Financial Guaranty Insurance Company COPY
115 Broadway
New York, New York 10006
(212) 312-3000
(800) 352-0001
Surety Bond
Form 9133
Page 1 of 4
Issuer: RASC Series 2000-KS5 Trust Policy Number: 00010880
Control Number: 0010001
Insured Obligations:
$850,000,000 in principal amount of Home Equity Mortgage Asset-Backed
Pass-Through Certificates, Series 2000-KS5, Class A-II (the "Class A-II
Certificates")
Trustee: Bank One, National Association
Financial Guaranty Insurance Company ("Financial Guaranty"), a New York stock
insurance company, in consideration of the right of Financial Guaranty to
receive monthly premiums pursuant to the Pooling and Servicing Agreement and the
Insurance Agreement referred to therein, and subject to the terms of this Surety
Bond, hereby unconditionally and irrevocably agrees to pay each Insured Amount,
to the extent set forth in the Pooling and Servicing Agreement (as defined
below), to the Trustee named above or its successor, as trustee for the Holders
of the Class A-II Certificates, except as otherwise provided herein with respect
to preference amounts. Capitalized terms used and not otherwise defined herein
shall have the meanings assigned to such terms in the Pooling and Servicing
Agreement as in effect and executed on the date hereof.
The term "Deficiency Amount" shall mean with respect to the Class A-II
Certificates as of any Distribution Date, (i) any shortfall in amounts available
in the Certificate Account on that Distribution Date to pay interest for the
related Interest Accrual Period on the Certificate Principal Balance of the
Class A-II Certificates at the then-applicable Pass-Through Rate, net of any
interest shortfalls relating to the Relief Act, any Group II Prepayment Interest
Shortfalls and any Basis Risk Shortfalls allocated to the Class A-II
Certificates, (ii) the principal portion of any Realized Losses allocated to the
Class A-II Certificates with respect to such Distribution Date and (iii) the
Certificate Principal Balance of any Class A-II Certificate to the extent unpaid
on its Scheduled Final Distribution Date or earlier termination of the Trust
Fund pursuant to the terms of the Pooling and Servicing Agreement.
The term "Insured Amount" for any Distribution Date means (1) any Deficiency
Amount for such Distribution Date and (2) any Preference Amount to be paid
pursuant to the terms of this Surety Bond on the Distribution Date.
<PAGE>
The term "Scheduled Final Distribution Date" for the Class A-II Certificates
means the Distribution Date occurring in December, 2031.
Financial Guaranty will pay a Deficiency Amount with respect to the Class A-II
Certificates by 12:00 noon (New York City Time) in immediately available funds
to the Trustee on the later of (i) the Business Day following the Business Day
on which Financial Guaranty shall have received Notice that a Deficiency Amount
is due in respect of the Class A-II Certificates and (ii) the Distribution Date
on which the related Deficiency Amount is distributable to the Holders of the
Class A-II Certificates pursuant to the Pooling and Servicing Agreement, for
disbursement to the Holders of the Class A-II Certificates in the same manner as
other payments with respect to the Class A-II Certificates are required to be
made. Any Notice received by Financial Guaranty after 12:00 noon New York City
time on a given Business Day or on any day that is not a Business Day shall be
deemed to have been received by Financial Guaranty on the next succeeding
Business Day.
Upon payment of a Deficiency Amount, Financial Guaranty shall be fully
subrogated to the rights of the Holders of the Class A-II Certificates to
receive the amount so paid. Financial Guaranty's obligations with respect to the
Class A-II Certificates hereunder with respect to each Distribution Date shall
be discharged to the extent funds consisting of the related Deficiency Amount
are received by the Trustee on behalf of the Holders of the Class A-II
Certificates for payment to such Holders, as provided in the Pooling and
Servicing Agreement and herein, whether or not such funds are properly applied
by the Trustee.
If any portion or all of any amount that is insured hereunder that was
previously distributed to a holder of Class A-II Certificates is recoverable and
recovered from such Holder as a voidable preference by a trustee in bankruptcy
pursuant to the U.S. Bankruptcy Code, pursuant to a final non-appealable order
of a court exercising proper jurisdiction in an insolvency proceeding (a "Final
Order") (such recovered amount, a "Preference Amount"), Financial Guaranty will
pay on the guarantee described in the first paragraph hereof, an amount equal to
each such Preference Amount by 12:00 noon on the next Distribution Date after
the Business Day following receipt by Financial Guaranty of (x) a certified copy
of the Final Order, (y) an assignment, in form reasonably satisfactory to
Financial Guaranty, irrevocably assigning to Financial Guaranty all rights and
claims of the Trustee and/or such Holder of the Class A-II Certificates relating
to or arising under such Preference Amount and appointing Financial Guaranty as
the agent of the Trustee and/or such Holder in respect of such Preference
Amount, and (z) a Notice appropriately completed and executed by the Trustee or
such Holder, as the case may be. Such payment shall be made to the receiver,
conservator, debtor-in-possession or trustee in bankruptcy named in the Final
Order and not to the Trustee or Holder of Class A-II Certificates directly
(unless the Holder has previously paid such amount to such receiver,
conservator, debtor-in-possession or trustee named in such Final Order in which
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<PAGE>
case payment shall be made to the Trustee for distribution to the Holder upon
proof of such payment reasonably satisfactory to Financial Guaranty).
Notwithstanding the foregoing, in no event shall Financial Guaranty be (i)
required to make any payment under this Surety Bond in respect of any Preference
Amount to the extent such Preference Amount is comprised of amounts previously
paid by Financial Guaranty hereunder, or (ii) obligated to make any payment in
respect of any Preference Amount, which payment represents a payment of the
principal amount of any Class A-II Certificates, prior to the time Financial
Guaranty otherwise would have been required to make a payment in respect of such
principal, in which case Financial Guaranty shall pay the balance of the
Preference Amount when such amount otherwise would have been required.
Any of the documents required under clauses (x) through (z) of the preceding
paragraph that are received by Financial Guaranty after 12:00 noon New York City
time on a given Business Day or on any day that is not a Business Day shall be
deemed to have been received by Financial Guaranty on the next succeeding
Business Day. All payments made by Financial Guaranty hereunder in respect of
Preference Amounts will be made with Financial Guaranty's own funds.
This Surety Bond is non-cancelable for any reason, including nonpayment of any
premium. The premium on this Surety Bond is not refundable for any reason,
including the payment of any Class A-II Certificates prior to their respective
maturities. This Surety Bond shall expire and terminate without any action on
the part of Financial Guaranty or any other Person on the date that is the later
of (i) the date that is one year and one day following the date on which the
Class A-II Certificates shall have been paid in full and (ii) if any insolvency
proceeding with respect to which the Depositor is the debtor has been commenced
on or prior to the date specified in clause (i) above, the 30th day after the
entry of a final, non-appealable order in resolution or settlement of such
proceeding.
A monthly premium shall be due and payable in arrears as provided in the Pooling
and Servicing Agreement.
This Surety Bond is subject to and shall be governed by the laws of the State of
New York. The proper venue for any action or proceeding on this Surety Bond
shall be the County of New York, State of New York. The insurance provided by
this Surety Bond is not covered by the New York Property/Casualty Insurance
Security Fund (New York Insurance Code, Article 76).
"Notice" means a written notice in the form of Exhibit A to this Surety Bond by
registered or certified mail or telephonic or telegraphic notice, subsequently
confirmed by written notice delivered via telecopy, telex or hand delivery from
the Trustee to Financial Guaranty specifying the information set forth therein.
"Holder" means, as to a particular Class A-II Certificate, the person, other
than the Master Servicer, any subservicer retained by the Master Servicer or the
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<PAGE>
Depositor who, on the applicable Distribution Date, is entitled under the terms
of such Class A-II Certificate to a distribution thereon. "Pooling and Servicing
Agreement" means the Pooling and Servicing Agreement relating to the Class A-II
Certificates by and among Residential Asset Securities Corporation, as
Depositor, Residential Funding Corporation, as Master Servicer, and Bank One,
National Association, as Trustee, dated as of December 1, 2000.
In the event that payments under any Class A-II Certificate are accelerated,
nothing herein contained shall obligate Financial Guaranty to make any payment
of principal or interest on such Class A-II Certificate on an accelerated basis,
unless such acceleration of payment by Financial Guaranty is at the sole option
of Financial Guaranty; it being understood that a payment shortfall in respect
of the redemption of any Class A-II Certificates by reason of the termination of
the Trust Fund pursuant to Article IX of the Pooling and Servicing Agreement
does not constitute acceleration for the purposes hereof.
IN WITNESS WHEREOF, Financial Guaranty has caused this Surety Bond to be affixed
with its corporate seal and to be signed by its duly authorized officer in
facsimile to become effective and binding upon Financial Guaranty by virtue of
the countersignature of its duly authorized representative.
President Authorized Representative
Effective Date: December 28, 2000
4
<PAGE>
EXHIBIT A
NOTICE OF NONPAYMENT
AND DEMAND FOR PAYMENT OF INSURED AMOUNTS
To: Financial Guaranty Insurance Company
115 Broadway
New York, New York 10006
(212) 312-3000
Attention: General Counsel
Telephone: (212) 312-3000
Telecopier: (212) 312-3220
Re: RASC Series 2000-KS5 Trust
Home Equity Mortgage Asset-Backed
Pass-Through Certificates, Series 2000-KS5,
Class A-II (the "Class A-II Certificates")
Policy No. 00010880 (the "Surety Bond")
Distribution Date: ___________________________
We refer to that certain Pooling and Servicing Agreement, dated as of December
1, 2000, by and among Residential Asset Securities Corporation, as Depositor,
Residential Funding Corporation, as Master Servicer, and Bank One, National
Association, as Trustee (the "Pooling and Servicing Agreement"), relating to the
above referenced Class A-II Certificates. All capitalized terms not otherwise
defined herein or in the Surety Bond shall have the same respective meanings
assigned to such terms in the Pooling and Servicing Agreement.
(a) The Trustee has determined under the Pooling and Servicing Agreement that in
respect of such Distribution Date:
(1) The insured portion of the distribution on the Class A-II Certificates in
respect of the Distribution Date that is due to be received on
______________ under the Pooling and Servicing Agreement, is equal to
$_____________, consisting of (A) $ ___________ in respect of interest on
the Class A-II Certificates (net of any shortfalls relating to the Relief
Act and any Group I Prepayment Interest shortfalls allocated to the Class
A-I Certificates and any Basis Risk Shortfalls) and (B) $ ___________ in
respect of the principal portion of Realized Losses allocated to the Class
A-II Certificates.
(2) [The amount to be paid to the Holders of the Class A-II Certificates on the
Final Distribution Date, which occurs on _____________, is $____________.]
(3) The amounts available in the Certificate Account to be distributed on such
Distribution Date on the Class A-II Certificates pursuant to the Pooling
and Servicing Agreement in payment of the items identified in items (1) and
(2) above, as reduced by any portion thereof that has been deposited in the
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<PAGE>
Certificate Account but may not be withdrawn therefrom pursuant to an order
of a United States bankruptcy court of competent jurisdiction imposing a
stay pursuant to Section 362 of the United States Bankruptcy Code), is
$_______________.
Please be advised that, accordingly, a Deficiency Amount exists for the
Distribution Date identified above for the Class A-II Certificates in the amount
of $__________. This Deficiency Amount constitutes an Insured Amount payable by
the Insurer under the Surety Bond.
[In addition, attached hereto is a copy of the Final Order in connection with a
Preference Amount in the amount set forth therein, together with an assignment
of rights and appointment of agent. The amount of the Preference Amount is
$______________. This Preference Amount constitutes an Insured Amount payable by
the Insurer under the Surety Bond.]
Accordingly, pursuant to the Pooling and Servicing Agreement, this statement
constitutes a notice for payment of an Insured Amount by the Insurer in the
amount of $_______________ under the Surety Bond.
(b) No payment claimed hereunder is in excess of the amount payable under the
Surety Bond.
The amount requested in this Notice should be paid to: [Payment
Instructions]
Any person who knowingly and with intent to defraud any insurance company or
other person files an application for insurance or statement of claim containing
any materially false information or conceals for the purpose of misleading,
information concerning any fact material thereto, commits a fraudulent insurance
act, which is a crime, and shall also be subject to a civil penalty not to
exceed Five Thousand Dollars ($5,000.00) and the stated value of the claim for
each such violation.
IN WITNESS WHEREOF, the Trustee has executed and delivered this Notice
of Nonpayment and Demand for Payment of Insured Amounts this _____ day of
______________________.
__________________________________________,
as Trustee
By: ___________________________________
Title: ___________________________________
A-2
<PAGE>
Financial Guaranty Insurance Company COPY
115 Broadway
New York, New York 10006
(212) 312-3000
(800) 352-0001
Surety Bond
Form 9133
Page 1 of 4
Issuer: RASC Series 2000-KS5 Trust Policy Number: 00010879
Control Number: 0010001
Insured Obligations:
$500,000,000 in principal amount of Home Equity Mortgage Asset-Backed
Pass-Through Certificates, Series 2000-KS5, Class A-I-1, Class A-I-2, Class
A-I-3, Class A-I-4, Class A-I-5 and Class A-I-6 (collectively, the "Class A-I
Certificates")
Trustee: Bank One, National Association
Financial Guaranty Insurance Company ("Financial Guaranty"), a New York stock
insurance company, in consideration of the right of Financial Guaranty to
receive monthly premiums pursuant to the Pooling and Servicing Agreement and the
Insurance Agreement referred to therein, and subject to the terms of this Surety
Bond, hereby unconditionally and irrevocably agrees to pay each Insured Amount,
to the extent set forth in the Pooling and Servicing Agreement (as defined
below), to the Trustee named above or its successor, as trustee for the Holders
of the Class A-I Certificates, except as otherwise provided herein with respect
to preference amounts. Capitalized terms used and not otherwise defined herein
shall have the meanings assigned to such terms in the Pooling and Servicing
Agreement as in effect and executed on the date hereof.
The term "Deficiency Amount" shall mean with respect to the Class A-I
Certificates as of any Distribution Date, (i) any shortfall in amounts available
in the Certificate Account on that Distribution Date to pay interest for the
related Interest Accrual Period on the Certificate Principal Balance of the
Class A-I Certificates at the then-applicable Pass-Through Rate, net of any
interest shortfalls relating to the Relief Act and any Group I Prepayment
Interest Shortfalls allocated to the Class A-I Certificates, (ii) the principal
portion of any Realized Losses allocated to the Class A-I Certificates with
respect to such Distribution Date and (iii) the Certificate Principal Balance of
any Class A-I Certificate to the extent unpaid on its Scheduled Final
Distribution Date or earlier termination of the Trust Fund pursuant to the terms
of the Pooling and Servicing Agreement.
1
<PAGE>
The term "Insured Amount" for any Distribution Date means (1) any Deficiency
Amount for such Distribution Date and (2) any Preference Amount to be paid
pursuant to the terms of this Surety Bond on the Distribution Date.
The term "Scheduled Final Distribution Date" for each Class of the Class A-I
Certificates means the Distribution Date occurring in December, 2031.
Financial Guaranty will pay a Deficiency Amount with respect to the Class A-I
Certificates by 12:00 noon (New York City Time) in immediately available funds
to the Trustee on the later of (i) the Business Day following the Business Day
on which Financial Guaranty shall have received Notice that a Deficiency Amount
is due in respect of the Class A-I Certificates and (ii) the Distribution Date
on which the related Deficiency Amount is distributable to the Holders of the
Class A-I Certificates pursuant to the Pooling and Servicing Agreement, for
disbursement to the Holders of the Class A-I Certificates in the same manner as
other payments with respect to the Class A-I Certificates are required to be
made. Any Notice received by Financial Guaranty after 12:00 noon New York City
time on a given Business Day or on any day that is not a Business Day shall be
deemed to have been received by Financial Guaranty on the next succeeding
Business Day.
Upon payment of a Deficiency Amount, Financial Guaranty shall be fully
subrogated to the rights of the Holders of the Class A-I Certificates to receive
the amount so paid. Financial Guaranty's obligations with respect to the Class
A-I Certificates hereunder with respect to each Distribution Date shall be
discharged to the extent funds consisting of the related Deficiency Amount are
received by the Trustee on behalf of the Holders of the Class A-I Certificates
for payment to such Holders, as provided in the Pooling and Servicing Agreement
and herein, whether or not such funds are properly applied by the Trustee.
If any portion or all of any amount that is insured hereunder that was
previously distributed to a holder of Class A-I Certificates is recoverable and
recovered from such Holder as a voidable preference by a trustee in bankruptcy
pursuant to the U.S. Bankruptcy Code, pursuant to a final non-appealable order
of a court exercising proper jurisdiction in an insolvency proceeding (a "Final
Order") (such recovered amount, a "Preference Amount"), Financial Guaranty will
pay on the guarantee described in the first paragraph hereof, an amount equal to
each such Preference Amount by 12:00 noon on the next Distribution Date after
the Business Day following receipt by Financial Guaranty of (x) a certified copy
of the Final Order, (y) an assignment, in form reasonably satisfactory to
Financial Guaranty, irrevocably assigning to Financial Guaranty all rights and
claims of the Trustee and/or such Holder of the Class A-I Certificates relating
to or arising under such Preference Amount and appointing Financial Guaranty as
the agent of the Trustee and/or such Holder in respect of such Preference
Amount, and (z) a Notice appropriately completed and executed by the Trustee or
such Holder, as the case may be. Such payment shall be made to the receiver,
conservator, debtor-in-possession or trustee in bankruptcy named in the Final
Order and not to the Trustee or Holder of Class A-I Certificates directly
2
<PAGE>
(unless the Holder has previously paid such amount to such receiver,
conservator, debtor-in-possession or trustee named in such Final Order in which
case payment shall be made to the Trustee for distribution to the Holder upon
proof of such payment reasonably satisfactory to Financial Guaranty).
Notwithstanding the foregoing, in no event shall Financial Guaranty be (i)
required to make any payment under this Surety Bond in respect of any Preference
Amount to the extent such Preference Amount is comprised of amounts previously
paid by Financial Guaranty hereunder, or (ii) obligated to make any payment in
respect of any Preference Amount, which payment represents a payment of the
principal amount of any Class A-I Certificates, prior to the time Financial
Guaranty otherwise would have been required to make a payment in respect of such
principal, in which case Financial Guaranty shall pay the balance of the
Preference Amount when such amount otherwise would have been required.
Any of the documents required under clauses (x) through (z) of the preceding
paragraph that are received by Financial Guaranty after 12:00 noon New York City
time on a given Business Day or on any day that is not a Business Day shall be
deemed to have been received by Financial Guaranty on the next succeeding
Business Day. All payments made by Financial Guaranty hereunder in respect of
Preference Amounts will be made with Financial Guaranty's own funds.
This Surety Bond is non-cancelable for any reason, including nonpayment of any
premium. The premium on this Surety Bond is not refundable for any reason,
including the payment of any Class A-I Certificates prior to their respective
maturities. This Surety Bond shall expire and terminate without any action on
the part of Financial Guaranty or any other Person on the date that is the later
of (i) the date that is one year and one day following the date on which the
Class A-I Certificates shall have been paid in full and (ii) if any insolvency
proceeding with respect to which the Depositor is the debtor has been commenced
on or prior to the date specified in clause (i) above, the 30th day after the
entry of a final, non-appealable order in resolution or settlement of such
proceeding.
A monthly premium shall be due and payable in arrears as provided in the Pooling
and Servicing Agreement.
This Surety Bond is subject to and shall be governed by the laws of the State of
New York. The proper venue for any action or proceeding on this Surety Bond
shall be the County of New York, State of New York. The insurance provided by
this Surety Bond is not covered by the New York Property/Casualty Insurance
Security Fund (New York Insurance Code, Article 76).
"Notice" means a written notice in the form of Exhibit A to this Surety Bond by
registered or certified mail or telephonic or telegraphic notice, subsequently
confirmed by written notice delivered via telecopy, telex or hand delivery from
3
<PAGE>
the Trustee to Financial Guaranty specifying the information set forth therein.
"Holder" means, as to a particular Class A-I Certificate, the person, other than
the Master Servicer, any subservicer retained by the Master Servicer or the
Depositor who, on the applicable Distribution Date, is entitled under the terms
of such Class A-I Certificate to a distribution thereon. "Pooling and Servicing
Agreement" means the Pooling and Servicing Agreement relating to the Class A-I
Certificates by and among Residential Asset Securities Corporation, as
Depositor, Residential Funding Corporation, as Master Servicer, and Bank One,
National Association, as Trustee, dated as of December 1, 2000.
In the event that payments under any Class A-I Certificate are accelerated,
nothing herein contained shall obligate Financial Guaranty to make any payment
of principal or interest on such Class A-I Certificate on an accelerated basis,
unless such acceleration of payment by Financial Guaranty is at the sole option
of Financial Guaranty; it being understood that a payment shortfall in respect
of the redemption of any Class A-I Certificates by reason of the termination of
the Trust Fund pursuant to Article IX of the Pooling and Servicing Agreement
does not constitute acceleration for the purposes hereof.
IN WITNESS WHEREOF, Financial Guaranty has caused this Surety Bond to be affixed
with its corporate seal and to be signed by its duly authorized officer in
facsimile to become effective and binding upon Financial Guaranty by virtue of
the countersignature of its duly authorized representative.
President Authorized Representative
Effective Date: December 28, 2000
4
<PAGE>
EXHIBIT A
NOTICE OF NONPAYMENT
AND DEMAND FOR PAYMENT OF INSURED AMOUNTS
To: Financial Guaranty Insurance Company
115 Broadway
New York, New York 10006
(212) 312-3000
Attention: General Counsel
Telephone: (212) 312-3000
Telecopier: (212) 312-3220
Re: RASC Series 2000-KS5 Trust
Home Equity Mortgage Asset-Backed
Pass-Through Certificates, Series 2000-KS5,
Class A-I-1, Class A-I-2, Class A-I-3,
Class A-I-4, Class A-I-5 and Class A-I-6
(the "Class A-I Certificates")
Policy No. 00010879 (the "Surety Bond")
Distribution Date: ___________________________
We refer to that certain Pooling and Servicing Agreement, dated as of December
1, 2000, by and among Residential Asset Securities Corporation, as Depositor,
Residential Funding Corporation, as Master Servicer, and Bank One, National
Association, as Trustee (the "Pooling and Servicing Agreement"), relating to the
above referenced Class A-I Certificates. All capitalized terms not otherwise
defined herein or in the Surety Bond shall have the same respective meanings
assigned to such terms in the Pooling and Servicing Agreement.
(a) The Trustee has determined under the Pooling and Servicing Agreement that in
respect of such Distribution Date:
(1) The insured portion of the distribution on the Class A-I Certificates in
respect of the Distribution Date that is due to be received on
______________ under the Pooling and Servicing Agreement, is equal to
$_____________, consisting of (A) $ ___________ in respect of interest
on the Class A-I Certificates (net of any shortfalls relating to the
Relief Act and any Group I Prepayment Interest shortfalls allocated to
the Class A-I Certificates) and (B) $ ___________ in respect of the
principal portion of Realized Losses allocated to the Class A-I
Certificates.
(2) [The amount to be paid to the Holders of the Class A-I Certificates on the
Final Distribution Date, which occurs on _____________, is $____________.]
A-1
<PAGE>
(3) The amounts available in the Certificate Account to be distributed on
such Distribution Date on the Class A-I Certificates pursuant to the
Pooling and Servicing Agreement in payment of the items identified in
items (1) and (2) above, as reduced by any portion thereof that has been
deposited in the Certificate Account but may not be withdrawn therefrom
pursuant to an order of a United States bankruptcy court of competent
jurisdiction imposing a stay pursuant to Section 362 of the United
States Bankruptcy Code), is $_______________.
Please be advised that, accordingly, a Deficiency Amount exists for the
Distribution Date identified above for the Class A-I Certificates in the amount
of $__________. This Deficiency Amount constitutes an Insured Amount payable by
the Insurer under the Surety Bond.
[In addition, attached hereto is a copy of the Final Order in connection with a
Preference Amount in the amount set forth therein, together with an assignment
of rights and appointment of agent. The amount of the Preference Amount is
$______________. This Preference Amount constitutes an Insured Amount payable by
the Insurer under the Surety Bond.]
Accordingly, pursuant to the Pooling and Servicing Agreement, this statement
constitutes a notice for payment of an Insured Amount by the Insurer in the
amount of $_______________ under the Surety Bond.
(b) No payment claimed hereunder is in excess of the amount payable under the
Surety Bond.
The amount requested in this Notice should be paid to: [Payment Instructions]
Any person who knowingly and with intent to defraud any insurance company or
other person files an application for insurance or statement of claim containing
any materially false information or conceals for the purpose of misleading,
information concerning any fact material thereto, commits a fraudulent insurance
act, which is a crime, and shall also be subject to a civil penalty not to
exceed Five Thousand Dollars ($5,000.00) and the stated value of the claim for
each such violation.
IN WITNESS WHEREOF, the Trustee has executed and delivered this Notice
of Nonpayment and Demand for Payment of Insured Amounts this _____ day of
______________________.
___________________________________________,
as Trustee
By: ___________________________________
Title: ___________________________________
A-2
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