZZ
WALRAVEN LARRY A 360 289,219.66
1
25372 SHADYWOOD 8.500 2,227.93
95
8.250 2,227.93
305,000.00
LAGUNA NIGUEL CA 92677 1 08/28/95
21
5587131 03 10/01/95
30
5587131 O 09/01/25
0
1450290 605/728 F 344,700.00
ZZ
WILENSKY MICHAEL H 360 344,474.52
1
3661 NE 200TH STREET 8.125 2,559.39
80
7.875 2,559.39
430,915.00
NORTH MIAMI BEA FL 33180 1 10/18/95
00
0380251588 03 12/01/95
0
UNKNOWN O 11/01/25
0
1
1450301 450/728 F 362,700.00
ZZ
HAYNES GERALD 360 362,211.66
1
55 MANOR AVE 8.000 2,661.36
65
7.750 2,661.36
558,000.00
BLOOMFIELD TOWN MI 48304 5 09/18/95
00
0380243684 05 11/01/95
0
3027257 O 10/01/25
0
1450353 105/728 F 208,000.00
ZZ
HALLER SANDRA L 360 207,873.99
1
4069 WATERVIEW DRIVE 8.500 1,599.34
85
8.250 1,599.34
245,000.00
EDGEWATER MD 21037 2 10/13/95
14
0380259060 05 12/01/95
20
741538 O 11/01/25
0
1450358 E19/728 F 264,000.00
ZZ
OVTCHAROV DIMITAR 360 263,835.91
1
397 VENTURA AVENUE 8.375 2,006.59
87
8.125 2,006.59
306,000.00
PALO ALTO CA 94306 2 10/26/95
11
0380255506 05 12/01/95
25
100002673 O 11/01/25
0
1450360 232/232 F 442,000.00
T
BRANNEY JOSEPH J 360 441,462.57
1
4400 GULFSHORE BLVD NO 8.500 3,398.60
80
#50 8.250 3,398.60
552,500.00
NAPLES FL 33940 1 09/12/95
00
888214 08 11/01/95
0
888214 O 10/01/25
0
1450361 E19/728 F 220,500.00
ZZ
GROOM STEVEN L 360 220,352.05
1
1483 VIA ANITA 8.000 1,617.95
78
7.750 1,617.95
283,000.00
LA VERNE CA 91750 2 10/27/95
00
0380258393 05 12/01/95
0
100002820 O 11/01/25
0
1450366 E19/728 F 472,000.00
ZZ
NGUYEN DUC Q 360 472,000.00
1
1
444 CANTERBURY COURT 8.375 3,587.54
80
8.125 3,587.54
590,000.00
UPLAND CA 91784 2 11/08/95
00
0380264995 05 01/01/96
0
100002640 O 12/01/25
0
1450374 163/728 F 279,000.00
ZZ
BUTT MOHAMMAD R 360 278,098.16
1
8000 WEST 143RD PLACE 8.250 2,096.03
90
8.000 2,096.03
310,000.00
ORLAND PARK IL 60462 1 06/12/95
14
0380259458 05 08/01/95
25
10222992 O 07/01/25
0
1450406 744/728 F 284,500.00
ZZ
BOCANEGRA CARLOS A 360 284,313.90
1
20640 ADAM CIRCLE 8.125 2,112.40
90
7.875 2,112.40
317,000.00
YORBA LINDA CA 92686 1 10/17/95
14
0380253105 03 12/01/95
20
75189 O 11/01/25
0
1450414 A13/728 F 264,000.00
ZZ
WEISS RONALD A 360 263,827.30
1
2856 ENGLAVE 8.125 1,960.20
80
7.875 1,960.20
330,000.00
ANN ARBOR MI 48103 1 10/12/95
00
0380252693 05 12/01/95
0
003540367 O 11/01/25
0
1450430 776/728 F 574,000.00
ZZ
PUTNAM JAN N 360 573,652.27
1
10354 MONTE MAR DRIVE 8.500 4,413.56
80
8.250 4,413.56
720,000.00
LOS ANGELES CA 90064 1 10/02/95
00
0380245531 05 12/01/95
0
2124081 O 11/01/25
0
1450441 642/728 F 246,000.00
ZZ
GAPUZ BENJAMIN O 360 245,830.70
1
644 INDIGO CANYON ROAD 7.875 1,783.68
95
7.625 1,783.68
260,000.00
CHULA VISTA CA 91911 2 10/16/95
04
0380248725 05 12/01/95
30
1
08308695 O 11/01/25
0
1450449 936/728 F 220,500.00
ZZ
ARCODIA ANTHONY A 360 220,359.39
1
2512 ROUTE 50 8.250 1,656.55
72
8.000 1,656.55
310,000.00
HAMILTON TWSP NJ 08330 5 10/04/95
00
0380245648 05 12/01/95
0
1867308 O 11/01/25
0
1450475 B46/728 F 304,650.00
ZZ
OKAMOTO ADO 360 304,650.00
1
2801 SEPULVEDA BOULEVARD #77 8.750 2,396.68
90
8.500 2,396.68
338,500.00
TORRANCE CA 90505 1 11/01/95
10
0380269317 01 01/01/96
25
100895 O 12/01/25
0
1450486 334/728 F 258,000.00
ZZ
LUTWEN GARY 360 257,678.16
1
3 SANTA COMBA 8.375 1,960.99
79
8.125 1,960.99
328,000.00
IRVINE CA 92714 1 09/05/95
00
0380247081 03 11/01/95
0
969208 O 10/01/25
0
1450494 E22/728 F 88,000.00
ZZ
MC CARTY DENNIS L 360 87,948.05
1
1439 SKI RUN BOULEVARD 8.625 684.45
80
8.375 684.45
110,000.00
SOUTH LAKE TAHO CA 96150 5 10/03/95
00
0410045223 01 12/01/95
0
0410045223 O 11/01/25
0
1450506 757/757 F 248,000.00
ZZ
CHO YONG H 360 247,837.77
1
55 PEPPERTREE COURT 8.125 1,841.40
80
7.875 1,841.40
310,000.00
MARIETTA GA 30068 1 10/25/95
00
2660777 03 12/01/95
0
2660777 O 11/01/25
0
1
1450531 638/728 F 315,000.00
ZZ
PRIGG SAM L 360 314,799.14
1
5340 SOUTH COTTONWOOD LANE 8.250 2,366.49
75
8.000 2,366.49
420,000.00
SALT LAKE CITY UT 84117 1 10/11/95
00
0380255167 03 12/01/95
0
8518616 O 11/01/25
0
1450538 369/728 F 217,600.00
ZZ
EHRMAN TIMOTHY J 360 217,453.99
1
314 CATALINA PLACE 8.000 1,596.68
80
7.750 1,596.68
272,000.00
CORPUS CHRISTI TX 78411 1 10/09/95
00
0380263310 05 12/01/95
0
4861123 O 11/01/25
0
1450568 B46/728 F 252,950.00
ZZ
WILSON CHARLES F 360 252,950.00
1
70 HILLRISE 9.000 2,035.29
80
8.750 2,035.29
316,189.00
DOVE CANYON ARE CA 92679 1 11/03/95
00
0380267600 03 01/01/96
0
100845 O 12/01/25
0
1450590 893/728 F 235,000.00
ZZ
WHITE ANTHONY P 360 235,000.00
1
7957 IGLESIA DRIVE 8.250 1,765.48
80
8.000 1,765.48
295,000.00
DUBLIN CA 94568 2 11/03/95
00
0380268178 05 01/01/96
0
1450590 O 12/01/25
0
1450596 B93/728 F 378,550.00
ZZ
CORLES C R 360 378,550.00
1
7334 NO CENTRAL AVENUE 8.000 2,777.67
71
7.750 2,777.67
540,000.00
PHOENIX AZ 85020 2 11/01/95
00
0380268558 05 01/01/96
0
1000031190 O 12/01/25
0
1450628 B46/728 F 236,000.00
ZZ
SONG CHONG H 360 236,000.00
1
2125 W 230TH PLACE 8.125 1,752.29
79
7.875 1,752.29
300,000.00
1
TORRANCE CA 90501 2 11/02/95
00
0380266958 05 01/01/96
0
100897 O 12/01/25
0
1450634 830/830 F 318,750.00
ZZ
CASPER DEREK G 360 318,551.88
1
1941 E SUTTON COMMONS CIRCLE 8.375 2,422.73
75
8.125 2,422.73
425,000.00
SALT LAKE CITY UT 84121 5 10/20/95
00
522381 05 12/01/95
0
522381 O 11/01/25
0
1450635 664/728 F 133,000.00
ZZ
GEDDES GARY M 360 132,923.47
1
1814 SOUTH 8TH AVENUE #A 8.750 1,046.32
95
8.500 1,046.32
140,000.00
MONROVIA CA 91016 2 10/06/95
04
0380247875 01 12/01/95
30
2061620 O 11/01/25
0
1450648 593/728 F 207,900.00
ZZ
ROBINSON PAUL W 360 207,627.08
1
6205 SOUTH CHILD ROAD 8.125 1,543.66
63
7.875 1,543.66
330,000.00
SPANISH FORK UT 84660 5 09/25/95
00
0380246729 05 11/01/95
0
6732689 O 10/01/25
0
1450678 744/728 F 474,000.00
ZZ
MULGREW KATE 360 473,727.29
1
11938 FOXBORO DRIVE 8.750 3,728.96
60
8.500 3,728.96
795,000.00
LOS ANGELES CA 90049 2 10/20/95
00
0380247834 05 12/01/95
0
75390 O 11/01/25
0
1450693 975/728 F 195,000.00
ZZ
NGUYEN CHAU P 360 195,000.00
1
16105 CACHE STREET 8.125 1,447.87
73
7.875 1,447.87
270,000.00
FOUNTAIN VALLEY CA 92708 1 11/02/95
00
0380267089 05 01/01/96
0
952390 O 12/01/25
0
1
1450694 B91/728 F 267,000.00
ZZ
GRIFFIN CHRISTOPHB 360 267,000.00
1
425 21ST STREET 8.500 2,053.00
77
8.250 2,053.00
350,000.00
HUNTINGTON BEAC CA 92648 2 11/01/95
00
0380261884 05 01/01/96
0
1951001641 O 12/01/25
0
1450703 776/728 F 179,600.00
ZZ
HERNANDEZ DEL 360 179,485.48
1
22714 WEST PEAR COURT 8.250 1,349.27
80
8.000 1,349.27
224,500.00
SAUGUS AREA CA 91350 1 10/11/95
00
0380260670 05 12/01/95
0
2124671 O 11/01/25
0
1450705 334/728 F 234,000.00
ZZ
FADEL EDWARD J 360 233,708.10
1
9509 E DESERT COVE AVE 8.375 1,778.57
75
8.125 1,778.57
312,100.00
SCOTTSDALE AZ 85260 1 09/20/95
00
0380256918 03 11/01/95
0
448009 O 10/01/25
0
1450725 E22/728 F 60,000.00
ZZ
RUTHERFORD SAMUEL 360 59,961.74
1
3315 EAST GRANDVIEW AVENUE 8.250 450.76
80
8.000 450.76
75,000.00
TACOMA WA 98404 5 10/09/95
00
0410031124 05 12/01/95
0
0410031124 O 11/01/25
0
1450739 E22/728 F 188,000.00
ZZ
AMORNVUT TIM 360 187,886.11
1
20247 LAKE CANYON DRIVE 8.500 1,445.56
77
8.250 1,445.56
245,000.00
WALNUT AREA CA 91789 2 09/28/95
00
0410022735 05 12/01/95
0
0410022735 O 11/01/25
0
1450746 766/728 F 236,550.00
ZZ
JAROSZ ZBIGNIEW 360 236,406.70
1
1
3696 BAYVIEW ROAD 8.500 1,818.86
95
8.250 1,818.86
249,000.00
MIAMI FL 33133 1 10/24/95
12
0380258708 05 12/01/95
30
95SG732 O 11/01/25
0
1450767 480/728 F 315,100.00
ZZ
ARZT LEONARD J 360 314,888.58
1
1301 HIGHLAND DRIVE 8.000 2,312.09
80
7.750 2,312.09
395,000.00
SILVER SPRING MD 20910 1 10/25/95
00
0380258773 05 12/01/95
0
1127471 O 11/01/25
0
1450794 731/728 F 238,000.00
ZZ
SOLOVIEV VLADIMIR 360 238,000.00
1
10306 192ND AVENUE NORTHEAST 7.875 1,725.67
80
7.625 1,725.67
297,500.00
REDMOND WA 98053 1 11/14/95
00
0380274739 05 01/01/96
0
230831473 O 12/01/25
0
1450798 559/728 F 200,000.00
ZZ
MCCOMB JENNIFER J 360 200,000.00
1
108 VILLAGE CIRCLE 7.625 1,415.59
80
7.375 1,415.59
250,000.00
SANTA CRUZ CA 95060 1 11/03/95
00
0380271719 03 01/01/96
0
0406207 O 12/01/25
0
1450802 E19/728 F 259,950.00
ZZ
LEE ERNEST F 360 259,950.00
1
352 CERRO COURT 7.875 1,884.82
80
7.625 1,884.82
324,950.00
DALY CITY CA 94015 1 11/01/95
00
0380254749 03 01/01/96
0
100002867 O 12/01/25
0
1450811 637/728 F 160,000.00
ZZ
MEGARIS ANGELO 360 160,000.00
1
1 HARVARD DRIVE 8.000 1,174.03
72
7.750 1,174.03
225,000.00
TINTON FALLS NJ 07724 1 11/17/95
00
0380270018 05 01/01/96
0
1
4037487 O 12/01/25
0
1450813 171/728 F 242,100.00
ZZ
LUTTRELL BRIAN D 360 242,100.00
1
4402 WEEPING SPRUCE COURT 8.250 1,818.82
90
8.000 1,818.82
269,000.00
CONCORD CA 94521 1 11/06/95
12
0380273491 05 01/01/96
25
39072612 O 12/01/25
0
1450828 334/728 F 260,000.00
ZZ
HALL ROBERT W 360 259,486.29
1
16461 W ELLSWORTH AVE 8.125 1,930.50
77
7.875 1,930.50
342,000.00
GOLDEN CO 80401 2 08/21/95
00
0380267733 03 10/01/95
0
447870 O 09/01/25
0
1450829 069/728 F 300,400.00
ZZ
GUO TZONG Y 360 300,203.49
1
2909 NORTH WESTON STREET 8.125 2,230.47
80
7.875 2,230.47
377,000.00
ORANGE CA 92667 1 10/17/95
00
0380252628 03 12/01/95
0
2362059269 O 11/01/25
0
1450848 731/728 F 305,500.00
ZZ
WILLIS SR DARRELL L 360 305,341.63
1
3241 WARREN LANE 9.250 2,513.27
90
9.000 2,513.27
339,500.00
EL DORADO HILLS CA 95762 2 10/11/95
01
0380252347 05 12/01/95
30
110540221 O 11/01/25
0
1451424 069/728 F 290,000.00
ZZ
ABBASI SEYED H 360 289,638.24
1
1021 ADELAINE AVE 8.375 2,204.21
75
SOUTH PASADENA 8.125 2,204.21
390,000.00
SOUTH PASADENA CA 91030 5 09/12/95
00
0380256942 05 11/01/95
0
2362029353 O 10/01/25
0
1
1451463 B74/728 F 376,000.00
ZZ
MC REYNOLDS CHRISTOPHR 360 375,778.01
1
2396 PICKENS CANYON ROAD 8.625 2,924.49
80
8.375 2,924.49
470,000.00
LA CRESCENTA AR CA 91214 2 10/19/95
00
0380255332 05 12/01/95
0
955637 O 11/01/25
0
1451548 375/728 F 341,000.00
ZZ
MARCHELLO RANDOLPH J 360 340,759.32
1
3607 EAST SHOMI STREET 7.750 2,442.97
90
7.500 2,442.97
379,000.00
PHOENIX AZ 85044 1 10/04/95
12
0380252578 03 12/01/95
25
393754 O 11/01/25
0
1451590 227/728 F 224,250.00
ZZ
MILACHENKO VALERI I 360 224,095.67
1
2654 BLACK FIR COURT 7.875 1,625.97
75
7.625 1,625.97
299,000.00
RESTON VA 22090 1 10/16/95
00
0380260563 05 12/01/95
0
1613273 O 11/01/25
0
1451592 E19/728 F 233,350.00
ZZ
KUIZON NESTOR B 360 233,350.00
1
1562 GREENWICH ROAD 7.625 1,651.64
95
7.375 1,651.64
245,634.00
SAN DIMAS CA 91773 1 11/02/95
11
0380265109 05 01/01/96
30
100002009 O 12/01/25
0
1451597 757/757 F 180,000.00
ZZ
DUNLAP HOWARD L 360 179,882.25
1
3726 WILDWOOD FARMS DRIVE 8.125 1,336.50
75
7.875 1,336.50
240,000.00
DULUTH GA 30136 2 10/20/95
00
2661718 05 12/01/95
0
2661718 O 11/01/25
0
1451598 637/728 F 315,000.00
ZZ
ANDERSON NANCY F 360 315,000.00
1
32 WASHINGTON VALLEY RD 8.500 2,422.08
75
8.250 2,422.08
420,000.00
1
MENDHAM NJ 07920 1 11/17/95
00
0380272055 05 01/01/96
0
4037594 O 12/01/25
0
1451601 201/201 F 240,000.00
ZZ
ORESTO ANDREW 360 239,834.83
1
551 SPOTSWOOD ENGLISHTOWN ROAD 7.875 1,740.17
69
7.625 1,740.17
348,000.00
THE TOWNSHIP OF NJ 08831 2 10/11/95
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3800835898 05 12/01/95
0
3800835898 O 11/01/25
0
1451606 056/728 F 240,000.00
ZZ
DOWNEY LARRY R 360 240,000.00
1
1005 HOLLY 8.500 1,845.39
75
8.250 1,845.39
320,000.00
HARRISONVILLE MO 64701 2 11/06/95
00
0380267626 05 01/01/96
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9301574 O 12/01/25
0
1451608 975/728 F 258,000.00
ZZ
SHEN YUNG S 360 258,000.00
1
12761 HOMERIDGE LANE 8.750 2,029.69
70
12 8.500 2,029.69
372,000.00
CHINO HILLS CA 91709 2 11/02/95
00
0380262882 05 01/01/96
0
952154 O 12/01/25
0
1451612 965/728 F 203,000.00
ZZ
WIMBERLY LESLEY D 360 203,000.00
1
11625 EAST OLD SPANISH TRAIL 8.500 1,560.89
72
8.250 1,560.89
285,000.00
TUCSON AZ 85730 2 11/03/95
00
0380262528 05 01/01/96
0
124295 O 12/01/25
0
1451634 776/728 F 236,200.00
ZZ
LINDEN PETER J 360 236,064.10
1
431 AVENIDA VAQUERO 8.750 1,858.19
86
8.500 1,858.19
275,000.00
SAN CLEMENTE CA 92672 2 10/12/95
04
0380248543 05 12/01/95
25
6124887 O 11/01/25
0
1
1451641 776/728 F 254,600.00
ZZ
DUNN DWIGHT 360 254,433.45
1
20382 CAMFIELD LANE 8.125 1,890.40
90
7.875 1,890.40
282,900.00
HUNTINGTON BEAC CA 92646 1 10/19/95
11
0380247743 05 12/01/95
25
6124878 O 11/01/25
0
1451672 689/728 F 246,300.00
ZZ
JANISZEWSKI CHARLES A 360 246,300.00
1
2104 SOUTH 183RD CIRCLE 8.000 1,807.26
80
7.750 1,807.26
307,900.00
OMAHA NE 68130 1 11/14/95
00
0380268889 05 01/01/96
0
58698 O 12/01/25
0
1451690 405/405 F 255,000.00
ZZ
CHIEM THANH K 360 254,665.25
1
517 8TH AVE 8.125 1,893.37
72
7.875 1,893.37
355,000.00
SAN FRANCISCO CA 94118 5 09/18/95
00
3761061 05 11/01/95
0
3761061 O 10/01/25
0
1451694 405/405 F 600,000.00
ZZ
WORMAN SCOTT 360 599,128.70
1
5024 EL ACEBO 7.625 4,246.77
69
7.375 4,246.77
875,000.00
RANCHO SANTE FE CA 92067 2 09/21/95
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3765096 03 11/01/95
0
3765096 O 10/01/25
0
1451711 405/405 F 234,000.00
ZZ
POSTON THOMAS B 360 233,189.42
1
1757 VALKYRIA LANE 8.125 1,737.45
90
7.875 1,737.45
260,000.00
EL CAJON CA 92019 1 09/15/95
21
3739216 05 11/01/95
25
3739216 O 10/01/25
0
1451715 405/405 F 252,000.00
ZZ
WITT FRANK J 360 251,669.18
1
1
2502 RECHE ROAD 8.125 1,871.10
90
7.875 1,871.10
280,000.00
FALLBROOK CA 92028 1 09/26/95
12
3759586 05 11/01/95
25
3759586 O 10/01/25
0
1451730 405/405 F 242,200.00
ZZ
O'LOUGHLIN MICHAEL D 360 241,905.50
1
949 FOOTHILL DRIVE 8.500 1,862.31
95
8.250 1,862.31
255,000.00
SAN JOSE CA 95123 1 09/22/95
04
3746948 05 11/01/95
30
3746948 O 10/01/25
0
1451749 E22/728 F 242,000.00
ZZ
HOLLOWAY JEFFREY J 360 241,853.40
1
8219 WEST 125TH STREET 8.500 1,860.77
95
8.250 1,860.77
255,000.00
PALOS PARK IL 60464 2 10/12/95
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0410011639 05 12/01/95
30
0410011639 O 11/01/25
0
1451816 369/728 F 214,050.00
ZZ
MOYERS ROGER R 360 213,909.98
1
1210 RIDGEWOOD PLACE 8.125 1,589.32
80
7.875 1,589.32
270,000.00
HOUSTON TX 77055 1 10/20/95
00
0380256462 03 12/01/95
0
49307085 O 11/01/25
0
1451835 369/728 F 290,000.00
ZZ
PATTERSON JR E D 360 289,628.87
1
3535 LIME KILN LANE 8.250 2,178.68
62
8.000 2,178.68
475,000.00
LOUISVILLE KY 40222 5 10/10/95
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0380256405 05 11/01/95
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48642391 O 10/01/25
0
1451843 E19/728 F 226,000.00
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ROSENBERGER PAUL 360 225,859.53
1
161 ANITA DRIVE 8.375 1,717.76
80
8.125 1,717.76
285,000.00
PASADENA CA 91105 2 10/31/95
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0380262379 05 12/01/95
0
1
100002707 O 11/01/25
0
1451844 E19/728 F 325,000.00
ZZ
PAK GLEN K 360 325,000.00
1
3127 LOS OLIVOS LANE 8.250 2,441.62
80
8.000 2,441.62
410,000.00
LA CRESENTA ARE CA 91214 2 11/08/95
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0380262387 05 01/01/96
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100002824 O 12/01/25
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1451863 637/728 F 450,000.00
ZZ
TIMPSON DAVID G 360 449,713.05
1
708 N STAMFORD CT 8.250 3,380.70
75
8.000 3,380.70
600,000.00
ALPINE UT 84004 2 10/18/95
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0380248915 05 12/01/95
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4615506 O 11/01/25
0
1451870 957/728 F 507,250.00
ZZ
BILL KENNETH J 360 506,934.71
1
1310 GIBBONS ROAD 8.375 3,855.47
80
8.125 3,855.47
634,110.00
BARTONVILLE TX 76226 4 10/16/95
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0380263807 05 12/01/95
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122081 O 11/01/25
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1451874 736/728 F 185,000.00
ZZ
JACOBIUS JR HENRY F 360 184,878.98
1
121 DEER TRAIL CIRCLE 8.125 1,373.62
65
7.875 1,373.62
285,000.00
ARROYO GRANDE CA 93420 1 10/23/95
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0380251422 05 12/01/95
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450994 O 11/01/25
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1451879 776/728 F 288,800.00
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KLONOWSKI JOANN 360 288,615.84
1
4400 DENSMORE AVENUE 8.250 2,169.66
80
ENCINO AREA 8.000 2,169.66
361,500.00
LOS ANGELES CA 91436 1 10/12/95
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0380268632 05 12/01/95
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2124676 O 11/01/25
0
1
1451884 776/728 F 86,400.00
ZZ
BENNE DUANE 360 86,347.66
1
10960 ASHTON AVENUE #404 8.500 664.34
80
8.250 664.34
108,000.00
LOS ANGELES CA 90024 1 10/19/95
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0380257387 01 12/01/95
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2124712 O 11/01/25
0
1451889 776/728 F 212,050.00
ZZ
FRENZEL SR WILLIAM L 360 211,907.72
1
20586 SOUTH SPRINGWATER ROAD 8.000 1,555.95
80
7.750 1,555.95
266,000.00
ESTACADA OR 97023 1 10/20/95
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0380273988 05 12/01/95
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5025751 O 11/01/25
0
1451896 685/728 F 212,000.00
ZZ
HAUGHT PAUL S 360 211,857.75
2
3139-3141 EAST VISTA STREET 8.000 1,555.58
75
7.750 1,555.58
285,000.00
LONG BEACH CA 90803 1 10/16/95
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0380252404 05 12/01/95
0
102565 O 11/01/25
0
1451932 560/560 F 240,000.00
T
MIELE JOHN W 360 239,700.60
1
107 BOARDWALK 8.375 1,824.18
80
8.125 1,824.18
300,000.00
POINT PLEASANT NJ 08742 5 09/01/95
00
450217112 05 11/01/95
0
450217112 O 10/01/25
0
1451937 560/560 F 163,000.00
ZZ
COPPOLA ANTHONY J 360 162,796.66
1
1918 JACKSON AVENUE 8.375 1,238.92
75
8.125 1,238.92
218,000.00
WEST ISLIP NY 11795 1 09/06/95
00
450219241 05 11/01/95
0
450219241 O 10/01/25
0
1451939 560/560 F 256,650.00
ZZ
ILLES RICHARD 360 256,168.07
1
16626 GRANITE DRIVE 8.375 1,950.73
95
8.125 1,950.73
270,200.00
1
RAMONA CA 92065 1 09/23/95
10
450219639 03 10/01/95
30
450219639 O 09/01/25
0
1451946 560/560 F 980,000.00
ZZ
TKALCEVIC MILAN 360 978,868.23
1
20077 MENDELSOHN LANE 8.750 7,709.66
66
8.500 7,709.66
1,500,000.00
SARATOGA CA 95070 1 08/24/95
00
450222005 05 11/01/95
0
450222005 O 10/01/25
0
1451954 560/560 F 296,850.00
ZZ
RANSOM RAYMOND E 360 296,408.01
1
5062 CHELSHIRE DOWNS ROAD 7.500 2,075.62
90
7.250 2,075.62
329,840.00
GRANITE BAY CA 95746 1 09/30/95
04
450225016 05 11/01/95
25
450225016 O 10/01/25
0
1451960 560/560 F 238,500.00
ZZ
CHAURUSHIA ASHOK 360 238,194.79
1
2219 MARIETTA AVENUE 8.250 1,791.77
90
8.000 1,791.77
265,000.00
CLAREMONT CA 91711 1 09/07/95
04
450226246 05 11/01/95
25
450226246 O 10/01/25
0
1451979 560/560 F 266,000.00
ZZ
KAY RONALD 360 265,510.25
1
12809 STONE CANYON ROAD 8.625 2,068.92
95
8.375 2,068.92
280,000.00
POWAY CA 92064 1 09/26/95
10
450232590 05 11/01/95
30
450232590 O 10/01/25
0
1451986 560/560 F 213,650.00
ZZ
ANDERSON JOHN P 360 213,362.33
1
148 NASHUA COURT 8.000 1,567.69
95
7.750 1,567.69
225,000.00
SAN JOSE CA 95139 1 09/25/95
04
450235494 05 11/01/95
30
450235494 O 10/01/25
0
1
1452001 560/560 F 221,600.00
ZZ
JADIDIAN FARSHAD F 360 221,330.57
1
9714 LAS COLINAS DR 8.500 1,703.91
95
8.250 1,703.91
233,268.00
LITTLETON CO 80124 1 09/29/95
04
450239116 05 11/01/95
30
450239116 O 10/01/25
0
1452015 A22/728 F 350,000.00
ZZ
PALLADINO MICHAEL 360 349,765.15
1
6 MIDFARM ROAD 8.000 2,568.18
60
7.750 2,568.18
585,000.00
ROCKVILLE CENTR NY 11570 1 10/25/95
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0380256447 05 12/01/95
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95128 O 11/01/25
0
1452030 056/728 F 250,000.00
T
COLLINS WYLIE A 360 249,852.41
1
20 MEDOUIE CREEK ROAD 8.625 1,944.47
24
8.375 1,944.47
1,050,000.00
NANTUCKET MA 02554 1 10/10/95
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0380249855 05 12/01/95
0
5401264 O 11/01/25
0
1452045 685/728 F 208,000.00
ZZ
BROWNLOW DALE T 360 207,863.94
1
621 WEST ELM AVENUE 8.125 1,544.39
80
7.875 1,544.39
260,000.00
EL SEGUNDO CA 90245 1 10/23/95
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0380252776 05 12/01/95
0
102596 O 11/01/25
0
1452057 051/728 F 259,600.00
ZZ
NEHMZOW THOMAS S 360 259,434.46
1
120 CLUBHOUSE DRIVE 8.250 1,950.29
79
8.000 1,950.29
330,000.00
AUSTIN TX 78734 1 10/06/95
00
0380252792 05 12/01/95
0
3010998 O 11/01/25
0
1452058 051/728 F 54,000.00
ZZ
RAGUS LINDA S 360 53,968.93
1
1
1384 NORTH FRUIT AVENUE 8.750 424.82
75
8.500 424.82
72,000.00
FRESNO CA 93728 2 10/06/95
00
0380255886 05 12/01/95
0
16102156 O 11/01/25
0
1452060 750/728 F 302,250.00
ZZ
KELEMEN EVE 360 302,031.24
1
875 NORMA WAY 7.625 2,139.31
75
7.375 2,139.31
403,000.00
SANTA BARBARA CA 93111 2 10/10/95
00
0380253170 05 12/01/95
0
31504845 O 11/01/25
0
1452190 670/670 F 310,500.00
ZZ
SALSICCIA PIERRE 360 310,291.66
1
17351 WALNUT GROVE DR. 8.000 2,278.34
90
7.750 2,278.34
345,000.00
MORGAN HILL CA 95037 1 10/05/95
21
30393477 05 12/01/95
25
30393477 O 11/01/25
0
1452198 E22/728 F 347,500.00
ZZ
GRUNER DAVID M 360 347,289.48
1
2996 PROVINCIAL 8.500 2,671.98
88
8.250 2,671.98
395,000.00
ANN ARBOR MI 48104 4 10/13/95
04
0410015309 05 12/01/95
25
0410015309 O 11/01/25
0
1452229 491/491 F 305,650.00
ZZ
YSAGUIRRE, JR PAUL 360 305,278.35
1
735 LAKESHORE DIRVE 8.500 2,350.19
80
8.250 2,350.19
382,082.00
SUGARLAND TX 77478 1 09/01/95
00
60131390 03 11/01/95
0
60131390 O 10/01/25
0
1452246 776/728 F 228,775.00
ZZ
SEIF FRANCO A 360 228,621.50
1
2637 DORADO COURT 8.000 1,678.67
90
7.750 1,678.67
254,490.00
THOUSAND OAKS CA 91361 1 10/23/95
04
0380257551 01 12/01/95
25
1
2124710 O 11/01/25
0
1452247 375/728 F 118,900.00
ZZ
SAMUEL STEVE H 360 118,743.92
1
1851 RED ROCK DRIVE 8.125 882.83
70
7.875 882.83
169,900.00
ROUND ROCK TX 78664 1 09/29/95
00
0380257379 03 11/01/95
0
400084 O 10/01/25
0
1452286 814/728 F 300,000.00
ZZ
HODOS JEFF R 360 300,000.00
1
6815 OAKWOOD DRIVE 8.000 2,201.30
75
7.750 2,201.30
400,000.00
OAKLAND CA 94611 5 11/06/95
00
0380267048 05 01/01/96
0
0809510075 O 12/01/25
0
1452294 893/728 F 277,500.00
ZZ
MORRILL CHRISTY W 360 277,500.00
1
1140 ORANGE AVENUE 7.875 2,012.07
75
7.625 2,012.07
370,000.00
SAN CARLOS CA 94070 5 11/07/95
00
0380266974 05 01/01/96
0
1452294 O 12/01/25
0
1452307 105/728 F 272,000.00
ZZ
RASPOLIC ELIZABETH 360 271,808.03
1
123 GRESHAM PLACE 7.750 1,948.64
57
7.500 1,948.64
485,000.00
FALLS CHURCH VA 22046 2 10/23/95
00
0380260753 03 12/01/95
0
737304 O 11/01/25
0
1452317 624/728 F 291,200.00
ZZ
HAYASHI ROBERT 360 291,014.31
1
2710 THOROUGHBRED PLACE 8.250 2,187.69
90
8.000 2,187.69
325,000.00
ARROYO GRANDE CA 93420 1 10/20/95
01
0380256967 03 12/01/95
25
72027023973 O 11/01/25
0
1
1452321 450/728 F 380,000.00
ZZ
CHILDERS JOHN C 360 379,751.43
1
980 COLDSPRINGS 8.125 2,821.49
80
7.875 2,821.49
475,000.00
NORTHVILLE MI 48167 1 10/19/95
00
0380252552 05 12/01/95
0
3799699 O 11/01/25
0
1452360 A53/728 F 320,000.00
ZZ
FERNANDEZ JR JUAN A 360 319,610.92
1
2276 MANOR LANE 8.500 2,460.52
59
8.250 2,460.52
545,000.00
PARK RIDGE IL 60068 1 09/18/95
00
0380253311 05 11/01/95
0
0290014916 O 10/01/25
0
1452363 776/728 F 224,000.00
ZZ
MOLLOY MARGARET H 360 223,860.77
1
2318 BREE LANE 8.375 1,702.56
80
8.125 1,702.56
280,000.00
DAVIS CA 95616 1 10/13/95
00
0380249285 03 12/01/95
0
2325071 O 11/01/25
0
1452366 573/728 F 315,000.00
ZZ
SMITH PATRICK J 360 314,783.22
1
24891 SAUSALITO STREET 7.875 2,283.97
90
7.625 2,283.97
350,000.00
LAGUNA HILLS CA 92653 1 10/17/95
10
0380255399 05 12/01/95
25
441211 O 11/01/25
0
1452367 573/728 F 299,700.00
ZZ
FLATTERY TIM 360 299,508.89
1
1377 MOUNTIAN VIEW DRIVE 8.250 2,251.55
90
8.000 2,251.55
333,000.00
NEWBURY PARK AR CA 91320 1 10/05/95
11
0380255407 05 12/01/95
25
900113 O 11/01/25
0
1452368 964/728 F 332,000.00
ZZ
TAYLOR J E 360 331,777.23
1
1947 YOSEMITE AVENUE 8.000 2,436.10
80
7.750 2,436.10
415,000.00
1
BERKELEY CA 94707 1 10/16/95
00
0380249178 05 12/01/95
0
16032 O 11/01/25
0
1452381 069/728 F 238,500.00
ZZ
HESSER VINCENT W 360 238,339.97
1
1709 DOUBLE ARROW PLACE 8.000 1,750.03
90
7.750 1,750.03
267,000.00
LAS VEGAS NV 89128 2 10/23/95
04
0380252255 05 12/01/95
25
2352060614 O 11/01/25
0
1452386 069/728 F 270,000.00
ZZ
PETERSON ROGER E 360 269,832.18
1
20319 RUSTON ROAD 8.375 2,052.20
66
WOODLAND HILLS AREA 8.125 2,052.20
410,000.00
LOS ANGELES CA 91364 2 10/19/95
00
0380253899 05 12/01/95
0
2362060697 O 11/01/25
0
1452404 439/439 F 274,000.00
ZZ
KOKAL JAMES V 360 273,806.61
1
4549 EMERSON DRIVE 7.750 1,962.97
80
7.625 1,962.97
342,500.00
PLANO TX 75093 1 10/19/95
00
1817953 05 12/01/95
0
1817953 O 11/01/25
0
1452513 559/728 F 364,000.00
ZZ
WILLIAMS QUENTIN 360 364,000.00
1
7695 EMPIRE GRADE 8.000 2,670.91
80
7.750 2,670.91
455,000.00
SANTA CRUZ CA 95060 1 11/07/95
00
0380269747 05 01/01/96
0
0405175 O 12/01/25
0
1452514 559/728 F 291,000.00
ZZ
LI AMY P 360 291,000.00
1
14 VENTURA AVENUE 8.500 2,237.54
62
8.250 2,237.54
475,000.00
SAN FRANCISCO CA 94116 2 11/07/95
00
0380271180 05 01/01/96
0
0404624 O 12/01/25
0
1
1452522 971/728 F 241,500.00
ZZ
FILADELFIA PHILIPPE 360 241,353.69
1
1717 N BAYSHORE DRIVE #A-2951 8.500 1,856.93
75
8.250 1,856.93
322,000.00
MIAMI FL 33132 5 10/25/95
00
0380254327 06 12/01/95
0
9590143 O 11/01/25
0
1452526 626/728 F 280,000.00
ZZ
CLARK GARY L 360 280,000.00
1
63080 STAG DRIVE 8.500 2,152.96
66
8.250 2,152.96
425,000.00
BEND OR 97701 5 11/07/95
00
0380270828 05 01/01/96
0
848523 O 12/01/25
0
1452533 369/728 F 320,000.00
ZZ
HARDY RICHARD J 360 319,785.28
1
1819 BOKA VALLEY COURT 8.000 2,348.05
84
7.750 2,348.05
385,000.00
WOODBINE MD 21797 1 10/23/95
10
0380256561 05 12/01/95
25
48869077 O 11/01/25
0
1452545 450/728 F 232,000.00
ZZ
MCKEE STEVE E 360 231,848.24
1
2548 QUAIL CROSSING DR 8.125 1,722.59
90
7.875 1,722.59
258,000.00
LIBERTY TWP OH 43065 2 10/12/95
04
0380251547 05 12/01/95
25
3987948 O 11/01/25
0
1452551 405/405 F 615,000.00
ZZ
BERK MICHAEL 360 613,454.87
1
8128 TIARA COVE CIRCLE 8.375 4,674.45
77
8.125 4,674.45
800,000.00
LAS VEGAS NV 89128 2 07/05/95
00
3684727 03 09/01/95
0
3684727 O 08/01/25
0
1452553 450/728 F 265,000.00
ZZ
KAPLAN LES C 360 264,835.28
1
1
3251 INDIAN CREEK DRIVE 8.375 2,014.20
80
8.125 2,014.20
332,990.00
BUFFALO GROVE IL 60089 1 10/17/95
00
0380251521 05 12/01/95
0
3868247 O 11/01/25
0
1452570 405/405 F 132,300.00
ZZ
HAYES ROBERT J 360 132,126.32
1
19130 14TH COURT NW 8.125 982.33
70
7.875 982.33
189,000.00
SEATTLE WA 98177 1 09/25/95
00
3771151 05 11/01/95
0
3771151 O 10/01/25
0
1452574 696/728 F 294,500.00
ZZ
SCHWEITER HENRY J 360 294,316.95
1
5206 NAHANT STREET 8.375 2,238.41
95
8.125 2,238.41
310,000.00
BETHESDA MD 20816 1 10/27/95
04
0380252305 05 12/01/95
30
3013696 O 11/01/25
0
1452584 561/728 F 261,000.00
ZZ
SOHRABI OVRANG R 360 260,824.87
1
15216 ROCKPORT DRIVE 8.000 1,915.13
35
7.750 1,915.13
755,000.00
SILVER SPRING MD 20904 4 10/19/95
00
0380252503 05 12/01/95
0
8600173 O 11/01/25
0
1452602 171/728 F 272,000.00
ZZ
KINNAMEN ROBERT A 360 271,817.49
1
7360 SOUTHWEST WESTGATE WAY 8.000 1,995.84
80
7.750 1,995.84
340,000.00
PORTLAND OR 97225 1 10/10/95
00
0380253428 05 12/01/95
0
37090036 O 11/01/25
0
1452617 E22/728 F 264,027.00
ZZ
KWAN TOMMY 360 263,845.30
1
249 STETSON DRIVE 7.875 1,914.38
80
7.625 1,914.38
330,034.00
DANVILLE CA 94506 1 10/12/95
00
0410025266 03 12/01/95
0
1
0410025266 O 11/01/25
0
1452622 B91/728 F 290,000.00
ZZ
CARMODY CHAD E 360 289,824.32
1
6618 TAGLIO COURT 8.500 2,229.85
77
8.250 2,229.85
380,000.00
SAN JOSE CA 95120 2 10/18/95
00
0380253626 05 12/01/95
0
1951000296 O 11/01/25
0
1452631 171/728 F 248,800.00
ZZ
KACK ROD D 360 248,637.24
1
109 HOMESTEAD DRIVE 8.125 1,847.34
79
7.875 1,847.34
315,000.00
BLAINE COUNTY ID 83333 1 10/03/95
00
0380253402 03 12/01/95
0
37087904 O 11/01/25
0
1452637 936/728 F 233,000.00
ZZ
SAUER WAYNE R 360 232,865.94
1
940 NORTH CORONEL COURT 8.750 1,833.02
80
8.500 1,833.02
292,000.00
WALNUT CA 91789 2 10/05/95
00
0380252479 05 12/01/95
0
1889393 O 11/01/25
0
1452640 731/728 F 247,500.00
ZZ
GERRITSEN WILLIAM B 360 247,346.16
1
1059 WEST VALENCIA MESA DRIVE 8.375 1,881.18
75
8.125 1,881.18
330,000.00
FULLERTON CA 92633 2 10/19/95
00
0380253204 05 12/01/95
0
411610689 O 11/01/25
0
1452641 731/728 F 175,000.00
ZZ
CARAVETTA RICARDO D 360 174,882.58
1
18 WESTBURY COURT 8.000 1,284.09
74
7.750 1,284.09
236,900.00
THOUSAND OAKS CA 91360 1 10/24/95
00
0380253238 05 12/01/95
0
8000161 O 11/01/25
0
1
1452648 267/267 F 340,000.00
ZZ
STEWART JOE R 360 339,753.92
1
710 SOUTH OAK KNOLL AVENUE 7.625 2,406.50
80
7.375 2,406.50
425,000.00
PASADENA CA 91106 1 10/18/95
00
4373120 05 12/01/95
0
4373120 O 11/01/25
0
1452661 698/728 F 376,000.00
ZZ
ALLEN JEFF H 360 375,493.75
1
10532 PUTNEY ROAD 8.000 2,758.95
80
7.750 2,758.95
470,000.00
LOS ANGELES CA 90064 2 09/13/95
00
0380249533 05 11/01/95
0
8401093 O 10/01/25
0
1452670 696/728 F 275,200.00
ZZ
THOMPSON KATHLEEN C 360 274,829.47
1
5005 NEWPORT AVENUE 8.000 2,019.32
80
7.750 2,019.32
344,000.00
BETHESDA MD 20816 1 09/29/95
00
0380253337 05 11/01/95
0
3183710 O 10/01/25
0
1452671 696/728 F 213,000.00
ZZ
COMPTON CAROLYN W 360 212,713.21
1
4911 REDFORD ROAD 8.000 1,562.92
80
7.750 1,562.92
266,500.00
BETHESDA MD 20816 2 10/05/95
00
0380252842 05 11/01/95
0
3113707 O 10/01/25
0
1452675 766/728 F 123,750.00
ZZ
FULTZ ARNOLD T 360 123,675.03
1
1710 HAVEN BEND DRIVE 8.500 951.53
75
8.250 951.53
165,000.00
TAMPA FL 33613 1 10/30/95
00
0380258716 05 12/01/95
0
95DA155 O 11/01/25
0
1452709 635/635 F 87,500.00
ZZ
BAKER NEHAD R 360 87,398.93
1
3 KILDARE WOODS CT 8.750 688.37
70
8.500 688.37
125,000.00
1
GREENSBORO NC 27407 1 09/28/95
00
625938600 05 11/01/95
0
625938600 O 10/01/25
0
1452717 882/728 F 360,000.00
ZZ
ANDOLINA PETER J 360 360,000.00
1
3220 AH WE WA STREET 8.000 2,641.55
71
7.750 2,641.55
510,000.00
MIAMI FL 33133 5 11/08/95
00
0380269291 05 01/01/96
0
950667 O 12/01/25
0
1452730 A50/A50 F 347,500.00
ZZ
LEE JONG I 360 347,272.68
1
7293 STILLWATER DRIVE 8.125 2,580.18
64
7.875 2,580.18
550,000.00
COLUMBUS GA 31904 2 10/24/95
00
12580 05 12/01/95
0
12580 O 11/01/25
0
1452804 B98/728 F 325,000.00
ZZ
SPANO ROBERT P 360 325,000.00
1
1621 QUESADA WAY 8.625 2,527.82
60
8.375 2,527.82
545,000.00
BURLINGAME CA 94010 5 11/10/95
00
0380270836 05 01/01/96
0
510067135 O 12/01/25
0
1452814 B98/728 F 186,400.00
ZZ
MILLER DIANA L 360 186,400.00
1
8710 GLEN ARBOR ROAD 8.000 1,367.74
80
7.750 1,367.74
233,000.00
BEN LOMOND CA 95005 1 11/07/95
00
0380271917 05 01/01/96
0
510077 O 12/01/25
0
1452834 E19/728 F 286,000.00
ZZ
DUNCAN JAMES G 360 285,817.63
1
2031 BERKSHIRE AVENUE 8.250 2,148.62
79
8.000 2,148.62
366,000.00
SOUTH PASADENA CA 91030 2 10/31/95
00
0380262429 05 12/01/95
0
100002853 O 11/01/25
0
1
1452843 144/144 F 700,000.00
ZZ
HIRSCH CARY 360 700,000.00
1
ONE GLEN EAGLES COURT 8.000 5,136.35
70
7.750 5,136.35
1,000,000.00
ROCKLAND NY 10956 4 11/20/95
00
160553230 05 01/01/96
0
160553230 O 12/01/25
0
1452857 405/405 F 202,500.00
ZZ
ANDRE JOHN 360 202,247.38
1
25172 FAIRGREEN 8.375 1,539.15
75
8.125 1,539.15
270,000.00
MISSION VIEJO CA 92692 2 09/20/95
00
3758604 05 11/01/95
0
3758604 O 10/01/25
0
1452859 405/405 F 196,500.00
ZZ
TYSEN FRANK 360 196,140.32
1
15012 DEL GADO DRIVE 8.500 1,510.92
49
8.250 1,510.92
405,000.00
LOS ANGELES CA 91403 2 08/16/95
00
3693009 05 10/01/95
0
3693009 O 09/01/25
0
1452868 803/728 F 221,400.00
ZZ
KNIGHT RODNEY R 360 221,400.00
1
7 ANDORRA STREET 8.500 1,702.37
90
8.250 1,702.37
246,000.00
LAGUNA NIGUEL CA 92677 2 11/10/95
01
0380264623 05 01/01/96
25
650867 O 12/01/25
0
1452976 369/728 F 170,500.00
ZZ
GERRISH JERRY W 360 170,382.66
1
15219 S FOXTAIL LANE 7.875 1,236.25
67
7.625 1,236.25
255,000.00
PHOENIX AZ 85048 2 10/13/95
00
0380256694 05 12/01/95
0
48824700 O 11/01/25
0
1452979 881/728 F 304,000.00
ZZ
LEE YOUNG K 360 303,829.57
1
1
12632 CARAVEL STREET 8.875 2,418.76
80
8.625 2,418.76
380,000.00
CERRITOS CA 90703 2 10/25/95
00
0380255365 05 12/01/95
0
103032 O 11/01/25
0
1452982 405/405 F 66,000.00
ZZ
HARROLD ROY H 360 65,908.86
1
24941 110TH AVE. SW 7.875 478.55
63
7.625 478.55
105,950.00
KENT WA 98031 1 09/26/95
00
3755857 01 11/01/95
0
3755857 O 10/01/25
0
1452988 638/728 F 250,000.00
ZZ
REH GEORGE P 360 249,827.96
1
2512 LUCIERNAGA STREET 7.875 1,812.67
59
7.625 1,812.67
425,000.00
CARLSBAD CA 92009 1 10/13/95
00
0380256702 05 12/01/95
0
UNKNOWN O 11/01/25
0
1452991 624/728 F 343,000.00
ZZ
TUMMINIA PHILLIP 360 342,786.80
1
146 KAIOLOHIA WAY 8.375 2,607.05
70
8.125 2,607.05
495,000.00
HONOLULU HI 96825 1 10/25/95
00
0380253444 03 12/01/95
0
70054028926 O 11/01/25
0
1453002 405/405 F 93,750.00
ZZ
HAZELTINE DAVID S 360 93,638.90
1
1521TUCKER ROAD 8.625 729.18
75
8.375 729.18
125,000.00
HOOD RIVER OR 97031 1 09/06/95
00
3748852 05 11/01/95
0
3748852 O 10/01/25
0
1453005 450/728 F 265,000.00
ZZ
JUPITER PETER 360 264,817.63
1
4340 LIVERMORE PLACE 7.875 1,921.43
89
7.625 1,921.43
300,000.00
CYPRESS CA 90630 2 10/10/95
04
0380252677 05 12/01/95
25
1
3958436 O 11/01/25
0
1453006 559/728 F 293,200.00
ZZ
CASELLA DONALD A 360 293,003.27
1
205 MONTCALM STREET 8.000 2,151.40
75
7.750 2,151.40
391,000.00
SAN FRANCISCO CA 94110 2 10/18/95
00
0380254079 05 12/01/95
0
0401141 O 11/01/25
0
1453007 685/728 F 240,000.00
ZZ
SMITH RAY A 360 239,854.61
1
11642 CANTON PLACE 8.500 1,845.39
80
8.250 1,845.39
300,000.00
NORTH HOLLYWOOD CA 91604 1 10/24/95
00
0380262619 05 12/01/95
0
102593 O 11/01/25
0
1453009 936/728 F 235,000.00
ZZ
CALDWELL PATRICK H 360 234,850.15
1
9201 EAGLE HILLS DRIVE 8.250 1,765.48
37
8.000 1,765.48
650,000.00
LAS VEGAS NV 89134 4 10/02/95
00
0380254277 03 12/01/95
0
1835032 O 11/01/25
0
1453010 635/635 F 220,000.00
ZZ
JOHNSON BILLY D 360 219,879.83
1
9109 DEL PRADO DRIVE 9.000 1,770.17
90
8.125 1,770.17
245,000.00
PALOS HILLS IL 60465 2 10/20/95
01
623273000 09 12/01/95
25
623273000 O 11/01/25
0
1453012 635/635 F 282,150.00
ZZ
AUGERSON SCOTT W 360 281,979.07
1
763 SPRING WILLOW BAY 8.500 2,169.49
90
8.125 2,169.49
313,500.00
PALATINE IL 60067 1 10/20/95
10
6271662 03 12/01/95
25
6271662 O 11/01/25
0
1
1453014 635/635 F 203,150.00
ZZ
WICZER DANIEL D 360 202,896.58
1
160 PINYON PINE COURT 8.375 1,544.09
57
8.125 1,544.09
357,000.00
BUFFALO GROVE IL 60089 1 09/15/95
00
622840700 05 11/01/95
0
622840700 O 10/01/25
0
1453015 405/405 F 139,230.00
ZZ
BATTERJEE WALEED A 360 139,073.30
1
148 STANFORD 8.875 1,107.78
70
8.625 1,107.78
198,900.00
IRVINE CA 92715 1 09/19/95
00
3764206 01 11/01/95
0
3764206 O 10/01/25
0
1453020 405/405 F 164,000.00
ZZ
MACOMBER PHILIP D 360 163,602.38
1
15517 VILLA SIERRA ROAD 8.000 1,203.38
67
7.750 1,203.38
245,000.00
VALLEY CENTER CA 92082 2 09/25/95
00
3758331 05 11/01/95
0
3758331 O 10/01/25
0
1453645 E22/728 F 284,000.00
ZZ
CAMPO LUIS A 360 283,827.96
1
7640 SW 112TH STREET 8.500 2,183.71
80
8.250 2,183.71
355,000.00
MIAMI FL 33156 1 10/24/95
00
0410001242 05 12/01/95
0
0410001242 O 11/01/25
0
1453663 439/439 F 225,900.00
ZZ
SKURA BERT A 360 225,754.47
1
28326 RODGERS DR 8.200 1,689.18
80
8.075 1,689.18
282,400.00
SAUGUS CA 91350 1 10/11/95
00
1807978 05 12/01/95
0
1807978 O 11/01/25
0
1453666 439/439 F 268,000.00
ZZ
MORRIS ROBERT 360 267,818.34
1
9606 HILLDALE DR 7.950 1,957.16
80
7.825 1,957.16
335,000.00
1
DALLAS TX 75231 1 10/27/95
00
1787915 05 12/01/95
0
1787915 O 11/01/25
0
1453667 439/439 F 228,000.00
ZZ
VAN ZETTA MICHAEL R 360 227,847.01
1
3509 WILTON HALL COURT 8.000 1,672.99
74
7.875 1,672.99
310,000.00
ALEXANDRIA VA 22310 5 10/20/95
00
1813542 05 12/01/95
0
1813542 O 11/01/25
0
1453668 439/439 F 263,500.00
ZZ
DOYNE JR EDWARD J 360 263,328.50
1
4035 BURKE AVE N 8.150 1,961.10
85
8.025 1,961.10
310,000.00
SEATTLE WA 98103 1 10/19/95
10
1814196 05 12/01/95
12
1814196 O 11/01/25
0
1453670 439/439 F 335,200.00
ZZ
GARZA LARRY 360 334,963.41
1
9552 SOUTH KATAWPA CIRCLE 7.750 2,401.42
80
7.625 2,401.42
419,000.00
VILLA PARK CA 92667 1 10/24/95
00
1817084 05 12/01/95
0
1817084 O 11/01/25
0
1453690 405/405 F 81,550.00
ZZ
LINDFORS MARCIA L 360 81,408.20
1
1 SOUTH SANTO DOMINGO TRAIL 8.750 641.56
70
8.500 641.56
116,500.00
CORRALES NM 87048 1 08/24/95
00
3742608 01 10/01/95
0
3742608 O 09/01/25
0
1453693 405/405 F 341,000.00
ZZ
JORGENSEN PAUL F 360 340,529.10
1
1100 VIA CURVA 7.875 2,472.49
62
7.625 2,472.49
550,000.00
PALOS VERDES ES CA 90274 2 09/15/95
00
3756830 05 11/01/95
0
3756830 O 10/01/25
0
1
1453710 670/670 F 242,052.46
ZZ
LAUKAITIS STEVEN J 360 241,371.54
3
5035 5039 5044 SANDPOINT PLACE 9.000 1,953.08
68
8.750 1,953.08
360,000.00
SEATTLE WA 98105 2 09/01/95
00
4602790 05 11/01/95
0
4602790 O 10/01/25
0
1453753 A02/728 F 228,000.00
ZZ
SHERWIN TERRANCE M 360 227,861.88
1
709 NORTH DRYDEN PLACE 8.500 1,753.12
75
8.250 1,753.12
305,000.00
ARLINGTON HEIGH IL 60004 1 10/30/95
00
0380252198 05 12/01/95
0
123233 O 11/01/25
0
1453759 638/728 F 220,000.00
ZZ
RUSSILLO JOHN B 360 219,866.72
1
1260 LAVEROCK LANE 8.500 1,691.61
57
8.250 1,691.61
390,000.00
ALAMO CA 94507 2 10/17/95
00
0380260589 05 12/01/95
0
8504543 O 11/01/25
0
1453769 470/728 F 275,000.00
ZZ
APOLINARIO RAMIL G 360 275,000.00
1
304 GRENADINE WAY 8.750 2,163.43
90
8.500 2,163.43
307,000.00
HERCULES CA 94547 2 11/13/95
12
0380273178 03 01/01/96
25
25073165 O 12/01/25
0
1453785 195/728 F 625,000.00
ZZ
MORGAN TIMOTHY J 360 624,591.16
1
130 CYPRESS AVENUE 8.125 4,640.61
44
7.875 4,640.61
1,425,000.00
KENTFIELD CA 94904 1 10/24/95
00
0380252768 05 12/01/95
0
47602 O 11/01/25
0
1453798 B25/728 F 492,000.00
ZZ
HANEY WILLIAM C 360 492,000.00
1
1
12305 GLEN MILL ROAD 8.125 3,653.09
59
7.875 3,653.09
845,000.00
POTOMAC MD 20854 2 11/01/95
00
0380252487 05 01/01/96
0
MJ026 O 12/01/25
0
1453806 171/728 F 244,000.00
ZZ
QUINN DENNIS J 360 244,000.00
1
119 COSTANZA DRIVE 8.000 1,790.39
80
7.750 1,790.39
305,000.00
MARTINEZ CA 94553 1 11/08/95
00
0380268202 05 01/01/96
0
39072651 O 12/01/25
0
1453813 E19/728 F 267,000.00
ZZ
COX WILLIAM F 360 267,000.00
1
459 MEADOW WAY 8.375 2,029.39
76
8.125 2,029.39
355,000.00
SAN GERONIMO CA 94963 2 11/09/95
00
0380265026 05 01/01/96
0
100002699 O 12/01/25
0
1453829 470/728 F 280,500.00
ZZ
MCGOVERN THOMAS F 360 280,306.96
1
2154 TALMADGE STREET 7.875 2,033.82
85
7.625 2,033.82
330,000.00
LOS ANGELES CA 90027 1 10/18/95
10
0380255431 05 12/01/95
12
54136623 O 11/01/25
0
1453831 624/728 F 228,000.00
ZZ
KOO MICHAEL 360 227,865.39
1
9282 ADOLPHIA STREET UNIT 6 8.625 1,773.36
90
8.375 1,773.36
255,000.00
SAN DIEGO CA 92129 2 10/26/95
11
0380256934 05 12/01/95
25
37030019836 O 11/01/25
0
1453832 744/728 F 254,400.00
ZZ
WESTGAARD RICHARD E 360 254,224.92
1
1125 FRANCISCO STREET 7.875 1,844.58
80
#6 7.625 1,844.58
320,000.00
SAN FRANCISCO CA 94109 1 10/16/95
00
0380254319 01 12/01/95
0
1
75312 O 11/01/25
0
1453836 056/728 F 120,000.00
ZZ
SNELLING ROBERT J 360 119,927.30
1
8219 WEST LYONS STREET 8.500 922.70
44
8.250 922.70
275,000.00
NILES IL 60714 2 10/24/95
00
0380262494 05 12/01/95
0
9301691 O 11/01/25
0
1453842 B40/728 F 65,350.00
ZZ
RICCI TARA E 360 65,350.00
1
917 ROCHDALE DRIVE 8.375 496.71
51
8.125 496.71
130,000.00
SAINT LOUIS MO 63122 2 11/10/95
00
0380261744 05 01/01/96
0
M08012 O 12/01/25
0
1453852 731/728 F 268,000.00
ZZ
ROGAN MARGARET B 360 267,841.77
1
1408 NORTH MAR VISTA AVENUE 8.625 2,084.48
80
8.375 2,084.48
335,000.00
PASADENA CA 91104 2 10/25/95
00
0380253253 05 12/01/95
0
411610753 O 11/01/25
0
1453854 731/728 F 232,000.00
ZZ
WANG KENNETH K 360 231,848.24
1
25921 ERNESTINE COURT 8.125 1,722.59
90
7.875 1,722.59
260,000.00
LAGUNA HILLS CA 92653 1 10/20/95
04
0380253220 05 12/01/95
25
411110706 O 11/01/25
0
1453871 E22/728 F 202,500.00
ZZ
BOSWELL ROGER W 360 202,367.53
1
218 CARRIAGE HILL LANE 8.125 1,503.56
75
7.875 1,503.56
270,000.00
HEATH TX 75087 1 10/26/95
00
0410016331 05 12/01/95
0
0410016331 O 11/01/25
0
1
1453881 E22/728 F 216,000.00
ZZ
WALKER ROY M 360 215,865.74
1
5211 HARVARD AVENUE 8.375 1,641.76
80
8.125 1,641.76
271,000.00
WESTMINSTER CA 92683 2 10/16/95
00
0410024939 05 12/01/95
0
0410024939 O 11/01/25
0
1453895 686/686 F 98,000.00
ZZ
ANDUJAR PETER M 360 97,940.63
1
823 MONTCLAIRE COURT 8.500 753.54
70
8.250 753.54
140,000.00
CAPE CORAL FL 33904 2 10/19/95
00
30817217862 05 12/01/95
0
30817217862 O 11/01/25
0
1453896 686/686 F 142,500.00
ZZ
KARNES GARY 360 142,413.66
1
2355 SW 35 AVE 8.500 1,095.71
72
8.250 1,095.71
200,000.00
DELRAY BEACH FL 33445 2 10/19/95
00
30817218324 03 12/01/95
0
30817218324 O 11/01/25
0
1453898 686/686 F 115,000.00
ZZ
PIECHURA RICK 360 114,928.51
1
9152 SENECA 8.375 874.09
79
8.125 874.09
146,000.00
CLARKSTON MI 48348 5 10/18/95
00
30817078157 05 12/01/95
0
30817078157 O 11/01/25
0
1453901 686/686 F 83,600.00
ZZ
CASSIDY TERRY F 360 83,484.06
1
1437 IRIS LANE 8.000 613.43
75
7.750 613.43
111,500.00
BELLINGHAM WA 98225 1 10/12/95
00
30817246499 05 12/01/95
0
30817246499 O 11/01/25
0
1453905 686/686 F 247,000.00
ZZ
COLE REBECCA W 360 246,837.60
1
22481 VILLAGE WAY DRIVE 8.100 1,829.65
95
7.850 1,829.65
260,000.00
1
CANYON LAKE CA 92587 1 10/19/95
01
30817149610 03 12/01/95
30
30817149610 O 11/01/25
0
1453906 686/686 F 138,300.00
ZZ
LEIGHTON ARMANDO 360 138,211.80
1
15521 NW 11TH COURT 8.250 1,039.01
75
8.000 1,039.01
185,363.00
PEMBROKE PINES FL 33028 1 10/20/95
00
30817218209 03 12/01/95
0
30817218209 O 11/01/25
0
1453907 686/686 F 119,000.00
ZZ
PARKENING WILLIAM H 360 118,922.55
1
10238 E MEADOW HILL DRIVE 8.150 885.66
70
7.900 885.66
170,000.00
SCOTTSDALE AZ 85260 5 10/11/95
00
30816855688 03 12/01/95
0
30816855688 O 11/01/25
0
1453908 686/686 F 39,200.00
ZZ
STILLO MARIO 360 39,175.13
1
273 LAKEWOOD LANE 8.275 295.19
70
8.025 295.19
56,000.00
PORT CHARLOTTE FL 33953 5 10/13/95
00
30816964738 05 12/01/95
0
30816964738 O 11/01/25
0
1453909 686/686 F 68,250.00
ZZ
KUCYBALA ZOFIA 360 68,209.70
1
5307 N DELPHIA #307 8.625 530.85
75
8.375 530.85
91,000.00
CHICAGO IL 60656 1 10/19/95
00
30817077860 01 12/01/95
0
30817077860 O 11/01/25
0
1453910 686/686 F 179,900.00
ZZ
GONZALEZ ROBERTO F 360 179,785.28
1
1508 SW 143 PLACE 8.250 1,351.53
75
8.000 1,351.53
239,900.00
MIAMI FL 33175 1 10/19/95
00
30817152184 05 12/01/95
0
30817152184 O 11/01/25
0
1
1453912 686/686 F 69,500.00
ZZ
BOYD BOBBI B 360 69,454.76
1
3748 SOUTHWEST ELMGROVE ST 8.150 517.26
58
7.900 517.26
120,000.00
SEATTLE WA 98126 5 10/12/95
00
30817201312 05 12/01/95
0
30817201312 O 11/01/25
0
1453913 686/686 F 71,625.00
ZZ
ISBELL GEORGE R 360 71,578.38
1
4632 SE 79TH AVENUE 8.150 533.07
75
7.900 533.07
95,500.00
PORTLAND OR 97206 1 10/12/95
00
30817257082 05 12/01/95
0
30817257082 O 11/01/25
0
1453914 686/686 F 155,000.00
ZZ
LENAR FRANK J 360 154,904.15
1
10 DEMAREST DRIVE 8.400 1,180.85
32
8.150 1,180.85
490,000.00
MENDHAM BORO NJ 07945 5 10/20/95
00
30816932495 05 12/01/95
0
30816932495 O 11/01/25
0
1453915 686/686 F 216,300.00
ZZ
LANGHOLTZ JOEL B 360 213,665.55
1
20239 OCEAN KEY DRIVE 8.375 1,644.04
75
8.125 1,644.04
288,490.00
BOCA RATON FL 33498 1 10/25/95
00
30817158033 03 12/01/95
0
30817158033 O 11/01/25
0
1453916 686/686 F 222,600.00
ZZ
GRANADOS MARIA I 360 222,455.13
1
2245 ROOSEVELT AVENUE 8.150 1,656.70
70
7.900 1,656.70
318,000.00
REDWOOD CITY CA 94061 1 10/06/95
00
30817188667 05 12/01/95
0
30817188667 O 11/01/25
0
1453917 686/686 F 40,000.00
ZZ
HERRIOTT MARY R 360 39,975.76
1
1
7000 PROSPECT ROAD 8.500 307.57
25
8.250 307.57
160,000.00
SARASOTA FL 34243 5 10/20/95
00
30817216211 05 12/01/95
0
30817216211 O 11/01/25
0
1453918 686/686 F 75,600.00
ZZ
RUSH JAMES O 360 75,556.50
2
12108 ARROWWOOD DRIVE 8.750 594.75
70
8.500 594.75
108,000.00
AUSTIN TX 78727 1 10/31/95
00
30817224439 05 12/01/95
0
30817224439 O 11/01/25
0
1453920 686/686 F 225,000.00
ZZ
FUJIOKI MIKIKO 360 224,845.15
1
17829 OSAGE AVENUE 7.875 1,631.41
67
7.625 1,631.41
336,000.00
TORRANCE CA 90504 1 10/23/95
00
30817297344 05 12/01/95
0
30817297344 O 11/01/25
0
1453923 686/686 F 70,000.00
ZZ
KIMBLE II JAMES E 360 69,955.13
1
1605 EAST 78TH AVENUE 8.225 524.66
72
7.975 524.66
98,000.00
DENVER CO 80229 1 10/25/95
00
30816961163 05 12/01/95
0
30816961163 O 11/01/25
0
1453924 686/686 F 131,500.00
ZZ
ALABED SHAFIQ 360 131,411.76
1
8645 S MANSFIELD 8.000 964.91
65
7.750 964.91
202,500.00
BURBANK IL 60459 1 10/27/95
00
30817078405 05 12/01/95
0
30817078405 O 11/01/25
0
1453925 686/686 F 220,000.00
ZZ
KETSLAKH YEFIM 360 219,863.26
1
4478 ROLLING PINES 8.375 1,672.16
72
8.125 1,672.16
307,500.00
WEST BLOOMFIELD MI 48323 1 10/27/95
00
30817078645 05 12/01/95
0
1
30817078645 O 11/01/25
0
1453926 686/686 F 56,000.00
ZZ
LUCIBELLO ANTHONY F 360 55,963.92
1
UNIT 44C, 159 MAIN STREET 8.200 418.75
70
7.950 418.75
80,000.00
STONEHAM MA 02180 1 10/27/95
00
30817146764 08 12/01/95
0
30817146764 O 11/01/25
0
1453928 686/686 F 260,000.00
ZZ
CAMPERLENGO FRANK D 360 259,834.20
1
2616 ACACIA COURT 8.250 1,953.30
40
8.000 1,953.30
655,000.00
FT LAUDERDALE FL 33301 1 10/27/95
00
30817215197 05 12/01/95
0
30817215197 O 11/01/25
0
1453929 686/686 F 108,700.00
ZZ
HAMMOND TERRY 360 108,635.82
1
2635 N E 11 COURT 8.625 845.46
75
8.375 845.46
145,000.00
FORT LAUDERDALE FL 33304 1 10/27/95
00
30817217953 05 12/01/95
0
30817217953 O 11/01/25
0
1453931 686/686 F 80,000.00
ZZ
SOLLAND CHARLES L 360 79,948.98
1
9758 WARWICK CIRCLE 8.250 601.02
27
8.000 601.02
300,000.00
CHARLOTTE NC 28210 1 10/26/95
00
30817218811 03 12/01/95
0
30817218811 O 11/01/25
0
1453932 686/686 F 94,100.00
ZZ
SO WAI S 360 94,042.99
1
3937 BEXHILL DRIVE 8.500 723.55
75
8.250 723.55
125,490.00
PLANO TX 75025 1 10/27/95
00
30817225675 05 12/01/95
0
30817225675 O 11/01/25
0
1
1453933 686/686 F 71,250.00
ZZ
JOWETT MITCHELL J 360 71,202.67
1
203 VALLEY BROOK DRIVE 8.050 525.30
75
7.800 525.30
95,000.00
WOODSTOCK GA 30188 1 10/27/95
00
30817255664 05 12/01/95
0
30817255664 O 11/01/25
0
1453934 686/686 F 81,700.00
ZZ
TAMAYO CARMEN S 360 81,650.50
1
5970 SW 3 STREET 8.500 628.21
75
8.250 628.21
109,000.00
MIAMI FL 33144 1 10/27/95
00
30817268451 05 12/01/95
0
30817268451 O 11/01/25
0
1453935 686/686 F 85,000.00
ZZ
CLAUSEN DAVID 360 85,000.00
1
1867 OAK FOREST DRIVE SO 8.500 653.58
74
8.250 653.58
115,000.00
CLEARWATER FL 34619 1 11/02/95
00
30817268758 05 01/01/96
0
30817268758 O 12/01/25
0
1453937 686/686 F 60,000.00
ZZ
LARSEN RONALD W 360 59,960.75
1
15020 NE 144TH STREET 8.125 445.50
25
7.875 445.50
240,750.00
REDMOND WA 98052 1 10/26/95
00
30817305618 05 12/01/95
0
30817305618 O 11/01/25
0
1453938 686/686 F 232,500.00
ZZ
CADIZ MEDARDO T 360 232,500.00
1
21807 DOCKTON ROAD S W 8.125 1,726.31
75
7.875 1,726.31
310,000.00
VASHON WA 98070 1 10/31/95
00
30817305774 05 01/01/96
0
30817305774 O 12/01/25
0
1453944 686/686 F 173,200.00
ZZ
ROSENBLATT MICHAEL 360 173,082.00
1
26 OWL DRIVE 7.925 1,261.84
75
7.675 1,261.84
231,000.00
1
SHARON MA 02067 1 10/30/95
00
30816969323 05 12/01/95
0
30816969323 O 11/01/25
0
1453945 686/686 F 99,000.00
ZZ
PAVIA ANGEL F 360 98,931.87
1
8305 W ADDISON 7.875 717.82
75
7.625 717.82
132,000.00
CHICAGO IL 60634 1 10/30/95
00
30817077688 05 12/01/95
0
30817077688 O 11/01/25
0
1453947 686/686 F 107,250.00
ZZ
CLEVELAND PETER A 360 107,185.03
1
53499 TUNDRA 8.500 824.66
75
8.250 824.66
143,000.00
SHELBY TOWNSHIP MI 48316 1 10/27/95
00
30817078025 05 12/01/95
0
30817078025 O 11/01/25
0
1453948 686/686 F 112,400.00
ZZ
SONG SANG K 360 112,331.91
1
9271-6DS BROCKTON LANE 8.500 864.26
75
8.250 864.26
149,990.00
DES PLAINES IL 60016 1 10/25/95
00
30817078629 09 12/01/95
0
30817078629 O 11/01/25
0
1453949 686/686 F 58,000.00
ZZ
MIHALYOV NANCY J 360 57,961.08
1
120 MANCHESTER COURT 8.000 425.59
60
7.750 425.59
97,500.00
SCHAUMBURG IL 60193 1 10/30/95
00
30817078694 01 12/01/95
0
30817078694 O 11/01/25
0
1453950 686/686 F 47,200.00
ZZ
SHAPIRO BONNIE L 360 47,170.21
1
2521 N CARAMBOLA CIRCLE 8.300 356.26
75
UNIT 1816 BLDG 2 8.050 356.26
63,000.00
COCONUT CREEK FL 33066 1 10/27/95
00
30817162274 01 12/01/95
0
30817162274 O 11/01/25
0
1
1453951 686/686 F 90,000.00
ZZ
FINN JUDITH L 360 89,939.29
1
5 ARLINGTON ROAD 7.975 658.83
53
7.725 658.83
170,000.00
BURLINGTON MA 01803 1 10/30/95
00
30817167216 05 12/01/95
0
30817167216 O 11/01/25
0
1453954 686/686 F 75,000.00
ZZ
HARTSON LARAINE J 360 74,951.19
1
10905 22ND DRIVE SOUTHEAST 8.150 558.19
59
7.900 558.19
129,000.00
EVERETT WA 98208 5 10/19/95
00
30817202427 05 12/01/95
0
30817202427 O 11/01/25
0
1453955 686/686 F 120,000.00
ZZ
CILLEY HAROLD E 360 119,919.48
1
6010 115TH ST NW 8.000 880.52
61
7.750 880.52
197,000.00
MARYSVILLE WA 98271 1 10/25/95
00
30817232754 05 12/01/95
0
30817232754 O 11/01/25
0
1453956 686/686 F 82,000.00
ZZ
WARNICK PATRICIA D 360 81,895.53
1
714 PRIESTFORD RD 8.050 604.55
51
7.800 604.55
162,000.00
CHURCHVILLE MD 21028 5 10/25/95
00
30817238389 05 12/01/95
0
30817238389 O 11/01/25
0
1453962 686/686 F 90,000.00
ZZ
SINDON RITA D 360 89,941.42
1
2445 N LORRAINE COURT 8.150 669.83
75
7.900 669.83
120,000.00
PONTE VEDRA BCH FL 32082 1 10/31/95
00
30816657712 03 12/01/95
0
30816657712 O 11/01/25
0
1453963 686/686 F 250,215.00
ZZ
HERF MANFRED 360 250,063.42
1
1
888 DEL MAR DOWNS ROAD 8.500 1,923.94
80
8.250 1,923.94
315,000.00
SOLANA BEACH CA 92075 2 10/25/95
00
30816947840 03 12/01/95
0
30816947840 O 11/01/25
0
1453964 686/686 F 181,450.00
ZZ
YOUNG BERNARD A 360 181,342.87
1
14608 CREEK VALLEY COURT 8.625 1,411.30
95
8.375 1,411.30
191,000.00
CENTREVILLE VA 22020 2 10/24/95
10
30817035405 03 12/01/95
30
30817035405 O 11/01/25
0
1453966 686/686 F 261,750.00
ZZ
AVRAM MARIAN 360 261,587.31
1
601 DEEPWOOD ROAD 8.375 1,989.49
75
8.125 1,989.49
349,000.00
BARRINGTON HILL IL 60010 1 10/31/95
00
30817077548 05 12/01/95
0
30817077548 O 11/01/25
0
1453968 686/686 F 142,000.00
ZZ
LABAN TERRY M 360 141,913.97
2
6649 N CAMPBELL 8.500 1,091.86
66
8.250 1,091.86
217,000.00
CHICAGO IL 60645 1 10/31/95
00
30817078041 05 12/01/95
0
30817078041 O 11/01/25
0
1453969 686/686 F 262,000.00
ZZ
SHUMAKER PAUL 360 261,832.93
1
21619 45TH STREET 8.250 1,968.32
80
8.000 1,968.32
327,500.00
BRIGHTON WI 53104 1 10/31/95
00
30817078579 05 12/01/95
0
30817078579 O 11/01/25
0
1453970 686/686 F 56,250.00
ZZ
MALOF JO A 360 56,213.01
1
2657 CAYMAN WAY 8.100 416.68
75
7.850 416.68
75,000.00
WINTER PARK FL 32792 1 10/31/95
00
30817107642 03 12/01/95
0
1
30817107642 O 11/01/25
0
1453973 686/686 F 246,600.00
ZZ
HELLQUIST JOHN 360 246,450.60
1
5705 AVENIDA FLORENCIA 8.500 1,896.15
90
8.250 1,896.15
274,000.00
YORBA LINDA CA 92687 1 10/26/95
10
30817197536 05 12/01/95
25
30817197536 O 11/01/25
0
1453974 686/686 F 59,350.00
ZZ
SAYEGH GEORGE B 360 59,309.15
1
2914 GLENCULLEN LANE 7.875 430.33
60
7.625 430.33
98,990.00
PEARLAND TX 77584 1 10/30/95
00
30817223845 03 12/01/95
0
30817223845 O 11/01/25
0
1453975 686/686 F 288,000.00
ZZ
SAULS TOM H 360 287,812.56
1
10120 NW 59TH DRIVE 8.150 2,143.44
80
7.900 2,143.44
360,000.00
PARKLAND FL 33067 1 10/31/95
00
30817240195 03 12/01/95
0
30817240195 O 11/01/25
0
1453976 686/686 F 222,000.00
ZZ
CHIERICO RICHARD A 360 221,865.51
1
7136 CAPTAIN KIDD AVENUE 8.500 1,706.99
75
8.250 1,706.99
296,000.00
SARASOTA FL 34231 1 10/31/95
00
30817268113 03 12/01/95
0
30817268113 O 11/01/25
0
1453977 686/686 F 35,000.00
ZZ
MICHAUD JEANNE 360 34,979.33
1
2220 N CYPRESS BEND DRIVE 8.625 272.23
67
UNIT 204 8.375 272.23
53,000.00
POMPANO BEACH FL 33069 1 10/31/95
00
30817268808 08 12/01/95
0
30817268808 O 11/01/25
0
1
1453982 686/686 F 250,000.00
ZZ
STONE JR SAMUEL J 360 249,833.94
1
12222 BRICKELLIA STREET 8.050 1,843.14
80
7.800 1,843.14
315,000.00
SAN DIEGO CA 92129 5 10/25/95
00
30817265242 05 12/01/95
0
30817265242 O 11/01/25
0
1454023 E19/728 F 236,000.00
ZZ
GRAY JEFFERY A 360 236,000.00
1
20852 GLENCAIRN LANE 8.250 1,772.99
80
8.000 1,772.99
295,000.00
HUNTINGTON BEAC CA 92646 2 11/10/95
00
0380264813 05 01/01/96
0
100002921 O 12/01/25
0
1454026 E19/728 F 230,000.00
ZZ
WONG JAMIE P 360 230,000.00
1
1281 NORTH CATALINA AVE 8.250 1,727.91
78
8.000 1,727.91
295,000.00
PASADENA CA 91104 2 10/10/95
00
0380264953 05 01/01/96
0
100002941 O 12/01/25
0
1454047 E19/728 F 260,000.00
ZZ
CHOW MAN W 360 260,000.00
1
1400 5TH STREET 8.250 1,953.29
65
8.000 1,953.29
400,000.00
MANHATTAN BEACH CA 90266 2 11/08/95
00
0380265067 05 01/01/96
0
100003122 O 12/01/25
0
1454048 E19/728 F 247,000.00
ZZ
HUSS STEPHEN J 360 247,000.00
1
3447 GOLDFINCH STREET 8.125 1,833.97
95
7.875 1,833.97
260,000.00
SAN DIEGO CA 92103 1 11/07/95
11
0380264862 05 01/01/96
30
100003160 O 12/01/25
0
1454059 975/728 F 525,000.00
ZZ
MA SEOKUK 360 525,000.00
1
2628 ROCKY TRAIL ROAD 8.375 3,990.38
70
8.125 3,990.38
750,000.00
1
DIAMOND BAR CA 91765 2 11/10/95
00
0380271636 03 01/01/96
0
952401 O 12/01/25
0
1454077 936/728 F 372,000.00
ZZ
O'ROURKE JOHN E 360 371,774.64
1
3801 SEAMOOR DRIVE 8.500 2,860.36
76
8.250 2,860.36
495,000.00
MALIBU CA 90265 2 10/05/95
00
0380258294 05 12/01/95
0
1868496 O 11/01/25
0
1454079 936/728 F 292,000.00
ZZ
HOPE JR WAYMON 360 291,804.07
1
23311 IRIS AVE 8.000 2,142.60
90
7.750 2,142.60
324,500.00
TORRANCE CA 90505 1 10/23/95
10
0380262809 05 12/01/95
25
1934520 O 11/01/25
0
1454088 028/728 F 190,000.00
ZZ
HUNTER MARK C 360 189,875.72
1
7914 FOX HOLLOW PLACE 8.125 1,410.74
80
7.875 1,410.74
240,000.00
WINDSOR CA 95492 5 10/26/95
00
0380254202 05 12/01/95
0
121678 O 11/01/25
0
1454091 936/728 F 265,200.00
ZZ
HANNA CRAIG R 360 265,043.43
1
4841 CALLE ESTRADA 8.625 2,062.70
80
8.375 2,062.70
332,000.00
LA VERNE CA 91750 2 10/11/95
00
0380257965 05 12/01/95
0
1876713 O 11/01/25
0
1454098 936/728 F 255,500.00
ZZ
THOMAS DAVID 360 255,341.19
1
14573 TERRACE HILL LANE 8.375 1,941.99
95
8.125 1,941.99
269,000.00
CHINO HILLS CA 91709 2 10/16/95
10
0380259623 05 12/01/95
30
1902287 O 11/01/25
0
1
1454100 936/728 F 272,000.00
ZZ
DELMONT MICHAEL 360 271,835.22
1
630 WEST KNOLL DRIVE 8.500 2,091.45
80
8.250 2,091.45
340,000.00
WEST HOLLYWOOD CA 90069 2 10/18/95
00
0380256835 05 12/01/95
0
1911502 O 11/01/25
0
1454103 936/728 F 427,500.00
ZZ
DAVIS RICHARD C 360 426,966.71
1
2979 SOUTH WOOD HOLLOW WAY 8.375 3,249.31
90
8.125 3,249.31
475,000.00
BOUNTIFUL UT 84010 1 09/28/95
04
0380254533 05 11/01/95
25
1835487 O 10/01/25
0
1454107 936/728 F 290,000.00
ZZ
JENSEN TALON 360 289,805.41
1
444 HERMOSA AVENUE #102 8.000 2,127.92
80
7.750 2,127.92
365,000.00
HERMOSA BEACH CA 90254 2 10/17/95
00
0380257189 01 12/01/95
0
1911692 O 11/01/25
0
1454110 936/728 F 369,000.00
ZZ
HOUSTON GLEN C 360 368,764.70
1
9 NORTH BRONCO LANE 8.250 2,772.18
72
8.000 2,772.18
517,000.00
BELL CANYON CA 91307 2 10/19/95
00
0380261066 05 12/01/95
0
1917038 O 11/01/25
0
1454129 A13/728 F 230,000.00
ZZ
SMITH ALAN C 360 229,841.72
1
1303 FOREST HILLS COURT 7.875 1,667.66
72
7.625 1,667.66
321,850.00
SOUTHLAKE TX 76092 1 10/19/95
00
0380259433 05 12/01/95
0
950040150 O 11/01/25
0
1454136 811/728 F 172,500.00
ZZ
CECCARELLI JANET B 360 172,387.16
1
1
850 CROSSFIRE RIDGE 8.125 1,280.81
52
7.875 1,280.81
333,500.00
MARIETTA GA 30064 2 10/20/95
00
0380273608 03 12/01/95
0
00300402 O 11/01/25
0
1454137 561/728 F 442,000.00
ZZ
ESSIG FREDERICKH 360 441,688.03
1
520 CLEAR SPRING ROAD 7.750 3,166.55
80
7.500 3,166.55
552,500.00
GREAT FALLS VA 22066 1 10/25/95
00
0380253352 05 12/01/95
0
8621369 O 11/01/25
0
1454139 A13/728 F 262,400.00
ZZ
KACHIDURIAN P M 360 262,241.04
1
2894 FARM WALK 8.500 2,017.63
80
8.250 2,017.63
328,000.00
YORKTOWN HEIGHT NY 10598 1 10/24/95
00
0380252529 05 12/01/95
0
950201684 O 11/01/25
0
1454140 353/353 F 383,000.00
ZZ
FUJII RAYMOND H 360 382,736.42
1
305 AUWINALA ROAD 7.875 2,777.02
74
7.625 2,777.02
520,000.00
KAILUA HI 96734 5 10/23/95
00
90165 05 12/01/95
0
90165 O 11/01/25
0
1454142 967/728 F 90,400.00
ZZ
PIERSON JACQUELINL 360 90,339.34
1
7380 BRAUN STREET 8.000 663.33
61
7.750 663.33
150,000.00
ARVADA CO 80005 2 10/26/95
00
0380253790 05 12/01/95
0
2988905 O 11/01/25
0
1454143 A13/728 F 216,000.00
ZZ
GILMAN ROBERT P 360 215,878.90
1
6268 HEATHCROSS DRIVE SW 8.875 1,718.60
90
8.625 1,718.60
240,000.00
HUDSONVILLE MI 49426 1 10/19/95
10
0380255035 05 12/01/95
25
1
950042881 O 11/01/25
0
1454148 624/728 F 352,500.00
ZZ
MIRA BRADFORD M 360 352,257.41
1
94-677 LOAA STREET 7.875 2,555.87
75
7.625 2,555.87
470,000.00
WAIPAHU HI 96797 5 10/23/95
00
0380257502 05 12/01/95
0
70048028676 O 11/01/25
0
1454154 B74/728 F 276,000.00
ZZ
DEKKER JOHN S 360 276,000.00
1
19671 TORRES WAY 8.000 2,025.19
76
7.750 2,025.19
367,000.00
RANCHO SANTA MR CA 92672 1 11/01/95
00
0380257064 05 01/01/96
0
955397 O 12/01/25
0
1454155 A13/728 F 264,000.00
ZZ
PLANK DAVID N 360 263,844.14
1
1108 NAUTICAL DRIVE 8.625 2,053.36
80
8.375 2,053.36
330,000.00
OKEMOS MI 48864 2 10/13/95
00
0380253683 05 12/01/95
0
950098624 O 11/01/25
0
1454166 696/728 F 296,000.00
ZZ
GALE II DOUGLAS S 360 295,816.02
1
2338 BLAINE DRIVE 8.375 2,249.81
80
8.125 2,249.81
370,000.00
CHEVY CHASE MD 20815 1 10/27/95
00
0380252925 05 12/01/95
0
3123730 O 11/01/25
0
1454168 696/728 F 340,000.00
ZZ
PETERSON ERIC R 360 339,766.01
1
6812 RANNOCH ROAD 7.875 2,465.24
55
7.625 2,465.24
622,564.00
BETHESDA MD 20817 1 10/25/95
00
0380252941 05 12/01/95
0
3183715 O 11/01/25
0
1
1454204 765/728 F 223,250.00
ZZ
BARKER DOUGLAS A 360 223,111.23
1
3122 NORTH HARTMAN STREET 8.375 1,696.87
95
8.125 1,696.87
235,000.00
ORANGE CA 92665 1 10/24/95
11
0380261181 05 12/01/95
30
310616 O 11/01/25
0
1454205 765/728 F 256,500.00
ZZ
FIXA CHARLES W 360 256,344.60
1
21156 VIA LUGO 8.500 1,972.27
89
8.250 1,972.27
290,000.00
YORBA LINDA CA 92687 1 10/27/95
11
0380257247 03 12/01/95
25
310826 O 11/01/25
0
1454208 334/728 F 461,125.00
ZZ
HURM MICHAEL D 360 460,838.38
1
195 CALLE HUERTO 8.375 3,504.89
78
8.125 3,504.89
595,000.00
VISTA CA 92084 1 10/11/95
00
0380272063 05 12/01/95
0
411012824 O 11/01/25
0
1454210 069/728 F 264,000.00
ZZ
DE PASQUALE STEPHEN P 360 263,822.86
1
21122 CALLE OCASO 8.000 1,937.14
80
7.750 1,937.14
330,000.00
LAKE FOREST CA 92630 2 10/19/95
00
0380256819 03 12/01/95
0
2362041655 O 11/01/25
0
1454211 814/728 F 380,000.00
ZZ
MCCUTCHEON MARY E 360 379,769.79
1
556 ELIZABETH STREET 8.500 2,921.88
80
8.250 2,921.88
475,000.00
SAN FRANCISCO CA 94114 2 10/26/95
00
0380259581 05 12/01/95
0
809510084 O 11/01/25
0
1454216 A13/728 F 214,500.00
ZZ
FRIEDMAN ALLAN D 360 214,366.67
1
3529 WARWICK 8.375 1,630.36
90
8.125 1,630.36
238,350.00
1
ROCHESTER HILLS MI 48309 1 10/20/95
11
0380253006 01 12/01/95
25
950034494 O 11/01/25
0
1454261 405/405 F 140,000.00
ZZ
LANPHERE KIMBERLY D 360 139,842.44
1
999 NORTH DOHENY DRIVE 8.875 1,113.91
70
#PH-12 8.625 1,113.91
200,000.00
WEST HOLLYWOOD CA 90069 1 09/21/95
00
3752060 06 11/01/95
0
3752060 O 10/01/25
0
1454272 450/728 F 270,000.00
ZZ
AHN DUCK Y 360 269,818.84
1
4911 SEA PINES DRIVE 8.000 1,981.16
75
7.750 1,981.16
360,000.00
DALLAS TX 75248 1 10/27/95
00
0380253923 05 12/01/95
0
3876851 O 11/01/25
0
1454276 757/757 F 204,300.00
ZZ
PASSMORE DAVID M 360 204,162.91
1
1504 WOODCREEK DRIVE 8.000 1,499.09
68
7.750 1,499.09
302,000.00
ATHENS TN 37303 2 10/26/95
00
2659696 05 12/01/95
0
2659696 O 11/01/25
0
1454277 A13/728 F 236,000.00
ZZ
CAULEY STEPHEN D 360 235,853.30
1
1432 CAMDEN AVENUE UNIT 305 8.375 1,793.78
80
8.125 1,793.78
295,000.00
LOS ANGELES CA 90025 1 10/17/95
00
0380257759 01 12/01/95
0
950049930 O 11/01/25
0
1454280 A13/728 F 275,000.00
ZZ
VASQUEZ NANCY M 360 274,845.82
2
9045 PALISADE AVENUE 8.875 2,188.03
90
8.625 2,188.03
306,000.00
NORTH BERGEN NJ 07047 1 10/16/95
04
0380258310 05 12/01/95
25
950049189 O 11/01/25
0
1
1454292 A13/728 F 372,500.00
ZZ
OHANIAN VARUJAN 360 372,274.33
1
1628 APPLE LANE 8.500 2,864.21
89
8.250 2,864.21
422,500.00
BLOOMFIELD HILL MI 48302 1 10/20/95
10
0380262627 05 12/01/95
30
950203088 O 11/01/25
0
1454303 450/728 F 350,000.00
ZZ
DIKE DAVID N 360 349,782.46
1
4648 FAIRFAX AVENUE 8.375 2,660.25
74
8.125 2,660.25
475,000.00
DALLAS TX 75209 1 10/17/95
00
0380258559 05 12/01/95
0
3988623 O 11/01/25
0
1454313 313/728 F 244,293.16
ZZ
SKARLAT STEVEN J 326 243,923.80
1
LOT 21 KATHY LANE 8.750 1,965.31
76
8.500 1,965.31
324,000.00
HAWTHORNE WOODS IL 60047 4 09/13/95
00
0380271271 05 11/01/95
0
5234448 O 12/01/22
0
1454325 721/728 F 228,800.00
ZZ
PETERSEN BRIAN D 360 228,642.54
1
7355 STAFFORD DR 7.875 1,658.96
80
7.625 1,658.96
286,000.00
COUNCIL BLUFFS IA 51503 1 10/17/95
00
0380255027 05 12/01/95
0
9925052 O 11/01/25
0
1454326 E19/728 F 315,000.00
ZZ
MALASKA STEPHEN L 360 315,000.00
1
901 258TH AVENUE N.E 8.375 2,394.23
88
8.125 2,394.23
358,000.00
REDMOND WA 98053 2 11/13/95
11
0380270513 05 01/01/96
25
100003210 O 12/01/25
0
1454328 B46/728 F 236,000.00
ZZ
KIM DONG Y 360 236,000.00
1
1
20537 TOLUCA AVENUE 8.375 1,793.77
80
8.125 1,793.77
295,000.00
TORRANCE CA 90503 1 11/13/95
00
0380271867 05 01/01/96
0
100992 O 12/01/25
0
1454329 736/728 F 114,000.00
ZZ
HOLT LAWRENCE H 360 114,000.00
1
9338 KNOLLWOOD WAY 8.375 866.48
66
8.125 866.48
174,000.00
SANTEE CA 92071 2 11/17/95
00
0380273525 05 01/01/96
0
456041 O 12/01/25
0
1454337 975/728 F 321,300.00
ZZ
YEE PETER 360 321,300.00
1
9 AVIGNON 7.875 2,329.65
90
7.625 2,329.65
357,000.00
IRVINE CA 92714 1 11/09/95
14
0380269333 03 01/01/96
25
952470 O 12/01/25
0
1454340 180/728 F 230,000.00
ZZ
GILBERT RICHARD H 360 229,600.09
1
15746 DOUBLE EAGLE DRIVE 8.750 1,809.42
70
8.500 1,809.42
333,127.00
MORRISON CO 80465 1 08/09/95
00
0380276999 03 10/01/95
0
30344857 O 09/01/25
0
1454341 363/728 F 245,000.00
ZZ
FARRAR ELIZABETHT 360 244,851.58
1
2345 BRENTWOOD ROAD 8.500 1,883.84
80
8.250 1,883.84
308,000.00
BEXLEY OH 43209 2 10/25/95
00
0380270109 05 12/01/95
0
8114005727 O 11/01/25
0
1454355 367/367 F 340,836.67
ZZ
CASEY KEVIN W 348 340,592.93
1
1418 BELCASTLE COURT 8.125 2,551.49
79
7.875 2,551.49
432,000.00
RESTON VA 22094 2 11/01/95
00
1207461 03 12/01/95
0
1
1207461 O 11/01/24
0
1454367 562/728 F 330,000.00
ZZ
CASACCIO SALVATORE 360 329,800.08
1
64 BURTON AVENUE 8.500 2,537.42
75
8.250 2,537.42
440,000.00
STATEN ISLAND NY 10309 1 10/31/95
00
0380255829 05 12/01/95
0
501791 O 11/01/25
0
1454371 562/728 F 200,000.00
ZZ
RUSSO JOHN 360 199,872.46
1
91 SPRING VALLEY ROAD 8.250 1,502.54
73
8.000 1,502.54
275,000.00
MONTVALE NJ 07645 1 10/30/95
00
0380255704 05 12/01/95
0
461160 O 11/01/25
0
1454373 470/728 F 303,000.00
ZZ
ATTERBURY GEORGE B 360 302,791.47
1
404 ALCAZAR COURT 7.875 2,196.97
85
7.625 2,196.97
358,000.00
DANVILLE CA 94526 1 10/27/95
10
0380257932 03 12/01/95
12
25072372 O 11/01/25
0
1454376 744/728 F 595,000.00
ZZ
WIBBELSMAN ROBERT 360 595,000.00
1
518 NORTH SALTAIR AVENUE 8.625 4,627.85
50
8.375 4,627.85
1,200,000.00
LOS ANGELES CA 90049 2 10/30/95
00
0380270240 05 01/01/96
0
75078 O 12/01/25
0
1454377 696/728 F 216,000.00
ZZ
WEBB PATRICIA M 360 215,858.71
1
1222 DARTMOUTH ROAD 8.125 1,603.79
80
7.875 1,603.79
270,000.00
ALEXANDRIA VA 22314 1 10/31/95
00
0380255142 09 12/01/95
0
2086182 O 11/01/25
0
1
1454387 696/728 F 1,000,000.00
ZZ
SMITH ROBERT M 360 997,703.19
1
20174 TRAPPE ROAD 7.375 6,906.75
59
7.125 6,906.75
1,700,000.00
BLUEMONT VA 22012 2 08/18/95
00
0380255134 05 10/01/95
0
5010704 O 09/01/25
0
1454388 227/728 F 231,200.00
ZZ
KEENE STEVEN W 360 230,880.72
1
11813 SAN VICTORIO AVE 7.875 1,676.37
80
7.625 1,676.37
289,000.00
ALBUQUERQUE NM 87111 1 09/29/95
00
0380274663 05 11/01/95
0
1599539 O 10/01/25
0
1454391 626/728 F 300,000.00
ZZ
RUSSO GEORGE P 360 299,803.75
1
1032 ADRIENNE DRIVE 8.125 2,227.50
69
7.875 2,227.50
437,500.00
ALAMO CA 94507 1 10/24/95
00
0380259078 05 12/01/95
0
783282 O 11/01/25
0
1454400 480/728 F 150,500.00
ZZ
PORTARO ROGER 360 150,408.83
1
16253 N.W. 14 COURT 8.500 1,157.21
75
8.250 1,157.21
200,730.00
PEMBROKE PINES FL 33028 1 10/27/95
00
0380274051 03 12/01/95
0
1572296 O 11/01/25
0
1454415 927/728 F 270,000.00
ZZ
CRUDEN ALEX W 360 269,836.43
1
8304 PASEO VISTA DRIVE 8.500 2,076.07
90
8.250 2,076.07
300,000.00
LAS VEGAS NV 89128 1 10/18/95
10
0380263906 03 12/01/95
25
153312 O 11/01/25
0
1454425 056/728 F 290,250.00
ZZ
LOWE DANIEL H 360 290,069.59
1
8721 ALHAMBRA 8.375 2,206.11
75
8.125 2,206.11
390,000.00
1
PRAIRIE VILLAGE KS 66207 1 10/31/95
00
0380259334 05 12/01/95
0
9301619 O 11/01/25
0
1454434 317/728 F 207,900.00
ZZ
STEPANIAN VLADIMIR 360 207,653.62
1
109 EAST FOX HILL DR 8.625 1,617.03
90
8.375 1,617.03
231,000.00
BUFFALO GROVE IL 60089 1 09/25/95
04
0380256306 05 11/01/95
25
211990 O 10/01/25
0
1454460 163/728 F 220,500.00
ZZ
SUPERVILLE CYNTHIA 360 219,554.65
1
170-31 GRAND CENTRAL PARKWAY 8.750 1,734.68
90
8.500 1,734.68
245,000.00
JAMACIA NY 11432 1 06/01/95
14
0380258849 05 07/01/95
25
371703429 O 06/01/25
0
1454479 387/387 F 232,000.00
ZZ
COBB CARLA D 360 231,869.93
1
8820 ST. PIERRE DRIVE 8.875 1,845.90
75
8.625 1,845.90
310,000.00
LAS VEGAS NV 89134 5 10/11/95
00
548464 05 12/01/95
0
548464 O 11/01/25
0
1454486 163/728 F 207,000.00
ZZ
KUPER ERIC 360 206,290.68
1
169 SOUTH STREET 8.875 1,646.99
90
8.625 1,646.99
230,000.00
MANASQUAN NJ 08736 1 05/19/95
14
0380258807 05 07/01/95
25
371641358 O 06/01/25
0
1454490 439/439 F 244,200.00
ZZ
SPAYER DAVID J 360 244,200.00
1
260 PEMBROOK LANE 7.950 1,783.35
90
7.825 1,783.35
271,491.00
MUNDELEIN IL 60060 1 11/03/95
10
18221648 05 01/01/96
25
18221648 O 12/01/25
0
1
1454492 450/728 F 280,000.00
ZZ
PUSCAS DANIEL 360 280,000.00
1
1579 WAKEFIELD DR 7.875 2,030.19
85
7.625 2,030.19
330,000.00
ROCHESTER HILLS MI 48306 1 11/01/95
10
0380255464 05 01/01/96
12
3799483 O 12/01/25
0
1454499 B76/728 F 280,000.00
ZZ
MULAY JAMES J 360 279,830.37
1
2765 LOWELL 8.500 2,152.96
76
8.250 2,152.96
370,000.00
ANN ARBOR MI 48103 2 10/17/95
00
0380255639 05 12/01/95
0
00179655 O 11/01/25
0
1454500 B76/728 F 285,000.00
ZZ
NORRIS II CHARLES 360 284,827.34
1
1481 GREYSTONE LANE 8.500 2,191.41
82
8.250 2,191.41
350,000.00
MILFORD OH 45150 2 10/14/95
04
0380266297 05 12/01/95
12
2000000990 O 11/01/25
0
1454515 A13/728 F 240,000.00
ZZ
SABO PAUL F 360 239,846.96
1
0799 COTTONWOOD PASS ROAD 8.250 1,803.04
80
8.000 1,803.04
300,000.00
GYPSUM CO 81637 1 10/25/95
00
0380255555 05 12/01/95
0
950048528 O 11/01/25
0
1454631 369/728 F 273,900.00
ZZ
GRASSMEYER JODI L 360 273,720.83
1
1093W SADDLEHORN DRIVE 8.125 2,033.70
90
7.875 2,033.70
305,000.00
TUCSON AZ 85737 1 10/23/95
10
0380276239 03 12/01/95
25
48353130 O 11/01/25
0
1454645 369/728 F 224,800.00
ZZ
GUY JOSEPH R 360 224,652.94
1
1
10291 FOX TRACE 8.125 1,669.14
77
7.875 1,669.14
295,000.00
ZIONSVILLE IN 46077 1 10/27/95
00
0380276288 05 12/01/95
0
48599112 O 11/01/25
0
1454650 822/728 F 310,000.00
ZZ
STAHL JR RICHARD H 360 309,791.99
1
1724 SPRING HOUSE ROAD 8.000 2,274.68
62
7.750 2,274.68
503,367.00
CHESTER SPRINGS PA 19425 1 10/04/95
00
0380254467 05 12/01/95
0
0136058116 O 11/01/25
0
1454773 B75/728 F 380,000.00
ZZ
KEETER BRADLEY A 360 379,763.81
1
1320 HILLCREST HEIGHTS 8.375 2,888.27
79
8.125 2,888.27
485,000.00
ALPHARETTA GA 30202 2 10/16/95
00
0380268970 05 12/01/95
0
2343838 O 11/01/25
0
1454783 B46/728 F 314,000.00
ZZ
SCHATZ IVAN 360 314,000.00
1
1746 NORTH TULARE WAY 7.750 2,249.53
80
7.500 2,249.53
392,500.00
UPLAND CA 91784 1 11/15/95
00
0380271594 05 01/01/96
0
100987 O 12/01/25
0
1454801 232/232 F 96,000.00
T
LITTMAN DAVID 360 95,943.32
1
4610 VAIL RACQUET CLUB DRIVE 8.625 746.68
80
#10-7 8.375 746.68
120,000.00
VAIL CO 81657 1 10/27/95
00
11007173 01 12/01/95
0
11007173 O 11/01/25
0
1454811 267/267 F 234,900.00
ZZ
MILLER JON R 360 234,738.34
1
1817 GOODMAN AVENUE 7.875 1,703.19
90
7.625 1,703.19
261,500.00
REDONDO BEACH CA 90278 1 10/04/95
10
4359485 05 12/01/95
25
1
4359485 O 11/01/25
0
1454812 267/267 F 270,000.00
ZZ
BUCK STEVEN T 360 269,814.19
1
3513 ROSEMARY AVE 7.875 1,957.69
95
7.625 1,957.69
285,000.00
GLENDALE CA 91208 1 10/18/95
11
4372899 05 12/01/95
30
4372899 O 11/01/25
0
1454813 267/267 F 560,000.00
ZZ
ROSEN GERALD 360 559,614.61
1
6201 OCEAN FRON WALK. NO. 3 7.875 4,060.39
80
7.625 4,060.39
700,000.00
PLAYA DEL REY CA 90293 1 10/25/95
00
4359396 01 12/01/95
0
4359396 O 11/01/25
0
1454814 267/267 F 285,000.00
ZZ
MONS GARY C 360 284,808.77
1
837 12TH COURT 8.000 2,091.23
80
7.750 2,091.23
360,000.00
MANHATTAN BEACH CA 90266 2 10/20/95
00
4371827 05 12/01/95
0
4371827 O 11/01/25
0
1454844 A13/728 F 368,000.00
ZZ
GREEN KENNETH 360 367,746.74
1
221 BEECH CT 7.875 2,668.26
80
7.625 2,668.26
460,000.00
NORWOOD NJ 07648 1 10/31/95
00
0380255191 07 12/01/95
0
950047593 O 11/01/25
0
1454845 317/728 F 365,750.00
ZZ
CAREY JULIA M 360 365,338.38
1
101 CASTLEFORD CIRCLE 8.875 2,910.08
90
8.625 2,910.08
406,400.00
DANVILLE CA 94526 1 09/20/95
04
0380261231 05 11/01/95
25
210388 O 10/01/25
0
1
1454863 560/560 F 270,000.00
ZZ
DUFFAUT JR CALVIN J 360 269,424.62
1
3273 WITHERS AVENUE 7.750 1,934.31
90
7.500 1,934.31
300,000.00
LAFAYETTE CA 94549 1 08/28/95
04
450210216 05 10/01/95
25
450210216 O 09/01/25
0
1454864 560/560 F 325,000.00
ZZ
FREEMAN STEVEN M 360 324,324.58
1
12 NORTH GATE ROAD 7.875 2,356.48
45
7.625 2,356.48
735,000.00
MENDHAM NJ 07945 1 08/30/95
00
450210893 05 10/01/95
0
450210893 O 09/01/25
0
1454866 560/560 F 305,600.00
ZZ
SCHAFFENBURG KARL C 360 304,898.11
1
10 WARREN CUTTING 7.375 2,110.70
80
7.125 2,110.70
382,000.00
CHESTER NJ 07930 1 08/31/95
00
450214713 05 10/01/95
0
450214713 O 09/01/25
0
1454867 560/560 F 265,600.00
ZZ
JACKSON JAMES C 360 265,061.79
1
3024 WILDS RIDGE CT 8.000 1,948.88
90
7.750 1,948.88
295,150.00
PRIOR LAKE MN 55372 1 08/31/95
04
450214895 03 10/01/95
25
450214895 O 09/01/25
0
1454868 560/560 F 380,000.00
ZZ
DWYER DANIEL A 360 379,488.34
1
325 RUMSTICK ROAD 8.000 2,788.31
80
7.750 2,788.31
475,000.00
BARRINGTON RI 02806 1 09/05/95
00
450217781 05 11/01/95
0
450217781 O 10/01/25
0
1454869 560/560 F 232,000.00
ZZ
HULSE STEPHEN J 360 231,679.63
1
54 SKYLINE DRIVE 7.875 1,682.16
89
7.625 1,682.16
262,000.00
1
SPARTA NJ 07871 1 09/08/95
04
450220009 05 11/01/95
25
450220009 O 10/01/25
0
1454870 560/560 F 316,000.00
ZZ
ANDERSON RAYMOND C 360 315,552.50
1
321 FLOCKTOWN RD 7.750 2,263.86
80
7.500 2,263.86
395,000.00
LONG VALLEY NJ 07853 1 09/15/95
00
450223920 05 11/01/95
0
450223920 O 10/01/25
0
1454871 560/560 F 249,900.00
ZZ
HICKEY SHEILA K 360 249,571.95
1
200 SOUTH ESTHER LANE 8.125 1,855.50
90
7.875 1,855.50
279,500.00
YARDLEY PA 19067 1 09/15/95
04
450223961 05 11/01/95
25
450223961 O 10/01/25
0
1454872 560/560 F 333,600.00
ZZ
VINCEK WILLIAM C 360 333,115.57
1
116 SERRANO WAY 7.625 2,361.20
80
7.375 2,361.20
417,110.00
CHAPEL HILL NC 27514 1 09/20/95
00
450228630 05 11/01/95
0
450228630 O 10/01/25
0
1454874 560/560 F 239,000.00
ZZ
CONNOR JOHN A 360 238,661.53
1
5518 SALEM DRIVE SOUTH 7.750 1,712.23
73
7.500 1,712.23
329,900.00
CARMEL IN 46033 1 09/22/95
00
450229554 03 11/01/95
0
450229554 O 10/01/25
0
1454875 560/560 F 212,000.00
ZZ
JACOB KARL R 360 211,704.79
1
9 CHANDLER ROAD 8.750 1,667.81
80
8.500 1,667.81
265,000.00
SANDWICH MA 02563 2 09/22/95
00
450230321 05 11/01/95
0
450230321 O 10/01/25
0
1
1454876 560/560 F 230,850.00
ZZ
SIMON JOHN G 360 230,506.27
1
3721 COBBLESTONE LANE 7.500 1,614.14
90
7.250 1,614.14
256,500.00
IDAHO FALLS ID 83404 1 09/26/95
10
450232103 05 11/01/95
25
450232103 O 10/01/25
0
1454877 560/560 F 275,200.00
ZZ
PARKER FRED N 360 274,810.27
1
112 BEVERLY DRIVE 7.750 1,971.57
80
7.500 1,971.57
344,000.00
SAN CARLOS CA 94070 1 09/22/95
00
450232756 05 11/01/95
0
450232756 O 10/01/25
0
1454878 560/560 F 228,000.00
ZZ
GLADE CHARLES 360 227,858.28
1
8 GREAT GATE DRIVE 8.375 1,732.97
95
8.125 1,732.97
240,000.00
HAMPTON NH 03842 1 10/03/95
10
450242540 05 12/01/95
30
450242540 O 11/01/25
0
1454879 560/560 F 346,000.00
ZZ
ANDERSEN W S 360 345,795.73
1
2501 HARTLEPOOL LANE 8.625 2,691.15
95
8.375 2,691.15
364,303.00
MIDLOTHIAN VA 23113 1 10/05/95
04
450243092 05 12/01/95
30
450243092 O 11/01/25
0
1454881 560/560 F 332,000.00
ZZ
ODEH SALEEM N 360 331,777.23
1
3554 SOUTHRIDGE DRIVE 8.000 2,436.10
80
7.750 2,436.10
415,000.00
SANTA ROSA CA 95403 1 09/29/95
00
450243365 03 12/01/95
0
450243365 O 11/01/25
0
1454883 560/560 F 278,700.00
ZZ
YABUT VIRGILIO T 360 278,539.65
1
1
2 MEADOWLARK LANE 8.750 2,192.54
85
8.500 2,192.54
327,919.00
FRANKLIN PARK NJ 08823 1 10/06/95
04
450243696 05 12/01/95
20
450243696 O 11/01/25
0
1454884 560/560 F 312,000.00
ZZ
LINGLE GARY R 360 311,579.90
1
6295 NORTH NIRVANA PLACE 8.000 2,289.35
80
7.750 2,289.35
390,000.00
TUCSON AZ 85715 1 09/28/95
00
450243985 03 11/01/95
0
450243985 O 10/01/25
0
1454885 560/560 F 300,000.00
ZZ
RAATZ ROBERT K 360 299,808.70
1
16810 HIGHWAY 7 8.250 2,253.80
64
8.000 2,253.80
470,000.00
NEW GERMANY MN 55367 2 10/02/95
00
450244017 05 12/01/95
0
450244017 O 11/01/25
0
1454886 560/560 F 240,000.00
ZZ
FRUSCO CHRISTOPHJ 360 239,838.96
1
129 MATTHEW CIRCLE 8.000 1,761.04
73
7.750 1,761.04
330,000.00
NORTHAMPTON PA 18954 1 10/06/95
00
450244280 05 12/01/95
0
450244280 O 11/01/25
0
1454887 560/560 F 242,400.00
ZZ
D'ALESSANDRO FRANK O 360 241,968.15
1
2432 NE 25TH STREET 8.500 1,863.85
80
8.250 1,863.85
303,000.00
LIGHTHOUSE POIN FL 33064 1 10/06/95
00
450244744 05 11/01/95
0
450244744 O 10/01/25
0
1454889 560/560 F 309,000.00
ZZ
MOLUF ALLAN A 360 308,812.81
1
3740 RHODA DRIVE 8.500 2,375.94
80
8.250 2,375.94
389,000.00
SAN JOSE CA 95117 2 09/28/95
00
450245105 05 12/01/95
0
1
450245105 O 11/01/25
0
1454890 560/560 F 222,375.00
ZZ
BISCH CRAIG W 360 221,866.62
1
5241 EAST PALO VERDE DRIVE 7.875 1,612.37
83
7.625 1,612.37
270,000.00
PARADISE VALLEY AZ 85253 2 10/10/95
10
450245188 05 11/01/95
17
450245188 O 10/01/25
0
1454891 560/560 F 221,900.00
ZZ
COOK DONALD D 360 221,765.57
1
10660 LAKECREST POINT 8.500 1,706.22
50
8.250 1,706.22
452,500.00
SAN DIEGO CA 92131 2 10/03/95
00
450245352 05 12/01/95
0
450245352 O 11/01/25
0
1454892 560/560 F 237,600.00
ZZ
SMITH VINCENT V 360 237,428.03
1
1545 SEVILLE DRIVE 7.625 1,681.72
80
7.375 1,681.72
297,000.00
MORGAN HILL CA 95037 1 10/10/95
00
450245550 05 12/01/95
0
450245550 O 11/01/25
0
1454893 560/560 F 227,000.00
ZZ
CHAPMAN WILLIS A 360 226,869.40
1
46959 MORNINGTON RD. 8.750 1,785.81
85
8.500 1,785.81
267,050.00
CANTON MI 48188 1 10/12/95
10
450246277 03 12/01/95
20
450246277 O 11/01/25
0
1454894 560/560 F 290,400.00
ZZ
CHESELKA OLGA 360 290,228.55
1
36 HIX AVENUE 8.625 2,258.70
80
8.375 2,258.70
363,000.00
RYE NY 10580 1 10/12/95
00
450246384 05 12/01/95
0
450246384 O 11/01/25
0
1
1454895 560/560 F 213,750.00
ZZ
FLYNN JR HAROLD C 360 213,610.18
1
28 EVERGREEN FARMS RD 8.125 1,587.09
95
7.875 1,587.09
225,000.00
SCARBOROUGH ME 04074 1 10/12/95
10
450246400 05 12/01/95
30
450246400 O 11/01/25
0
1454896 560/560 F 232,000.00
ZZ
RIETZ DOUGLAS W 360 231,855.80
1
1721 SCHOOL AVENUE 8.375 1,763.37
95
8.125 1,763.37
245,000.00
WALLA WALLA WA 99362 1 10/04/95
04
450246541 05 12/01/95
30
450246541 O 11/01/25
0
1454898 560/560 F 400,000.00
ZZ
WRIGHT BLANDIN J 360 399,724.72
1
98 PIPERS WALK 7.875 2,900.28
54
7.625 2,900.28
745,000.00
SUGAR LAND TX 77479 1 10/12/95
00
450246772 03 12/01/95
0
450246772 O 11/01/25
0
1454899 560/560 F 222,000.00
ZZ
PEGUES REGINALD N 360 221,843.31
1
3440 GROVE PARK DRIVE 7.750 1,590.44
89
7.500 1,590.44
251,900.00
DULUTH GA 30136 1 10/13/95
10
450247168 03 12/01/95
25
450247168 O 11/01/25
0
1454900 560/560 F 225,600.00
ZZ
CAULEY EDWARD F 360 225,470.20
1
4 FOXWOOD LANE 8.750 1,774.80
80
8.500 1,774.80
282,000.00
LOPATCONG NJ 08865 1 10/13/95
00
450247697 05 12/01/95
0
450247697 O 11/01/25
0
1454902 560/560 F 280,000.00
ZZ
ORR TERRY L 360 279,807.30
1
15 COOK STREET 7.875 2,030.20
75
7.625 2,030.20
375,127.00
1
WESTBOROUGH MA 01581 1 10/13/95
00
450247754 05 12/01/95
0
450247754 O 11/01/25
0
1454903 560/560 F 392,000.00
ZZ
RAYNOR JR BARRY H 360 391,736.97
1
37 PLEASANT STREET 8.000 2,876.36
80
7.750 2,876.36
490,000.00
NORWELL MA 02061 1 10/16/95
00
450248182 05 12/01/95
0
450248182 O 11/01/25
0
1454905 560/560 F 245,200.00
ZZ
BARNETTE STEVE A 360 245,026.93
1
105 BAROMETER LANE 7.750 1,756.65
90
7.500 1,756.65
272,500.00
CARY NC 27513 1 10/16/95
04
450248372 03 12/01/95
25
450248372 O 11/01/25
0
1454906 560/560 F 340,000.00
T
FERGUSON MATTHEW C 360 339,788.67
1
325 RIVERSIDE DRIVE 8.375 2,584.25
90
8.125 2,584.25
380,000.00
BASALT CO 81621 1 10/14/95
10
450248521 05 12/01/95
25
450248521 O 11/01/25
0
1454907 560/560 F 290,350.00
ZZ
ZIMENT JEFFREY I 360 290,174.10
1
5 TANNER COURT 8.500 2,232.55
75
8.250 2,232.55
387,164.00
WEST WINDSOR NJ 08512 1 10/17/95
00
450249057 05 12/01/95
0
450249057 O 11/01/25
0
1454908 560/560 F 316,750.00
ZZ
HICKEY MICHAEL P 360 316,553.12
1
16 MORNINGSTAR ROAD 8.375 2,407.53
90
8.125 2,407.53
351,955.00
FLEMINGTON NJ 08822 1 10/17/95
04
450249065 05 12/01/95
25
450249065 O 11/01/25
0
1
1454909 560/560 F 520,000.00
ZZ
SCIALES CHRISTOPH 360 519,651.09
1
SPENCER PLACE 8.000 3,815.58
77
7.750 3,815.58
680,000.00
HARDING TWP NJ 07976 1 10/17/95
00
450249396 05 12/01/95
0
450249396 O 11/01/25
0
1454910 560/560 F 220,000.00
ZZ
MOON JAMES G 360 219,870.11
1
95 GLENWOOD ROAD 8.625 1,711.14
63
8.375 1,711.14
350,000.00
ENGLEWOOD NJ 07631 1 10/13/95
00
450249495 05 12/01/95
0
450249495 O 11/01/25
0
1454911 560/560 F 290,000.00
ZZ
MEYERS FRED J 360 289,828.78
1
16 FIRST STREET 8.625 2,255.60
75
8.375 2,255.60
390,000.00
MIDLAND PARK NJ 07432 2 10/12/95
00
450249511 05 12/01/95
0
450249511 O 11/01/25
0
1454912 560/560 F 365,000.00
ZZ
BARBUTO ARTHUR 360 364,755.08
1
11 CIRCLE WAY 8.000 2,678.25
75
7.750 2,678.25
490,000.00
SEA CLIFF NY 11579 1 10/12/95
00
450249594 05 12/01/95
0
450249594 O 11/01/25
0
1454930 267/267 F 283,200.00
ZZ
BATTAGLINI PAOLO G 360 283,009.97
1
108 BAYTREE RD 8.000 2,078.03
80
7.750 2,078.03
354,000.00
SAN CARLOS CA 94070 1 10/12/95
00
4373667 05 12/01/95
0
4373667 O 11/01/25
0
1454932 267/267 F 650,000.00
ZZ
CANNON W J 360 649,606.23
1
1
204 S. ALMONT DRIVE 8.500 4,997.94
70
8.250 4,997.94
940,000.00
BEVERLY HILLS CA 90211 2 10/24/95
00
4375407 05 12/01/95
0
4375407 O 11/01/25
0
1454935 131/728 F 211,350.00
ZZ
MURPHY FINNBARR P 360 211,218.64
1
65 THOMAS ROAD 8.375 1,606.41
95
8.125 1,606.41
222,500.00
SWAMPSCOTT MA 01907 1 10/31/95
04
0380257718 05 12/01/95
30
8969644 O 11/01/25
0
1454941 637/728 F 249,900.00
ZZ
CONOLEY GILLIAN 360 249,728.02
1
100 PALM DRIVE 7.875 1,811.95
55
7.625 1,811.95
459,000.00
CORTE MADERA CA 94925 2 10/19/95
00
0380262403 05 12/01/95
0
4696779 O 11/01/25
0
1454942 637/728 F 105,000.00
ZZ
MORLOCK DELON K 360 104,931.31
1
6349 PEPPERMILL DRIVE 8.125 779.63
68
7.875 779.63
155,000.00
LAS VEGAS NV 89102 1 10/23/95
00
0380265497 05 12/01/95
0
4628889 O 11/01/25
0
1454947 637/728 F 240,000.00
ZZ
KILLFOIL MICHAEL L 360 239,850.82
1
20 PASCAL LANE 8.375 1,824.18
68
8.125 1,824.18
354,628.00
AUSTIN TX 78746 4 10/25/95
00
0380266644 03 12/01/95
0
3365194 O 11/01/25
0
1454948 131/728 F 217,500.00
ZZ
BEHM BRUCE A 360 217,350.31
1
5525 SYCAMORE LANE NORTH 7.875 1,577.03
75
7.625 1,577.03
290,000.00
PLYMOUTH MN 55442 2 10/26/95
00
0380256041 05 12/01/95
0
1
8972114 O 11/01/25
0
1454949 637/728 F 127,750.00
ZZ
ARBUS MARVIN 360 127,750.00
1
106 CENTRAL PARK SOUTH 8.500 982.29
70
8.250 982.29
182,500.00
NEW YORK NY 10019 1 11/02/95
00
0380262056 09 01/01/96
0
4610150 O 12/01/25
0
1454952 637/728 F 230,000.00
ZZ
FOSNAUGH JOHN M 360 229,849.54
1
367 MEDEA CREEK LANE 8.125 1,707.75
60
7.875 1,707.75
384,000.00
OAK PARK CA 91301 5 10/19/95
00
0380261199 05 12/01/95
0
3466836 O 11/01/25
0
1454953 626/728 F 260,000.00
ZZ
CEDERLOFF MARK A 360 259,838.39
1
5230 PONDOREX ROAD 8.375 1,976.19
80
8.125 1,976.19
325,000.00
AUBURN CA 95602 1 10/16/95
00
0380260712 05 12/01/95
0
0000837005 O 11/01/25
0
1454957 559/728 F 348,600.00
ZZ
VAN NEST J P 360 348,377.71
1
19935 CHARTERS AVENUE 8.250 2,618.92
50
8.000 2,618.92
706,000.00
SARATOGA CA 95070 2 10/27/95
00
0380262031 05 12/01/95
0
0401133 O 11/01/25
0
1454960 764/728 F 300,000.00
ZZ
LIU JAMES C 360 299,808.70
1
6766 FINDLEY CIRCLE 8.250 2,253.80
67
8.000 2,253.80
448,308.00
HUNTINGTON BEAC CA 92648 1 10/24/95
00
0380267147 05 12/01/95
0
889894 O 11/01/25
0
1
1454965 964/728 F 250,000.00
ZZ
JOHNSON JR CHARLES R 360 249,832.25
1
1140 NORTH BERENICE DRIVE 8.000 1,834.42
89
7.750 1,834.42
283,000.00
BREA CA 92621 1 10/23/95
14
0380264110 05 12/01/95
25
16116 O 11/01/25
0
1454966 964/728 F 216,750.00
ZZ
HEELEY STEPHEN P 360 216,611.78
1
1966 RAINIER CIRCLE 8.250 1,628.38
90
8.000 1,628.38
240,850.00
PETALUMA CA 94954 1 10/18/95
14
0380265711 03 12/01/95
25
16038 O 11/01/25
0
1454979 232/232 F 340,000.00
ZZ
EDENS ROBERT J 360 339,753.92
1
805 OAK CREEK PLACE 7.625 2,406.50
60
7.375 2,406.50
570,000.00
WILMINGTON NC 28405 5 10/30/95
00
10807731 03 12/01/95
0
10807731 O 11/01/25
0
1454990 470/728 F 500,000.00
ZZ
MELLINKOFF DEBRA L 360 499,689.21
1
31 GEORGE LANE 8.375 3,800.37
60
8.125 3,800.37
845,000.00
SAUSALITO CA 94965 1 10/25/95
00
0380262650 05 12/01/95
0
25073438 O 11/01/25
0
1454993 765/728 F 240,000.00
ZZ
MELTZER MARK 360 240,000.00
1
15114 OTSEGO STREET 8.375 1,824.18
73
8.125 1,824.18
332,000.00
SHERMAN OAKS CA 91403 2 11/01/95
00
0380257973 05 01/01/96
0
310637 O 12/01/25
0
1455016 405/405 F 273,000.00
ZZ
TUNSTALL JEFFREY E 360 270,688.20
1
3345 EAST RIDGEWAY ROAD 8.250 2,050.96
76
8.000 2,050.96
362,000.00
1
ORANGE CA 92667 2 09/27/95
00
3748597 03 11/01/95
0
3748597 O 10/01/25
0
1455027 405/405 F 394,400.00
ZZ
MARKS BRYANT P 360 393,855.36
1
921 PEREGRINE COURT 7.875 2,859.68
80
7.625 2,859.68
493,500.00
SANTA CLARA CA 95051 1 09/27/95
00
3768934 05 11/01/95
0
3768934 O 10/01/25
0
1455034 405/405 F 238,000.00
ZZ
PITMAN WADE A 360 237,695.42
1
4047 SOUTHHAMPTON ROAD 8.250 1,788.02
90
8.000 1,788.02
265,000.00
MOORPARK CA 93021 2 09/26/95
10
3769080 05 11/01/95
25
3769080 O 10/01/25
0
1455040 405/405 F 296,000.00
BB
CIPRIANI ALAN P 360 295,829.69
1
2522 LAKE MEADOW DRIVE 8.750 2,328.64
80
8.500 2,328.64
370,000.00
LAFAYETTE CO 80026 1 10/02/95
00
3746732 03 12/01/95
0
3746732 O 11/01/25
0
1455064 131/728 F 236,650.00
ZZ
BABCOCK CHARLES C 360 236,491.22
1
4860 FOUR SEASONS DRIVE 8.000 1,736.45
82
7.750 1,736.45
290,000.00
EAGAN MN 55121 2 10/18/95
04
0380260548 05 12/01/95
17
2579455 O 11/01/25
0
1455083 640/640 F 292,000.00
ZZ
MILLER JOHN E 360 291,635.75
1
1902 BECKY COURT 8.375 2,219.41
82
8.125 2,219.41
357,000.00
OOLTEWAH TN 37363 4 09/25/95
01
5611138 05 11/01/95
12
5611138 O 10/01/25
0
1
1455084 369/728 F 233,100.00
ZZ
GAMMON WILLIAM G 360 232,947.51
1
3818 SNEAD COURT 8.125 1,730.77
87
7.875 1,730.77
270,000.00
SUGAR LAND TX 77479 1 10/23/95
12
0380275793 03 12/01/95
25
49306533 O 11/01/25
0
1455085 998/998 F 325,800.00
ZZ
ZUCKER MARC G 360 325,558.14
1
2310 MIDDLEFIELD ROAD 8.250 2,447.63
90
8.000 2,447.63
362,000.00
PALO ALTO CA 94301 1 10/17/95
04
89907547 05 12/01/95
25
89907547 O 11/01/25
0
1455086 998/998 F 303,100.00
ZZ
MC GROGAN JACK M 360 302,921.04
1
1555 LARKSPUR DRIVE 8.625 2,357.49
90
8.375 2,357.49
340,000.00
SAN JOSE CA 95125 2 10/06/95
10
59500223 05 12/01/95
25
59500223 O 11/01/25
0
1455087 E22/728 F 97,600.00
ZZ
DELATORRE VICENTE 360 97,543.85
1
1472 76TH AVENUE 8.750 767.82
80
8.500 767.82
122,000.00
OAKLAND CA 94621 5 10/18/95
00
0410025100 05 12/01/95
0
0410025100 O 11/01/25
0
1455088 998/998 F 222,000.00
ZZ
KOSZTY, JR FRANK R 360 221,843.31
1
2332 WEST 235TH PLACE 7.750 1,590.44
74
7.500 1,590.44
300,000.00
TORRANCE CA 90501 2 10/18/95
00
89980007 05 12/01/95
0
89980007 O 11/01/25
0
1455089 369/728 F 251,500.00
ZZ
KAPURA JOHN M 360 251,339.62
1
1
4802 EAST 112TH PLACE 8.250 1,889.44
73
8.000 1,889.44
346,000.00
TULSA OK 74137 1 10/31/95
00
0380275843 05 12/01/95
0
48903298 O 11/01/25
0
1455097 299/728 F 269,550.00
ZZ
WASKELO MARK A 360 269,030.79
1
39W812 REINDEER TRAIL 8.250 2,025.04
90
8.000 2,025.04
299,500.00
ST CHARLES IL 60175 1 08/15/95
14
0380257536 03 10/01/95
25
858762 O 09/01/25
0
1455101 998/998 F 296,000.00
ZZ
STROUT II ROBERT E 360 295,806.37
1
2419 VINTAGE LANE 8.125 2,197.80
72
7.875 2,197.80
415,000.00
LIVERMORE CA 94550 2 10/02/95
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59499640 05 12/01/95
0
59499640 O 11/01/25
0
1455103 299/728 F 268,000.00
ZZ
BLASO JAMES A 360 267,456.93
1
3235 LORING DRIVE 8.000 1,966.49
80
7.750 1,966.49
335,000.00
HUNTINGTOWN MD 20639 2 08/11/95
00
0380255050 03 10/01/95
0
287453 O 09/01/25
0
1455108 299/728 F 328,000.00
ZZ
CONNELL ALASTAIR M 360 327,368.19
1
2341 W. ISLAND ROAD 8.250 2,464.16
68
8.000 2,464.16
485,000.00
WILLIAMSBURG VA 23185 4 08/23/95
00
0380255688 03 10/01/95
0
264287 O 09/01/25
0
1455113 299/728 F 240,000.00
ZZ
RAVENNA KENNETH C 360 239,501.24
1
3313 SANDPIPER ROAD 7.875 1,740.17
80
7.625 1,740.17
300,000.00
VIRGINIA BEACH VA 23456 1 08/25/95
00
0380255670 05 10/01/95
0
1
271362 O 09/01/25
0
1455115 299/728 F 335,000.00
ZZ
SCHANZ KERRY K 360 333,549.25
1
23 OLDE MILL COURT 8.250 2,516.74
80
8.000 2,516.74
420,000.00
LITITZ PA 17543 2 08/31/95
00
0380255217 05 10/01/95
0
296965 O 09/01/25
0
1455118 998/998 F 229,900.00
ZZ
NEUHAUS JAY R 360 229,737.73
1
6 ELDERWOOD 7.750 1,647.04
95
7.500 1,647.04
242,000.00
ALISO VIEJO CA 92656 1 10/17/95
04
99236168 03 12/01/95
30
99236168 O 11/01/25
0
1455119 299/728 F 288,750.00
ZZ
DOLAN JAMES A 360 288,570.52
1
724 CLIPPER RD 8.375 2,194.71
75
8.125 2,194.71
390,000.00
SPRINGFIELD IL 62707 2 10/11/95
00
0380255001 05 12/01/95
0
288406 O 11/01/25
0
1455123 299/728 F 228,100.00
ZZ
THOMAS III WINDSOR P 360 227,625.99
1
7800 BANYAN TRAIL 7.875 1,653.88
72
7.625 1,653.88
320,000.00
WILMINGTON NC 28405 2 09/01/95
00
0380255712 03 10/01/95
0
291918 O 09/01/25
0
1455125 299/728 F 268,500.00
ZZ
RUBEY MICHAEL J 360 268,020.99
1
727A S RACINE AVENUE 8.625 2,088.37
88
8.375 2,088.37
308,500.00
CHICAGO IL 60607 1 08/15/95
14
0380255720 01 10/01/95
25
858786 O 09/01/25
0
1
1455127 998/998 F 265,000.00
ZZ
DAYRIT BERNARD A 360 263,439.82
1
293 BEACHVIEW AVENUE 8.250 1,990.86
73
8.000 1,990.86
365,000.00
PACIFICA CA 94044 2 10/12/95
00
99150880 05 12/01/95
0
99150880 O 11/01/25
0
1455128 998/998 F 340,000.00
ZZ
VANDERDONCK JOSEPH J 360 339,771.87
1
410 LONGFELLOW AVENUE 8.000 2,494.80
80
7.750 2,494.80
425,000.00
HERMOSA BEACH CA 90254 2 10/17/95
00
59514026 05 12/01/95
0
59514026 O 11/01/25
0
1455129 299/728 F 250,000.00
ZZ
BOHLINGER THOMAS J 360 249,339.16
1
2135 KING AVENUE 8.125 1,856.25
75
7.875 1,856.25
334,000.00
BOULDER CO 80302 2 07/24/95
00
0380260571 05 09/01/95
0
858974 O 08/01/25
0
1455132 299/728 F 228,500.00
ZZ
OWEN WILLIAM A 360 228,059.86
1
14240 KENMONT DRIVE 8.250 1,716.65
77
8.000 1,716.65
300,000.00
MIDLOTHIAN VA 23113 2 08/24/95
00
0380255621 05 10/01/95
0
289039 O 09/01/25
0
1455133 405/405 F 317,700.00
ZZ
HOLDEN STANLEY 360 317,313.70
1
19520 HALSTED STREET 8.500 2,442.84
65
NORTHRIDGE AREA 8.250 2,442.84
490,500.00
LOS ANGELES CA 91324 2 09/25/95
00
3763349 05 11/01/95
0
3763349 O 10/01/25
0
1455134 998/998 F 250,000.00
ZZ
BOLLMAN JAMES C 360 249,832.25
1
4646 SHADE ROAD 8.000 1,834.42
65
7.750 1,834.42
390,000.00
1
LA MESA CA 91941 5 10/20/95
00
79990701 05 12/01/95
0
79990701 O 11/01/25
0
1455135 299/728 F 278,000.00
ZZ
STOVER THOMAS L 360 277,283.57
1
333 WEST BATH ROAD 8.250 2,088.52
72
8.000 2,088.52
390,000.00
MEDINA OH 44256 2 07/24/95
00
0380255787 05 09/01/95
0
290391 O 08/01/25
0
1455136 998/998 F 636,000.00
ZZ
MURTAUGH JAMES D 360 635,573.25
1
26841 WINDSOR DRIVE 8.000 4,666.75
80
7.750 4,666.75
795,000.00
SAN JAUN CAPIST CA 92675 1 10/24/95
00
99236747 03 12/01/95
0
99236747 O 11/01/25
0
1455138 299/728 F 255,800.00
ZZ
ROFSKY BRUCE E 360 255,307.28
1
38 PEAR TREE LANE 8.250 1,921.74
79
8.000 1,921.74
324,000.00
LAFAYETTE HILL PA 19444 2 08/24/95
00
0380255761 05 10/01/95
0
291930 O 09/01/25
0
1455139 696/728 F 286,400.00
ZZ
SCHOMBURG JR AUGUST 360 286,221.98
1
1779 BRENTRIDGE STREET 8.375 2,176.85
95
8.125 2,176.85
301,500.00
VIENNA VA 22182 1 10/27/95
10
0380257767 09 12/01/95
30
2156258 O 11/01/25
0
1455141 299/728 F 230,000.00
ZZ
GULOY PREXY 360 229,392.02
1
1234 CASTLE DR 8.125 1,707.75
90
7.875 1,707.75
256,000.00
GLENVIEW IL 60025 2 07/27/95
10
0380255662 05 09/01/95
25
290689 O 08/01/25
0
1
1455142 405/405 F 375,000.00
ZZ
JARDSTROM ARNOLD H 360 374,544.03
1
20230 HANSON ROAD 8.500 2,883.43
62
8.250 2,883.43
610,000.00
FORT BRAGG CA 95437 2 09/19/95
00
3734985 05 11/01/95
0
3734985 O 10/01/25
0
1455144 299/728 F 294,000.00
ZZ
FLEMING STEPHEN G 360 293,404.23
1
247 HUNTING ROAD 8.000 2,157.27
60
7.750 2,157.27
495,000.00
BOONE NC 28607 5 08/22/95
00
0380254970 05 10/01/95
0
290197 O 09/01/25
0
1455147 299/728 F 240,000.00
ZZ
COLOMBO STEVEN M 360 239,513.67
1
1529 NADINE DRIVE 8.000 1,761.03
79
7.750 1,761.03
304,000.00
ARNOLD MO 63010 2 08/28/95
00
0380254947 05 10/01/95
0
291570 O 09/01/25
0
1455149 299/728 F 319,500.00
T
JONES MICHAEL G 360 318,958.65
1
129 RACING BEACH AVENUE 8.875 2,542.09
90
8.625 2,542.09
355,000.00
FALMOUTH MA 02540 1 08/30/95
14
0380255936 05 10/01/95
25
286321 O 09/01/25
0
1455151 998/998 F 332,650.00
ZZ
LARABELL HENRI J 360 332,421.07
1
5845 KILLARNEY CIRCLE 7.875 2,411.95
70
7.625 2,411.95
475,282.00
SAN JOSE CA 95138 1 10/20/95
00
59503680 03 12/01/95
0
59503680 O 11/01/25
0
1455153 998/998 F 214,724.00
ZZ
LLOYD EDWIN 360 214,576.23
1
1
16400 GREENRIDGE CIRCLE 7.875 1,556.90
95
7.625 1,556.90
226,026.00
RIVERSIDE CA 92503 1 10/11/95
11
99126070 03 12/01/95
30
99126070 O 11/01/25
0
1455154 299/728 F 206,900.00
ZZ
JOHNSON RICHARD E 360 206,614.29
1
513 CEDAR ORCHARD DRIVE 7.875 1,500.17
90
7.625 1,500.17
229,900.00
BLACKSBURG VA 24060 1 09/18/95
14
0380255795 05 11/01/95
25
298294 O 10/01/25
0
1455157 405/405 F 270,000.00
ZZ
SAVALLA JR MARK J 360 269,663.18
1
2929 MAIDEN LANE 8.375 2,052.20
80
8.125 2,052.20
340,000.00
ALTADENA CA 91001 2 09/27/95
00
3753290 05 11/01/95
0
3753290 O 10/01/25
0
1455158 299/728 F 261,600.00
ZZ
DONG JING 360 261,256.58
1
4805 BERKELEY WALK POINT 8.125 1,942.38
90
7.875 1,942.38
290,760.00
BERKELEY LAKE GA 30136 1 09/22/95
14
0380255860 03 11/01/95
25
295716 O 10/01/25
0
1455159 299/728 F 245,000.00
ZZ
CONRO JAMES P 360 244,694.37
1
6N065 FOXWOOD COURT 8.375 1,862.18
76
8.125 1,862.18
326,000.00
ST CHARLES IL 60174 1 09/27/95
00
0380255753 03 11/01/95
0
858826 O 10/01/25
0
1455161 299/728 F 226,400.00
ZZ
WELDON JOHN K 360 225,668.16
1
6003 MARQUETTE TERRANCE 8.250 1,700.87
78
8.000 1,700.87
291,000.00
BETHESDA MD 20817 2 06/26/95
00
0380255779 05 08/01/95
0
1
287413 O 07/01/25
0
1455164 299/728 F 240,000.00
ZZ
TRAN TIEU V 360 239,692.87
1
4023 TARA CIRCLE 8.250 1,803.04
79
8.000 1,803.04
305,000.00
WICHITA KS 67226 4 09/19/95
00
0380260860 03 11/01/95
0
299381 O 10/01/25
0
1455165 696/728 F 512,000.00
BB
FELTON REGINALD M 360 512,000.00
1
301 SPRINGBROOK DRIVE 8.500 3,936.84
80
8.250 3,936.84
640,000.00
SILVER SPRING MD 20904 1 11/06/95
00
0380256959 05 01/01/96
0
3123723 O 12/01/25
0
1455167 299/728 F 230,000.00
ZZ
BALMES STEVEN M 360 228,396.21
1
725 SUNRISE ROAD 8.250 1,727.92
70
8.000 1,727.92
330,000.00
LIBERTYVILLE IL 60048 1 06/30/95
00
0380255852 05 08/01/95
0
858573 O 07/01/25
0
1455168 998/998 F 310,000.00
ZZ
MAYS HARRY M 360 309,791.99
1
111 SEQUOIA STREET #D 8.000 2,274.68
66
7.750 2,274.68
475,000.00
CARLSBAD CA 92008 1 10/23/95
00
99111510 01 12/01/95
0
99111510 O 11/01/25
0
1455170 405/405 F 320,000.00
ZZ
THOMPSON WILLIAM L 360 319,795.94
1
210 SHEOL STREET 8.250 2,404.06
79
8.000 2,404.06
410,000.00
DURANGO CO 81301 1 10/06/95
00
3777679 05 12/01/95
0
3777679 O 11/01/25
0
1
1455171 299/728 F 575,000.00
ZZ
MOON JEROME J 360 574,335.95
1
402 BEARDS DOCK CROSSING 8.750 4,523.53
73
8.500 4,523.53
792,000.00
ANNAPOLIS MD 21403 4 09/20/95
00
0380257544 05 11/01/95
0
294565 O 10/01/25
0
1455172 299/728 F 265,500.00
ZZ
VALAITIS DAIVA K 360 265,001.45
1
1413 ELMWOOD AVENUE 8.375 2,018.00
90
8.125 2,018.00
298,000.00
EVANSTON IL 60201 2 08/08/95
14
0380254897 05 10/01/95
25
858805 O 09/01/25
0
1455174 299/728 F 285,450.00
ZZ
ASH JOHN L 360 284,913.99
1
525 EMERALD LAKE DRIVE 8.375 2,169.63
90
8.125 2,169.63
320,215.00
FAYETTEVILLE GA 30214 1 08/31/95
14
0380255837 05 10/01/95
25
297086 O 09/01/25
0
1455177 299/728 F 332,000.00
ZZ
HELLMAN SANFORD P 360 331,292.48
1
201 HOWARD DRIVE 7.750 2,378.49
80
7.500 2,378.49
415,000.00
LYNCHBURG VA 24503 4 08/18/95
00
0380254921 05 10/01/95
0
290542 O 09/01/25
0
1455178 299/728 F 412,000.00
ZZ
HIBBELN JOHN F 360 411,499.04
1
1505 GILBERT AVENUE 8.500 3,167.93
80
8.250 3,167.93
515,000.00
DOWNERS GROVE IL 60515 1 09/20/95
00
0380255910 05 11/01/95
0
858378 O 10/01/25
0
1455181 299/728 F 238,000.00
ZZ
KEIM ROSS S 360 237,220.80
1
5090 RIVERLAKE DR 8.500 1,830.01
73
8.250 1,830.01
330,000.00
1
FAIRBURN GA 30213 2 08/25/95
00
0380255654 05 10/01/95
0
293193 O 09/01/25
0
1455183 299/728 F 245,000.00
ZZ
DAY R N 360 244,490.83
1
4N781 HONEY HILL DRIVE 7.875 1,776.42
76
7.625 1,776.42
325,000.00
WAYNE IL 60184 1 08/17/95
00
0380254913 05 10/01/95
0
858566 O 09/01/25
0
1455184 299/728 F 331,400.00
ZZ
FRANCESCHI ALVERA A 360 330,693.76
1
9951 SE EASTMONT DRIVE 7.750 2,374.19
80
7.500 2,374.19
414,250.00
GRESHAM OR 97080 1 08/24/95
00
0380255803 05 10/01/95
0
292989 O 09/01/25
0
1455186 369/728 F 176,250.00
ZZ
ROSS PHYLLIS A 360 176,128.70
1
3302 WILLIAMS GLEN 7.875 1,277.94
75
7.625 1,277.94
235,000.00
SUGAR LAND TX 77479 1 10/30/95
00
0380275819 03 12/01/95
0
48844864 O 11/01/25
0
1455187 299/728 F 341,250.00
ZZ
BARONFELD DAVID J 360 340,641.22
1
7887 S ZENO STREET 8.625 2,654.21
75
8.375 2,654.21
460,000.00
AURORA CO 80016 5 08/21/95
00
0380255811 05 10/01/95
0
293783 O 09/01/25
0
1455189 299/728 F 356,000.00
ZZ
KNOX RICHARD H 360 355,555.90
1
17577 BROOKHURST DRIVE 8.375 2,705.86
80
8.125 2,705.86
445,000.00
LAKE OSWEGO OR 97034 1 09/13/95
00
0380254905 03 11/01/95
0
297354 O 10/01/25
0
1
1455190 299/728 F 270,000.00
ZZ
FLANAGAN PATRICIA D 360 269,542.51
1
318 CHICOPEE ROW 8.875 2,148.25
90
8.625 2,148.25
300,000.00
GROTON MA 01450 1 08/30/95
14
0380255084 05 10/01/95
25
291247 O 09/01/25
0
1455191 299/728 F 252,000.00
ZZ
KANG STEVEN S 360 251,185.37
1
1012 N EAST AVENUE 8.250 1,893.20
90
8.000 1,893.20
280,000.00
OAK PARK IL 60302 1 06/26/95
14
0380255902 05 08/01/95
25
958623 O 07/01/25
0
1455193 375/728 F 175,000.00
ZZ
VAN HEUSEN WILLIAM 360 174,888.41
1
11617 EAST POWERS AVENUE 8.250 1,314.72
51
8.000 1,314.72
345,000.00
ENGLEWOOD CO 80111 1 10/13/95
00
0380275454 03 12/01/95
0
401232 O 11/01/25
0
1455195 180/728 F 224,950.00
ZZ
KAWAKAMI STANLEY D 360 224,676.47
1
22006 WEST JODI PLACE 8.500 1,729.68
90
8.250 1,729.68
250,000.00
SANTA CLARITA CA 91350 2 09/19/95
10
0380269309 03 11/01/95
25
3575230 O 10/01/25
0
1455201 439/439 F 251,300.00
ZZ
GILBERT MICHAEL S 360 251,127.92
1
46 JESSE WAY 7.900 1,826.47
90
7.775 1,826.47
279,300.00
MOUNT SINAI NY 11766 1 11/01/95
10
1796877 05 12/01/95
25
1796877 O 11/01/25
0
1455203 439/439 F 305,000.00
ZZ
JENKINS CHERYL L 360 304,766.76
1
1
6318 E GREENLAKE WAY N 7.350 2,101.37
59
7.225 2,101.37
518,000.00
SEATTLE WA 98103 1 10/26/95
00
1803735 05 12/01/95
0
1803735 O 11/01/25
0
1455206 439/439 F 300,000.00
ZZ
STOUT ERIC B 360 299,792.49
1
6609 LAUTREC PL 7.850 2,170.01
68
7.725 2,170.01
445,000.00
RANCHO PALOS VE CA 90275 1 10/16/95
00
1811162 05 12/01/95
0
1811162 O 11/01/25
0
1455213 439/439 F 273,000.00
ZZ
MCDERMOTT ALAN J 360 272,824.13
1
379 MONTE VISTA 8.200 2,041.37
87
#B 8.075 2,041.37
315,000.00
COSTA MESA CA 92627 2 10/24/95
10
1814891 05 12/01/95
25
1814891 O 11/01/25
0
1455214 439/439 F 267,300.00
ZZ
DUDLEY JEFFREY K 360 267,300.00
1
2085 RAYSHIRE STREET 7.850 1,933.48
90
7.725 1,933.48
297,000.00
THOUSAND OAKS CA 91360 1 10/26/95
10
1815779 05 01/01/96
25
1815779 O 12/01/25
0
1455216 439/439 F 292,000.00
ZZ
BEYLIN BORIS 360 291,811.88
1
7446 GRAYSTONE DRIVE 8.200 2,183.45
80
8.075 2,183.45
365,000.00
WEST HILLS CA 91304 1 10/26/95
00
1818267 05 12/01/95
0
1818267 O 11/01/25
0
1455217 439/439 F 257,400.00
ZZ
MORELLO ROB 360 257,234.18
1
939 E WINDSOR CIR 8.200 1,924.72
90
8.075 1,924.72
286,000.00
FRESNO CA 93720 1 10/24/95
10
1818389 05 12/01/95
25
1
1818389 O 11/01/25
0
1455280 241/728 F 340,000.00
ZZ
CHEHAB MOUSTAPHA 360 339,575.86
1
15 TURNBERRY LANE 8.375 2,584.25
80
8.125 2,584.25
425,000.00
DEARBORN MI 48120 1 09/07/95
00
0380260852 05 11/01/95
0
000953116 O 10/01/25
0
1455296 171/728 F 274,450.00
ZZ
WOODRUFF JR ROLAND S 360 274,279.41
1
4205 HIGH GROVE ROAD 8.375 2,086.02
90
8.125 2,086.02
305,000.00
TEMPLETON CA 93465 1 10/01/95
01
0380258047 05 12/01/95
25
48085175 O 11/01/25
0
1455297 171/728 F 310,500.00
ZZ
ATKINSON JAMES M 360 310,302.00
1
24942 NE MOUNTAIN TOP ROAD 8.250 2,332.69
90
8.000 2,332.69
345,000.00
NEWBERG OR 97132 1 10/05/95
10
0380265133 05 12/01/95
25
37087784 O 11/01/25
0
1455302 171/728 F 231,200.00
ZZ
RIGHTER WILLIAM H 360 231,040.89
1
14807 NW APPLEGATE LANE 7.875 1,676.36
80
7.625 1,676.36
289,000.00
PORTLAND OR 97229 1 10/19/95
00
0380263856 05 12/01/95
0
37087650 O 11/01/25
0
1455304 241/728 F 252,000.00
ZZ
SWEITZER JEROME P 360 251,839.30
1
38 COASTAL OAKS CIRCLE 8.250 1,893.20
80
8.000 1,893.20
315,000.00
PONCE INLET FL 32127 2 10/03/95
00
0380265158 05 12/01/95
0
3007189665 O 11/01/25
0
1
1455306 171/728 F 212,000.00
ZZ
MINOR MARY T 360 211,857.75
1
1329 NORTHWEST MAYFIELD ROAD 8.000 1,555.58
80
7.750 1,555.58
265,500.00
PORTLAND OR 97229 1 10/13/95
00
0380264284 03 12/01/95
0
37087911 O 11/01/25
0
1455319 225/225 F 408,000.00
ZZ
JOHNSON JEFFERY M 360 407,752.83
1
9905 CHAPPELL LANE 8.500 3,137.17
80
8.250 3,137.17
510,000.00
VIENNA VA 22181 2 10/26/95
00
8806460 05 12/01/95
0
8806460 O 11/01/25
0
1455320 241/728 F 380,000.00
ZZ
FRY WILLIAM A 360 379,501.17
1
26700 WEST 73RD STREET 8.125 2,821.49
64
7.875 2,821.49
597,770.00
SHAWNEE KS 66227 4 09/22/95
00
0380272477 05 11/01/95
0
1926450 O 10/01/25
0
1455327 225/225 F 296,000.00
ZZ
HARKNESS CHARLES L 360 295,458.25
1
2836 COUNTRY CLUB BOULEVARD 8.500 2,275.98
80
8.250 2,275.98
372,548.00
ORANGE PARK FL 32073 1 08/31/95
00
8226525 03 10/01/95
0
8226525 O 09/01/25
0
1455328 241/728 F 250,000.00
ZZ
SHADFAR SIAVASH 360 249,844.61
1
5104 W 148TH STREET 8.375 1,900.18
76
8.125 1,900.18
331,759.00
LEAWOOD KS 66223 1 10/13/95
00
0380260803 03 12/01/95
0
4795MR52 O 11/01/25
0
1455336 111/111 F 450,000.00
ZZ
NOMURA HARRY T 360 449,409.28
1
2 MANZANITA AVENUE 8.125 3,341.24
79
7.875 3,341.24
575,000.00
1
SAN FRANCISCO CA 94118 2 09/27/95
00
635635 05 11/01/95
0
635635 O 10/01/25
0
1455341 225/225 F 217,000.00
ZZ
KATOVSICH DARRELL J 360 216,700.34
1
14441 W SALISBURY ROAD 7.875 1,573.40
77
7.625 1,573.40
285,000.00
MIDLOTHIAN VA 23113 2 09/01/95
00
8102221 05 11/01/95
0
8102221 O 10/01/25
0
1455347 685/728 F 292,000.00
ZZ
SCHLIETER CHRISTIANL 360 292,000.00
1
27100 SOUTH RIDGE DRIVE 7.875 2,117.20
80
7.625 2,117.20
365,000.00
MISSION VIEJO CA 92692 1 11/02/95
00
0380264516 03 01/01/96
0
102690 O 12/01/25
0
1455348 685/728 F 230,400.00
ZZ
MORALES ALFONSO 360 230,400.00
1
13518 ISIS AVENUE 8.125 1,710.71
80
7.875 1,710.71
288,000.00
HAWTHORNE CA 90250 1 11/07/95
00
0380264250 05 01/01/96
0
102698 O 12/01/25
0
1455356 559/728 F 401,000.00
ZZ
MULLER MARCIA 360 400,750.76
1
7 MORNING SUN DRIVE 8.375 3,047.89
78
8.125 3,047.89
518,000.00
PETALUMA CA 94952 2 10/20/95
00
0380264573 05 12/01/95
0
0403774 O 11/01/25
0
1455358 A13/728 F 288,000.00
ZZ
FALLON JR JOHN M 360 287,825.52
1
LOT #7 KELLY COURT 8.500 2,214.48
90
8.250 2,214.48
320,000.00
NEWTOWN CT 06470 1 10/31/95
10
0380254624 05 12/01/95
25
950043393 O 11/01/25
0
1
1455359 450/728 F 102,000.00
ZZ
PARK ANDREW 240 101,122.53
1
30755 RIVER CROSSING 8.000 853.17
44
7.750 853.17
236,000.00
BINGHAM FARMS MI 48025 1 06/13/95
00
0380262775 01 08/01/95
0
4117826 O 07/01/15
0
1456252 225/225 F 247,000.00
ZZ
OLIVER RADAMES A 360 246,842.51
1
8110 MIDDLE FORK WAY 8.250 1,855.62
95
8.000 1,855.62
260,000.00
JACKSONVILLE FL 32256 1 10/31/95
14
8228860 03 12/01/95
30
8228860 O 11/01/25
0
1456254 225/225 F 252,000.00
ZZ
MARIN ARIEL J 360 251,826.58
1
11825 SW 73RD AVENUE 7.875 1,827.17
90
7.625 1,827.17
280,000.00
MIAMI FL 33156 1 10/06/95
14
8226620 05 12/01/95
25
8226620 O 11/01/25
0
1456268 225/225 F 264,800.00
ZZ
BALLARD DAVID E 360 264,302.78
1
1015 LYERLY RIDGE ROAD 8.375 2,012.67
95
8.125 2,012.67
278,750.00
CONCORD NC 28027 1 09/01/95
14
8006281 05 10/01/95
30
8006281 O 09/01/25
0
1456277 225/225 F 213,750.00
ZZ
SKINNER MICHAEL C 360 213,613.70
1
5363 WALKER MILL ROAD 8.250 1,605.83
75
8.000 1,605.83
285,000.00
SOPHIA NC 27350 1 10/19/95
00
8846443 05 12/01/95
0
8846443 O 11/01/25
0
1456284 225/225 F 376,000.00
ZZ
GODSEY JR RALEIGH K 360 375,542.83
1
1
2514 RED FOX TRAIL 8.500 2,891.11
80
8.250 2,891.11
470,000.00
CHARLOTTE NC 28211 1 09/29/95
00
8008622 05 11/01/95
0
8008622 O 10/01/25
0
1456300 225/225 F 315,000.00
ZZ
GAUCH WILLIAM R 360 314,788.64
1
3021 WILD MEADOW DRIVE 8.000 2,311.36
90
7.750 2,311.36
350,000.00
DURHAM NC 27705 2 10/25/95
14
8010092 03 12/01/95
25
8010092 O 11/01/25
0
1456316 225/225 F 218,100.00
ZZ
VALENTINO MICHAEL V 360 217,953.66
1
508 MACON COURT 8.000 1,600.34
90
7.750 1,600.34
242,400.00
WILMINGTON NC 28403 1 10/31/95
10
8010107 05 12/01/95
25
8010107 O 11/01/25
0
1456325 225/225 F 216,000.00
ZZ
ADELMAN DAVID I 360 215,862.26
1
1507 EMORY ROAD 8.250 1,622.74
80
8.000 1,622.74
270,000.00
ATLANTA GA 30306 1 10/26/95
00
8806441 05 12/01/95
0
8806441 O 11/01/25
0
1456328 225/225 F 368,000.00
ZZ
GARNER STEVE R 360 367,765.34
1
509 SPAULDING LAKE DRIVE 8.250 2,764.66
77
8.000 2,764.66
480,000.00
GREENVILLE SC 29615 2 11/01/95
00
8010051 05 12/01/95
0
8010051 O 11/01/25
0
1456329 450/728 F 250,000.00
ZZ
STONE WILLIAM P 360 249,840.58
1
7484 FALLING LEAF COURT 8.250 1,878.17
88
8.000 1,878.17
286,000.00
FLUSHING TWP MI 48433 4 10/25/95
04
0380259136 05 12/01/95
25
1
3988979 O 11/01/25
0
1456330 225/225 F 327,000.00
ZZ
ROUTSON MARY M 360 326,592.10
1
5020 BIRCHLEAF DRIVE 8.375 2,485.43
65
8.125 2,485.43
506,000.00
RALEIGH NC 27606 2 09/08/95
00
8008443 03 11/01/95
0
8008443 O 10/01/25
0
1456335 225/225 F 240,000.00
ZZ
ABRAMSON JOHN M 360 239,846.97
1
2477 BAY ISLE COURT 8.250 1,803.03
60
8.000 1,803.03
403,986.00
FT LAUDERDALE FL 33327 1 10/19/95
00
8228121 03 12/01/95
0
8228121 O 11/01/25
0
1456337 225/225 F 238,500.00
ZZ
CECIL DOUGLAS R 360 238,500.00
1
207 59TH STREET 7.875 1,729.29
90
7.625 1,729.29
265,000.00
VIRGINIA BEACH VA 23451 1 11/03/95
14
8806812 05 01/01/96
25
8806812 O 12/01/25
0
1456342 225/225 F 731,000.00
ZZ
LAFASTO FRANK M 360 730,568.42
1
LOT 26 EVERGREEN 8.625 5,685.64
70
8.375 5,685.64
1,045,400.00
LAKE FOREST IL 60045 1 10/27/95
00
8400727 05 12/01/95
0
8400727 O 11/01/25
0
1456347 593/728 F 351,200.00
ZZ
FARNER JR JAMES N 360 350,976.05
1
8101 SOUTH PINECREEK LANE 8.250 2,638.45
80
8.000 2,638.45
439,000.00
SANDY UT 84093 1 10/23/95
00
0380270554 05 12/01/95
0
6604011 O 11/01/25
0
1
1456348 593/728 F 250,500.00
ZZ
BEIDERMANN SCOTT A 360 250,327.61
1
6590 SOUTH BOUCHELLE LANE 7.875 1,816.30
75
7.625 1,816.30
334,000.00
SALT LAKE CITY UT 84121 2 11/02/95
00
0380267121 05 12/01/95
0
6576649 O 11/01/25
0
1456349 593/728 F 330,000.00
ZZ
REID JESS L 360 329,778.57
1
2121 LUCKY JOHN DRIVE 8.000 2,421.43
64
7.750 2,421.43
520,000.00
PARK CITY UT 84060 5 10/17/95
00
0380264201 05 12/01/95
0
6623755 O 11/01/25
0
1456351 624/728 F 360,000.00
ZZ
GINELLA SEAN F 360 359,787.46
1
57-513 KAMEHAMEHA HWY 8.625 2,800.04
80
#A 8.375 2,800.04
450,000.00
KAHUKU HI 96731 2 10/24/95
00
0380262858 01 12/01/95
0
70011028386 O 11/01/25
0
1456353 573/728 F 350,000.00
ZZ
CAREY STEVEN 360 349,782.45
1
11770 #V PACIFIC COAST HIGHWAY 8.375 2,660.26
78
8.125 2,660.26
450,000.00
MALIBU CA 90265 2 10/25/95
00
0380264359 05 12/01/95
0
437525 O 11/01/25
0
1456354 225/225 F 299,250.00
ZZ
OGDEN JOHN H 360 298,867.05
1
68 BEDFORD PLACE 8.250 2,248.16
90
8.000 2,248.16
335,000.00
RAMSEY NJ 07446 1 09/27/95
14
8402592 05 11/01/95
25
8402592 O 10/01/25
0
1456355 750/728 F 144,000.00
ZZ
KIERAN ROBERT 360 143,908.18
1
1082 STILLWATER COURT 8.250 1,081.82
80
8.000 1,081.82
180,000.00
1
VENTURA CA 93004 2 10/24/95
00
0380271834 03 12/01/95
0
31504864 O 11/01/25
0
1456361 992/728 F 450,000.00
ZZ
DUNNE WILLIAM J 360 450,000.00
1
135 HIGHLAND ROAD 8.625 3,500.06
53
8.375 3,500.06
850,000.00
RYE NY 10580 5 11/08/95
00
0380256850 05 01/01/96
0
320369 O 12/01/25
0
1456369 387/387 F 324,000.00
ZZ
MC CLAVE BRADLEY F 360 323,803.72
1
424 KRENWINKLE COURT 8.500 2,491.28
75
8.250 2,491.28
432,000.00
SIMI VALLEY CA 93065 1 10/06/95
00
553628 05 12/01/95
0
553628 O 11/01/25
0
1456372 387/387 F 231,000.00
ZZ
TAHERI SHAHBAZ 360 230,860.06
1
1553 ILIKAI AVENUE 8.500 1,776.19
90
8.250 1,776.19
257,000.00
SAN JOSE CA 95118 2 10/13/95
04
553966 05 12/01/95
25
553966 O 11/01/25
0
1456374 387/387 F 294,800.00
ZZ
TADEVICH CHRISTOPHE 360 294,432.26
1
2460 SCARLETT ROAD 8.375 2,240.69
80
8.125 2,240.69
368,500.00
GILROY CA 95020 2 09/18/95
00
523035 05 11/01/95
0
523035 O 10/01/25
0
1456375 387/387 F 300,000.00
ZZ
STANOJEVIC GEORGE 360 299,813.53
1
7175 ALICANTE ROAD 8.375 2,280.22
80
8.125 2,280.22
375,000.00
CARLSBAD CA 92009 1 10/06/95
00
553867 05 12/01/95
0
553867 O 11/01/25
0
1
1456377 387/387 F 310,000.00
ZZ
COLONNA ALAN H 360 309,613.30
1
68 GAYWOOD PLACE 8.375 2,356.22
73
8.125 2,356.22
425,000.00
MORAGA CA 94556 1 09/20/95
00
546614 05 11/01/95
0
546614 O 10/01/25
0
1456380 387/387 F 287,000.00
ZZ
GALANTER GENNADIY 360 286,821.61
1
298 KILLDEER COURT 8.375 2,181.41
89
8.125 2,181.41
323,000.00
FOSTER CITY CA 94404 2 09/28/95
14
549360 05 12/01/95
25
549360 O 11/01/25
0
1456381 387/387 F 215,000.00
ZZ
STEIERT GARY D 360 214,731.79
1
137 OVERHILL ROAD 8.375 1,634.16
66
8.125 1,634.16
330,000.00
ORINDA CA 94563 1 09/25/95
00
547851 05 11/01/95
0
547851 O 10/01/25
0
1456382 387/387 F 241,000.00
ZZ
EMERSON PHILLIP M 360 240,850.21
1
2221 KARENDALE CIRCLE 8.375 1,831.77
74
8.125 1,831.77
330,000.00
RIVERSIDE CA 92506 2 10/06/95
00
551879 05 12/01/95
0
551879 O 11/01/25
0
1456383 387/387 F 304,500.00
ZZ
MONTGOMERY MARK 360 304,305.83
1
32311 AZORES ROAD 8.250 2,287.61
76
8.000 2,287.61
405,000.00
DANA POINT CA 92629 2 10/04/95
00
547836 05 12/01/95
0
547836 O 11/01/25
0
1456394 171/728 F 233,750.00
ZZ
PATTERSON ROBERT E 360 233,593.15
1
1
16680 SOUTHWEST HECETA COURT 8.000 1,715.18
85
7.750 1,715.18
275,000.00
BEAVERTON OR 97007 1 10/12/95
04
0380262569 03 12/01/95
12
37087945 O 11/01/25
0
1456399 A01/728 F 630,000.00
ZZ
CZULEGER PETER C 360 629,587.88
1
2 SOUTH LA SENDA DRIVE 8.125 4,677.74
75
7.875 4,677.74
840,000.00
LAGUNA BEACH CA 92677 1 10/17/95
00
0380254038 05 12/01/95
0
UNKNOWN O 11/01/25
0
1456411 E22/728 F 112,000.00
ZZ
LARIMORE GARNETT L 360 111,930.39
1
2998 WAST CALIMYRNA ROAD 8.375 851.28
80
8.125 851.28
140,000.00
ACAMPO CA 95220 1 10/25/95
00
0410045751 05 12/01/95
0
0410045751 O 11/01/25
0
1456412 E22/728 F 265,500.00
ZZ
FONG ALLEN Y 360 265,500.00
1
1161 LA LOMA DRIVE 8.125 1,971.33
90
7.875 1,971.33
295,000.00
SANTA ANA CA 92705 1 10/27/95
01
0410025530 05 01/01/96
25
0410025530 O 12/01/25
0
1456414 E22/728 F 295,000.00
ZZ
LEE JAMES W 360 294,802.06
1
3805 SAUL ROAD 8.000 2,164.61
79
7.750 2,164.61
375,000.00
KENSINGTON MD 20895 5 10/26/95
00
0410006837 05 12/01/95
0
0410006837 O 11/01/25
0
1456429 731/728 F 126,750.00
ZZ
HIGAREDA MANUEL T 360 126,673.21
2
416 NORTH ALEXANDER STREET 8.500 974.60
75
8.250 974.60
169,000.00
SAN FERNANDO CA 91340 2 10/25/95
00
0380253394 05 12/01/95
0
1
411910693 O 11/01/25
0
1456431 731/728 F 68,800.00
ZZ
CORSAUT JACQUELIN 360 68,756.13
1
3446 BECERRA WAY 8.250 516.87
80
8.000 516.87
86,000.00
SACRAMENTO CA 95821 2 10/25/95
00
0380253410 05 12/01/95
0
3000535 O 11/01/25
0
1456443 225/225 F 360,000.00
ZZ
BOWER JOHN F 360 359,269.60
1
1100 DILWORTH CRESENT ROW 8.000 2,641.55
80
7.750 2,641.55
450,000.00
CHARLOTTE NC 28203 1 08/25/95
00
8008009 09 10/01/95
0
8008009 O 09/01/25
0
1456447 225/225 F 327,900.00
ZZ
SAUNDERS SANDRA K 360 327,458.51
1
117 MADISON PLACE 8.000 2,406.01
73
7.750 2,406.01
449,182.00
ALEXENDRIA VA 22314 1 09/20/95
00
8101705 07 11/01/95
0
8101705 O 10/01/25
0
1456448 225/225 F 350,000.00
T
BAKALA RICHARD A 360 349,552.11
1
10691 GULFSHORE DR NORTH 8.250 2,629.43
46
8.000 2,629.43
765,000.00
NAPLES FL 33963 1 09/12/95
00
8403248 06 11/01/95
0
8403248 O 10/01/25
0
1456449 225/225 F 261,000.00
ZZ
MASON WILLIAM J 360 260,833.58
1
6106 TIMBER CREEK LANE 8.250 1,960.80
84
8.000 1,960.80
312,500.00
WILMINGTON NC 28405 2 10/04/95
14
8403375 05 12/01/95
25
8403375 O 11/01/25
0
1
1456450 225/225 F 368,000.00
ZZ
THORNE JOHN H 360 367,491.84
1
6212 FOXCROFT ROAD 7.875 2,668.25
80
7.625 2,668.25
460,000.00
ALEXANDRIA VA 22307 1 09/27/95
00
8008617 05 11/01/95
0
8008617 O 10/01/25
0
1456451 526/728 F 350,000.00
ZZ
LUNDBERGH PAUL Z 360 349,793.36
1
1420 QUINTARA COURT 8.625 2,722.27
59
8.375 2,722.27
595,000.00
MARCO ISLAND FL 33937 5 10/18/95
00
0380258823 05 12/01/95
0
00068656 O 11/01/25
0
1456494 526/728 F 250,000.00
ZZ
WYNNE RICHARD L 360 249,305.03
1
2121 PELHAM DRIVE 7.875 1,812.67
73
7.625 1,812.67
344,000.00
HOUSTON TX 77019 2 07/10/95
00
0380257106 05 09/01/95
0
00045339 O 08/01/25
0
1456495 526/728 F 278,000.00
ZZ
JENKINS JAMES R 360 277,813.46
1
1303 NORTH REGATTA DRIVE 8.000 2,039.87
70
7.750 2,039.87
400,000.00
GILBERT AZ 85234 2 10/10/95
00
0380254384 03 12/01/95
0
00074399 O 11/01/25
0
1456519 640/640 F 214,000.00
ZZ
MAHER THOMAS J 360 213,870.36
1
828 PEARSON OAKS DRIVE 8.500 1,645.47
90
8.250 1,645.47
238,000.00
COLLIERVILLE TN 38017 1 10/18/95
14
5630447 05 12/01/95
17
5630447 O 11/01/25
0
1456525 526/728 F 315,000.00
ZZ
AUJLA GURVINDERS 360 314,827.93
1
6341 NORTH 35TH STREET 9.000 2,534.57
70
8.750 2,534.57
450,000.00
1
PARADISE VALLEY AZ 85253 5 10/05/95
00
0380254426 05 12/01/95
0
00062674 O 11/01/25
0
1456529 195/195 F 350,000.00
ZZ
MCGRATH CAROLYN R 360 349,752.97
1
803 RIVERGATE PLACE 7.750 2,507.45
49
7.500 2,507.45
723,000.00
ALEXANDRIA VA 22314 1 10/31/95
00
46008 09 12/01/95
0
46008 O 11/01/25
0
1456535 526/728 F 249,000.00
ZZ
GOEMANS JOHN H 360 248,852.99
1
317 TENDERFOOT 8.625 1,936.70
59
8.375 1,936.70
426,000.00
DILLON CO 80435 5 10/06/95
00
0380254434 05 12/01/95
0
00057168 O 11/01/25
0
1456539 686/686 F 65,000.00
ZZ
DANCE DAVID T 360 65,000.00
1
317 LINCOLNWAY 8.250 488.33
53
8.000 488.33
124,000.00
N AURORA IL 60542 5 10/30/95
00
30817078074 05 01/01/96
0
30817078074 O 12/01/25
0
1456541 526/728 F 300,000.00
ZZ
HUGEN KENNETH A 360 299,788.26
1
8109 WEST ERB WAY 7.750 2,149.24
80
7.500 2,149.24
375,000.00
TRACY CA 95376 1 10/27/95
00
0380254442 05 12/01/95
0
00052608 O 11/01/25
0
1456542 369/728 F 238,500.00
ZZ
BURDINE JIM 360 238,359.19
1
2160 PRINCETON AVENUE 8.625 1,855.03
90
8.375 1,855.03
265,000.00
ST. PAUL MN 55105 1 11/03/95
14
0380275926 05 12/01/95
25
0048940902 O 11/01/25
0
1
1456551 640/640 F 245,000.00
ZZ
SCHULTZ GEORGE A 360 244,702.11
1
8207 BRIARSTONE LANE 8.500 1,883.84
65
8.250 1,883.84
378,000.00
OOLTEWAH TN 37363 4 09/25/95
00
9121391 05 11/01/95
0
9121391 O 10/01/25
0
1456559 405/405 F 400,000.00
ZZ
TREIBER JEFFREY A 360 399,738.34
1
508 KENILWORTH 8.125 2,969.99
72
7.875 2,969.99
557,000.00
KENILWORTH IL 60043 1 10/11/95
00
3787868 03 12/01/95
0
3787868 O 11/01/25
0
1456577 976/728 F 235,800.00
ZZ
SPENCER JR JAMES A 360 235,657.15
1
4003 ST JAMES DRIVE 8.500 1,813.10
90
8.250 1,813.10
262,000.00
KEENER LA 70065 1 10/14/95
10
0380266289 05 12/01/95
25
658128 O 11/01/25
0
1456580 976/728 F 215,000.00
ZZ
FOLEY KEVIN J 360 214,866.36
1
1502 REVERE ROAD 8.375 1,634.16
90
8.125 1,634.16
241,500.00
YARDLEY PA 19067 1 10/16/95
14
0380265000 05 12/01/95
25
573912 O 11/01/25
0
1456581 976/728 F 347,000.00
ZZ
WOLFE JR JOSEPH H 360 346,773.01
1
17 PANTRY ROAD 8.125 2,576.47
78
7.875 2,576.47
450,000.00
SUDBURY MA 01776 2 10/03/95
00
0380264722 05 12/01/95
0
607684 O 11/01/25
0
1456582 976/728 F 249,750.00
ZZ
ROSENBERG LINDA 360 249,586.63
1
1
11920 SUMMERTREE ROAD N.E. 8.125 1,854.39
90
7.875 1,854.39
277,500.00
ALBUQUERQUE NM 87111 1 10/25/95
04
0380265455 03 12/01/95
25
600372 O 11/01/25
0
1456583 976/728 F 240,000.00
T
NEAL B M 360 239,854.60
1
6168 WILDROSE LANE 8.500 1,845.40
80
8.250 1,845.40
300,000.00
BURTCHVILLE MI 48059 1 10/11/95
00
0380263286 05 12/01/95
0
631429 O 11/01/25
0
1456587 976/728 F 270,000.00
ZZ
COHEN MOSHE 360 269,827.82
1
46 GREYLOCK ROAD 8.250 2,028.43
65
8.000 2,028.43
420,000.00
NEWTON MA 02160 2 10/17/95
00
0380265125 05 12/01/95
0
541913 O 11/01/25
0
1456588 976/728 F 309,350.00
ZZ
MARTINEZ MARTY M 360 309,152.73
1
500 CIELO AZUL ROAD 8.250 2,324.05
80
8.000 2,324.05
390,000.00
CORRALES NM 87048 2 10/30/95
00
0380264656 05 12/01/95
0
657669 O 11/01/25
0
1456590 976/728 F 240,300.00
ZZ
WALL JAMES M 360 240,150.63
1
22 ONEIDA ROAD 8.375 1,826.46
90
8.125 1,826.46
267,000.00
WINCHESTER MA 01890 1 10/20/95
04
0380264961 05 12/01/95
25
512619 O 11/01/25
0
1456594 227/728 F 368,000.00
ZZ
FORD WILLIAM J 360 367,777.06
1
1006 BROOKSIDE 8.500 2,829.61
80
8.250 2,829.61
460,000.00
BRECKENRIDGE CO 80424 2 10/27/95
00
0380262270 05 12/01/95
0
1
1615496 O 11/01/25
0
1456608 E19/728 F 240,400.00
ZZ
PARKER PETER J 360 240,400.00
1
6700 VICKIVIEW DRIVE 8.375 1,827.21
74
8.125 1,827.21
325,000.00
WEST HILLS AREA CA 91307 2 11/16/95
00
0380273459 05 01/01/96
0
100003073 O 12/01/25
0
1456610 E19/728 F 215,000.00
ZZ
MCKELL ALLEN G 360 215,000.00
1
23632 VIA PRIMERO 8.375 1,634.16
85
VALENCIA AREA 8.125 1,634.16
255,000.00
SANTA CLARITA CA 91355 2 11/22/95
14
0380273335 03 01/01/96
12
100002686 O 12/01/25
0
1456619 970/728 F 148,427.42
ZZ
KING LORRAINE D 326 148,213.07
1
372 LUCINDA STREET 9.000 1,219.98
62
8.750 1,219.98
240,000.00
SCOTTS VALLEY CA 95066 2 08/23/95
00
0380272261 05 11/01/95
0
420131536 O 12/01/22
0
1456628 970/728 F 92,958.82
ZZ
SARGEANT DAVID H 346 92,723.18
1
4154 YUKON WAY 8.875 745.77
79
8.625 745.77
118,000.00
RIVERSIDE CA 92505 1 06/13/95
00
0380264896 03 09/01/95
0
680122444 O 06/01/24
0
1456663 B24/728 F 172,000.00
ZZ
DIROMA ROBERT W 360 172,000.00
1
15 DORSET LANE 8.500 1,322.53
69
8.250 1,322.53
250,000.00
STAMFORD CT 06907 2 11/27/95
00
0380264177 05 01/01/96
0
0126494 O 12/01/25
0
1
1456724 559/728 F 77,000.00
ZZ
KERRINCKX-EMBER CAROL M 360 76,952.14
1
360 SW VIEW DRIVE 8.375 585.26
58
8.125 585.26
133,000.00
WALDPORT OR 97394 2 10/19/95
00
0380265596 05 12/01/95
0
0400465 O 11/01/25
0
1456726 387/387 F 365,000.00
T
JONES REID A 360 363,529.48
1
78328 LINKS DRIVE 8.250 2,742.12
79
8.000 2,742.12
465,000.00
PALM DESERT CA 92211 1 09/27/95
00
552208 03 11/01/95
0
552208 O 10/01/25
0
1456730 765/728 F 374,500.00
ZZ
MARTELLI JOSEPH M 360 374,248.72
1
4825 ROCKHAMPTON COURT 8.000 2,747.95
72
7.750 2,747.95
525,000.00
YORBA LINDA CA 92687 2 10/31/95
00
0380266875 05 12/01/95
0
310827 O 11/01/25
0
1456731 470/728 F 240,000.00
ZZ
MAI LY T 360 239,838.96
1
2008 HELIOTROPE DRIVE 8.000 1,761.04
80
7.750 1,761.04
300,000.00
SANTA ANA CA 92706 1 10/18/95
00
0380266685 05 12/01/95
0
25072665 O 11/01/25
0
1456732 642/728 F 278,300.00
ZZ
LEE YOUNG O 360 278,135.69
1
5128 N MAYWOOD AVENUE 8.625 2,164.59
80
8.375 2,164.59
350,000.00
LOS ANGELES CA 90041 2 10/20/95
00
0380261975 05 12/01/95
0
09215495 O 11/01/25
0
1456736 731/728 F 220,800.00
ZZ
HAYMAN ANN C 360 220,800.00
1
1623 GREENFIELD AVENUE 7.875 1,600.95
80
UNIT 3 7.625 1,600.95
276,000.00
1
LOS ANGELES CA 90025 1 11/06/95
00
0380268483 01 01/01/96
0
1000979 O 12/01/25
0
1456746 935/728 F 85,500.00
ZZ
RAY KRISTINA D 360 85,500.00
1
7390 LAWNDALE DRIVE 8.625 665.01
80
8.375 665.01
106,900.00
WEST CHESTER OH 45069 1 11/28/95
00
0380262783 05 01/01/96
0
42673 O 12/01/25
0
1456760 450/728 F 389,600.00
ZZ
GREKIN STEVEN K 360 389,345.15
1
1350 LOCHRIDGE 8.125 2,892.77
80
7.875 2,892.77
487,000.00
BLOOMFIELD TOWN MI 48302 1 10/30/95
00
0380274259 05 12/01/95
0
3988839 O 11/01/25
0
1456770 776/728 F 189,200.00
ZZ
SUPER MARK A 360 189,088.30
1
7 WILLOTTA DRIVE 8.625 1,471.58
80
8.375 1,471.58
236,500.00
SUISUN CA 94585 1 10/25/95
00
0380265877 05 12/01/95
0
2325072 O 11/01/25
0
1456778 936/728 F 270,000.00
ZZ
SAUERHOFF DAVID C 360 269,827.83
1
42 FRONTENAC ESTATES DRIVE 8.250 2,028.42
75
8.000 2,028.42
360,000.00
ST. LOUIS MO 63131 5 10/23/95
00
0380266594 03 12/01/95
0
1865526 O 11/01/25
0
1456780 936/728 F 276,000.00
ZZ
GRADILLAS DANIEL E 360 275,841.20
1
1061 WATER VILLE LAKE ROAD 8.750 2,171.30
84
8.500 2,171.30
330,000.00
CHULA VISTA CA 91915 2 10/26/95
11
0380268285 05 12/01/95
12
1941624 O 11/01/25
0
1
1456799 405/405 F 540,000.00
ZZ
MANUCCI GLENN 360 539,681.18
1
304 KAINOE STREET 8.625 4,200.07
80
8.375 4,200.07
675,000.00
LAHAINA HI 96761 1 10/02/95
00
3720539 03 12/01/95
0
3720539 O 11/01/25
0
1456800 405/405 F 252,000.00
ZZ
HOFF DAVID L 360 251,677.50
1
1667 FOUR OAKS ROAD 8.250 1,893.20
80
8.000 1,893.20
315,000.00
SAN JOSE CA 95131 2 09/28/95
00
3724705 05 11/01/95
0
3724705 O 10/01/25
0
1456804 405/405 F 213,500.00
ZZ
CAMPOS ALEJANDRO 360 213,380.30
1
32-30 156TH STREET 8.875 1,698.71
70
8.625 1,698.71
305,000.00
FLUSHING NY 11354 1 10/05/95
00
3729845 05 12/01/95
0
3729845 O 11/01/25
0
1456805 405/405 F 245,600.00
ZZ
MORRIS ROBERT R 360 245,435.20
1
35 BOGEY LANE 8.000 1,802.13
80
7.750 1,802.13
307,000.00
COTO DE CAZA CA 92679 1 10/10/95
00
3730918 01 12/01/95
0
3730918 O 11/01/25
0
1456807 405/405 F 562,500.00
ZZ
CAIN DAVID A 360 562,150.37
1
2980 NORTH LAKERIDGE TRAIL 8.375 4,275.41
75
8.125 4,275.41
750,000.00
BOULDER CO 80302 4 10/06/95
00
3751518 03 12/01/95
0
3751518 O 11/01/25
0
1456809 405/405 F 424,000.00
ZZ
PAINTER JAMES W 360 423,715.50
1
1
1099 FIRST ST #109 8.000 3,111.17
80
7.750 3,111.17
530,000.00
CORONADO CA 92118 2 10/06/95
00
3759701 01 12/01/95
0
3759701 O 11/01/25
0
1456810 405/405 F 224,000.00
ZZ
HARDY KELVIN D 360 223,860.76
1
8419 FLOWERING CHERRY LANE 8.375 1,702.57
80
8.125 1,702.57
280,000.00
LAUREL MD 20723 2 10/04/95
00
3759826 05 12/01/95
0
3759826 O 11/01/25
0
1456811 405/405 F 213,200.00
ZZ
WHITTEMORE ROBERT A 360 213,067.48
1
29 VIA PERICO 8.375 1,620.48
90
8.125 1,620.48
236,900.00
RANCHO SANTA MA CA 92688 1 10/04/95
10
3760865 03 12/01/95
25
3760865 O 11/01/25
0
1456812 405/405 F 338,000.00
ZZ
VOGEL RANDALL L 360 337,761.44
1
1 VILLANOVA LANE 7.750 2,421.48
90
7.500 2,421.48
376,000.00
OAKLAND CA 94611 2 10/03/95
11
3760949 05 12/01/95
25
3760949 O 11/01/25
0
1456813 405/405 F 536,000.00
ZZ
SINGER A R 360 535,640.35
1
1 WEST WIND ROAD 8.000 3,932.98
80
7.750 3,932.98
670,000.00
LAFAYETTE CA 94549 1 10/01/95
00
3764644 05 12/01/95
0
3764644 O 11/01/25
0
1456814 405/405 F 230,000.00
ZZ
SOK HUON 360 229,857.04
1
3420 NORWOOD AVENUE 8.375 1,748.17
79
8.125 1,748.17
294,000.00
SAN JOSE CA 95148 2 10/02/95
00
3765112 05 12/01/95
0
1
3765112 O 11/01/25
0
1456815 405/405 F 315,000.00
ZZ
PAVLOFF MARTINA I 360 314,596.89
1
18337 VANDERBILT DRIVE 8.250 2,366.49
79
8.000 2,366.49
400,000.00
SARATOGA CA 95070 2 09/26/95
00
3765161 05 11/01/95
0
3765161 O 10/01/25
0
1456819 405/405 F 337,500.00
ZZ
SHOHET ALEXANDERD 360 337,273.54
1
8530 APPIAN WAY 8.000 2,476.46
90
7.750 2,476.46
375,000.00
LOS ANGELES CA 90046 1 10/11/95
21
3766425 05 12/01/95
25
3766425 O 11/01/25
0
1456822 405/405 F 255,000.00
ZZ
PETRUSKY JOHN R 360 254,824.51
1
2201 WALNUT AVENUE 7.875 1,848.93
55
7.625 1,848.93
470,000.00
MANHATTAN BEACH CA 90266 2 10/03/95
00
3769064 05 12/01/95
0
3769064 O 11/01/25
0
1456823 405/405 F 240,000.00
ZZ
CHANG MARY H 360 239,846.96
1
5169 GARNABY LANE 8.250 1,803.04
80
8.000 1,803.04
300,000.00
NORCROSS GA 30092 1 10/12/95
00
3770484 03 12/01/95
0
3770484 O 11/01/25
0
1456824 405/405 F 216,000.00
ZZ
MACDONALD GLEN 360 215,865.74
1
2133 BASSWOOD COURT 8.375 1,641.76
80
WESTLAKE VILLAGE AREA 8.125 1,641.76
270,000.00
THOUSAND OAKS CA 91361 1 10/05/95
00
3771607 03 12/01/95
0
3771607 O 11/01/25
0
1
1456828 405/405 F 581,250.00
ZZ
MANN EDWARD A 360 580,859.99
1
8450 GRAND VIEW DRIVE 8.000 4,265.01
75
7.750 4,265.01
775,000.00
LOS ANGELES CA 90046 1 10/06/95
00
3772423 05 12/01/95
0
3772423 O 11/01/25
0
1456829 405/405 F 231,200.00
ZZ
KOHORN JAY 360 231,063.50
1
419 SOUTH JUANITA AVENUE 8.625 1,798.25
85
8.375 1,798.25
272,000.00
REDONDO BEACH CA 90277 2 10/02/95
21
3773546 05 12/01/95
12
3773546 O 11/01/25
0
1456833 405/405 F 331,000.00
ZZ
UTTERBACK MICHAEL T 360 330,772.21
1
5036 MYRTLE AVENUE 7.875 2,399.98
77
7.625 2,399.98
433,000.00
RIVERSIDE CA 92506 2 10/05/95
00
3777695 05 12/01/95
0
3777695 O 11/01/25
0
1456834 405/405 F 227,150.00
ZZ
MURPHY R K 360 227,005.15
1
523 TOWNSEND DRIVE 8.250 1,706.51
77
8.000 1,706.51
295,000.00
APTOS CA 95003 2 10/03/95
00
3778875 05 12/01/95
0
3778875 O 11/01/25
0
1456835 405/405 F 367,200.00
ZZ
NADLER MICHAEL P 360 366,953.61
1
585 29TH STREET 8.000 2,694.39
80
7.750 2,694.39
459,000.00
MANHATTAN BEACH CA 90266 1 10/10/95
00
3781333 05 12/01/95
0
3781333 O 11/01/25
0
1456838 405/405 F 265,000.00
ZZ
GOLDBERG DAVID N 360 264,624.73
1
71 TIMOTHY DRIVE 7.750 1,898.49
64
7.500 1,898.49
415,000.00
1
NORTHAMPTON TOW PA 18974 1 09/21/95
00
3664000 05 11/01/95
0
3664000 O 10/01/25
0
1456840 405/405 F 385,000.00
ZZ
SCHORTMANN THOMAS A 360 384,735.04
1
10 WHITEHOLLOW 7.875 2,791.52
77
7.625 2,791.52
500,000.00
COTO DE CAZA CA 92679 2 10/12/95
00
3711413 03 12/01/95
0
3711413 O 11/01/25
0
1456842 405/405 F 216,000.00
ZZ
COLPITTS DOUGLAS B 360 215,862.26
1
365 NORTH STREET UNIT 8 8.250 1,622.74
72
8.000 1,622.74
303,000.00
BOSTON MA 02109 2 10/18/95
00
3717576 08 12/01/95
0
3717576 O 11/01/25
0
1456843 405/405 F 382,250.00
ZZ
HANDLEY RICHARD F 360 382,006.25
1
5228 WINDJAMMER 8.250 2,871.72
55
8.000 2,871.72
700,000.00
PLANO TX 75093 2 10/16/95
00
3724036 03 12/01/95
0
3724036 O 11/01/25
0
1456846 405/405 F 231,750.00
ZZ
VALDEZ ANTHONY T 360 231,598.40
1
568 SUGARPINE COURT 8.125 1,720.74
90
7.875 1,720.74
257,500.00
THOUSAND OAKS CA 91320 1 10/17/95
10
3758539 05 12/01/95
25
3758539 O 11/01/25
0
1456850 405/405 F 265,000.00
ZZ
MICHAELSON LINDA V 360 264,826.65
1
422 DURANT WAY 8.125 1,967.62
75
7.875 1,967.62
355,000.00
MILL VALLEY CA 94941 2 10/13/95
00
3768843 05 12/01/95
0
3768843 O 11/01/25
0
1
1456851 405/405 F 247,450.00
ZZ
JEUNG GAYMOND Q 360 247,292.21
1
517 C PORPOISE BAY TERRACE 8.250 1,859.01
90
8.000 1,859.01
274,950.00
SUNNYVALE CA 94089 1 10/13/95
12
3769825 01 12/01/95
25
3769825 O 11/01/25
0
1456853 405/405 F 250,000.00
ZZ
JOHNSON DAVID G 360 249,814.46
1
15 BROWNSBURY ROAD 7.500 1,748.04
59
7.250 1,748.04
424,000.00
LAGUNA NIGUEL CA 92677 1 10/11/95
00
3771334 03 12/01/95
0
3771334 O 11/01/25
0
1456855 405/405 F 258,000.00
ZZ
YARBROUGH DELBERT E 360 257,831.22
1
349 KOCH AVENUE 8.125 1,915.65
80
7.875 1,915.65
325,000.00
PLACENTIA CA 92670 2 10/12/95
00
3772373 05 12/01/95
0
3772373 O 11/01/25
0
1456859 405/405 F 313,500.00
ZZ
NOURSE STEPHEN C 360 313,328.75
1
1674 HAWKSWAY COURT 9.000 2,522.50
75
WESTLAKE VILLAGE AREA 8.750 2,522.50
418,000.00
THOUSAND OAKS CA 91361 5 10/11/95
00
3778602 03 12/01/95
0
3778602 O 11/01/25
0
1456860 405/405 F 227,000.00
ZZ
GUINANE GERARD 360 226,872.73
1
4333 SOUTH TANGLEWOOD 8.875 1,806.12
74
8.625 1,806.12
310,000.00
ST JOSEPH MI 49085 2 10/13/95
00
3781929 05 12/01/95
0
3781929 O 11/01/25
0
1456862 405/405 F 622,400.00
ZZ
MORIGUCHI JAIME 360 621,971.66
1
1
24930 PASEO DEL RANCHO 7.875 4,512.84
80
7.625 4,512.84
778,000.00
CALABASAS CA 91302 1 10/18/95
00
3782695 03 12/01/95
0
3782695 O 11/01/25
0
1456864 405/405 F 520,000.00
ZZ
COLOMBATTO MARTIN J 360 519,623.64
1
20061 CHATEAU DRIVE 7.625 3,680.53
75
7.375 3,680.53
700,000.00
SARATOGA CA 95070 1 10/13/95
00
3785508 05 12/01/95
0
3785508 O 11/01/25
0
1456865 405/405 F 233,000.00
ZZ
CUMMINGS DAVID 360 232,858.85
1
421 WASHINGTON ST 8.500 1,791.57
76
8.250 1,791.57
310,000.00
EL SEGUNDO CA 90245 2 10/11/95
00
3786050 05 12/01/95
0
3786050 O 11/01/25
0
1456866 405/405 F 228,790.00
ZZ
TORRES II PAUL 360 228,636.48
1
12693 SANDY CREST COURT 8.000 1,678.79
80
7.750 1,678.79
285,990.00
SAN DIEGO CA 92130 1 10/09/95
00
3786324 05 12/01/95
0
3786324 O 11/01/25
0
1456867 405/405 F 290,000.00
ZZ
FONG CRAIG A 360 289,824.32
1
918 SHORE BREEZE DR 8.500 2,229.85
80
8.250 2,229.85
365,000.00
SACRAMENTO CA 95831 2 10/11/95
00
3786969 05 12/01/95
0
3786969 O 11/01/25
0
1456869 405/405 F 248,500.00
ZZ
SIMS THOMAS C 360 248,333.26
1
173 ELWOOD STREET 8.000 1,823.41
77
7.750 1,823.41
325,000.00
REDWOOD CITY CA 94062 2 10/12/95
00
3787959 05 12/01/95
0
1
3787959 O 11/01/25
0
1456870 405/405 F 228,000.00
ZZ
CAVANAUGH ARTHUR D 360 227,843.09
1
4875 THURBER LANE 7.875 1,653.16
80
7.625 1,653.16
285,000.00
SANTA CRUZ CA 95065 2 10/16/95
00
3788056 05 12/01/95
0
3788056 O 11/01/25
0
1456871 405/405 F 260,000.00
ZZ
BROWN DOMINIC 360 259,838.39
1
327 N KILKEA DRIVE 8.375 1,976.19
80
8.125 1,976.19
325,000.00
LOS ANGELES CA 90048 1 10/12/95
00
3788635 05 12/01/95
0
3788635 O 11/01/25
0
1456873 405/405 F 300,000.00
ZZ
SMITH JAY E 360 299,808.70
1
3065 11TH STREET 8.250 2,253.80
67
8.000 2,253.80
450,000.00
BOULDER CO 80304 1 10/23/95
00
3791514 05 12/01/95
0
3791514 O 11/01/25
0
1456875 405/405 F 346,500.00
ZZ
GORDON LESLIE A 360 346,273.33
1
15280 SWISS LANE 8.125 2,572.76
90
7.875 2,572.76
385,000.00
TRUCKEE CA 96161 1 10/18/95
11
3793361 03 12/01/95
25
3793361 O 11/01/25
0
1456887 241/728 F 214,300.00
ZZ
TRAUTWEIN BLAIR J 360 214,156.21
1
1819 LAKESHORE CIRCLE 8.000 1,572.46
68
7.750 1,572.46
317,000.00
FORT COLLINS CO 80525 2 10/23/95
00
0380272139 03 12/01/95
0
3007193873 O 11/01/25
0
1
1457254 E22/728 F 270,000.00
ZZ
CHU CHIH-CHOU 360 270,000.00
1
740 BARNUM WAY 8.000 1,981.16
73
7.750 1,981.16
370,000.00
MONTEREY PARK CA 91754 1 11/02/95
00
0410027551 05 01/01/96
0
0410027551 O 12/01/25
0
1457287 232/232 F 260,000.00
ZZ
SCHWARTZ KAREN 360 259,842.49
1
3 MOONLIGHT COURT 8.500 1,999.18
70
8.250 1,999.18
374,000.00
FREEHOLD NJ 07728 2 10/25/95
00
12930770 05 12/01/95
0
12930770 O 11/01/25
0
1457447 369/728 F 229,000.00
ZZ
DECK STEVEN B 360 229,000.00
1
2012 CINDY LANE 8.375 1,740.57
80
8.125 1,740.57
288,000.00
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00
0380275850 05 01/01/96
0
48725931 O 12/01/25
0
1457448 596/728 F 364,000.00
ZZ
KOCOL GENE 360 363,755.77
1
2019 WEST 35TH STREET 8.000 2,670.90
80
7.750 2,670.90
455,000.00
SAN PEDRO CA 90732 2 10/27/95
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0380267246 05 12/01/95
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49166572 O 11/01/25
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1457449 596/728 F 260,950.00
ZZ
SAMULENAS JOSEPH A 360 260,950.00
1
2504 RUTLAND PLACE 7.875 1,892.07
90
7.625 1,892.07
289,950.00
THOUSAND OAKS CA 91362 1 11/02/95
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0380266016 05 01/01/96
25
49168115 O 12/01/25
0
1457450 638/728 F 337,500.00
ZZ
WORLEY BOB S 360 337,279.23
1
7605 PRAIRIE LAKE TRAIL 8.125 2,505.93
75
7.875 2,505.93
450,000.00
1
PARKER CO 80134 1 10/18/95
00
0380275520 05 12/01/95
0
471 O 11/01/25
0
1457476 664/728 F 349,200.00
ZZ
SONACO MICHAEL N 360 348,977.32
1
14 GALLERIA DRIVE 8.250 2,623.43
90
8.000 2,623.43
388,000.00
SAN ANTONIO TX 78257 1 10/25/95
10
0380268053 03 12/01/95
25
2015253 O 11/01/25
0
1457480 637/728 F 302,500.00
ZZ
PULEO JR JOHN L 360 302,500.00
1
36 GREY LANE 8.000 2,219.64
68
7.750 2,219.64
447,000.00
LYNNFIELD MA 01940 2 11/02/95
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0380267188 05 01/01/96
0
4680625 O 12/01/25
0
1457481 637/728 F 235,000.00
ZZ
SEELIGER STEVEN W 360 234,842.32
1
6105 WINNEQUAH ROAD 8.000 1,724.35
75
7.750 1,724.35
315,000.00
MONONA WI 53716 2 11/03/95
00
0380267501 05 12/01/95
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4728010 O 11/01/25
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1457485 936/728 F 226,500.00
ZZ
ESZLINGER KEVIN L 360 226,366.27
1
7936 EAST HORSESHOE TRAIL 8.625 1,761.70
79
8.375 1,761.70
290,000.00
ORANGE CA 92669 2 10/23/95
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0380268756 09 12/01/95
0
1929728 O 11/01/25
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1457486 267/267 F 258,000.00
ZZ
VALLES JOHN J 360 258,000.00
1
937 E WALNUT AVENUE 8.000 1,893.12
87
7.750 1,893.12
298,000.00
BURBANK CA 91501 1 11/06/95
11
4368141 05 01/01/96
25
4368141 O 12/01/25
0
1
1457489 685/728 F 177,650.00
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HENDRICKS ROBERT A 360 177,404.68
1
1820 THICKET LANE 7.875 1,288.09
95
7.625 1,288.09
187,000.00
TRACY CA 94376 2 09/11/95
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0380270786 05 11/01/95
30
102135 O 10/01/25
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1457491 387/387 F 228,000.00
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NEGRETTE RONALD G 360 227,865.39
1
493 WINDERMERE CIRCLE 8.625 1,773.36
56
8.375 1,773.36
410,000.00
LIVERMORE CA 94550 2 10/18/95
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553883 05 12/01/95
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553883 O 11/01/25
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1457492 387/387 F 357,750.00
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BALDRIDGE EUGENE T 360 357,336.84
1
562 BELLEFONTAINE STREET 8.750 2,814.42
80
8.500 2,814.42
450,000.00
PASADENA CA 91105 2 09/26/95
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550822 05 11/01/95
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550822 O 10/01/25
0
1457494 685/728 F 407,900.00
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NOTTEA DORON 360 407,900.00
1
3835 ROCK HAMPTON DRIVE 8.375 3,100.33
80
8.125 3,100.33
509,900.00
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0380267238 03 01/01/96
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102569 O 12/01/25
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WHITTINGTON JEFFREY A 336 321,959.47
1
7916 MAKAAOA PLACE 8.375 2,489.22
90
8.125 2,489.22
358,000.00
HONOLULU HI 96825 1 10/24/95
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0380269044 02 12/01/95
25
70019028796F O 11/01/23
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1457532 927/728 F 394,000.00
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WHITE DAVID J 360 393,755.10
1
1
1474 AUPUPU STREET 8.375 2,994.69
76
8.125 2,994.69
525,000.00
KAILUA HI 96734 2 10/24/95
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0380267766 05 12/01/95
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164152 O 11/01/25
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1457564 B74/728 F 288,000.00
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SHAPIRO MARC J 360 288,000.00
1
735 CENTER STREET 7.500 2,013.74
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7.250 2,013.74
360,000.00
EL SEGUNDO CA 90245 2 11/06/95
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0380267832 05 01/01/96
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955820 O 12/01/25
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1457575 776/728 F 405,600.00
ZZ
NAGEL ROBERT F 360 405,354.29
1
2456 NW JOHNSON STREET 8.500 3,118.71
80
8.250 3,118.71
507,000.00
PORTLAND OR 97210 1 10/27/95
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0380264706 05 12/01/95
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5025786 O 11/01/25
0
1457626 077/077 F 208,000.00
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FRYAR BRIAN C 360 208,000.00
1
4 GREEN ACRES 7.625 1,472.21
80
7.375 1,472.21
260,000.00
LAPORTE IN 46350 1 11/09/95
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419576 05 01/01/96
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419576 O 12/01/25
0
1457631 377/377 F 210,150.00
ZZ
BIRD JOHN M 360 209,580.24
1
1714 SANCTUARY 8.000 1,542.01
90
7.750 1,542.01
233,500.00
OWENSBORO KY 42303 1 07/27/95
01
3284148 05 09/01/95
25
3284148 O 08/01/25
0
1457717 E22/728 F 125,250.00
ZZ
BUTTERFIELD RICHARD J 360 125,250.00
1
2623 SHEPPARD WAY 8.375 951.99
75
8.125 951.99
167,000.00
ANTIOCH CA 94509 2 11/07/95
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0410028062 05 01/01/96
0
1
0410028062 O 12/01/25
0
1457734 696/728 F 183,900.00
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BAKER CALEB E 360 183,900.00
1
9305 JESUP LANE 8.250 1,381.58
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8.000 1,381.58
229,900.00
BETHESDA MD 20814 1 11/10/95
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0380260761 05 01/01/96
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3113716 O 12/01/25
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1457739 696/728 F 412,750.00
ZZ
WILLS JACK R 360 412,750.00
1
2023 SCROGGINS ROAD 7.875 2,992.72
65
7.625 2,992.72
635,000.00
ALEXANDRIA VA 22302 1 11/10/95
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0380260738 05 01/01/96
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2266464 O 12/01/25
0
1457743 E22/728 F 650,000.00
ZZ
KENNEDY DAVID L 360 649,563.86
1
74 SHORELINE CIRCLE 8.000 4,769.47
70
7.750 4,769.47
935,000.00
INCLINE VILLAGE NV 89451 2 10/25/95
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0410045850 05 12/01/95
0
0410045850 O 11/01/25
0
1457766 686/686 F 112,500.00
ZZ
BOLIVAR ALVARO F 360 112,424.89
1
3135 CHAMONIX DRIVE 8.025 827.45
75
7.775 827.45
150,000.00
CUMMING GA 30131 1 11/01/95
00
30816564538 03 12/01/95
0
30816564538 O 11/01/25
0
1457768 686/686 F 125,000.00
ZZ
SPIELMAN STEVEN B 360 125,000.00
1
3406 N GREENVIEW AVE 8.250 939.09
47
8.000 939.09
271,000.00
CHICAGO IL 60657 2 10/27/95
00
30817078652 05 01/01/96
0
30817078652 O 12/01/25
0
1
1457769 686/686 F 55,000.00
ZZ
NORDSTROM GORDON B 360 54,961.18
1
19323 15TH AVENUE N W #9 7.750 394.03
43
7.500 394.03
130,000.00
SEATTLE WA 98177 1 10/23/95
00
30816966576 01 12/01/95
0
30816966576 O 11/01/25
0
1457770 686/686 F 155,000.00
ZZ
KRASNER HOWARD B 360 155,000.00
1
7714 MARY CASSATT DRIVE 8.375 1,178.12
31
8.125 1,178.12
510,000.00
POTOMAC MD 20854 5 10/31/95
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30817036411 05 01/01/96
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30817036411 O 12/01/25
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1457771 686/686 F 220,000.00
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GUSTAFSON DENNIS E 360 220,000.00
1
1215 MADRONA AVENUE 7.875 1,595.16
80
7.625 1,595.16
275,000.00
EVERETT WA 98203 1 11/02/95
00
30817306046 05 01/01/96
0
30817306046 O 12/01/25
0
1457776 686/686 F 131,600.00
ZZ
GREENSTEIN MARCIA 360 131,600.00
1
8601 SW 80TH CT 8.500 1,011.90
70
8.250 1,011.90
188,000.00
MIAMI FL 33143 5 11/02/95
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30817268501 03 01/01/96
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30817268501 O 12/01/25
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1457777 686/686 F 60,000.00
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HADAR BARUKH 360 60,000.00
1
4151 CORAL TREE CIRCLE 8.375 456.05
73
UNIT #351 8.125 456.05
83,000.00
COCONUT CREEK FL 33073 1 11/06/95
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30817268873 01 01/01/96
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30817268873 O 12/01/25
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1457778 686/686 F 70,500.00
ZZ
CEDAR EDWARD S 360 70,500.00
1
6654 VILLA SONRISA DR #412 8.625 548.35
75
8.375 548.35
94,000.00
1
BOCA RATON FL 33433 1 11/10/95
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30817269632 01 01/01/96
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30817269632 O 12/01/25
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1457779 686/686 F 161,250.00
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PEARSALL DON D 360 161,250.00
1
6464 CRAMPTON DRIVE NORTH 7.875 1,169.18
75
7.625 1,169.18
215,000.00
KEIZER OR 97303 1 11/01/95
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30817306103 05 01/01/96
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30817306103 O 12/01/25
0
1457782 686/686 F 119,950.00
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POWELL KELLE J 360 119,867.44
1
3508 47TH STREET NORTHEAST 7.875 869.73
75
7.625 869.73
160,000.00
TACOMA WA 98422 2 10/27/95
00
30817204514 05 12/01/95
0
30817204514 O 11/01/25
0
1457783 686/686 F 360,000.00
ZZ
CHO WON S 360 360,000.00
1
4825 118TH AVENUE NE 7.875 2,610.25
80
7.625 2,610.25
450,000.00
KIRKLAND WA 98033 5 11/01/95
00
30817305519 03 01/01/96
0
30817305519 O 12/01/25
0
1457796 686/686 F 103,000.00
ZZ
CHOI YOON S 360 103,000.00
1
14755 SW KILCHIS STREET 8.500 791.99
69
8.250 791.99
150,000.00
BEAVERTON OR 97007 2 10/30/95
00
30817305535 05 01/01/96
0
30817305535 O 12/01/25
0
1457800 686/686 F 201,740.00
ZZ
GRAHAM WINTHROP 360 201,740.00
1
9700 INDIGO BRUSH DRIVE 7.875 1,462.76
75
7.625 1,462.76
268,990.00
AUSTIN TX 78726 1 11/07/95
00
30817225378 03 01/01/96
0
30817225378 O 12/01/25
0
1
1457801 686/686 F 86,800.00
ZZ
ALZAMORA ARMAND 360 86,800.00
1
105 ARLINGTON PLACE 8.375 659.75
60
8.125 659.75
145,000.00
FRANKLIN TN 37064 2 11/08/95
00
30817225543 05 01/01/96
0
30817225543 O 12/01/25
0
1457802 686/686 F 96,450.00
ZZ
WEI SHERRY 360 96,450.00
1
5804 COLDCREEK COURT 8.500 741.62
75
8.250 741.62
129,000.00
PLANO TX 75093 1 11/07/95
00
30817225956 03 01/01/96
0
30817225956 O 12/01/25
0
1457803 686/686 F 274,000.00
ZZ
YU CHAE C 360 274,000.00
1
707 PADONIA ROAD 7.750 1,962.97
90
7.500 1,962.97
305,000.00
COCKEYSVILLE MD 21030 1 11/09/95
10
30817299191 05 01/01/96
25
30817299191 O 12/01/25
0
1457806 686/686 F 136,300.00
ZZ
BENNING ROBERT L 360 136,300.00
1
6555 STERLING DRIVE 8.000 1,000.13
75
7.750 1,000.13
181,845.00
SUWANEE GA 30174 1 11/10/95
00
30817269889 03 01/01/96
0
30817269889 O 12/01/25
0
1457808 686/686 F 450,000.00
ZZ
WALKER ALEC W 360 450,000.00
1
22842 AZURE SEA 8.250 3,380.70
48
8.000 3,380.70
950,000.00
LAGUNA NIGUEL CA 92677 5 11/01/95
00
30817297161 03 01/01/96
0
30817297161 O 12/01/25
0
1457813 686/686 F 76,900.00
ZZ
TOWER MATTHEW 360 76,900.00
1
1
75 FOWLER AVENUE 8.050 566.95
70
7.800 566.95
109,900.00
REVERE MA 02151 1 11/14/95
00
30817147804 05 01/01/96
0
30817147804 O 12/01/25
0
1457814 686/686 F 86,250.00
ZZ
HUDEN JAMES 360 86,250.00
1
206 YUCCA STREET 8.850 684.70
75
8.600 684.70
115,000.00
PUNTA GORDA FL 33955 2 11/08/95
00
30817191323 05 01/01/96
0
30817191323 O 12/01/25
0
1457816 686/686 F 331,200.00
ZZ
LUCHSINGER PETER 360 331,200.00
1
16001 DOROTHY LANE 8.050 2,441.79
80
7.800 2,441.79
414,000.00
VALLEY CENTER CA 92082 5 11/06/95
00
30817262363 05 01/01/96
0
30817262363 O 12/01/25
0
1457817 686/686 F 75,600.00
ZZ
ARISTIZABAL JOSE R 360 75,600.00
1
1347 11 STREET NORTH 8.625 588.01
70
8.375 588.01
108,000.00
NAPLES FL 33940 5 11/08/95
00
30817268998 05 01/01/96
0
30817268998 O 12/01/25
0
1457819 686/686 F 147,000.00
ZZ
ISKENDERIAN VIKEN 360 147,000.00
1
81 VREELAND AVE 8.275 1,106.95
70
8.025 1,106.95
210,000.00
HAWTHORNE NJ 07506 5 11/10/95
00
30816933667 05 01/01/96
0
30816933667 O 12/01/25
0
1457820 686/686 F 127,500.00
ZZ
BIERMAN THOMAS H 360 127,500.00
1
4024 ROOP ROAD 8.050 940.00
57
7.800 940.00
227,500.00
NEW WINDSOR MD 21776 1 11/15/95
00
30817118573 05 01/01/96
0
1
30817118573 O 12/01/25
0
1457821 686/686 F 130,000.00
ZZ
SHIMOURA SHINICHI 360 130,000.00
1
10310 NW 14TH PLACE 8.275 978.94
75
8.025 978.94
173,400.00
CORAL SPRINGS FL 33071 1 11/15/95
00
30817128846 05 01/01/96
0
30817128846 O 12/01/25
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1457822 686/686 F 93,000.00
ZZ
WAKIM PIERRE N 360 93,000.00
1
12 RENA AVENUE 8.225 697.05
75
7.975 697.05
124,000.00
SALEM NH 03079 2 11/10/95
00
30817147440 05 01/01/96
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30817147440 O 12/01/25
0
1457823 686/686 F 110,000.00
ZZ
MORRISSEY LINDA J 360 110,000.00
1
64 SILVERMINE AVENUE 8.150 818.68
74
7.900 818.68
150,000.00
NORWALK CT 06851 1 11/15/95
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30817185820 05 01/01/96
0
30817185820 O 12/01/25
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1457824 686/686 F 33,000.00
ZZ
HIRSCHLOR ROBERLY R 360 33,000.00
1
ROUTE 5 BOX 141 JAMES RD 8.500 253.75
56
8.250 253.75
59,900.00
ELLIJAY GA 30540 1 11/14/95
00
30817269764 05 01/01/96
0
30817269764 O 12/01/25
0
1457825 686/686 F 315,000.00
ZZ
BAER WILLIAM 360 315,000.00
1
3726 NE 209TH TERRACE 8.500 2,422.08
73
8.250 2,422.08
435,000.00
MIAMI FL 33180 1 11/15/95
00
30817269848 03 01/01/96
0
30817269848 O 12/01/25
0
1
1457832 936/728 F 207,500.00
ZZ
PETERSEN KIM L 360 207,360.76
1
5291 TRINETTE AVENUE 8.000 1,522.57
95
7.750 1,522.57
218,500.00
GARDEN GROVE CA 92645 1 10/23/95
10
0380270521 05 12/01/95
30
1886100 O 11/01/25
0
1457833 317/728 F 300,000.00
ZZ
WEIL CAROLYN J 360 299,808.70
1
120 SOUTH FOREST STREET 8.250 2,253.80
66
8.000 2,253.80
460,000.00
DENVER CO 80222 5 10/25/95
00
0380262262 05 12/01/95
0
215642 O 11/01/25
0
1457836 069/728 F 274,000.00
ZZ
BAUTISTA ROBERT I 360 273,820.76
1
12901 MAUI COURT 8.125 2,034.45
90
7.875 2,034.45
305,000.00
CERRITOS CA 90703 2 10/23/95
14
0380264581 05 12/01/95
25
210205587 O 11/01/25
0
1457843 776/728 F 292,000.00
ZZ
HEIFETZ JULIE N 360 291,804.08
1
803 LINDA FLORA DRIVE 8.000 2,142.59
80
7.750 2,142.59
365,000.00
LOS ANGELES CA 90049 1 10/25/95
00
0380267907 05 12/01/95
0
2125657 O 11/01/25
0
1457845 686/686 F 274,000.00
ZZ
HONG PAUL 360 274,000.00
1
8912 BRADFORD WAY 8.125 2,034.45
80
7.875 2,034.45
344,000.00
FREDERICK MD 21701 1 11/06/95
00
30817036510 03 01/01/96
0
30817036510 O 12/01/25
0
1457847 686/686 F 65,000.00
ZZ
COX STEPHEN C 360 64,957.47
1
9967 MOSS POND DRIVE 8.125 482.63
48
7.875 482.63
136,500.00
1
BOCA RATON FL 33496 5 10/30/95
00
30817268824 03 12/01/95
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30817268824 O 11/01/25
0
1457851 976/728 F 352,000.00
ZZ
BEVER THOMAS G 360 352,000.00
1
50 E CALLE CLARA VISTA 8.125 2,613.60
80
7.875 2,613.60
440,000.00
TUCSON AZ 85716 1 11/01/95
00
0380275348 05 01/01/96
0
598261 O 12/01/25
0
1457853 573/728 F 174,925.00
ZZ
BUSK JYTTE 360 174,824.35
1
164 NORTH 1150 EAST 8.750 1,376.14
70
8.500 1,376.14
249,900.00
LINDON UT 84042 1 10/25/95
00
0380267816 05 12/01/95
0
900118 O 11/01/25
0
1457854 317/728 F 465,350.00
ZZ
PIERCE JR RICHARD J 360 465,350.00
1
122 MADISON PLACE 8.250 3,496.02
80
8.000 3,496.02
581,746.00
ALEXANDRIA VA 22314 1 11/03/95
00
0380263278 09 01/01/96
0
174636 O 12/01/25
0
1457856 976/728 F 206,500.00
ZZ
PRESSLER GARY 360 206,368.32
1
6405 HILLCREST ROAD 8.250 1,551.37
78
8.000 1,551.37
265,000.00
FLOWER MOUND TX 75028 2 10/30/95
00
0380273897 05 12/01/95
0
488708 O 11/01/25
0
1457860 317/728 F 241,900.00
ZZ
CAMPBELL PATRICIA L 360 241,757.18
1
19213 GOLDEN MEADOW DRIVE 8.625 1,881.48
90
8.375 1,881.48
268,833.00
GERMANTOWN MD 20876 1 10/31/95
01
0380261827 03 12/01/95
30
179643 O 11/01/25
0
1
1457862 317/728 F 219,000.00
ZZ
JORDAN JR ROBERT F 360 218,863.88
1
371 BONNIE LANE 8.375 1,664.56
80
8.125 1,664.56
275,000.00
LA HABRA CA 90631 2 10/25/95
00
0380261850 05 12/01/95
0
227006 O 11/01/25
0
1457878 439/439 F 290,000.00
ZZ
NELSON DAVID C 360 290,000.00
1
102 MOUNT HOPE BOULEVARD 7.850 2,097.68
78
7.725 2,097.68
375,000.00
HASTINGS ON HUD NY 10706 1 11/07/95
00
1812557 05 01/01/96
0
1812557 O 12/01/25
0
1457890 317/728 F 289,000.00
ZZ
NESMITH H R 360 288,820.37
1
4985 VIA ROSA 8.375 2,196.61
87
8.125 2,196.61
335,000.00
YORBA LINDA CA 92687 2 10/24/95
04
0380264227 05 12/01/95
25
210941 O 11/01/25
0
1457891 317/728 F 240,000.00
ZZ
WOLF GEORG E 360 239,858.30
1
917 WEST ROSCOE #A 8.625 1,866.70
79
8.375 1,866.70
304,000.00
CHICAGO IL 60622 1 10/30/95
00
0380272873 07 12/01/95
0
220216 O 11/01/25
0
1457898 317/728 F 316,000.00
ZZ
OUZOUNIAN RAFFI H 360 315,595.59
1
22465 RIDGEBROOK 8.250 2,374.01
80
8.000 2,374.01
395,000.00
MISSION VIEJO CA 92692 2 09/25/95
00
0380262247 05 11/01/95
0
210360 O 10/01/25
0
1457902 317/728 F 265,000.00
T
FITZSIMMONS HUGH 360 264,831.02
1
1
601 EAST COLUMBIA AVENUE 8.250 1,990.86
53
8.000 1,990.86
500,000.00
TELLURIDE CO 81435 1 10/27/95
00
0380263328 05 12/01/95
0
215664 O 11/01/25
0
1457908 317/728 F 259,200.00
ZZ
JENDRAL DANIEL P 360 258,868.29
1
1215 MEADOWOOD COURT 8.250 1,947.29
90
8.000 1,947.29
288,000.00
STEAMBOAT SPRIN CO 80477 1 09/25/95
04
0380265406 05 11/01/95
25
215462 O 10/01/25
0
1457978 232/232 F 56,250.00
ZZ
GRAY NATALIE P 360 56,215.92
1
247 LAKE DRIVE, UNIT #3102 8.500 432.52
75
8.250 432.52
75,000.00
SILVER CREEK CO 80446 1 11/01/95
00
11007032 01 12/01/95
0
11007032 O 11/01/25
0
1458001 961/728 F 475,000.00
ZZ
NG KOK-PO 360 474,689.29
1
1995 15TH AVENUE 8.125 3,526.86
57
7.875 3,526.86
840,000.00
SAN FRANCISCO CA 94116 2 10/18/95
00
0380267105 05 12/01/95
0
49011026 O 11/01/25
0
1458008 936/728 F 605,500.00
ZZ
CARROLL SERENA S 360 605,500.00
1
636 OAK GROVE DRIVE 7.875 4,390.30
70
7.625 4,390.30
865,000.00
SANTA BARBARA CA 93108 1 11/01/95
00
0380269341 05 01/01/96
0
1923457 O 12/01/25
0
1458016 936/728 F 211,500.00
ZZ
RUSSO GEORGE L 360 211,361.64
1
ONE OXFRORD ROAD 8.125 1,570.39
80
7.875 1,570.39
264,742.00
MOUNT OLIVE TWS NJ 07840 1 10/27/95
00
0380267170 05 12/01/95
0
1
1900604 O 11/01/25
0
1458024 685/728 F 232,000.00
ZZ
HERBERG GARY J 360 232,000.00
1
18811 SALT LAKE PLACE 8.500 1,783.88
80
8.250 1,783.88
290,000.00
NORTHRIDGE AREA CA 91326 1 11/10/95
00
0380268269 05 01/01/96
0
102723 O 12/01/25
0
1458026 561/728 F 260,000.00
ZZ
MACPHERSON D K 360 259,816.49
1
26577 ARCADIA SHORES DRIVE 7.750 1,862.68
58
7.500 1,862.68
450,000.00
EASTON MD 21601 2 10/27/95
00
0380261710 05 12/01/95
0
8661910 O 11/01/25
0
1458032 946/728 F 266,250.00
ZZ
BROZEWSKI DANIEL R 360 266,250.00
1
505 OSPREY DRIVE 7.750 1,907.45
80
7.500 1,907.45
332,863.00
REDWOOD CITY CA 94065 1 11/15/95
00
0380266578 03 01/01/96
0
371405 O 12/01/25
0
1458036 744/728 F 186,400.00
ZZ
TAY NANG Y 360 186,400.00
1
40991 VALERO DRIVE 8.500 1,433.25
80
8.250 1,433.25
233,000.00
FREMONT CA 94539 2 11/02/95
00
0380265679 09 01/01/96
0
75446 O 12/01/25
0
1458071 E22/728 F 270,000.00
ZZ
MICHAEL DAVID 360 270,000.00
1
101 14TH STREET SOUTHEAST 8.000 1,981.16
75
7.750 1,981.16
360,000.00
WASHINGTON DC 20003 5 11/07/95
00
0410006738 05 01/01/96
0
0410006738 O 12/01/25
0
1
1458079 367/367 F 334,086.13
ZZ
SINGH SHAMSHER 311 333,769.98
1
4452 SPRINGDALE STREET NW 8.125 2,578.19
69
7.875 2,578.19
485,000.00
WASHINGTON DC 20016 2 11/13/95
00
7539222 05 12/01/95
0
7539222 O 10/01/21
0
1458100 232/232 F 221,800.00
ZZ
VAGLIO STEVEN P 360 221,508.84
1
1428 COURSE VIEW DRIVE 8.125 1,646.86
80
7.875 1,646.86
278,000.00
ORANGE PARK FL 32073 1 09/28/95
00
2887798 05 11/01/95
0
2887798 O 10/01/25
0
1458112 570/570 F 324,000.00
ZZ
DASZKAL ALEX 360 323,793.39
1
7800 NE 8TH WAY 8.250 2,434.11
80
8.000 2,434.11
405,000.00
BOCA RATON FL 33487 1 10/05/95
00
5834148 05 12/01/95
0
5834148 O 11/01/25
0
1458140 E19/728 F 216,000.00
ZZ
LEE WAYLAND 360 216,000.00
1
361 MOLIMO DRIVE 8.250 1,622.74
75
8.000 1,622.74
290,000.00
SAN FRANCISCO CA 94127 2 11/24/95
00
0380273384 05 01/01/96
0
100000940 O 12/01/25
0
1458156 E19/728 F 282,800.00
ZZ
CHANG CRISPIN M 360 282,800.00
1
18343 SANTA JOANANA CIRCLE 8.500 2,174.49
77
8.250 2,174.49
370,000.00
FOUNTAIN VALLEY CA 92708 2 11/21/95
00
0380273442 05 01/01/96
0
100001774 O 12/01/25
0
1458183 232/232 F 221,250.00
ZZ
BERGER JOSHUA L 360 221,119.37
1
5255 FAIR OAKS STREET 8.625 1,720.86
75
8.375 1,720.86
295,000.00
1
PITTSBURGH PA 15217 1 10/11/95
00
12921077 05 12/01/95
0
12921077 O 11/01/25
0
1458209 624/728 F 223,250.00
ZZ
ESPANOL CARINA 360 223,111.24
1
321 GLENVIEW CIRCLE 8.375 1,696.86
95
8.125 1,696.86
235,000.00
VALLEJO CA 94591 1 10/27/95
11
0380271545 05 12/01/95
30
86164003116 O 11/01/25
0
1458224 A01/728 F 244,000.00
ZZ
PALMER DONALD J 360 244,000.00
1
33475 MONTE VERDE ROAD 7.875 1,769.17
71
7.625 1,769.17
345,000.00
TEMECULA AREA CA 92593 2 11/08/95
00
0380267683 05 01/01/96
0
UNKNOWN O 12/01/25
0
1458228 267/267 F 345,000.00
ZZ
RIZZITANO ROBERT J 360 345,000.00
1
2973 VALMERE DRIVE 7.625 2,441.89
67
7.375 2,441.89
520,000.00
MALIBU CA 90265 1 10/31/95
00
4376372 05 01/01/96
0
4376372 O 12/01/25
0
1458229 822/728 F 118,000.00
ZZ
RUBULOTTA JOSEPH A 360 117,914.59
1
177 11TH STREET 7.625 835.20
66
7.375 835.20
181,000.00
BELFORD NJ 07718 2 10/26/95
00
0380263864 05 12/01/95
0
0366020246 O 11/01/25
0
1458238 171/728 F 350,000.00
ZZ
TEDDY JOHN D 360 349,771.05
1
1526 NW BENFIELD DRIVE 8.125 2,598.74
88
7.875 2,598.74
399,950.00
PORTLAND OR 97229 1 10/24/95
10
0380268129 03 12/01/95
25
37087983 O 11/01/25
0
1
1458240 171/728 F 272,000.00
ZZ
KOCEVAR F L 360 271,812.81
1
2300 SW 15TH AVENUE 7.875 1,972.19
80
7.625 1,972.19
340,000.00
PORTLAND OR 97201 1 10/20/95
00
0380272006 05 12/01/95
0
37090064 O 11/01/25
0
1458244 195/728 F 450,000.00
ZZ
SHER MOS 360 449,705.63
1
515 GLENVIEW ROAD 8.125 3,341.24
75
7.875 3,341.24
600,000.00
LOWER MERION TW PA 19010 1 11/01/95
00
0380264367 05 12/01/95
0
47267 O 11/01/25
0
1458247 814/728 F 331,900.00
ZZ
LARA RICARDO T 360 331,900.00
1
3 LAFAYETTE LANE 8.500 2,552.03
80
8.250 2,552.03
414,900.00
COTO DE CAZA AR CA 92679 1 11/07/95
00
0380272766 03 01/01/96
0
809510205 O 12/01/25
0
1458253 769/728 F 494,400.00
ZZ
YOUNG DORAN 360 494,400.00
1
26 NOTCH HILL DRIVE 8.000 3,627.74
80
7.750 3,627.74
618,000.00
LIVINGSTON NJ 07039 1 11/17/95
00
0380272881 05 01/01/96
0
101401427 O 12/01/25
0
1458254 B23/728 F 360,000.00
ZZ
DAVIS ROBERT D 360 360,000.00
1
6440 & 6442 WEST SAN VICENTE B 8.250 2,704.56
79
8.000 2,704.56
460,000.00
LOS ANGELES CA 90048 5 11/06/95
00
0380259540 05 01/01/96
0
88000 O 12/01/25
0
1458255 776/728 F 344,000.00
ZZ
TISE EDWARD C 360 344,000.00
1
1
1812 FLETCHER AVENUE 8.625 2,675.60
80
8.375 2,675.60
430,000.00
SOUTH PASADENA CA 91030 1 11/06/95
00
0380272535 05 01/01/96
0
2125682 O 12/01/25
0
1458266 B23/728 F 185,000.00
ZZ
HAFER KAREN J 360 185,000.00
1
405 AVENIDA GRANADA 8.625 1,438.91
61
8.375 1,438.91
305,000.00
SAN CLEMENTE CA 92672 5 11/13/95
00
0380259565 01 01/01/96
0
88000815 O 12/01/25
0
1458271 B23/728 F 347,200.00
ZZ
RAFATJOO GHAZANFAR 360 347,200.00
1
1524 ANITA LANE 8.250 2,608.40
78
8.000 2,608.40
447,000.00
NEWPORT BEACH CA 92660 2 11/15/95
00
0380259599 05 01/01/96
0
88000850 O 12/01/25
0
1458276 387/387 F 464,000.00
ZZ
GRAHAM RICHARD A 360 463,696.48
1
720 PADERNO COURT 8.125 3,445.19
80
7.875 3,445.19
580,000.00
SANTA BARBARA CA 93110 2 09/29/95
00
549691 03 12/01/95
0
549691 O 11/01/25
0
1458279 387/387 F 562,000.00
ZZ
CHANG RICHARD E 360 561,641.63
1
9820 NEWBERRY PLACE 8.250 4,222.12
80
8.000 4,222.12
702,500.00
GRANTE BAY CA 95746 1 10/06/95
00
550657 03 12/01/95
0
550657 O 11/01/25
0
1458280 387/387 F 555,000.00
ZZ
HEIMBERG RICHARD G 360 554,663.78
1
830 SAN YSIDRO LANE 8.500 4,267.47
70
8.250 4,267.47
800,000.00
SANTA BARBARA CA 93108 2 10/09/95
00
551184 05 12/01/95
0
1
551184 O 11/01/25
0
1458281 450/728 F 350,000.00
ZZ
KEOLEIAN GARY M 360 349,782.46
1
5425 BYWOOD ROAD 8.375 2,660.25
79
8.125 2,660.25
443,000.00
BLOOMFIELD TWP MI 48302 2 10/20/95
00
0380270901 05 12/01/95
0
3987666 O 11/01/25
0
1458283 387/387 F 319,000.00
ZZ
WONG SIMON L 360 318,811.66
1
42 BERKELEY WAY 8.625 2,481.15
86
8.375 2,481.15
371,500.00
SAN FRANCISCO CA 94131 2 10/13/95
04
552190 05 12/01/95
25
552190 O 11/01/25
0
1458284 387/387 F 279,000.00
ZZ
YANNACITO JOSEPH J 360 278,808.00
1
137 NORTH MCINTYRE CIRCLE 7.875 2,022.94
56
7.625 2,022.94
503,000.00
GOLDEN CO 80401 2 10/12/95
00
543645 03 12/01/95
0
543645 O 11/01/25
0
1458285 387/387 F 349,300.00
ZZ
NAUGHTON JAMES H 360 348,112.40
1
4891 NORTH AVENIDA DE VIZCAYA 8.000 2,563.04
54
7.750 2,563.04
650,000.00
TUCSON AZ 85718 2 06/20/95
00
515817 03 08/01/95
0
515817 O 07/01/25
0
1458288 694/728 F 270,550.00
ZZ
PARDEE LAWRENCE 360 270,550.00
1
9 CRIMSON COURT 8.000 1,985.20
78
7.750 1,985.20
350,372.00
FREEHOLD TOWNSH NJ 07728 1 11/14/95
00
0380270117 05 01/01/96
0
0400102014 O 12/01/25
0
1
1458289 403/403 F 220,000.00
ZZ
STURGIS RUSSELL A 360 219,848.59
1
47 TAYLOR ROAD 7.875 1,595.16
80
7.625 1,595.16
275,000.00
COLCHESTER CT 06415 1 10/27/95
00
6381560 05 12/01/95
0
6381560 O 11/01/25
0
1458293 385/385 F 347,552.88
ZZ
CAINE CHRISTOPHG 325 347,282.92
1
5007 WORTHINGTON DRIVE 8.625 2,768.00
74
8.375 2,768.00
475,000.00
BETHESDA MD 20816 2 09/22/95
00
3463767 05 12/01/95
0
3463767 O 12/01/22
0
1458321 439/439 F 272,000.00
ZZ
KENNEY ROBERT J 360 272,000.00
1
131 DARTMOUTH STREET 8.550 2,101.10
80
8.425 2,101.10
340,000.00
ROCKVILLE CENTR NY 11570 1 11/09/95
00
1812229 05 01/01/96
0
1812229 O 12/01/25
0
1458323 439/439 F 339,700.00
ZZ
LEDER WILLIAM H 360 339,700.00
1
2322 WARREN ROAD 8.250 2,552.06
90
8.125 2,552.06
377,500.00
WALNUT CREEK CA 94595 1 11/03/95
10
1814012 05 01/01/96
25
1814012 O 12/01/25
0
1458324 439/439 F 362,400.00
ZZ
HAWEKOTTE ANGELA 360 362,400.00
1
864 MONTE VERDE DRIVE 7.850 2,621.37
80
7.725 2,621.37
453,000.00
ARCADIA CA 91007 1 11/07/95
00
1822773 05 01/01/96
0
1822773 O 12/01/25
0
1458370 369/728 F 254,100.00
T
HOCKMAN ROGER G 360 254,100.00
1
11043 E MARK LANE 8.125 1,886.69
80
7.875 1,886.69
317,659.00
1
SCOTTSDALE AZ 85262 1 11/03/95
00
0380275546 03 01/01/96
0
48823785 O 12/01/25
0
1458371 369/728 F 325,000.00
ZZ
BENDER EDDIE 360 325,000.00
1
17854 LANESBORO COURT 7.875 2,356.48
67
7.625 2,356.48
490,000.00
LAKEVILLE MN 55044 1 11/10/95
00
0380275538 05 01/01/96
0
48197883 O 12/01/25
0
1458399 992/728 F 205,000.00
ZZ
COLLAZO RUTH P 360 205,000.00
1
274 SOUTH MIDDLETOWN ROAD 8.000 1,504.22
70
7.750 1,504.22
296,000.00
PEARL RIVER NY 10965 2 11/15/95
00
0380268509 05 01/01/96
0
321407 O 12/01/25
0
1458510 559/728 F 279,000.00
ZZ
REIBEL JUDITH 360 279,000.00
1
SAN CARLOS STREET 3 SOUTHWEST 7.750 1,998.79
70
OF 13TH AVENUE 7.500 1,998.79
399,000.00
CARMEL CA 93921 1 11/07/95
00
0380269614 05 01/01/96
0
0409383 O 12/01/25
0
1458514 385/385 F 225,249.15
ZZ
MAYBACK GERALD K 329 225,079.64
1
150 EAST SHORE ROAD 8.625 1,788.49
53
8.375 1,788.49
425,000.00
HUNTINGTON NY 11743 1 09/29/95
00
3487162 05 12/01/95
0
3487162 O 04/01/23
0
1458515 B98/728 F 228,000.00
ZZ
PALMER RICHARD A 360 228,000.00
1
1378 LAS PALMAS DRIVE 8.625 1,773.36
87
8.375 1,773.36
264,000.00
SANTA CLARA CA 95051 2 11/16/95
14
0380272089 05 01/01/96
25
128340 O 12/01/25
0
1
1458522 232/232 F 234,400.00
ZZ
WARNER III JOHN A 360 234,400.00
1
115-C VENETIAN DR. 7.875 1,699.56
80
7.625 1,699.56
293,000.00
DELRAY BEACH FL 33483 1 11/03/95
00
897742 03 01/01/96
0
897742 O 12/01/25
0
1458535 776/728 F 321,750.00
ZZ
PALMER ELIZABETHJ 360 321,555.08
1
150 OCEAN PARK BOULEVARD 8.500 2,473.98
72
#521 8.250 2,473.98
450,000.00
SANTA MONICA CA 90405 2 10/27/95
00
0380271966 01 12/01/95
0
2122981 O 11/01/25
0
1458537 776/728 F 280,000.00
ZZ
SMITH WILLIAM D 360 279,807.31
1
5343 LONG CANYON DRIVE 7.875 2,030.19
80
7.625 2,030.19
350,000.00
FAIR OAKS CA 95628 2 10/26/95
00
0380270471 05 12/01/95
0
2325053 O 11/01/25
0
1458538 562/728 F 370,000.00
ZZ
MIARROSTAMI RAMEEN 360 370,000.00
1
38 TYNDALE STREET 8.250 2,779.69
86
8.000 2,779.69
435,000.00
STATEN ISLAND NY 10312 1 11/20/95
04
0380268491 05 01/01/96
25
500645 O 12/01/25
0
1458539 232/232 F 328,000.00
ZZ
ANDERSON EDWARD E 360 327,601.18
1
1 STONERIDGE DRIVE 8.500 2,522.04
80
8.250 2,522.04
410,000.00
SCARBOROUGH ME 04074 1 09/15/95
00
2175423 05 11/01/95
0
2175423 O 10/01/25
0
1458568 169/169 F 208,000.00
ZZ
FIEDLER CHARLES E 360 207,871.37
1
1
1017 FOREST TRAIL 8.400 1,584.63
77
7.800 1,584.63
273,540.00
SUGAR GROVE IL 60554 2 10/27/95
00
9608168 03 12/01/95
0
9608168 O 11/01/25
0
1458569 169/169 F 500,000.00
ZZ
ODONNELL JOHN M 360 500,000.00
1
2217 NORTH SEMINARY AVENUE 8.050 3,686.27
72
7.800 3,686.27
700,000.00
CHICAGO IL 60614 2 11/03/95
00
5427762 05 01/01/96
0
5427762 O 12/01/25
0
1458570 169/169 F 325,800.00
ZZ
MARGOLIS SIDNEY 360 325,800.00
1
2620 NORTH BURLING STREET 8.100 2,413.36
80
7.800 2,413.36
412,000.00
CHICAGO IL 60614 2 11/07/95
00
5427428 05 01/01/96
0
5427428 O 12/01/25
0
1458572 169/169 F 425,000.00
ZZ
BAILEY WILLIAM A 360 424,690.85
1
1331 CHURCH STREET 7.600 3,000.82
74
7.475 3,000.82
580,000.00
NORTHBROOK IL 60062 1 10/30/95
00
5427304 05 12/01/95
0
5427304 O 11/01/25
0
1458575 169/169 F 248,850.00
ZZ
CONOVER DONALD R 360 248,850.00
1
480 MAYFAIR LANE 8.450 1,904.64
90
7.800 1,904.64
279,000.00
BUFFALO GROVE IL 60089 1 11/07/95
14
8709076 05 01/01/96
25
8709076 O 12/01/25
0
1458582 A01/728 F 254,900.00
ZZ
HAGER JOHN P 360 254,900.00
1
21272 CALLE RECREO 8.125 1,892.63
87
7.875 1,892.63
293,000.00
LAKE FOREST CA 92630 2 11/09/95
01
0380270091 03 01/01/96
25
1
NA O 12/01/25
0
1458608 227/728 F 295,000.00
T
MAHONY CARLETON T 360 294,811.89
1
SEELYE ROAD 8.250 2,216.24
56
8.000 2,216.24
531,500.00
QUEENSBURY NY 12804 1 10/30/95
00
0380275470 05 12/01/95
0
1606491 O 11/01/25
0
1458616 450/728 F 305,000.00
ZZ
SINCLAIR DOUGLAS R 360 304,253.02
1
6015 LYNNE HOLLOW DRIVE 8.500 2,345.19
80
8.250 2,345.19
382,000.00
COMMERCE TOWNSH MI 48382 2 07/10/95
00
0380274846 05 09/01/95
0
4118154 O 08/01/25
0
1458618 624/728 F 227,200.00
ZZ
MCKIM PATRICK C 360 227,055.12
1
1442 LIZZIE STREET 8.250 1,706.88
80
8.000 1,706.88
284,000.00
SAN LUIS OBISPO CA 93401 1 10/26/95
00
0380268228 05 12/01/95
0
72026024093 O 11/01/25
0
1458621 736/728 F 96,700.00
ZZ
SUSEDIK KENNETH J 360 96,700.00
1
27270 188TH AVENUE SE 8.500 743.54
75
8.250 743.54
129,000.00
KENT WA 98042 2 11/04/95
00
0380273947 05 01/01/96
0
447400 O 12/01/25
0
1458633 936/728 F 332,000.00
ZZ
PUSIC VIKTOR R 360 331,798.87
1
16304 SULTUS DRIVE 8.500 2,552.80
80
8.250 2,552.80
415,000.00
CANYON COUNTRY CA 91351 1 10/23/95
00
0380270307 05 12/01/95
0
1802586 O 11/01/25
0
1
1458639 744/728 F 380,000.00
ZZ
NEGARI EDMOND 360 380,000.00
1
205 SOUTH CAMDEN DRIVE 7.750 2,722.37
49
7.500 2,722.37
780,000.00
BEVERLY HILLS CA 90210 1 11/15/95
00
0380272782 05 01/01/96
0
75639 O 12/01/25
0
1458650 450/728 F 383,000.00
ZZ
ROLLAND TONY B 360 382,749.47
1
23350 MODOC COURT 8.125 2,843.76
76
7.875 2,843.76
505,000.00
PERRIS CA 92570 2 10/18/95
00
0380266602 05 12/01/95
0
3959806 O 11/01/25
0
1458656 A13/728 F 298,700.00
ZZ
O'CONNELL MARY B 360 298,499.57
1
21706 CHASE DRIVE 8.000 2,191.76
80
7.750 2,191.76
373,489.00
NOVI MI 48375 1 10/30/95
00
0380272014 05 12/01/95
0
9540421 O 11/01/25
0
1458692 025/025 F 440,000.00
ZZ
MCNIFF GERALD J 360 438,045.04
1
10460 S TROPICAL TRAIL 8.375 3,344.32
80
8.125 3,344.32
550,000.00
MERRITT ISLAND FL 32952 1 04/14/95
00
540874 05 06/01/95
0
540874 O 05/01/25
0
1458737 232/232 F 144,000.00
T
BARNHART WILLIAM J 360 144,000.00
1
940 WATERS AVENUE #1-D 8.625 1,120.02
80
8.375 1,120.02
180,000.00
ASPEN CO 81611 1 11/04/95
00
1007205 01 01/01/96
0
1007205 O 12/01/25
0
1458740 B23/728 F 324,000.00
ZZ
BOLTON JAMES R 360 324,000.00
1
14880 AMOROSE STREET 8.750 2,548.91
75
8.500 2,548.91
432,000.00
1
LAKE ELSINORE CA 92530 5 11/16/95
00
0380261751 05 01/01/96
0
88000761 O 12/01/25
0
1458813 936/728 F 390,000.00
ZZ
CARNAGEY ROGER A 360 390,000.00
1
4233 BALFOUR AVENUE 8.500 2,998.77
75
8.250 2,998.77
520,000.00
OAKLAND CA 94610 5 11/03/95
00
0380271131 05 01/01/96
0
1935139 O 12/01/25
0
1458815 069/728 F 317,800.00
ZZ
APPLE GUY S 360 317,800.00
1
8465 DEL VISTA COURT 8.250 2,387.53
75
8.000 2,387.53
428,000.00
LAS VEGAS NV 89113 4 11/02/95
00
0380271164 05 01/01/96
0
2352062420 O 12/01/25
0
1458836 439/439 F 319,000.00
ZZ
RADULESCU MICHAEL S 360 319,000.00
1
10371 STONEBRIDGE BLVD 8.250 2,396.55
80
8.125 2,396.55
398,750.00
BOCA RATON FL 33498 1 11/15/95
00
1816931 05 01/01/96
0
1816931 O 12/01/25
0
1458837 439/439 F 281,200.00
ZZ
SALDANA CARLOS F 360 281,200.00
1
1102 NORTH HERRON ROAD KPN 8.250 2,112.57
75
8.125 2,112.57
375,000.00
LAKEBAY WA 98349 5 11/10/95
00
1819598 05 01/01/96
0
1819598 O 12/01/25
0
1458838 439/439 F 268,000.00
ZZ
SLOAN WILLIAM W 360 268,000.00
1
770 KRISTEN COURT 8.350 2,032.27
80
8.225 2,032.27
335,000.00
SANTA BARBARA CA 93111 1 11/09/95
00
1810331 05 01/01/96
0
1810331 O 12/01/25
0
1
1458839 439/439 F 236,800.00
ZZ
HIGH THOMAS J 360 236,800.00
1
5620 BEDFORD AVE 8.000 1,737.56
65
7.875 1,737.56
365,000.00
LOS ANGELES CA 90056 5 11/01/95
00
1818967 05 01/01/96
0
1818967 O 12/01/25
0
1458869 970/728 F 120,750.00
ZZ
PRINGLE JAMES D 360 120,750.00
1
16909 JUDY SCHOLL WAY 8.000 886.02
70
7.750 886.02
172,512.00
ROUND ROCK TX 78681 1 11/15/95
00
0380272303 03 01/01/96
0
UNKNOWN O 12/01/25
0
1458918 450/728 F 300,000.00
ZZ
LAWTON BRADLEY L 360 300,000.00
1
5438 FIELDSTONE CT 7.500 2,097.64
64
7.250 2,097.64
475,000.00
GENOA TWP MI 48116 2 11/10/95
00
0380275801 01 01/01/96
0
4107892 O 12/01/25
0
1458929 450/728 F 228,000.00
ZZ
LOWE GREGORY D 360 228,000.00
1
5518 TAMARON COURT 7.750 1,633.42
80
7.500 1,633.42
285,000.00
DALLAS TX 75287 1 11/08/95
00
0380274903 05 01/01/96
0
3876950 O 12/01/25
0
1458947 686/686 F 231,500.00
ZZ
SCHAFFER FRANK M 360 231,500.00
1
20414 NE 161ST STREET 8.125 1,718.89
80
7.875 1,718.89
292,500.00
BRUSH PRAIRIE WA 98606 2 11/09/95
00
30817305949 05 01/01/96
0
30817305949 O 12/01/25
0
1458964 696/728 F 336,800.00
ZZ
RUSSO ANDREW 360 336,800.00
1
1
5612 NEWINGTON ROAD 8.250 2,530.27
80
8.000 2,530.27
425,000.00
BETHESDA MD 20816 1 11/15/95
00
0380269523 05 01/01/96
0
3193654 O 12/01/25
0
1458973 195/728 F 400,000.00
ZZ
JOHNSON MARK D 360 400,000.00
1
153 W BLITHEDALE AVENUE 8.000 2,935.06
73
7.750 2,935.06
550,000.00
MILL VALLEY CA 94941 1 11/13/95
00
0380270174 05 01/01/96
0
47790 O 12/01/25
0
1458991 635/635 F 60,000.00
ZZ
RICCARDI REX P 360 59,730.86
1
124 BOBOLINK COURT 9.000 482.77
25
8.750 482.77
248,000.00
WAYNE NJ 07470 2 03/31/95
00
6135941 09 05/01/95
0
6135941 O 04/01/25
0
1458998 593/728 F 228,500.00
ZZ
HUDSON JR BARRIE 360 228,357.97
1
745 PARKVIEW DRIVE 8.375 1,736.77
95
8.125 1,736.77
240,600.00
SUMMIT PARK UT 84060 1 10/26/95
12
0380271776 05 12/01/95
30
6604458 O 11/01/25
0
1459000 593/728 F 235,000.00
ZZ
SAMPER FRANCES M 360 234,850.15
1
42 ANNE PICKARD LOOP 8.250 1,765.48
79
8.000 1,765.48
299,262.00
TIJERAS NM 87059 1 10/26/95
00
0380271578 05 12/01/95
0
6774798 O 11/01/25
0
1459001 405/405 F 154,000.00
ZZ
BERGE MARK S 360 153,901.79
1
2305 HILLSDALE WAY 8.250 1,156.96
63
8.000 1,156.96
245,000.00
BOULDER CO 80303 2 10/26/95
00
3787561 05 12/01/95
0
1
3787561 O 11/01/25
0
1459005 593/728 F 300,000.00
ZZ
SIDERIS GEORGE 360 300,000.00
1
2725 MEADOW CREEK COURT 8.000 2,201.30
54
7.750 2,201.30
556,000.00
PARK CITY UT 84060 4 11/10/95
00
0380272709 05 01/01/96
0
6620975 O 12/01/25
0
1459010 405/405 F 165,000.00
ZZ
DAVIDSON ALICE W 360 165,000.00
1
1045 PINE STREET 8.500 1,268.71
75
UNIT 1 8.250 1,268.71
220,000.00
BOULDER CO 80302 1 11/10/95
00
3803194 01 01/01/96
0
3803194 O 12/01/25
0
1459016 776/728 F 338,000.00
ZZ
LIEBLEIN MARK S 360 338,000.00
1
2750 OUTPOST DRIVE 8.375 2,569.04
59
8.125 2,569.04
575,000.00
LOS ANGELES CA 90068 2 11/08/95
00
0380273277 05 01/01/96
0
2125671 O 12/01/25
0
1459038 637/728 F 167,500.00
ZZ
GONZALEZ ROBERT 360 167,500.00
1
4142 RICHMOND AVE 8.625 1,302.80
75
8.375 1,302.80
225,000.00
STATEN ISLAND NY 10312 1 11/09/95
00
0380271354 05 01/01/96
0
4609822 O 12/01/25
0
1459040 637/728 F 226,000.00
ZZ
WILSON ROBERT C 360 226,000.00
1
2022 MERLIN COURT 8.000 1,658.31
61
7.750 1,658.31
374,000.00
NAPLES FL 33942 5 11/15/95
00
0380272865 03 01/01/96
0
4697231 O 12/01/25
0
1
1459041 637/728 F 109,000.00
ZZ
CASTRO VICTOR J 360 109,000.00
1
61-48 167TH ST 8.625 847.79
55
8.375 847.79
199,000.00
FRESH MEADOWS NY 11365 1 11/08/95
00
0380272899 05 01/01/96
0
4733978 O 12/01/25
0
1459248 637/728 F 462,000.00
ZZ
AVANESSIAN VAHE 360 462,000.00
1
16332 AKRON STREET 8.000 3,390.00
70
7.750 3,390.00
660,000.00
PACIFIC PALISAD CA 90272 2 11/09/95
00
0380271537 05 01/01/96
0
3466687 O 12/01/25
0
1459252 744/728 F 368,000.00
ZZ
ING PHILLIS 360 368,000.00
2
826-828 SOUTH STANLEY AVENUE 8.750 2,895.06
80
8.500 2,895.06
460,000.00
LOS ANGELES CA 90036 2 11/07/95
00
0380274341 05 01/01/96
0
75362 O 12/01/25
0
1459254 069/728 F 278,500.00
ZZ
PICHEL JOHN E 360 278,335.57
1
124 SAN BENANCIO CANYON ROAD 8.625 2,166.15
79
8.375 2,166.15
355,000.00
SALINAS CA 93908 2 10/26/95
00
0380271503 05 12/01/95
0
2362063139 O 11/01/25
0
1459255 470/728 F 262,000.00
ZZ
LUX MATTHEW D 360 262,000.00
1
3479 MOORE STREET 7.875 1,899.69
75
7.625 1,899.69
350,000.00
LOS ANGELES CA 90066 2 11/09/95
00
0380274069 05 01/01/96
0
25072390 O 12/01/25
0
1459256 470/728 F 208,000.00
ZZ
FROST JUERGEN 360 208,000.00
1
38 MEADOWOOD DRIVE 8.000 1,526.24
41
7.750 1,526.24
510,000.00
1
LARKSPUR CA 94939 2 11/07/95
00
0380271404 05 01/01/96
0
25074295 O 12/01/25
0
1459259 736/728 F 216,000.00
ZZ
SALISBURY HUGH A 360 216,000.00
1
2357 PRINCE WAY 7.875 1,566.15
75
7.625 1,566.15
290,000.00
VISTA CA 92084 2 11/16/95
00
0380273111 05 01/01/96
0
456066 O 12/01/25
0
1459260 731/728 F 129,600.00
ZZ
OLIVERIA AMELIA 360 129,600.00
1
1355 NORTH HACIENDA DRIVE 8.500 996.51
80
8.250 996.51
162,000.00
ONTARIO CA 91764 2 11/01/95
00
0380273392 05 01/01/96
0
411110773 O 12/01/25
0
1459267 559/728 F 287,500.00
ZZ
HARTZ BARBARA 360 287,500.00
1
3914 YANA PLACE 8.375 2,185.21
90
8.125 2,185.21
320,000.00
DAVIS CA 95616 2 11/09/95
10
0380271909 05 01/01/96
20
0410159 O 12/01/25
0
1459274 140/728 F 259,000.00
ZZ
HURST STEPHEN K 360 258,830.58
1
8009 SAVANNAH LANE 8.125 1,923.07
70
7.875 1,923.07
370,000.00
OOLTEWAH TN 37363 2 10/27/95
00
0380265224 05 12/01/95
0
473024 O 11/01/25
0
1459335 169/169 F 250,000.00
ZZ
MERRIMAN JOHN F 360 250,000.00
1
1039 COURTLAND PLACE 7.850 1,808.34
72
7.600 1,808.34
350,000.00
AURORA IL 60504 1 11/16/95
00
5428637 03 01/01/96
0
5428637 O 12/01/25
0
1
1459340 169/169 F 300,000.00
ZZ
MOEN TIMOTHY P 360 300,000.00
1
40 MUIRFIELD CIRCLE 8.200 2,243.27
34
7.950 2,243.27
900,000.00
WHEATON IL 60187 1 11/15/95
00
5426464 05 01/01/96
0
5426464 O 12/01/25
0
1459371 992/728 F 105,000.00
ZZ
BOYLE OWEN 360 105,000.00
1
247 OAK FOREST DRIVE 7.875 761.33
66
7.625 761.33
159,990.00
BRICK NJ 08723 1 11/27/95
00
0380274838 05 01/01/96
0
312360 O 12/01/25
0
1459403 470/728 F 364,500.00
ZZ
KANG LARRY S 360 364,500.00
1
2409 CHINON STREET 8.375 2,770.47
90
8.125 2,770.47
405,000.00
BAKERSFIELD CA 93311 2 11/01/95
12
0380274382 05 01/01/96
25
24138698 O 12/01/25
0
1459406 685/728 F 266,650.00
ZZ
BORLAND RICHARD H 360 266,650.00
1
533 OSPREY DRIVE 8.000 1,956.58
80
7.750 1,956.58
333,354.00
REDWOOD CITY CA 94065 1 11/16/95
00
0380274077 03 01/01/96
0
102754 O 12/01/25
0
1459407 696/728 F 255,200.00
ZZ
BRODY DAVID H 360 255,200.00
1
6301 NEWBURN DRIVE 7.500 1,784.40
80
7.250 1,784.40
319,000.00
BETHESDA MD 20816 1 11/22/95
00
0380275249 05 01/01/96
0
3123769 O 12/01/25
0
1459410 685/728 F 260,000.00
ZZ
CHELSTON THOMAS A 360 260,000.00
1
1
510 17TH STREET 8.375 1,976.19
77
8.125 1,976.19
342,000.00
HUNTINGTON BEAC CA 92648 1 11/20/95
00
0380271974 05 01/01/96
0
200328 O 12/01/25
0
1459413 685/728 F 213,600.00
ZZ
WARD JOHN M 360 213,600.00
1
2166 ELDORADO STREET 8.500 1,642.40
80
8.250 1,642.40
267,000.00
TORRANCE CA 90501 1 11/09/95
00
0380274044 01 01/01/96
0
102711 O 12/01/25
0
1459425 685/728 F 258,450.00
ZZ
RHODES STEPHEN D 360 258,450.00
1
5478 EAST SUNCREST ROAD 8.250 1,941.65
60
8.000 1,941.65
430,800.00
ANAHEIM CA 92807 1 11/14/95
00
0380273954 03 01/01/96
0
102732 O 12/01/25
0
1459429 E37/728 F 273,000.00
ZZ
DEMOSS MAX S 360 272,816.82
1
26593 LAKE STREET 8.000 2,003.18
76
7.750 2,003.18
360,000.00
HEMET CA 92544 2 10/17/95
00
0380265562 05 12/01/95
0
450253364 O 11/01/25
0
1459431 E37/728 F 240,100.00
ZZ
SPETZ PERRY J 360 239,958.25
1
4035 ROBERT AVENUE 8.625 1,867.47
79
8.375 1,867.47
305,000.00
TAHOMA CA 96142 2 10/31/95
00
0380265547 05 12/01/95
0
450263751 O 11/01/25
0
1459432 E37/728 F 219,000.00
ZZ
HOTHEM GREGG L 360 218,874.01
1
1438 NUTMEG COURT 8.750 1,722.87
80
8.500 1,722.87
273,822.00
BARTLETT IL 60103 2 10/24/95
00
0380265539 05 12/01/95
0
1
450259551 O 11/01/25
0
1459436 267/267 F 342,000.00
ZZ
OGDEN RAYMOND N 360 342,000.00
1
39835 CALLE DE SUENOS 7.875 2,479.74
90
7.625 2,479.74
380,000.00
MURRIETA CA 92562 1 11/13/95
10
4369278 03 01/01/96
25
4369278 O 12/01/25
0
1459439 171/728 F 236,250.00
ZZ
CASTILLE TIM P 360 236,250.00
1
4211 NORTHEAST 139TH STREET 7.875 1,712.98
90
7.625 1,712.98
262,500.00
VANCOUVER WA 98686 1 11/09/95
10
0380271461 03 01/01/96
25
37090099 O 12/01/25
0
1459444 A01/728 F 236,250.00
ZZ
GILLETT FRED C 360 236,250.00
1
205 EAST PALMYRA AVENUE 8.000 1,733.52
75
7.750 1,733.52
315,000.00
ORANGE CA 92666 2 11/16/95
00
0380272733 03 01/01/96
0
UNKNOWN O 12/01/25
0
1459464 731/728 F 292,000.00
ZZ
GOULD GEORGE A 360 292,000.00
1
6101 PUERTO DRIVE 8.000 2,142.59
80
7.750 2,142.59
365,000.00
RANCHO MURIETA CA 95683 1 11/06/95
00
0380272600 05 01/01/96
0
110540353 O 12/01/25
0
1459501 731/728 F 73,100.00
ZZ
GREENE WINSTON 360 73,057.94
1
142 ARNOLD PLACE 8.750 575.08
73
8.500 575.08
101,000.00
JONESBORO GA 30236 2 10/27/95
00
0380274309 05 12/01/95
0
3140661085 O 11/01/25
0
1
1459752 526/728 F 259,350.00
ZZ
MAZON FREDERICKP 360 259,000.80
1
4704 RIPPLING POND DRIVE 8.000 1,903.02
95
7.750 1,903.02
273,000.00
FAIRFAX VA 22033 1 09/29/95
12
0380275256 03 11/01/95
30
0069648 O 10/01/25
0
1459757 526/728 F 300,000.00
ZZ
POLLAK JASON 360 299,813.53
1
42 COUNTRY CLUB DRIVE 8.375 2,280.22
67
8.125 2,280.22
450,000.00
JERICHO NY 11753 1 10/23/95
00
0380267410 01 12/01/95
0
00071042 O 11/01/25
0
1459765 B23/728 F 242,200.00
ZZ
MERCER RALPH L 360 242,200.00
1
421 WEST ST. ANDREWS AVENUE 7.875 1,756.12
80
7.625 1,756.12
302,857.00
LA HABRA CA 90631 2 11/21/95
00
0380266164 03 01/01/96
0
88000851 O 12/01/25
0
1459809 561/728 F 270,000.00
T
BLANCK PHILIP S 360 270,000.00
1
28858 BELCHESTER ROAD 8.375 2,052.20
90
8.125 2,052.20
300,000.00
KENNEDYVILLE MD 21645 1 11/16/95
10
0380274879 05 01/01/96
25
8677627 O 12/01/25
0
1459821 B74/728 F 277,500.00
ZZ
DERDIYAR HAMPARSUN 360 277,500.00
1
9175 EAST LEROY STREET 8.625 2,158.37
71
8.375 2,158.37
395,000.00
SAN GABRIEL ARE CA 91775 5 11/14/95
00
0380274119 05 01/01/96
0
955589 O 12/01/25
0
1459826 731/728 F 300,000.00
ZZ
THOMPSON MICHAEL 360 300,000.03
1
2588 DAYTONA AVENUE 8.500 2,306.74
90
8.250 2,306.74
335,000.00
1
HACIENDA HEIGHT CA 91745 1 11/08/95
04
0380274390 05 01/01/96
25
41110827 O 12/01/25
0
1459828 642/728 F 248,000.00
ZZ
BAKHTIARI IBRAHIM G 360 248,000.00
1
5500 MELVIN AVENUE 8.875 1,973.20
80
8.625 1,973.20
310,000.00
LOS ANGELES CA 91356 1 11/17/95
00
0380274283 05 01/01/96
0
11211795 O 12/01/25
0
1459835 171/728 F 240,000.00
ZZ
ATKINSON HAROLD S 360 240,000.00
1
12835 SOUTHEAST RIDGECREST ROA 8.000 1,761.04
75
7.750 1,761.04
320,000.00
PORTLAND OR 97236 5 11/17/95
00
0380274689 05 01/01/96
0
37090110 O 12/01/25
0
1459848 100/728 F 255,000.00
ZZ
ZOBEL RICHARD C 360 255,000.00
1
5508 LUNA DE ORO CT. N.E. 8.000 1,871.10
65
7.750 1,871.10
398,000.00
ALBUQUERQUE NM 87111 1 11/08/95
00
0380272972 05 01/01/96
0
0372029678 O 12/01/25
0
1459857 696/728 F 333,000.00
ZZ
NEUBAUER RUTH L 360 333,000.00
1
106 PRIMROSE STREET 8.250 2,501.72
66
8.000 2,501.72
505,000.00
CHEVY CHASE MD 20815 5 11/16/95
00
0380274143 05 01/01/96
0
6010458 O 12/01/25
0
1459862 405/405 F 264,000.00
ZZ
RANDOLPH GEORGE 360 263,818.31
1
3332 HUNTLEY DRIVE 7.875 1,914.19
75
7.625 1,914.19
353,000.00
LOS ALAMITOS CA 90720 5 10/19/95
00
3794195 05 12/01/95
0
3794195 O 11/01/25
0
1
1459865 405/405 F 880,000.00
ZZ
GERHARD LARRY J 360 879,453.03
1
25136 SE PETE'S MOUNTAIN ROAD 8.375 6,688.64
68
8.125 6,688.64
1,300,000.00
WEST LINN OR 97068 4 10/05/95
00
3749108 05 12/01/95
0
3749108 O 11/01/25
0
1459868 405/405 F 420,000.00
ZZ
RASSEKHI IRADJ 360 419,696.01
1
16550 VIA FLORESTA 7.625 2,972.74
37
PACIFIC PALISADES AREA 7.375 2,972.74
1,145,000.00
LOS ANGELES CA 90272 1 10/16/95
00
3786142 05 12/01/95
0
3786142 O 11/01/25
0
1459869 405/405 F 129,600.00
ZZ
KUHN MURPHY P 360 129,527.34
1
43 LANGLO TERRACE 8.875 1,031.16
42
8.625 1,031.16
315,000.00
SANTA BARBARA CA 93105 2 10/10/95
00
3770344 05 12/01/95
0
3770344 O 11/01/25
0
1459872 405/405 F 144,000.00
ZZ
SWEENEY KYOKO T 360 143,824.90
1
4021 ONTONO DRIVE, UNIT B 8.500 1,107.24
58
8.250 1,107.24
250,000.00
SANTA BARBARA CA 93110 2 09/28/95
00
3757762 01 11/01/95
0
3757762 O 10/01/25
0
1459874 405/405 F 335,000.00
ZZ
ALEXANDER RICHARD H 360 334,797.05
1
2640 KRILL ROAD 8.500 2,575.87
71
8.250 2,575.87
475,000.00
SOLVANG CA 93463 2 10/04/95
00
3771581 05 12/01/95
0
3771581 O 11/01/25
0
1459875 405/405 F 75,000.00
ZZ
GITLEN SCOTT M 360 74,948.38
1
1
9144 BALCOM AVENUE 7.875 543.81
29
NORTHRIDGE AREA 7.625 543.81
260,000.00
LOS ANGELES CA 91325 1 10/09/95
00
3776663 05 12/01/95
0
3776663 O 11/01/25
0
1459879 696/728 F 190,400.00
ZZ
DUNCAN ROBERT A 360 190,400.00
1
15410 MEHERRIN COURT 7.625 1,347.64
80
7.375 1,347.64
238,000.00
CENTREVILLE VA 22020 1 11/21/95
00
0380275272 03 01/01/96
0
4026329 O 12/01/25
0
1459922 324/728 F 331,800.00
ZZ
MADRIZ EDMUNDO A 360 331,800.00
1
1082 SW 156TH TERRACE 8.500 2,551.25
80
8.250 2,551.25
414,800.00
PEMBROKE PINES FL 33027 1 11/10/95
00
0380268806 03 01/01/96
0
0024 O 12/01/25
0
1459925 375/728 F 122,500.00
ZZ
SMITH SHAWN A 360 122,417.81
1
2540 VILLAGE OAKS 8.000 898.86
55
7.750 898.86
225,000.00
CANYON LAKE TX 78133 1 10/27/95
00
0380277302 05 12/01/95
0
402234 O 11/01/25
0
1460007 669/728 F 251,900.00
ZZ
WYMAN KEITH 360 251,900.00
1
45 HANSOM ROAD 8.250 1,892.44
90
BEDMINSTER 8.000 1,892.44
279,900.00
BERNARDS NJ 07921 1 11/20/95
04
0380276296 05 01/01/96
25
GM10021503 O 12/01/25
0
1460034 976/728 F 215,900.00
ZZ
FEDERICI EVERETT J 360 215,900.00
1
298 WICKHAM ROAD 8.375 1,641.00
80
8.125 1,641.00
269,900.00
NORTH KINGSTOWN RI 02852 1 11/16/95
00
0380276163 05 01/01/96
0
1
558757 O 12/01/25
0
1460063 169/169 F 260,000.00
ZZ
CERVANTES ISAAC 360 260,000.00
1
12033 SARKIS DR 7.650 1,844.74
70
7.525 1,844.74
375,000.00
MOKENA IL 60448 1 11/17/95
00
4226658 05 01/01/96
0
4226658 O 12/01/25
0
1460181 976/728 F 270,000.00
ZZ
LAMBERT RALPH L 360 270,000.00
1
2395 HIGH LONESOME TRAIL 8.375 2,052.20
74
8.125 2,052.20
367,000.00
LAFAYETTE CO 80026 2 11/15/95
00
0380275579 03 01/01/96
0
635659 O 12/01/25
0
1460197 526/728 F 268,000.00
ZZ
TEATON MICHAEL J 360 267,815.56
1
36 BRIDGE ROAD 7.875 1,943.19
80
7.625 1,943.19
335,000.00
NANUET NY 10954 1 10/25/95
00
0380271347 05 12/01/95
0
00062269 O 11/01/25
0
1460198 526/728 F 239,950.00
ZZ
ARNDT STEPHEN M 360 239,796.99
1
2638 EAST SILVERWOOD DRIVE 8.250 1,802.67
80
8.000 1,802.67
299,999.00
PHOENIX AZ 85048 1 10/26/95
00
0380271040 03 12/01/95
0
0074108 O 11/01/25
0
1460277 526/728 F 250,000.00
ZZ
DARIEN LARRY 360 249,859.84
1
138 PTARMIGAN DRIVE 8.875 1,989.12
65
8.625 1,989.12
390,000.00
GLENWOOD SPRING CO 81601 2 10/23/95
00
0380271305 05 12/01/95
0
00070962 O 11/01/25
0
1
1460328 069/728 F 525,000.00
ZZ
HOMER MILTON R 360 525,000.00
1
65 PRINCEVILLE LANE 8.000 3,852.27
78
7.750 3,852.27
675,000.00
LAS VEGAS NV 89113 1 11/14/95
00
0380274192 03 01/01/96
0
2352065886 O 12/01/25
0
1460335 936/728 F 384,800.00
ZZ
SWAAB DONNA R 360 384,800.00
1
315 35TH STREET 7.875 2,790.07
80
7.625 2,790.07
481,000.00
MANHATTAN BEACH CA 90266 1 11/10/95
00
0380274168 05 01/01/96
0
1960343 O 12/01/25
0
1460597 201/728 F 273,850.00
ZZ
TURANSKI EDWARD S 360 273,850.00
1
2410 APPLE RIDGE CIRCLE 8.375 2,081.46
90
8.125 2,081.46
304,293.00
WALL TOWNSHIP NJ 08736 1 11/10/95
11
0380276866 03 01/01/96
17
4371 O 12/01/25
0
1460619 387/387 F 213,750.00
ZZ
HUMPHREY DONALD J 360 213,613.70
1
430 GREENWOOD LANE 8.250 1,605.83
75
8.000 1,605.83
285,000.00
LONGMONT CO 80501 2 10/20/95
00
547273 05 12/01/95
0
547273 O 11/01/25
0
1460628 696/728 F 264,000.00
ZZ
MILLER DAVID E 360 264,000.00
1
12924 CLIFTON CREEK DRIVE 7.500 1,845.93
80
7.250 1,845.93
330,000.00
CLIFTON VA 22024 1 11/28/95
00
0380277609 05 01/01/96
0
2336501 O 12/01/25
0
1460835 640/640 F 336,000.00
ZZ
MCCORMACK MICHAEL M 360 335,774.55
1
717 SPLITRAIL DRIVE 8.000 2,465.45
75
7.750 2,465.45
448,000.00
BRENTWOOD TN 37027 5 10/26/95
00
5606025 03 12/01/95
0
5606025 O 11/01/25
0
TOTAL NUMBER OF LOANS : 1,095
TOTAL ORIGINAL BALANCE : 298,557,052.90
TOTAL PRINCIPAL BALANCE : 298,304,120.60
TOTAL ORIGINAL P+I : 2,243,934.20
TOTAL CURRENT P+I : 2,243,934.20
***************************
* END OF REPORT *
***************************
RUN ON : 01/05/96 RFC DISCLOSURE SYSTEM
RFFSDFIX-01
AT : 13.31.53 FIXED PASSTHRU REPORT
AMORTIZED BALANCE
SERIES : RFMSI I 1995-S21
CUTOFF : 12/01/95
POOL : 0004189
:
:
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 STRIP RATE STRIP
- -----------------------------------------------------------------
- --------------
1415338 .2500
280,000.00 .0300
8.1250 .0000
7.8750 .0000
7.5000 .3450
7.5000 .0000
1421237 .2500
229,000.00 .0300
8.3750 .0000
8.1250 .0000
7.5000 .5950
7.5000 .0000
1421342 .2500
87,795.25 .0800
8.7500 .0000
8.5000 .0000
7.5000 .9200
7.5000 .0000
1424095 .2500
269,286.28 .0800
8.1250 .0000
7.8750 .0000
7.5000 .2950
7.5000 .0000
1433579 .2500
291,907.28 .0300
8.0000 .0000
7.7500 .0000
7.5000 .2200
7.5000 .0000
1434400 .2500
408,943.40 .0300
8.2500 .0000
8.0000 .0000
7.5000 .4700
7.5000 .0000
1
1436160 .2500
273,433.86 .0300
8.7500 .0000
8.5000 .0000
7.5000 .9700
7.5000 .0000
1436667 .2500
279,500.50 .0300
8.6250 .0000
8.3750 .0000
7.5000 .8450
7.5000 .0000
1437144 .2500
201,766.73 .0300
8.7500 .0000
8.5000 .0000
7.5000 .9700
7.5000 .0000
1437771 .2500
534,658.85 .0300
8.2500 .0000
8.0000 .0000
7.5000 .4700
7.5000 .0000
1437833 .2500
259,667.28 .0300
8.2500 .0000
8.0000 .0000
7.5000 .4700
7.5000 .0000
1438101 .2500
993,850.90 .0800
8.7500 .0000
8.5000 .0000
7.5000 .9200
7.5000 .0000
1438544 .2500
222,674.63 .0300
8.2500 .0000
8.0000 .0000
7.5000 .4700
7.5000 .0000
1438607 .2500
279,432.61 .0300
8.0000 .0000
7.7500 .0000
7.5000 .2200
7.5000 .0000
1
1438775 .2500
649,616.24 .0300
8.6250 .0000
8.3750 .0000
7.5000 .8450
7.5000 .0000
1439171 .2500
77,804.03 .0800
8.3750 .0000
8.1250 .0000
7.5000 .5450
7.5000 .0000
1439260 .2500
219,732.50 .0300
8.5000 .0000
8.2500 .0000
7.5000 .7200
7.5000 .0000
1439298 .2500
169,389.13 .0300
8.1250 .0000
7.8750 .0000
7.5000 .3450
7.5000 .0000
1439430 .2500
349,798.63 .0300
8.7500 .0000
8.5000 .0000
7.5000 .9700
7.5000 .0000
1439586 .2500
219,425.93 .0300
8.3750 .0000
8.1250 .0000
7.5000 .5950
7.5000 .0000
1439723 .2500
462,085.25 .0300
8.1250 .0000
7.8750 .0000
7.5000 .3450
7.5000 .0000
1440781 .2500
119,628.12 .0800
8.8750 .0000
8.6250 .0000
7.5000 1.0450
7.5000 .0000
1
1441187 .2500
62,723.63 .0300
8.5000 .0000
8.2500 .0000
7.5000 .7200
7.5000 .0000
1441288 .2500
554,688.86 .0300
8.8750 .0000
8.6250 .0000
7.5000 1.0950
7.5000 .0000
1441411 .2500
649,574.80 .0300
8.1250 .0000
7.8750 .0000
7.5000 .3450
7.5000 .0000
1441963 .2500
116,500.00 .0300
8.6250 .0000
8.3750 .0000
7.5000 .8450
7.5000 .0000
1441971 .2500
93,688.68 .0300
8.1250 .0000
7.8750 .0000
7.5000 .3450
7.5000 .0000
1441987 .2500
164,520.75 .0800
8.8750 .0000
8.6250 .0000
7.5000 1.0450
7.5000 .0000
1441994 .5000
92,239.32 .0800
8.7500 .0000
8.2500 .0000
7.5000 .6700
7.5000 .0000
1442395 .2500
79,106.14 .0300
8.6250 .0000
8.3750 .0000
7.5000 .8450
7.5000 .0000
1
1442496 .2500
270,200.00 .0300
7.8750 .0000
7.6250 .0000
7.5000 .0950
7.5000 .0000
1442557 .2500
345,393.38 .0300
8.7500 .0000
8.5000 .0000
7.5000 .9700
7.5000 .0000
1442595 .2500
142,413.67 .0300
8.5000 .0000
8.2500 .0000
7.5000 .7200
7.5000 .0000
1442771 .2500
213,460.28 .0300
8.1250 .0000
7.8750 .0000
7.5000 .3450
7.5000 .0000
1442777 .2500
138,531.36 .0300
8.5000 .0000
8.2500 .0000
7.5000 .7200
7.5000 .0000
1442780 .2500
79,902.73 .0300
8.5000 .0000
8.2500 .0000
7.5000 .7200
7.5000 .0000
1442947 .2500
349,759.13 .0300
7.8750 .0000
7.6250 .0000
7.5000 .0950
7.5000 .0000
1442996 .2500
299,813.53 .0300
8.3750 .0000
8.1250 .0000
7.5000 .5950
7.5000 .0000
1
1442998 .2500
114,926.67 .0300
8.2500 .0000
8.0000 .0000
7.5000 .4700
7.5000 .0000
1443326 .2500
228,454.23 .0300
8.2500 .0000
8.0000 .0000
7.5000 .4700
7.5000 .0000
1443436 .2500
45,344.79 .0300
8.5000 .0000
8.2500 .0000
7.5000 .7200
7.5000 .0000
1443458 .2500
88,445.00 .0300
8.3750 .0000
8.1250 .0000
7.5000 .5950
7.5000 .0000
1443500 .2500
719,552.48 .0300
8.3750 .0000
8.1250 .0000
7.5000 .5950
7.5000 .0000
1443577 .2500
259,683.86 .0300
8.5000 .0000
8.2500 .0000
7.5000 .7200
7.5000 .0000
1443686 .2500
299,450.88 .0800
8.5000 .0000
8.2500 .0000
7.5000 .6700
7.5000 .0000
1443727 .2500
609,620.85 .0300
8.3750 .0000
8.1250 .0000
7.5000 .5950
7.5000 .0000
1
1443799 .2500
242,845.05 .0300
8.2500 .0000
8.0000 .0000
7.5000 .4700
7.5000 .0000
1443810 .2500
332,808.42 .0300
8.7500 .0000
8.5000 .0000
7.5000 .9700
7.5000 .0000
1443899 .2500
314,479.94 .0300
9.0000 .0000
8.7500 .0000
7.5000 1.2200
7.5000 .0000
1443913 .2500
562,832.23 .0300
8.6250 .0000
8.3750 .0000
7.5000 .8450
7.5000 .0000
1443977 .2500
359,792.88 .0300
8.7500 .0000
8.5000 .0000
7.5000 .9700
7.5000 .0000
1443982 .2500
407,733.11 .0300
8.1250 .0000
7.8750 .0000
7.5000 .3450
7.5000 .0000
1444060 .2500
277,144.89 .0300
8.2500 .0000
8.0000 .0000
7.5000 .4700
7.5000 .0000
1444144 .1250
263,379.35 .0800
8.5000 .0000
8.3750 .0000
7.5000 .7950
7.5000 .0000
1
1444160 .2500
236,402.97 .0300
8.3750 .0000
8.1250 .0000
7.5000 .5950
7.5000 .0000
1444180 .2500
459,683.43 .0300
7.8750 .0000
7.6250 .0000
7.5000 .0950
7.5000 .0000
1444251 .2500
74,954.56 .0300
8.5000 .0000
8.2500 .0000
7.5000 .7200
7.5000 .0000
1444291 .2500
404,754.65 .0300
8.5000 .0000
8.2500 .0000
7.5000 .7200
7.5000 .0000
1444435 .2500
394,979.30 .0300
8.6250 .0000
8.3750 .0000
7.5000 .8450
7.5000 .0000
1444559 .2500
269,321.64 .0300
8.3750 .0000
8.1250 .0000
7.5000 .5950
7.5000 .0000
1444664 .2500
356,494.44 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1444731 .2500
378,323.77 .0300
8.8750 .0000
8.6250 .0000
7.5000 1.0950
7.5000 .0000
1
1444784 .2500
264,832.94 .0300
8.3750 .0000
8.1250 .0000
7.5000 .5950
7.5000 .0000
1444963 .2500
235,845.63 .0800
8.1250 .0000
7.8750 .0000
7.5000 .2950
7.5000 .0000
1445082 .2500
223,005.20 .0300
9.0000 .0000
8.7500 .0000
7.5000 1.2200
7.5000 .0000
1445134 .2500
79,905.18 .0800
8.6250 .0000
8.3750 .0000
7.5000 .7950
7.5000 .0000
1445250 .2500
560,633.03 .0300
8.1250 .0000
7.8750 .0000
7.5000 .3450
7.5000 .0000
1445252 .2500
479,186.34 .0300
8.1250 .0000
7.8750 .0000
7.5000 .3450
7.5000 .0000
1445262 .2500
275,824.00 .0300
8.2500 .0000
8.0000 .0000
7.5000 .4700
7.5000 .0000
1445263 .2500
229,841.72 .0300
7.8750 .0000
7.6250 .0000
7.5000 .0950
7.5000 .0000
1
1445288 .2500
299,822.88 .0300
8.6250 .0000
8.3750 .0000
7.5000 .8450
7.5000 .0000
1445293 .2500
307,803.59 .0300
8.2500 .0000
8.0000 .0000
7.5000 .4700
7.5000 .0000
1445297 .2500
214,066.87 .0300
8.3750 .0000
8.1250 .0000
7.5000 .5950
7.5000 .0000
1445357 .2500
164,663.19 .0800
8.7500 .0000
8.5000 .0000
7.5000 .9200
7.5000 .0000
1445561 .2500
199,875.69 .0300
8.3750 .0000
8.1250 .0000
7.5000 .5950
7.5000 .0000
1445598 .2500
206,624.75 .0300
8.5000 .0000
8.2500 .0000
7.5000 .7200
7.5000 .0000
1445750 .2500
229,727.44 .0300
8.6250 .0000
8.3750 .0000
7.5000 .8450
7.5000 .0000
1445776 .2500
233,589.13 .0300
7.8750 .0000
7.6250 .0000
7.5000 .0950
7.5000 .0000
1
1445777 .2500
259,021.62 .0300
7.8750 .0000
7.6250 .0000
7.5000 .0950
7.5000 .0000
1445792 .2500
294,811.89 .0300
8.2500 .0000
8.0000 .0000
7.5000 .4700
7.5000 .0000
1445797 .2500
499,152.86 .0300
8.8750 .0000
8.6250 .0000
7.5000 1.0950
7.5000 .0000
1445841 .2500
71,912.45 .0300
8.5000 .0000
8.2500 .0000
7.5000 .7200
7.5000 .0000
1445854 .2500
259,524.11 .0800
8.5000 .0000
8.2500 .0000
7.5000 .6700
7.5000 .0000
1445867 .2500
73,465.29 .0300
8.5000 .0000
8.2500 .0000
7.5000 .7200
7.5000 .0000
1445873 .2500
265,177.17 .0300
8.5000 .0000
8.2500 .0000
7.5000 .7200
7.5000 .0000
1445968 .2500
410,800.00 .0300
8.5000 .0000
8.2500 .0000
7.5000 .7200
7.5000 .0000
1
1446015 .2500
163,875.00 .0300
8.0000 .0000
7.7500 .0000
7.5000 .2200
7.5000 .0000
1446220 .2500
1,066,665.35 .0800
8.6250 .0000
8.3750 .0000
7.5000 .7950
7.5000 .0000
1446243 .2500
454,722.92 .0300
8.5000 .0000
8.2500 .0000
7.5000 .7200
7.5000 .0000
1446315 .2500
260,833.57 .0300
8.2500 .0000
8.0000 .0000
7.5000 .4700
7.5000 .0000
1446327 .2500
239,843.01 .0300
8.1250 .0000
7.8750 .0000
7.5000 .3450
7.5000 .0000
1446348 .2500
249,940.52 .0300
8.2500 .0000
8.0000 .0000
7.5000 .4700
7.5000 .0000
1446349 .2500
296,805.72 .0300
8.1250 .0000
7.8750 .0000
7.5000 .3450
7.5000 .0000
1446370 .2500
749,545.64 .0300
8.5000 .0000
8.2500 .0000
7.5000 .7200
7.5000 .0000
1
1446449 .2500
233,715.48 .0300
8.5000 .0000
8.2500 .0000
7.5000 .7200
7.5000 .0000
1446456 .2500
241,200.00 .0300
8.1250 .0000
7.8750 .0000
7.5000 .3450
7.5000 .0000
1446565 .2500
458,507.44 .0300
8.2500 .0000
8.0000 .0000
7.5000 .4700
7.5000 .0000
1446647 .2500
399,513.63 .0300
8.5000 .0000
8.2500 .0000
7.5000 .7200
7.5000 .0000
1446702 .2500
150,910.84 .0300
8.6250 .0000
8.3750 .0000
7.5000 .8450
7.5000 .0000
1446722 .2500
267,665.69 .0300
8.3750 .0000
8.1250 .0000
7.5000 .5950
7.5000 .0000
1446742 .2500
288,261.32 .0300
8.1250 .0000
7.8750 .0000
7.5000 .3450
7.5000 .0000
1446760 .2500
239,846.96 .0300
8.2500 .0000
8.0000 .0000
7.5000 .4700
7.5000 .0000
1
1446822 .2500
220,855.43 .0300
8.1250 .0000
7.8750 .0000
7.5000 .3450
7.5000 .0000
1446837 .2500
287,806.75 .0300
8.0000 .0000
7.7500 .0000
7.5000 .2200
7.5000 .0000
1446838 .2500
225,000.00 .0300
8.3750 .0000
8.1250 .0000
7.5000 .5950
7.5000 .0000
1446843 .2500
338,095.05 .0300
8.5000 .0000
8.2500 .0000
7.5000 .7200
7.5000 .0000
1446977 .2500
287,649.80 .0300
8.5000 .0000
8.2500 .0000
7.5000 .7200
7.5000 .0000
1447030 .2500
224,719.31 .0800
8.3750 .0000
8.1250 .0000
7.5000 .5450
7.5000 .0000
1447032 .2500
76,000.00 .0300
7.8750 .0000
7.6250 .0000
7.5000 .0950
7.5000 .0000
1447035 .2500
367,753.07 .0300
8.0000 .0000
7.7500 .0000
7.5000 .2200
7.5000 .0000
1
1447038 .2500
291,823.10 .0300
8.5000 .0000
8.2500 .0000
7.5000 .7200
7.5000 .0000
1447043 .2500
306,823.36 .0300
8.7500 .0000
8.5000 .0000
7.5000 .9700
7.5000 .0000
1447054 .2500
273,611.22 .0300
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7.5000 .0000
1458247 .2500
331,900.00 .0300
8.5000 .0000
8.2500 .0000
7.5000 .7200
7.5000 .0000
1458253 .2500
494,400.00 .0300
8.0000 .0000
7.7500 .0000
7.5000 .2200
7.5000 .0000
1458254 .2500
360,000.00 .0300
8.2500 .0000
8.0000 .0000
7.5000 .4700
7.5000 .0000
1458255 .2500
344,000.00 .0300
8.6250 .0000
8.3750 .0000
7.5000 .8450
7.5000 .0000
1458266 .2500
185,000.00 .0300
8.6250 .0000
8.3750 .0000
7.5000 .8450
7.5000 .0000
1458271 .2500
347,200.00 .0300
8.2500 .0000
8.0000 .0000
7.5000 .4700
7.5000 .0000
1458276 .2500
463,696.48 .0800
8.1250 .0000
7.8750 .0000
7.5000 .2950
7.5000 .0000
1
1458279 .2500
561,641.63 .0800
8.2500 .0000
8.0000 .0000
7.5000 .4200
7.5000 .0000
1458280 .2500
554,663.78 .0800
8.5000 .0000
8.2500 .0000
7.5000 .6700
7.5000 .0000
1458281 .2500
349,782.46 .0300
8.3750 .0000
8.1250 .0000
7.5000 .5950
7.5000 .0000
1458283 .2500
318,811.66 .0800
8.6250 .0000
8.3750 .0000
7.5000 .7950
7.5000 .0000
1458284 .2500
278,808.00 .0800
7.8750 .0000
7.6250 .0000
7.5000 .0450
7.5000 .0000
1458285 .2500
348,112.40 .0800
8.0000 .0000
7.7500 .0000
7.5000 .1700
7.5000 .0000
1458288 .2500
270,550.00 .0300
8.0000 .0000
7.7500 .0000
7.5000 .2200
7.5000 .0000
1458289 .2500
219,848.59 .0800
7.8750 .0000
7.6250 .0000
7.5000 .0450
7.5000 .0000
1
1458293 .2500
347,282.92 .0800
8.6250 .0000
8.3750 .0000
7.5000 .7950
7.5000 .0000
1458321 .1250
272,000.00 .0800
8.5500 .0000
8.4250 .0000
7.5000 .8450
7.5000 .0000
1458323 .1250
339,700.00 .0800
8.2500 .0000
8.1250 .0000
7.5000 .5450
7.5000 .0000
1458324 .1250
362,400.00 .0800
7.8500 .0000
7.7250 .0000
7.5000 .1450
7.5000 .0000
1458370 .2500
254,100.00 .0300
8.1250 .0000
7.8750 .0000
7.5000 .3450
7.5000 .0000
1458371 .2500
325,000.00 .0300
7.8750 .0000
7.6250 .0000
7.5000 .0950
7.5000 .0000
1458399 .2500
205,000.00 .0300
8.0000 .0000
7.7500 .0000
7.5000 .2200
7.5000 .0000
1458510 .2500
279,000.00 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1
1458514 .2500
225,079.64 .0800
8.6250 .0000
8.3750 .0000
7.5000 .7950
7.5000 .0000
1458515 .2500
228,000.00 .0300
8.6250 .0000
8.3750 .0000
7.5000 .8450
7.5000 .0000
1458522 .2500
234,400.00 .0800
7.8750 .0000
7.6250 .0000
7.5000 .0450
7.5000 .0000
1458535 .2500
321,555.08 .0300
8.5000 .0000
8.2500 .0000
7.5000 .7200
7.5000 .0000
1458537 .2500
279,807.31 .0300
7.8750 .0000
7.6250 .0000
7.5000 .0950
7.5000 .0000
1458538 .2500
370,000.00 .0300
8.2500 .0000
8.0000 .0000
7.5000 .4700
7.5000 .0000
1458539 .2500
327,601.18 .0800
8.5000 .0000
8.2500 .0000
7.5000 .6700
7.5000 .0000
1458568 .6000
207,871.37 .0800
8.4000 .0000
7.8000 .0000
7.5000 .2200
7.5000 .0000
1
1458569 .2500
500,000.00 .0800
8.0500 .0000
7.8000 .0000
7.5000 .2200
7.5000 .0000
1458570 .3000
325,800.00 .0800
8.1000 .0000
7.8000 .0000
7.5000 .2200
7.5000 .0000
1458572 .1250
424,690.85 .0800
7.6000 .0000
7.4750 .0000
7.3950 .0000
7.3950 .0000
1458575 .6500
248,850.00 .0800
8.4500 .0000
7.8000 .0000
7.5000 .2200
7.5000 .0000
1458582 .2500
254,900.00 .0300
8.1250 .0000
7.8750 .0000
7.5000 .3450
7.5000 .0000
1458608 .2500
294,811.89 .0300
8.2500 .0000
8.0000 .0000
7.5000 .4700
7.5000 .0000
1458616 .2500
304,253.02 .0300
8.5000 .0000
8.2500 .0000
7.5000 .7200
7.5000 .0000
1458618 .2500
227,055.12 .0300
8.2500 .0000
8.0000 .0000
7.5000 .4700
7.5000 .0000
1
1458621 .2500
96,700.00 .0300
8.5000 .0000
8.2500 .0000
7.5000 .7200
7.5000 .0000
1458633 .2500
331,798.87 .0300
8.5000 .0000
8.2500 .0000
7.5000 .7200
7.5000 .0000
1458639 .2500
380,000.00 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1458650 .2500
382,749.47 .0300
8.1250 .0000
7.8750 .0000
7.5000 .3450
7.5000 .0000
1458656 .2500
298,499.57 .0300
8.0000 .0000
7.7500 .0000
7.5000 .2200
7.5000 .0000
1458692 .2500
438,045.04 .0800
8.3750 .0000
8.1250 .0000
7.5000 .5450
7.5000 .0000
1458737 .2500
144,000.00 .0800
8.6250 .0000
8.3750 .0000
7.5000 .7950
7.5000 .0000
1458740 .2500
324,000.00 .0300
8.7500 .0000
8.5000 .0000
7.5000 .9700
7.5000 .0000
1
1458813 .2500
390,000.00 .0300
8.5000 .0000
8.2500 .0000
7.5000 .7200
7.5000 .0000
1458815 .2500
317,800.00 .0300
8.2500 .0000
8.0000 .0000
7.5000 .4700
7.5000 .0000
1458836 .1250
319,000.00 .0800
8.2500 .0000
8.1250 .0000
7.5000 .5450
7.5000 .0000
1458837 .1250
281,200.00 .0800
8.2500 .0000
8.1250 .0000
7.5000 .5450
7.5000 .0000
1458838 .1250
268,000.00 .0800
8.3500 .0000
8.2250 .0000
7.5000 .6450
7.5000 .0000
1458839 .1250
236,800.00 .0800
8.0000 .0000
7.8750 .0000
7.5000 .2950
7.5000 .0000
1458869 .2500
120,750.00 .0300
8.0000 .0000
7.7500 .0000
7.5000 .2200
7.5000 .0000
1458918 .2500
300,000.00 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
1
1458929 .2500
228,000.00 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1458947 .2500
231,500.00 .0800
8.1250 .0000
7.8750 .0000
7.5000 .2950
7.5000 .0000
1458964 .2500
336,800.00 .0300
8.2500 .0000
8.0000 .0000
7.5000 .4700
7.5000 .0000
1458973 .2500
400,000.00 .0300
8.0000 .0000
7.7500 .0000
7.5000 .2200
7.5000 .0000
1458991 .2500
59,730.86 .0800
9.0000 .0000
8.7500 .0000
7.5000 1.1700
7.5000 .0000
1458998 .2500
228,357.97 .0300
8.3750 .0000
8.1250 .0000
7.5000 .5950
7.5000 .0000
1459000 .2500
234,850.15 .0300
8.2500 .0000
8.0000 .0000
7.5000 .4700
7.5000 .0000
1459001 .2500
153,901.79 .0800
8.2500 .0000
8.0000 .0000
7.5000 .4200
7.5000 .0000
1
1459005 .2500
300,000.00 .0300
8.0000 .0000
7.7500 .0000
7.5000 .2200
7.5000 .0000
1459010 .2500
165,000.00 .0800
8.5000 .0000
8.2500 .0000
7.5000 .6700
7.5000 .0000
1459016 .2500
338,000.00 .0300
8.3750 .0000
8.1250 .0000
7.5000 .5950
7.5000 .0000
1459038 .2500
167,500.00 .0300
8.6250 .0000
8.3750 .0000
7.5000 .8450
7.5000 .0000
1459040 .2500
226,000.00 .0300
8.0000 .0000
7.7500 .0000
7.5000 .2200
7.5000 .0000
1459041 .2500
109,000.00 .0300
8.6250 .0000
8.3750 .0000
7.5000 .8450
7.5000 .0000
1459248 .2500
462,000.00 .0300
8.0000 .0000
7.7500 .0000
7.5000 .2200
7.5000 .0000
1459252 .2500
368,000.00 .0300
8.7500 .0000
8.5000 .0000
7.5000 .9700
7.5000 .0000
1
1459254 .2500
278,335.57 .0300
8.6250 .0000
8.3750 .0000
7.5000 .8450
7.5000 .0000
1459255 .2500
262,000.00 .0300
7.8750 .0000
7.6250 .0000
7.5000 .0950
7.5000 .0000
1459256 .2500
208,000.00 .0300
8.0000 .0000
7.7500 .0000
7.5000 .2200
7.5000 .0000
1459259 .2500
216,000.00 .0300
7.8750 .0000
7.6250 .0000
7.5000 .0950
7.5000 .0000
1459260 .2500
129,600.00 .0300
8.5000 .0000
8.2500 .0000
7.5000 .7200
7.5000 .0000
1459267 .2500
287,500.00 .0300
8.3750 .0000
8.1250 .0000
7.5000 .5950
7.5000 .0000
1459274 .2500
258,830.58 .0300
8.1250 .0000
7.8750 .0000
7.5000 .3450
7.5000 .0000
1459335 .2500
250,000.00 .0800
7.8500 .0000
7.6000 .0000
7.5000 .0200
7.5000 .0000
1
1459340 .2500
300,000.00 .0800
8.2000 .0000
7.9500 .0000
7.5000 .3700
7.5000 .0000
1459371 .2500
105,000.00 .0300
7.8750 .0000
7.6250 .0000
7.5000 .0950
7.5000 .0000
1459403 .2500
364,500.00 .0300
8.3750 .0000
8.1250 .0000
7.5000 .5950
7.5000 .0000
1459406 .2500
266,650.00 .0300
8.0000 .0000
7.7500 .0000
7.5000 .2200
7.5000 .0000
1459407 .2500
255,200.00 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
1459410 .2500
260,000.00 .0300
8.3750 .0000
8.1250 .0000
7.5000 .5950
7.5000 .0000
1459413 .2500
213,600.00 .0300
8.5000 .0000
8.2500 .0000
7.5000 .7200
7.5000 .0000
1459425 .2500
258,450.00 .0300
8.2500 .0000
8.0000 .0000
7.5000 .4700
7.5000 .0000
1
1459429 .2500
272,816.82 .0300
8.0000 .0000
7.7500 .0000
7.5000 .2200
7.5000 .0000
1459431 .2500
239,958.25 .0300
8.6250 .0000
8.3750 .0000
7.5000 .8450
7.5000 .0000
1459432 .2500
218,874.01 .0300
8.7500 .0000
8.5000 .0000
7.5000 .9700
7.5000 .0000
1459436 .2500
342,000.00 .0800
7.8750 .0000
7.6250 .0000
7.5000 .0450
7.5000 .0000
1459439 .2500
236,250.00 .0300
7.8750 .0000
7.6250 .0000
7.5000 .0950
7.5000 .0000
1459444 .2500
236,250.00 .0300
8.0000 .0000
7.7500 .0000
7.5000 .2200
7.5000 .0000
1459464 .2500
292,000.00 .0300
8.0000 .0000
7.7500 .0000
7.5000 .2200
7.5000 .0000
1459501 .2500
73,057.94 .0300
8.7500 .0000
8.5000 .0000
7.5000 .9700
7.5000 .0000
1
1459752 .2500
259,000.80 .0300
8.0000 .0000
7.7500 .0000
7.5000 .2200
7.5000 .0000
1459757 .2500
299,813.53 .0300
8.3750 .0000
8.1250 .0000
7.5000 .5950
7.5000 .0000
1459765 .2500
242,200.00 .0300
7.8750 .0000
7.6250 .0000
7.5000 .0950
7.5000 .0000
1459809 .2500
270,000.00 .0300
8.3750 .0000
8.1250 .0000
7.5000 .5950
7.5000 .0000
1459821 .2500
277,500.00 .0300
8.6250 .0000
8.3750 .0000
7.5000 .8450
7.5000 .0000
1459826 .2500
300,000.03 .0300
8.5000 .0000
8.2500 .0000
7.5000 .7200
7.5000 .0000
1459828 .2500
248,000.00 .0300
8.8750 .0000
8.6250 .0000
7.5000 1.0950
7.5000 .0000
1459835 .2500
240,000.00 .0300
8.0000 .0000
7.7500 .0000
7.5000 .2200
7.5000 .0000
1
1459848 .2500
255,000.00 .0300
8.0000 .0000
7.7500 .0000
7.5000 .2200
7.5000 .0000
1459857 .2500
333,000.00 .0300
8.2500 .0000
8.0000 .0000
7.5000 .4700
7.5000 .0000
1459862 .2500
263,818.31 .0800
7.8750 .0000
7.6250 .0000
7.5000 .0450
7.5000 .0000
1459865 .2500
879,453.03 .0800
8.3750 .0000
8.1250 .0000
7.5000 .5450
7.5000 .0000
1459868 .2500
419,696.01 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.2950 .0000
1459869 .2500
129,527.34 .0800
8.8750 .0000
8.6250 .0000
7.5000 1.0450
7.5000 .0000
1459872 .2500
143,824.90 .0800
8.5000 .0000
8.2500 .0000
7.5000 .6700
7.5000 .0000
1459874 .2500
334,797.05 .0800
8.5000 .0000
8.2500 .0000
7.5000 .6700
7.5000 .0000
1
1459875 .2500
74,948.38 .0800
7.8750 .0000
7.6250 .0000
7.5000 .0450
7.5000 .0000
1459879 .2500
190,400.00 .0300
7.6250 .0000
7.3750 .0000
7.3450 .0000
7.3450 .0000
1459922 .2500
331,800.00 .0300
8.5000 .0000
8.2500 .0000
7.5000 .7200
7.5000 .0000
1459925 .2500
122,417.81 .0300
8.0000 .0000
7.7500 .0000
7.5000 .2200
7.5000 .0000
1460007 .2500
251,900.00 .0300
8.2500 .0000
8.0000 .0000
7.5000 .4700
7.5000 .0000
1460034 .2500
215,900.00 .0300
8.3750 .0000
8.1250 .0000
7.5000 .5950
7.5000 .0000
1460063 .1250
260,000.00 .0800
7.6500 .0000
7.5250 .0000
7.4450 .0000
7.4450 .0000
1460181 .2500
270,000.00 .0300
8.3750 .0000
8.1250 .0000
7.5000 .5950
7.5000 .0000
1
1460197 .2500
267,815.56 .0300
7.8750 .0000
7.6250 .0000
7.5000 .0950
7.5000 .0000
1460198 .2500
239,796.99 .0300
8.2500 .0000
8.0000 .0000
7.5000 .4700
7.5000 .0000
1460277 .2500
249,859.84 .0300
8.8750 .0000
8.6250 .0000
7.5000 1.0950
7.5000 .0000
1460328 .2500
525,000.00 .0300
8.0000 .0000
7.7500 .0000
7.5000 .2200
7.5000 .0000
1460335 .2500
384,800.00 .0300
7.8750 .0000
7.6250 .0000
7.5000 .0950
7.5000 .0000
1460597 .2500
273,850.00 .0300
8.3750 .0000
8.1250 .0000
7.5000 .5950
7.5000 .0000
1460619 .2500
213,613.70 .0800
8.2500 .0000
8.0000 .0000
7.5000 .4200
7.5000 .0000
1460628 .2500
264,000.00 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
1
1460835 .2500
335,774.55 .0800
8.0000 .0000
7.7500 .0000
7.5000 .1700
7.5000 .0000
TOTAL NUMBER OF LOANS: 1095
TOTAL BALANCE........: 298,304,120.60
RUN ON : 01/05/96 RFC DISCLOSURE SYSTEM
RFFSDFIX-01
AT : 13.31.53 INITIAL SECURITY FEES
AMORTIZED BALANCE
SERIES : RFMSI I 1995-S21 FIXED SUMMARY REPORT
CUTOFF : 12/01/95
POOL : 0004189
: H
:
POOL STATUS: F
WEIGHTED AVERAGES FROM
TO
- -----------------------------------------------------------------
- --------------
CURR NOTE RATE 8.2498 7.3500
10.0000
RFC NET RATE 7.9973 7.1250
9.0000
NET MTG RATE(INVSTR RATE) 7.4908 7.0950
7.5000
POST STRIP RATE 7.4908 7.0950
7.5000
SUB SERV FEE .2526 .1250
1.8750
MSTR SERV FEE .0457 .0300
.0800
ALL EXP .0000 .0000
.0000
MISC EXP .0000 .0000
.0000
SPREAD .4608 .0000
1.4700
STRIP .0000 .0000
.0000
TOTAL NUMBER OF LOANS: 1095
TOTAL BALANCE........: 298,304,120.60
***************************
* END OF REPORT *
***************************
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.
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
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.
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 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. 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:
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:
Name
Title
Date 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 1995-S21, 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 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.
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. 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__.
EXHIBIT I-2
FORM OF TRANSFEROR CERTIFICATE
__________________,
19__
Residential Funding Mortgage
Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota 55437
Bankers Trust Company
Four Albany Street
New York, New York 10006
Attention: Residential Funding Corporation Series
1995-S21
Re: Mortgage Pass-Through Certificates,
Series 1995-S21, 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 1995-S21, 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 December 1, 1995
among Residential Funding Mortgage Securities I, Inc.,
as seller (the "Company"), Residential Funding
Corporation, as master servicer, and Bankers Trust
Company, 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, as
a result of that investigation, the Seller has
determined that the Purchaser has historically paid its
debts as they become due and has found no significant
evidence to indicate that the Purchaser will not
continue to pay its debts as they become due in the
future. The Seller understands that the transfer of a
Class [R-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:
EXHIBIT J
FORM OF INVESTOR REPRESENTATION LETTER
______________, 19__
Residential Funding Mortgage
Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, MN 55437
Bankers Trust Company
Four Albany Street
New York, New York 10006
Attention: Residential Funding Corporation Series
1995-S21
RE: Mortgage Pass-Through Certificates,
Series 1995-S21, Class B-
Ladies and Gentlemen:
_________________________ (the "Purchaser")
intends to purchase from ___________________________
(the "Seller") $_____________ Initial Certificate
Principal Balance of Mortgage Pass-Through
Certificates, Series 1995-S21, Class __ (the
"Certificates"), issued pursuant to the Pooling and
Servicing Agreement (the "Pooling and Servicing
Agreement"), dated as of December 1, 1995 among
Residential Funding Mortgage Securities I, Inc., as
seller (the "Company"), Residential Funding
Corporation, as master servicer, and Bankers Trust
Company, 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.
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
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 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"), or any other person
(including an investment manager, a named
fiduciary or a trustee of any such plan)
acting, directly or indirectly, on behalf of
or purchasing any Certificate with "plan
assets" of any such plan, and understands
that registration of transfer of any
Certificate to any such plan, or to any
person acting on behalf of or purchasing any
Certificate with "plan assets" of any such
plan, may not be made unless such plan or
person delivers an opinion of its counsel,
addressed and satisfactory to the Trustee,
the Company and the Master Servicer, to the
effect that the purchase and holding of a
Certificate by, on behalf of, or with "plan
assets" of any such plan is permissible under
applicable law, will not constitute or result
in any non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of
the Code, and will not subject the Company,
the Master Servicer or the Trustee to any
obligation or liability (including
obligations or liabilities under ERISA or
Section 4975 of the Code) in addition to
those undertaken in the Pooling and Servicing
Agreement.
7. The Purchaser is not a non-United
States person.
Very truly yours,
By:
Name:
Title:
EXHIBIT K
FORM OF TRANSFEROR REPRESENTATION LETTER
, 19
Residential Funding Mortgage
Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, MN 55437
Bankers Trust Company
Four Albany Street
New York, New York 10006
Attention: Residential Funding Corporation Series 1995-
S21
Re: Mortgage Pass-Through Certificates,
Series 1995-S21, 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 1995-S21,
Class (the "Certificates"), issued pursuant to the
Pooling and Servicing Agreement (the "Pooling and
Servicing Agreement"), dated as of December 1, 1995
among Residential Funding Mortgage Securities I, Inc.,
as seller (the "Company"), Residential Funding
Corporation, as master servicer, and Bankers Trust
Company, as trustee (the "Trustee"). The Seller hereby
certifies, represents and warrants to, and covenants
with, the Company and the Trustee that:
Neither the Seller nor anyone acting on its
behalf has (a) offered, pledged, sold, disposed of or
otherwise transferred any Certificate, any interest in
any Certificate or any other similar security to any
person in any manner, (b) has solicited any offer to
buy or to accept a pledge, disposition or other
transfer of any Certificate, any interest in any
Certificate or any other similar security from any
person in any manner, (c) has otherwise approached or
negotiated with respect to any Certificate, any
interest in any Certificate or any other similar
security with any person in any manner, (d) has made
any general solicitation by means of general
advertising or in any other manner, or (e) has taken
any other action, that (as to any of (a) through (e)
above) would constitute a distribution of the
Certificates under the Securities Act of 1933 (the
"Act"), that would render the disposition of any
Certificate a violation of Section 5 of the Act or any
state securities law, or that would require
registration or qualification pursuant thereto. The
Seller will not act, in any manner set forth in the
foregoing sentence with respect to any Certificate.
The Seller has not and will not sell or otherwise
transfer any of the Certificates, except in compliance
with the provisions of the Pooling and Servicing
Agreement.
Very truly yours,
(Seller)
By:
Name:
Title:
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 December 1,
1995 among Residential Funding Corporation as Master
Servicer, Residential Funding Mortgage Securities I,
Inc. as depositor pursuant to Section 5.02 of the
Agreement and Bankers Trust Company, 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.
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 warrants and represents to,
and covenants with, the Seller, the Trustee, Master
Servicer and the Company that either (1) the Buyer is
(A) not an employee benefit plan (within the meaning of
Section 3(3) of the Employee Retirement Income Security
Act of 1974, as amended ("ERISA")), or a plan (within
the meaning of Section 4975(e)(1) of the Internal
Revenue Code of 1986 ("Code")), which (in either case)
is subject to ERISA or Section 4975 of the Code (both a
"Plan"), and (B) is not directly or indirectly
purchasing the Rule 144A Securities on behalf of, as
investment manager of, as named fiduciary of, as
trustee of, or with "plan assets" of a Plan, or (2) the
Buyer understands that registration of transfer of any
Rule 144A Securities to any Plan, or to any Person
acting on behalf of or purchasing any such Certificate
with "plan assets" of any Plan, may not be made unless
such Plan or Person, including the Buyer, delivers an
opinion of its counsel, addressed and satisfactory to
the Trustee, the Company and the Master Servicer, to
the effect that the purchase and holding of the Rule
144A Securities by, on behalf of or with "plan assets"
of such Plan is permissible under applicable law, will
not constitute or result in any non-exempt prohibited
transaction under Section 406 of ERISA or Section 4975
of the Code, and will not subject the Company, the
Master Servicer or the Trustee to any obligation or
liability (including liabilities under ERISA or Section
4975 of the Code) in addition to those undertaken in
the Pooling and Servicing Agreement.]
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:
ANNEX 1 TO EXHIBIT L
QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE
144A
[For Buyers Other Than Registered Investment Companies]
The under
signed hereby certifies as follows in connection with
the Rule 144A Investment Representation to which this
Certification is attached:
1. As indicated below, the undersigned is the
President, Chief Financial Officer, Senior Vice
President or other executive officer of the Buyer.
2. In connection with purchases by the Buyer,
the Buyer is a "qualified institutional buyer" as that
term is defined in Rule 144A under the Securities Act
of 1933 ("Rule 144A") because (i) the Buyer owned
and/or invested on a discretionary basis
$______________________ in securities (except for the
excluded securities referred to below) as of the end of
the Buyer's most recent fiscal year (such amount being
calculated in accordance with Rule 144A) and (ii) the
Buyer satisfies the criteria in the category marked
below.
___ Corporation, etc. The Buyer is a corporation
(other than a bank, savings and loan
association or similar institution),
Massachusetts or similar business trust,
partnership, or charitable organization
described in Section 501(c)(3) of the Internal
Revenue Code.
___ Bank. The Buyer (a) is a national bank or
banking institution organized under the laws of
any State, territory or the District of
Columbia, the business of which is
substantially confined to banking and is
supervised by the State or territorial banking
commission or similar official or is a foreign
bank or equivalent institution, and (b) has an
audited net worth of at least $25,000,000 as
demonstrated in its latest annual financial
statements, a copy of which is attached hereto.
___ Savings and Loan. The Buyer (a) is a
savings and loan association, building
and loan association, cooperative bank,
homestead association or similar
institution, which is supervised and
examined by a State or Federal authority
having supervision over any such
institutions or is a foreign savings and
loan association or equivalent
institution and (b) has an audited net
worth of at least $25,000,000 as
demonstrated in its latest annual
financial statements.
___ Broker-Dealer. The Buyer is a dealer
registered pursuant to Section 15 of the
Securities Exchange Act of 1934.
___ Insurance Company. The Buyer is an insurance
company whose primary and predominant business
activity is the writing of insurance or the
reinsuring of risks underwritten by insurance
companies and which is subject to supervision
by the insurance commissioner or a similar
official or agency of a State or territory or
the District of Columbia.
___ 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.
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.
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:
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 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:
EXHIBIT M
[TEXT OF AMENDMENT TO POOLING AND SERVICING
AGREEMENT PURSUANT TO SECTION 11.01(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.
(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
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
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 11.01 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 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
11.01(e) and, provided further that the Company
obtains, 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.
EXHIBIT N
[FORM OF LIMITED GUARANTY]
LIMITED GUARANTY
RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.
Mortgage Pass-Through Certificates
Series 1995-S21
, 199__
Bankers Trust Company
Four Albany Street
New York, New York 10006
Attention: Residential Funding Corporation Series
1995-S21
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 December 1, 1995 (the
"Servicing Agreement"), among Residential Funding
Mortgage Securities I, Inc. (the "Company"),
Residential Funding and Bankers Trust Company (the
"Trustee") as amended by Amendment No. ___ thereto,
dated as of ________, with respect to the Mortgage
Pass-Through Certificates, Series 1995-S21 (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 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 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:
BANKERS TRUST COMPANY,
as Trustee
By:
Name:
Title:
RESIDENTIAL FUNDING MORTGAGE
SECURITIES I, INC.
By:
Name:
Title:
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
Bankers Trust Company
Four Albany Street
New York, New York 10006
Attention: Residential Funding Corporation Series
1995-S21
Re: Mortgage Pass-Through Certificates,
Series 1995-S21 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
December 1, 1995 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
(iv) such assignment is at the request of the
borrower under the related Mortgage Loan.
Very truly yours,
(Lender)
By:
Name:
Title:
EXHIBIT P
SCHEDULE OF DISCOUNT FRACTIONS
Schedule of Discount Fractions
NET
PRINCIPAL MORTGAGE DISCOUNT PO
LOAN # BALANCE RATE FRACTION BALANCE
1454387 997,703.19 7.095 5.4000000000% 53,875.97
1454866 304,898.11 7.095 5.4000000000% 16,464.50
1455203 304,766.76 7.145 4.7333333333% 14,425.63
1450165 249,101.30 7.170 4.4000000000% 10,960.46
1456853 249,814.46 7.170 4.4000000000% 10,991.84
1448323 180,730.50 7.220 3.7333333333% 6,747.27
1451954 296,408.01 7.220 3.7333333333% 11,065.90
1454876 230,506.27 7.220 3.7333333333% 8,605.57
1457564 288,000.00 7.220 3.7333333333% 10,752.00
1458918 300,000.00 7.220 3.7333333333% 11,200.00
1459407 255,200.00 7.220 3.7333333333% 9,527.47
1460628 264,000.00 7.220 3.7333333333% 9,856.00
1449204 431,822.01 7.295 2.7333333333% 11,803.13
1449558 301,340.08 7.295 2.7333333333% 8,236.63
1451694 599,128.70 7.295 2.7333333333% 16,376.18
1452648 339,753.92 7.295 2.7333333333% 9,286.61
1454979 339,753.92 7.295 2.7333333333% 9,286.61
1456864 519,623.64 7.295 2.7333333333% 14,203.05
1457626 208,000.00 7.295 2.7333333333% 5,685.33
1458228 345,000.00 7.295 2.7333333333% 9,430.00
1459868 419,696.01 7.295 2.7333333333% 11,471.69
1450798 200,000.00 7.345 2.0666666667% 4,133.33
1451592 233,350.00 7.345 2.0666666667% 4,822.57
1452060 302,031.24 7.345 2.0666666667% 6,241.98
1454872 333,115.57 7.345 2.0666666667% 6,884.39
1454892 237,428.03 7.345 2.0666666667% 4,906.85
1458229 117,914.59 7.345 2.0666666667% 2,436.90
1459879 190,400.00 7.345 2.0666666667% 3,934.93
1458572 424,690.85 7.395 1.4000000000% 5,945.67
1447166 301,073.02 7.420 1.0666666667% 3,211.45
1449003 302,136.25 7.420 1.0666666667% 3,222.79
1449552 303,233.12 7.420 1.0666666667% 3,234.49
1455088 221,843.31 7.420 1.0666666667% 2,366.33
1455118 229,737.73 7.420 1.0666666667% 2,450.54
1456529 349,752.97 7.420 1.0666666667% 3,730.70
1456812 337,761.44 7.420 1.0666666667% 3,602.79
1456838 264,624.73 7.420 1.0666666667% 2,822.66
1457769 54,961.18 7.420 1.0666666667% 586.25
1457803 274,000.00 7.420 1.0666666667% 2,922.67
1460063 260,000.00 7.445 0.7333333333% 1,906.67
1444664 356,494.44 7.470 0.4000000000% 1,425.98
1448314 172,355.57 7.470 0.4000000000% 689.42
1448547 219,844.72 7.470 0.4000000000% 879.38
1449116 221,685.61 7.470 0.4000000000% 886.74
1449685 340,000.00 7.470 0.4000000000% 1,360.00
1451548 340,759.32 7.470 0.4000000000% 1,363.04
1452307 271,808.03 7.470 0.4000000000% 1,087.23
1454137 441,688.03 7.470 0.4000000000% 1,766.75
1454783 314,000.00 7.470 0.4000000000% 1,256.00
1454863 269,424.62 7.470 0.4000000000% 1,077.70
1454870 315,552.50 7.470 0.4000000000% 1,262.21
1454874 238,661.53 7.470 0.4000000000% 954.65
1454877 274,810.27 7.470 0.4000000000% 1,099.24
1454899 221,843.31 7.470 0.4000000000% 887.37
1454905 245,026.93 7.470 0.4000000000% 980.11
1455177 331,292.48 7.470 0.4000000000% 1,325.17
1455184 330,693.76 7.470 0.4000000000% 1,322.78
1456541 299,788.26 7.470 0.4000000000% 1,199.15
1458026 259,816.49 7.470 0.4000000000% 1,039.27
1458032 266,250.00 7.470 0.4000000000% 1,065.00
1458510 279,000.00 7.470 0.4000000000% 1,116.00
1458639 380,000.00 7.470 0.4000000000% 1,520.00
1458929 228,000.00 7.470 0.4000000000% 912.00
$18,982,096.78 1.9286117663% $366,090.95
EXHIBIT Q
PLANNED PRINCIPAL BALANCES
RMFSI 1995-S21
PAC Schedules
Class A-1 Class A-2 Class A-3
Initial Balance 37,500,000.00 35,848,000.00 8,450,000.00
January 1996 37,238,047.86 35,848,000.00 8,450,000.00
February 1996 36,925,135.53 35,848,000.00 8,450,000.00
March 1996 36,561,528.74 35,848,000.00 8,450,000.00
April 1996 36,147,319.41 35,848,000.00 8,450,000.00
May 1996 35,682,625.66 35,848,000.00 8,450,000.00
June 1996 35,167,591.79 35,848,000.00 8,450,000.00
July 1996 34,602,388.27 35,848,000.00 8,450,000.00
August 1996 33,987,211.72 35,848,000.00 8,450,000.00
September 1996 33,322,284.76 35,848,000.00 8,450,000.00
October 1996 32,607,856.00 35,848,000.00 8,450,000.00
November 1996 31,844,199.85 35,848,000.00 8,450,000.00
December 1996 31,031,616.46 35,848,000.00 8,450,000.00
January 1997 30,170,431.47 35,848,000.00 8,450,000.00
February 1997 29,260,995.90 35,848,000.00 8,450,000.00
March 1997 28,303,685.90 35,848,000.00 8,450,000.00
April 1997 27,298,902.53 35,848,000.00 8,450,000.00
May 1997 26,247,071.55 35,848,000.00 8,450,000.00
June 1997 25,148,643.07 35,848,000.00 8,450,000.00
July 1997 24,004,091.33 35,848,000.00 8,450,000.00
August 1997 22,813,914.34 35,848,000.00 8,450,000.00
September 1997 21,578,633.56 35,848,000.00 8,450,000.00
October 1997 20,298,793.57 35,848,000.00 8,450,000.00
November 1997 18,974,961.64 35,848,000.00 8,450,000.00
December 1997 17,607,727.37 35,848,000.00 8,450,000.00
January 1998 16,197,702.25 35,848,000.00 8,450,000.00
February 1998 14,745,519.28 35,848,000.00 8,450,000.00
March 1998 13,251,832.43 35,848,000.00 8,450,000.00
April 1998 11,717,316.23 35,848,000.00 8,450,000.00
May 1998 10,142,665.27 35,848,000.00 8,450,000.00
June 1998 8,576,168.37 35,848,000.00 8,450,000.00
July 1998 7,017,785.84 35,848,000.00 8,450,000.00
August 1998 5,467,478.24 35,848,000.00 8,450,000.00
September 1998 3,925,206.32 35,848,000.00 8,450,000.00
October 1998 2,390,931.08 35,848,000.00 8,450,000.00
November 1998 864,613.72 35,848,000.00 8,450,000.00
December 1998 0.00 35,194,215.67 8,450,000.00
January 1999 0.00 33,683,698.58 8,450,000.00
February 1999 0.00 32,181,024.29 8,450,000.00
March 1999 0.00 30,686,154.90 8,450,000.00
April 1999 0.00 29,199,052.68 8,450,000.00
May 1999 0.00 27,719,680.15 8,450,000.00
June 1999 0.00 26,248,000.02 8,450,000.00
July 1999 0.00 24,783,975.22 8,450,000.00
August 1999 0.00 23,327,568.89 8,450,000.00
September 1999 0.00 21,878,744.39 8,450,000.00
October 1999 0.00 20,437,465.27 8,450,000.00
November 1999 0.00 19,003,695.31 8,450,000.00
December 1999 0.00 17,577,398.47 8,450,000.00
January 2000 0.00 16,158,538.94 8,450,000.00
February 2000 0.00 14,747,081.12 8,450,000.00
March 2000 0.00 13,342,989.58 8,450,000.00
April 2000 0.00 11,946,229.12 8,450,000.00
May 2000 0.00 10,556,764.76 8,450,000.00
June 2000 0.00 9,174,561.67 8,450,000.00
July 2000 0.00 7,799,585.28 8,450,000.00
August 2000 0.00 6,431,801.17 8,450,000.00
September 2000 0.00 5,071,175.16 8,450,000.00
October 2000 0.00 3,717,673.23 8,450,000.00
November 2000 0.00 2,371,261.59 8,450,000.00
December 2000 0.00 1,031,906.63 8,450,000.00
January 2001 0.00 0.00 8,215,266.89
February 2001 0.00 0.00 6,955,381.20
March 2001 0.00 0.00 5,702,215.61
April 2001 0.00 0.00 4,455,736.37
May 2001 0.00 0.00 3,251,681.05
June 2001 0.00 0.00 2,105,216.50
July 2001 0.00 0.00 1,014,059.42
August 2001 0.00 0.00 0.00
September 2001 0.00 0.00 0.00
and thereafter
