EXECUTION COPY
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.,
Company,
RESIDENTIAL FUNDING CORPORATION,
Master Servicer,
and
THE FIRST NATIONAL BANK OF CHICAGO,
Trustee
POOLING AND SERVICING AGREEMENT
Dated as of May 1, 1997
Mortgage Pass-Through Certificates
Series 1997-S7
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NY1-208988.4
TABLE OF CONTENTS
Page
ARTICLE I
DEFINITIONS
Section 1.0
Definitions ..................................................... 3
Accretion Termination Date ...................................... 3
Accrual Distribution Amount ..................................... 3
Accrued Certificate Interest .................................... 3
Adjusted Mortgage Rate .......................................... 4
Advance ......................................................... 4
Affiliate ....................................................... 4
Agreement ....................................................... 4
Amount Held for Future Distribution ............................. 4
Appraised Value ................................................. 5
Assignment ...................................................... 5
Assignment Agreement ............................................ 5
Assignment of Proprietary Lease ................................. 5
Available Distribution Amount ................................... 5
Bankruptcy Amount ............................................... 6
Bankruptcy Code ................................................. 7
Bankruptcy Loss ................................................. 7
Book-Entry Certificate .......................................... 7
Business Day .................................................... 7
Buydown Funds ................................................... 7
Buydown Mortgage Loan ........................................... 7
Cash Liquidation ................................................ 7
Certificate ..................................................... 8
Certificate Account ............................................. 8
Certificate Account Deposit Date ................................ 8
Certificateholder or Holder ..................................... 8
Certificate Owner ............................................... 8
Certificate Principal Balance ................................... 8
Certificate Register and Certificate
Registrar ....................................................... 9
Class ........................................................... 10
Class A Certificate ............................................. 10
Class A-7 Notional Amount or Notional Amount .................... 10
Class A-7 Subclass Notional Amount .............................. 10
Class B Certificate ............................................. 10
Class B Percentage .............................................. 10
Class B-1 Percentage ............................................ 10
Class B-1 Prepayment Distribution Trigger ....................... 11
Class B-2 Percentage ............................................ 11
Class B-2 Prepayment Distribution Trigger ....................... 11
Class B-3 Percentage ............................................ 11
Class B-3 Prepayment Distribution Trigger ....................... 11
Class M Certificate ............................................. 12
Class M Percentage .............................................. 12
Class M-1 Percentage ............................................ 12
Class M-2 Percentage ............................................ 12
Class M-2 Prepayment Distribution Trigger ....................... 12
NY1-208988.4
i
Page
Class M-3 Percentage ............................................ 12
Class M-3 Prepayment Distribution Trigger ....................... 12
Class R Certificate ............................................. 13
Closing Date .................................................... 13
Code ............................................................ 13
Compensating Interest ........................................... 13
Cooperative ..................................................... 13
Cooperative Apartment ........................................... 13
Cooperative Lease ............................................... 13
Cooperative Loans ............................................... 13
Cooperative Stock ............................................... 14
Cooperative Stock Certificate ................................... 14
Corporate Trust Office .......................................... 14
Credit Support Depletion Date ................................... 14
Curtailment ..................................................... 14
Custodial Account ............................................... 14
Custodial Agreement ............................................. 14
Custodian ....................................................... 14
Cut-off Date .................................................... 14
Cut-off Date Principal Balance .................................. 14
Debt Service Reduction .......................................... 15
Deficient Valuation ............................................. 15
Definitive Certificate .......................................... 15
Deleted Mortgage Loan ........................................... 15
Depository ...................................................... 15
Depository Participant .......................................... 15
Destroyed Mortgage Note ......................................... 15
Determination Date .............................................. 15
Discount Fraction ............................................... 15
Discount Mortgage Loan .......................................... 16
Disqualified Organization ....................................... 16
Distribution Date ............................................... 16
Due Date ........................................................ 16
Due Period ...................................................... 16
Eligible Account ................................................ 16
Eligible Funds .................................................. 17
Event of Default ................................................ 17
Excess Bankruptcy Loss .......................................... 17
Excess Fraud Loss ............................................... 17
Excess Special Hazard Loss ...................................... 17
Excess Subordinate Principal Amount ............................. 18
Extraordinary Events ............................................ 18
Extraordinary Losses ............................................ 19
FASIT ........................................................... 19
FDIC ............................................................ 19
FHLMC ........................................................... 19
Final Distribution Date ......................................... 19
Fitch ........................................................... 19
FNMA ............................................................ 19
Foreclosure Profits ............................................. 19
Fraud Loss Amount ............................................... 19
Fraud Losses .................................................... 20
NY1-208988.4
ii
Page
Initial Certificate Principal Balance ........................... 20
Initial Monthly Payment Fund .................................... 20
Insurance Proceeds .............................................. 21
Insurer ......................................................... 21
Interest Accrual Period ......................................... 21
Late Collections ................................................ 21
Liquidation Proceeds ............................................ 21
Loan-to-Value Ratio ............................................. 21
Lockout Distribution Percentage ................................. 21
Maturity Date ................................................... 21
Monthly Payment ................................................. 22
Moody's ......................................................... 22
Mortgage ........................................................ 22
Mortgage File ................................................... 22
Mortgage Loan Schedule .......................................... 22
Mortgage Loans .................................................. 23
Mortgage Note ................................................... 23
Mortgage Rate ................................................... 23
Mortgaged Property .............................................. 23
Mortgagor ....................................................... 23
Net Mortgage Rate ............................................... 24
Non-Discount Mortgage Loan ...................................... 24
Non-Primary Residence Loans ..................................... 24
Non-United States Person ........................................ 24
Nonrecoverable Advance .......................................... 24
Nonsubserviced Mortgage Loan .................................... 24
Officers' Certificate ........................................... 24
Opinion of Counsel .............................................. 24
Outstanding Mortgage Loan ....................................... 25
Ownership Interest .............................................. 25
Participant ..................................................... 25
Pass-Through Rate ............................................... 25
Paying Agent .................................................... 26
Percentage Interest ............................................. 26
Permitted Investments ........................................... 26
Permitted Transferee ............................................ 27
Person .......................................................... 27
Pool Stated Principal Balance ................................... 28
Pool Strip Rate ................................................. 28
Prepayment Assumption ........................................... 28
Prepayment Distribution Percentage .............................. 28
Prepayment Distribution Trigger ................................. 29
Prepayment Interest Shortfall ................................... 30
Prepayment Period ............................................... 30
Primary Insurance Policy ........................................ 30
Principal Prepayment ............................................ 30
Principal Prepayment in Full .................................... 30
Program Guide ................................................... 30
Purchase Price .................................................. 30
Qualified Substitute Mortgage Loan .............................. 30
Rating Agency ................................................... 31
Realized Loss ................................................... 31
NY1-208988.4
iii
Page
Record Date ..................................................... 32
Regular Certificate ............................................. 32
REMIC ........................................................... 32
REMIC Administrator ............................................. 32
REMIC Provisions ................................................ 32
REO Acquisition ................................................. 32
REO Disposition ................................................. 33
REO Imputed Interest ............................................ 33
REO Proceeds .................................................... 33
REO Property .................................................... 33
Request for Release ............................................. 33
Required Insurance Policy ....................................... 33
Residential Funding ............................................. 33
Responsible Officer ............................................. 33
Schedule of Discount Fractions .................................. 33
Security Agreement .............................................. 33
Seller .......................................................... 34
Seller's Agreement .............................................. 34
Senior Accelerated Distribution Percentage ...................... 34
Senior Certificates ............................................. 35
Senior Percentage ............................................... 35
Senior Principal Distribution Amount ............................ 35
Servicing Accounts .............................................. 35
Servicing Advances .............................................. 35
Servicing Fee ................................................... 36
Servicing Officer ............................................... 36
Special Hazard Amount ........................................... 36
Special Hazard Loss ............................................. 37
Standard & Poor's ............................................... 37
Stated Principal Balance ........................................ 37
Subordinate Percentage .......................................... 37
Subordinate Principal Distribution Amount ....................... 38
Subserviced Mortgage Loan ....................................... 38
Subservicer ..................................................... 38
Subservicer Advance ............................................. 38
Subservicing Account ............................................ 38
Subservicing Agreement .......................................... 38
Subservicing Fee ................................................ 39
Tax Returns ..................................................... 39
Transfer ........................................................ 39
Transferee ...................................................... 39
Transferor ...................................................... 39
Trust Fund ...................................................... 39
Uncertificated REMIC Regular Interests .......................... 40
Uninsured Cause ................................................. 40
United States Person ............................................ 40
Voting Rights ................................................... 40
NY1-208988.4
iv
Page
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01 Conveyance of Mortgage Loans ..................... 41
Section 2.02 Acceptance by Trustee ............................ 46
Section 2.03 Representations, Warranties and
Covenants of the Master Servicer and the
Company ............................. 48
Section 2.04 Representations and Warranties
of Sellers............................ 53
Section 2.05 Execution and Authentication of
Certificates ........................ 55
ARTICLE III
ADMINISTRATION AND SERVICING
OF MORTGAGE LOANS
Section 3.01 Master Servicer to Act as Servicer ............... 56
Section 3.02 Subservicing Agreements Between Master
Servicer and Subservicers; Enforcement
of Subservicers' and Sellers'
Obligations ......................... 57
Section 3.03 Successor Subservicers ........................... 58
Section 3.04 Liability of the Master Servicer ................. 59
Section 3.05 No Contractual Relationship Between
Subservicer and Trustee or
Certificateholders ................... 59
Section 3.06 Assumption or Termination of
Subservicing Agreements by Trustee....... 60
Section 3.07 Collection of Certain Mortgage Loan
Payments; Deposits to Custodial Account... 60
Servicing Accounts ................... 63
Section 3.09 Access to Certain Documentation and
Information Regarding the Mortgage
Loans ................................ 65
Section 3.10 Permitted Withdrawals from the
Custodial Account..................... 65
Section 3.11 Maintenance of the Primary Insurance
Policies; Collections Thereunder...... 67
Section 3.12 Maintenance of Fire Insurance and
Omissions and Fidelity Coverage....... 68
Section 3.13 Enforcement of Due-on-Sale Clauses;
Assumption and Modification Agreements;
Certain Assignments................... 70
NY1-208988.4
v
Page
Section 3.14 Realization Upon Defaulted
Mortgage Loans ...................... 72
Section 3.15 Trustee to Cooperate;
Release of Mortgage Files............ 75
Section 3.16 Servicing and Other Compensation;
Compensating Interest ............... 77
Section 3.17 Reports to the Trustee and the Company ........... 78
Section 3.18 Annual Statement as to Compliance ................ 78
Section 3.19 Annual Independent Public Accountants'
Servicing Report 79
Section 3.20 Rights of the Company in Respect
. of the Master Servicer ............... 79
Section 3.21 Administration of Buydown Funds .................. 80
ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS
Section 4.01 Certificate Account .............................. 82
Section 4.02 Distributions .................................... 82
Section 4.03 Statements to Certificateholders ................. 93
Section 4.04 Distribution of Reports to the
Trustee and the Company; Advances
by the Master Servicer 96
Section 4.05 Allocation of Realized Losses .................... 97
Section 4.06 Reports of Foreclosures and Abandonment
of Mortgaged Property 99
Section 4.07 Optional Purchase of Defaulted Mortgage
Loans 99
ARTICLE V
THE CERTIFICATES
Section 5.01 The Certificates ................................. 101
Section 5.02 Registration of Transfer and Exchange of
Certificates 104
Section 5.03 Mutilated, Destroyed, Lost or Stolen
Certificates 109
Section 5.04 Persons Deemed Owners ............................ 110
Section 5.05 Appointment of Paying Agent ...................... 110
Section 5.06 Optional Purchase of Certificates ................ 110
ARTICLE VI
THE COMPANY AND THE MASTER SERVICER
Section 6.01 Respective Liabilities of the Company
and the Master Servicer.......................... 113
Section 6.02 Merger or Consolidation of the
Company or the Master Servicer;
NY1-208988.4
vi
Page
Assignment of Rights and Delegation
of Duties by Master Servicer....................... 113
Section 6.03 Limitation on Liability of the Company,
the Master Servicer and Others..................... 114
Section 6.04 Company and Master
Servicer Not to Resign............................. 115
ARTICLE VII
DEFAULT
Section 7.01 Events of Default.................................. 116
Section 7.02 Trustee or Company to Act; Appointment
of Successor....................................... 118
Section 7.03 Notification to Certificateholders................. 119
Section 7.04 Waiver of Events of Default........................ 119
ARTICLE VIII
CONCERNING THE TRUSTEE
Section 8.01 Duties of Trustee.................................. 121
Section 8.02 Certain Matters Affecting the Trustee.............. 123
Section 8.03 Trustee Not Liable for Certificates or
Mortgage Loans..................................... 125
Section 8.04 Trustee May Own Certificates....................... 125
Section 8.05 Master Servicer to Pay Trustee's Fees
and Expenses; Indemnification...................... 125
Section 8.06 Eligibility Requirements for Trustee.............. 126
Section 8.07 Resignation and Removal of the Trustee............. 127
Section 8.08 Successor Trustee.................................. 128
Section 8.09 Merger or Consolidation of Trustee................. 128
Section 8.10 Appointment of Co-Trustee or Separate
Trustee............................................ 129
Section 8.11 Appointment of Custodians.......................... 130
Section 8.12 Appointment of Office or Agency.................... 130
ARTICLE IX
TERMINATION
Section 9.01 Termination Upon Purchase by the Master
Servicer or the Company or
Liquidation of All Mortgage Loans.................. 132
Section 9.02 Additional Termination Requirements................ 135
ARTICLE X
REMIC PROVISIONS
Section 10.01 REMIC Administration............................... 136
NY1-208988.4
vii
Page
Section 10.02 Master Servicer, REMIC Administrator and
Trustee Indemnification............... 140
ARTICLE XI
MISCELLANEOUS PROVISIONS
Section 11.01 Amendment........................................ 142
Section 11.02 Recordation of Agreement; Counterparts........... 145
Section 11.03 Limitation on Rights
of Certificateholders................. 145
Section 11.04 Governing Law.................................... 146
Section 11.05 Notices.......................................... 146
Section 11.06 Notices to Rating Agency......................... 147
Section 11.07 Severability of Provisions....................... 148
Section 11.08 Supplemental Provisions for
Resecuritization................................. 148
NY1-208988.4
viii
EXHIBITS
Exhibit A: Form of Class A Certificate
Exhibit B: Form of Class M Certificate
Exhibit C: Form of Class B Certificate
Exhibit D: Form of Class R Certificate
Exhibit E: Form of Custodial Agreement
Exhibit F: Mortgage Loan Schedule
Exhibit G: Form of Seller/Servicer Contract
Exhibit H: Forms of Request for Release
Exhibit I-1: Form of Transfer Affidavit and Agreement
Exhibit I-2: Form of Transferor Certificate
Exhibit J: Form of Investor Representation Letter
Exhibit K: Form of Transferor Representation Letter
Exhibit L: Form of Rule 144A Investment Representation
Letter
Exhibit M: Text of Amendment to Pooling and Servicing
Agreement Pursuant to Section 12.01(e) for a
Limited Guaranty
Exhibit N: Form of Limited Guaranty
Exhibit O: Form of Lender Certification for Assignment of
Mortgage Loan
Exhibit P: Schedule of Discount Fractions
Exhibit Q: Form of Request for Exchange
NY1-208988.4
ix
This is a Pooling and Servicing Agreement, dated as of May 1, 1997,
among RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC., as the company (together
with its permitted successors and assigns, the "Company"), RESIDENTIAL FUNDING
CORPORATION, as master servicer (together with its permitted successors and
assigns, the "Master Servicer"), and THE FIRST NATIONAL BANK OF CHICAGO, as
Trustee (together with its permitted successors and assigns, the "Trustee"),
PRELIMINARY STATEMENT:
The Company intends to sell mortgage pass-through certificates
(collectively, the "Certificates"), to be issued hereunder in multiple classes,
which in the aggregate will evidence the entire beneficial ownership interest in
the Mortgage Loans (as defined herein). As provided herein, the Master Servicer
will make an election to treat the entire segregated pool of assets described in
the definition of Trust Fund 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 a "REMIC." The Class
A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class M-1, Class
M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates and the
Uncertificated REMIC Regular Interests (as defined herein), the rights in and to
which will be represented by the Class A-7 Certificates, will be "regular
interests" in the REMIC, and the Class R Certificates will be the sole class of
"residual interests" therein for purposes of the REMIC Provisions (as defined
herein) under federal income tax law.
NY1-208988.4
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
Certificate
Pass-Through Principal Maturity
Designation Rate Balance Features Date S&P Fitch
----------- ------ --------- -------- ------ ----- -----
Class A-1 7.50% $ 134,700,000.00 Senior May 25, 2027 AAA AAA
Class A-2 7.50% $ 72,764,000.00 Senior May 25, 2027 AAA AAA
Class A-3 7.50% $ 11,931,000.00 Senior May 25, 2027 AAA AAA
Class A-4 7.50% $ 19,418,000.00 Accretion Directed/Senior May 25, 2027 AAA AAA
Class A-5 7.50% $ 11,938,000.00 Accrual/Senior May 25, 2027 AAA AAA
Class A-6 0.00% $ 549,825.51 Principal Only/Senior May 25, 2027 AAAr AAA
Class A-7 Variable Rate $ 0.00 Variable Strip/Interest May 25, 2027 AAAr AAA
Only/Senior
Class R 7.50% $ 100.00 Residual/Senior May 25, 2027 AAA AAA
Class M-1 7.50% $ 5,276,800.00 Mezzanine May 25, 2027 N/A AA
Class M-2 7.50% $ 2,374,500.00 Mezzanine May 25, 2027 N/A A
Class M-3 7.50% $ 2,242,600.00 Mezzanine May 25, 2027 N/A BBB
Class B-1 7.50% $ 1,187,300.00 Subordinate May 25, 2027 N/A BB
Class B-2 7.50% $ 527,700.00 Subordinate May 25, 2027 N/A B
Class B-3 7.50% $ 923,562.67 Subordinate May 25, 2027 N/A N/A
NY1-208988.4
2
The Mortgage Loans have an aggregate Cut-off Date Principal Balance
equal to $263,833,388.18. 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 the Class A-5 Certificates,
the earlier to occur of (i) the Distribution Date on which the Certificate
Principal Balance of the Class A-4 Certificates has 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-6 Certificate and Class
A-7 Certificates), any Class M Certificate, any Class B Certificate or any Class
R Certificate, interest accrued during the related Interest Accrual Period at
the related Pass-Through Rate on the Certificate Principal Balance thereof
immediately prior to such Distribution Date. With respect to each Distribution
Date, as to the Class A-7 Certificates in the aggregate interest accrued during
the related Interest Accrual Period at the related Pass-Through Rate on the
Class A-7 Notional Amount. With respect to each Distribution Date, as to any
Subclass of Class A-7 Certificates, interest accrued during the related Interest
Accrual Period at the related Pass-Through Rate on the Class A-7 Subclass
Notional Amount thereof. In each case Accrued Certificate Interest on any Class
of Certificates will be reduced by the amount of (i) Prepayment Interest
Shortfalls (to the extent not offset by 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)
NY1-208988.4
3
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 in proportion to their respective amounts of
Accrued Certificate Interest payable on such Distribution Date which would have
resulted absent such reductions. Any portion of the reductions described in the
immediately preceding sentence that are allocated to the Class A-7 Certificates
shall be allocated among the Subclasses thereof, if any, in proportion to their
respective amounts of Accrued Certificate Interest payable on such Distribution
Date which would have resulted absent such reductions. In addition to that
portion of the reductions described in the second preceding sentence that are
allocated to any Class of Class B Certificates or any Class of Class M
Certificates, Accrued Certificate Interest on such Class of Class B Certificates
or such Class of Class M Certificates will be reduced by the interest portion
(adjusted to the Net Mortgage Rate) of Realized Losses that are allocated solely
to such Class of Class B Certificates or such Class of Class M Certificates
pursuant to Section 4.05.
Adjusted Mortgage Rate: With respect to any Mortgage Loan and any date
of determination, the Mortgage Rate borne by the related Mortgage Note, less the
rate at which the related Subservicing Fee accrues.
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
NY1-208988.4
4
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 May 29, 1997, 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
NY1-208988.4
5
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)
$132,542 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
NY1-208988.4
6
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
NY1-208988.4
7
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 "The First National
Bank of Chicago, as trustee, in trust for the registered holders of Residential
Funding Mortgage Securities I, Inc., Mortgage Pass-Through Certificates, Series
1997-S7" 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
Certificate for purposes hereof and, solely for the purpose of giving any
consent or direction pursuant to this Agreement, any Certificate, other than a
Class R Certificate, registered in the name of the Company, the 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
(other than the Class A-7 Certificates) and Class R Certificate, on any date of
determination, an amount equal to (i) the Initial Certificate Principal Balance
of such Certificate as specified on the face thereof, plus (ii) in the case of
each Class A-5 Certificate, an amount equal to the aggregate Accrued Certificate
Interest added to the Certificate Principal Balance thereof on each Distribution
Date on or prior to the Accretion
NY1-208988.4
8
Termination Date pursuant to Section 4.02(d), 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. The
Class A-7 Certificates have no Certificate Principal Balance.
Certificate Register and Certificate Registrar: The
register maintained and the registrar appointed pursuant to
Section 5.02.
NY1-208988.4
9
Class: Collectively, all of the Certificates bearing the same
designation. The initial Class A-7 Certificates and any Subclass thereof issued
pursuant to Section 5.01(c) shall be a single Class for the purposes of this
Agreement.
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-7
Certificates) evidencing an interest designated as a "regular interest" in the
REMIC for purposes of the REMIC Provisions. The Class A-7 Certificates will
represent the entire beneficial ownership interest in the Uncertificated REMIC
Regular Interests. On and after the date of issuance of any Subclass of Class
A-7 Certificates pursuant to Section 5.01(c), any such Subclass will represent
the Uncertificated REMIC Regular Interest or Interests specified by the initial
Holder of the Class A-7 Certificates pursuant to said Section.
Class A-6 Collection Shortfall: With respect to the Cash Liquidation or
REO Disposition of a Discount Mortgage Loan and any Distribution Date, the
excess of the amount described in Section 4.02(b)(i)(C)(1) over the amount
described in Section 4.02(b)(i)(C)(2).
Class A-6 Principal Distribution Amount: As defined in
Section 4.02(b)(i).
Class A-7 Certificates: The Class A Certificates designated
as Class A-7 Certificates, including any Subclass thereof.
Class A-7 Notional Amount or Notional Amount: As of any Distribution
Date, with respect to the Class A-7 Certificates, the aggregate Stated Principal
Balance of the Mortgage Loans immediately prior to such date.
Class A-7 Subclass Notional Amount: As of any Distribution Date, with
respect to any Subclass of Class A-7 Certificates issued pursuant to Section
5.01(c), the aggregate Stated Principal Balance of the Mortgage Loans
corresponding to the Uncertificated REMIC Regular Interests represented by such
Subclass immediately prior to such date.
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 the REMIC for
purposes of the REMIC Provisions.
Class B Percentage: The Class B-1 Percentage, Class B-2
Percentage and Class B-3 Percentage.
NY1-208988.4
10
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 1.00%.
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 0.55%.
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
NY1-208988.4
11
(or related REO Properties) immediately prior to such Distribution Date is
greater than or equal to 0.35%.
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 the REMIC 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 2.75%.
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
NY1-208988.4
12
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 1.85%.
Class R Certificate: Any one of the Class R 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 the REMIC for purposes of the REMIC Provisions.
Closing Date: May 29, 1997.
Code: The Internal Revenue Code of 1986.
Compensating Interest: With respect to any Distribution Date, an amount
equal to Prepayment Interest Shortfalls resulting from Principal Prepayments in
Full during the related Prepayment Period, but not more than the lesser of (a)
one-twelfth of 0.125% of the Stated Principal Balance of the Mortgage Loans
immediately preceding such Distribution Date and (b) the sum of the Servicing
Fee, all income and gain on amounts held in the Custodial Account and the
Certificate Account and payable to the Certificateholders with respect to such
Distribution Date and servicing compensation to which the Master Servicer may be
entitled pursuant to Section 3.10(a)(v) and (vi); provided that for purposes of
this definition the amount of the Servicing Fee will not be reduced pursuant to
Section 7.02 except as may be required pursuant to the last sentence of such
Section.
Cooperative: A private, cooperative housing corporation organized under
the laws of, and headquartered in, the State of New York which owns or leases
land and all or part of a building or buildings located in the State of New
York, including apartments, spaces used for commercial purposes and common areas
therein and whose board of directors authorizes, among other things, the sale of
Cooperative Stock.
Cooperative Apartment: A dwelling unit in a multi-dwelling building
owned or leased by a Cooperative, which unit the Mortgagor has an exclusive
right to occupy pursuant to the terms of a proprietary lease or occupancy
agreement.
Cooperative Lease: With respect to a Cooperative Loan, the proprietary
lease or occupancy agreement with respect to the Cooperative Apartment occupied
by the Mortgagor and relating to the related Cooperative Stock, which lease or
agreement confers an exclusive right to the holder of such Cooperative Stock to
occupy such apartment.
NY1-208988.4
13
Cooperative Loans: Any of the Mortgage Loans made in respect of a
Cooperative Apartment, evidenced by a Mortgage Note and secured by (i) a
Security Agreement, (ii) the related Cooperative Stock Certificate, (iii) an
assignment of the Cooperative Lease, (iv) financing statements and (v) a stock
power (or other similar instrument), and ancillary thereto, a recognition
agreement between the Cooperative and the originator of the Cooperative Loan,
each of which was transferred and assigned to the Trustee pursuant to Section
2.01 and are from time to time held as part of the Trust Fund.
Cooperative Stock: With respect to a Cooperative Loan, the
single outstanding class of stock, partnership interest or other
ownership instrument in the related Cooperative.
Cooperative Stock Certificate: With respect to a
Cooperative Loan, the stock certificate or other instrument
evidencing the related Cooperative Stock.
Corporate Trust Office: The principal office of the Trustee at which at
any particular time its corporate trust business with respect to this Agreement
shall be administered, which office at the date of the execution of this
instrument is located at Corporate Trust Services Division, ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇
▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇-▇▇▇▇, Attention: Residential Funding Corporation
Series 1997-S7.
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: May 1, 1997.
Cut-off Date Principal Balance: As to any Mortgage Loan,
the unpaid principal balance thereof at the Cut-off Date after
NY1-208988.4
14
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
NY1-208988.4
15
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 the Trust Fund or any Person having an Ownership Interest in
any Class of Certificates (other than such Person) to incur a liability for any
federal tax imposed under the Code that would not otherwise be imposed but for
the Transfer of an Ownership Interest in a Class R Certificate to such Person.
The terms "United States," "State" and "international organization" shall have
the meanings set forth in Section 7701 of the Code or successor provisions.
Distribution Date: The 25th day of any month beginning in the month
immediately following the month of the initial issuance of the Certificates or,
if such 25th day is not a Business Day, the Business Day immediately following
such 25th day.
Due Date: With respect to any Distribution Date, 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.
NY1-208988.4
16
Eligible Account: An account that is any of the following: (i)
maintained with a depository institution the debt obligations of which have been
rated by each Rating Agency in its highest rating available, or (ii) an account
or accounts in a depository institution in which such accounts are fully insured
to the limits established by the FDIC, provided that any deposits not so insured
shall, to the extent acceptable to each Rating Agency, as evidenced in writing,
be maintained such that (as evidenced by an Opinion of Counsel delivered to the
Trustee and each Rating Agency) the registered Holders of Certificates have a
claim with respect to the funds in such account or a perfected first security
interest against any collateral (which shall be limited to Permitted
Investments) securing such funds that is superior to claims of any other
depositors or creditors of the depository institution with which such account is
maintained, or (iii) in the case of the Custodial Account, either (A) a trust
account or accounts maintained in the corporate trust department of The First
National Bank of Chicago or (B) an account or accounts maintained in the
corporate asset services department of The First National Bank of Chicago, as
long as its short term debt obligations are rated P-1 (or the equivalent) or
better by each Rating Agency and its long term debt obligations are rated A2 (or
the equivalent) or better, by each Rating Agency, or (iv) in the case of the
Certificate Account, a trust account or accounts maintained in the corporate
trust division of The First National Bank of Chicago, or (v) an account or
accounts of a depository institution acceptable to each Rating Agency (as
evidenced in writing by each Rating Agency that use of any such account as the
Custodial Account or the Certificate Account will not reduce the rating assigned
to any Class of Certificates by such Rating Agency below the lower of the
then-current rating or the rating assigned to such Certificates as of the
Closing Date by such Rating Agency).
Eligible Funds: On any Distribution Date, the portion, if any, of the
Available Distribution Amount remaining after reduction by the sum of (i) the
aggregate amount of Accrued Certificate Interest on the Class A and Class R
Certificates, (ii) the Senior Principal Distribution Amount (determined without
regard to Section 4.02(a)(ii)(Y)(E) hereof), (iii) the Class A-6 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.
NY1-208988.4
17
Excess Special Hazard Loss: Any Special Hazard Loss, or
portion thereof, that exceeds the then applicable Special Hazard
Amount.
Excess Subordinate Principal Amount: With respect to any Distribution
Date on which the 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
NY1-208988.4
18
(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.
FASIT: A "financial asset securitization investment trust"
within the meaning of Section 860L of the Code.
FDIC: Federal Deposit Insurance Corporation or any
successor thereto.
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 third
anniversary of the Cut-off Date an amount equal to 1.00% of the
NY1-208988.4
19
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 third to the
fifth anniversary of the Cut-off Date, an amount equal to (1) the lesser of (a)
the Fraud Loss Amount as of the most recent anniversary of the Cut-off Date and
(b) 0.50% of the aggregate outstanding principal balance of all of the Mortgage
Loans as of the most recent anniversary of the Cut-off Date minus (2) the 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.
Indirect Depository Participant: An institution that is not a
Depository Participant but clears through or maintains a custodial relationship
with Participants and has access to the Depository's clearing system.
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).
NY1-208988.4
20
Initial Class A-7 Notional Amount: With respect to any Class A-7
Certificate, the Cut-off Date Principal Balance of the Mortgage Loans
corresponding to the Uncertificated REMIC Regular Interests represented by such
Class A-7 Certificate.
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.
Interest Accrual Period: With respect to any Certificate
and any Distribution Date, the calendar month preceding the month
in which such Distribution Date occurs.
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.
Lockout Distribution Percentage: For any Distribution Date occurring
prior to the Distribution Date in June 2002, 0%. For any Distribution Date
occurring after May 2002 but prior to June 2003, 30%. For any Distribution Date
occurring after May 2003 but prior to June 2004, 40%. For any Distribution Date
occurring after May 2004 but prior to June 2005, 60%. For any Distribution Date
occurring after May 2005 but prior to June 2006, 80%. For any Distribution Date
after May 2006, 100%.
NY1-208988.4
21
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 (other than the
Class A-7 Certificates, which have no Certificate Principal Balance) would be
reduced to zero, which is May 25, 2027, the Distribution Date immediately
following the latest scheduled maturity date of any Mortgage Loan. The latest
possible Maturity Date for each Uncertificated REMIC Regular Interest is May 25,
2027, which is 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: ▇▇▇▇▇'▇ 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");
NY1-208988.4
22
(v) the Subservicer pass-through rate ("CURR NET");
(vi) the Net Mortgage Rate ("NET MTG RT");
(vii) the Pool Strip Rate ("STRIP");
(viii) the initial scheduled monthly payment of
principal, if any, and interest ("ORIGINAL P &
I");
(ix) the Cut-off Date Principal Balance ("PRINCIPAL
BAL");
(x) the Loan-to-Value Ratio at origination ("LTV");
(xi) the rate at which the Subservicing Fee accrues
("SUBSERV FEE") and at which the Servicing Fee
accrues ("MSTR SERV FEE");
(xii) a code "T," "BT" or "CT" under the column "LN
FEATURE," indicating that the Mortgage Loan is
secured by a second or vacation residence; and
(xiii) a code "N" under the column "OCCP CODE," indicating that the
Mortgage Loan is secured by a non-owner occupied residence.
Such schedule may consist of multiple reports that collectively set forth all of
the information required.
Mortgage Loans: Such of the mortgage loans transferred and assigned to
the Trustee pursuant to Section 2.01 as from time to time are held or deemed to
be held as a part of the Trust Fund, the Mortgage Loans originally so held being
identified in the initial Mortgage Loan Schedule, and Qualified Substitute
Mortgage Loans held or deemed held as part of the Trust Fund including, without
limitation, (i) with respect to each Cooperative Loan, the related Mortgage
Note, Security Agreement, Assignment of Proprietary Lease, Cooperative Stock
Certificate, Cooperative Lease and Mortgage File and all rights appertaining
thereto, and (ii) with respect to each Mortgage Loan other than a Cooperative
Loan, each related Mortgage Note, Mortgage and Mortgage File and all rights
appertaining thereto.
Mortgage Note: The originally executed note or other evidence of
indebtedness evidencing the indebtedness of a Mortgagor under a Mortgage Loan,
together with any modification thereto.
Mortgage Rate: As to any Mortgage Loan, the interest rate
borne by the related Mortgage Note, or any modification thereto.
NY1-208988.4
23
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. The determination by the Master
Servicer that it has made a Nonrecoverable Advance or that any proposed Advance
would constitute a Nonrecoverable Advance, shall be evidenced by an Officers'
Certificate delivered to the Company and the Trustee.
Nonsubserviced Mortgage Loan: Any Mortgage Loan that, at
the time of reference thereto, is not subject to a Subservicing
Agreement.
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.
NY1-208988.4
24
Original Senior Percentage: The fraction, expressed as a percentage,
the numerator of which is the aggregate Initial Certificate Principal Balance of
the Senior Certificates (other than the Class A-6 Certificates) and the
denominator of which is the aggregate Stated Principal Balance of the Mortgage
Loans (other than the Discount Fraction of the Discount Mortgage Loans), which
is approximately 95.24% 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.
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.
Participant: An institution that clears through or maintains
a custodial relationship with the Depository and has access to
the Depository's clearing system.
Pass-Through Rate: With respect to the Class A Certificates (other than
the Class A-6 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. With respect to the Class
A-7 Certificates (other than any Subclass thereof) and any Distribution Date, a
rate equal to the weighted average, expressed as a percentage, of the Pool Strip
Rates of all Mortgage Loans as of the Due Date in the month next preceding the
month in which such Distribution Date occurs, weighted on the basis of the
respective Stated Principal Balances of such Mortgage Loans, which Stated
Principal Balances shall be the Stated Principal Balances of such Mortgage Loans
at the close of business on the immediately preceding Distribution Date after
giving effect to distributions thereon allocable to principal to the Holder of
the Certificates (or with respect to the initial Distribution Date, at the close
of business on the Cut-off Date). With respect to the Class A-7 Certificates and
the initial Distribution Date, the Pass-Through Rate is equal to 0.3842% per
annum. With respect to any Subclass of Class A-7 Certificate and any
Distribution Date, a rate equal to the weighted average, expressed as a
percentage, of the Pool Strip Rates of all Mortgage Loans corresponding to the
Uncertificated REMIC Regular Interests represented by such Subclass as of the
Due Date in the month next preceding the month in which such Distribution Date
occurs, weighted on the basis of the respective Stated Principal Balances of
such Mortgage Loans, which Stated Principal Balances shall be the Stated
Principal Balances of such Mortgage Loans at the close of business on the
immediately preceding Distribution
NY1-208988.4
25
Date after giving effect to distributions thereon allocable to principal to the
Holders of the Certificates (or with respect to the initial Distribution Date,
at the close of business on the Cut-off Date). The Class A-6 Certificates have
no Pass-Through Rate and are not entitled to Accrued Certificate Interest.
Paying Agent: The First National Bank of Chicago or any
successor Paying Agent appointed by the Trustee.
Percentage Interest: With respect to any Certificate (other than a
Class R Certificate), the undivided percentage ownership interest in the related
Class evidenced by such Certificate, which percentage ownership interest shall
be equal to the Initial Certificate Principal Balance thereof or Initial Class
A-7 Notional Amount thereof (in the case of any Class A-7 Certificate) divided
by the aggregate Initial Certificate Principal Balance or the aggregate of the
Initial Class A-7 Notional Amounts, as applicable, 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
NY1-208988.4
26
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, 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 ▇▇▇▇▇'▇, 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 ▇▇▇▇▇'▇ and either A-1 by Standard
& Poor's, P-1 by ▇▇▇▇▇'▇ 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.
NY1-208988.4
27
Person: Any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization or
government or any agency or political subdivision thereof.
Pool Stated Principal Balance: As to any date of determination, the
aggregate of the Stated Principal Balances of each Mortgage Loan that was an
Outstanding Mortgage Loan on the Due Date in the month preceding the month of
such date of determination.
Pool Strip Rate: With respect to each Mortgage Loan, a per annum rate
equal to the excess of (a) the Net Mortgage Rate of such Mortgage Loan over (b)
7.50% (but not less than 0.00%) per annum.
Prepayment Assumption: A prepayment assumption of 235% 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 prior to the Distribution Date in
June 2002 (unless the Certificate Principal Balances of the
Class A Certificates, other than the Class A-6 Certificates,
have been reduced to zero), 0%.
(ii) For any Distribution Date on which any Class of Class M or
Class B Certificates are outstanding not discussed in clause
(i) above:
(a) in the case of the Class of Class M Certificates
then outstanding with the lowest numerical designation, or
in the event the Class M Certificates are no longer
outstanding, the Class of Class B Certificates then
outstanding with the lowest numerical designation and each
other Class of Class M Certificates and Class B Certificates
for which the related Prepayment Distribution Trigger has
been satisfied, a fraction, expressed as a percentage, the
numerator of which is the Certificate Principal
NY1-208988.4
28
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.
NY1-208988.4
29
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 or otherwise purchased on any date pursuant to Section 2.02,
2.03, 2.04 or 4.07, an amount equal to the sum of (i) 100% of the Stated
Principal Balance thereof plus the principal portion of any related unreimbursed
Advances and (ii) unpaid accrued interest at the Adjusted Mortgage Rate (or at
the Net Mortgage Rate in the case of a purchase made by the Master Servicer) on
the Stated Principal Balance thereof to the first day of the month following the
month of purchase from the Due Date to which interest was last paid by the
Mortgagor.
NY1-208988.4
30
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 Pool Strip Rate equal to or greater than that of the Deleted
Mortgage Loan. Notwithstanding any other provisions herein, (x) with respect to
any Qualified Substitute Mortgage Loan substituted for a Deleted Mortgage Loan
which was a Discount Mortgage Loan, such Qualified Substitute Mortgage Loan
shall be deemed to be a Discount Mortgage Loan and to have a Discount Fraction
equal to the Discount Fraction of the Deleted Mortgage Loan and (y) in the event
that the "Pool Strip Rate" of any Qualified Substitute Mortgage Loan as
calculated pursuant to the definition of "Pool Strip Rate" is greater than the
Pool Strip Rate of the related Deleted Mortgage Loan (i) the Pool Strip Rate of
such Qualified Substitute Mortgage Loan shall be equal to the Pool Strip Rate of
the related Deleted Mortgage Loan for purposes of calculating the Pass-Through
Rate on the Class A-7 Certificates and (ii) the excess of the Pool Strip Rate on
such Qualified Substitute Mortgage Loan as calculated pursuant to the definition
of "Pool Strip Rate" over the Pool Strip Rate on the related Deleted Mortgage
Loan shall be payable to the Class R Certificates pursuant to Section 4.02
hereof.
Rating Agency: Fitch and Standard & Poor's with respect to the Class A
and Class R Certificates and Fitch with respect to the Class M-1, Class M-2,
Class M-3, Class B-1 and Class B-2 Certificates. If 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
NY1-208988.4
31
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 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 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.
NY1-208988.4
32
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.
NY1-208988.4
33
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 Accelerated Distribution Percentage: With respect to
any Distribution Date, the percentage indicated below:
Senior Accelerated
Distribution Date Distribution Percentage
June 1997 through
May 2002................................... 100%
June 2002 through
May 2003.................................... Senior Percentage, plus 70% of
the Subordinate Percentage
June 2003 through
May 2004..................................... Senior Percentage, plus 60% of
the Subordinate Percentage
June 2004 through
May 2005..................................... Senior Percentage, plus 40% of
the Subordinate Percentage
June 2005 through
May 2006..................................... Senior Percentage, plus 20% of
the Subordinate Percentage
June 2006 and
thereafter................................... Senior Percentage
provided, however, (i) that any scheduled reduction to the Senior Accelerated
Distribution Percentage described above shall not occur as of any Distribution
Date unless either (a)(1)(X) the outstanding principal balance of the Mortgage
Loans delinquent 60 days or more averaged over the last six months, as a
percentage of the aggregate outstanding Certificate Principal Balance of the
Class M and Class B Certificates, is less than 50% or (Y) the outstanding
principal balance of Mortgage Loans delinquent 60 days or more averaged over the
last six months, as a percentage of the aggregate outstanding principal balance
of all Mortgage Loans averaged over the last six months, does not exceed 2% and
(2) Realized Losses on the Mortgage Loans to date for such
NY1-208988.4
34
Distribution Date if occurring during the sixth, seventh, eighth, ninth or tenth
year (or any year thereafter) after the Closing Date are less than 30%, 35%,
40%, 45% or 50%, respectively, of the sum of the Initial Certificate Principal
Balances of the Class M Certificates and Class B Certificates or (b)(1) the
outstanding principal balance of Mortgage Loans delinquent 60 days or more
averaged over the last six months, as a percentage of the aggregate outstanding
principal balance of all Mortgage Loans averaged over the last six months, does
not exceed 4% and (2) Realized Losses on the Mortgage Loans to date for such
Distribution Date are less than 10% of the sum of the Initial Certificate
Principal Balances of the Class M Certificates and Class B Certificates and (ii)
that for any Distribution Date on which the Senior Percentage is greater than
the Original Senior Percentage, the Senior Accelerated Distribution Percentage
for such Distribution Date shall be 100%. Notwithstanding the foregoing, upon
the reduction of the aggregate Certificate Principal Balance of the Senior
Certificates (other than the Class A-6 Certificates) to zero, the Senior
Accelerated Distribution Percentage shall thereafter be 0%.
Senior Certificates: Any one of the Class A Certificates or
Class R Certificates.
Senior Percentage: As of any Distribution Date, the lesser of 100% and
a fraction, expressed as a percentage, the numerator of which is the aggregate
Certificate Principal Balance of the Senior Certificates (other than the Class
A-6 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 Discount Fraction of
the Discount Mortgage Loans) 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 (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).
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,
NY1-208988.4
35
(iii) the management and liquidation of any REO Property and (iv) compliance
with the obligations under Sections 3.01, 3.08, 3.12(a) and 3.14, including, if
the Master Servicer or any Affiliate of the Master Servicer provides services
such as appraisals and brokerage services that are customarily provided by
Persons other than servicers of mortgage loans, reasonable compensation for such
services.
Servicing Fee: With respect to any Mortgage Loan and Distribution Date,
the fee payable monthly to the Master Servicer in respect of master servicing
compensation that accrues at an annual rate designated on the Mortgage Loan
Schedule as the "MSTR SERV FEE" for such Mortgage Loan, as may be adjusted with
respect to successor Master Servicers as provided in Section 7.02.
Servicing Officer: Any officer of the Master Servicer involved in, or
responsible for, the administration and servicing of the Mortgage Loans whose
name and specimen signature appear on a list of servicing officers furnished to
the Trustee by the Master Servicer, as such list may from time to time be
amended.
Special Hazard Amount: As of any Distribution Date, an amount equal to
$3,904,911 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 41.1% (which
percentage is equal to the percentage of Mortgage
NY1-208988.4
36
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.
Standard & Poor's: Standard & Poor's Ratings Services, a
division of the ▇▇▇▇▇▇-▇▇▇▇ 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.
Subclass: With respect to the Class A-7 Certificates, any Subclass
thereof issued pursuant to Section 5.01(c). Any such Subclass will represent the
Uncertificated REMIC Regular Interest or Interests specified by the initial
Holder of the Class A-7 Certificates pursuant to Section 5.01(c).
NY1-208988.4
37
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 Class A Certificates and Class R Certificates; (iii) the
product of (x) the related Prepayment Distribution Percentage and (y) the
aggregate of all Principal Prepayments in Full and Curtailments received in the
related Prepayment Period (other than the related Discount Fraction of such
Principal Payments in Full and Curtailments with respect to a Discount Mortgage
Loan) to the extent not payable to the Class A Certificates and Class R
Certificates; (iv) if such Class is the most senior Class of Certificates then
outstanding (as established in Section 4.05 hereof), any Excess Subordinate
Principal Amount for such Distribution Date; and (v) any amounts described in
clauses (i), (ii) and (iii) as determined for any previous Distribution Date,
that remain undistributed to the extent that such amounts are not attributable
to Realized Losses which have been allocated to a subordinate Class of Class M
or Class B Certificates minus (b) any Excess Subordinate Principal Amount not
payable to such Class on such Distribution Date pursuant to the definition
thereof; provided, however, that such amount shall in no event exceed the
outstanding Certificate Principal Balance of such Class of Certificates
immediately prior to such date.
Subserviced Mortgage Loan: Any Mortgage Loan that, at the
time of reference thereto, is subject to a Subservicing
Agreement.
Subservicer: Any Person with whom the Master Servicer has entered into
a Subservicing Agreement and who generally satisfied the requirements set forth
in the Program Guide in respect of the qualification of a Subservicer as of the
date of its approval as a Subservicer by the Master Servicer.
Subservicer Advance: Any delinquent installment of principal and
interest on a Mortgage Loan which is advanced by the related Subservicer (net of
its Subservicing Fee) pursuant to the Subservicing Agreement.
Subservicing Account: An account established by a
Subservicer in accordance with Section 3.08.
NY1-208988.4
38
Subservicing Agreement: The written contract between the Master
Servicer and any Subservicer relating to servicing and administration of certain
Mortgage Loans as provided in Section 3.02, generally in the form of the
servicer contract referred to or contained in the Program Guide or in such other
form as has been approved by the Master Servicer and the Company.
Subservicing Fee: As to any Mortgage Loan, the fee payable monthly to
the related Subservicer (or, in the case of a Nonsubserviced Mortgage Loan, to
the Master Servicer) in respect of subservicing and other compensation that
accrues at an annual rate equal to the excess of the Mortgage Rate borne by the
related Mortgage Note over the rate per annum designated on the Mortgage Loan
Schedule as the "CURR NET" for such Mortgage Loan.
Tax Returns: The federal income tax return on Internal Revenue Service
Form 1066, U.S. Real Estate Mortgage Investment Conduit Income Tax Return,
including Schedule Q thereto, Quarterly Notice to Residual Interest Holders of
REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed
on behalf of the Trust Fund due to its classification as a REMIC under the REMIC
Provisions, together with any and all other information, reports or returns that
may be required to be furnished to the Certificateholders or filed with the
Internal Revenue Service or any other governmental taxing authority under any
applicable provisions of federal, state or local tax laws.
Transfer: Any direct or indirect transfer, sale, pledge,
hypothecation or other form of assignment of any Ownership
Interest in a Certificate.
Transferee: Any Person who is acquiring by Transfer any
Ownership Interest in a Certificate.
Transferor: Any Person who is disposing by Transfer of any
Ownership Interest in a Certificate.
Trust Fund: The segregated pool of assets, with respect to
which a REMIC 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, but not including
amounts on deposit in the Initial Monthly Payment 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,
NY1-208988.4
39
(iv) the hazard insurance policies and Primary Insurance
Policies, if any, and the interest in the Surety Bond
transferred to the Trustee pursuant to Section 2.01,
and
(v) all proceeds of clauses (i) through (iv) above.
Uncertificated REMIC Regular Interests: The 1,054 uncertificated
partial undivided beneficial ownership interests in the Trust Fund numbered
sequentially from 1 through 1,054 each relating to the particular Mortgage Loan
identified by sequential number on the Mortgage Loan Schedule, each having no
principal balance, and each bearing the respective Pool Strip Rate on the Stated
Principal Balance of the related Mortgage Loan.
Uniform Single Attestation Program for Mortgage Bankers: The Uniform
Single Attestation Program for Mortgage Bankers, as published by the Mortgage
Bankers Association of America and effective with respect to fiscal periods
ending on or after
December 15, 1995.
Uninsured Cause: Any cause of damage to property subject to a Mortgage
such that the complete restoration of such property is not fully reimbursable by
the hazard insurance policies.
United States Person: A citizen or resident of the United States, a
corporation, partnership or other entity created or organized in, or under the
laws of, the United States or any political subdivision thereof, or an estate
that is described in Section 7701(a)(30)(D) of the Code, or a trust that is
described in Section 7701(a)(30)(E) of the Code.
Voting Rights: The portion of the voting rights of all of the
Certificates which is allocated to any Certificate. 98% of all of the Voting
Rights shall be allocated among Holders of Certificates, other than the Class
A-7 and Class R Certificates, in proportion to the outstanding Certificate
Principal Balances of their respective Certificates; 1% of all Voting Rights
shall be allocated among the Holders of the Class A-7 Certificates and the
Holders of the Class R Certificates shall be entitled to 1% of all of the Voting
Rights, allocated among the Certificates of each such Class in accordance with
their respective Percentage Interests.
NY1-208988.4
40
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
NY1-208988.4
41
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
NY1-208988.4
42
(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) ▇▇▇▇▇'▇ 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
NY1-208988.4
43
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 be construed as a
sale by the Company to the Trustee of the Mortgage Loans for the benefit of the
Certificateholders. Further, it is not intended that such conveyance be deemed
to be a pledge of the Mortgage Loans by the Company to the Trustee to secure a
debt or other obligation of the Company. However, in the event that the Mortgage
Loans 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, 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 Section 2.01 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
NY1-208988.4
44
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 and (C) 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)
and (C) 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 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 as evidenced by an Officer's Certificate of the Company,
including
NY1-208988.4
45
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 or (3) any transfer of any interest of Residential
Funding or the Company in any Mortgage Loan.
(f) The Master Servicer hereby acknowledges the receipt by
it of cash in an amount equal to $312,445 (the "Initial Monthly Payment Fund"),
representing scheduled principal amortization and interest at the Net Mortgage
Rate for the Due Date in June 1997, for those Mortgage Loans for which the
Trustee will not be entitled to receive such payment. The Master Servicer shall
hold such Initial Monthly Payment Fund in the Custodial Account and shall
include such Initial Monthly Payment Fund in the Available Distribution Amount
for the Distribution Date in June 1997. Notwithstanding anything herein to the
contrary, the Initial Monthly Payment Fund shall not be an asset of the REMIC.
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. 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
NY1-208988.4
46
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 the Trust Fund at its
Purchase Price, in either case within 90 days from the date the Master Servicer
was notified of such omission or defect; provided that if the omission or defect
would cause the Mortgage Loan to be other than a "qualified mortgage" as defined
in Section 860G(a)(3) of the Code, any such cure or repurchase must occur within
90 days from the date such breach was discovered. The Purchase Price for any
such Mortgage Loan, whether purchased by the Seller or the Subservicer, shall be
deposited or caused to be deposited by the Master Servicer in the Custodial
Account maintained by it pursuant to Section 3.07 and, upon receipt by the
Trustee of written notification of such deposit signed by a Servicing Officer,
the Trustee or any Custodian, as the case may be, shall release to the Master
Servicer the related Mortgage File and the Trustee shall execute and deliver
such instruments of transfer or assignment prepared by the Master Servicer, in
each case without recourse, as shall be necessary to vest in the Seller or its
designee or the Subservicer or its designee, as the case may be, any Mortgage
Loan released pursuant hereto and thereafter such Mortgage Loan shall not be
part of the Trust Fund. It is understood and agreed that the obligation of the
Seller or the Subservicer, as the case may be, to so cure or purchase any
Mortgage Loan as to which a material defect in or omission of a constituent
document exists shall constitute the
NY1-208988.4
47
sole remedy respecting such defect or omission available to Certificateholders
or the Trustee on behalf of the 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 the 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
NY1-208988.4
48
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 in any Mortgage Loan, the party discovering such breach shall
give prompt written notice to the other parties (any Custodian being so
obligated under a Custodial Agreement). Within 90 days of its discovery or its
receipt of notice of such breach, the Master Servicer shall either (i) cure such
breach in all material respects or (ii) to the extent that such breach is with
respect to a Mortgage Loan or a related document, purchase such Mortgage Loan
from the Trust Fund at the Purchase Price and in the manner set forth in Section
2.02; provided that if the omission or defect would cause the Mortgage Loan to
be other than a "qualified mortgage" as defined in Section 860G(a)(3) of the
Code, any such cure must occur within 90 days from the date such breach was
discovered. The obligation of the Master Servicer to cure such breach or to so
purchase such Mortgage Loan shall constitute the sole remedy in respect of a
breach of a representation and warranty set forth in this Section 2.03(a)
available to the Certificateholders or the Trustee on behalf of the
Certificateholders.
NY1-208988.4
49
(b) The Company hereby represents and warrants to the Trustee for the
benefit of Certificateholders 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) at least 30% of the Stated
Principal Balance of the Mortgage Loan at origination if the
Loan-to-Value Ratio is between 95.00% and 90.01%, (b) at least 25% 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 0.9% of the Mortgage Loans by aggregate
Stated Principal Balance as of the Cut-off Date are secured by
Mortgaged Properties located in any one zip code area in California and
no more than 0.4% 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. 8 of the Mortgage
Loans, representing approximately 0.5% of the Mortgage Loans by
aggregate Stated Principal Balance as of the Cut-off Date, are
Cooperative Loans;
(vii) If the improvements securing a Mortgage Loan
are in a federally designated special flood hazard area,
NY1-208988.4
50
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 16.6% 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) 5 of the Mortgage Loans, representing 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
NY1-208988.4
51
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) None of the Mortgage Loans contain in the related
Mortgage File a Destroyed Mortgage Note.
It is understood and agreed that the representations and warranties set forth in
this Section 2.03(b) shall survive delivery of the respective Mortgage Files to
the Trustee or any Custodian.
Upon discovery by any of the Company, the Master Servicer, the Trustee
or any Custodian of a breach of any of the representations and warranties set
forth in this Section 2.03(b) which materially and adversely affects the
interests of the Certificateholders in any Mortgage Loan, the party discovering
such breach shall give prompt written notice to the other parties (any Custodian
being so obligated under a Custodial Agreement); provided, however, that in the
event of a breach of the representation and warranty set forth in Section
2.03(b)(xii), the party discovering such breach shall give such notice within
five days of discovery. Within 90 days of its discovery or its receipt of notice
of breach, the Company shall either (i) cure such breach in all material
respects or (ii) purchase such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section 2.02; provided that the Company
shall have the option to substitute a Qualified Substitute Mortgage Loan or
Loans for such Mortgage Loan if such substitution occurs within two years
following the Closing Date; provided that if the omission or defect would cause
the Mortgage Loan to be other than a "qualified mortgage" as defined in Section
860G(a)(3) of the Code, any such cure or repurchase must occur within 90 days
from the date such breach was discovered. Any such substitution shall be
effected by the Company under the same terms and conditions as provided in
Section 2.04 for substitutions by Residential Funding. It is understood and
agreed that the obligation of the Company to cure such breach or to so purchase
or substitute for any Mortgage Loan as to which such a breach has occurred and
is continuing shall constitute the sole remedy respecting such breach available
to the Certificateholders or the Trustee on behalf of the Certificateholders.
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.
NY1-208988.4
52
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
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 Certificate- holders.
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 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 cure
or substitution must occur within 90 days from the date the breach was
discovered. In the event that Residential Funding elects to substitute a
Qualified Substitute Mortgage Loan or Loans for a Deleted Mortgage Loan pursuant
to this Section 2.04, Residential Funding shall deliver to the Trustee for the
benefit of the Certificateholders 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
NY1-208988.4
53
Distribution Date. For the month of substitution, distributions to the
Certificateholders will include the Monthly Payment due on a Deleted Mortgage
Loan for such month and thereafter 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 the
Certificateholders in the month of substitution). Residential Funding shall
deposit the amount of such shortfall into the Custodial Account on the day of
substitution, without any reimbursement therefor. Residential Funding shall give
notice in writing to the Trustee of such event, which notice shall be
accompanied by an Officers' Certificate as to the calculation of such shortfall
and (subject to Section 10.01(f)) by an Opinion of Counsel to the effect that
such substitution will not cause (a) any federal tax to be imposed on the Trust
Fund, including without limitation, any federal tax imposed on "prohibited
transactions" under Section 860F(a)(1) of the Code or on "contributions after
the startup date" under Section 860G(d)(1) of the Code or (b) any portion of the
Trust Fund to fail to qualify as a REMIC at any time that any Certificate is
outstanding.
NY1-208988.4
54
It is understood and agreed that the obligation of the Seller or
Residential Funding, as the case may be, to cure such breach or purchase (or in
the case of Residential Funding to substitute for) such Mortgage Loan as to
which such a breach has occurred and is continuing shall constitute the sole
remedy respecting such breach available to the Certificateholders or the Trustee
on behalf of Certificateholders. 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. Execution and Authentication of 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 the Trust Fund, receipt of which is hereby acknowledged.
Concurrently with such delivery and in exchange therefor, the Trustee, pursuant
to the written request of the Company executed by an officer of the Company has
executed and caused to be authenticated and delivered to or upon the order of
the Company the Certificates in authorized denominations which evidence
ownership of the entire Trust Fund.
NY1-208988.4
55
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 the
related Insurer, the acquisition of any property acquired by foreclosure or deed
in lieu of foreclosure, or the management, marketing and conveyance of any
property acquired by foreclosure or deed in lieu of foreclosure with respect to
the Mortgage Loans and with respect to the Mortgaged Properties. Notwithstanding
the foregoing, subject to Section 3.07(a), the Master Servicer shall not permit
any modification with respect to any Mortgage Loan that would both constitute a
sale or exchange of such Mortgage Loan within the meaning of Section 1001 of the
Code and any proposed, temporary or final regulations promulgated thereunder
(other than in connection with a proposed conveyance or assumption of such
Mortgage Loan that is treated as a Principal Prepayment in Full pursuant to
Section 3.13(d) hereof) and cause the Trust Fund to fail to qualify as a REMIC
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
NY1-208988.4
56
extent not inconsistent with this Agreement, comply with the Program Guide as if
it were the originator of such Mortgage Loan and had retained the servicing
rights and obligations in respect thereof. In connection with servicing and
administering the Mortgage Loans, the Master Servicer and any Affiliate of the
Master Servicer (i) may perform services such as appraisals and brokerage
services that are not customarily provided by servicers of mortgage loans, and
shall be entitled to reasonable compensation therefor in accordance with Section
3.10 and (ii) may, at its own discretion and on behalf of the Trustee, obtain
credit information in the form of a "credit score" from a credit repository.
(b) All costs incurred by the Master Servicer or by Subservicers in
effecting the timely payment of taxes and assessments on the properties subject
to the Mortgage Loans shall not, for the purpose of calculating monthly
distributions to the Certificateholders, 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
NY1-208988.4
57
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
NY1-208988.4
58
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 the Certificateholders for the servicing and administering of the Mortgage
Loans in accordance with the provisions of Section 3.01 without diminution of
such obligation or liability by virtue of such Subservicing Agreements or
arrangements or by virtue of indemnification from the Subservicer or the Company
and to the same extent and under the same terms and conditions as if the 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 the
Certificateholders shall not be deemed parties thereto and shall have no claims,
rights, obligations, duties or liabilities with respect to the Subservicer in
its capacity as such except as set forth in Section 3.06. 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.
NY1-208988.4
59
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. In the event of any such arrangement, the Master Servicer shall make
timely advances on the related Mortgage Loan during the scheduled period in
accordance with the amortization schedule of such Mortgage Loan without
modification thereof by reason of such arrangements unless otherwise agreed to
by the Holders of the Classes of Certificates affected thereby; provided,
however, that no such extension shall be made if any such advance would be a
Nonrecoverable Advance. Consistent with
NY1-208988.4
60
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 (taking into account any estimated Realized Loss that might
result absent such action); provided, however, that the Master Servicer may not
modify materially or permit any Subservicer to modify any Mortgage Loan,
including without limitation any modification that would change the Mortgage
Rate, forgive the payment of any principal or interest (unless in connection
with the liquidation of the related Mortgage Loan or except in connection with
prepayments to the extent that such reamortization is not inconsistent with the
terms of the Mortgage Loan), or extend the final maturity date of such Mortgage
Loan, unless such Mortgage Loan is in default or, in the judgment of the Master
Servicer, such default is reasonably foreseeable. In connection with any
Curtailment of a Mortgage Loan, the Master Servicer, to the extent not
inconsistent with the terms of the Mortgage Note and local law and practice, may
permit the Mortgage Loan to be reamortized such that the Monthly Payment is
recalculated as an amount that will fully amortize the remaining Stated
Principal Balance thereof by the original Maturity Date based on the original
Mortgage Rate; provided, that such re- amortization shall not be permitted if it
would constitute a reissuance of the Mortgage Loan for federal income tax
purposes.
(b) The Master Servicer shall establish and maintain a Custodial
Account in which the Master Servicer shall deposit or cause to be deposited on a
daily basis, except as otherwise specifically provided herein, the following
payments and collections remitted by Subservicers or received by it in respect
of the Mortgage Loans subsequent to the Cut-off Date (other than in respect of
principal and interest on the Mortgage Loans due on or before the Cut-off Date):
(i) All payments on account of principal, including
Principal Prepayments made by Mortgagors on the Mortgage Loans and the
principal component of any Subservicer Advance or of any REO Proceeds
received in connection with an REO Property for which an REO
Disposition has occurred;
(ii) All payments on account of interest at the Adjusted
Mortgage Rate on the Mortgage Loans, including Buydown Funds, if any,
and the interest component of any Subservicer Advance or of any REO
Proceeds received in connection with an REO Property for which an REO
Disposition has occurred;
(iii) Insurance Proceeds and Liquidation Proceeds
(net of any related expenses of the Subservicer);
NY1-208988.4
61
(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
NY1-208988.4
62
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.
NY1-208988.4
63
(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.
NY1-208988.4
64
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, 3.07(a), 3.08, 3.11, 3.12(a), 3.14 and 4.04 or otherwise
reimbursable pursuant to the terms of this Agreement, such withdrawal
right being limited to amounts received on particular Mortgage Loans
(including, for this purpose, REO Proceeds, Insurance Proceeds,
Liquidation Proceeds and proceeds from the purchase of a Mortgage Loan
pursuant to Section 2.02, 2.03, 2.04 or 4.07) which represent (A) Late
Collections of Monthly Payments for which any such advance was made in
the case of Subservicer Advances or Advances pursuant to Section 4.04
and (B) recoveries of amounts in respect of which such advances were
made in the case of Servicing Advances;
(iii) to pay to itself or the related Subservicer (if not
previously retained by such Subservicer) out of each payment received
by the Master Servicer on account of interest on a Mortgage Loan as
contemplated by Sections 3.14 and 3.16, an amount equal to that
remaining portion of any such payment as to interest (but not in excess
of the Servicing Fee and the Subservicing Fee, if not previously
retained) which, when deducted, will result in the remaining
NY1-208988.4
65
amount of such interest being interest at the Net Mortgage Rate on the
amount specified in the amortization schedule of the related Mortgage
Loan as the principal balance thereof at the beginning of the period
respecting which such interest was paid after giving effect to any
previous Curtailments;
(iv) to pay to itself as additional servicing compensation
any interest or investment income earned on funds deposited in the
Custodial Account that it is entitled to withdraw pursuant to Section
3.07(c);
(v) to pay to itself as additional servicing
compensation any Foreclosure Profits, and any amounts
remitted by Subservicers as interest in respect of
Curtailments pursuant to Section 3.08(b);
(vi) to pay to itself, a Subservicer, a Seller, Residential
Funding, the Company or any other appropriate Person, as the case may
be, with respect to each Mortgage Loan or property acquired in respect
thereof that has been purchased or otherwise transferred pursuant to
Section 2.02, 2.03, 2.04, 4.07 or 9.01, all amounts received thereon
and not required to be distributed to the Certificateholders 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, or in connection with
enforcing any repurchase, substitution or indemnification obligation of
any Seller (other than an Affiliate of the Company) pursuant to the
related Seller's Agreement;
(ix) to reimburse itself for amounts expended by it (a)
pursuant to Section 3.14 in good faith in connection with the
restoration of property damaged by an Uninsured Cause, and (b) in
connection with the liquidation of a Mortgage Loan or disposition of an
REO Property to the extent not otherwise reimbursed pursuant to clause
(ii) or (viii) above; and
(x) to withdraw any amount deposited in the
Custodial Account that was not required to be deposited
therein pursuant to Section 3.07.
NY1-208988.4
66
(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 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. The Master Servicer shall be
entitled to cancel or permit the discontinuation of any Primary Insurance Policy
as to any Mortgage Loan, if the Stated Principal Balance of the Mortgage Loan is
reduced below an amount equal to 80% of the appraised value of the related
Mortgaged Property as determined in any appraisal thereof after the Closing
Date, or if the Loan- to-Value Ratio is reduced below 80% as a result of
principal payments on the Mortgage Loan after the Closing Date. In the event
that the Company gains knowledge that as of the Closing Date, a Mortgage Loan
had a Loan-to-Value Ratio at origination in excess of 80% and is not the subject
of a Primary Insurance Policy (and was not included in any exception to the
representation in Section 2.03(b)(iv)) and that such Mortgage Loan has a current
Loan-to-Value Ratio in excess of 80% then the Master Servicer shall use its
reasonable efforts to obtain and maintain a Primary Insurance Policy to the
extent that such a
NY1-208988.4
67
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
NY1-208988.4
68
Mortgagor in accordance with the Master Servicer's normal servicing procedures)
shall be deposited in the Custodial Account, subject to withdrawal pursuant to
Section 3.10. Any cost incurred by the Master Servicer in maintaining any such
insurance shall not, for the purpose of calculating monthly distributions to the
Certificateholders, be added to the amount owing under the Mortgage Loan,
notwithstanding that the terms of the Mortgage Loan so permit. Such costs shall
be recoverable by the Master Servicer out of related late payments by the
Mortgagor or out of Insurance Proceeds and Liquidation Proceeds to the extent
permitted by Section 3.10. It is understood and agreed that no earthquake or
other additional insurance is to be required of any Mortgagor or maintained on
property acquired in respect of a Mortgage Loan other than pursuant to such
applicable laws and regulations as shall at any time be in force and as shall
require such additional insurance. Whenever the improvements securing a Mortgage
Loan (other than a Cooperative Loan) are located at the time of origination of
such Mortgage Loan in a federally designated special flood hazard area, the
Master Servicer shall cause flood insurance (to the extent available) to be
maintained in respect thereof. Such flood insurance shall be in an amount equal
to the lesser of (i) the amount required to compensate for any loss or damage to
the Mortgaged Property on a replacement cost basis and (ii) the maximum amount
of such insurance available for the related Mortgaged Property under the
national flood insurance program (assuming that the area in which such Mortgaged
Property is located is participating in such program).
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 the
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
NY1-208988.4
69
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
NY1-208988.4
70
deliver, on behalf of the Trustee, the assumption agreement with the Person to
whom the Mortgaged Property is to be conveyed and such modification agreement or
supplement to the Mortgage Note or Mortgage or other instruments as are
reasonable or necessary to carry out the terms of the Mortgage Note or Mortgage
or otherwise to comply with any applicable laws regarding assumptions or the
transfer of the Mortgaged Property to such Person; provided, however, none of
such terms and requirements shall both (i) constitute a "significant
modification" effecting an exchange or reissuance of such Mortgage Loan under
the Code (or final, temporary or proposed Treasury Regulations promulgated
thereunder) and (ii) cause the Trust Fund to fail to qualify as a REMIC under
the Code or (subject to Section 10.01(f)), result in the imposition of any tax
on "prohibited transactions" or constitute "contributions" after the start-up
date under the REMIC Provisions. The Master Servicer shall execute and deliver
such documents only if it reasonably determines that (i) its execution and
delivery thereof will not conflict with or violate any terms of this Agreement
or cause the unpaid balance and interest on the Mortgage Loan to be
uncollectible in whole or in part, (ii) any required consents of insurers under
any Required Insurance Policies have been obtained and (iii) subsequent to the
closing of the transaction involving the assumption or transfer (A) the Mortgage
Loan will continue to be secured by a first mortgage lien pursuant to the terms
of the Mortgage, (B) such transaction will not adversely affect the coverage
under any Required Insurance Policies, (C) the Mortgage Loan will fully amortize
over the remaining term thereof, (D) no material term of the Mortgage Loan
(including the interest rate on the Mortgage Loan) will be altered nor will the
term of the Mortgage Loan be changed and (E) if the seller/transferor of the
Mortgaged Property is to be released from liability on the Mortgage Loan, such
release will not (based on the Master Servicer's or Subservicer's good faith
determination) adversely affect the collectability of the Mortgage Loan. Upon
receipt of appropriate instructions from the Master Servicer in accordance with
the foregoing, the Trustee shall execute any necessary instruments for such
assumption or substitution of liability as directed in writing by the Master
Servicer. Upon the closing of the transactions contemplated by such documents,
the Master Servicer shall cause the originals or true and correct copies of the
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
NY1-208988.4
71
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 the Trust Fund would not fail
to continue to qualify as a REMIC under the Code as a result thereof and
(subject to Section 10.01(f)) that no tax on "prohibited transactions" or
"contributions" after the startup day would be imposed on the REMIC as a result
thereof. Any fee collected by the Master Servicer or the related Subservicer for
processing such a request will be retained by the Master Servicer or such
Subservicer as additional servicing compensation.
(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
NY1-208988.4
72
other conversion, the Master Servicer shall, consistent with Section 3.11,
follow such practices and procedures as it shall deem necessary or advisable, as
shall be normal and usual in its general mortgage servicing activities and as
shall be required or permitted by the Program Guide; provided that the Master
Servicer shall not be liable in any respect hereunder if the Master Servicer is
acting in connection with any such foreclosure or other conversion in a manner
that is consistent with the provisions of this Agreement. The Master Servicer,
however, shall not be required to expend its own funds or incur other
reimbursable charges in connection with any foreclosure, or attempted
foreclosure which is not completed, or towards the restoration of any property
unless it shall determine (i) that such restoration and/or foreclosure will
increase the proceeds of liquidation of the Mortgage Loan to Holders of
Certificates of one or more Classes after reimbursement to itself for such
expenses or charges and (ii) that such expenses or charges will be recoverable
to it through Liquidation Proceeds, Insurance Proceeds, or REO Proceeds
(respecting which it shall have priority for purposes of withdrawals from the
Custodial Account pursuant to Section 3.10, whether or not such expenses and
charges are actually recoverable from related Liquidation Proceeds, Insurance
Proceeds or REO Proceeds). In the event of a determination by the Master
Servicer pursuant to this Section 3.14(a), the Master Servicer shall be entitled
to reimbursement of such amounts pursuant to Section 3.10. Concurrently with the
foregoing, the Master Servicer may pursue any remedies that may be available in
connection with a breach of a representation and warranty with respect to any
such Mortgage Loan in accordance with Sections 2.03 and 2.04. However, the
Master Servicer is not required to continue to pursue both foreclosure (or
similar remedies) with respect to the Mortgage Loans and remedies in connection
with a breach of a representation and warranty if the Master Servicer determines
in its reasonable discretion that one such remedy is more likely to result in a
greater recovery as to the Mortgage Loan. Upon the occurrence of a Cash
Liquidation or REO Disposition, following the deposit in the Custodial Account
of all Insurance Proceeds, Liquidation Proceeds and other payments and
recoveries referred to in the definition of "Cash Liquidation" or "REO
Disposition," as applicable, upon receipt by the Trustee of written notification
of such deposit signed by a Servicing Officer, the Trustee or any Custodian, as
the case may be, shall release to the Master Servicer the related Mortgage File
and the Trustee shall execute and deliver such instruments of transfer or
assignment prepared by the Master Servicer, in 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
NY1-208988.4
73
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
the Trust Fund as an REO Property by foreclosure or by deed in lieu of
foreclosure, the deed or certificate of sale shall be issued to the Trustee or
to its nominee on behalf of Certificateholders. Notwithstanding any such
acquisition of title and cancellation of the related Mortgage Loan, such REO
Property shall (except as otherwise expressly provided herein) be considered to
be an Outstanding Mortgage Loan held in the Trust Fund until such time as the
REO Property shall be sold. Consistent with the foregoing for purposes of all
calculations hereunder so long as such REO Property shall be considered to be an
Outstanding Mortgage Loan it shall be assumed that, notwithstanding that the
indebtedness evidenced by the related Mortgage Note shall have been discharged,
such Mortgage Note and the related amortization schedule in effect at the time
of any such acquisition of 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 the Trust Fund acquires any REO Property as
aforesaid or otherwise in connection with a default or imminent default on a
Mortgage Loan, the Master Servicer on behalf of the Trust Fund shall dispose of
such REO Property within two years after its acquisition by the Trust Fund for
purposes of Section 860G(a)(8) of the Code or, at the expense of the Trust Fund,
request, more than 60 days before the day on which the two-year grace period
would otherwise expire, an extension of the two-year grace period unless the
Master Servicer (subject to Section 10.01(f)) obtains for the Trustee an Opinion
of Counsel, addressed to the Trustee and the Master Servicer, to the effect that
the holding by the Trust Fund 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 the Trust Fund to fail to
qualify as a REMIC at any time that any Certificates are outstanding, in which
case the Trust Fund may continue to hold such REO Property (subject to any
conditions contained in such Opinion of Counsel). The 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
NY1-208988.4
74
Property acquired by the Trust Fund shall be rented (or allowed to continue to
be rented) or otherwise used by or on behalf of the Trust Fund in such a manner
or pursuant to any terms that would (i) cause such REO Property to fail to
qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of
the Code or (ii) subject the Trust Fund to the imposition of any federal income
taxes on the income earned from such REO Property, including any taxes imposed
by reason of Section 860G(c) of the Code, unless the Master Servicer has agreed
to indemnify and hold harmless the Trust Fund with respect to the imposition of
any such taxes.
(d) The proceeds of any Cash Liquidation, REO Disposition or purchase
or repurchase of any Mortgage Loan pursuant to the terms of this Agreement, as
well as any recovery resulting from a collection of Liquidation Proceeds,
Insurance Proceeds or REO Proceeds, will be applied in the following order of
priority: first, to reimburse the Master Servicer or the related Subservicer in
accordance with Section 3.10(a)(ii); second, to the Certificateholders to the
extent of accrued and unpaid interest on the Mortgage Loan, and any related REO
Imputed Interest, at the Net Mortgage Rate to the Due Date prior to the
Distribution Date on which such amounts are to be distributed; third, to the
Certificateholders as a recovery of principal on the Mortgage Loan (or REO
Property)(provided that if any such Class of Certificates to which such Realized
Loss was allocated is no longer outstanding, such subsequent recovery shall be
distributed to the persons who were the Holders of such Class of Certificates
when it was retired); fourth, to all Servicing Fees and Subservicing Fees
payable therefrom (and the Master Servicer and the Subservicer shall have no
claims for any deficiencies with respect to such fees which result from the
foregoing allocation); and fifth, to Foreclosure Profits.
Section 3.15. Trustee to Cooperate;
Release of Mortgage Files.
(a) Upon becoming aware of the payment in full of any Mortgage Loan, or
upon the receipt by the Master Servicer of a notification that payment in full
will be escrowed in a manner customary for such purposes, the Master Servicer
will immediately notify the Trustee (if it holds the related Mortgage File) or
the Custodian by a certification of a Servicing Officer (which certification
shall include a statement to the effect that all amounts received or to be
received in connection with such payment which are required to be deposited in
the Custodial Account pursuant to Section 3.07 have been or will be so
deposited), substantially in one of the forms attached hereto as Exhibit H
requesting delivery to it of the Mortgage File. Upon receipt of such
certification and request, the Trustee shall promptly release, or cause the
Custodian to release, the related Mortgage File to the Master Servicer. The
Master Servicer is authorized to execute and deliver to the Mortgagor the
request
NY1-208988.4
75
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
NY1-208988.4
76
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)
NY1-208988.4
77
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 related to its servicing of mortgage loans
and its performance under pooling and servicing agreements, including this
Agreement, has been made under such officers' supervision, (ii) to the best of
such officers' knowledge, based on such review, the Master Servicer has complied
in all material respects with the minimum servicing standards set forth in the
Uniform Single Attestation Program for Mortgage Bankers and has fulfilled all of
its material obligations relating to this Agreement in all material respects
throughout such year, or, if there has been material noncompliance with such
servicing standards or a default in the fulfillment in all material respects of
any such obligation relating to this Agreement, such statement shall include a
description of such noncompliance or specify each such default,
NY1-208988.4
78
as the case may be, known to such officer and the nature and status thereof and
(iii) to the best of such officers' knowledge, each Subservicer has complied in
all material respects with the minimum servicing standards set forth in the
Uniform Single Attestation Program for Mortgage Bankers and has fulfilled all of
its material obligations under its Subservicing Agreement in all material
respects throughout such year, or, if there has been material noncompliance with
such servicing standards or a material default in the fulfillment of such
obligations relating to this Agreement, such statement shall include a
description of such noncompliance or specify each such default, as the case may
be, known to such officer and the nature and status thereof.
Section 3.19. Annual Independent Public Accountants'
Servicing Report.
On or before March 31 of each year, beginning with the first March 31
that occurs at least six months after the Cut-off Date, the Master Servicer at
its expense shall cause a firm of independent public accountants, which shall be
members of the American Institute of Certified Public Accountants, to furnish a
report to the Company and the Trustee stating its opinion that, on the basis of
an examination conducted by such firm substantially in accordance with standards
established by the American Institute of Certified Public Accountants, the
assertions made pursuant to Section 3.18 regarding compliance with the minimum
servicing standards set forth in the Uniform Single Attestation Program for
Mortgage Bankers during the preceding calendar year are fairly stated in all
material respects, subject to such exceptions and other qualifications that, in
the opinion of such firm, such accounting standards require it to report. In
rendering such statement, such firm may rely, as to matters relating to the
direct servicing of mortgage loans by Subservicers, upon comparable statements
for examinations conducted by independent public accountants substantially in
accordance with standards established by the American Institute of Certified
Public Accountants (rendered within one year of such statement) with respect to
such Subservicers.
Section 3.20. Rights of the Company in Respect
of the Master Servicer.
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
NY1-208988.4
79
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
NY1-208988.4
80
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.
NY1-208988.4
81
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 (x) the Master Servicer on behalf of the
Trustee or (y) the Paying Agent appointed by the Trustee, shall distribute 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
NY1-208988.4
82
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 (which share (A) with respect to each Class of
Certificates (other than any Subclass of the Class A-7 Certificates), shall be
based on the aggregate of the Percentage Interests represented by Certificates
of the applicable Class held by such Holder or (B) with respect to any Subclass
of the Class A-7 Certificates, shall be equal to the amount (if any) distributed
pursuant to Section 4.02(a)(i) below to each Holder of a Subclass thereof) 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-6 Certificateholders) and Class R Certificateholders, on a pro rata
basis based on Accrued Certificate Interest payable on such
Certificates with respect to such Distribution Date, Accrued
Certificate Interest on such Classes of Certificates (or Subclasses, if
any, with respect to the Class A-7 Certificates) for such Distribution
Date, plus any Accrued Certificate Interest thereon remaining unpaid
from any previous Distribution Date except as provided in the last
paragraph of this Section 4.02(a); and
(ii) (X) to the Class A-6 Certificateholders, the
Class A-6 Principal Distribution Amount; and
(Y) to the Class A Certificateholders (other
than Class A-6 Certificateholders) and Class R Certificateholders, in
the priorities and amounts set forth in Section 4.02(b)(ii) through (v)
and Sections 4.02(c) and (d), 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
NY1-208988.4
83
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 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 Senior
Accelerated Distribution Percentage for such Distribution
Date times the related unscheduled collections (including
NY1-208988.4
84
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 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 the Class A-5 Certificates, to the extent added to the
Certificate Principal Balance of such Certificate on such
Distribution Date in accordance with Section 4.02(d) (the
"Accrual Distribution Amount");
(E) any Excess Subordinate Principal Amount for
such Distribution Date; and
(F) any amounts described in subsection (ii)(Y),
clauses (A) through (D) of this Section 4.02(a), as
determined for any previous Distribution Date, which remain
unpaid after application of amounts previously distributed
pursuant to this clause (F) to the extent that such amounts
are not attributable to Realized Losses which have been
allocated to the Class M Certificates or Class B
Certificates;
(iii) if the Certificate Principal Balances of the Class M
Certificates and Class B Certificates have not been reduced to zero, to
the Master Servicer or a Subservicer, by remitting for deposit to the
Custodial Account, to the extent of and in reimbursement for any
Advances or Subservicer Advances previously made with respect to any
Mortgage Loan or REO Property which remain unreimbursed in whole or in
part following the Cash Liquidation or REO Disposition of such Mortgage
Loan or REO Property, minus any such Advances that were made with
respect to delinquencies that ultimately constituted Excess Special
Hazard Losses, Excess Fraud Losses, Excess Bankruptcy Losses or
Extraordinary Losses;
(iv) to the Holders of the Class M-1 Certificates, the
Accrued Certificate Interest thereon for such Distribution Date, plus
any Accrued Certificate Interest
NY1-208988.4
85
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-6 Collection Shortfalls for such Distribution Date or
remaining unpaid for all previous Distribution Dates, to the extent the
amounts available pursuant to clause (x) of Sections 4.02(a)(vii),
(ix), (xi), (xiii), (xiv) and (xv) are insufficient therefor, applied
in reduction of the Certificate Principal Balance of the Class M-1
Certificates;
(vi) to the Holders of the Class M-2 Certificates, the
Accrued Certificate Interest thereon for such Distribution Date, plus
any Accrued Certificate Interest thereon remaining unpaid from any
previous Distribution Date, except as provided below;
(vii) to the Holders of the Class M-2 Certificates, an
amount equal to (x) the Subordinate Principal Distribution Amount for
such Class of Certificates for such Distribution Date, minus (y) the
amount of any Class A-6 Collection Shortfalls for such Distribution
Date or remaining unpaid for all previous Distribution Dates, to the
extent the amounts available pursuant to clause (x) of Sections
4.02(a)(ix), (xi), (xiii), (xiv) and (xv) are insufficient therefor,
applied in reduction of the Certificate Principal Balance of the Class
M-2 Certificates;
(viii) to the Holders of the Class M-3 Certificates, the
Accrued Certificate Interest thereon for such Distribution Date, plus
any Accrued Certificate Interest thereon remaining unpaid from any
previous Distribution Date, except as provided below;
(ix) to the Holders of the Class M-3 Certificates, an amount
equal to (x) the Subordinate Principal Distribution Amount for such
Class of Certificates for such Distribution Date minus (y) the amount
of any Class A-6 Collection Shortfalls for such Distribution Date or
remaining unpaid for all previous Distribution Dates, to the extent the
amounts available pursuant to clause (x) of Sections 4.02(a)(xi),
(xiii), (xiv) and (xv) are insufficient therefor, applied in reduction
of the Certificate Principal Balance of the Class M-3 Certificates;
(x) to the Holders of the Class B-1 Certificates, the
Accrued Certificate Interest thereon for such Distribution Date, plus
any Accrued Certificate Interest thereon remaining unpaid from any
previous Distribution Date, except as provided below;
NY1-208988.4
86
(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-6 Collection Shortfalls for such Distribution Date or
remaining unpaid for all previous Distribution Dates, to the extent the
amounts available pursuant to clause (x) of Sections 4.02(a)(xiii),
(xiv) and (xv) are insufficient therefor, applied in reduction of the
Certificate Principal Balance of the Class B-1 Certificates;
(xii) to the Holders of the Class B-2 Certificates, the
Accrued Certificate Interest thereon for such Distribution Date, plus
any Accrued Certificate Interest thereon remaining unpaid from any
previous Distribution Date, except as provided below;
(xiii) to the Holders of the Class B-2 Certificates, an
amount equal to (x) the Subordinate Principal Distribution Amount for
such Class of Certificates for such Distribution Date minus (y) the
amount of any Class A-6 Collection Shortfalls for such Distribution
Date or remaining unpaid for all previous Distribution Dates, to the
extent the amounts available pursuant to clause (x) of Sections
4.02(a)(xiv) and (xv) are insufficient therefor, applied in reduction
of the Certificate Principal Balance of the Class B-2 Certificates;
(xiv) to the Holders of the Class B-3 Certificates, an
amount equal to (x) the Accrued Certificate Interest thereon for such
Distribution Date, plus any Accrued Certificate Interest thereon
remaining unpaid from any previous Distribution Date, except as
provided below minus (y) the amount of any Class A-6 Collection
Shortfalls for such Distribution Date or remaining unpaid for all
previous Distribution Dates to the extent the amounts available
pursuant to clause (x) of Section 4.02(a)(xv) are insufficient
therefor;
(xv) to the Holders of the Class B-3 Certificates, an amount
equal to (x) the Subordinate Principal Distribution Amount for such
Class of Certificates for such Distribution Date minus (y) the amount
of any Class A-6 Collection Shortfalls for such Distribution Date or
remaining unpaid for all previous Distribution Dates applied in
reduction of the Certificate Principal Balance of the Class B-3
Certificates;
(xvi) to 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
NY1-208988.4
87
Certificates 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 Certificates 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 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 from any
previous Distribution Date will be distributable only to the extent that such
unpaid Accrued Certificate Interest was attributable to interest shortfalls
relating to 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-7 Certificates) and Class R Certificates on each Distribution Date
occurring prior to the occurrence of the Credit Support Depletion Date will be
made as follows:
(i) first, to the Class A-6 Certificates, until the
Certificate Principal Balance thereof is reduced to zero, an amount
(the "Class A-6 Principal Distribution Amount") equal to the aggregate
of:
(A) the related Discount Fraction of the
principal portion of each Monthly Payment on each
NY1-208988.4
88
Discount Mortgage Loan due during the related Due Period,
whether or not received on or prior to the related
Determination Date, minus the Discount Fraction of the
principal portion of any related Debt Service Reduction
which together with other Bankruptcy Losses exceeds the
Bankruptcy Amount;
(B) the related Discount Fraction of the principal
portion of all unscheduled collections on each Discount
Mortgage Loan received during the preceding calendar month
(other than amounts received in connection with a Cash
Liquidation or REO Disposition of a Discount Mortgage Loan
described in clause (C) below), including Principal
Prepayments in Full, Curtailments and repurchases (including
deemed repurchases under Section 3.07(b)) of Discount
Mortgage Loans (or, in the case of a substitution of a
Deleted Mortgage Loan, the Discount Fraction of the amount
of any shortfall deposited in the Custodial Account in
connection with such substitution);
(C) in connection with the Cash Liquidation or REO
Disposition of a Discount Mortgage Loan that did not result
in any Excess Special Hazard Losses, Excess Fraud Losses,
Excess Bankruptcy Losses or Extraordinary Losses, an amount
equal to the lesser of (1) the applicable Discount Fraction
of the Stated Principal Balance of such Discount Mortgage
Loan immediately prior to such Distribution Date and (2) the
aggregate amount of the collections on such Mortgage Loan to
the extent applied as recoveries of principal;
(D) any amounts allocable to principal for any
previous Distribution Date (calculated pursuant to clauses
(A) through (C) above) that remain undistributed; and
(E) the amount of any Class A-6 Collection
Shortfalls for such Distribution Date and the amount of any
Class A-6 Collection Shortfalls remaining unpaid for all
previous Distribution Dates, but only to the extent of the
Eligible Funds for such Distribution Date;
(ii) from the Senior Principal Distribution Amount, an
amount equal to the Accrual Distribution Amount shall be distributed to
the Class A-4 Certificates, until the Certificate Principal Balance
thereof has been reduced to zero;
(iii) the balance of the Senior Principal
Distribution Amount, if any, remaining after the
NY1-208988.4
89
distribution described in clause 4.02(b)(ii) above shall be distributed
to the Class R Certificates, until the Certificate Principal Balance
thereof has been reduced to zero;
(iv) from the balance of the Senior Principal Distribution
Amount, if any, remaining after the distributions described in clauses
4.02(b)(ii) and (iii) above, an amount equal to the Lockout
Distribution Percentage of the Class A-2 Certificates, Class A-3
Certificates, Class A-4 Certificates and Class A-5 Certificates' pro
rata share, based on the Certificate Principal Balance thereof relative
to the Certificate Principal Balance of all other classes of
Certificates (other than the Class A-6 Certificates), of the aggregate
of the amounts set forth in clauses 4.02(a)(ii)(Y)(A), (B) (C) and (F)
(without giving effect to the Senior Percentage or the Senior
Accelerated Distribution Percentage) shall be distributed as follows;
provided that if the aggregate of the amounts set forth in clauses
4.02(a)(ii)(Y)(A), (B), (C) and (F) is more than the balance of the
Available Distribution Amount remaining after the Senior Interest
Distribution Amount and Class A-6 Principal Distribution Amount have
been distributed, the amount paid to the Class A-2 Certificates, Class
A-3 Certificates, Class A-4 Certificates and Class A-5 Certificates
pursuant to this clause 4.02(b)(iv) shall be reduced by an amount equal
to the Class A-2 Certificates, Class A-3 Certificates, Class A- 4
Certificates and Class A-5 Certificates' pro rata share, based on the
aggregate Certificate Principal Balance of such Certificates relative
to the aggregate Certificate Principal Balance of the Senior
Certificates (other than the Class A-6 Certificates) of such
difference:
(A) first, to the Class A-2 Certificates, until
the Certificate Principal Balance thereof has been
reduced to zero;
(B) second, to the Class A-3 Certificates, until
the Certificate Principal Balance thereof has been
reduced to zero;
(C) third, to the Class A-4 Certificates, until
the Certificate Principal Balance thereof has been
reduced to zero; and
(D) fourth, to the Class A-5 Certificates, until
the Certificate Principal Balance thereof has been
reduced to zero; and
(v) the balance of the Senior Principal Distribution
Amount, if any, remaining after the distributions described
NY1-208988.4
90
in clauses (ii) through (iv) above shall be distributed as
follows:
(A) first, to the Class A-1 Certificates, until
the Certificate Principal Balance thereof has been
reduced to zero; and
(B) second, to the Class A-2, Class A-3, Class A-4
and Class A-5 Certificates, in the order of priority set
forth in Section 4.02(b)(iv), until the Certificate
Principal Balance of the Class A-5 Certificates has been
reduced to zero.
(c) On or after the occurrence of the Credit Support Depletion Date,
all priorities relating to distributions as described above in respect of
principal among the various classes of Senior Certificates (other than the Class
A-6 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-6 Certificates and the Senior Principal Distribution Amount will be
distributed among all classes of Senior Certificates (other than the Class A-6
Certificates) pro rata in accordance with their respective outstanding
Certificate Principal Balances.
(d) 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 shall be added to the Certificate
Principal Balance of such Certificates; provided that if the Accretion
Termination Date is the Credit Support Depletion Date, the entire amount of
Accrued Certificate Interest on the Class A-5 Certificates for such Distribution
Date will be paid to the Holders of the Class A-5 Certificates. On and after the
Accretion Termination Date, the entire amount of Accrued Certificate Interest on
the Class A-5 Certificates for such Distribution Date shall be payable to the
Holders of the Class A-5 Certificates to the extent not required to fully retire
the Class A-4 Certificates on the Accretion Termination Date. Any such Accrued
Certificate Interest on the Class A-5 Certificates that is required to be paid
to the Holders of the Class A-4 Certificates on the Accretion Termination Date
will be added to the Certificate Principal Balance of the Class A-5 Certificates
in the manner described in the first sentence of this Section 4.02(e).
(e) In addition to the foregoing distributions, with respect to any
Mortgage Loan that was previously the subject of a Cash Liquidation or an REO
Disposition that resulted in a Realized Loss, in the event that within two years
of the date on which such Realized Loss was determined to have occurred the
Master Servicer receives amounts, which the Master Servicer reasonably believes
to represent subsequent recoveries (net of
NY1-208988.4
91
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 (with the amounts to be distributed allocated
among such Classes in the same proportions as such Realized Loss was allocated),
and within each such Class to the Certificateholders of record as of the Record
Date immediately preceding the date of such distribution (or if such Class of
Certificates is no longer outstanding, to the Certificateholders of record at
the time that such Realized Loss was allocated); provided that no such
distribution to any Class of Certificates of subsequent recoveries related to a
Mortgage Loan shall exceed, either individually or in the aggregate and together
with any other amounts paid in reimbursement therefor, the amount of the related
Realized Loss that was allocated to such Class of Certificates. Notwithstanding
the foregoing, no such distribution shall be made with respect to the
Certificates of any Class to the extent that either (i) such Class was protected
against the related Realized Loss pursuant to any instrument or fund established
under Section 12.01(e) or (ii) such Class of Certificates has been deposited
into a separate trust fund or other structuring vehicle and separate
certificates or other instruments representing interests therein have been
issued in one or more classes, and any 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 shall be distributed by the Master
Servicer to the Certificateholders of record as of the Record Date immediately
preceding the date of such distribution (i) with respect to the Certificates of
any Class (other than the Class A-7 Certificates), on a pro rata basis based on
the Percentage Interest represented by each Certificate of such Class as of such
Record Date and (ii) with respect to the Class A-7 Certificates, to the Class
A-7 Certificates or any Subclass thereof in the same proportion as the related
Realized Loss was allocated. Any amounts to be so distributed shall not be
remitted to or distributed from the Trust Fund, and shall constitute subsequent
recoveries with respect to Mortgage Loans that are no longer assets of the Trust
Fund.
(f) Each distribution with respect to a Book-Entry Certificate shall be
paid to the Depository, as Holder thereof, and the Depository shall be
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
NY1-208988.4
92
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 and
the Company a statement setting forth the following information as to 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;
(iii) if the distribution to the Holders of such Class of
Certificates is less than the full amount that would be distributable
to such Holders if there were sufficient funds available therefor, the
amount of the shortfall;
NY1-208988.4
93
(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 Pool Strip Rate for such
Distribution Date and the Pass-Through Rate with respect to the Class
A-7 Certificates and each Subclass, if any, thereof;
(xiii) the Class A-7 Notional Amount and each Class
A-7 Subclass Notional Amount;
(xiv) the occurrence of the Credit Support Depletion
Date and the Accretion Termination Date;
(xv) the Senior Accelerated Distribution Percentage
applicable to such distribution;
NY1-208988.4
94
(xvi) the Senior Percentage for such Distribution
Date;
(xvii) the aggregate amount of Realized Losses for
such Distribution Date;
(xviii) the aggregate amount of any recoveries on
previously foreclosed loans from Sellers due to a breach of
representation or warranty;
(xix) the weighted average remaining term to maturity of the
Mortgage Loans after giving effect to the amounts distributed on such
Distribution Date; and
(xx) 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 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.
NY1-208988.4
95
(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 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
NY1-208988.4
96
Certificateholders 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,
NY1-208988.4
97
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-6 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-6 Certificates), Class R
Certificates 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-6 Certificates), Class M, Class B and Class R Certificates, 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-6 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-6 Certificates), Class M, Class B and Class R
Certificates on a pro rata basis, as described below.
As used herein, an allocation of a Realized Loss on a "pro rata basis"
among two or more specified Classes of Certificates means an allocation on a pro
rata basis, among the various Classes so specified, to each such Class of
Certificates on the basis of their then outstanding Certificate Principal
Balances prior to giving effect to distributions to be made on such Distribution
Date in the case of the principal portion of a Realized Loss or based on the
Accrued Certificate Interest thereon for such Distribution Date (without regard
to any Compensating Interest for such Distribution Date) in the case of an
interest portion of a Realized Loss. Except as provided in the following
sentence, any allocation of the principal portion of Realized Losses (other than
Debt Service Reductions) to a Class of Certificates shall be made by reducing
the Certificate Principal Balance thereof by the amount so allocated, which
allocation shall be deemed to have occurred on such Distribution Date. Any
allocation of the principal portion of Realized Losses
NY1-208988.4
98
(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; provided that
if any Subclasses of the Class A-7 Certificates have been issued pursuant to
Section 5.01(c), such Realized Losses and other losses allocated to the Class
A-7 Certificates shall be allocated among such Subclasses in proportion to the
respective amounts of Accrued Certificate Interest payable on such Distribution
Date that would have resulted absent such reductions.
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
NY1-208988.4
99
such Mortgage Loan, and all security and documents relative thereto. Such
assignment shall be an assignment outright and not for security. The Master
Servicer will thereupon own such Mortgage, and all such security and documents,
free of any further obligation to the Trustee or the Certificateholders with
respect thereto. Notwithstanding anything to the contrary in this Section 4.07,
the Master Servicer shall continue to service any such Mortgage Loan after the
date of such purchase in accordance with the terms of this Agreement and, if any
Realized Loss with respect to such Mortgage Loan occurs, allocate such Realized
Loss to the Class or Classes of Certificates that would have borne such Realized
Loss in accordance with the terms hereof as if such Mortgage Loan had not been
so purchased. For purposes of this Agreement, a payment of the Purchase Price by
the Master Servicer pursuant to this Section 4.07 will be viewed as an advance,
and the amount of any Realized Loss shall be recoverable pursuant to the
provisions for the recovery of unreimbursed Advances under Section 4.02(a) or,
to the extent not recoverable under such provisions, as a Nonrecoverable Advance
as set forth herein.
NY1-208988.4
100
ARTICLE V
THE CERTIFICATES
Section 5.01. The Certificates.
(a) The Class A, Class M, Class B and Class R Certificates,
respectively, shall be substantially in the forms set forth in Exhibits A, B, C
and D and shall, on original issue, be executed and delivered by the Trustee to
the Certificate Registrar for authentication and delivery to or upon the order
of the Company upon receipt by the Trustee or one or more Custodians of the
documents specified in Section 2.01. The Certificates, other than the Class A-7
and Class R Certificates, shall be issuable in minimum dollar denominations of
$25,000 (or $250,000 in the case of the Class M-2, Class M-3, Class B-1, Class
B-2 and Class B-3 Certificates) and integral multiples of $1 (in the case of the
Class A-1, Class A-2, Class A-3, Class A-4 and Class A-5 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-6, Class M-1, Class M-2,
Class M-3, Class B-1, Class B-2 and Class B-3 Certificates may be issued in a
denomination equal to the denomination set forth as follows for such Class or
the sum of such denomination and an integral multiple of $1,000:
Class A-6 $25,825.51
Class M-1 $25,800.00
Class M-2 $250,500.00
Class M-3 $250,600.00
Class B-1 $250,300.00
Class B-2 $250,700.00
Class B-3 $250,562.67
The Class A-7 and Class R Certificates shall be issuable in minimum
denominations of not less than a 20% Percentage Interest; provided, however,
that one Class R 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%. Each Subclass of
Class A-7 Certificates shall be issuable in minimum denominations of not less
than a 100% Percentage Interest, except as provided in Section 5.01(c).
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
NY1-208988.4
101
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-6 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
Certificateholders shall hold their respective Ownership Interests in and to
each of the Class A Certificates, other than the Class A-6 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
NY1-208988.4
102
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.
(c) From time to time Residential Funding, as the initial Holder of the
Class A-7 Certificates, may exchange such Holder's Class A-7 Certificates for
Subclasses of Class A-7 Certificates to be issued under this Agreement by
delivering a "Request for Exchange" substantially in the form attached hereto as
Exhibit Q executed by an authorized officer, which Subclasses, in the aggregate,
will represent the Uncertificated REMIC Regular Interests corresponding to the
Class A-7 Certificates so surrendered for exchange. Any Subclass so issued shall
bear a numerical designation commencing with Class A-7-1 and continuing
sequentially thereafter, and will evidence ownership of the Uncertificated REMIC
Regular Interest or Interests specified in writing by such initial Holder to the
Trustee. The Trustee may conclusively, without any independent verification,
rely on, and shall be protected in relying on, Residential Funding's
determinations of the Uncertificated REMIC Regular Interests corresponding to
any Subclass, the initial Class A-7 Subclass Notional Amount and the initial
Pass-through Rate on a Subclass as set forth in such Request for Exchange and
the Trustee shall have no duty to determine if any Uncertificated REMIC Regular
Interest designated on a Request for Exchange corresponds to a Subclass which
has previously been issued. Each Subclass so issued shall be substantially in
the form set forth in Exhibit A and shall, on original issue, be executed and
delivered by the Trustee to the Certificate Registrar for authentication and
delivery in accordance with Section 5.01(a). Every Certificate presented or
surrendered for exchange by the initial Holder shall (if so required by the
Trustee or the Certificate Registrar) be duly endorsed by, or be accompanied by
a written instrument of transfer attached to such Certificate and shall be
completed to the satisfaction of the Trustee and the Certificate Registrar
NY1-208988.4
103
▇▇▇▇ executed by, the initial Holder thereof or his attorney duly authorized in
writing. The Certificates of any Subclass of Class A-7 Certificates may be
transferred in whole, but not in part, in accordance with the provisions of
Section 5.02.
Section 5.02. Registration of Transfer and Exchange of
Certificates.
(a) The Trustee shall cause to be kept at one of the offices or
agencies to be appointed by the Trustee in accordance with the provisions of
Section 8.12 a Certificate Register in which, subject to such reasonable
regulations as it may prescribe, the Trustee shall provide for the registration
of Certificates and of transfers and exchanges of Certificates as herein
provided. The Trustee is initially appointed Certificate Registrar for the
purpose of registering Certificates and transfers and exchanges of Certificates
as herein provided. The Certificate Registrar, or the Trustee, shall provide the
Master Servicer with a certified list of Certificateholders as of each Record
Date prior to the related Determination Date.
(b) Upon surrender for registration of transfer of any Certificate at
any office or agency of the Trustee maintained for such purpose pursuant to
Section 8.12 and, in the case of any Class M, Class B or Class R Certificate,
upon satisfaction of the conditions set forth below, the Trustee shall execute
and the Certificate Registrar shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Certificates of a like
Class (or Subclass) 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 (or
Subclass) 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 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
NY1-208988.4
104
event that a transfer of a Class B Certificate is to be made either (i)(A) the
Trustee shall require a written Opinion of Counsel acceptable to and in form and
substance satisfactory to the Trustee and the Company that such transfer may be
made pursuant to an exemption, describing the applicable exemption and the basis
therefor, from said Act and laws or is being made pursuant to said Act and laws,
which Opinion of Counsel shall not be an expense of the Trustee, the Company or
the Master Servicer and (B) the Trustee shall require the transferee to execute
a representation letter, substantially in the form of Exhibit J hereto, and the
Trustee shall require the transferor to execute a representation letter,
substantially in the form of Exhibit K hereto, each acceptable to and in form
and substance satisfactory to the Company and the Trustee certifying to the
Company and the Trustee the facts surrounding such transfer, which
representation letters shall not be an expense of the Trustee, the Company or
the Master Servicer or (ii) the prospective transferee of such a Certificate
shall be required to provide the Trustee, the Company and the Master Servicer
with an investment letter substantially in the form of Exhibit L attached hereto
(or such other form as the Company in its sole discretion deems acceptable),
which investment letter shall not be an expense of the Trustee, the Company or
the Master Servicer, and which investment letter states that, among other
things, such transferee (A) is a "qualified institutional buyer" as defined
under Rule 144A, acting for its own account or the accounts of other "qualified
institutional buyers" as defined under Rule 144A, and (B) is aware that the
proposed transferor intends to rely on the exemption from registration
requirements under the Securities Act of 1933, as amended, provided by Rule
144A. The Holder of any such Certificate desiring to effect any such transfer,
sale, pledge or other disposition shall, and does hereby agree to, indemnify the
Trustee, the Company, the Master Servicer and the Certificate Registrar against
any liability that may result if the transfer, sale, pledge or other disposition
is not so exempt or is not made in accordance with such federal and state laws.
(e) In the case of any Class M, Class B or Class R Certificate
presented for registration in the name of any Person, either (i) the Trustee
shall require an Opinion of Counsel acceptable to and in form and substance
satisfactory to the Trustee, the Company and the Master Servicer to the effect
that the purchase or holding of such Class M, Class B or Class R Certificate is
permissible under applicable law, will not constitute or result in any
non-exempt prohibited transaction under Section 406 of the Employee Retirement
Income Security Act of 1974, as amended ("ERISA"), or Section 4975 of the Code
(or comparable provisions of any subsequent enactments), and will not subject
the Trustee, the Company or the Master Servicer to any obligation or liability
(including obligations or liabilities under ERISA or Section 4975 of the Code)
in addition to those undertaken in this Agreement, which Opinion of Counsel
shall not be an expense of the Trustee, the Company or the Master Servicer
NY1-208988.4
105
or (ii) the prospective transferee shall be required to provide the Trustee, the
Company and the Master Servicer with a certification to the effect set forth in
paragraph six of Exhibit J (with respect to any Class M Certificate or any Class
B Certificate) or with a certification to the effect set forth in paragraph five
of Exhibit I-1 (with respect to any Class R Certificate), which the Trustee may
rely upon without further inquiry or investigation, or such other certifications
as the Trustee may deem desirable or necessary in order to establish that such
transferee or the Person in whose name such registration is requested is not an
employee benefit plan or other plan subject to the prohibited transaction
provisions of ERISA or Section 4975 of the Code, or any Person (including an
investment manager, a named fiduciary or a trustee of any such plan) who is
using "plan assets" of any such plan to effect such acquisition.
(f) (i) Each Person who has or who acquires any Ownership Interest in a
Class R Certificate shall be deemed by the acceptance or acquisition of such
Ownership Interest to have agreed to be bound by the following provisions and to
have irrevocably authorized the Trustee or its designee under clause (iii)(A)
below to deliver payments to a Person other than such Person and to negotiate
the terms of any mandatory sale under clause (iii)(B) below and to execute all
instruments of transfer and to do all other things necessary in connection with
any such sale. The rights of each Person acquiring any Ownership Interest in a
Class R Certificate are expressly subject to the following provisions:
(A) Each Person holding or acquiring any Ownership Interest in
a Class R Certificate shall be a Permitted Transferee and shall
promptly notify the Trustee of any change or impending change in its
status as a Permitted Transferee.
(B) In connection with any proposed Transfer of any Ownership
Interest in a Class R Certificate, the Trustee shall require delivery
to it, and shall not register the Transfer of any Class R Certificate
until its receipt of, (I) an affidavit and agreement (a "Transfer
Affidavit and Agreement," in the form attached hereto as Exhibit 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(f) and agrees to be bound by them, and (II) a certificate,
in the form
NY1-208988.4
106
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
NY1-208988.4
107
Certificate. If a transfer of a Class R Certificate is disregarded pursuant to
the provisions of Treasury Regulations Section 1.860E-1 or Section 1.860G-3,
then the last preceding Permitted Transferee shall be restored, to the extent
permitted by law, to all rights and obligations as Holder thereof retroactive to
the date of registration of such Transfer of such Class R Certificate. The
Trustee shall be under no liability to any Person for any registration of
Transfer of a Class R Certificate that is in fact not permitted by this Section
5.02(f) or for making any payments due on such Certificate to the holder thereof
or for taking any other action with respect to such holder under the provisions
of this Agreement.
(B) If any purported Transferee shall become a Holder of a
Class R Certificate in violation of the restrictions in this Section 5.02(f) and
to the extent that the retroactive restoration of the rights of the Holder of
such Class R Certificate as described in clause (iii)(A) above shall be invalid,
illegal or unenforceable, then the 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.
NY1-208988.4
108
(v) The provisions of this Section 5.02(f) set forth prior to this
clause (v) may be modified, added to or eliminated, provided that there shall
have been delivered to the Trustee the following:
(A) written notification from each Rating Agency to the effect
that the modification, addition to or elimination of such provisions
will not cause such Rating Agency to downgrade its then-current
ratings, if any, of any Class of the Class A, Class M, Class B or Class
R Certificates below the lower of the then-current rating or the rating
assigned to such Certificates as of the Closing Date by such Rating
Agency; and
(B) subject to Section 10.01(f), a certificate of the Master
Servicer stating that the Master Servicer has received an Opinion of
Counsel, in form and substance satisfactory to the Master Servicer, to
the effect that such modification, addition to or absence of such
provisions will not cause 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.
(g) No service charge shall be made for any transfer or exchange of
Certificates of any Class, but the Trustee may require payment of a sum
sufficient to cover any tax or governmental charge that may be imposed in
connection with any transfer or exchange of Certificates.
(h) All Certificates surrendered for transfer and exchange
shall be destroyed by the Certificate Registrar.
Section 5.03. Mutilated, Destroyed, Lost or Stolen
Certificates.
If (i) any mutilated Certificate is surrendered to the Certificate
Registrar, or the Trustee and the Certificate Registrar receive evidence to
their satisfaction of the destruction, loss or theft of any Certificate, and
(ii) there is delivered to the Trustee and the Certificate Registrar such
security or indemnity as may be required by them to save each of them harmless,
then, in the absence of notice to the Trustee or the Certificate Registrar that
such Certificate has been acquired by a bona fide purchaser, the Trustee shall
execute and the Certificate Registrar shall authenticate and deliver, in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen
Certificate, a new Certificate of like tenor, Class and Percentage Interest but
bearing a number not contemporaneously
NY1-208988.4
109
outstanding. Upon the issuance of any new Certificate under this Section, the
Trustee may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other
expenses (including the fees and expenses of the Trustee and the Certificate
Registrar) connected therewith. Any duplicate Certificate issued pursuant to
this Section shall constitute complete and indefeasible evidence of ownership in
the Trust Fund, as if originally issued, whether or not the lost, stolen or
destroyed Certificate shall be found at any time.
Section 5.04. Persons Deemed Owners.
Prior to due presentation of a Certificate for registration of
transfer, the Company, the Master Servicer, the Trustee, Financial Security, the
Certificate Registrar and any agent of the Company, the Master Servicer, the
Trustee 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 the 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 the Certificateholders
in the amounts and in the manner provided for in Section 4.02, such sum to be
held in trust for the benefit of the Certificateholders.
The Trustee shall cause each Paying Agent to execute and deliver to the
Trustee an instrument in which such Paying Agent shall agree with the Trustee
that such Paying Agent will hold all sums held by it for the payment to the
Certificateholders in trust for the benefit of the Certificateholders entitled
thereto until such sums shall be paid to such Certificateholders. Any sums so
held by such Paying Agent shall be held only in Eligible Accounts to the extent
such sums are not distributed to the Certificateholders on the date of receipt
by such Paying Agent.
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
NY1-208988.4
110
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, 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,
NY1-208988.4
111
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.
NY1-208988.4
112
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
NY1-208988.4
113
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
NY1-208988.4
114
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.
NY1-208988.4
115
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 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
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 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
NY1-208988.4
116
(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 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 ▇▇▇▇▇▇▇▇
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
NY1-208988.4
117
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
NY1-208988.4
118
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 the
Certificateholders at their respective addresses appearing in the Certificate
Register.
(b) Within 60 days after the occurrence of any Event of Default, the
Trustee shall transmit by mail to all Holders of Certificates notice of each
such Event of Default hereunder known to the Trustee, unless such Event of
Default shall have been cured or waived.
Section 7.04. Waiver of Events of Default.
The Holders representing at least 66% of the Voting Rights affected by
a default or Event of Default hereunder may waive such default or Event of
Default; provided, however, that (a) a default or Event of Default under clause
(i) of Section 7.01 may be waived only by all of the Holders of Certificates
affected by such default or Event of Default and (b) no waiver pursuant to this
Section 7.04 shall affect the Holders of Certificates in the
NY1-208988.4
119
manner set forth in Section 12.01(b)(i), (ii) or (iii). Upon any such waiver of
a default or Event of Default by the Holders representing the requisite
percentage of Voting Rights affected by such default or Event of Default, such
default or Event of Default shall cease to exist and shall be deemed to have
been remedied for every purpose hereunder. No such waiver shall extend to any
subsequent or other default or Event of Default or impair any right consequent
thereon except to the extent expressly so waived.
NY1-208988.4
120
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 the Trust Fund as a REMIC under the REMIC Provisions and (subject to Section
10.01(f)) to prevent the imposition of any federal, state or local income,
prohibited transaction, contribution or other tax on the Trust Fund to the
extent that maintaining such status and avoiding such taxes are reasonably
within the control of the Trustee and are reasonably within the scope of its
duties under this Agreement.
(c) No provision of this Agreement shall be construed to relieve the
Trustee from liability for its own negligent action, its own negligent failure
to act or its own willful misconduct; provided, however, that:
(i) Prior to the occurrence of an Event of
Default, and after the curing or waiver of all such Events
of Default which may have occurred, the duties and
NY1-208988.4
121
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
NY1-208988.4
122
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
NY1-208988.4
123
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 (subject to Section
10.01(f)) it shall have obtained or been furnished with an Opinion of Counsel to
the effect that such contribution will not (i) cause the Trust Fund 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).
NY1-208988.4
124
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
NY1-208988.4
125
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 the Certificateholders pursuant to the terms of this
Agreement.
Section 8.06. Eligibility Requirements for Trustee.
The Trustee hereunder shall at all times be a corporation or a national
banking association having its principal office in a state and city acceptable
to the Company and organized and doing business under the laws of such state or
the United States of America, authorized under such laws to exercise corporate
trust powers, having a combined capital and surplus of at least $50,000,000 and
subject to supervision or examination by federal or state authority. If such
corporation or national banking association publishes reports of condition at
least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purposes of this Section the
combined capital and surplus of such corporation shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so published. In case at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section, the Trustee shall
NY1-208988.4
126
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 the 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 entitled to at least 51% of
the Voting Rights may at any time remove the Trustee and appoint
NY1-208988.4
127
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
NY1-208988.4
128
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.
NY1-208988.4
129
(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 12.01. The
Trustee shall notify the Certificateholders of the appointment of any Custodian
(other than the Custodian appointed as of the Closing Date) pursuant to this
Section 8.11.
Section 8.12. Appointment of Office or Agency.
The Trustee will maintain an office or agency in the City of New York
where Certificates may be surrendered for registration of transfer or exchange.
The Trustee initially designates its offices located at ▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇
▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇ for the purpose of keeping the Certificate Register.
The Trustee will maintain an office at the address stated in Section 12.05(c)
NY1-208988.4
130
hereof where notices and demands to or upon the Trustee in respect of this
Agreement may be served.
NY1-208988.4
131
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 9.02, the respective obligations and
responsibilities of the Company, the Master Servicer and the Trustee created
hereby in respect of the Certificates (other than the obligation of the Trustee
to make certain payments after the Final Distribution Date to Certificateholders
and the obligation of the Company to send certain notices as hereinafter set
forth) shall terminate upon the last action required to be taken by the Trustee
on the Final Distribution Date pursuant to this Article IX following the earlier
of:
(i) the later of the final payment or other liquidation (or
any Advance with respect thereto) of the last Mortgage Loan remaining
in the Trust Fund or the disposition of all property acquired upon
foreclosure or deed in lieu of foreclosure of any Mortgage Loan, or
(ii) the purchase by the 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 ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, the late ambassador
of the United States to the Court of St. ▇▇▇▇▇, 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 the Trust Fund 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
NY1-208988.4
132
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 (whether as a result of the exercise by the Master Servicer
or the Company of its right to purchase the assets of the Trust Fund or
otherwise). Notice of any termination, specifying the anticipated Final
Distribution Date (which shall be a date that would otherwise be a Distribution
Date) upon which the Certificateholders may surrender their Certificates to the
Trustee (if so required by the terms hereof) for payment of the final
distribution and cancellation, shall be given promptly by the Master Servicer or
the Company, as applicable (if it is exercising its right to purchase the assets
of the Trust Fund), or by the Trustee (in any other case) by letter to the
Certificateholders mailed not earlier than the 15th day and not later than the
25th day of the month next preceding the month of such final distribution
specifying:
(i) the anticipated Final Distribution Date upon which final
payment of the Certificates is anticipated to be made upon presentation
and surrender of Certificates at the office or agency of the Trustee
therein designated,
(ii) the amount of any such final payment, if known,
and
(iii) that the Record Date otherwise applicable to such
Distribution Date is not applicable, and in the case of the 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 as aforesaid, it shall give such notice to the
Certificate Registrar at the time such notice is given to Certificateholders. In
the event such notice is given by the 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
NY1-208988.4
133
immediately available funds an amount equal to the purchase price for the assets
of the Trust Fund computed as above provided.
(c) In the case of the Class A, Class M, Class B and Class R
Certificates, upon presentation and surrender of the Certificates by the
Certificateholders thereof, the Trustee shall distribute to the
Certificateholders (i) the amount otherwise distributable on such Distribution
Date, if not in connection with the Master Servicer's or the Company's election
to repurchase, or (ii) if the Master Servicer or the Company elected to so
repurchase, an amount determined as follows: (A) with respect to each
Certificate the outstanding Certificate Principal Balance thereof, plus one
month's Accrued Certificate Interest, any previously unpaid Accrued Certificate
Interest, 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).
(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.
NY1-208988.4
134
Section 9.02. Additional Termination Requirements.
(a) The Trust Fund shall be terminated in accordance with the following
additional requirements, unless (subject to Section 10.01(f)) the Trustee and
the Master Servicer have received an Opinion of Counsel (which Opinion of
Counsel shall not be an expense of the Trustee) to the effect that the failure
of the Trust Fund as the case may be, to comply with the requirements of this
Section 9.02 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 the Trust Fund 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 the Trust Fund 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 the
Trust Fund under Section 860F of the Code and regulations thereunder;
(ii) The Master Servicer shall notify the Trustee at the
commencement of such 90-day liquidation period and, at or prior to the
time of making of the final payment on the Certificates, the Trustee
shall sell or otherwise dispose of all of the remaining assets of the
Trust Fund in accordance with the terms hereof; and
(iii) If the Master Servicer or the Company is exercising its
right to purchase the assets of the Trust Fund, the Master Servicer
shall, during the 90-day liquidation period and at or prior to the
Final Distribution Date, purchase all of the assets of the Trust Fund
for cash; provided, however, that in the event that a calendar quarter
ends after the commencement of the 90-day liquidation period but prior
to the Final Distribution Date, the Master Servicer or the Company
shall not purchase any of the assets of the Trust Fund prior to the
close of that calendar quarter.
(b) Each Holder of a Certificate and the Trustee hereby irrevocably
approves and appoints the Master Servicer as its attorney-in-fact to adopt a
plan of complete liquidation for the Trust Fund at the expense of the Trust Fund
in accordance with the terms and conditions of this Agreement.
NY1-208988.4
135
ARTICLE X
REMIC PROVISIONS
Section 10.01 REMIC Administration.
(a) The REMIC Administrator shall make an election to treat the Trust
Fund as a REMIC under the Code and, if necessary, under applicable state law.
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 election in respect of
the Trust Fund, each of the Class A (except for Class A-7), Class M and Class B
Certificates and the Uncertificated REMIC Regular Interests shall be designated
as the "regular interests" and the Class R Certificates shall be designated as
the sole class of "residual interests" in the REMIC. The REMIC Administrator and
the Trustee shall not permit the creation of any "interests" (within the meaning
of Section 860G of the Code) in the REMIC other than the Certificates and the
Uncertificated REMIC Regular Interests.
(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 the Class R Certificates and shall
be designated as "the tax matters person" with respect to the REMIC 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 the REMIC in relation to any tax
matter or controversy involving the Trust Fund and (ii) represent the Trust Fund
in any administrative or judicial proceeding relating to an examination or audit
by any governmental taxing authority with respect thereto. The legal expenses,
including without limitation attorneys' or accountants' fees, and costs of any
such proceeding and any liability resulting therefrom shall be expenses of the
Trust Fund and the REMIC Administrator shall be entitled to reimbursement
therefor out of amounts attributable to the Mortgage Loans on deposit in the
Custodial Account as provided by Section 3.10 unless such legal expenses and
costs are incurred by reason of the REMIC Administrator's willful misfeasance,
bad faith or gross negligence. If the REMIC Administrator is no longer the
Master Servicer hereunder, at its option the REMIC Administrator may continue
its duties as REMIC Administrator and shall be paid reasonable compensation not
to exceed $3,000 per year by any successor Master Servicer hereunder for so
acting as the REMIC Administrator.
NY1-208988.4
136
(d) The REMIC Administrator shall prepare or cause to be prepared all
of the Tax Returns that it determines are required with respect to the REMIC
created hereunder and deliver such Tax Returns in a timely manner to the Trustee
and the Trustee shall sign and file such Tax Returns in a timely manner. The
expenses of preparing such returns shall be borne by the REMIC Administrator
without any right of reimbursement therefor. The REMIC Administrator agrees to
indemnify and hold harmless the Trustee with respect to any tax or liability
arising from the Trustee's signing of Tax Returns that contain errors or
omissions. The Trustee and 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 the REMIC.
(f) The Master Servicer and the REMIC Administrator shall take such
actions and shall cause each of the REMIC 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 a REMIC 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 the Trust Fund to
take any action or fail to take (or fail to cause the Trust Fund to take) any
action reasonably within their respective control, that, under the REMIC
Provisions, if taken or not taken, as the case may be, could (i) endanger the
status of the REMIC as a REMIC or (ii) result in the imposition of a tax upon
the REMIC (including but not limited to the tax on prohibited transactions as
defined in Section 860F(a)(2) of the Code and the tax on contributions to a
REMIC set forth in Section 860G(d) of the Code) (either such event, in the
absence of an Opinion of Counsel or the indemnification referred to in this
sentence, an "Adverse REMIC Event") unless the 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
NY1-208988.4
137
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 the REMIC created
hereunder, endanger such status or, unless the Master Servicer, the REMIC
Administrator or both, as applicable, determine in its or their sole discretion
to indemnify the Trust Fund against the imposition of such a tax, result in the
imposition of such a tax. Wherever in this Agreement a contemplated action may
not be taken because the timing of such action might result in the imposition of
a tax on the Trust Fund, or may only be taken pursuant to an Opinion of Counsel
that such action would not impose a tax on the Trust Fund, such action may
nonetheless be taken provided that the indemnity given in the preceding sentence
with respect to any taxes that might be imposed on the Trust Fund has been given
and that all other preconditions to the taking of such action have been
satisfied. The Trustee shall not take or fail to take any action (whether or not
authorized hereunder) as to which the Master Servicer or the REMIC
Administrator, as applicable, has advised it in writing that it has received an
Opinion of Counsel to the effect that an Adverse REMIC Event could occur with
respect to such action. In addition, prior to taking any action with respect to
the REMIC or its assets, or causing the REMIC 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 the REMIC and the Trustee shall not take
any such action or cause the REMIC 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 the REMIC 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 the REMIC created hereunder as defined in Section 860F(a)(2) of the Code, on
"net income from foreclosure property" of the REMIC as defined in Section
860G(c) of the Code, on any contributions to the REMIC after the Startup Day
therefor pursuant to Section 860G(d) of the Code, or any other tax is
NY1-208988.4
138
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 the REMIC 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 the REMIC unless (subject to
Section 10.01(f)) the Master Servicer and the Trustee shall have received an
Opinion of Counsel (at the expense of the party seeking to make such
contribution) to the effect that the inclusion of such assets in the REMIC will
not cause the REMIC to fail to qualify as REMICs at any time that any
Certificates are outstanding or subject the REMIC to any tax under the REMIC
Provisions or other applicable provisions of federal, state and local law or
ordinances.
(j) Neither the Master Servicer nor the Trustee shall (subject to
Section 10.01(f)) enter into any arrangement by which the REMIC will receive a
fee or other compensation for services nor permit the REMIC to receive any
income from assets other than "qualified mortgages" as defined in Section
860G(a)(3) of the Code or "permitted investments" as defined in Section
860G(a)(5) of the Code.
(k) Solely for the purposes of Section 1.860G-1(a)(4)(iii) of
the Treasury Regulations, the "latest possible maturity date" by which the
Certificate Principal Balance of each Class of Certificates (other than the
Class A-7 Certificates) representing a regular interest in the REMIC (other than
each Uncertificated REMIC Regular Interest) would be reduced to zero is May 25,
2027, which is the Distribution Date immediately following the latest scheduled
maturity of any Mortgage Loan. The latest possible Maturity Date for each
Uncertificated REMIC Regular Interest is May 25, 2027, which is the Distribution
Date immediately following the latest scheduled maturity date of any Mortgage
Loan.
NY1-208988.4
139
(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 the REMIC.
(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 the REMIC (iii) the termination of
the REMIC pursuant to Article IX of this Agreement or (iv) a purchase of
Mortgage Loans pursuant to Article II or III of this Agreement) nor acquire any
assets for the REMIC nor sell or dispose of any investments in the Custodial
Account or the Certificate Account for gain nor accept any contributions to the
REMIC after the Closing Date unless it has received an Opinion of Counsel that
such sale, disposition, substitution or acquisition will not (a) affect
adversely the status of the REMIC as a REMIC or (b) unless the Master Servicer
has determined in its sole discretion to indemnify the Trust Fund against such
tax, cause the REMIC to be subject to a tax on "prohibited transactions" or
"contributions" pursuant to the REMIC Provisions.
Section 10.02. Master Servicer, REMIC Administrator 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, the Master Servicer and the Trustee for any taxes and costs (including,
without limitation, any reasonable attorneys' fees) imposed on or incurred by
the Trust Fund, the Company, the Master Servicer or the Trustee, as a result of
a breach of the REMIC Administrator's covenants set forth in this Article X with
respect to compliance with the REMIC Provisions, including without limitation,
any penalties arising from the Trustee's execution of Tax Returns prepared by
the REMIC Administrator that contain errors or omissions; provided, however,
that such liability will not be imposed to the extent such breach is a result of
an error or omission in information provided to the REMIC Administrator by the
Master Servicer in which case Section 10.02(c) will apply.
NY1-208988.4
140
(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, the REMIC Administrator 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.
NY1-208988.4
141
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 Certificates, by virtue of their being the "residual interests" in
the REMIC provided that (A) such change shall not result in reduction
of the rating assigned to any such Class of Certificates below the
lower of the then-current rating or the rating assigned to such
Certificates as of the Closing Date, as evidenced by a
NY1-208988.4
142
letter from each Rating Agency to such effect, and (B) such change
shall not (subject to Section 10.01(f)), as evidenced by an Opinion of
Counsel (at the expense of the party seeking so to modify, eliminate or
add such provisions), cause the REMIC 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 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
for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement or such Custodial Agreement
or of modifying in any manner the rights of the Holders of Certificates of such
Class; provided, however, that no such amendment shall:
(i) reduce in any manner the amount of, or delay
the timing of, payments which are required to be distributed
on any Certificate without the consent of the Holder of such
Certificate,
(ii) reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such
amendment, in any such case without the consent of the Holders of all
Certificates of such Class then outstanding.
(c) Notwithstanding any contrary provision of this Agreement, the
Trustee shall not consent to any amendment to this Agreement unless it shall
have first received an Opinion of Counsel (subject to Section 10.01(f) and at
the expense of the party seeking such amendment) to the effect that such
amendment or the exercise of any power granted to the 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 the Trust Fund 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
NY1-208988.4
143
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 (subject to Section 10.01(f)) an Opinion of Counsel
(which need not be an opinion of Independent counsel) to the effect that any
such amendment will not cause (a) any federal tax to be imposed on the Trust
Fund, including without limitation, any federal tax imposed on "prohibited
transactions" under Section 860F(a)(1) of the Code or on "contributions after
the startup date" under Section 860G(d)(1) of the Code and (b) the REMIC 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
NY1-208988.4
144
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
NY1-208988.4
145
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, ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇
▇▇▇▇▇, 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, ▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇▇
▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, Attention: ▇▇. ▇▇▇▇▇▇ 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, Corporate Trust Services Division, One
First National ▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇-0126, Attention: Residential
Funding Corporation Series 1997-S7 or such other address as may hereafter be
NY1-208988.4
146
furnished to the Company and the Master Servicer in writing by the Trustee, (d)
in the case of Fitch, ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, 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, ▇▇
▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ or such other address as may be hereafter
furnished to the Company, the Trustee and the 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
NY1-208988.4
147
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.
Section 11.08. Supplemental Provisions for Resecuritization.
This Agreement may be supplemented by means of the addition of a
separate Article hereto (a "Supplemental Article") for the purpose of
resecuritizing any of the Certificates issued hereunder, under the following
circumstances. With respect to any Class or Classes of Certificates issued
hereunder, or any portion of any such Class, as to which the Company or any of
its Affiliates (or any designee thereof) is the registered Holder (the
"Resecuritized Certificates"), the Company may deposit such Resecuritized
Certificates into a new REMIC, grantor trust, FASIT or custodial arrangement (a
"Restructuring Vehicle") to be held by the Trustee pursuant to a Supplemental
Article. The instrument adopting such Supplemental Article shall be executed by
the Company, the Master Servicer and the Trustee; provided, that neither the
Master Servicer nor the Trustee shall withhold their consent thereto if their
respective interests would not be materially adversely affected thereby. To the
extent that the terms of the Supplemental Article do not in any way affect any
provisions of this Agreement as to any of the Certificates initially issued
hereunder, the adoption of the Supplemental Article shall not constitute an
"amendment" of this Agreement.
Each Supplemental Article shall set forth all necessary provisions
relating to the holding of the Resecuritized Certificates by the Trustee, the
establishment of the Restructuring Vehicle, the issuing of various classes of
new certificates by the Restructuring Vehicle and the distributions
NY1-208988.4
148
to be made thereon, and any other provisions necessary for the purposes thereof.
In connection with each Supplemental Article, the Company shall deliver to the
Trustee an Opinion of Counsel to the effect that (i) the Restructuring Vehicle
will qualify as a REMIC, grantor trust, FASIT or other entity not subject to
taxation for federal income tax purposes and (ii) the adoption of the
Supplemental Article will not endanger the status of the Trust Fund as a REMIC
or (subject to Section 10.01(f)) result in the imposition of a tax upon the
Trust Fund (including but not limited to the tax on prohibited transactions as
defined in Section 860F(a)(2) of the Code and the tax on contributions to a
REMIC as set forth in Section 860G(d) of the Code).
NY1-208988.4
149
IN WITNESS
WHEREOF, the Company, the Master Servicer and the Trustee have caused their
names to be signed hereto by their respective officers thereunto duly authorized
and their respective seals, duly attested, to be hereunto affixed, all as of the
day and year first above written.
RESIDENTIAL FUNDING MORTGAGE
SECURITIES I, INC.
[Seal]
By:
Name: ▇▇▇▇▇ ▇▇▇ ▇▇▇
Title: Vice President
Attest:
Name: ▇▇▇▇▇ ▇. ▇▇▇▇
Title: Vice President
RESIDENTIAL FUNDING CORPORATION
[Seal]
By:
Name: ▇▇▇▇▇ ▇. ▇▇▇▇
Title: Director
Attest:
Name: ▇▇▇▇▇ ▇▇▇ ▇▇▇
Title: Director
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
[Seal]
By:
Name:
Title:
Attest:
Name:
Title:
NY1-208988.4
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 29th day of May, 1997 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]
NY1-208988.4
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 29th day of May, 1997 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]
NY1-208988.4
STATE OF ILLINOIS )
) ss.:
COUNTY OF COOK )
On the 29th day of May, 1997 before me, a notary public in and
for said State, personally appeared __________________________, known to me to
be a __________________________ of The First National Bank of Chicago, the
national banking association that executed the within instrument, and also known
to me to be the person who executed it on behalf of said 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
[Notarial Seal]
NY1-208988.4
EXHIBIT A
FORM OF CLASS A CERTIFICATE
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE
IS A "REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986.
[THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY
STATE AND MAY NOT BE RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO
SUCH ACT AND LAWS OR IS SOLD OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT
FROM REGISTRATION UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS
TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.]
[THE FOLLOWING INFORMATION IS PROVIDED SOLELY FOR THE PURPOSES
OF APPLYING THE U.S. FEDERAL INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID") RULES TO
THIS CERTIFICATE. THE ISSUE DATE OF THIS CERTIFICATE IS MAY 29, 1997. ASSUMING
THAT THE MORTGAGE LOANS PREPAY AT 235% 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.]
NY1-208988.4
Certificate No. ____ [___%] Pass-Through Rate [based
on a Notional Amount]
Class A-__ Senior
Date of Pooling and Servicing
Agreement and Cut-off Date: [Percentage Interest:
---%]
May 1, 1997
Aggregate [Initial Certificate
Principal Balance] [Notional
Amount] of the Class A-__
Certificates:
First Distribution Date:
June 25, 1997
Master Servicer: [Initial] [Certificate Principal
Residential Funding Balance] [Notional Amount] of this
Corporation Certificate: $_____________]
Assumed Final
Distribution Date: CUSIP 760944-_____
MORTGAGE PASS-THROUGH CERTIFICATE
Series 1997-S7
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 Group, Inc. or any of their affiliates. Neither this
Certificate nor the underlying Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality or by Residential Funding Mortgage
Securities I, Inc., the Master Servicer, the Trustee or GMAC Mortgage Group,
Inc. or any of their affiliates. None of the Company, the Master Servicer, GMAC
Mortgage Group, Inc. or any of their affiliates will have any obligation with
respect to any certificate or other obligation secured by or payable from
payments on the Certificates.
This certifies that _____________________________ is the
registered owner of the Percentage Interest evidenced by this Certificate
[(obtained by dividing the Initial Certificate Principal Balance of this
Certificate by the aggregate Initial Certificate Principal Balance of all Class
A-___ Certificates, both
NY1-208988.4
A-2
as specified above)] in certain distributions with respect to the Trust Fund
consisting primarily of an interest in a pool of conventional one- to
four-family fixed interest rate first mortgage loans (the "Mortgage Loans"),
formed and sold by Residential Funding Mortgage Securities I, Inc. (hereinafter
called the "Company," which term includes any successor entity under the
Agreement referred to below). The Trust Fund was created pursuant to a Pooling
and Servicing Agreement dated as specified above (the "Agreement") among the
Company, the Master Servicer and The First National Bank of Chicago, as trustee
(the "Trustee"), a summary of certain of the pertinent provisions of which is
set forth hereafter. To the extent not defined herein, the capitalized terms
used herein have the meanings assigned in the Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Agreement, to which Agreement the Holder of this Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound.
Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a Business Day,
the Business Day immediately following (the "Distribution Date"), commencing as
described in the Agreement, to the Person in whose name this Certificate is
registered at the close of business on the last day (or if such last day is not
a Business Day, the Business Day immediately preceding such last day) of the
month immediately preceding the month of such distribution (the "Record Date"),
from the Available Distribution Amount in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount [(of interest
and principal, if any)] required to be distributed to Holders of Class A-__
Certificates on such Distribution Date.
Distributions on this Certificate will be made either by the
Master Servicer acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in immediately available funds (by wire transfer or otherwise)
for the account of the Person entitled thereto if such Person shall have so
notified the Master Servicer or such Paying Agent, or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.
Notwithstanding the above, the final distribution on this
Certificate will be made after due notice of the pendency of such distribution
and only upon presentation and surrender of this Certificate at the office or
agency appointed by the Trustee for that purpose in the City and State of New
York. [The Initial Certificate Principal Balance of this Certificate is set
forth above. The Certificate Principal Balance hereof will be reduced to the
extent of 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
NY1-208988.4
A-3
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
▇▇▇▇▇▇'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
NY1-208988.4
A-4
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.
NY1-208988.4
A-5
IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.
Dated: THE FIRST NATIONAL BANK OF
CHICAGO,
as Trustee
By:
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class A-__ Certificates referred to in the
within-mentioned Agreement.
THE FIRST NATIONAL BANK OF
CHICAGO,
as Certificate Registrar
By:
Authorized Signatory
NY1-208988.4
A-6
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 M-1 CERTIFICATES] AS DESCRIBED IN THE
AGREEMENT (AS DEFINED BELOW).
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986 (THE "CODE").
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION PURSUANT TO SECTION 5.02(e) OF THE AGREEMENT OR
AN OPINION OF COUNSEL SATISFACTORY TO THE MASTER SERVICER, THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED, ("ERISA"), OR SECTION 4975 OF THE CODE
AND WILL NOT SUBJECT THE MASTER SERVICER, THE COMPANY OR THE TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.
THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE
RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR
IS SOLD OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM REGISTRATION UNDER
SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH
THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.
[THE FOLLOWING INFORMATION IS PROVIDED SOLELY FOR THE PURPOSES OF APPLYING THE
U.S. FEDERAL INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID") RULES TO THIS
CERTIFICATE. THE ISSUE DATE OF THIS CERTIFICATE IS MAY 29, 1997. ASSUMING THAT
THE MORTGAGE LOANS PREPAY AT 235% 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.]
NY1-208988.4
Certificate No. ___ 7.50% Pass-Through Rate
Class M- Subordinate Aggregate Certificate
Principal Balance
of the Class M Certificates:
Date of Pooling and Servicing $_______________
Agreement and Cut-off Date:
May 1, 1997 Initial Certificate Principal
Balance of this Certificate:
First Distribution Date: $_______________
June 25, 1997
CUSIP: 760944-_____
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date:
MORTGAGE PASS-THROUGH CERTIFICATE,
Series 1997-S7
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 Group, Inc. or any of their affiliates. Neither this
Certificate nor the underlying Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality or by Residential Funding Mortgage
Securities I, Inc., the Master Servicer, the Trustee or GMAC Mortgage Group,
Inc. or any of their affiliates. None of the Company, the Master Servicer, GMAC
Mortgage Group, Inc. or any of their affiliates will have any obligation with
respect to any certificate or other obligation secured by or payable from
payments on the Certificates.
This certifies that _________________________ is the
registered owner of the Percentage Interest evidenced by this Certificate
(obtained by dividing the Certificate Principal Balance of this Certificate by
the aggregate Certificate Principal Balance of all Class 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
NY1-208988.4
B-2
Agreement referred to below). The Trust Fund was created pursuant to a Pooling
and Servicing Agreement dated as specified above (the "Agreement") among the
Company, the Master Servicer and The First National Bank of Chicago, as trustee
(the "Trustee"), a summary of certain of the pertinent provisions of which is
set forth hereafter. To the extent not defined herein, the capitalized terms
used herein have the meanings assigned in the Agreement. This Certificate is
issued under and is subject to the terms, provisions and conditions of the
Agreement, to which Agreement the Holder of this Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound.
Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a Business Day,
the Business Day immediately following (the "Distribution Date"), commencing as
described in the Agreement, to the Person in whose name this Certificate is
registered at the close of business on the last day (or if such last day is not
a Business Day, the Business Day immediately preceding such last day) of the
month immediately preceding the month of such distribution (the "Record Date"),
from the Available Distribution Amount in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount (of interest
and principal, if any) required to be distributed to Holders of Class M-__
Certificates on such Distribution Date.
Distributions on this Certificate will be made either by the
Master Servicer acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in immediately available funds (by wire transfer or otherwise)
for the account of the Person entitled thereto if such Person shall have so
notified the Master Servicer or such Paying Agent, or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.
Notwithstanding the above, the final distribution on this
Certificate will be made after due notice of the pendency of such distribution
and only upon presentation and surrender of this Certificate at the office or
agency appointed by the Trustee for that purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the distributions allocable to principal and any Realized Losses allocable
hereto.
No transfer of this Class M Certificate will be made unless
the Trustee has received either (i) an opinion of counsel acceptable to and in
form and substance satisfactory to the Trustee, the Company and the Master
Servicer with respect to the permissibility of such transfer under the Employee
Retirement Income Security Act of 1974, as amended ("ERISA") and Section 4975 of
the Internal Revenue Code (the "Code") and stating, among other things, that the
transferee's acquisition of a Class M Certificate
NY1-208988.4
B-3
will not constitute or result in a non-exempt prohibited transaction under
Section 406 of ERISA or Section 4975 of the Code or (ii) a representation
letter, in the form as described by the Agreement, either stating that the
transferee is not an employee benefit or other plan subject to the prohibited
transaction provisions of ERISA or Section 4975 of the Code (a "Plan"), or any
other person (including an investment manager, a named fiduciary or a trustee of
any Plan) acting, directly or indirectly, on behalf of or purchasing any
Certificate with "plan assets" of any Plan, or stating that the transferee is an
insurance company, the source of funds to be used by it to purchase the
Certificate is an "insurance company general account" (within the meaning of
Department of Labor Prohibited Transaction Class Exemption ("PTCE") 95-60), and
the purchase is being made in reliance upon the availability of the exemptive
relief afforded under Section III of PTCE 95-60.
This Certificate is one of a duly authorized issue of
Certificates issued in several Classes designated as Mortgage Pass-Through
Certificates of the Series specified hereon (herein collectively called the
"Certificates").
The Certificates are limited in right of payment to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds are advanced with respect to any Mortgage Loan, such advance is
reimbursable to the Master Servicer, to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.
As provided in the Agreement, withdrawals from the Custodial
Account and/or the Certificate Account created for the benefit of
Certificateholders may be made by the Master Servicer from time to time for
purposes other than distributions to Certificateholders, such purposes including
without limitation reimbursement to the Company and the Master Servicer of
advances made, or certain expenses incurred, by either of them.
The Agreement permits, with certain exceptions therein
provided, the amendment of the Agreement and the modification of the rights and
obligations of the Company, the Master Servicer and 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
NY1-208988.4
B-4
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
▇▇▇▇▇▇'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
NY1-208988.4
B-5
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.
NY1-208988.4
B-6
IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.
Dated: THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class M-__ Certificates referred to in the
within-mentioned Agreement.
THE FIRST NATIONAL BANK OF
CHICAGO,
as Certificate Registrar
By:
Authorized Signatory
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 CERTIFICATES AND CLASS M CERTIFICATES AS DESCRIBED IN THE
AGREEMENT (AS DEFINED HEREIN).
THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE
RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR
IS SOLD OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM REGISTRATION UNDER
SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH
THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.
NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION PURSUANT TO SECTION 5.02(e) OF THE AGREEMENT OR
AN OPINION OF COUNSEL SATISFACTORY TO THE MASTER SERVICER, THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED, ("ERISA"), OR SECTION 4975 OF THE CODE
AND WILL NOT SUBJECT THE MASTER SERVICER, THE COMPANY OR THE TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.
SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE. THE FOLLOWING
INFORMATION IS PROVIDED SOLELY FOR THE PURPOSES OF APPLYING THE U.S. FEDERAL
INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID") RULES TO THIS CERTIFICATE. THE ISSUE
DATE OF THIS CERTIFICATE IS MAY 29, 1997. ASSUMING THAT THE MORTGAGE LOANS
PREPAY AT 235% 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.
NY1-208988.4
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: $_______________
May 1, 1997
Initial Certificate Principal
Balance of this Certificate:
First Distribution Date: $_______________
June 25, 1997
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date:
MORTGAGE PASS-THROUGH CERTIFICATE,
Series 1997-S7
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 Group, Inc. or any of their affiliates. Neither this
Certificate nor the underlying Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality or by Residential Funding Mortgage
Securities I, Inc., the Master Servicer, the Trustee or GMAC Mortgage Group,
Inc. or any of their affiliates. None of the Company, the Master Servicer, GMAC
Mortgage Group, Inc. or any of their affiliates will have any obligation with
respect to any certificate or other obligation secured by or payable from
payments on the Certificates.
This certifies that 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
NY1-208988.4
C-2
I, Inc. (hereinafter called the "Company," which term includes any successor
entity under the Agreement referred to below). The Trust Fund was created
pursuant to a Pooling and Servicing Agreement dated as specified above (the
"Agreement") among the Company, the Master Servicer and The First National Bank
of Chicago, as trustee (the "Trustee"), a summary of certain of the pertinent
provisions of which is set forth hereafter. To the extent not defined herein,
the capitalized terms used herein have the meanings assigned in the Agreement.
This Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.
Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a Business Day,
the Business Day immediately following (the "Distribution Date"), commencing on
the first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the last day (or if such
last day is not a Business Day, the Business Day immediately preceding such last
day) of the month next preceding the month of such distribution (the "Record
Date"), from the Available Distribution Amount in an amount equal to the product
of the Percentage Interest evidenced by this Certificate and the amount (of
interest and principal, if any) required to be distributed to Holders of Class B
Certificates on such Distribution Date.
Distributions on this Certificate will be made either by the
Master Servicer acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in immediately available funds (by wire transfer or otherwise)
for the account of the Person entitled thereto if such Person shall have so
notified the Master Servicer or such Paying Agent, or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.
Notwithstanding the above, the final distribution on this
Certificate will be made after due notice of the pendency of such distribution
and only upon presentation and surrender of this Certificate at the office or
agency appointed by the Trustee for that purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the distributions allocable to principal and any Realized Losses allocable
hereto.
No transfer of this Class B Certificate will be made unless
such transfer is exempt from the registration requirements of the Securities Act
of 1933, as amended, and any applicable state securities laws or is made in
accordance with said Act and laws. In the event that such a transfer is to be
made, (i) the Trustee or the Company may require an opinion of counsel
acceptable to and in form and substance satisfactory to the Trustee and the
Company that
NY1-208988.4
C-3
such transfer is exempt (describing the applicable exemption and the basis
therefor) from or is being made pursuant to the registration requirements of the
Securities Act of 1933, as amended, and of any applicable statute of any state
and (ii) the transferee shall execute an investment letter in the form described
by the Agreement. The Holder hereof desiring to effect such transfer shall, and
does hereby agree to, indemnify the Trustee, the Company, the Master Servicer
and the Certificate Registrar acting on behalf of the Trustee against any
liability that may result if the transfer is not so exempt or is not made in
accordance with such Federal and state laws. In connection with any such
transfer, the Trustee will also require either (i) an opinion of counsel
acceptable to and in form and substance satisfactory to the Trustee, the Company
and the Master Servicer with respect to the permissibility of such transfer
under the Employee Retirement Income Security Act of 1974, as amended ("ERISA")
and Section 4975 of the Internal Revenue Code (the "Code") and stating, among
other things, that the transferee's acquisition of a Class B Certificate will
not constitute or result in a non-exempt prohibited transaction under Section
406 of ERISA or Section 4975 of the Code or (ii) a representation letter, in the
form as described by the Agreement, either stating that the transferee is not an
employee benefit or other plan subject to the prohibited transaction provisions
of ERISA or Section 4975 of the Code (a "Plan"), or any other person (including
an investment manager, a named fiduciary or a trustee of any Plan) acting,
directly or indirectly, on behalf of or purchasing any Certificate with "plan
assets" of any Plan, or stating that the transferee is an insurance company, the
source of funds to be used by it to purchase the Certificate is an "insurance
company general account" (within the meaning of Department of Labor Prohibited
Transaction Class Exemption ("PTCE") 95-60), and the purchase is being made in
reliance upon the availability of the exemptive relief afforded under Section
III of PTCE 95-60.
This Certificate is one of a duly authorized issue of
Certificates issued in several Classes designated as Mortgage Pass-Through
Certificates of the Series specified hereon (herein collectively called the
"Certificates").
The Certificates are limited in right of payment to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. 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
NY1-208988.4
C-4
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
▇▇▇▇▇▇'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
NY1-208988.4
C-5
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.
NY1-208988.4
C-6
IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.
Dated: THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class B-__ Certificates referred to in the
within-mentioned Agreement.
THE FIRST NATIONAL BANK OF
CHICAGO,
as Certificate Registrar
By:
Authorized Signatory
NY1-208988.4
C-7
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 ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION PURSUANT TO SECTION 5.02(e) OF THE AGREEMENT OR
AN OPINION OF COUNSEL SATISFACTORY TO THE MASTER SERVICER, THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED, ("ERISA"), OR SECTION 4975 OF THE CODE
AND WILL NOT SUBJECT THE MASTER SERVICER, THE COMPANY OR THE TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.
ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
IF THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE MASTER SERVICER
AND THE TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT (A) THE UNITED STATES, ANY STATE
OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY INTERNATIONAL
ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING, (B) ANY
ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION 521 OF THE CODE)
WHICH IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH
ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE, (C) ANY
ORGANIZATION DESCRIBED IN SECTION 1381(a)(2)(C) OF THE CODE, (ANY SUCH PERSON
DESCRIBED IN THE FOREGOING CLAUSES (A), (B) OR (C) BEING HEREIN REFERRED TO AS A
"DISQUALIFIED ORGANIZATION") OR (D) AN AGENT OF A DISQUALIFIED ORGANIZATION, (2)
NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX AND
(3) SUCH TRANSFEREE SATISFIES CERTAIN ADDITIONAL CONDITIONS RELATING TO THE
FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE. NOTWITHSTANDING THE REGISTRATION
IN THE CERTIFICATE REGISTER OR ANY TRANSFER, SALE OR OTHER DISPOSITION OF THIS
CERTIFICATE TO A DISQUALIFIED ORGANIZATION OR AN AGENT OF A DISQUALIFIED
ORGANIZATION, SUCH REGISTRATION SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR
EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER
FOR ANY PURPOSE HEREUNDER, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF
DISTRIBUTIONS ON THIS CERTIFICATE. EACH HOLDER OF THIS CERTIFICATE BY ACCEPTANCE
OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS
PARAGRAPH.
NY1-208988.4
Certificate No. ___ 7.50% Pass-Through Rate
Class R Senior Aggregate Initial
Certificate Principal Balance of the
Class R Certificates:
Date of Pooling and Servicing $100.00
Agreement and Cut-off Date:
May 1, 1997 Initial Certificate Principal
Balance of this Certificate:
First Distribution Date: $_______________
June 25, 1997
Percentage Interest:
Master Servicer: _______%
Residential Funding Corporation
CUSIP 760944-_____
Assumed Final Distribution Date:
May 25, 2027
MORTGAGE PASS-THROUGH CERTIFICATE,
Series 1997-S7
evidencing a percentage interest in any distributions allocable to the
Class R Certificates with respect to the Trust Fund consisting
primarily of a pool of conventional one- to four-family fixed interest
rate first mortgage loans formed and sold by RESIDENTIAL 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 Group, Inc. or any of their affiliates. Neither this
Certificate nor the underlying Mortgage Loans are guaranteed or insured by any
governmental agency or instrumentality or by Residential Funding Mortgage
Securities I, Inc., the Master Servicer, the Trustee or GMAC Mortgage Group,
Inc. or any of their affiliates. None of the Company, the Master Servicer, GMAC
Mortgage Group, Inc. or any of their affiliates will have any obligation with
respect to any certificate or other obligation secured by or payable from
payments on the Certificates.
This certifies that _________________________ is the
registered owner of the Percentage Interest evidenced by this Certificate
(obtained by dividing the Initial Certificate Principal Balance of this
Certificate by the aggregate Initial Certificate Principal Balance of all Class
R Certificates, both as specified above) in certain distributions with respect
to the Trust Fund consisting primarily of a pool of conventional one- to
four-family fixed interest rate first mortgage loans (the "Mortgage Loans"),
formed and sold by Residential Funding Mortgage Securities I, Inc. (hereinafter
called the "Company," which term includes any
NY1-208988.4
D-2
successor entity under the Agreement referred to below). The Trust Fund was
created pursuant to a Pooling and Servicing Agreement dated as specified above
(the "Agreement") among the Company, the Master Servicer and The First National
Bank of Chicago, as trustee (the "Trustee"), a summary of certain of the
pertinent provisions of which is set forth hereafter. To the extent not defined
herein, the capitalized terms used herein have the meanings assigned in the
Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound.
Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a Business Day,
the Business Day immediately following (the "Distribution Date"), commencing as
described in the Agreement, to the Person in whose name this Certificate is
registered at the close of business on the last day (or if such last day is not
a Business Day, the Business Day immediately preceding such last day) of the
month immediately preceding the month of such distribution (the "Record Date"),
from the Available Distribution Amount in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount (of interest
and principal, if any) required to be distributed to Holders of Class R
Certificates on such Distribution Date.
Each Holder of this Certificate will be deemed to have agreed
to be bound by the restrictions set forth in the Agreement to the effect that
(i) each person holding or acquiring any Ownership Interest in this Certificate
must be a United States Person and a Permitted Transferee, (ii) the transfer of
any Ownership Interest in this Certificate will be conditioned upon the delivery
to the Trustee of, among other things, an affidavit to the effect that it is a
United States Person and Permitted Transferee, (iii) any attempted or purported
transfer of any Ownership Interest in this Certificate in violation of such
restrictions will be absolutely null and void and will vest no rights in the
purported transferee, and (iv) if any person other than a United States Person
and a Permitted Transferee acquires any Ownership Interest in this Certificate
in violation of such restrictions, then the Company will have the right, in its
sole discretion and without notice to the Holder of this Certificate, to sell
this Certificate to a purchaser selected by the Company, which purchaser may be
the Company, or any affiliate of the Company, on such terms and conditions as
the Company may choose.
Notwithstanding the above, the final distribution on this
Certificate will be made after due notice of the pendency of such distribution
and only upon presentation and surrender of this Certificate at the office or
agency appointed by the Trustee for that purpose in the City 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
NY1-208988.4
D-3
the extent of distributions allocable to principal and any Realized Losses
allocable hereto. Notwithstanding the reduction of the Certificate Principal
Balance hereof to zero, this Certificate will remain outstanding under the
Agreement and the Holder hereof may have additional obligations with respect to
this Certificate, including tax liabilities, and may be entitled to certain
additional distributions hereon, in accordance with the terms and provisions of
the Agreement.
No transfer of this Class R Certificate will be made unless
the Trustee has received either (i) an opinion of counsel acceptable to and in
form and substance satisfactory to the Trustee, the Company and the Master
Servicer with respect to the permissibility of such transfer under the Employee
Retirement Income Security Act of 1974, as amended ("ERISA") and Section 4975 of
the Internal Revenue Code (the "Code") and stating, among other things, that the
transferee's acquisition of a Class R Certificate will not constitute or result
in a non-exempt prohibited transaction under Section 406 of ERISA or Section
4975 of the Code or (ii) a representation letter, in the form as described by
the Agreement, stating that the transferee is not an employee benefit or other
plan subject to the prohibited transaction provisions of ERISA or Section 4975
of the Code (a "Plan"), or any other person (including an investment manager, a
named fiduciary or a trustee of any Plan) acting, directly or indirectly, on
behalf of or purchasing any Certificate with "plan assets" of any Plan.
This Certificate is one of a duly authorized issue of
Certificates issued in several Classes designated as Mortgage Pass-Through
Certificates of the Series specified hereon (herein collectively called the
"Certificates").
The Certificates are limited in right of payment to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds are advanced with respect to any Mortgage Loan, such advance is
reimbursable to the Master Servicer, to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.
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
NY1-208988.4
D-4
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
▇▇▇▇▇▇'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
NY1-208988.4
D-5
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.
NY1-208988.4
D-6
IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.
Dated: THE FIRST NATIONAL BANK OF CHICAGO
as Trustee
By:
Authorized Signatory
CERTIFICATE OF AUTHENTICATION
This is one of the Class R Certificates referred to in the
within-mentioned Agreement.
THE FIRST NATIONAL BANK OF
CHICAGO,
as Certificate Registrar
By:
Authorized Signatory
NY1-208988.4
D-7
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 May 1, 1997, by and among THE FIRST
NATIONAL BANK OF CHICAGO, as Trustee (including its successors under the Pooling
Agreement defined below, the "Trustee"), RESIDENTIAL FUNDING MORTGAGE SECURITIES
I, INC. (together with any successor in interest, the "Company"), RESIDENTIAL
FUNDING CORPORATION, as master servicer (together with any successor in interest
or successor under the Pooling Agreement referred to below, the "Master
Servicer"), and NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION (together with any
successor in interest or any successor appointed ▇▇▇▇▇▇▇▇▇, the "Custodian").
W I T N E S S E T H T H A T :
WHEREAS, the Company, the Master Servicer, and the Trustee
have entered into a Pooling and Servicing Agreement dated as of May 1, 1997,
relating to the issuance of Residential Funding Mortgage Securities I, Inc.,
Mortgage Pass-Through Certificates, Series 1997-S7 (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.
NY1-208988.4
ARTICLE II
Custody of Mortgage Documents
Section 2.1. Custodian to Act as Agent; Acceptance of Mortgage
Files. The Custodian, as the duly appointed agent of the Trustee for these
purposes, acknowledges receipt of the Mortgage Files relating to the Mortgage
Loans identified on the schedule attached hereto (the "Mortgage Files") and
declares that it holds and will hold the Mortgage Files as agent for the
Trustee, in trust, for the use and benefit of all present and future
Certificateholders.
Section 2.2. Recordation of Assignments. If any Mortgage File
includes one or more assignments to the Trustee of Mortgage Notes and related
Mortgages that have not been recorded, each such assignment shall be delivered
by the Custodian to the Company for the purpose of recording it in the
appropriate public office for real property records, and the Company, at no
expense to the Custodian, shall promptly cause to be recorded in the appropriate
public office for real property records each such assignment and, upon receipt
thereof from such public office, shall return each such assignment to the
Custodian.
Section 2.3. Review of Mortgage Files.
(a) On or prior to the Closing Date, the Custodian shall
deliver to the Trustee an Initial Certification in the form annexed hereto as
Exhibit One evidencing receipt of a Mortgage File for each Mortgage Loan listed
on the Schedule attached hereto (the "Mortgage Loan Schedule").
(b) Within 45 days of the initial issuance of the
Certificates, the Custodian agrees, for the benefit of Certificateholders, to
review, in accordance with the provisions of Section 2.02 of the Pooling
Agreement, each Mortgage File, and shall deliver to the Trustee an Interim
Certification in the form annexed hereto as Exhibit Two to the effect that all
documents required to be delivered pursuant to Section 2.01(b) of the Pooling
Agreement have been executed and received and that such documents relate to the
Mortgage Loans identified on the Mortgage Loan Schedule, except for any
exceptions listed on Schedule A attached to such Interim Certification. Within
45 days of receipt of the documents required to be delivered pursuant to Section
2.01(c) of the Pooling Agreement, the Custodian agrees, for the benefit of
Certificateholders, to review, in accordance with the provisions of Section 2.02
of the Pooling Agreement, each such document, and shall deliver to the Trustee
either (i) an Interim Certification in the form attached hereto as Exhibit Two
to the effect that all such documents relate to the Mortgage Loans 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
NY1-208988.4
E-2
shall be under no duty or obligation to inspect, review or examine said
documents, instruments, certificates or other papers to determine that the same
are genuine, enforceable, or appropriate for the represented purpose or that
they have actually been recorded or that they are other than what they purport
to be on their face. If in performing the review required by this Section 2.3
the Custodian finds any document or documents constituting a part of a Mortgage
File to be defective in any material respect, the Custodian shall promptly so
notify the Company, the Master Servicer and the Trustee. Upon receipt of written
notification from the Master Servicer, signed by a Servicing Officer, that the
Master Servicer or a Subservicer, as the case may be, has made a deposit into
the Certificate Account in payment for the purchase of the related Mortgage Loan
in an amount equal to the Purchase Price for such Mortgage Loan, the Custodian
shall release to the Master Servicer the related Mortgage File.
(c) Upon receipt of all documents required to be in the
Mortgage Files the Custodian shall deliver to the Trustee a Final Certification
in the form annexed hereto as Exhibit Three evidencing the completeness of the
Mortgage Files.
Upon receipt of written request from the Trustee, the
Custodian shall as soon as practicable supply the Trustee with a list of all of
the documents relating to the Mortgage Loans then contained in the Mortgage
Files.
Section 2.4. Notification of Breaches of Representations and
Warranties. Upon discovery by the Custodian of a breach of any representation or
warranty made by the Master Servicer or the Company as set forth in the Pooling
Agreement or by a Seller in a Seller's Agreement or by Residential Funding or
the Company in the Assignment Agreement with respect to a Mortgage Loan relating
to a Mortgage File, the Custodian shall give prompt written notice to the
Company, the Master Servicer and the Trustee.
Section 2.5. Custodian to Cooperate; Release of Mortgage
Files. Upon the repurchase or substitution of any Mortgage Loan pursuant to
Article II of the Pooling Agreement or payment in full of any Mortgage Loan, or
the receipt by the Master Servicer of a notification that payment in full will
be escrowed in a manner customary for such purposes, the Master Servicer shall
immediately notify the Custodian by a certification (which certification shall
include a statement to the effect that all amounts received or to be received in
connection with such payment which are required to be deposited in the Custodial
Account 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
NY1-208988.4
E-3
documents constituting the Mortgage File with respect to any Qualified
Substitute Mortgage Loan.
From time to time as is appropriate for the servicing or
foreclosures of any Mortgage Loan, including, for this purpose, collection under
any Primary Insurance Policy or any Mortgage Pool Insurance Policy, the Master
Servicer shall deliver to the Custodian a certificate of a Servicing Officer
requesting that possession of all, or any document constituting part, of the
Mortgage File be released to the Master Servicer and certifying as to the reason
for such release and that such release will not invalidate any insurance
coverage provided in respect of the Mortgage Loan under any of the Required
Insurance Policies. With such certificate, the Master Servicer shall deliver to
the Custodian a trust receipt signed by a Servicing Officer on behalf of the
Master Servicer, and upon receipt of the foregoing, the Custodian shall deliver
the Mortgage File or such document to the Master Servicer. The Master Servicer
shall cause each Mortgage File or any document therein so released to be
returned to the Custodian when the need therefor by the Master Servicer no
longer exists, unless (i) the Mortgage Loan has been liquidated and the
Liquidation Proceeds relating to the Mortgage Loan have been deposited in the
Custodial Account or (ii) the Mortgage File or such document has been delivered
to an attorney, or to a public trustee or other public official as required by
law, for purposes of initiating or pursuing legal action or other proceedings
for the foreclosure of the Mortgaged Property either judicially or
non-judicially, and the Master Servicer has delivered to the Custodian a
certificate of a Servicing Officer certifying as to the name and address of the
Person to which such Mortgage File or such document was delivered and the
purpose or purposes of such delivery. In the event of the liquidation of a
Mortgage Loan, the Custodian shall deliver the Trust Receipt with respect
thereto to the Master Servicer upon deposit of the related Liquidation Proceeds
in the Custodial Account as provided in the Pooling Agreement.
Section 2.6. Assumption Agreements. In the event that any
assumption agreement or substitution of liability agreement is entered into with
respect to any Mortgage Loan subject to this Agreement in accordance with the
terms and provisions of the Pooling Agreement, the Master Servicer shall notify
the Custodian that such assumption or 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
NY1-208988.4
E-4
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.
NY1-208988.4
E-5
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 ▇▇▇▇▇▇▇▇▇. No successor ▇▇▇▇▇▇▇▇▇
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.
NY1-208988.4
E-6
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
counterparts shall be deemed to be an original, and such counterparts shall
constitute but one and the same instrument.
Section 4.5. Severability of Provisions. If any one or
more of the covenants, agreements, provisions or terms of this
Agreement shall be for any reason whatsoever held invalid, then
NY1-208988.4
E-7
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.
NY1-208988.4
E-8
IN WITNESS WHEREOF, this Agreement is executed as of the date
first above written.
Address: THE FIRST NATIONAL BANK OF
CHICAGO,
as Trustee
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attention: Residential Funding Corporation
Series 1997-S7
By:
Name:
Title: Vice President
Address: RESIDENTIAL FUNDING MORTGAGE
SECURITIES I, INC.
▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
By:
Name:
Title: Vice President
Address: RESIDENTIAL FUNDING
CORPORATION, as Master Servicer
▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇
▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
By:
Name:
Title: Director
Address: NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION
▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
By:
Name: ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
Title: Trust Officer
NY1-208988.4
E-9
STATE OF NEW YORK )
) ss.:
COUNTY OF NEW YORK )
On the 29th day of May, 1997, before me, a notary public in
and for said State, personally appeared _______________________, known to me to
be a Vice President of The First National Bank of Chicago, 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 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]
NY1-208988.4
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 29th day of May, 1997, before me, a notary public in
and for said State, personally appeared ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇, 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]
NY1-208988.4
STATE OF MINNESOTA )
) ss.:
COUNTY OF HENNEPIN )
On the 29th day of May, 1997, 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 29th day of May, 1997, 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]
NY1-208988.4
EXHIBIT ONE
FORM OF CUSTODIAN
INITIAL CERTIFICATION
May 29, 1997
The First National Bank of Chicago
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attention: Residential Funding Corporation Series 1997-S7
Re: Custodial Agreement dated as of May 1, 1997, by
and among The First National Bank of Chicago,
Residential Funding Mortgage Securities I, Inc.,
Residential Funding Corporation and Norwest Bank
Minnesota, National Association, Mortgage
Pass-Through Certificates, Series 1997-S7
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:
NY1-208988.4
EXHIBIT TWO
FORM OF CUSTODIAN INTERIM CERTIFICATION
________________ ____, 1997
The First National Bank of Chicago
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attention: Residential Funding Corporation Series 1997-S7
Re: Custodial Agreement dated as of May 1, 1997, by
and among The First National Bank of Chicago,
Residential Funding Mortgage Securities I, Inc.,
Residential Funding Corporation and Norwest Bank
Minnesota, National Association, Mortgage
Pass-Through Certificates, Series 1997-S7
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:
NY1-208988.4
EXHIBIT THREE
FORM OF CUSTODIAN FINAL CERTIFICATION
_____________ ___, 1997
The First National Bank of Chicago
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attention: Residential Funding Corporation Series 1997-S7
Re: Custodial Agreement dated as of May 1, 1997, by
and among The First National Bank of Chicago,
Residential Funding Mortgage Securities I, Inc.,
Residential Funding Corporation and Norwest Bank
Minnesota, National Association, Mortgage
Pass-Through Certificates, Series 1997-S7
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;
NY1-208988.4
(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
NY1-208988.4
E-4
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:
NY1-208988.4
E-5
EXHIBIT F
MORTGAGE LOAN SCHEDULE
RUN ON : 05/23/97 RFC DISCLOSURE SYSTEM RFFSD177-01
AT : 06.28.54 FIXED RATE LOAN LISTING AMORTIZED BALANCE
SERIES : RFMSI I 1997-S7 30 YR CUTOFF : 05/01/97
POOL : 0004246
:
:
POOL STATUS: F
RFC LOAN # S/S CODE PMT TYPE ORIGINAL BAL LOAN FEATURE
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 #
______________________________________________________________________________
1402538 A15/A15 F 93,000.00 ZZ
240 87,485.02 1
#▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇ 9.375 859.30 56
9.125 859.30 167,000.00
DEDEDO GU 96912 5 12/02/94 00
1080522 05 02/01/95 0
100096 O 01/01/15
0
1509999 966/K01 F 367,950.00 ZZ
360 363,667.07 1
4828 ▇▇▇▇▇ STREET 8.500 2,829.22 80
8.250 2,829.22 459,971.00
EL PASO TX 79922 1 04/29/96 00
0459953477 05 06/01/96 0
UNKNOWN O 05/01/26
0
1533322 147/G01 F 211,250.00 ZZ
360 210,979.64 1
82 ROCKROSE 8.250 1,587.06 80
8.000 1,587.06 264,109.00
ALISO VIEJO CA 92656 1 02/04/97 00
0430195149 03 04/01/97 0
624087 O 03/01/27
0
1539535 B75/G01 F 130,000.00 ZZ
360 129,919.20 1
5927 ▇▇▇▇▇ ▇▇▇▇▇ SOUTHEAST 8.375 988.09 40
8.125 988.09 330,000.00
PRESTON WA 98050 4 03/17/97 00
0430211797 05 05/01/97 0
1
2648210 O 04/01/27
0
1539842 F03/G01 F 151,600.00 ZZ
360 151,498.28 1
7045 HIGHCROFT DRIVE 8.000 1,112.39 75
7.750 1,112.39 202,155.00
COLORADO SPRING CO 80922 1 03/28/97 00
0430197103 05 05/01/97 0
3374070831 O 04/01/27
0
1539904 B43/G01 F 108,000.00 ZZ
360 108,000.00 1
6824 SUGARBUSH DRIVE 8.750 849.64 75
8.500 849.64 144,000.00
ORLANDO FL 32819 2 04/03/97 00
0430202028 05 06/01/97 0
1539904 O 05/01/27
0
1542575 180/G01 F 86,100.00 ZZ
360 86,046.49 1
16999 N MACARTHUR 8.375 654.42 41
8.125 654.42 210,000.00
EDMOND OK 73003 4 03/14/97 00
0430203810 05 05/01/97 0
73003 O 04/01/27
0
1543642 491/491 F 262,000.00 ZZ
360 261,235.22 1
222 ▇▇▇▇ STREET 8.750 2,061.16 75
8.500 2,061.16 350,000.00
SAN ▇▇▇▇▇▇▇▇▇ CA 94117 2 11/01/96 00
61487171 07 01/01/97 0
61487171 O 12/01/26
0
1544529 A63/G01 F 224,000.00 ZZ
360 223,720.57 1
59 OYSTER BAY ROAD 8.375 1,702.56 80
8.125 1,702.56 280,000.00
LOCUST VALLEY NY 11560 1 02/14/97 00
0430171058 05 04/01/97 0
UNKNOWN O 03/01/27
0
1
1545084 E36/G01 F 160,000.00 ZZ
360 159,795.24 1
106 FAIRWAY VIEW DRIVE 8.250 1,202.03 38
8.000 1,202.03 428,500.00
COMMACK NY 11725 1 02/14/97 00
0430147157 05 04/01/97 0
187818 O 03/01/27
0
1545687 074/G01 F 350,000.00 ZZ
360 348,951.82 1
▇▇▇ ▇ ▇ ▇▇▇▇ ▇▇▇▇▇▇ 8.625 2,722.27 52
8.375 2,722.27 675,000.00
OKLAHOMA CITY OK 73106 1 11/08/96 00
0430106989 05 01/01/97 0
1563137577 O 12/01/26
0
1547139 387/387 F 154,400.00 ZZ
360 153,803.43 1
3249 SANTA ISABELA COURT 8.500 1,187.20 80
8.250 1,187.20 193,000.00
UNION CITY CA 94587 2 01/09/97 00
854752 05 03/01/97 0
854752 O 02/01/27
0
1548008 714/G01 F 296,005.66 ZZ
344 295,195.02 1
36651 HOLLYHOCK ▇▇▇▇▇ DRIVE 8.375 2,273.69 79
8.125 2,273.69 375,000.00
SUMMIT WI 53066 1 01/29/97 00
0430154153 05 02/01/97 0
NG O 09/01/25
0
1549778 147/G01 F 150,000.00 ZZ
360 149,718.34 1
▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ 8.375 1,140.11 37
8.125 1,140.11 415,000.00
HONOLULU HI 96825 1 01/22/97 00
0430195081 05 03/01/97 0
872508 O 02/01/27
0
1550045 225/225 F 192,000.00 ZZ
360 191,760.49 1
1224 RICHFIELD COURT 8.375 1,459.34 52
8.125 1,459.34 375,000.00
1
DOWNERS GROVE IL 60516 2 02/19/97 00
803195000 05 04/01/97 0
803195000 O 03/01/27
0
1552719 B75/G01 F 194,750.00 ZZ
360 194,513.20 1
8645 LADY ▇▇▇▇ ▇▇▇ 8.500 1,497.46 95
8.250 1,497.46 205,000.00
ORANGEVALE CA 95662 2 02/20/97 12
0430192492 05 04/01/97 30
2782407 O 03/01/27
0
1554136 G80/G80 F 273,750.00 ZZ
360 270,874.90 1
125 BEAVER DAM ROAD 8.875 2,178.08 73
8.625 2,178.08 375,000.00
TOWN OF BEDFORD NY 10507 1 12/31/96 00
802989600 05 03/01/97 0
802989600 O 02/01/27
0
1554514 491/491 F 251,750.00 ZZ
360 250,872.30 1
20210 ▇▇▇▇▇▇ PLACE 7.875 1,825.36 95
7.625 1,825.36 265,000.00
SAUGUS CA 91350 1 11/11/96 14
61210269 05 01/01/97 30
61210269 O 12/01/26
0
1554671 387/387 F 437,500.00 ZZ
360 436,981.54 1
19052 DORLON DRIVE 8.625 3,402.83 69
8.375 3,402.83 635,000.00
TARZANA CA 91356 2 02/10/97 00
1074905 05 04/01/97 0
1074905 O 03/01/27
0
1554836 387/387 F 495,000.00 ZZ
360 494,316.46 1
19 BROOKMONT CIRCLE 7.875 3,589.09 68
7.625 3,589.09 730,000.00
SAN ANSELMO CA 94960 2 02/11/97 00
856815 05 04/01/97 0
856815 O 03/01/27
0
1
1554885 B75/G01 F 116,600.00 ZZ
360 116,402.44 1
11976 FALLING CREEK DRIVE 8.875 927.72 70
8.625 927.72 167,000.00
MANASSAS VA 20112 2 01/17/97 00
0430152090 05 03/01/97 0
2747517 O 02/01/27
0
1555086 668/G01 F 252,000.00 ZZ
360 251,847.33 1
9081 RIVERWOOD DR 8.500 1,937.67 79
8.250 1,937.67 321,500.00
PLACERVILLE CA 95667 2 03/20/97 00
0430203539 05 05/01/97 0
0007100381 O 04/01/27
0
1555138 550/550 F 975,000.00 ZZ
360 973,752.27 1
▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ 8.250 7,324.85 30
8.000 7,324.85 3,300,000.00
PETALUMA CA 94954 2 01/28/97 00
120213868 05 04/01/97 0
120213868 O 03/01/27
0
1555382 A26/G01 F 35,000.00 ZZ
360 34,979.86 1
228 ▇▇▇▇▇▇▇ DRIVE 8.750 275.35 70
8.500 275.35 50,000.00
SPRING VALLEY NY 10977 1 03/05/97 00
0430168450 01 05/01/97 0
8241 O 04/01/27
0
1555607 299/G01 F 346,650.00 ZZ
360 344,927.72 1
228 SEVERN DRIVE 8.500 2,665.44 80
8.250 2,665.44 438,000.00
ANNAPOLIS MD 21401 4 08/12/96 00
0430150003 05 10/01/96 0
675464 O 09/01/26
0
1555609 B24/G01 F 97,050.00 ZZ
360 96,928.94 1
1
▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ UNIT 6-X 8.375 737.65 95
8.125 737.65 102,200.00
STAMFORD CT 06907 1 02/27/97 11
0430155036 08 04/01/97 30
188380 O 03/01/27
0
1556169 B24/G01 F 126,900.00 ZZ
360 126,745.70 1
21 PARK ST, #3 8.500 975.75 90
8.250 975.75 141,000.00
STAMFORD CT 06902 1 02/28/97 11
0430156067 07 04/01/97 25
189453 O 03/01/27
0
1556370 893/G01 F 214,000.00 ZZ
360 214,000.00 1
735 THE ALAMEDA 8.500 1,645.47 78
8.250 1,645.47 275,000.00
EL GRANADA CA 94018 1 04/14/97 00
0430216507 05 06/01/97 0
1556370 O 05/01/27
0
1556659 638/G01 F 322,000.00 ZZ
360 321,799.86 1
2 PUDDINGSTONE WAY 8.375 2,447.43 69
8.125 2,447.43 473,000.00
▇▇▇▇▇▇ TOWNSHIP NJ 07059 2 03/27/97 00
0430202275 05 05/01/97 0
8624887 O 04/01/27
0
1557038 562/G01 F 115,000.00 ZZ
360 114,800.04 1
147-18 17TH ROAD 8.750 904.71 54
8.500 904.71 215,000.00
WHITESTONE NY 11357 1 01/22/97 00
0430151837 05 03/01/97 0
530667 O 02/01/27
0
1557095 A26/G01 F 272,000.00 ZZ
360 272,000.00 1
▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ 8.625 2,115.59 80
8.375 2,115.59 340,000.00
BROOKLYN NY 11210 1 04/08/97 00
0430196006 05 06/01/97 0
1
8321 O 05/01/27
0
1557433 313/G01 F 228,000.00 ZZ
360 227,715.57 1
18315 NE 23RD WAY 8.375 1,732.97 75
8.125 1,732.97 305,000.00
VANCOUVER WA 98684 5 02/03/97 00
0430151936 05 04/01/97 0
6011621 O 03/01/27
0
1557478 387/387 F 710,000.00 ZZ
360 709,535.56 1
1945 SUNSET BLVD 8.125 5,271.73 79
7.875 5,271.73 900,000.00
SAN DIEGO CA 92103 2 03/11/97 00
1077387 05 05/01/97 0
1077387 O 04/01/27
0
1557726 074/074 F 106,650.00 ZZ
360 106,375.14 1
▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ 3D 8.250 801.23 70
8.000 801.23 152,400.00
NEW YORK NY 10036 1 12/23/96 00
1106039706 11 02/01/97 0
1106039706 O 01/01/27
0
1557742 074/074 F 95,550.00 ZZ
360 95,321.90 1
▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, 8.625 743.18 70
APT #9-L 8.375 743.18 136,500.00
NEW YORK NY 10016 1 12/13/96 00
1111076133 11 02/01/97 0
1111076133 O 01/01/27
0
1557787 074/G01 F 158,000.00 ZZ
360 157,622.82 1
7625 TOWER ROAD 8.625 1,228.91 62
8.375 1,228.91 257,500.00
SALEM TWP MI 48178 2 11/27/96 00
0430154617 05 02/01/97 0
1507204770 O 01/01/27
0
1
1558348 181/181 F 117,500.00 ZZ
360 117,149.02 1
8101 BEACH DRIVE 8.125 872.43 71
7.875 872.43 167,500.00
ROCKFORD IL 61103 2 11/26/96 00
215036 05 02/01/97 0
215036 O 01/01/27
0
1558618 074/G01 F 95,000.00 ZZ
360 94,794.22 1
18 RAY STREET 8.875 755.87 68
8.625 755.87 141,530.00
COVENTRY RI 02816 5 01/03/97 00
0430160036 05 03/01/97 0
1580043753 O 02/01/27
0
1558648 074/G01 F 51,200.00 ZZ
360 51,074.59 1
5697 NORTHWEST 195TH TERRACE 8.500 393.69 80
8.250 393.69 64,000.00
MIAMI FL 33055 5 12/10/96 00
0430160689 09 02/01/97 0
1589085480 O 01/01/27
0
1558790 964/G01 F 275,000.00 ZZ
360 275,000.00 1
122 RAVENHILL RD 8.375 2,090.20 74
8.125 2,090.20 373,000.00
ORINDA CA 94563 2 04/18/97 00
0430217935 09 06/01/97 0
23162 O 05/01/27
0
1559208 A52/G01 F 230,400.00 ZZ
360 230,112.58 1
3685 RIVER HOLLOW RUN 8.375 1,751.21 80
8.125 1,751.21 288,000.00
DULUTH GA 30136 1 02/25/97 00
0430155150 05 04/01/97 0
189407 O 03/01/27
0
1559351 638/G01 F 157,500.00 ZZ
360 157,404.58 1
4515 HOUNDSHAVEN WAY 8.500 1,211.04 75
8.250 1,211.04 210,000.00
1
SAN JOSE CA 95111 2 03/10/97 00
0430199109 05 05/01/97 0
08621476 O 04/01/27
0
1560261 387/387 F 448,000.00 ZZ
360 447,683.80 1
▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ 7.750 3,209.53 32
7.500 3,209.53 1,400,000.00
HOMEWOOD CA 96141 2 03/06/97 00
1085331 05 05/01/97 0
1085331 O 04/01/27
0
1560348 201/G01 F 185,000.00 ZZ
360 184,896.28 1
16790 W ▇▇▇▇▇ ▇▇▇▇ 8.875 1,471.95 73
8.625 1,471.95 256,000.00
LOXAHATCHEE FL 33470 5 03/14/97 00
0430206128 05 05/01/97 0
3500970409 O 04/01/27
0
1560448 253/253 F 287,000.00 ZZ
360 287,000.00 1
▇▇ ▇▇▇▇▇▇ ▇▇▇▇ 8.500 2,206.79 70
8.250 2,206.79 410,000.00
BELEN NM 87002 4 04/07/97 00
326443 05 06/01/97 0
326443 O 05/01/27
0
1560997 076/076 F 233,750.00 T
360 227,247.39 1
6 ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ 8.875 1,859.82 85
8.625 1,859.82 275,000.00
EAST HAMPTON NY 11937 1 01/21/97 01
6802552 05 03/01/97 30
6802552 O 02/01/27
0
1561004 950/G01 F 318,250.00 ZZ
360 318,066.89 1
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇ 8.750 2,503.68 95
8.500 2,503.68 335,000.00
REDMOND WA 98052 1 03/18/97 11
0430195537 03 05/01/97 30
01229761 O 04/01/27
0
1
1561058 B75/G01 F 216,000.00 ZZ
360 216,000.00 1
▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ 8.500 1,660.85 80
8.250 1,660.85 270,000.00
GRANADA HILLS A CA 91344 2 04/03/97 00
0430210005 05 06/01/97 0
2807428 O 05/01/27
0
1561066 076/076 F 277,367.00 ZZ
353 275,867.10 1
▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ 7.875 2,021.03 80
7.625 2,021.03 346,709.00
TAMPA FL 33647 4 12/27/96 11
7021446 03 02/01/97 25
7021446 O 06/01/26
0
1561068 076/076 F 220,500.00 ZZ
360 220,085.97 1
166 12 24TH ROAD 8.375 1,675.96 90
8.125 1,675.96 245,000.00
FLUSHING NY 11357 1 01/07/97 10
7066687 05 03/01/97 25
7066687 O 02/01/27
0
1561105 076/076 F 261,000.00 ZZ
360 260,706.26 1
412 NORTH SOMERSTOWN ROAD 8.875 2,076.64 95
8.625 2,076.64 275,000.00
▇▇▇▇▇▇ NY 10589 1 02/13/97 10
7073884 05 04/01/97 30
7073884 O 03/01/27
0
1561188 637/G01 F 105,000.00 ZZ
360 104,934.73 1
▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇▇ 8.375 798.08 95
8.125 798.08 111,500.00
TEMPLE HILLS MD 20748 2 03/31/97 11
0430208975 07 05/01/97 30
9440520 O 04/01/27
0
1561386 637/G01 F 240,000.00 ZZ
360 239,243.61 1
1
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ 8.375 1,824.18 80
8.125 1,824.18 300,000.00
STATEN ISLAND NY 10312 1 11/18/96 00
0430167692 05 01/01/97 0
9383274 O 12/01/26
0
1561498 076/076 F 245,000.00 ZZ
360 244,839.73 1
1084 CORNFLOWER COURT 8.125 1,819.12 70
7.875 1,819.12 355,000.00
SUNNYVALE CA 94086 1 03/14/97 00
7083262 05 05/01/97 0
7083262 O 04/01/27
0
1561523 147/G01 F 42,750.00 ZZ
360 42,750.00 1
▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ 8.625 332.51 42
UNIT #29-204 8.375 332.51 103,000.00
HIGHLANDS RANCH CO 80126 1 04/09/97 00
0430218198 01 06/01/97 0
508316 O 05/01/27
0
1561544 536/536 F 370,000.00 ZZ
360 369,751.74 1
▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ 8.000 2,714.93 59
7.750 2,714.93 630,000.00
HONOLULU HI 96825 5 03/21/97 00
1153089 05 05/01/97 0
1153089 O 04/01/27
0
1561714 A52/G01 F 102,150.00 ZZ
360 102,097.05 1
▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ 9.250 840.36 89
9.000 840.36 114,900.00
POWDER SPRINGS GA 30073 1 03/21/97 12
0430177691 05 05/01/97 25
193591 O 04/01/27
0
1561998 F03/G01 F 229,700.00 ZZ
360 229,560.84 1
7148 EAST COUNTRY CLUB LANE 8.500 1,766.20 80
8.250 1,766.20 290,000.00
ANAHEIM CA 92807 2 03/24/97 00
0430211078 05 05/01/97 0
1
LAG10258 O 04/01/27
0
1562014 F03/G01 F 100,000.00 ZZ
360 99,937.84 1
3724 QUIET CIRCLE WEST 8.375 760.08 71
8.125 760.08 142,000.00
COLORADO SPRING CO 80917 2 03/27/97 00
0430209312 05 05/01/97 0
DEN10664 O 04/01/27
0
1562141 491/491 F 235,500.00 ZZ
360 235,010.59 1
290 ARLINGTON STREET 7.875 1,707.54 82
7.625 1,707.54 290,000.00
SAN FRANCISCO CA 94131 2 01/21/97 21
0061102121 05 03/01/97 12
0061102121 O 02/01/27
0
1562208 E19/G01 F 244,000.00 ZZ
360 243,663.06 1
▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ 7.875 1,769.17 80
7.625 1,769.17 305,000.00
TRABUCO CANYON CA 92679 2 02/19/97 00
0430171306 05 04/01/97 0
100018681 O 03/01/27
0
1562254 181/181 F 182,700.00 ZZ
360 182,586.43 1
2275 CAPISTRANO DRIVE 8.375 1,388.66 70
8.125 1,388.66 261,000.00
SANTA CLARA CA 95051 1 03/21/97 00
5610613 05 05/01/97 0
5610613 O 04/01/27
0
1562258 136/G01 F 75,000.00 ZZ
360 74,906.43 1
300 EAST 33RD ST 6P 8.375 570.06 43
8.125 570.06 175,000.00
NEW YORK NY 10016 1 02/14/97 00
0430175034 06 04/01/97 0
1396930 O 03/01/27
0
1
1562279 074/G01 F 175,000.00 ZZ
360 174,703.49 1
5508 E TIMBERVIEW CT 8.875 1,392.38 63
8.625 1,392.38 278,000.00
WILMINGTON DE 19808 5 01/24/97 00
0430171710 05 03/01/97 0
1181071407 O 02/01/27
0
1562319 074/G01 F 120,000.00 ZZ
240 119,403.48 1
37 WOODLAND FARM ROAD 8.250 1,022.48 56
8.000 1,022.48 215,000.00
NATCHEZ MS 39120 5 01/28/97 00
0430171603 05 03/01/97 0
1502077595 O 02/01/17
0
1562474 074/G01 F 302,000.00 ZZ
360 301,418.28 1
3033 SO ▇▇▇▇▇ STREET 8.250 2,268.83 74
8.000 2,268.83 409,000.00
LAKEWOOD CO 80227 2 01/17/97 00
0430178772 05 03/01/97 0
1579041069 O 02/01/27
0
1562486 074/G01 F 139,000.00 ZZ
360 138,758.31 1
85 E STREET 8.750 1,093.52 62
8.500 1,093.52 225,000.00
WELLFLEET MA 02663 5 01/24/97 00
0430177048 05 03/01/97 0
1580043800 O 02/01/27
0
1562573 074/074 F 54,600.00 ZZ
360 54,538.54 1
▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ 8.875 434.43 70
APT. 66 8.625 434.43 78,000.00
NEW YORK NY 10025 1 02/07/97 00
1106043022 11 04/01/97 0
1106043022 O 03/01/27
0
1562576 074/074 F 90,300.00 T
360 90,130.43 1
EAST BRAMLEY MOUNTAIN ROAD 8.375 686.35 70
8.125 686.35 129,000.00
1
BOVINA NY 13740 1 01/16/97 00
1107018472 05 03/01/97 0
1107018472 O 02/01/27
0
1562577 074/074 F 86,000.00 ZZ
360 85,842.59 1
59 ▇▇▇▇▇▇▇ COURT 8.500 661.27 67
8.250 661.27 129,000.00
AMHERST NY 14221 1 01/06/97 00
1111072959 05 03/01/97 0
1111072959 O 02/01/27
0
1562580 074/074 F 26,500.00 ZZ
360 26,431.69 1
252-22 63RD AVENUE 8.250 199.09 64
#1343 8.000 199.09 42,000.00
LITTLE NECK NY 11362 1 12/12/96 00
1111074466 11 02/01/97 0
1111074466 O 01/01/27
0
1562583 074/074 F 270,000.00 ZZ
360 269,304.18 1
746 TURF ROAD 8.250 2,028.42 90
8.000 2,028.42 300,000.00
NORTH WOODMERE NY 11581 1 12/20/96 12
1111076767 05 02/01/97 25
1111076767 O 01/01/27
0
1562584 074/074 F 195,000.00 ZZ
360 194,643.06 1
69-46 184TH STREET 8.500 1,499.39 75
8.250 1,499.39 260,000.00
FRESH ▇▇▇▇▇▇▇ NY 11365 1 01/17/97 00
1111076778 05 03/01/97 0
1111076778 O 02/01/27
0
1562588 074/074 F 284,000.00 ZZ
360 281,765.43 1
61 ▇▇▇▇▇▇▇ ROAD 8.375 2,158.61 80
8.125 2,158.61 355,000.00
GARDEN CITY NY 11530 1 12/12/96 00
1111079084 05 02/01/97 0
1111079084 O 01/01/27
0
1
1562592 074/074 F 250,000.00 ZZ
360 249,506.05 1
23 POND PARK ROAD 8.125 1,856.25 40
7.875 1,856.25 625,000.00
GREAT NECK NY 11023 1 01/13/97 00
1111079823 05 03/01/97 0
1111079823 O 02/01/27
0
1562599 074/074 F 87,500.00 ZZ
360 87,339.85 ▇
▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇. #4-D 8.500 672.80 70
8.250 672.80 125,000.00
NEW YORK NY 10003 1 01/16/97 00
1111081790 11 03/01/97 0
1111081790 O 02/01/27
0
1562604 074/074 F 350,000.00 ZZ
360 349,595.77 1
▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ 8.750 2,753.46 38
8.500 2,753.46 925,000.00
NEW YORK NY 10021 1 02/10/97 00
1111083944 12 04/01/97 0
1111083944 O 03/01/27
0
1562606 074/074 F 162,850.00 ZZ
360 162,519.28 1
136 WAVERLY PLACE 2A 8.375 1,237.78 69
8.125 1,237.78 237,500.00
NEW YORK NY 10003 1 01/24/97 00
1111084142 12 03/01/97 0
1111084142 O 02/01/27
0
1562609 074/074 F 157,500.00 ZZ
360 156,215.18 1
▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ 8.750 1,239.06 75
8.500 1,239.06 210,000.00
SOUTHOLD NY 11971 1 01/21/97 00
1111084914 05 03/01/97 0
1111084914 O 02/01/27
0
1562619 074/074 F 227,500.00 ZZ
360 227,094.13 1
1
▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇/O COLONIE 8.625 1,769.48 70
8.375 1,769.48 325,000.00
LATHAM NY 12110 5 01/27/97 00
1111088041 05 03/01/97 0
1111088041 O 02/01/27
0
1562636 074/074 F 387,750.00 ZZ
360 386,983.91 1
▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ 8.125 2,879.03 75
UNIT #23D 7.875 2,879.03 517,000.00
NEW YORK NY 10128 1 01/22/97 00
1500280791 06 03/01/97 0
1500280791 O 02/01/27
0
1562640 074/074 F 328,000.00 ZZ
360 327,399.65 1
141 COVERLY AVENUE 8.500 2,522.04 80
8.250 2,522.04 410,000.00
STATEN ISLAND NY 10304 1 01/17/97 00
1500283450 05 03/01/97 0
1500283450 O 02/01/27
0
1562899 147/G01 F 146,000.00 ZZ
360 145,904.49 1
5711 OWENSMOUTH AVENUE 8.125 1,084.05 80
UNIT #117 7.875 1,084.05 182,500.00
LOS ANGELES CA 91367 1 03/24/97 00
0430204602 01 05/01/97 0
552689 O 04/01/27
0
1562933 F19/G01 F 180,000.00 ZZ
360 179,885.22 1
1478 CREEK VIEW LANE 8.250 1,352.28 80
8.000 1,352.28 225,000.00
SANTA CRUZ CA 95062 1 03/20/97 00
0430205674 03 05/01/97 0
1562933 O 04/01/27
0
1563304 403/403 F 220,595.44 ZZ
339 216,768.37 1
LOT 31B FLAG ▇▇▇▇▇ ▇▇ 8.780 1,762.95 74
8.530 1,762.95 299,753.00
GUILFORD CT 06437 4 01/30/97 00
1996826 05 05/01/97 0
1
1996826 O 07/01/25
0
1563355 267/267 F 236,680.00 ZZ
360 236,344.82 1
402 CALLE CANELA 7.750 1,695.61 80
7.500 1,695.61 295,855.00
SAN DIMAS CA 91773 1 02/21/97 00
4434641 03 04/01/97 0
4434641 O 03/01/27
0
1563439 E22/G01 F 156,000.00 ZZ
360 155,728.76 1
▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ 8.750 1,227.26 80
8.500 1,227.26 195,000.00
BRANCHBURG TOWN NJ 08853 1 01/22/97 00
0410337760 05 03/01/97 0
410337760 O 02/01/27
0
1563726 439/G01 F 259,200.00 ZZ
360 258,511.39 1
4 STIRRUP LANE 8.100 1,920.02 80
7.850 1,920.02 324,000.00
FORT SALONGA NY 11768 1 12/18/96 00
0430186783 05 02/01/97 0
1879890 O 01/01/27
0
1563732 439/G01 F 400,000.00 ZZ
360 398,798.06 1
145 ROXBURY ROAD 8.400 3,047.36 65
8.150 3,047.36 615,500.00
GARDEN CITY NY 11530 1 12/19/96 00
0430186866 05 02/01/97 0
1881659 O 01/01/27
0
1563786 439/439 F 267,000.00 ZZ
360 266,485.69 1
4 PINE DRIVE SOUTH 8.250 2,005.89 60
8.000 2,005.89 445,000.00
ROSLYN NY 11576 1 01/15/97 00
1888088 05 03/01/97 0
1888088 O 02/01/27
0
1
1563941 764/G01 F 101,000.00 ZZ
360 101,000.00 1
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ 8.250 758.78 58
8.000 758.78 175,000.00
SAN DIMAS CA 91773 2 03/27/97 00
0430199828 05 06/01/97 0
890592 O 05/01/27
0
1564247 G66/G01 F 147,240.00 ZZ
360 147,240.00 1
6501 ▇▇▇▇▇ AVENUE 8.250 1,106.16 90
8.000 1,106.16 163,600.00
BELL GARDENS CA 90201 1 04/08/97 10
0430203877 05 06/01/97 27
3312211035 O 05/01/27
0
1564387 A37/G01 F 700,000.00 ZZ
360 700,000.00 1
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ 8.500 5,382.40 64
8.250 5,382.40 1,100,000.00
OCONOMOWOC WI 53066 1 04/15/97 00
0430202556 05 06/01/97 0
9717 O 05/01/27
0
1564492 F02/G01 F 266,400.00 T
360 262,284.49 1
100 GULFSHORE DRIVE NO 404N 8.375 2,024.83 80
8.125 2,024.83 333,000.00
DESTIN FL 32541 1 05/24/95 00
0430193110 02 07/01/95 0
020664405 O 06/01/25
0
1564508 G44/G01 F 115,000.00 ZZ
360 114,930.33 1
7720 SW 93 AVENUE 8.500 884.25 66
8.250 884.25 175,000.00
MIAMI FL 33173 5 03/27/97 00
0430195966 05 05/01/97 0
0397024 O 04/01/27
0
1564805 074/074 F 175,000.00 ZZ
360 174,797.89 1
65 ▇▇▇▇▇▇▇▇▇ AVENUE 8.750 1,376.73 49
8.500 1,376.73 360,000.00
1
LOCUST VALLEY NY 11560 1 02/12/97 00
1111086986 05 04/01/97 0
1111086986 O 03/01/27
0
1564807 074/074 F 250,000.00 ZZ
360 249,051.22 1
105 ▇▇▇▇▇▇ ▇▇▇▇ 8.375 1,900.18 76
8.125 1,900.18 330,000.00
GREENLAWN NY 11740 1 11/01/96 00
1500256480 05 12/01/96 0
1500256480 O 11/01/26
0
1565360 668/G01 F 278,000.00 ZZ
360 278,000.00 1
▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ 8.500 2,137.58 80
8.250 2,137.58 347,500.00
PETALUMA CA 94952 2 04/03/97 00
0430217067 05 06/01/97 0
0007136112 O 05/01/27
0
1565426 F02/G01 F 256,000.00 ZZ
360 255,388.89 1
2 ▇▇▇▇▇▇ DR 8.625 1,991.14 80
8.375 1,991.14 320,000.00
WEST LONG BRANC NJ 07764 5 12/11/96 00
0430188805 05 02/01/97 0
0600640859 O 01/01/27
0
1565629 640/G01 F 276,000.00 ZZ
348 275,613.46 1
4026 ▇▇▇▇▇▇ DRIVE 8.250 2,090.11 80
8.000 2,090.11 345,000.00
MEMPHIS TN 38133 1 03/28/96 00
0430184523 03 04/01/97 0
UNKNOWN O 03/01/26
0
1565690 270/G01 F 151,900.00 ZZ
360 151,805.59 1
13201 ▇▇▇▇▇▇▇▇ DRIVE 8.375 1,154.55 80
8.125 1,154.55 189,900.00
AUSTIN TX 78729 1 03/31/97 00
0430204875 05 05/01/97 0
4931713 O 04/01/27
0
1
1565691 638/G01 F 259,800.00 ZZ
360 259,475.91 1
5870 ▇▇▇▇▇▇▇ AVENUE 8.375 1,974.67 80
8.125 1,974.67 325,600.00
LIVERMORE CA 94550 2 02/26/97 00
0430196097 05 04/01/97 0
8614540 O 03/01/27
0
1565866 074/074 F 100,000.00 ZZ
360 99,761.29 1
32 SOUTH ST. 8.625 777.79 56
8.375 777.79 181,000.00
PATTERSON NY 12563 1 12/17/96 00
1111077704 05 02/01/97 0
1111077704 O 01/01/27
0
1566102 A46/G01 F 105,600.00 ZZ
360 105,532.66 1
15206 FALL RIDGE DRIVE 8.250 793.34 80
8.000 793.34 132,000.00
SAN ANTONIO TX 78247 1 03/31/97 00
0430216358 03 05/01/97 0
0616027 O 04/01/27
0
1566166 637/G01 F 93,000.00 ZZ
360 92,942.19 1
350 BELMONT CHASE COURT 8.375 706.87 61
8.125 706.87 152,500.00
ALPHARETTA GA 30202 1 03/31/97 00
0430202390 03 05/01/97 0
9433731 O 04/01/27
0
1566204 637/G01 F 265,000.00 ZZ
360 264,831.02 1
10021 ▇▇▇▇▇▇▇ COURT 8.250 1,990.86 78
8.000 1,990.86 341,000.00
CUPERTINO CA 95014 2 03/06/97 00
0430196782 05 05/01/97 0
9659202 O 04/01/27
0
1566518 116/116 F 228,750.00 ZZ
360 228,750.00 1
1
6 ACADIA BRANCH PLACE 7.625 1,619.08 75
7.375 1,619.08 305,000.00
THE WOODLANDS TX 77382 1 04/04/97 00
UNKNOWN 05 06/01/97 0
UNKNOWN O 05/01/27
0
1566520 637/G01 F 206,250.00 ZZ
360 206,250.00 1
100-34 67TH DRIVE 8.875 1,641.02 75
8.625 1,641.02 275,000.00
FOREST HILLS NY 11375 1 04/14/97 00
0430211326 07 06/01/97 0
9678327 O 05/01/27
0
1566546 696/G01 F 144,700.00 ZZ
360 144,607.73 1
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ 8.250 1,087.08 90
8.000 1,087.08 160,800.00
ODENTON MD 21113 1 03/19/97 10
0430189779 09 05/01/97 25
3015055 O 04/01/27
0
1566646 253/253 F 450,000.00 ZZ
360 449,698.05 1
426 KINGS ROW 8.000 3,301.95 75
7.750 3,301.95 600,000.00
PORT NECHES TX 77651 4 03/14/97 00
316044 05 05/01/97 0
316044 O 04/01/27
0
1566659 696/G01 F 188,050.00 ZZ
360 187,930.08 1
20686 ▇▇▇▇▇▇▇ COURT 8.250 1,412.76 80
8.000 1,412.76 235,065.00
ASHBURN VA 20147 1 03/19/97 00
0430214866 03 05/01/97 0
3014977 O 04/01/27
0
1566728 E13/G01 F 519,000.00 ZZ
360 519,000.00 1
1802 VIA SINSONTE 8.750 4,082.98 79
8.500 4,082.98 660,000.00
ESCONDIDO CA 92027 2 04/01/97 00
0430196550 05 06/01/97 0
1
194233 O 05/01/27
0
1566731 964/G01 F 150,350.00 ZZ
360 150,249.11 1
10 CAPE VICTORIA 8.000 1,103.22 80
7.750 1,103.22 187,990.00
ALISO VIEJO (AR CA 92656 1 03/14/97 00
0430196758 01 05/01/97 0
23574 O 04/01/27
0
1566735 E85/G01 F 199,200.00 ZZ
360 199,200.00 1
16 JULES DRIVE 8.250 1,496.52 80
8.000 1,496.52 249,000.00
NOVATO CA 94947 1 04/08/97 00
0430204925 05 06/01/97 0
9600643 O 05/01/27
0
1566795 A86/G01 F 532,000.00 ZZ
360 532,000.00 1
▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇ 8.500 4,090.62 70
8.250 4,090.62 760,000.00
WENHAM MA 01984 2 04/09/97 00
0430195073 05 06/01/97 0
7031RF O 05/01/27
0
1566846 455/G01 F 98,000.00 ZZ
360 97,935.89 1
4375 ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ROAD 8.125 727.65 70
7.875 727.65 140,000.00
TUCKER GA 30084 5 03/19/97 00
0430195974 05 05/01/97 0
54963 O 04/01/27
0
1566994 B98/G01 F 130,000.00 ZZ
360 130,000.00 1
▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ 8.375 988.09 62
8.125 988.09 210,000.00
SUNNYVALE CA 94086 1 04/14/97 00
0430207837 01 06/01/97 0
702038 O 05/01/27
0
1
1567014 944/G01 F 300,000.00 ZZ
360 300,000.00 1
1035 CAPISTRANO COURT 8.250 2,253.80 80
8.000 2,253.80 375,000.00
SAN LUIS OBISPO CA 93405 1 04/08/97 00
0430220095 05 06/01/97 0
192913 O 05/01/27
0
1567016 609/609 F 540,000.00 ZZ
360 540,000.00 1
▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ 8.750 4,248.18 80
8.500 4,248.18 675,000.00
WILLIAMSBURG MI 49690 1 04/07/97 00
132563 05 06/01/97 0
132563 O 05/01/27
0
1567049 668/G01 F 206,400.00 ZZ
360 206,400.00 1
3107 ▇▇▇▇▇▇▇ COURT 8.375 1,568.79 80
8.125 1,568.79 258,000.00
PLEASANTON CA 94588 1 04/03/97 00
0430214916 05 06/01/97 0
0007160906 O 05/01/27
0
1567103 811/G01 F 115,650.00 ZZ
360 115,650.00 1
▇▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ 8.750 909.82 75
8.500 909.82 154,202.00
MIAMI FL 33187 1 04/11/97 00
0430214445 05 06/01/97 0
FM00105872 O 05/01/27
0
1567105 375/G01 F 155,000.00 ZZ
360 154,622.81 1
1109 SPRINGWOOD LANE 8.000 1,137.34 69
7.750 1,137.34 224,990.00
UPPER PROVIDENC PA 19426 1 01/30/97 00
0430204610 03 03/01/97 0
636830 O 02/01/27
0
1567124 225/225 F 66,000.00 ZZ
360 65,958.98 1
▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇ 8.375 501.65 54
8.125 501.65 124,000.00
1
SOUTHBURY CT 06488 1 03/03/97 00
8023477 05 05/01/97 0
8023477 O 04/01/27
0
1567288 F03/G01 F 76,500.00 ZZ
360 76,500.00 1
1885 BUFFEHR CREEK ROAD 8.750 601.83 75
UNIT 1 8.500 601.83 102,000.00
VAIL CO 81657 2 04/11/97 00
0430210617 05 06/01/97 0
DEN10749 O 05/01/27
0
1567323 664/G01 F 260,000.00 ZZ
360 260,000.00 1
▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ 8.875 2,068.68 79
8.625 2,068.68 330,000.00
LOS ANGELES CA 90026 2 04/08/97 00
0430209080 05 06/01/97 0
2293553 O 05/01/27
0
1567392 076/076 F 227,230.00 ZZ
360 226,042.51 1
18819 HADDINGTON LANE 8.250 1,707.11 80
8.000 1,707.11 285,975.00
DALLAS TX 75287 1 08/30/96 00
6364072 03 10/01/96 0
6364072 O 09/01/26
0
1567414 076/076 F 265,000.00 ZZ
360 264,669.41 1
3 ROUNDWOOD COURT 8.375 2,014.20 72
8.125 2,014.20 370,000.00
▇▇▇ HILLS NY 11746 5 02/11/97 00
6863762 05 04/01/97 0
6863762 O 03/01/27
0
1567454 076/076 F 286,000.00 ZZ
360 285,652.24 1
9 ▇▇▇▇▇ COURT 8.500 2,199.10 80
8.250 2,199.10 357,500.00
MOUNT KISCO NY 10549 1 02/14/97 00
7078298 05 04/01/97 0
7078298 O 03/01/27
0
1
1567514 076/076 F 217,600.00 ZZ
360 217,299.52 1
701 WYNDSOR CREEK DRIVE 7.875 1,577.75 80
7.625 1,577.75 272,000.00
SOUTHLAKE TX 76092 1 02/20/97 00
8074372 03 04/01/97 0
8074372 O 03/01/27
0
1567515 076/076 F 285,000.00 ZZ
360 284,827.34 1
35 RIDGE DRIVE 8.500 2,191.41 95
8.250 2,191.41 301,000.00
PLAINVIEW NY 11803 1 03/13/97 01
8086372 05 05/01/97 30
8086372 O 04/01/27
0
1567574 208/G01 F 312,000.00 ZZ
360 311,790.65 1
628 CAMINO RANCHEROS 8.000 2,289.35 80
7.750 2,289.35 390,000.00
SANTA FE NM 87505 1 03/06/97 00
0430193599 05 05/01/97 0
37164 O 04/01/27
0
1567600 E97/G01 F 126,800.00 ZZ
360 126,800.00 1
▇▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇ 8.750 997.54 80
8.500 997.54 158,500.00
SEATTLE WA 98116 1 04/08/97 00
0430202713 05 06/01/97 0
972094 O 05/01/27
0
1567671 181/181 F 69,500.00 ZZ
360 69,500.00 1
18732 CLEAR VIEW LANE 8.375 528.25 52
8.125 528.25 135,500.00
MINNETONKA MN 55345 1 04/10/97 00
5529531 09 06/01/97 0
5529531 O 05/01/27
0
1567717 B75/G01 F 187,600.00 ZZ
360 187,600.00 1
1
▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ 8.375 1,425.90 79
8.125 1,425.90 239,000.00
LOMITA CA 90717 1 04/10/97 00
0430220137 05 06/01/97 0
2807824 O 05/01/27
0
1567905 F18/G01 F 238,500.00 ZZ
360 238,500.00 1
2236 GOLDEN DEW CIRCLE 8.500 1,833.86 89
8.250 1,833.86 268,000.00
SAN JOSE CA 95121 2 04/07/97 12
0430212886 05 06/01/97 25
1567905 O 05/01/27
0
1567910 F18/G01 F 143,200.00 ZZ
360 143,200.00 1
14424 JUNIPER STREET 8.000 1,050.76 77
7.750 1,050.76 187,000.00
SAN LEANDRO CA 94579 1 04/07/97 00
0430205666 05 06/01/97 0
167910 O 05/01/27
0
1567918 286/286 F 360,000.00 ZZ
360 359,515.29 1
7303 WILLOW GATE COURT 8.000 2,641.55 80
7.750 2,641.55 450,000.00
PROSPECT KY 40059 1 02/28/97 00
0000936354 05 04/01/97 0
0000936354 O 03/01/27
0
1567998 927/G01 F 578,000.00 ZZ
360 577,631.42 1
2049 TROON DRIVE 8.250 4,342.33 70
8.000 4,342.33 830,000.00
HENDERSON NV 89014 4 03/17/97 00
0430196535 03 05/01/97 0
261651 O 04/01/27
0
1568033 995/G01 F 300,000.00 ZZ
360 299,803.76 1
29 LEXINGTON AVENUE 8.125 2,227.49 80
7.875 2,227.49 375,000.00
CRESSKILL NJ 07626 1 03/27/97 00
0430188870 05 05/01/97 0
1
GM10031449 O 04/01/27
0
1568071 003/G01 F 288,800.00 ZZ
360 288,615.84 1
5107 TIMBERVIEW TERRACE 8.250 2,169.66 80
8.000 2,169.66 361,000.00
ORLANDO FL 32819 1 03/20/97 00
0430203430 05 05/01/97 0
0003794534 O 04/01/27
0
1568114 A06/G01 F 262,500.00 ZZ
360 262,340.97 1
6415 APPLE ORCHARD 8.500 2,018.40 75
8.250 2,018.40 350,000.00
ROCHESTER HILLS MI 48307 5 03/31/97 00
0430188615 05 05/01/97 0
9610674 O 04/01/27
0
1568148 076/076 F 265,000.00 ZZ
360 264,847.53 1
▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ 8.750 2,084.76 72
8.500 2,084.76 370,000.00
HOPEWELL TOWNSH NJ 08534 5 03/04/97 00
8030142 05 05/01/97 0
8030142 O 04/01/27
0
1568169 129/G01 F 225,200.00 T
360 225,060.03 1
7655 PEBBLE CREEK CIRCLE 8.375 1,711.68 80
UNIT 406 8.125 1,711.68 285,000.00
NAPLES FL 33963 1 03/07/97 00
0430208629 08 05/01/97 0
3600042570 O 04/01/27
0
1568171 076/076 F 311,000.00 ZZ
360 310,801.69 1
▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ 8.250 2,336.44 80
8.000 2,336.44 389,000.00
MORGAN HILL CA 95037 2 03/07/97 00
8063982 03 05/01/97 0
8063982 O 04/01/27
0
1
1568172 076/076 F 443,000.00 ZZ
360 442,695.13 1
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ 7.875 3,212.06 80
7.625 3,212.06 560,000.00
LOS ANGELES CA 90064 2 03/07/97 00
8092582 05 05/01/97 0
8092582 O 04/01/27
0
1568242 731/G01 F 132,000.00 ZZ
360 131,915.83 1
30420 PASSAGEWAY PLACE 8.250 991.67 80
8.000 991.67 165,000.00
AGOURA HILLS CA 91301 1 03/19/97 00
0430202416 09 05/01/97 0
1001200 O 04/01/27
0
1568367 163/G01 F 269,000.00 ZZ
360 268,625.06 1
278 ALAMEDA DE LA LOMA 8.375 2,044.59 87
8.125 2,044.59 310,000.00
NOVATO CA 94949 2 02/19/97 14
0430196956 05 04/01/97 25
215655477 O 03/01/27
0
1568374 163/G01 F 256,500.00 ZZ
360 256,163.28 1
89 FLORAL PARKWAY 8.125 1,904.51 90
7.875 1,904.51 285,000.00
FLORAL PARK NY 11001 1 02/12/97 04
0430196980 05 04/01/97 25
215624416 O 03/01/27
0
1568376 688/G01 F 224,000.00 ZZ
354 223,864.90 1
1421 CHAMPION OAKS DRIVE 8.750 1,768.43 85
8.500 1,768.43 265,000.00
ROSEVILLE CA 95661 2 02/06/97 01
0430202242 05 05/01/97 25
0037154 O 10/01/26
0
1568401 106/106 F 292,100.00 ZZ
360 291,918.43 1
126 ▇▇▇▇▇▇ ROAD 8.375 2,220.18 90
8.125 2,220.18 324,584.00
1
WARWICK NY 10990 1 03/05/97 14
7632318 05 05/01/97 25
7632318 O 04/01/27
0
1568403 106/106 F 492,500.00 ZZ
360 491,025.06 1
10825 ▇▇▇▇▇▇▇ ▇▇▇▇▇ COURT 8.625 3,830.62 76
8.375 3,830.62 650,000.00
RALEIGH NC 27614 2 11/12/96 00
7654080 05 01/01/97 0
7654080 O 12/01/26
0
1568404 106/106 F 237,200.00 ZZ
360 236,896.44 1
110 SEA COVE ROAD 8.250 1,782.01 80
8.000 1,782.01 296,500.00
NORTHPORT NY 11768 1 02/21/97 00
7663578 05 04/01/97 0
7663578 O 03/01/27
0
1568405 106/106 F 273,300.00 ZZ
360 272,941.23 1
77 ▇▇▇▇▇▇▇▇ COURT 8.125 2,029.25 80
7.875 2,029.25 343,000.00
WAYNE NJ 07470 1 02/13/97 00
7668858 05 04/01/97 0
7668858 O 03/01/27
0
1568406 106/106 F 276,000.00 ZZ
360 275,824.00 1
8 SEAWEED ROAD 8.250 2,073.50 80
8.000 2,073.50 345,000.00
SOUTHAMPTON NY 11968 1 03/07/97 00
7677289 05 05/01/97 0
7677289 O 04/01/27
0
1568408 106/106 F 280,000.00 ZZ
360 279,816.83 1
42 PINECREST DRIVE 8.125 2,079.00 80
7.875 2,079.00 353,000.00
WOODCLIFFE LAKE NJ 07675 1 03/14/97 00
7702442 05 05/01/97 0
7702442 O 04/01/27
0
1
1568412 106/106 F 256,000.00 ZZ
360 255,628.24 1
3344 LUKES POND RD 7.625 1,811.96 80
7.375 1,811.96 320,000.00
BRANCHBURG NJ 08876 1 02/21/97 00
7713381 05 04/01/97 0
7713381 O 03/01/27
0
1568416 106/106 F 320,000.00 ZZ
360 319,590.48 1
147 CONGRESS STREET 8.250 2,404.06 80
8.000 2,404.06 400,000.00
BROOKLYN NY 11201 1 02/28/97 00
7733686 07 04/01/97 0
7733686 O 03/01/27
0
1568417 106/106 F 290,000.00 ZZ
360 289,175.45 1
147 BEACH 135TH STREET 8.250 2,178.68 85
8.000 2,178.68 345,000.00
BELLE HARBOR NY 11694 1 02/24/97 04
7721830 05 04/01/97 12
7721830 O 03/01/27
0
1568418 106/106 F 297,000.00 ZZ
360 296,629.49 1
360 6TH STREET 8.375 2,257.42 90
8.125 2,257.42 330,000.00
BROOKLYN NY 11215 1 02/13/97 04
7723919 07 04/01/97 25
7723919 O 03/01/27
0
1568419 106/106 F 350,000.00 ZZ
360 349,771.04 1
57 WELLESLEY ROAD 8.125 2,598.75 79
7.875 2,598.75 445,000.00
GLEN ROCK NJ 07452 1 03/07/97 00
7724321 05 05/01/97 0
7724321 O 04/01/27
0
1568425 106/106 F 343,800.00 ZZ
360 343,337.08 1
1
▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ 8.000 2,522.69 75
7.750 2,522.69 458,500.00
TUCSON AZ 85749 1 02/07/97 00
7729783 03 04/01/97 0
7729783 O 03/01/27
0
1568426 106/106 F 232,950.00 ZZ
360 232,636.34 1
10550 CENTENNIAL DRIVE 8.000 1,709.31 74
7.750 1,709.31 319,000.00
ALPHARETTA GA 30202 2 02/14/97 00
7729999 03 04/01/97 0
7729999 O 03/01/27
0
1568428 106/106 F 290,000.00 ZZ
360 289,578.86 1
2 ▇▇▇▇▇▇ ▇▇▇▇ 7.625 2,052.61 74
7.375 2,052.61 395,000.00
▇▇▇▇▇▇▇ NJ 07930 1 02/28/97 00
7730922 05 04/01/97 0
7730922 O 03/01/27
0
1568429 106/106 F 392,800.00 ZZ
360 392,271.12 1
▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇ 8.000 2,882.23 80
7.750 2,882.23 491,000.00
WASHINGTON DC 20007 1 02/14/97 00
7731045 07 04/01/97 0
7731045 O 03/01/27
0
1568430 106/106 F 696,000.00 ZZ
360 695,544.71 1
6622 N. 31ST ST. 8.125 5,167.79 71
7.875 5,167.79 993,100.00
PHOENIX AZ 85016 4 03/06/97 00
7735525 03 05/01/97 0
7735525 O 04/01/27
0
1568431 106/106 F 231,800.00 ZZ
360 231,487.74 1
2445 ARCTIC FOX WAY 8.375 1,761.85 95
8.125 1,761.85 244,000.00
RESTON VA 20191 1 02/25/97 14
7735863 03 04/01/97 30
1
7735863 O 03/01/27
0
1568456 560/560 F 288,000.00 ZZ
240 287,495.66 1
2103 DORAL COURT 7.750 2,364.34 80
7.500 2,364.34 360,000.00
OXNARD CA 93030 6 03/06/97 00
450662291 05 05/01/97 0
450662291 O 04/01/17
0
1568457 560/560 F 269,750.00 ZZ
360 269,586.58 1
31 ▇▇▇▇▇ 8.500 2,074.15 65
8.250 2,074.15 415,000.00
IRVINE CA 92720 6 03/06/97 00
450662473 05 05/01/97 0
450662473 O 04/01/27
0
1568466 E22/G01 F 164,000.00 ZZ
360 164,000.00 1
▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ 8.750 1,290.19 80
8.500 1,290.19 205,000.00
WEST COVINA CA 91791 1 03/26/97 00
0410361547 05 06/01/97 0
410361547 O 05/01/27
0
1568509 B74/G01 F 108,000.00 ZZ
360 107,802.32 1
423 PIER AVENUE NO 1 8.500 830.43 80
8.250 830.43 135,000.00
SANTA MONICA CA 90405 1 01/28/97 00
0430204230 01 03/01/97 0
964172 O 02/01/27
0
1568588 956/G01 F 182,000.00 ZZ
360 181,874.75 1
325 TROON WAY 7.875 1,319.63 80
7.625 1,319.63 227,500.00
HALF MOON BAY CA 94019 1 03/21/97 00
0430195461 01 05/01/97 0
1703138 O 04/01/27
0
1
1568672 163/G01 F 512,000.00 ZZ
360 510,962.24 1
1818 ▇▇▇ ▇▇▇▇▇ COURT 8.000 3,756.87 74
7.750 3,756.87 695,000.00
▇▇▇▇▇▇ LAKE VIL TX 77586 2 01/16/97 00
0430197079 03 03/01/97 0
15047651 O 02/01/27
0
1568678 565/565 F 268,000.00 ZZ
360 268,000.00 1
▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ 8.250 2,013.40 80
8.000 2,013.40 335,000.00
VALENCIA CA 91355 1 03/24/97 00
140813500 03 06/01/97 0
140813500 O 05/01/27
0
1568900 830/830 F 238,500.00 ZZ
360 238,347.92 1
940 NORTH ▇▇▇▇▇▇▇ COURT 8.250 1,791.77 82
8.000 1,791.77 292,000.00
WALNUT CA 91789 2 04/01/97 11
530439 05 05/01/97 25
530439 O 04/01/27
0
1568920 830/830 F 302,400.00 ZZ
360 302,216.81 1
▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ 8.500 2,325.19 80
8.250 2,325.19 378,000.00
LOS ANGELES CA 90025 2 03/28/97 00
530277 05 05/01/97 0
530277 O 04/01/27
0
1568934 286/286 F 226,900.00 ZZ
360 226,594.48 1
14130 SHEPHERD DRIVE 8.000 1,664.92 95
7.750 1,664.92 238,851.00
RANCHO CUCAMONG CA 91739 1 02/25/97 04
9161574 05 04/01/97 30
9161574 O 03/01/27
0
1569012 439/439 F 72,500.00 ZZ
360 71,229.68 1
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ 7.850 524.42 50
7.600 524.42 145,000.00
1
SAN LEANDRO CA 94579 1 11/08/96 00
1883207 05 01/01/97 0
1883207 O 12/01/26
0
1569013 439/439 F 172,000.00 ZZ
360 171,668.70 1
47 SCENIC ROAD 8.250 1,292.18 72
8.000 1,292.18 242,000.00
FAIRFAX CA 94930 1 01/24/97 00
1883746 05 03/01/97 0
1883746 O 02/01/27
0
1569014 439/439 F 70,000.00 ZZ
360 69,769.08 2
648-650 SUNNYHILL DRIVE 8.150 520.98 47
7.900 520.98 150,000.00
LOS ANGELES CA 90065 1 11/20/96 00
1883999 05 01/01/97 0
1883999 O 12/01/26
0
1569018 439/439 F 98,000.00 ZZ
360 97,717.78 1
▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ 7.700 698.71 58
7.450 698.71 170,000.00
MISSION HILLS CA 91345 5 12/07/96 00
1885403 05 02/01/97 0
1885403 O 01/01/27
0
1569024 439/439 F 64,000.00 ZZ
360 63,794.42 1
37451 AVENUE 16 7.150 432.27 43
6.900 432.27 150,000.00
MADERA CA 93638 2 12/19/96 00
1887438 05 02/01/97 0
1887438 O 01/01/27
0
1569025 439/439 F 124,000.00 ZZ
360 123,784.41 1
2274 BENNINGTON LANE 8.750 975.51 65
8.500 975.51 191,000.00
HAYWARD CA 94545 5 12/26/96 00
1887851 05 03/01/97 0
1887851 O 02/01/27
0
1
1569029 439/439 F 405,000.00 ZZ
360 404,179.30 1
20730 ▇▇▇▇▇▇ DRIVE 8.000 2,971.75 60
7.750 2,971.75 675,000.00
CUPERTINO CA 95014 5 01/24/97 00
1890006 05 03/01/97 0
1890006 O 02/01/27
0
1569032 439/439 F 150,000.00 ZZ
360 149,722.62 1
1834 HARTFORD STREET 8.450 1,148.06 75
8.200 1,148.06 200,000.00
SALINAS CA 93906 1 01/17/97 00
1890224 05 03/01/97 0
1890224 O 02/01/27
0
1569034 439/439 F 70,000.00 ZZ
360 69,913.12 1
467 E ALLUVIAL AVE #106 8.400 533.29 75
8.150 533.29 93,500.00
FRESNO CA 93720 1 02/07/97 00
1891338 03 04/01/97 0
1891338 O 03/01/27
0
1569035 439/439 F 110,000.00 ZZ
360 109,854.85 1
▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ 8.100 814.83 40
7.850 814.83 280,000.00
SAN FRANCISCO CA 94127 2 01/27/97 00
1891577 05 04/01/97 0
1891577 O 03/01/27
0
1569036 439/439 F 259,200.00 ZZ
360 258,936.38 1
24655 LOS ADORNOS 8.050 1,910.97 80
7.800 1,910.97 324,000.00
YORBA LINDA CA 92887 1 02/26/97 00
1892735 05 05/01/97 0
1892735 O 04/01/27
0
1569037 439/439 F 100,000.00 ZZ
360 99,874.61 1
1
▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ 8.350 758.31 55
8.100 758.31 184,500.00
WEST PALM BEACH FL 33411 1 02/14/97 00
1892755 03 04/01/97 0
1892755 O 03/01/27
0
1569038 439/439 F 63,000.00 ZZ
360 62,920.99 1
520 WATERMARK BOULEVARD 8.350 477.74 68
UNIT 205 8.100 477.74 93,000.00
DANIA FL 33004 1 02/17/97 00
1893005 08 04/01/97 0
1893005 O 03/01/27
0
1569099 686/G01 F 60,000.00 ZZ
360 59,958.07 1
1524 ▇▇▇▇ COURT 7.800 431.93 43
7.550 431.93 139,900.00
SANTA MARIA CA 93454 1 03/03/97 00
0430197830 05 05/01/97 0
818061319 O 04/01/27
0
1569100 686/G01 F 295,000.00 ZZ
360 294,795.95 1
▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ 7.850 2,133.84 80
7.600 2,133.84 369,000.00
COSTA MESA CA 92627 2 03/10/97 00
0430197731 05 05/01/97 0
818062325 O 04/01/27
0
1569133 686/G01 F 75,000.00 ZZ
360 74,947.59 1
▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ 7.800 539.91 49
7.550 539.91 155,000.00
GARDENA CA 90249 5 03/06/97 00
0430198226 05 05/01/97 0
817746696 O 04/01/27
0
1569144 686/G01 F 300,000.00 ZZ
360 299,818.25 1
5841 E HUMMINGBIRD LANE 8.500 2,306.75 36
8.250 2,306.75 850,000.00
PARADISE VALLEY AZ 85253 5 03/14/97 00
0430198218 05 05/01/97 0
1
818210353 O 04/01/27
0
1569178 686/G01 F 236,250.00 ZZ
360 236,084.93 1
▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ 7.800 1,700.70 75
7.550 1,700.70 315,000.00
FAIRFIELD CT 06430 5 03/20/97 00
0430201368 05 05/01/97 0
817887656 O 04/01/27
0
1569183 686/G01 F 239,900.00 ZZ
360 239,732.38 1
3217 IPSWICH DRIVE 7.800 1,726.97 80
7.550 1,726.97 299,900.00
PLANO TX 75025 1 03/21/97 00
0430201442 05 05/01/97 0
818087900 O 04/01/27
0
1569188 686/G01 F 140,000.00 ZZ
360 139,915.19 1
36363 SW BALD PEAK ROAD 8.500 1,076.48 54
8.250 1,076.48 260,000.00
HILLSBORO OR 97123 5 03/15/97 00
0430201426 05 05/01/97 0
818189680 O 04/01/27
0
1569191 686/686 F 100,000.00 ZZ
360 99,935.57 1
9869 LEMONWOOD DRIVE 8.200 747.76 61
7.800 747.76 164,990.00
BOYNTON BEACH FL 33437 1 03/25/97 00
817899198 03 05/01/97 0
817899198 O 04/01/27
0
1569192 686/G01 F 25,000.00 ZZ
360 24,983.05 1
20500 W COUNTRY CLUB DR 7.950 182.58 48
UNIT #319 7.700 182.58 53,000.00
AVENTURA FL 33180 1 03/25/97 00
0430198630 08 05/01/97 0
817969975 O 04/01/27
0
1
1569195 686/G01 F 60,000.00 ZZ
360 59,961.46 1
▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ 8.215 449.29 72
7.965 449.29 84,000.00
ORLANDO FL 32806 1 03/26/97 00
0430198697 05 05/01/97 0
818128134 O 04/01/27
0
1569196 686/G01 F 100,000.00 ZZ
360 99,932.21 1
29617 PINE RIDGE CIRCLE 7.950 730.29 71
7.700 730.29 141,000.00
FARMINGTON HILL MI 48331 1 03/26/97 00
0430198598 01 05/01/97 0
818132185 O 04/01/27
0
1569197 686/G01 F 82,500.00 ZZ
360 82,442.35 1
5943 TIMBER VALLEY DRIVE 7.800 593.90 75
7.550 593.90 110,000.00
LAKE WORTH FL 33463 2 03/21/97 00
0430198606 05 05/01/97 0
818136509 O 04/01/27
0
1569202 686/G01 F 59,500.00 T
360 59,462.05 1
1501 E TOPEKA DRIVE 8.250 447.01 70
8.000 447.01 85,000.00
PHOENIX AZ 85024 1 03/26/97 00
0430198689 05 05/01/97 0
817917982 O 04/01/27
0
1569203 686/G01 F 75,000.00 ZZ
360 74,953.38 1
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ 8.375 570.06 42
8.125 570.06 180,000.00
TWIN LAKES WI 53181 1 03/27/97 00
0430198705 05 05/01/97 0
817950777 O 04/01/27
0
1569204 686/G01 F 100,000.00 ZZ
360 99,936.55 1
116 STRAWBERRY LANE 8.275 753.03 75
8.025 753.03 135,000.00
1
MANCHESTER CT 06040 1 03/27/97 00
0430198739 05 05/01/97 0
818052193 O 04/01/27
0
1569205 686/G01 F 100,000.00 ZZ
360 99,930.12 1
23040 DRY CREEK ROAD 7.800 719.88 67
7.550 719.88 150,000.00
DIAMOND BAR CA 91765 2 03/03/97 00
0430198747 05 05/01/97 0
818059453 O 04/01/27
0
1569206 686/G01 F 40,000.00 ZZ
360 39,971.91 1
11 COUNTRYSIDE LANE, UNIT 5 7.775 287.26 64
7.525 287.26 63,000.00
MIDDLETOWN CT 06457 1 03/27/97 00
0430198762 01 05/01/97 0
818105306 O 04/01/27
0
1569207 686/G01 F 84,750.00 T
360 84,697.31 1
3100 NE 48 ST #706 8.375 644.17 67
8.125 644.17 126,500.00
FT LAUDERDALE FL 33308 1 03/27/97 00
0430198788 06 05/01/97 0
818108615 O 04/01/27
0
1569208 686/G01 F 206,250.00 ZZ
360 206,125.05 1
▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ 8.500 1,585.89 75
8.250 1,585.89 275,000.00
EVERETT WA 98203 1 03/20/97 00
0430198879 05 05/01/97 0
818126013 O 04/01/27
0
1569210 686/G01 F 160,000.00 ZZ
360 159,900.55 1
2800 WILLIAMSBURG DRIVE 8.375 1,216.12 50
8.125 1,216.12 325,000.00
WALL NJ 07719 1 03/25/97 00
0430198721 05 05/01/97 0
818145047 O 04/01/27
0
1
1569211 686/G01 F 171,000.00 ZZ
360 170,893.71 1
89 ▇▇▇▇▇▇▇ ST 8.375 1,299.73 75
8.125 1,299.73 228,000.00
NORWALK CT 06851 1 03/24/97 00
0430198770 05 05/01/97 0
818145161 O 04/01/27
0
1569212 686/G01 F 62,200.00 ZZ
360 62,163.27 1
8600 PILGRIMAGE CIRCLE 8.625 483.79 75
8.375 483.79 82,950.00
EL PASO TX 79912 1 03/27/97 00
0430201202 05 05/01/97 0
818154783 O 04/01/27
0
1569221 686/G01 F 258,750.00 ZZ
360 258,576.38 1
9 STONY RUN ROAD 8.000 1,898.62 75
7.750 1,898.62 345,000.00
GREAT NECK NY 11023 1 03/28/97 00
0430199588 05 05/01/97 0
817831423 O 04/01/27
0
1569223 686/G01 F 142,850.00 T
360 142,757.97 1
▇▇▇▇▇ ▇ ▇▇▇▇ ▇▇▇▇▇ 8.200 1,068.17 70
7.950 1,068.17 205,630.00
PHOENIX AZ 85048 2 03/11/97 00
0430199463 03 05/01/97 0
817917404 O 04/01/27
0
1569224 686/G01 F 66,000.00 ZZ
360 65,960.01 1
1600 YESTERDAY WAY 8.500 507.49 75
8.250 507.49 88,000.00
UNION MO 63084 1 03/28/97 00
0430199489 05 05/01/97 0
817949175 O 04/01/27
0
1569251 E22/G01 F 113,650.00 ZZ
360 113,571.79 1
1
2579 ▇▇▇▇▇ ▇▇▇▇▇▇▇ CIRCLE 7.875 824.04 70
7.625 824.04 162,424.00
HERNDON VA 22071 1 03/28/97 00
0410377576 09 05/01/97 0
410377576 O 04/01/27
0
1569256 E22/G01 F 62,000.00 ZZ
360 61,963.40 1
112 SEA PINES CIRCLE 8.625 482.23 78
8.375 482.23 80,400.00
DAYTONA BEACH FL 32114 1 03/28/97 00
0410354989 03 05/01/97 0
410354989 O 04/01/27
0
1569263 E22/G01 F 321,600.00 ZZ
360 321,400.11 1
12511 OVERCUP DRIVE 8.375 2,444.39 80
8.125 2,444.39 402,000.00
HOUSTON TX 77024 1 03/31/97 00
0410370886 05 05/01/97 0
410370886 O 04/01/27
0
1569271 E22/G01 F 124,000.00 ZZ
360 123,918.88 1
3633 ▇▇▇▇▇▇▇▇▇▇ DRIVE 8.125 920.70 80
7.875 920.70 155,000.00
PLANO TX 75023 1 03/28/97 00
0410370068 05 05/01/97 0
410370068 O 04/01/27
0
1569273 E22/G01 F 97,950.00 ZZ
360 97,882.59 1
408 FORTRESS WAY 7.875 710.21 69
7.625 710.21 142,000.00
OCCOQUAN VA 22125 1 03/31/97 00
0410355051 01 05/01/97 0
410355051 O 04/01/27
0
1569281 003/G01 F 384,000.00 ZZ
360 383,755.13 1
1333 WINDSONG RD 8.250 2,884.87 80
8.000 2,884.87 480,000.00
ORLANDO FL 32809 1 03/25/97 00
0430206664 03 05/01/97 0
1
3795598 O 04/01/27
0
1569325 637/G01 F 281,000.00 ZZ
360 280,829.77 1
5 ▇▇▇▇▇▇ COURT 8.500 2,160.65 59
8.250 2,160.65 481,000.00
MANALAPAN NJ 07725 1 03/27/97 00
0430195347 03 05/01/97 0
9525551 O 04/01/27
0
1569336 686/G01 F 58,000.00 ZZ
360 57,960.68 1
4716 MYRTLE STREET 7.950 423.57 56
7.700 423.57 105,000.00
▇▇▇▇ ▇▇▇▇▇▇ CA 90660 5 03/19/97 00
0430199927 05 05/01/97 0
817746514 O 04/01/27
0
1569337 686/G01 F 85,000.00 ZZ
360 84,944.67 1
3657 VIRGINIA ROAD 8.150 632.62 54
7.900 632.62 158,000.00
LOS ANGELES CA 90016 5 03/25/97 00
0430199935 05 05/01/97 0
817747108 O 04/01/27
0
1569338 686/G01 F 120,000.00 ZZ
360 119,918.66 1
1639 ▇▇▇▇▇▇ COURT 7.950 876.34 48
7.700 876.34 250,000.00
NORTH MERRICK NY 11566 1 03/31/97 00
0430199943 05 05/01/97 0
817764103 O 04/01/27
0
1569340 686/G01 F 80,000.00 ZZ
360 79,945.77 1
5006 ▇▇▇▇▇▇ DRIVE 7.950 584.23 65
7.700 584.23 124,000.00
NASHVILLE TN 37211 2 03/25/97 00
0430199968 05 05/01/97 0
817791569 O 04/01/27
0
1
1569341 686/G01 F 60,000.00 ZZ
360 59,961.26 1
880 NW 120 AVENUE 8.190 448.24 15
7.940 448.24 410,000.00
PLANTATION FL 33325 5 03/26/97 00
0430199976 05 05/01/97 0
817837644 O 04/01/27
0
1569342 686/G01 F 90,000.00 ZZ
360 89,941.12 1
6438 N ▇▇▇▇▇▇▇▇▇ AVENUE 8.125 668.25 57
7.875 668.25 159,500.00
LINCOLNWOOD IL 60645 1 03/31/97 00
0430200733 07 05/01/97 0
817950892 O 04/01/27
0
1569344 686/G01 F 55,000.00 ZZ
360 54,962.72 1
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ 7.950 401.66 69
7.700 401.66 80,000.00
NEW HAVEN CT 06515 1 03/31/97 00
0430200758 05 05/01/97 0
818031742 O 04/01/27
0
1569348 686/G01 F 65,200.00 ZZ
360 65,157.43 1
135A GREW AVENUE 8.135 484.57 75
7.885 484.57 87,000.00
ROSLINDALE MA 02131 1 03/31/97 00
0430200857 01 05/01/97 0
818044679 O 04/01/27
0
1569353 686/G01 F 80,000.00 ZZ
360 79,951.53 1
1839 ▇▇▇▇▇▇▇▇ DR 8.500 615.14 75
8.250 615.14 107,000.00
CLEARWATER FL 34625 2 03/25/97 00
0430200683 05 05/01/97 0
818109654 O 04/01/27
0
1569354 686/G01 F 89,000.00 ZZ
360 88,947.45 1
25581 EASTWIND DRIVE 8.625 692.24 36
8.375 692.24 250,000.00
1
DANA POINT CA 92629 5 03/21/97 00
0430200709 05 05/01/97 0
818114936 O 04/01/27
0
1569355 686/G01 F 127,500.00 ZZ
360 127,412.25 1
601 MILLWOOD DRIVE 7.875 924.47 75
7.625 924.47 170,000.00
FALLSTON MD 21047 1 03/28/97 00
0430200519 05 05/01/97 0
818143596 O 04/01/27
0
1569356 686/G01 F 103,500.00 ZZ
360 103,435.66 1
9 PLEASANT ST 8.375 786.68 69
8.125 786.68 150,000.00
PEPPERELL MA 01463 5 03/26/97 00
0430200535 05 05/01/97 0
818145211 O 04/01/27
0
1569357 686/G01 F 53,500.00 ZZ
360 53,465.88 1
407 EAST ▇▇▇▇ STREET 8.250 401.93 80
8.000 401.93 67,000.00
TAHLEQUAH OK 74464 5 03/27/97 00
0430200543 05 05/01/97 0
818152068 O 04/01/27
0
1569358 686/G01 F 142,500.00 ZZ
360 142,403.40 1
628 WASHINGTON STREET #1 7.950 1,040.66 75
7.700 1,040.66 190,000.00
BROOKLINE MA 02146 1 03/31/97 00
0430200550 01 05/01/97 0
818156457 O 04/01/27
0
1569362 686/G01 F 150,000.00 ZZ
360 149,899.35 1
1716 ▇▇▇▇▇ ▇▇▇▇▇ SE 8.000 1,100.65 60
7.750 1,100.65 250,000.00
BELLEVUE WA 98005 2 03/22/97 00
0430200477 05 05/01/97 0
818187353 O 04/01/27
0
1
1569363 686/G01 F 128,000.00 ZZ
360 127,911.91 1
▇▇▇ ▇▇ ▇▇▇▇ ▇▇▇▇▇▇ 7.875 928.09 60
7.625 928.09 215,000.00
PORTLAND OR 97232 2 03/21/97 00
0430200485 05 05/01/97 0
818188419 O 04/01/27
0
1569364 686/G01 F 99,000.00 ZZ
360 98,933.57 1
▇▇▇▇ ▇ ▇▇▇ ▇▇▇▇▇▇ 8.000 726.43 67
7.750 726.43 149,000.00
HIALEAH FL 33013 2 03/26/97 00
0430200642 05 05/01/97 0
818199333 O 04/01/27
0
1569365 686/G01 F 65,000.00 ZZ
360 64,960.62 1
436 ▇▇▇ ▇▇▇▇▇▇ DRIVE 8.500 499.80 40
8.250 499.80 163,000.00
RALEIGH NC 27615 1 03/27/97 00
0430200436 09 05/01/97 0
818200032 O 04/01/27
0
1569367 686/G01 F 30,000.00 ZZ
360 29,981.35 1
16992 SKY VALLEY DRIVE 8.375 228.03 16
8.125 228.03 195,000.00
RAMONA CA 92065 5 03/26/97 00
0430200592 05 05/01/97 0
818211161 O 04/01/27
0
1569382 686/G01 F 45,000.00 ZZ
360 44,967.75 1
250 PROSPECT STREET 7.675 320.06 19
7.425 320.06 242,000.00
SOUTHINGTON CT 06479 2 03/27/97 00
0430200790 05 05/01/97 0
818105231 O 04/01/27
0
1569383 686/G01 F 52,500.00 ZZ
360 52,461.42 1
1
25 RIVERSIDE DR 7.550 368.89 75
UNIT D4 7.300 368.89 70,000.00
CLINTON CT 06413 1 04/01/97 00
0430200824 01 05/01/97 0
818105249 O 04/01/27
0
1569384 686/G01 F 57,000.00 ZZ
360 56,965.46 1
3340 SE 17TH PLACE 8.500 438.29 35
8.250 438.29 164,000.00
CAPE CORAL FL 33904 2 03/28/97 00
0430200832 05 05/01/97 0
818199887 O 04/01/27
0
1569390 686/G01 F 115,500.00 ZZ
360 115,500.00 2
5-7 LAKEVIEW COURT 8.290 870.97 70
8.040 870.97 165,000.00
HAVERSTRAW NY 10927 1 04/03/97 00
0430201830 05 06/01/97 0
817808108 O 05/01/27
0
1569392 686/G01 F 78,600.00 ZZ
360 78,600.00 1
▇▇▇▇▇ ▇▇ ▇▇▇▇ ▇▇▇▇▇▇ 8.265 591.33 60
8.015 591.33 131,000.00
MIAMI FL 33186 1 04/03/97 00
0430201251 03 06/01/97 0
817969744 O 05/01/27
0
1569435 181/181 F 348,500.00 ZZ
360 348,254.03 1
▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ 7.750 2,496.70 74
7.500 2,496.70 475,000.00
BOLINAS CA 94924 2 03/20/97 00
5609496 05 05/01/97 0
5609496 O 04/01/27
0
1569476 181/181 F 283,000.00 ZZ
360 282,819.55 1
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ 8.250 2,126.08 53
8.000 2,126.08 535,000.00
BURLINGAME CA 94010 2 03/19/97 00
5596602 05 05/01/97 0
1
5596602 O 04/01/27
0
1569551 E22/G01 F 90,000.00 ZZ
360 89,949.54 1
5045 ▇▇▇▇▇▇ ROAD 8.875 716.08 72
8.625 716.08 125,000.00
SARASOTA FL 34233 5 03/26/97 00
0410377667 05 05/01/97 0
410377667 O 04/01/27
0
1569555 E22/G01 F 82,500.00 ZZ
360 82,451.29 1
320 CITRUS OPEN DR. 8.625 641.68 71
8.375 641.68 117,500.00
NEW SMYRNA BEAC FL 32168 1 04/01/97 00
0410377808 03 05/01/97 0
410377808 O 04/01/27
0
1569599 E22/G01 F 232,800.00 ZZ
360 232,662.56 1
407 STATE ROUTE 28 8.625 1,810.69 80
8.375 1,810.69 291,000.00
CRYSTAL BAY NV 89402 1 03/28/97 00
0410372593 05 05/01/97 0
410372593 O 04/01/27
0
1569648 661/661 F 512,000.00 ZZ
360 511,344.78 1
2950 ST ▇▇▇▇▇▇▇ DRIVE 8.250 3,846.49 80
8.000 3,846.49 640,000.00
MISSOULA MT 59803 1 02/11/97 00
2348803 05 04/01/97 0
2348803 O 03/01/27
0
1569652 181/181 F 342,400.00 ZZ
360 342,164.36 1
6419 SHADY LANE 7.875 2,482.54 80
7.625 2,482.54 428,000.00
FALLS CHURCH VA 22042 1 03/27/97 00
5555574 05 05/01/97 0
5555574 O 04/01/27
0
1
1569656 A17/G01 F 318,750.00 ZZ
360 318,750.00 1
107 TUDOR ROAD 8.250 2,394.66 75
8.000 2,394.66 425,000.00
NEEDHAM MA 02194 5 04/18/97 00
0430218578 05 06/01/97 0
UNKNOWN O 05/01/27
0
1569659 661/661 F 363,393.00 ZZ
360 362,864.30 1
18 TALIA ROAD 7.625 2,572.07 80
7.375 2,572.07 455,000.00
RARITAN TOWNSHI NJ 08822 1 02/19/97 00
2632420 05 04/01/97 0
2632420 O 03/01/27
0
1569661 661/661 F 231,600.00 ZZ
360 231,064.42 1
▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ 8.375 1,760.33 79
8.125 1,760.33 296,000.00
BURBANK CA 91501 5 01/14/97 00
2765204 05 03/01/97 0
2765204 O 02/01/27
0
1569664 661/661 F 84,000.00 ZZ
360 83,853.95 1
1760 WEST WRIGHTWOOD 8.750 660.83 70
UNIT 100 8.500 660.83 120,000.00
CHICAGO IL 60614 1 01/27/97 00
2782548 01 03/01/97 0
2782548 O 02/01/27
0
1569674 661/661 F 265,000.00 ZZ
360 264,560.65 1
27496 ▇▇▇▇▇▇▇▇ COURT 8.250 1,990.86 69
8.000 1,990.86 385,000.00
ELIZABETH CO 80107 5 02/06/97 00
2801314 05 04/01/97 0
2801314 O 03/01/27
0
1569677 661/661 F 388,000.00 ZZ
360 387,325.41 1
▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ 8.750 3,052.40 80
8.500 3,052.40 485,000.00
1
LA CANADA FLINT CA 91011 1 01/27/97 00
2814911 05 03/01/97 0
2814911 O 02/01/27
0
1569682 661/661 F 100,000.00 T
360 99,872.02 1
400 WOOD ROAD 8.250 751.27 61
UNIT 2211 8.000 751.27 165,000.00
SNOWMASS VILLAG CO 81615 1 02/12/97 00
2830032 01 04/01/97 0
2830032 O 03/01/27
0
1569683 696/G01 F 293,800.00 ZZ
360 293,630.96 1
21530 TITHABLES CIRCLE 8.750 2,311.33 85
8.500 2,311.33 345,671.00
ASHBURN VA 20148 1 03/28/97 10
0430194191 03 05/01/97 20
2329522 O 04/01/27
0
1569684 195/G01 F 363,000.00 ZZ
360 363,000.00 1
▇▇▇ ▇▇▇▇▇ ▇▇▇▇ 7.750 2,600.58 80
7.500 2,600.58 454,000.00
RADNOR TOWNSHIP PA 19073 1 04/03/97 00
0430194662 05 06/01/97 0
52486 O 05/01/27
0
1569743 147/G01 F 95,000.00 ZZ
360 94,865.45 1
370 ▇▇▇▇▇▇ BAY DRIVE 7.750 680.60 56
7.500 680.60 170,000.00
OCEANSIDE CA 92057 1 02/24/97 00
0430196865 03 04/01/97 0
655410 O 03/01/27
0
1569752 147/G01 F 67,250.00 ZZ
360 67,130.01 1
8405 SOUTH PEBBLE CREEK WAY 8.625 523.07 58
#27-202 8.375 523.07 117,250.00
HIGHLANDS RANCH CO 80126 1 01/24/97 00
0430197178 01 03/01/97 0
508248 O 02/01/27
0
1
1569759 147/G01 F 303,750.00 ZZ
360 302,768.10 1
304 TWIN CREEKS DRIVE 8.250 2,281.98 80
8.000 2,281.98 379,721.00
ALLEN TX 75013 1 11/27/96 00
0430197145 03 01/01/97 0
653634 O 12/01/26
0
1569875 992/G01 F 225,000.00 ZZ
360 224,697.03 1
▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ 8.000 1,650.98 79
7.750 1,650.98 285,000.00
WHITE PLAINS NY 10605 2 02/19/97 00
0430195669 05 04/01/97 0
332743 O 03/01/27
0
1569879 168/G01 F 650,000.00 ZZ
360 649,616.24 1
▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ 8.625 5,055.64 77
8.375 5,055.64 850,000.00
ANNAPOLIS MD 21403 1 03/14/97 00
0430201483 05 05/01/97 0
5597000919 O 04/01/27
0
1569926 575/G01 F 193,600.00 ZZ
360 193,463.36 1
14410 ROUND LICK LANE 7.750 1,386.97 80
7.500 1,386.97 242,000.00
CENTREVILLE VA 20120 1 03/27/97 00
0430196121 03 05/01/97 0
972277028 O 04/01/27
0
1569951 181/181 F 90,000.00 ZZ
360 89,946.86 1
▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ 8.625 700.02 80
8.375 700.02 112,500.00
TOLLESON AZ 85353 5 03/21/97 00
5608457 05 05/01/97 0
5608457 O 04/01/27
0
1569968 B74/G01 F 75,000.00 ZZ
360 75,000.00 1
1
▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ 8.750 590.03 49
#103 8.500 590.03 155,000.00
LAGUNA BEACH CA 92677 1 04/01/97 00
0430197160 01 06/01/97 0
970688 O 05/01/27
0
1569973 181/181 F 245,000.00 ZZ
360 244,827.08 1
818 HIGHLAND LAKES WAY 7.750 1,755.21 70
7.500 1,755.21 353,000.00
BIRMINGHAM AL 35242 2 03/24/97 00
5614694 03 05/01/97 0
5614694 O 04/01/27
0
1570176 575/G01 F 70,000.00 ZZ
360 69,961.76 1
7425 DEMOCRACY BOULEVARD 311 9.000 563.24 70
8.750 563.24 100,000.00
BETHESDA MD 20817 1 03/26/97 00
0430211938 01 05/01/97 0
972279594 O 04/01/27
0
1570187 696/G01 F 248,000.00 ZZ
360 247,829.33 1
▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇ 7.875 1,798.17 80
7.625 1,798.17 310,000.00
WASHINGTON DC 20015 1 03/31/97 00
0430195594 05 05/01/97 0
3125007 O 04/01/27
0
1570242 025/025 F 416,000.00 ZZ
350 415,699.62 1
1825 COOK ROAD 8.000 3,073.71 75
7.750 3,073.71 555,000.00
OXFORD GA 30267 1 03/05/97 00
516170 05 05/01/97 0
516170 O 06/01/26
0
1570243 450/450 F 400,800.00 ZZ
350 400,510.59 1
4163 ST ▇▇▇▇▇▇▇ 8.000 2,961.41 80
7.750 2,961.41 501,425.00
BRIGHTON MI 48116 4 03/18/97 00
4110631 05 05/01/97 0
1
4110631 O 06/01/26
0
1570244 025/025 F 244,000.00 ZZ
360 243,840.39 1
2039 SWAINSONS RUN 8.125 1,811.69 80
7.875 1,811.69 305,000.00
NAPLES FL 34105 1 03/14/97 00
331651 03 05/01/97 0
331651 O 04/01/27
0
1570245 025/025 F 373,450.00 ZZ
360 372,959.76 1
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇ 8.125 2,772.86 90
7.875 2,772.86 414,998.00
BRENTWOOD TN 37027 1 02/13/97 11
131687 03 04/01/97 25
131687 O 03/01/27
0
1570248 025/025 F 271,850.00 ZZ
352 271,665.92 1
▇▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ 8.250 2,053.05 76
8.000 2,053.05 360,000.00
TAMPA FL 33647 4 03/11/97 00
445508 03 05/01/97 0
445508 O 08/01/26
0
1570258 286/286 F 240,000.00 ZZ
360 239,843.00 1
32268 WOODFIELD DR 8.125 1,782.00 80
7.875 1,782.00 300,000.00
AVON LAKE OH 44012 1 03/17/97 00
8610820 03 05/01/97 0
8610820 O 04/01/27
0
1570260 286/286 F 224,000.00 ZZ
360 223,853.47 1
6513 HARRODS VIEW CIR 8.125 1,663.20 70
7.875 1,663.20 320,000.00
PROSPECT KY 40058 2 03/25/97 00
8626918 05 05/01/97 0
8626918 O 04/01/27
0
1
1570264 286/286 F 318,400.00 ZZ
360 318,175.27 1
212 LAKE RIDGE COURT 7.750 2,281.06 77
7.500 2,281.06 415,000.00
FRANKLIN TN 37064 1 03/11/97 00
0936977 05 05/01/97 0
0936977 O 04/01/27
0
1570266 286/286 F 231,300.00 ZZ
360 231,136.74 1
2137 BAHAMA RD 7.750 1,657.07 90
7.500 1,657.07 257,000.00
LEXINGTON KY 40509 1 03/17/97 10
8336793 05 05/01/97 25
8336793 O 04/01/27
0
1570269 286/286 F 253,600.00 ZZ
360 253,434.10 1
700 OAKWOOD RD 8.125 1,882.98 70
7.875 1,882.98 366,000.00
ABERDEEN MD 21001 1 03/18/97 00
8238014 05 05/01/97 0
8238014 O 04/01/27
0
1570272 696/G01 F 119,200.00 ZZ
360 119,200.00 1
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ 7.750 853.96 80
7.500 853.96 149,000.00
SPRINGFIELD VA 22151 1 04/02/97 00
0430195891 05 06/01/97 0
2179660 O 05/01/27
0
1570276 561/G01 F 253,250.00 ZZ
360 253,092.58 1
4510 SAMMUAL COURT 8.375 1,924.89 90
8.125 1,924.89 281,435.00
ELLICOTT CITY MD 21043 1 03/24/97 12
0430197012 05 05/01/97 25
4254EC O 04/01/27
0
1570284 992/G01 F 251,250.00 ZZ
360 251,089.78 1
1607 HIGH MEADOW DRIVE 8.250 1,887.56 75
8.000 1,887.56 335,000.00
1
POINT PLEASANT NJ 08742 5 03/14/97 00
0430197582 05 05/01/97 0
319233 O 04/01/27
0
1570288 E26/G01 F 183,650.00 ZZ
360 183,650.00 1
511 OLD PASTURE LANE 8.375 1,395.88 80
8.125 1,395.88 229,600.00
SEVERNA PARK MD 21146 1 04/25/97 00
0430219253 05 06/01/97 0
40700253 O 05/01/27
0
1570296 455/G01 F 175,000.00 ZZ
360 174,893.98 1
▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ 8.500 1,345.60 52
8.250 1,345.60 340,000.00
ATLANTA GA 30327 1 03/28/97 00
0430199851 05 05/01/97 0
55073 O 04/01/27
0
1570301 455/G01 F 182,250.00 ZZ
360 182,136.71 1
▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ 8.375 1,385.24 75
8.125 1,385.24 245,000.00
DOUGLASVILLE GA 30135 1 03/25/97 00
0430199372 03 05/01/97 0
55052 O 04/01/27
0
1570348 375/G01 F 180,000.00 ZZ
360 179,807.69 1
11 ▇▇▇▇ COURT 9.125 1,464.54 48
8.875 1,464.54 375,000.00
MONMOUTH BEACH NJ 07750 2 02/07/97 00
0430199125 05 04/01/97 0
644024 O 03/01/27
0
1570350 375/G01 F 160,000.00 ZZ
360 159,637.21 1
1099 ▇▇▇▇▇▇▇▇ ▇▇▇▇ 8.875 1,273.03 64
8.625 1,273.03 252,110.00
LOWER MAKEFIELD PA 19067 1 12/13/96 00
0430199745 05 02/01/97 0
960007961 O 01/01/27
0
1
1570353 375/G01 F 80,000.00 ZZ
360 79,867.91 1
9 ▇▇▇▇▇▇ STREET 9.000 643.70 59
8.750 643.70 137,000.00
MARSHFIELD MA 02150 1 02/06/97 00
0430197947 05 03/01/97 0
644511 O 02/01/27
0
1570366 003/G01 F 136,000.00 ZZ
360 135,913.27 1
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ 8.250 1,021.73 80
8.000 1,021.73 170,000.00
WINTER GARDEN FL 34787 1 03/31/97 00
0430201186 05 05/01/97 0
0003801016 O 04/01/27
0
1570420 E22/G01 F 75,000.00 ZZ
360 74,955.72 1
523 BAY ROAD 8.625 583.34 67
8.375 583.34 112,000.00
NORTH PALM BEAC FL 33408 5 03/31/97 00
0410376347 05 05/01/97 0
410376347 O 04/01/27
0
1570444 E22/G01 F 89,600.00 T
360 89,548.45 1
2098 SE FLORESTA DRIVE 8.750 704.88 70
8.500 704.88 128,000.00
PORT ST LUCIE FL 34983 1 04/04/97 00
0410376867 05 05/01/97 0
410376867 O 04/01/27
0
1570446 964/G01 F 154,400.00 ZZ
360 154,400.00 1
24332 TOPONAS COURT 8.500 1,187.20 80
8.250 1,187.20 193,000.00
LAGUNA NIGUEL CA 92677 1 05/02/97 00
0430206565 09 06/01/97 0
24134 O 05/01/27
0
1570450 E22/G01 F 126,000.00 ZZ
360 125,925.61 1
1
7350 WOODKNOT COURT 8.625 980.02 75
8.375 980.02 169,900.00
ORLANDO FL 32835 1 04/04/97 00
0410380612 05 05/01/97 0
410380612 O 04/01/27
0
1570476 491/491 F 210,088.13 ZZ
299 209,892.95 1
29526 CROWN CREEK 8.875 1,747.00 85
8.625 1,747.00 248,990.00
LAGUNA NIGUEL CA 92656 1 02/06/97 11
3178064 03 05/01/97 17
3178064 O 03/01/22
0
1570477 491/491 F 244,216.84 ZZ
302 243,795.72 1
472 CRESTWOOD LN 9.125 2,066.83 85
8.875 2,066.83 290,000.00
WALNUT CA 91789 2 01/29/97 10
3228495 05 04/01/97 17
3228495 O 05/01/22
0
1570478 491/491 F 181,634.01 ZZ
301 181,466.50 1
28211 ▇▇▇▇▇▇▇ 8.750 1,491.92 65
8.500 1,491.92 280,000.00
MISSION VIEJO CA 92692 1 02/19/97 00
3273318 03 05/01/97 0
3273318 O 05/01/22
0
1570479 491/491 F 311,420.20 ZZ
328 310,977.77 1
3651 CHEVY CHASE DR 9.000 2,556.04 78
8.750 2,556.04 399,900.00
GLENDALE CA 91206 1 01/30/97 00
3939251 05 04/01/97 0
3939251 O 07/01/24
0
1570480 491/491 F 253,590.93 ZZ
300 253,135.77 1
27 ▇▇▇▇▇▇ ST 9.000 2,128.13 85
8.750 2,128.13 300,000.00
SAN FRANCISCO CA 94134 2 01/31/97 11
5596165 07 04/01/97 17
1
5596165 O 03/01/22
0
1570482 491/491 F 468,000.00 ZZ
360 467,669.69 1
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ 7.750 3,352.81 80
7.500 3,352.81 585,000.00
SAN JOSE CA 95135 1 03/01/97 00
61208906 05 05/01/97 0
61208906 O 04/01/27
0
1570483 491/491 F 220,000.00 ZZ
360 219,688.44 1
28763 PARK WOODLAND PLACE 7.750 1,576.11 95
7.500 1,576.11 232,600.00
SAUGUS AREA CA 91350 1 02/12/97 01
61211575 05 04/01/97 30
61211575 O 03/01/27
0
1570484 491/491 F 231,000.00 ZZ
360 230,845.00 1
17544 WOODBRIDGE COURT 8.000 1,695.00 95
7.750 1,695.00 244,000.00
SALINAS CA 93908 1 03/03/97 11
61211605 05 05/01/97 30
61211605 O 04/01/27
0
1570485 491/491 F 475,000.00 ZZ
360 474,376.46 1
133 FAIRMEAD LANE 8.125 3,526.86 75
7.875 3,526.86 635,000.00
LOS GATOS CA 95032 5 02/20/97 00
61211966 05 04/01/97 0
61211966 O 03/01/27
0
1570486 491/491 F 317,000.00 ZZ
360 316,802.97 1
881 CLUBHOUSE DRIVE 8.375 2,409.43 80
8.125 2,409.43 400,000.00
APTOS CA 95003 2 02/24/97 00
6130963 05 05/01/97 0
6130963 O 04/01/27
0
1
1570487 491/491 F 360,000.00 ZZ
360 359,502.87 1
195 ▇▇▇▇▇▇ CIRCLE 7.875 2,610.25 50
7.625 2,610.25 725,000.00
MENLO PARK CA 94025 1 02/21/97 00
61356361 05 04/01/97 0
61356361 O 03/01/27
0
1570488 491/491 F 283,000.00 ZZ
360 282,586.40 1
▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ 7.750 2,027.45 53
7.500 2,027.45 540,000.00
SAN JOSE CA 95127 2 02/18/97 00
61385603 05 04/01/97 0
61385603 O 03/01/27
0
1570489 491/491 F 220,000.00 ZZ
360 219,324.17 1
▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇ 7.375 1,519.49 80
7.125 1,519.49 276,550.00
NORTHRIDGE CA 91326 1 12/12/96 00
6142398 05 02/01/97 0
6142398 O 01/01/27
0
1570490 491/491 F 284,000.00 ZZ
360 283,347.70 1
27117 PEMBINA RD 7.375 1,961.52 80
7.125 1,961.52 355,000.00
RANCHO PALOS VE CA 90275 2 01/13/97 00
61428884 03 03/01/97 0
61428884 O 02/01/27
0
1570491 491/491 F 228,000.00 ZZ
360 227,526.17 1
1019 SANDHURST DRIVE 7.875 1,653.16 80
7.625 1,653.16 285,000.00
VALLEJO CA 94591 2 12/27/96 00
61439193 05 03/01/97 0
61439193 O 02/01/27
0
1570492 491/491 F 291,000.00 ZZ
360 290,598.14 1
930 ▇▇▇▇▇▇▇▇▇▇ CIRCLE 7.875 2,109.96 73
7.625 2,109.96 400,000.00
1
BRENTWOOD CA 94513 2 02/03/97 00
61447382 03 04/01/97 0
61447382 O 03/01/27
0
1570493 491/491 F 275,000.00 ZZ
360 274,620.24 1
725 ▇▇▇▇▇▇▇▇▇▇ CIRCLE 7.875 1,993.95 79
7.625 1,993.95 350,000.00
BRENTWOOD CA 94513 2 02/05/97 00
61447439 03 04/01/97 0
61447439 O 03/01/27
0
1570494 491/491 F 311,500.00 ZZ
360 311,091.08 1
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇ 8.125 2,312.88 75
7.875 2,312.88 420,000.00
BURIEN WA 98146 5 02/20/97 00
61450138 05 04/01/97 0
61450138 O 03/01/27
0
1570495 491/491 F 243,000.00 ZZ
360 242,672.81 1
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇ 8.000 1,783.05 90
7.750 1,783.05 270,000.00
WENATCHEE WA 98801 1 02/21/97 10
61451576 05 04/01/97 25
61451576 O 03/01/27
0
1570496 491/491 F 400,000.00 ZZ
360 399,488.11 1
606 VIA DE LA PAZ 8.250 3,005.07 48
8.000 3,005.07 840,000.00
PACIFIC PALISAD CA 90272 2 02/12/97 00
61453307 05 04/01/97 0
61453307 O 03/01/27
0
1570497 491/491 F 216,000.00 ZZ
360 215,815.06 1
119 ▇▇▇▇▇▇▇▇ STREET 8.000 1,584.94 80
7.750 1,584.94 270,000.00
BRISBANE CA 94005 1 03/13/97 00
61481874 05 05/01/97 0
61481874 O 04/01/27
0
1
1570498 491/491 F 238,400.00 ZZ
360 238,240.03 1
▇▇▇▇ ▇▇▇▇▇▇ ▇▇ ▇▇ 8.000 1,749.30 80
7.750 1,749.30 298,000.00
OLYMPIA WA 98516 1 03/07/97 00
6151957 05 05/01/97 0
6151957 O 04/01/27
0
1570499 491/491 F 250,000.00 ZZ
360 249,830.75 1
31056 COUNTRY VIEW LANE 8.250 1,878.17 63
8.000 1,878.17 400,000.00
WILSONVILLE OR 97070 5 03/03/97 00
61546224 03 05/01/97 0
61546224 O 04/01/27
0
1570500 491/491 F 236,550.00 ZZ
360 236,269.66 1
10 DA VINCI ROAD 8.625 1,839.87 95
8.375 1,839.87 249,000.00
LAKE OSWEGO OR 97035 1 02/18/97 10
61548278 03 04/01/97 30
61548278 O 03/01/27
0
1570501 491/491 F 320,000.00 ZZ
360 319,801.09 1
4721 ▇▇ ▇▇▇▇▇▇ CT 8.375 2,432.24 75
8.125 2,432.24 430,000.00
PORTLAND OR 97221 5 03/05/97 00
61548979 05 05/01/97 0
61548979 O 04/01/27
0
1570502 491/491 F 312,000.00 ZZ
360 311,569.15 1
3919 SW MT ▇▇▇▇▇ DR 7.875 2,262.22 80
7.625 2,262.22 390,000.00
PORTLAND OR 97201 1 02/19/97 00
61549339 05 04/01/97 0
61549339 O 03/01/27
0
1570503 491/491 F 332,000.00 ZZ
360 331,771.51 1
1
▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ 7.875 2,407.24 80
7.625 2,407.24 415,000.00
PORTLAND OR 97219 1 03/19/97 00
61549631 05 05/01/97 0
61549631 O 04/01/27
0
1570505 491/491 F 400,000.00 ZZ
360 399,080.42 1
1016 CAMINO ▇▇▇▇▇▇▇ 7.625 2,831.18 68
7.375 2,831.18 595,000.00
SAN JOSE CA 95125 1 02/20/97 00
61604704 05 04/01/97 0
61604704 O 03/01/27
0
1570506 491/491 F 226,200.00 BB
360 225,449.63 1
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ 8.000 1,659.78 90
7.750 1,659.78 251,670.00
CONCORD CA 94518 1 02/06/97 04
61617784 03 04/01/97 25
61617784 O 03/01/27
0
1570507 491/491 F 255,000.00 ZZ
360 254,712.38 1
1651 TRITON CT 8.125 1,893.37 78
7.875 1,893.37 330,000.00
SANTA CLARA CA 95050 2 03/12/97 00
61622109 03 05/01/97 0
61622109 O 04/01/27
0
1570509 491/491 F 260,000.00 ZZ
360 255,965.74 1
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ 7.875 1,885.19 80
7.625 1,885.19 325,000.00
BREA CA 92821 1 01/21/97 00
616335 05 03/01/97 0
616335 O 02/01/27
0
1570510 491/491 F 337,500.00 ZZ
360 337,009.89 1
206 SOUTH CAMINO REAL #B 7.625 2,388.81 90
7.375 2,388.81 375,000.00
REDONDO BEACH CA 90277 1 02/25/97 26
61638099 01 04/01/97 25
1
61638099 O 03/01/27
0
1570511 491/491 F 224,000.00 ZZ
360 223,845.84 1
▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇ 7.875 1,624.16 80
7.625 1,624.16 280,000.00
POWAY CA 92064 1 03/10/97 00
61639508 05 05/01/97 0
61639508 O 04/01/27
0
1570512 491/491 F 290,500.00 ZZ
360 290,108.86 1
7901 ▇. ▇▇▇ WAY 8.000 2,131.59 80
7.750 2,131.59 365,000.00
TRACY CA 95376 2 02/26/97 00
61665436 05 04/01/97 0
61665436 O 03/01/27
0
1570513 491/491 F 228,000.00 ZZ
360 227,693.00 1
526 SHOREBIRD CIRCLE #16202 8.000 1,672.99 80
7.750 1,672.99 285,000.00
REDWOOD CITY CA 94065 1 02/13/97 00
61666378 01 04/01/97 0
61666378 O 03/01/27
0
1570514 491/491 F 350,400.00 ZZ
360 349,916.12 1
10 ▇▇▇▇▇▇ COURT 7.875 2,540.65 80
7.625 2,540.65 438,000.00
NOVATO CA 94947 1 02/24/97 00
61669679 05 04/01/97 0
61669679 O 03/01/27
0
1570515 491/491 F 432,350.00 ZZ
360 431,722.16 1
1901 KNOLLCREST COURT 7.625 3,060.15 80
7.375 3,060.15 541,000.00
SAN RAMON CA 94583 1 02/18/97 00
61669741 05 04/01/97 0
61669741 O 03/01/27
0
1
1570516 491/491 F 520,000.00 ZZ
360 519,383.77 1
▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ 8.625 4,044.51 80
8.375 4,044.51 650,000.00
SAN FRANCISCO CA 94127 1 02/26/97 00
61670944 03 04/01/97 0
61670944 O 03/01/27
0
1570517 491/491 F 236,000.00 ZZ
360 235,412.13 1
710 PALOMA AVENUE 8.000 1,731.69 80
7.750 1,731.69 295,000.00
OAKLAND CA 94610 1 02/14/97 00
61672467 03 04/01/97 0
61672467 O 03/01/27
0
1570518 491/491 F 252,000.00 ZZ
360 251,830.91 1
▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ 8.000 1,849.09 80
7.750 1,849.09 315,000.00
FRESNO CA 93720 1 03/21/97 00
61694398 03 05/01/97 0
61694398 O 04/01/27
0
1570519 491/491 F 232,750.00 ZZ
360 232,444.45 1
3888 RIVIERA DRIVE #404 8.125 1,728.17 95
7.875 1,728.17 245,000.00
SAN DIEGO CA 92109 1 02/27/97 10
61700029 01 04/01/97 30
61700029 O 03/01/27
0
1570520 491/491 F 269,000.00 ZZ
360 268,832.80 1
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ 8.375 2,044.60 75
8.125 2,044.60 360,000.00
ALPINE CA 91901 2 03/14/97 00
61700487 05 05/01/97 0
61700487 O 04/01/27
0
1570521 491/491 F 260,000.00 ZZ
360 259,829.92 1
20534 ▇▇▇▇ COURT 8.125 1,930.50 64
7.875 1,930.50 410,000.00
1
MURRIETA CA 92562 1 03/04/97 00
61701114 03 05/01/97 0
61701114 O 04/01/27
0
1570522 491/491 F 290,000.00 ZZ
360 289,810.29 1
▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ 8.125 2,153.25 70
7.875 2,153.25 420,000.00
SAN JOSE CA 95124 5 03/11/97 00
6170802 05 05/01/97 0
6170802 O 04/01/27
0
1570523 491/491 F 328,000.00 ZZ
360 327,774.27 1
▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ 7.875 2,378.23 80
7.625 2,378.23 410,000.00
SAN FRANCISCO CA 94122 1 03/11/97 00
61708089 05 05/01/97 0
61708089 O 04/01/27
0
1570524 491/491 F 318,750.00 ZZ
360 318,551.87 1
▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ 8.375 2,422.74 75
8.125 2,422.74 425,000.00
SANTA ROSA CA 95401 5 03/11/97 00
61708241 05 05/01/97 0
61708241 O 04/01/27
0
1570525 491/491 F 455,900.00 ZZ
360 455,601.77 1
10255 ▇▇▇▇▇▇▇▇ ▇▇▇▇ PLACE 8.125 3,385.05 80
7.875 3,385.05 569,888.00
CUPERTINO CA 95014 1 03/12/97 00
61708534 05 05/01/97 0
61708534 O 04/01/27
0
1570526 491/491 F 425,000.00 ZZ
360 424,742.53 1
6526 GRAYSTONE MEADOW CIRCLE 8.500 3,267.89 74
8.250 3,267.89 580,000.00
SAN JOSE CA 95120 5 03/17/97 00
61708771 03 05/01/97 0
61708771 O 04/01/27
0
1
1570527 491/491 F 218,000.00 ZZ
360 217,853.72 1
▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ 8.000 1,599.61 80
7.750 1,599.61 272,500.00
PORTLAND OR 97229 1 03/10/97 00
6222767 03 05/01/97 0
6222767 O 04/01/27
0
1570528 491/491 F 262,000.00 ZZ
360 261,824.20 1
27418 MATTERHORN DRIVE 8.000 1,922.47 78
7.750 1,922.47 340,000.00
LAKE ARROWHEAD CA 92352 2 03/11/97 00
62247069 05 05/01/97 0
62247069 O 04/01/27
0
1570529 491/491 F 298,300.00 ZZ
360 296,923.90 1
23140 NE 14TH CT 8.875 2,373.41 95
8.625 2,373.41 314,000.00
REDMOND WA 98053 1 03/18/97 11
62284304 03 05/01/97 30
62284304 O 04/01/27
0
1570530 491/491 F 305,000.00 ZZ
360 304,589.30 1
3972 SUNSWEPT DRIVE 8.000 2,237.99 80
7.750 2,237.99 385,000.00
LOS ANGELES CA 91604 2 02/12/97 00
62288644 05 04/01/97 0
62288644 O 03/01/27
0
1570531 491/491 F 330,000.00 ZZ
360 329,784.12 1
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ 8.125 2,450.25 46
7.875 2,450.25 720,000.00
LOS ANGELES CA 90049 5 03/04/97 00
6228939 05 05/01/97 0
6228939 O 04/01/27
0
1570532 491/491 F 252,800.00 ZZ
360 252,617.02 1
1
20135 NOB HILL DRIVE 7.625 1,789.31 80
7.375 1,789.31 316,000.00
YORBA LINDA CA 92886 1 03/07/97 00
62289764 03 05/01/97 0
62289764 O 04/01/27
0
1570533 491/491 F 233,350.00 ZZ
360 233,035.81 1
39 STRAW FLOWER 8.000 1,712.24 90
7.750 1,712.24 259,304.00
IRVINE CA 92620 1 02/25/97 11
62291599 03 04/01/97 30
62291599 O 03/01/27
0
1570534 491/491 F 252,800.00 ZZ
360 252,468.14 1
1331 SEAFARER STREET 8.125 1,877.04 80
7.875 1,877.04 316,000.00
VENTURA CA 93001 1 02/14/97 00
6229167 05 04/01/97 0
6229167 O 03/01/27
0
1570535 491/491 F 344,000.00 ZZ
360 343,774.97 1
248 VIA RANCHO 8.125 2,554.20 80
7.875 2,554.20 430,000.00
SAN CLEMENTE CA 92672 2 03/10/97 00
62292536 03 05/01/97 0
62292536 O 04/01/27
0
1570536 491/491 F 450,000.00 ZZ
360 449,690.31 1
255 THE UPLANDS 7.875 3,262.82 73
7.625 3,262.82 620,000.00
BERKELEY CA 94705 1 03/10/97 00
6229847 05 05/01/97 0
6229847 O 04/01/27
0
1570537 491/491 F 287,900.00 ZZ
360 287,512.36 1
38791 ▇▇▇▇▇ ▇▇▇▇ 8.000 2,112.51 90
7.750 2,112.51 319,888.00
FREMONT CA 94536 1 02/21/97 11
62298615 05 04/01/97 25
1
62298615 O 03/01/27
0
1570538 491/491 F 383,200.00 ZZ
360 382,696.97 1
▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ 8.125 2,845.25 80
7.875 2,845.25 479,000.00
PALO ALTO CA 94306 1 02/21/97 00
62298658 05 04/01/97 0
62298658 O 03/01/27
0
1570539 491/491 F 270,000.00 ZZ
360 269,832.18 1
3367 ▇▇▇▇▇▇▇▇▇▇ PLACE 8.375 2,052.20 89
8.125 2,052.20 305,000.00
SAN JOSE CA 95148 2 03/01/97 10
6229993 05 05/01/97 25
6229993 O 04/01/27
0
1570540 491/491 F 474,400.00 ZZ
360 474,081.69 1
22590 SAN ▇▇▇▇ ROAD 8.000 3,480.98 80
7.750 3,480.98 593,000.00
CUPERTINO CA 95014 1 03/03/97 00
6230058 05 05/01/97 0
6230058 O 04/01/27
0
1570541 491/491 F 223,000.00 ZZ
360 222,861.38 1
8 PUFFIN COURT 8.375 1,694.97 90
8.125 1,694.97 249,000.00
NOVATO CA 94949 2 03/18/97 14
62300661 09 05/01/97 25
62300661 O 04/01/27
0
1570542 491/491 F 240,700.00 T
360 240,542.54 1
402 ▇▇▇▇▇▇▇ AVENUE 8.125 1,787.20 75
7.875 1,787.20 325,000.00
PACIFIC GROVE CA 93950 2 03/14/97 00
62300857 05 05/01/97 0
62300857 O 04/01/27
0
1
1570543 491/491 F 247,200.00 ZZ
360 247,021.08 1
711 CALMAR AVENUE 7.625 1,749.67 80
7.375 1,749.67 309,000.00
OAKLAND CA 94610 1 03/05/97 00
62301179 05 05/01/97 0
62301179 O 04/01/27
0
1570544 491/491 F 323,500.00 ZZ
360 323,304.02 1
767 ▇▇▇▇ AVENUE 8.500 2,487.44 78
8.250 2,487.44 415,000.00
MENLO PARK CA 94025 2 03/11/97 00
62301276 05 05/01/97 0
62301276 O 04/01/27
0
1570546 491/491 F 313,200.00 ZZ
360 311,403.68 1
5865 NW PARADISE DR 8.125 2,325.51 80
7.875 2,325.51 391,500.00
FOREST GROVE OR 97116 1 02/18/97 00
62303112 05 04/01/97 0
62303112 O 03/01/27
0
1570547 491/491 F 311,900.00 ZZ
360 311,685.34 1
20370 ▇▇ ▇▇▇▇▇▇ RD 7.875 2,261.50 80
7.625 2,261.50 389,900.00
SHERWOOD OR 97140 1 03/17/97 00
62303708 05 05/01/97 0
62303708 O 04/01/27
0
1570548 491/491 F 244,800.00 ZZ
360 244,639.86 1
13779 SW 130TH PL 8.125 1,817.64 80
7.875 1,817.64 306,000.00
TIGARD OR 97223 1 03/03/97 00
62303937 05 05/01/97 0
62303937 O 04/01/27
0
1570576 E19/G01 F 252,000.00 ZZ
360 252,000.00 1
95-▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ 8.250 1,893.19 75
8.000 1,893.19 340,000.00
1
MILILANI HI 96789 2 04/01/97 00
0430199984 05 06/01/97 0
1100055724 O 05/01/27
0
1570592 664/G01 F 115,000.00 ZZ
360 114,928.51 1
5230 SUFFIELD COURT 8.375 874.09 64
8.125 874.09 181,000.00
SKOKIE IL 60077 1 03/31/97 00
0430199497 05 05/01/97 0
2282747 O 04/01/27
0
1570694 696/G01 F 247,500.00 ZZ
360 247,338.10 1
3803 ▇▇▇▇▇▇▇ ▇▇▇▇ 8.125 1,837.68 75
7.875 1,837.68 330,000.00
CHEVY CHASE MD 20815 5 04/01/97 00
0430196642 05 05/01/97 0
3125039 O 04/01/27
0
1570700 225/225 F 248,000.00 ZZ
360 247,837.77 1
▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ 8.125 1,841.40 80
7.875 1,841.40 310,000.00
OREGON CITY OR 97045 1 03/12/97 00
8041620 05 05/01/97 0
8041620 O 04/01/27
0
1570704 225/225 F 251,250.00 ZZ
360 250,538.83 1
2157 RADIO AVENUE 8.250 1,887.56 64
8.000 1,887.56 395,000.00
SAN JOSE CA 95125 2 01/02/97 00
8030654 05 03/01/97 0
8030654 O 02/01/27
0
1570708 246/G01 F 201,000.00 ZZ
360 200,868.52 1
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ 8.125 1,492.42 57
7.875 1,492.42 355,000.00
FAIRFAX VA 22030 2 03/31/97 00
0430197897 03 05/01/97 0
024251 O 04/01/27
0
1
1570709 225/225 F 316,000.00 ZZ
360 315,787.97 1
2133 ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ 8.000 2,318.70 85
7.750 2,318.70 376,000.00
SAN FRANCISCO CA 94122 1 03/10/97 14
8040865 05 05/01/97 12
8040865 O 04/01/27
0
1570712 225/225 F 254,900.00 ZZ
360 254,556.78 1
9350 ▇▇▇▇ WAY 8.000 1,870.37 88
7.750 1,870.37 290,000.00
WESTMINSTER CO 80021 5 02/25/97 14
803908800 05 04/01/97 25
803908800 O 03/01/27
0
1570713 225/225 F 300,000.00 ZZ
360 299,818.25 1
▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ 8.500 2,306.75 75
8.250 2,306.75 400,000.00
EVANSTON IL 60201 2 03/11/97 00
8036658 05 05/01/97 0
8036658 O 04/01/27
0
1570714 225/225 F 536,000.00 ZZ
360 535,666.84 1
W325 S7021 SQUIRE LANE 8.375 4,073.99 78
8.125 4,073.99 695,000.00
MUKWONAGO WI 53149 2 03/07/97 00
8036268 05 05/01/97 0
8036268 O 04/01/27
0
1570715 225/225 F 324,000.00 ZZ
360 323,793.39 1
44 WILTON ROAD EAST 8.250 2,434.11 90
8.000 2,434.11 360,000.00
RIDGEFIELD CT 06877 1 03/18/97 11
8038258 05 05/01/97 25
8038258 O 04/01/27
0
1570717 225/225 F 279,000.00 T
360 278,826.58 1
1
1141 ARBORETUM DRIVE 8.375 2,120.61 77
8.125 2,120.61 363,000.00
WILMINGTON NC 28405 2 03/13/97 00
8037874 03 05/01/97 0
8037874 O 04/01/27
0
1570718 225/225 F 260,000.00 ZZ
360 259,834.21 1
3 ▇▇▇▇ COURT 8.250 1,953.29 80
8.000 1,953.29 325,000.00
MONROE TOWNSHIP NJ 08832 1 03/14/97 00
2807876 05 05/01/97 0
2807876 O 04/01/27
0
1570725 225/225 F 650,000.00 ZZ
360 649,563.86 1
1225 BEECH HILL 8.000 4,769.47 69
7.750 4,769.47 950,000.00
BRENTWOOD TN 37027 5 03/14/97 00
8372717 05 05/01/97 0
8372717 O 04/01/27
0
1570726 225/225 F 230,000.00 ZZ
360 229,837.67 1
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ 7.750 1,647.75 55
7.500 1,647.75 425,000.00
SARASOTA FL 34241 2 03/07/97 00
8039095 03 05/01/97 0
8039095 O 04/01/27
0
1570727 225/225 F 282,000.00 ZZ
360 281,810.78 1
5920 BETHLEHEM COURT 8.000 2,069.22 75
7.750 2,069.22 376,000.00
ROCKVILLE MD 20855 5 03/05/97 00
8038049 05 05/01/97 0
8038049 O 04/01/27
0
1570729 225/225 F 350,000.00 ZZ
360 349,782.46 1
12125 DUSKVIEW COURT 8.375 2,660.25 75
8.125 2,660.25 470,000.00
CLARKSVILLE MD 21029 5 03/04/97 00
8368496 05 05/01/97 0
1
8368496 O 04/01/27
0
1570732 225/225 F 460,000.00 T
360 455,201.40 1
3017 OCEAN DRIVE 8.750 3,618.83 69
8.500 3,618.83 670,000.00
OXNARD CA 93035 2 03/11/97 00
80381500 05 05/01/97 0
80381500 O 04/01/27
0
1570733 225/225 F 229,500.00 ZZ
360 229,342.05 1
2323 BAREFOOT TRACE 7.875 1,664.04 89
7.625 1,664.04 259,000.00
ATLANTIC BEACH FL 32233 1 03/20/97 14
8040002 03 05/01/97 25
8040002 O 04/01/27
0
1570734 225/225 F 416,700.00 ZZ
360 415,331.75 1
659 ISLAND PLACE 7.750 2,985.29 90
7.500 2,985.29 463,000.00
REDWOOD CITY CA 94065 1 12/26/96 14
8033572 03 02/01/97 25
8033572 O 01/01/27
0
1570755 025/025 F 276,300.00 ZZ
360 275,767.79 1
2573 BAY POINTE DRIVE 8.250 2,075.75 80
8.000 2,075.75 345,413.00
FORT LAUDERDALE FL 33327 1 01/31/97 00
FM00103894 03 03/01/97 0
FM00103894 O 02/01/27
0
1570757 025/025 F 356,000.00 ZZ
360 354,994.51 1
LOT 12 SHOREWOOD PARK 8.375 2,705.86 80
8.125 2,705.86 445,000.00
CLERMONT FL 34711 1 02/01/97 00
461022 05 04/01/97 0
461022 O 03/01/27
0
1
1570776 E45/G01 F 242,250.00 ZZ
360 241,576.55 1
2993 ELYSIUM WAY 7.875 1,756.48 95
7.625 1,756.48 255,000.00
CLEARWATER FL 34619 1 12/30/96 14
0430204180 05 02/01/97 30
UNKNOWN O 01/01/27
0
1570831 E22/G01 F 108,750.00 ZZ
360 108,684.12 1
22 ▇▇▇▇▇▇▇▇▇ 8.500 836.19 75
8.250 836.19 145,000.00
SAN ANTONIO TX 78250 1 04/01/97 00
0410369375 03 05/01/97 0
410369375 O 04/01/27
0
1570877 225/225 F 320,000.00 ZZ
360 318,639.23 1
1308 ▇▇▇▇▇▇ ▇▇▇▇ 7.500 2,237.49 80
7.250 2,237.49 400,000.00
MOUNTAIN VIEW CA 94040 1 12/10/96 00
8026963 05 02/01/97 0
8026963 O 01/01/27
0
1570878 225/225 F 273,600.00 ZZ
360 272,516.91 1
15381 WILLOW DRIVE 8.125 2,031.48 80
7.875 2,031.48 342,000.00
LOS GATOS CA 95032 1 01/03/97 00
8033603 05 03/01/97 0
8033603 O 02/01/27
0
1570879 225/225 F 322,000.00 ZZ
360 321,778.40 1
121 HAWTHORNE PLACE 7.875 2,334.73 74
7.625 2,334.73 440,000.00
BRIARCLIFF MANO NY 10510 1 03/17/97 00
8038541 05 05/01/97 0
8038541 O 04/01/27
0
1570880 225/225 F 294,400.00 ZZ
360 289,356.25 1
1015 SOLANA DRIVE 8.375 2,237.66 80
8.125 2,237.66 368,000.00
1
MOUNTAIN VIEW CA 94040 1 01/10/97 00
8034639 05 03/01/97 0
8034639 O 02/01/27
0
1570881 225/225 F 214,900.00 ZZ
360 214,766.42 1
20 VINE STREET 8.375 1,633.40 90
8.125 1,633.40 240,000.00
HILTON HEAD ISL SC 29926 1 03/13/97 14
8374561 05 05/01/97 25
8374561 O 04/01/27
0
1570883 696/G01 F 224,000.00 ZZ
360 224,000.00 1
▇▇▇▇ ▇ ▇▇▇▇ ▇▇▇▇▇▇ 7.625 1,585.46 80
7.375 1,585.46 280,000.00
ARLINGTON VA 22201 1 04/07/97 00
0430197434 05 06/01/97 0
2289646 O 05/01/27
0
1570893 776/G01 F 228,500.00 ZZ
360 228,500.00 1
7421 LONEWOLF COURT 8.625 1,777.25 80
8.375 1,777.25 285,627.00
FAIRVIEW HEIGHT IL 62208 1 04/04/97 00
0430202218 05 06/01/97 0
8242184 O 05/01/27
0
1570894 776/G01 F 110,400.00 ZZ
360 110,400.00 1
1022 HICKORY POINT 8.500 848.88 80
8.250 848.88 138,000.00
COLLINSVILLE IL 62234 1 04/07/97 00
0430200808 05 06/01/97 0
8140742 O 05/01/27
0
1570904 225/225 F 213,600.00 ZZ
360 212,909.52 1
212 ROMNEY AVENUE 8.250 1,604.71 80
8.000 1,604.71 267,000.00
SOUTH SAN FRANC CA 94080 1 11/21/96 00
8029649 05 01/01/97 0
8029649 O 12/01/26
0
1
1570905 686/G01 F 255,000.00 ZZ
360 255,000.00 1
6 RAILSIDE AVENUE 7.730 1,823.33 75
7.480 1,823.33 340,000.00
WHITE PLAINS NY 10605 1 04/04/97 00
0430200253 05 06/01/97 0
17808165 O 05/01/27
0
1570912 225/225 F 216,100.00 ZZ
360 215,951.29 1
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇ 7.875 1,566.87 95
7.625 1,566.87 227,500.00
FAIRFAX STATION VA 22039 1 03/14/97 14
8376277 03 05/01/97 30
8376277 O 04/01/27
0
1570913 686/G01 F 185,000.00 ZZ
360 185,000.00 1
23 NORTH SLOPE LANE 8.375 1,406.14 39
8.125 1,406.14 475,000.00
CHILMARK MA 02535 2 03/28/97 00
0430201855 05 06/01/97 0
18145831 O 05/01/27
0
1570917 225/225 F 400,000.00 T
360 399,717.68 1
181 SOUTH BAY LANE 7.750 2,865.65 80
7.500 2,865.65 500,000.00
PORT LUDLOW WA 98365 1 03/13/97 00
8041966 03 05/01/97 0
8041966 O 04/01/27
0
1570953 286/286 F 224,600.00 ZZ
360 224,456.78 1
RT 2 BOX 510 8.250 1,687.35 75
8.000 1,687.35 299,500.00
REEDVILLE VA 22539 5 03/25/97 00
0008231035 05 05/01/97 0
0008231035 O 04/01/27
0
1570954 286/286 F 340,000.00 ZZ
360 339,766.01 1
1
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ 7.875 2,465.24 78
7.625 2,465.24 439,000.00
POWELL OH 43065 1 03/21/97 00
UNKNOWN 05 05/01/97 0
UNKNOWN O 04/01/27
0
1570955 286/286 F 330,000.00 ZZ
360 329,772.90 1
4701 TOUR 18 DR 7.875 2,392.73 65
7.625 2,392.73 510,000.00
FLOWER MOUND TX 75028 2 03/18/97 00
0008617328 03 05/01/97 0
0008617328 O 04/01/27
0
1570956 286/286 F 550,000.00 ZZ
360 549,591.81 1
2873 DEER CHASE LA 7.500 3,845.69 64
7.250 3,845.69 870,000.00
YORK PA 17403 1 03/24/97 00
0008618661 05 05/01/97 0
0008618661 O 04/01/27
0
1570957 286/286 F 320,000.00 ZZ
360 319,779.77 1
1200 MOUNTAIN RD 7.875 2,320.23 77
7.625 2,320.23 420,000.00
CHARLOTTESVILLE VA 22901 2 03/14/97 00
0008597779 05 05/01/97 0
0008597779 O 04/01/27
0
1570958 286/286 F 229,000.00 ZZ
360 228,846.34 1
15513 FOX CLUB WAY 8.000 1,680.33 70
7.750 1,680.33 329,000.00
MIDLOTHIAN VA 23112 1 03/21/97 00
09163528 03 05/01/97 0
09163528 O 04/01/27
0
1571040 106/106 F 303,600.00 ZZ
360 303,411.30 1
▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ 8.375 2,307.58 80
UNIT NO 2E 8.125 2,307.58 379,500.00
NEW YORK NY 10011 1 03/20/97 00
7689318 08 05/01/97 0
1
7689318 O 04/01/27
0
1571059 225/225 F 360,000.00 ZZ
360 359,758.44 1
65 STREET OF DREAMS 8.000 2,641.56 68
7.750 2,641.56 535,000.00
BELTON MO 64012 1 03/12/97 00
803814700 03 05/01/97 0
803814700 O 04/01/27
0
1571062 225/225 F 221,350.00 ZZ
360 221,201.48 1
241 SPETTI DRIVE 8.000 1,624.19 95
7.750 1,624.19 233,000.00
FREMONT CA 94538 1 03/10/97 14
803976300 05 05/01/97 30
803976300 O 04/01/27
0
1571065 225/225 F 295,000.00 ZZ
360 294,807.03 1
62 PARK DRIVE 8.125 2,190.37 57
7.875 2,190.37 525,000.00
GLENVIEW IL 60025 2 03/04/97 00
803782400 05 05/01/97 0
803782400 O 04/01/27
0
1571069 163/G01 F 260,000.00 ZZ
360 259,667.28 1
78 MOCCASIN TRAIL 8.250 1,953.29 75
8.000 1,953.29 350,000.00
SANDIA PARK NM 87047 4 02/21/97 00
0430199059 03 04/01/97 0
1815636816 O 03/01/27
0
1571071 163/G01 F 236,000.00 ZZ
360 235,833.44 1
130 CASTLE DRIVE 7.750 1,690.73 72
7.500 1,690.73 330,000.00
ABILENE TAYLOR TX 79602 2 03/24/97 00
0430199117 05 05/01/97 0
UNKNOWN O 04/01/27
0
1
1571078 731/G01 F 261,400.00 ZZ
360 261,400.00 1
1068 MILL CREEK MANOR 8.500 2,009.94 95
8.250 2,009.94 275,250.00
ATLANTA GA 30319 1 04/09/97 11
0430201814 05 06/01/97 30
314063982 O 05/01/27
0
1571079 225/225 F 221,400.00 ZZ
360 221,251.44 1
16825 WEST COUNTY RD 8.000 1,624.56 90
18E 7.750 1,624.56 248,000.00
LOVELAND CO 80537 1 03/14/97 14
804220300 05 05/01/97 25
804220300 O 04/01/27
0
1571082 225/225 F 239,200.00 ZZ
360 239,055.08 1
175 ▇▇▇▇ ▇▇▇▇▇▇▇▇ DRIVE 8.500 1,839.25 77
8.250 1,839.25 312,800.00
ORMOND BEACH FL 32176 1 03/10/97 00
803707300 05 05/01/97 0
803707300 O 04/01/27
0
1571084 225/225 F 360,000.00 ZZ
360 359,752.25 1
▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ 7.875 2,610.25 69
7.625 2,610.25 528,000.00
MARIETTA GA 30068 1 03/03/97 00
8375302 03 05/01/97 0
8375302 O 04/01/27
0
1571088 637/G01 F 540,000.00 ZZ
360 539,646.76 1
9519 MILL STATION ROAD 8.125 4,009.49 80
7.875 4,009.49 675,000.00
SEBASTOPOL CA 95472 2 03/21/97 00
0430203109 05 05/01/97 0
9659145 O 04/01/27
0
1571089 225/225 F 249,200.00 T
360 249,015.05 1
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ 7.500 1,742.45 80
7.250 1,742.45 311,500.00
1
OCEAN CITY NJ 08226 1 03/03/97 00
8037292 05 05/01/97 0
8037292 O 04/01/27
0
1571090 965/G01 F 178,850.00 ZZ
360 178,365.15 1
▇▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ 8.000 1,312.34 75
7.750 1,312.34 238,500.00
SCOTTSDALE AZ 85250 1 12/09/96 00
0430202671 02 02/01/97 0
197359 O 01/01/27
0
1571097 225/225 F 256,850.00 ZZ
360 256,686.22 1
380 PIERMONT AVENUE 8.250 1,929.62 75
8.000 1,929.62 342,500.00
HILLSDALE NJ 07642 5 03/03/97 00
2818673 05 05/01/97 0
2818673 O 04/01/27
0
1571103 225/225 F 235,000.00 ZZ
360 234,834.14 1
35 LAMP POST DRIVE 7.750 1,683.57 76
7.500 1,683.57 310,000.00
REDDING CT 06896 2 03/10/97 00
803917900 05 05/01/97 0
803917900 O 04/01/27
0
1571107 225/225 F 520,000.00 ZZ
360 519,642.14 1
919 COLVILLE ROAD 7.875 3,770.36 80
7.625 3,770.36 650,000.00
CHARLOTTE NC 28207 1 03/04/97 00
8374765 05 05/01/97 0
8374765 O 04/01/27
0
1571108 225/225 F 300,000.00 ZZ
360 299,793.54 1
4695 PONTE VEDRA DRIVE 7.875 2,175.21 75
7.625 2,175.21 400,000.00
MARIETTA GA 30067 5 03/07/97 00
803977700 03 05/01/97 0
803977700 O 04/01/27
0
1
1571112 225/225 F 314,000.00 ZZ
360 313,783.91 1
50 WEST REMINGTON DRIVE 7.875 2,276.72 80
7.625 2,276.72 394,000.00
HIGHLAND VILLAG TX 75067 1 03/12/97 00
803896700 03 05/01/97 0
803896700 O 04/01/27
0
1571126 225/225 F 268,000.00 ZZ
360 267,829.11 4
49 ▇▇▇▇▇▇▇▇ PLACE 8.250 2,013.39 80
8.000 2,013.39 335,000.00
YONKERS NY 10703 1 03/17/97 00
2818351 05 05/01/97 0
2818351 O 04/01/27
0
1571128 225/225 F 650,000.00 ZZ
360 649,595.99 1
▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ 8.375 4,940.47 39
8.125 4,940.47 1,675,000.00
SOUTHPORT CT 06490 2 03/03/97 00
803806900 05 05/01/97 0
803806900 O 04/01/27
0
1571135 225/225 F 479,500.00 ZZ
360 479,186.34 1
5248 MASONBORO HARBOR DRIVE 8.125 3,560.27 62
7.875 3,560.27 780,000.00
WILMINGTON NC 28409 2 03/10/97 00
8011801 03 05/01/97 0
8011801 O 04/01/27
0
1571421 225/225 F 400,000.00 ZZ
360 399,724.72 1
104 VISTA GREEN COURT 7.875 2,900.28 70
7.625 2,900.28 575,000.00
CARY NC 27513 2 03/10/97 00
8012830 03 05/01/97 0
8012830 O 04/01/27
0
1571425 225/225 F 500,000.00 ZZ
360 498,574.65 1
1
▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇ 7.750 3,582.07 59
7.500 3,582.07 850,000.00
PEBBLE BEACH CA 93953 1 12/16/96 00
803256100 05 02/01/97 0
803256100 O 01/01/27
0
1571428 225/225 F 324,000.00 T
360 322,676.44 1
846 GRAND HARBOR 8.000 2,377.40 90
7.750 2,377.40 360,000.00
DESTIN FL 32541 1 02/14/97 14
8038376 03 04/01/97 25
8038376 O 03/01/27
0
1571482 480/G01 F 606,200.00 ZZ
360 605,860.15 1
18601 AVENUE CAPRI 8.875 4,823.20 70
8.625 4,823.20 867,000.00
LUTZ FL 33549 2 04/03/97 00
0430205112 03 05/01/97 0
1947720 O 04/01/27
0
1571491 776/G01 F 89,600.00 ZZ
360 89,600.00 1
1906 ▇. ▇▇▇▇▇▇ 8.000 657.45 80
7.750 657.45 112,000.00
GODFREY IL 62035 1 04/11/97 00
0430201194 05 06/01/97 0
8340838 O 05/01/27
0
1571503 480/G01 F 272,000.00 ZZ
360 271,812.81 1
5141 ▇▇▇▇▇ COURT 7.875 1,972.19 80
7.625 1,972.19 340,000.00
FAIRFAX VA 22030 1 03/31/97 00
0430202010 03 05/01/97 0
2087393 O 04/01/27
0
1571544 369/G01 F 330,000.00 ZZ
360 329,784.12 1
▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇ ▇▇▇ 8.125 2,450.25 80
7.875 2,450.25 412,500.00
SCOTTSDALE AZ 85254 1 03/18/97 00
0430203505 05 05/01/97 0
1
60023512 O 04/01/27
0
1571550 369/G01 F 350,000.00 ZZ
360 349,740.24 1
2906 OAK SHADOW DRIVE 7.500 2,447.26 77
7.250 2,447.26 456,897.00
OAK HILL VA 20171 1 03/28/97 00
0430204909 03 05/01/97 0
49475676 O 04/01/27
0
1571558 369/G01 F 331,800.00 ZZ
360 331,598.99 1
203 SEDGEMOOR DRIVE 8.500 2,551.26 75
8.250 2,551.26 445,000.00
CARY NC 27513 1 03/31/97 00
0430206441 03 05/01/97 0
49828213 O 04/01/27
0
1571565 317/G01 F 288,250.00 ZZ
360 288,056.59 1
30405 LA QUINTA DRIVE 8.000 2,115.08 80
7.750 2,115.08 360,334.00
GEORGETOWN TX 78628 1 03/31/97 00
0430211433 03 05/01/97 0
242094 O 04/01/27
0
1571607 E22/G01 F 75,100.00 ZZ
360 75,100.00 1
907 FLOOD ROAD 8.875 597.53 71
8.625 597.53 107,000.00
FT. PIERCE FL 34982 5 04/04/97 00
0410377295 05 06/01/97 0
410377295 O 05/01/27
0
1571608 106/106 F 224,000.00 ZZ
360 223,708.27 1
41 KENMORE PLACE 8.500 1,722.37 80
8.250 1,722.37 280,000.00
GLEN ROCK NJ 07452 1 03/19/97 00
7733694 05 05/01/97 0
7733694 O 04/01/27
0
1
1571627 E22/G01 F 360,000.00 ZZ
360 360,000.00 1
17674 SCARSDALE WAY 8.750 2,832.12 75
8.500 2,832.12 480,000.00
BOCA RATON FL 33496 2 04/04/97 00
0410379309 03 06/01/97 0
410379309 O 05/01/27
0
1571634 106/106 F 327,500.00 ZZ
360 327,301.59 1
23 BAILEY AVENUE 8.500 2,518.20 75
8.250 2,518.20 437,000.00
DARIEN CT 06820 1 03/31/97 00
7755812 05 05/01/97 0
7755812 O 04/01/27
0
1571638 439/439 F 191,200.00 ZZ
360 191,080.54 1
540 BRICKELL KEY DRIVE #1127 8.350 1,449.89 75
8.100 1,449.89 255,000.00
MIAMI FL 33131 1 03/19/97 00
1895976 06 05/01/97 0
1895976 O 04/01/27
0
1571654 181/181 F 93,600.00 ZZ
360 93,540.31 1
1159 SOUTH CANOSA COURT 8.250 703.19 80
8.000 703.19 117,000.00
DENVER CO 80219 5 03/24/97 00
2106474 05 05/01/97 0
2106474 O 04/01/27
0
1571715 686/G01 F 165,000.00 ZZ
360 165,000.00 1
1174 ST CHARLES PLACE 8.075 1,219.35 46
7.825 1,219.35 360,000.00
ATLANTA GA 30306 5 03/31/97 00
0430201848 05 06/01/97 0
18012270 O 05/01/27
0
1571718 E82/G01 F 40,000.00 T
360 39,975.76 1
406 SUMMIT 8.500 307.57 79
8.250 307.57 51,000.00
1
WALL LAKE IA 51466 1 03/27/97 00
0400031373 05 05/01/97 0
400031373 O 04/01/27
0
1571741 181/181 F 430,000.00 ZZ
360 429,696.51 1
5007 GREYSTONE WAY 7.750 3,080.57 59
7.500 3,080.57 740,000.00
BIRMINGHAM AL 35242 2 03/19/97 00
5614368 03 05/01/97 0
5614368 O 04/01/27
0
1571750 317/G01 F 267,200.00 ZZ
360 267,029.61 1
10501 INDIGO BROOM LOOP 8.250 2,007.39 80
8.000 2,007.39 334,029.00
AUSTIN TX 78733 1 03/27/97 00
0430202150 03 05/01/97 0
242115 O 04/01/27
0
1571754 696/G01 F 260,000.00 ZZ
360 260,000.00 1
4321 ALDIE ROAD 7.875 1,885.18 80
7.625 1,885.18 325,000.00
CATHARPIN VA 20143 1 04/08/97 00
0430201590 05 06/01/97 0
2379709 O 05/01/27
0
1571755 181/181 F 389,000.00 ZZ
360 388,732.29 1
344 WASHINGTON AVENUE 7.875 2,820.52 70
7.625 2,820.52 557,000.00
WILMETTE IL 60091 1 03/21/97 00
5612667 05 05/01/97 0
5612667 O 04/01/27
0
1571771 136/G01 F 147,000.00 ZZ
360 146,908.63 1
560 WOODBURY ROAD 8.375 1,117.31 75
8.125 1,117.31 197,000.00
SYOSSET NY 11803 1 03/28/97 00
0430200576 05 05/01/97 0
1109943 O 04/01/27
0
1
1571773 025/025 F 244,000.00 T
360 243,848.34 1
1208 SANDY LANE 8.375 1,854.58 80
8.125 1,854.58 305,000.00
ST GEORGE ISLAN FL 32328 1 03/24/97 00
366351 05 05/01/97 0
366351 O 04/01/27
0
1571781 025/025 F 573,700.00 ZZ
347 573,315.90 1
1305 JUMANA LOOP 8.500 4,447.81 80
8.250 4,447.81 720,000.00
APOLLO BEACH FL 33572 1 04/01/97 00
444370 03 05/01/97 0
444370 O 03/01/26
0
1571803 E67/G01 F 265,000.00 ZZ
360 265,000.00 1
1363 NW CITY VIEW DRIVE 8.125 1,967.62 75
7.875 1,967.62 358,000.00
BEND OR 97701 5 04/11/97 00
0430200915 05 06/01/97 0
6238 O 05/01/27
0
1572093 F02/G01 F 224,800.00 ZZ
360 224,526.46 1
470 ROCKCREST DRIVE 8.500 1,728.52 90
8.250 1,728.52 249,818.00
CINCINNATI OH 45246 1 02/25/97 14
0430215301 03 04/01/97 25
600586238 O 03/01/27
0
1572100 638/G01 F 250,000.00 ZZ
360 250,000.00 1
710 W VICTORIA LN 8.375 1,900.18 80
8.125 1,900.18 315,000.00
ARLINGTON HEIGH IL 60005 1 04/07/97 00
0430205534 05 06/01/97 0
8624248 O 05/01/27
0
1572101 638/G01 F 90,000.00 ZZ
360 89,948.22 1
1
159 SOUTH 100 WEST 8.750 708.03 75
8.500 708.03 120,000.00
SPANISH FORK UT 84660 5 03/27/97 00
0430206409 05 05/01/97 0
08627327 O 04/01/27
0
1572121 181/181 F 256,000.00 ZZ
360 255,832.54 1
1211 GARFIELD AVENUE 8.125 1,900.79 80
7.875 1,900.79 320,000.00
AURORA IL 60506 1 03/31/97 00
5115353 05 05/01/97 0
5115353 O 04/01/27
0
1572124 181/181 F 281,000.00 ZZ
360 280,820.82 1
1405 ELMWOOD 8.250 2,111.06 73
8.000 2,111.06 385,000.00
EVANSTON IL 60201 5 03/24/97 00
5592046 07 05/01/97 0
5592046 O 04/01/27
0
1572128 181/181 F 304,000.00 ZZ
360 303,790.78 1
5730 COMMONS LANE 7.875 2,204.22 80
7.625 2,204.22 380,000.00
ALPHARETTA GA 30202 5 03/26/97 00
9740028 03 05/01/97 0
9740028 O 04/01/27
0
1572137 181/181 F 299,000.00 ZZ
360 298,794.23 1
5810 FLINTSHIRE LANE 7.875 2,167.96 79
7.625 2,167.96 382,500.00
DALLAS TX 75262 1 03/27/97 00
5615071 05 05/01/97 0
5615071 O 04/01/27
0
1572139 181/181 F 480,000.00 ZZ
360 479,677.93 1
2233 FORREST LANE 8.000 3,522.07 80
7.750 3,522.07 600,000.00
NAPLES FL 34102 1 03/31/97 00
5614309 05 05/01/97 0
1
5614309 O 04/01/27
0
1572143 E22/G01 F 60,000.00 ZZ
360 60,000.00 1
409 HARBOUR ROAD 8.375 456.04 58
8.125 456.04 104,000.00
NORTH PALM BEAC FL 33408 1 03/25/97 00
0410376701 05 06/01/97 0
410376701 O 05/01/27
0
1572158 E22/G01 F 46,900.00 ZZ
360 46,900.00 1
1432 N.E. 5TH TERRACE 9.000 377.37 70
8.750 377.37 67,000.00
CAPE CORAL FL 33909 2 04/09/97 00
0410380851 05 06/01/97 0
410380851 O 05/01/27
0
1572221 965/G01 F 171,000.00 ZZ
360 171,000.00 1
3144 EAST PUGET AVENUE 8.750 1,345.26 72
8.500 1,345.26 240,000.00
PHOENIX AZ 85028 1 04/10/97 00
0430203398 05 06/01/97 0
197076 O 05/01/27
0
1572227 637/G01 F 225,000.00 ZZ
360 224,849.03 1
7246 SE 141ST AVENUE 8.000 1,650.97 79
7.750 1,650.97 285,000.00
PORTLAND OR 97236 1 03/20/97 00
0430203901 03 05/01/97 0
9115478 O 04/01/27
0
1572241 776/G01 F 117,600.00 ZZ
360 117,600.00 1
26227 RAINBOW GLEN DRIVE 8.750 925.16 80
(NEWHALL AREA) 8.500 925.16 147,000.00
SANTA CLARITA CA 91321 1 04/03/97 00
0430203315 01 06/01/97 0
2142804 O 05/01/27
0
1
1572246 696/G01 F 196,400.00 ZZ
360 196,400.00 1
3605 WOODHILL PLACE 8.375 1,492.78 80
8.125 1,492.78 245,500.00
FAIRFAX VA 22031 1 04/11/97 00
0430204099 05 06/01/97 0
2379685 O 05/01/27
0
1572247 637/G01 F 84,500.00 ZZ
360 84,443.29 1
7505 SHANGRI-LA AVENUE 8.000 620.04 62
7.750 620.04 137,500.00
LAS VEGAS NV 89117 1 03/24/97 00
0430203885 03 05/01/97 0
4773602 O 04/01/27
0
1572253 F02/G01 F 256,500.00 ZZ
360 256,352.42 1
22 STEPHENS PLACE 8.750 2,017.89 90
8.500 2,017.89 285,000.00
SPRING VALLEY NY 10977 1 03/14/97 14
0430215293 05 05/01/97 25
0600861982 O 04/01/27
0
1572260 F02/G01 F 288,700.00 ZZ
360 288,321.02 1
3985 RIVER HOLLOW RUN 8.125 2,143.59 90
7.875 2,143.59 320,795.00
DULUTH GA 30136 1 02/28/97 01
0430215434 05 04/01/97 25
600886037 O 03/01/27
0
1572265 637/G01 F 98,400.00 ZZ
360 98,333.97 1
8006 PARKDALE DRIVE 8.000 722.03 80
7.750 722.03 123,000.00
AUSTIN TX 78757 1 03/07/97 00
0430203497 05 05/01/97 0
3390879 O 04/01/27
0
1572275 025/025 F 318,000.00 ZZ
360 317,775.56 1
2805 COMBE HILL TRAIL 7.750 2,278.19 77
7.500 2,278.19 418,000.00
1
RALEIGH NC 27613 1 03/21/97 00
565969 03 05/01/97 0
565969 O 04/01/27
0
1572287 F02/G01 F 250,200.00 ZZ
360 249,895.79 1
7325 BELLE MEADE BLVD 8.500 1,923.82 90
8.250 1,923.82 278,000.00
MIAMI FL 33134 1 02/28/97 14
0430215475 05 04/01/97 25
600878594 O 03/01/27
0
1572293 688/G01 F 93,600.00 ZZ
360 93,600.00 1
1802 NORTH YALE PLACE 8.250 703.19 80
8.000 703.19 117,000.00
RICHARDSON TX 75081 1 04/08/97 00
0430205526 05 06/01/97 0
0048038 O 05/01/27
0
1572298 225/225 F 292,500.00 ZZ
360 292,331.71 1
463 TENNESSEE LANE 8.750 2,301.10 74
8.500 2,301.10 400,000.00
PALO ALTO CA 94306 1 03/10/97 00
804144300 05 05/01/97 0
804144300 O 04/01/27
0
1572301 F02/G01 F 264,000.00 ZZ
360 263,822.86 1
182 MAY ST 8.000 1,937.14 60
7.750 1,937.14 440,000.00
ELMHURST IL 60126 5 02/27/97 00
0430215418 05 05/01/97 0
600863030 O 04/01/27
0
1572309 F02/G01 F 246,300.00 ZZ
360 246,138.89 1
86 BUCK POINT ROAD 8.125 1,828.77 79
7.875 1,828.77 315,000.00
BLUFFTON SC 29910 2 03/12/97 00
0430215640 05 05/01/97 0
600865101 O 04/01/27
0
1
1572310 696/G01 F 280,000.00 ZZ
360 280,000.00 1
1710 MAPLE HILL PLACE 7.500 1,957.80 80
7.250 1,957.80 350,000.00
ALEXANDRIA VA 22302 1 04/11/97 00
0430202770 03 06/01/97 0
2279537 O 05/01/27
0
1572312 E48/E48 F 328,400.00 ZZ
360 328,400.00 1
129 CEDAR CREEK DRIVE 8.625 2,554.26 90
8.375 2,554.26 364,900.00
FRANKLIN TN 37064 1 04/15/97 01
10982 05 06/01/97 25
10982 O 05/01/27
0
1572315 F02/G01 F 274,500.00 ZZ
360 274,329.38 1
9369 OLMSTEAD DRIVE 8.375 2,086.40 90
8.125 2,086.40 305,018.00
LAKE WORTH FL 33467 1 03/07/97 14
0430215699 03 05/01/97 25
600223707 O 04/01/27
0
1572326 F02/G01 F 247,500.00 ZZ
360 247,333.93 1
113 32ND AVENUE EAST 8.000 1,816.07 75
7.750 1,816.07 330,000.00
SEATTLE WA 98112 5 03/03/97 00
0430215855 05 05/01/97 0
600876126 O 04/01/27
0
1572513 638/G01 F 74,800.00 ZZ
360 74,752.30 1
11746 AUBURN COURT 8.250 561.95 80
8.000 561.95 93,500.00
YUCAIPA CA 92399 1 03/20/97 00
0430204719 05 05/01/97 0
08630751 O 04/01/27
0
1572541 676/676 F 448,000.00 ZZ
360 448,000.00 1
1
1010 KOOHOO PLACE 8.125 3,326.39 80
7.875 3,326.39 560,000.00
KAILUA HI 96734 1 04/03/97 00
9713003823 05 06/01/97 0
9713003823 O 05/01/27
0
1572546 286/286 F 350,000.00 ZZ
360 349,759.13 1
297 WEST BAY ROAD 7.875 2,537.75 59
7.625 2,537.75 600,000.00
OSTERVILLE MA 02655 1 03/31/97 00
09165132 05 05/01/97 0
09165132 O 04/01/27
0
1572547 286/286 F 238,000.00 ZZ
360 237,832.01 1
10342 CARRARI STREET 7.750 1,705.07 90
7.500 1,705.07 266,000.00
ALTA LOMA CA 91737 2 03/27/97 04
09162387 05 05/01/97 25
09162387 O 04/01/27
0
1572548 286/286 F 273,500.00 ZZ
360 273,321.09 1
371 WAVERLY ROAD 8.125 2,030.73 79
7.875 2,030.73 350,000.00
SHELTON CT 06484 2 03/25/97 00
09163229 05 05/01/97 0
09163229 O 04/01/27
0
1572549 286/286 F 264,000.00 ZZ
360 263,822.86 1
215 JACKSON PLACE 8.000 1,937.14 80
7.750 1,937.14 330,000.00
CORPUS CHRISTI TX 78411 1 03/20/97 00
09165365 05 05/01/97 0
09165365 O 04/01/27
0
1572550 286/286 F 300,000.00 ZZ
360 299,827.39 1
1701 SYCAMORE STREET NW 8.750 2,360.11 94
8.500 2,360.11 320,000.00
WASHINGTON DC 20012 1 03/21/97 04
09165671 05 05/01/97 30
1
09165671 O 04/01/27
0
1572557 E22/G01 F 95,200.00 ZZ
360 95,200.00 1
22636 TANAGER STREET 8.750 748.94 70
8.500 748.94 136,000.00
GRAND TERRACE CA 92313 2 04/03/97 00
0410361471 05 06/01/97 0
410361471 O 05/01/27
0
1572571 E22/G01 F 102,000.00 ZZ
360 101,936.61 1
1365 DAHLIA STREET 8.375 775.27 59
8.125 775.27 175,000.00
DENVER CO 80220 2 03/31/97 00
0410315055 05 05/01/97 0
410315055 O 04/01/27
0
1572578 E22/G01 F 300,000.00 ZZ
360 300,000.00 1
24 3RD STREET, N.E. 9.000 2,413.87 73
8.750 2,413.87 413,000.00
WASHINGTON DC 20002 5 04/09/97 00
0410380463 05 06/01/97 0
410380463 O 05/01/27
0
1572662 209/G01 F 350,000.00 ZZ
360 349,740.24 1
11815 WINTERWAY LANE 7.500 2,447.26 65
7.250 2,447.26 545,000.00
FAIRFAX STATION VA 22039 1 03/14/97 00
0430210526 03 05/01/97 0
971713437 O 04/01/27
0
1572668 696/G01 F 200,250.00 ZZ
360 200,250.00 1
5211 HOLDEN STREET 8.125 1,486.85 90
7.875 1,486.85 222,500.00
FAIRFAX VA 22032 1 04/15/97 10
0430203638 05 06/01/97 30
2179637 O 05/01/27
0
1
1572670 209/G01 F 260,400.00 ZZ
360 260,225.27 1
3125 BROOKLAWN TERRACE 8.000 1,910.73 80
7.750 1,910.73 325,500.00
CHEVY CHASE MD 20815 1 03/28/97 00
0430210864 05 05/01/97 0
975932652 O 04/01/27
0
1572687 209/G01 F 277,400.00 ZZ
360 277,209.09 1
1435 Q STREET NW 7.875 2,011.35 95
7.625 2,011.35 292,000.00
WASHINGTON DC 20009 1 03/31/97 14
0430210641 05 05/01/97 30
971713957 O 04/01/27
0
1572709 209/G01 F 234,550.00 ZZ
360 234,384.45 1
5307 CAT TAIL COURT 7.750 1,680.35 95
7.500 1,680.35 246,900.00
CENTREVILLE VA 20120 1 03/31/97 14
0430210807 03 05/01/97 30
971710664 O 04/01/27
0
1572720 209/G01 F 239,800.00 ZZ
360 239,643.14 1
20781 RAINSBORO DRIVE 8.125 1,780.51 95
7.875 1,780.51 252,452.00
ASHBURN VA 20147 1 03/28/97 14
0430210492 03 05/01/97 30
971706274 O 04/01/27
0
1572728 209/G01 F 280,000.00 ZZ
360 279,812.12 1
10616 MORNING FIELD DRIVE 8.000 2,054.55 80
7.750 2,054.55 350,000.00
POTOMAC MD 20854 1 03/31/97 00
0430210534 03 05/01/97 0
971715572 O 04/01/27
0
1572734 209/G01 F 245,650.00 ZZ
360 245,485.17 1
125 COBBLE STONE COURT 8.000 1,802.50 85
7.750 1,802.50 289,000.00
1
CHAPIN SC 29036 1 03/14/97 14
0430210666 05 05/01/97 12
975934062 O 04/01/27
0
1572764 561/G01 F 241,000.00 ZZ
360 240,853.99 1
7615 STRATFIELD LANE 8.500 1,853.09 95
8.250 1,853.09 253,715.00
LAUREL MD 20707 1 03/31/97 12
0430203968 05 05/01/97 30
8926693 O 04/01/27
0
1572918 225/225 F 226,100.00 ZZ
360 225,944.40 1
15730 SW 148TH TERRACE 7.875 1,639.38 95
7.625 1,639.38 238,452.00
MIAMI FL 33196 1 03/20/97 14
8249488 05 05/01/97 30
8249488 O 04/01/27
0
1572923 225/225 F 282,000.00 ZZ
360 281,810.78 1
8917 RANDOM ROAD 8.000 2,069.22 80
7.750 2,069.22 352,500.00
FORT WORTH TX 76179 1 03/10/97 00
803977800 03 05/01/97 0
803977800 O 04/01/27
0
1572924 225/225 F 251,900.00 ZZ
360 251,751.27 1
2882 SWEETLEAF COURT 8.625 1,959.26 90
8.375 1,959.26 280,000.00
SAN JOSE CA 95148 1 03/17/97 14
803790000 05 05/01/97 25
803790000 O 04/01/27
0
1572925 225/225 F 364,000.00 ZZ
360 363,729.86 1
2223 NORTH OAK COURT 7.500 2,545.14 67
7.250 2,545.14 550,000.00
ARLINGTON VA 22209 1 03/26/97 00
8378228 09 05/01/97 0
8378228 O 04/01/27
0
1
1572928 225/225 F 607,000.00 ZZ
360 605,917.12 1
16322 VINTAGE OAKS LANE 8.625 4,721.19 42
8.375 4,721.19 1,462,000.00
DELRAY BEACH FL 33484 2 01/14/97 00
803381400 03 03/01/97 0
803381400 O 02/01/27
0
1572931 225/225 F 242,200.00 ZZ
360 242,037.49 1
10101 SW 141 STREET 8.000 1,777.18 95
7.750 1,777.18 255,000.00
MIAMI FL 33176 1 03/21/97 14
804000000 05 05/01/97 30
804000000 O 04/01/27
0
1572933 225/225 F 450,000.00 ZZ
360 449,720.30 1
1242 GREEN OAK LANE 8.375 3,420.33 52
8.125 3,420.33 875,000.00
LOS ALTOS CA 94024 5 03/18/97 00
804236000 05 05/01/97 0
804236000 O 04/01/27
0
1572935 E22/G01 F 138,750.00 ZZ
360 138,750.00 1
43067 KIRKWOOD 8.875 1,103.96 75
8.625 1,103.96 185,000.00
CLINTON TOWNSHI MI 48038 1 04/09/97 00
0410364947 01 06/01/97 0
410364947 O 05/01/27
0
1572942 387/387 F 127,900.00 ZZ
360 127,736.32 1
113 SANDY HOOK 8.250 960.87 80
8.000 960.87 159,900.00
HIGHLAND VILLAG TX 75067 1 02/21/97 00
1074558 05 04/01/97 0
1074558 O 03/01/27
0
1572946 E22/G01 F 100,000.00 ZZ
360 100,000.00 1
1
718 SOUTH GALENA UNIT 103A 8.625 777.79 58
8.375 777.79 175,000.00
ASPEN CO 81611 1 04/14/97 00
0410387617 01 06/01/97 0
410387617 O 05/01/27
0
1572947 387/387 F 232,000.00 T
360 231,553.12 1
106 MEADOW RIDGE COURT 8.250 1,742.94 80
8.000 1,742.94 290,000.00
ELKO NV 89801 1 01/23/97 00
613273 05 03/01/97 0
613273 O 02/01/27
0
1572948 225/225 F 233,700.00 ZZ
360 233,554.74 1
26801 HOLLY HILL 8.375 1,776.29 59
8.125 1,776.29 400,000.00
FARMINGTON HILL MI 48334 2 03/26/97 00
804201600 05 05/01/97 0
804201600 O 04/01/27
0
1572951 387/387 F 255,900.00 ZZ
360 255,564.08 1
2514 WILSON DRIVE 8.125 1,900.05 80
7.875 1,900.05 319,900.00
TUSTIN CA 92782 1 02/21/97 00
1034693 03 04/01/97 0
1034693 O 03/01/27
0
1572952 E22/G01 F 157,500.00 ZZ
360 157,500.00 1
4932 E. 105TH STREET 8.875 1,253.14 75
8.625 1,253.14 210,000.00
TULSA OK 74137 5 04/07/97 00
0410312706 05 06/01/97 0
410312706 O 05/01/27
0
1572953 387/387 F 231,600.00 ZZ
360 231,280.19 1
4239 PINE AVENUE 7.875 1,679.26 80
7.625 1,679.26 289,500.00
LONG BEACH CA 90807 1 02/12/97 00
1076546 05 04/01/97 0
1
1076546 O 03/01/27
0
1572957 387/387 F 375,000.00 ZZ
360 374,468.94 1
1276 NORTH ONTARE ROAD 7.750 2,686.55 69
7.500 2,686.55 550,000.00
SANTA BARBARA CA 93105 2 02/21/97 00
1080779 05 04/01/97 0
1080779 O 03/01/27
0
1572960 225/225 F 226,000.00 ZZ
360 225,823.71 1
LOT 36 #40 STEWART STREET 7.250 1,541.71 85
7.000 1,541.71 268,760.00
FRANKLIN MA 02038 1 03/28/97 14
8414166 05 05/01/97 12
8414166 O 04/01/27
0
1572962 387/387 F 232,500.00 ZZ
360 232,335.90 1
3649 VALLEY HILL ROAD 7.750 1,665.66 72
7.500 1,665.66 325,000.00
KENNESAW GA 30152 2 03/06/97 00
1084946 05 05/01/97 0
1084946 O 04/01/27
0
1572965 387/387 F 284,000.00 ZZ
360 283,663.45 1
366 SHERWOOD COURT 8.625 2,208.92 66
8.375 2,208.92 435,000.00
THOUSAND OAKS CA 91361 2 02/10/97 00
1075035 03 04/01/97 0
1075035 O 03/01/27
0
1572968 225/225 F 325,000.00 ZZ
360 324,792.76 1
2537 EAGLE RUN DRIVE 8.250 2,441.62 77
8.000 2,441.62 424,491.00
FT LAUDERDALE FL 33327 1 03/26/97 00
804285000 05 05/01/97 0
804285000 O 04/01/27
0
1
1572970 387/387 F 495,000.00 ZZ
360 494,316.46 1
424 GRAVATT DRIVE 7.875 3,589.09 67
7.625 3,589.09 740,000.00
OAKLAND CA 94705 4 02/13/97 00
1081231 05 04/01/97 0
1081231 O 03/01/27
0
1572973 387/387 F 484,000.00 ZZ
360 483,658.39 1
1065 ECHO DRIVE 7.750 3,467.44 80
7.500 3,467.44 605,000.00
LOS ALTOS CA 94024 1 03/11/97 00
1090943 05 05/01/97 0
1090943 O 04/01/27
0
1572975 387/387 F 272,000.00 ZZ
360 271,812.81 1
830 CROSSFIRE RIDGE 7.875 1,972.19 80
7.625 1,972.19 340,000.00
MARIETTA GA 30064 1 03/20/97 00
1091701 03 05/01/97 0
1091701 O 04/01/27
0
1572981 387/387 F 348,000.00 ZZ
360 347,312.45 2
1955-1957 TURK STREET 8.125 2,583.89 80
7.875 2,583.89 435,000.00
SAN FRANCISCO CA 94115 1 01/01/97 00
852335 07 03/01/97 0
852335 O 02/01/27
0
1572984 387/387 F 384,000.00 ZZ
360 383,201.98 1
8544 NORTH 58TH PLACE 7.875 2,784.27 80
7.625 2,784.27 480,000.00
PARADISE VALLEY AZ 85253 1 01/10/97 00
1039262 05 03/01/97 0
1039262 O 02/01/27
0
1572986 387/387 F 472,000.00 ZZ
360 471,019.10 1
8292 HOLLYWOOD BLVD 7.875 3,422.33 80
7.625 3,422.33 590,000.00
1
LOS ANGELES CA 90069 1 01/02/97 00
841825 05 03/01/97 0
841825 O 02/01/27
0
1572991 387/387 F 162,600.00 ZZ
360 162,375.47 1
1155 COMPASS POINTE CROSSING 7.875 1,178.96 80
7.625 1,178.96 203,250.00
ALPHARETTA GA 30202 1 02/26/97 00
1077551 03 04/01/97 0
1077551 O 03/01/27
0
1573001 387/387 F 128,000.00 ZZ
360 127,918.37 1
1286 BRADFORD DRIVE 8.250 961.63 80
8.000 961.63 160,000.00
COPPELL TX 75019 1 03/10/97 00
1077478 03 05/01/97 0
1077478 O 04/01/27
0
1573002 387/387 F 368,000.00 ZZ
360 367,746.74 1
623 ROMERO CANYON ROAD 7.875 2,668.26 80
7.625 2,668.26 460,000.00
SANTA BARBARA CA 93108 1 03/10/97 00
1080191 05 05/01/97 0
1080191 O 04/01/27
0
1573022 F02/G01 F 292,000.00 ZZ
360 291,804.08 1
12212 ANSLEY COURT 8.000 2,142.59 80
7.750 2,142.59 365,000.00
KNOXVILLE TN 37922 1 03/18/97 00
0430215780 05 05/01/97 0
600860468 O 04/01/27
0
1573032 F02/G01 F 228,500.00 ZZ
360 228,354.30 1
935 DEER CLOVER WAY 8.250 1,716.64 80
8.000 1,716.64 285,670.00
CASTLE ROCK CO 80104 1 03/13/97 00
0430215558 03 05/01/97 0
600623712 O 04/01/27
0
1
1573040 387/387 F 71,950.00 ZZ
360 71,855.54 1
3006 ROCKETT DRIVE 8.125 534.23 80
7.875 534.23 90,000.00
CARROLLTON TX 75007 1 02/14/97 00
1075100 05 04/01/97 0
1075100 O 03/01/27
0
1573041 387/387 F 324,000.00 ZZ
360 323,552.60 1
3624 EAST LONGRIDGE DRIVE 7.875 2,349.22 80
7.625 2,349.22 405,000.00
ORANGE CA 92867 1 02/21/97 00
1077502 03 04/01/97 0
1077502 O 03/01/27
0
1573042 387/387 F 220,000.00 ZZ
360 219,597.33 1
1328 ARROYO CREST 8.500 1,691.61 80
8.250 1,691.61 275,000.00
REDLANDS CA 92373 1 01/23/97 00
1037555 05 03/01/97 0
1037555 O 02/01/27
0
1573043 387/387 F 290,500.00 ZZ
360 289,896.28 1
5116 GILLINGHAM DRIVE 7.875 2,106.33 80
7.625 2,106.33 363,140.00
PLANO TX 75093 1 01/10/97 00
850487 03 03/01/97 0
850487 O 02/01/27
0
1573049 387/387 F 344,000.00 ZZ
360 343,763.26 1
7 WHITE OAK DRIVE 7.875 2,494.24 74
7.625 2,494.24 465,000.00
LAFAYETTE CA 94549 1 03/06/97 00
1074475 05 05/01/97 0
1074475 O 04/01/27
0
1573050 387/387 F 229,900.00 ZZ
360 229,582.54 1
1
1917 SPRECKELS LANE UNIT #A 7.875 1,666.93 73
7.625 1,666.93 315,000.00
REDONDO BEACH CA 90278 2 02/19/97 00
1060458 01 04/01/97 0
1060458 O 03/01/27
0
1573053 387/387 F 275,000.00 ZZ
360 272,459.40 1
8192 CANTERSHIRE WAY 7.875 1,993.94 77
7.625 1,993.94 360,000.00
GRANITE BAY CA 95746 2 02/21/97 00
1079805 05 04/01/97 0
1079805 O 03/01/27
0
1573054 387/387 F 464,000.00 ZZ
360 463,680.68 1
6304 HARROW TRACE 7.875 3,364.32 74
7.625 3,364.32 630,000.00
NORCROSS GA 30092 1 03/04/97 00
1080001 05 05/01/97 0
1080001 O 04/01/27
0
1573055 387/387 F 315,000.00 ZZ
360 314,293.46 1
86 HILLVIEW DRIVE 7.500 2,202.53 76
7.250 2,202.53 415,000.00
DANVILLE CA 94506 1 01/17/97 00
858449 03 03/01/97 0
858449 O 02/01/27
0
1573056 F02/G01 F 364,000.00 ZZ
360 363,767.88 1
10 DARBY COURT 8.250 2,734.61 80
8.000 2,734.61 455,000.00
NEW PROVIDENCE NJ 07974 1 03/07/97 00
0430215715 05 05/01/97 0
600873588 O 04/01/27
0
1573057 387/387 F 295,000.00 ZZ
360 294,582.23 1
2737 ESSEX PLACE 7.750 2,113.42 80
7.500 2,113.42 370,000.00
EL DORADO HILLS CA 95762 1 02/03/97 00
1072768 03 04/01/97 0
1
1072768 O 03/01/27
0
1573059 387/387 F 500,000.00 ZZ
360 499,655.90 1
4393 JETT PLACE 7.875 3,625.35 80
7.625 3,625.35 628,522.00
ATLANTA GA 30327 1 03/05/97 00
1080027 05 05/01/97 0
1080027 O 04/01/27
0
1573060 387/387 F 98,000.00 ZZ
360 97,874.58 1
1908 BARRENS CIRCLE 8.250 736.25 80
8.000 736.25 123,000.00
FLOWER MOUND TX 75028 1 02/21/97 00
1073733 05 04/01/97 0
1073733 O 03/01/27
0
1573061 387/387 F 410,000.00 ZZ
360 409,433.84 1
7 GOLDEN SPAR PLACE 7.875 2,972.78 72
7.625 2,972.78 575,000.00
ROLLING HILLS E CA 90274 2 02/07/97 00
1073022 05 04/01/97 0
1073022 O 03/01/27
0
1573062 387/387 F 225,300.00 ZZ
360 225,144.95 1
1845 HIGHGROVE CLUB DRIVE 7.875 1,633.58 72
7.625 1,633.58 315,000.00
ALPHARETTA GA 30201 1 03/07/97 00
1081207 05 05/01/97 0
1081207 O 04/01/27
0
1573064 387/387 F 320,000.00 ZZ
360 319,414.31 1
2660 ORCHARD KNOB 8.500 2,460.52 67
8.250 2,460.52 479,354.00
ATLANTA GA 30339 1 01/28/97 00
858480 05 03/01/97 0
858480 O 02/01/27
0
1
1573066 387/387 F 234,400.00 ZZ
360 234,107.60 1
177 ASHER COURT 8.375 1,781.61 80
8.125 1,781.61 293,000.00
COPPELL TX 75019 1 02/24/97 00
1079128 03 04/01/97 0
1079128 O 03/01/27
0
1573067 387/387 F 318,500.00 ZZ
360 317,838.10 1
39 EL TOYONAL 7.875 2,309.35 54
7.625 2,309.35 600,000.00
ORINDA CA 94563 1 01/29/97 00
857441 05 03/01/97 0
857441 O 02/01/27
0
1573069 F02/G01 F 256,000.00 T
360 255,663.93 1
8352 DESMOND DR 8.125 1,900.79 80
7.875 1,900.79 320,000.00
BOYNTON BEACH FL 33437 1 02/28/97 00
0430215350 05 04/01/97 0
600843683 O 03/01/27
0
1573070 387/387 F 298,800.00 ZZ
360 298,387.39 1
12113 MAXWELLTON ROAD 7.875 2,166.51 80
7.625 2,166.51 373,500.00
STUDIO CITY CA 91604 1 02/14/97 00
1077718 05 04/01/97 0
1077718 O 03/01/27
0
1573071 387/387 F 85,000.00 ZZ
360 84,891.22 1
6606 TULIP LANE 8.250 638.58 40
8.000 638.58 215,000.00
DALLAS TX 75230 1 02/27/97 00
1080688 05 04/01/97 0
1080688 O 03/01/27
0
1573074 387/387 F 256,000.00 ZZ
360 255,193.26 1
571 SOUTH AVENIDA FARO 8.375 1,945.78 80
8.125 1,945.78 320,000.00
1
ANAHEIM CA 92807 1 11/20/96 00
832014 03 01/01/97 0
832014 O 12/01/26
0
1573075 387/387 F 360,000.00 T
360 358,779.80 1
336 BLOODS RIDGE ROAD 8.500 2,768.09 80
8.250 2,768.09 450,000.00
BEAR VALLEY CA 95223 4 02/20/97 00
853168 05 04/01/97 0
853168 O 03/01/27
0
1573076 387/387 F 232,000.00 ZZ
360 231,671.45 1
2627 CASTLE HEIGHTS PLACE 7.750 1,662.08 80
7.500 1,662.08 290,000.00
LOS ANGELES CA 90034 1 02/05/97 00
1073949 05 04/01/97 0
1073949 O 03/01/27
0
1573077 387/387 F 159,200.00 ZZ
360 158,991.01 1
678 MARTINIQUE PLACE 8.125 1,182.06 80
7.875 1,182.06 199,000.00
THOUSAND OAKS CA 91320 1 02/21/97 00
1074848 03 04/01/97 0
1074848 O 03/01/27
0
1573078 387/387 F 282,500.00 ZZ
360 282,305.58 1
4341 BEECHWOOD LANE 7.875 2,048.33 44
7.625 2,048.33 650,000.00
DALLAS TX 75220 2 03/04/97 00
1083617 05 05/01/97 0
1083617 O 04/01/27
0
1573079 387/387 F 276,200.00 ZZ
360 275,694.47 1
2055 CYPRESS POINT 8.500 2,123.74 71
8.250 2,123.74 390,000.00
BYRON CA 94514 2 01/16/97 00
854091 03 03/01/97 0
854091 O 02/01/27
0
1
1573083 387/387 F 252,700.00 ZZ
360 251,997.49 1
14200 BANDOLIER COURT 7.875 1,832.25 64
7.625 1,832.25 395,000.00
RENO NV 89511 2 12/23/96 00
741046408 03 02/01/97 0
741046408 O 01/01/27
0
1573084 387/387 F 253,000.00 ZZ
360 252,646.25 1
1907 CATHAY STREET 8.125 1,878.52 65
7.875 1,878.52 390,000.00
GLENDALE CA 91208 5 02/21/97 00
1057355 05 04/01/97 0
1057355 O 03/01/27
0
1573085 387/387 F 408,000.00 ZZ
360 407,193.28 1
926 HILLCROFT ROAD 8.125 3,029.39 80
7.875 3,029.39 510,000.00
GLENDALE CA 91207 1 01/24/97 00
855577 05 03/01/97 0
855577 O 02/01/27
0
1573086 387/387 F 119,100.00 ZZ
360 118,935.53 1
6310 BRANCHWOOD TRAIL 7.875 863.56 80
7.625 863.56 148,886.00
FLOWER MOUND TX 75028 1 02/28/97 00
1087717 05 04/01/97 0
1087717 O 03/01/27
0
1573088 387/387 F 116,000.00 ZZ
360 115,835.73 1
1013 WOODBRIAR DRIVE 7.750 831.04 79
7.500 831.04 147,000.00
GRAPEVINE TX 76051 1 02/28/97 00
1086909 05 04/01/97 0
1086909 O 03/01/27
0
1573089 387/387 F 250,500.00 ZZ
360 250,327.61 1
1
560 BELOIT AVENUE 7.875 1,816.30 52
7.625 1,816.30 485,000.00
LOS ANGELES CA 90049 5 03/12/97 00
1086891 05 05/01/97 0
1086891 O 04/01/27
0
1573091 387/387 F 256,000.00 ZZ
360 255,467.98 1
24691 VIA SAN ANSELMO 7.875 1,856.18 90
7.625 1,856.18 285,000.00
MISSION VIEJO CA 92692 1 01/02/97 04
856260 03 03/01/97 25
856260 O 02/01/27
0
1573093 387/387 F 469,600.00 ZZ
360 468,624.08 1
29253 GREENWATER ROAD 7.875 3,404.93 80
7.625 3,404.93 587,000.00
MALIBU CA 90265 1 01/24/97 00
855890 05 03/01/97 0
855890 O 02/01/27
0
1573095 387/387 F 176,000.00 ZZ
360 175,890.60 1
1050 SUNWOOD COURT 8.375 1,337.73 80
8.125 1,337.73 220,000.00
AGOURA CA 91301 2 03/06/97 00
1080423 03 05/01/97 0
1080423 O 04/01/27
0
1573096 387/387 F 288,000.00 ZZ
360 287,801.80 1
2610 HERMOSITA DRIVE 7.875 2,088.20 80
7.625 2,088.20 360,000.00
GLENDALE CA 91208 2 03/18/97 00
1087170 05 05/01/97 0
1087170 O 04/01/27
0
1573099 387/387 F 256,500.00 ZZ
360 256,344.61 1
11510 VIA PLAYA DE CORTES 8.500 1,972.26 95
8.250 1,972.26 270,000.00
SAN DIEGO CA 92124 1 03/05/97 04
1086388 03 05/01/97 30
1
1086388 O 04/01/27
0
1573100 387/387 F 566,500.00 ZZ
360 566,100.17 1
19807 FIESTA GRANDE 7.750 4,058.48 72
7.500 4,058.48 795,000.00
SAN ANTONIO TX 78256 4 03/07/97 00
1085778 03 05/01/97 0
1085778 O 04/01/27
0
1573102 575/G01 F 604,000.00 ZZ
360 603,604.90 1
5202 WESTWOOD DRIVE 8.125 4,484.68 80
7.875 4,484.68 755,000.00
BETHESDA MD 20816 1 03/14/97 00
0430207068 05 05/01/97 0
972257954 O 04/01/27
0
1573209 575/G01 F 135,900.00 ZZ
360 135,811.11 1
5806 BLUE SKY 8.125 1,009.05 80
7.875 1,009.05 169,900.00
ELKRIDGE MD 21227 1 03/28/97 00
0430206581 09 05/01/97 0
972271864 O 04/01/27
0
1573217 927/G01 F 220,800.00 T
360 220,800.00 1
7200 CHELTENHAM WAY 9.125 1,796.51 80
8.875 1,796.51 276,000.00
RENO NV 89502 1 04/01/97 00
0430205286 05 06/01/97 0
265488 O 05/01/27
0
1573236 696/G01 F 117,600.00 ZZ
360 117,600.00 1
14346 SILO VALLEY VIEW 8.000 862.91 80
7.750 862.91 147,000.00
CENTREVILLE VA 20120 1 04/16/97 00
0430206599 09 06/01/97 0
2369607 O 05/01/27
0
1
1573237 F63/G01 F 410,000.00 ZZ
360 410,000.00 1
3 ALISO WAY 8.000 3,008.43 73
7.750 3,008.43 565,000.00
MENLO PARK CA 94028 2 04/11/97 00
0430206854 05 06/01/97 0
21797 O 05/01/27
0
1573257 686/G01 F 128,375.00 ZZ
360 128,375.00 1
214 WALKER PLACE 8.315 970.32 68
8.065 970.32 190,000.00
WEST HEMPSTEAD NY 11552 5 04/07/97 00
0430213546 05 06/01/97 0
817763964 O 05/01/27
0
1573258 686/G01 F 84,000.00 ZZ
360 84,000.00 1
255 WHITEFORD DRIVE 7.950 613.44 73
7.700 613.44 116,500.00
PLEASANT VALLEY NY 12569 1 04/15/97 00
0430209395 05 06/01/97 0
817808488 O 05/01/27
0
1573259 686/G01 F 30,000.00 ZZ
360 30,000.00 1
6724 NW 193RD LANE 7.950 219.09 43
7.700 219.09 70,000.00
MIAMI FL 33015 1 04/04/97 00
0430209437 09 06/01/97 0
817969611 O 05/01/27
0
1573260 686/G01 F 321,700.00 ZZ
360 321,700.00 1
19 RIDGE ROAD 8.265 2,420.22 75
8.015 2,420.22 429,000.00
NORFOLK MA 02056 1 04/04/97 00
0430211839 05 06/01/97 0
818044711 O 05/01/27
0
1573261 686/G01 F 78,000.00 ZZ
360 78,000.00 1
17 DEMETRA TERRACE, UNIT 9 8.265 586.82 65
8.015 586.82 120,000.00
1
DEDHAM MA 02026 1 04/15/97 00
0430209569 01 06/01/97 0
818044760 O 05/01/27
0
1573263 686/G01 F 149,625.00 ZZ
360 149,625.00 1
8 WOODCHESTER CIRCLE 8.265 1,125.67 75
8.015 1,125.67 199,500.00
WALTHAM MA 02154 1 04/03/97 00
0430209486 05 06/01/97 0
818155566 O 05/01/27
0
1573264 686/G01 F 103,500.00 ZZ
360 103,500.00 1
310 ARLINGTON AVENUE #231 8.150 770.30 75
7.900 770.30 138,000.00
CHARLOTTE NC 28203 1 04/04/97 00
0430211284 01 06/01/97 0
818163115 O 05/01/27
0
1573265 686/G01 F 129,750.00 ZZ
360 129,750.00 1
1211 S REDWOOD STREET 8.375 986.20 75
8.125 986.20 173,000.00
CANBY OR 97013 2 03/27/97 00
0430209502 05 06/01/97 0
818188989 O 05/01/27
0
1573266 686/G01 F 292,500.00 ZZ
360 292,327.30 1
611 18TH AVE SOUTH 8.625 2,275.04 75
8.375 2,275.04 390,000.00
NAPLES FL 34102 1 04/03/97 00
0430209510 05 05/01/97 0
818200636 O 04/01/27
0
1573267 686/G01 F 89,000.00 ZZ
360 89,000.00 1
5227 ROBINWOOD DRIVE 7.750 637.61 50
7.500 637.61 178,000.00
OCEANSIDE CA 92056 1 03/31/97 00
0430209536 05 06/01/97 0
818210288 O 05/01/27
0
1
1573274 686/G01 F 65,000.00 ZZ
360 65,000.00 1
1517 REVERE CIRCLE 8.375 494.05 60
8.125 494.05 110,000.00
SCHAUMBURG IL 60193 5 03/28/97 00
0430209668 07 06/01/97 0
817953375 O 05/01/27
0
1573275 686/G01 F 113,750.00 ZZ
360 113,750.00 1
4052 COUNTRY CLUB DRIVE 8.500 874.64 65
8.250 874.64 175,000.00
BLOOMFIELD HILL MI 48301 2 04/02/97 00
0430211136 05 06/01/97 0
817954407 O 05/01/27
0
1573277 686/G01 F 87,750.00 ZZ
360 87,750.00 1
48321 BIRDIE WAY 8.100 650.01 75
7.850 650.01 117,000.00
PALM DESERT CA 92260 1 04/07/97 00
0430209635 05 06/01/97 0
818065336 O 05/01/27
0
1573280 686/G01 F 97,300.00 ZZ
360 97,300.00 1
4918 ISAAC LANE 8.500 748.16 75
8.250 748.16 129,748.00
MASON OH 45040 1 04/07/97 00
0430211045 03 06/01/97 0
817955016 O 05/01/27
0
1573290 686/G01 F 336,600.00 ZZ
360 336,600.00 1
724 NW ALBEMARLE TERRACE 8.000 2,469.86 58
7.750 2,469.86 585,000.00
PORTLAND OR 97210 2 04/02/97 00
0430209817 05 06/01/97 0
818218760 O 05/01/27
0
1573295 686/G01 F 124,000.00 ZZ
360 124,000.00 1
1
8907 PRESTWICK PKWY 8.625 964.46 80
8.375 964.46 155,000.00
BROOKLYN PARK MN 55443 5 04/04/97 00
0430209882 05 06/01/97 0
817954191 O 05/01/27
0
1573297 686/G01 F 72,000.00 ZZ
360 72,000.00 1
3500-3A BAHIA BLANCA WEST 8.100 533.34 68
7.850 533.34 107,000.00
LAGUNA HILLS CA 92653 1 04/07/97 00
0430209908 01 06/01/97 0
818065229 O 05/01/27
0
1573298 686/G01 F 262,500.00 ZZ
360 262,500.00 1
5679 HIGHWAY A1A SOUTH 8.150 1,953.66 75
7.900 1,953.66 350,000.00
MELBOURNE BEACH FL 32951 1 04/07/97 00
0430209916 05 06/01/97 0
818138810 O 05/01/27
0
1573299 686/G01 F 142,000.00 ZZ
360 142,000.00 1
8 JOYCE KILMER DRIVE 8.625 1,104.47 67
8.375 1,104.47 212,000.00
HOLLAND PA 18966 1 04/07/97 00
0430209940 05 06/01/97 0
818148520 O 05/01/27
0
1573303 686/G01 F 67,500.00 T
360 67,500.00 1
223 ATLANTIC AVE 2-A 8.500 519.02 70
8.250 519.02 96,500.00
PALM BEACH FL 33480 5 04/08/97 00
0430210039 01 06/01/97 0
818202657 O 05/01/27
0
1573308 686/G01 F 80,250.00 ZZ
360 80,250.00 1
206 WATER OAK ROAD 8.750 631.33 75
8.500 631.33 107,000.00
TRINIDAD TX 75163 1 04/10/97 00
0430211144 03 06/01/97 0
1
818243941 O 05/01/27
0
1573314 686/G01 F 153,750.00 ZZ
360 153,750.00 1
2237 LOB LOLLY LANE 8.100 1,138.90 75
7.850 1,138.90 205,000.00
DEERFIELD BEACH FL 33442 5 04/08/97 00
0430210443 03 06/01/97 0
817838238 O 05/01/27
0
1573315 686/G01 F 90,000.00 ZZ
360 90,000.00 1
73 CARLTON AVENUE APT A2 8.250 676.14 45
8.000 676.14 200,000.00
PORT WASHINGTON NY 11050 1 04/14/97 00
0430210583 01 06/01/97 0
817857006 O 05/01/27
0
1573316 686/G01 F 85,000.00 ZZ
360 85,000.00 1
3 WILLOW LANE 7.800 611.89 34
7.550 611.89 255,000.00
KINGS PARK NY 11754 1 04/14/97 00
0430210591 05 06/01/97 0
817857204 O 05/01/27
0
1573317 686/G01 F 80,000.00 ZZ
360 80,000.00 1
836 WINDMILL AVENUE 7.950 584.23 57
7.700 584.23 142,000.00
NORTH BABYLON NY 11703 1 04/14/97 00
0430210500 05 06/01/97 0
817857345 O 05/01/27
0
1573319 686/G01 F 180,000.00 ZZ
360 180,000.00 1
1019 W GLENLAKE AVE 8.250 1,352.28 75
8.000 1,352.28 240,000.00
PARK RIDGE IL 60068 1 04/14/97 00
0430210476 05 06/01/97 0
817950215 O 05/01/27
0
1
1573320 686/G01 F 168,000.00 ZZ
360 168,000.00 1
16381 125TH AVENUE NORTH 8.375 1,276.93 70
8.125 1,276.93 240,000.00
DAYTON MN 55327 1 04/14/97 00
0430210450 05 06/01/97 0
817951544 O 05/01/27
0
1573321 686/G01 F 50,000.00 ZZ
360 50,000.00 1
6887 HEIRLOOM COURT 8.500 384.46 45
8.250 384.46 112,000.00
ROSCOE IL 61073 5 04/07/97 00
0430210575 05 06/01/97 0
817953110 O 05/01/27
0
1573323 686/G01 F 200,000.00 ZZ
360 200,000.00 1
209 FAWN MEADOWS DRIVE 8.750 1,573.41 50
8.500 1,573.41 400,000.00
MT ROYAL NJ 08061 5 04/09/97 00
0430210633 05 06/01/97 0
818148900 O 05/01/27
0
1573335 686/G01 F 134,000.00 ZZ
360 134,000.00 1
250 SOUTH RIVER STREET 7.975 980.92 75
7.725 980.92 180,000.00
MARSHFIELD MA 02050 2 04/10/97 00
0430211060 05 06/01/97 0
818045080 O 05/01/27
0
1573336 686/G01 F 75,000.00 ZZ
360 75,000.00 1
9405 NW SKYLINE BLVD 8.200 560.82 50
7.950 560.82 150,000.00
PORTLAND OR 97231 1 04/10/97 00
0430210690 05 06/01/97 0
818089559 O 05/01/27
0
1573337 686/G01 F 72,000.00 ZZ
360 72,000.00 1
21419 PAGOSA COURT 8.500 553.62 66
8.250 553.62 110,000.00
1
BOCA RATON FL 33486 1 04/15/97 00
0430210716 09 06/01/97 0
818109241 O 05/01/27
0
1573340 686/G01 F 67,950.00 ZZ
360 67,950.00 1
2403 GARDEN CREEK DRIVE 8.000 498.60 59
7.750 498.60 116,420.00
ARLINGTON TX 76018 1 04/14/97 00
0430211185 05 06/01/97 0
818243974 O 05/01/27
0
1573384 696/G01 F 220,000.00 ZZ
360 220,000.00 1
16306 SPRING WATER COURT 8.000 1,614.28 50
7.750 1,614.28 444,801.00
ROCKVILLE MD 20853 1 04/15/97 00
0430209262 03 06/01/97 0
2138992 O 05/01/27
0
1573427 E22/G01 F 280,000.00 ZZ
360 280,000.00 1
11865 WEST 35TH AVENUE 8.375 2,128.20 66
8.125 2,128.20 430,000.00
WHEATRIDGE CO 80033 1 04/15/97 00
0410317606 03 06/01/97 0
410317606 O 05/01/27
0
1573482 776/G01 F 79,000.00 ZZ
360 79,000.00 1
13290 SW COTTONTAIL LANE 8.250 593.50 42
8.000 593.50 192,000.00
BEAVERTON OR 97008 2 04/01/97 00
0430207159 05 06/01/97 0
5041993 O 05/01/27
0
1573487 225/225 F 400,000.00 ZZ
360 399,738.35 1
130 PARLIN LANE 8.125 2,969.98 60
7.875 2,969.98 670,000.00
WATCHUNG NJ 07060 1 03/26/97 00
2819107 05 05/01/97 0
2819107 O 04/01/27
0
1
1573490 225/225 F 450,000.00 ZZ
360 449,690.31 1
112 GRAND VIEW CIRCLE 7.875 3,262.82 70
7.625 3,262.82 650,000.00
BRANDON MS 39042 2 03/14/97 00
803903900 02 05/01/97 0
803903900 O 04/01/27
0
1573495 225/225 F 275,000.00 ZZ
360 274,815.48 1
107 DORIC COURT 8.000 2,017.85 78
7.750 2,017.85 354,256.00
MORRISVILLE NC 27560 1 03/24/97 00
8377259 03 05/01/97 0
8377259 O 04/01/27
0
1573496 225/225 F 312,000.00 ZZ
360 311,790.65 1
710 NE 36TH STREET 8.000 2,289.35 80
7.750 2,289.35 390,000.00
BOCA RATON FL 33431 1 03/26/97 00
804165700 05 05/01/97 0
804165700 O 04/01/27
0
1573503 225/225 F 225,000.00 ZZ
360 224,863.69 1
3610 S OCEAN BLVD 8.500 1,730.06 90
#607 8.250 1,730.06 250,000.00
PALM BEACH FL 33480 1 03/31/97 14
804103700 08 05/01/97 25
804103700 O 04/01/27
0
1573504 225/225 F 480,000.00 ZZ
360 479,669.66 1
6229 NORTH DESERT MOON LOOP 7.875 3,480.34 67
7.625 3,480.34 725,000.00
TUCSON AZ 85750 5 03/12/97 00
803907600 03 05/01/97 0
803907600 O 04/01/27
0
1573507 225/225 F 288,000.00 ZZ
360 287,796.73 1
1
40 NORTHWOOD RD 7.750 2,063.27 80
7.500 2,063.27 360,000.00
MADISON CT 06443 1 03/31/97 00
803836700 05 05/01/97 0
803836700 O 04/01/27
0
1573509 225/225 F 214,700.00 ZZ
360 214,307.02 1
814 LAKE LAND DRIVE 8.500 1,650.86 56
8.250 1,650.86 385,000.00
SCHAUMBURG IL 60173 1 01/30/97 00
803484000 05 03/01/97 0
803484000 O 02/01/27
0
1573511 225/225 F 247,000.00 ZZ
360 246,838.43 1
345 DONEGAL WAY 8.125 1,833.97 95
7.875 1,833.97 260,000.00
MARTINEZ CA 94553 1 03/24/97 14
804102500 05 05/01/97 30
804102500 O 04/01/27
0
1573513 225/225 F 228,600.00 ZZ
360 228,461.51 1
321 LURGAN ROAD 8.500 1,757.74 90
8.250 1,757.74 254,000.00
UPPER MAKEFIELD PA 18938 1 03/28/97 10
804136600 05 05/01/97 25
804136600 O 04/01/27
0
1573516 225/225 F 257,400.00 ZZ
360 257,244.06 1
38464 CROSSPOINTE COMMON 8.500 1,979.19 95
8.250 1,979.19 270,990.00
FREMONT CA 94536 1 03/20/97 14
803457500 03 05/01/97 30
803457500 O 04/01/27
0
1573518 225/225 F 300,000.00 ZZ
360 299,808.70 1
17364 NORTH 79TH STREET 8.250 2,253.80 75
8.000 2,253.80 400,000.00
SCOTTDALE AZ 85255 5 03/17/97 00
801484500 03 05/01/97 0
1
801484500 O 04/01/27
0
1573541 225/225 F 424,000.00 T
360 423,736.46 1
16119 VIA MONTEVERDE 8.375 3,222.71 80
8.125 3,222.71 530,000.00
DELRAY BEACH FL 33446 1 03/20/97 00
803593900 03 05/01/97 0
803593900 O 04/01/27
0
1573543 225/225 F 228,954.64 ZZ
360 228,815.94 1
1014 MAGNOLIA STREET 8.500 1,760.46 73
8.250 1,760.46 315,000.00
GULF BREEZE FL 32561 1 03/27/97 00
8250591 05 05/01/97 0
8250591 O 04/01/27
0
1573544 225/225 F 322,500.00 ZZ
360 322,278.07 1
715 HARBOR ISLAND 7.875 2,338.34 75
7.625 2,338.34 430,000.00
CLEARWATER BEAC FL 34630 5 03/26/97 00
8249123 05 05/01/97 0
8249123 O 04/01/27
0
1573545 225/225 F 350,000.00 T
360 349,776.81 1
20 INDIAN RIVER DRIVE 8.250 2,629.44 76
8.000 2,629.44 465,000.00
DAGSBORO DE 19936 1 03/31/97 00
804273300 03 05/01/97 0
804273300 O 04/01/27
0
1573549 225/225 F 248,000.00 ZZ
360 247,833.59 1
1839 APPLEWOOD ROAD 8.000 1,819.74 80
7.750 1,819.74 310,000.00
BATON ROUGE LA 70808 1 03/21/97 00
804221300 03 05/01/97 0
804221300 O 04/01/27
0
1
1573552 225/225 F 310,000.00 ZZ
360 309,792.00 1
13 MAGNOLIA DRIVE 8.000 2,274.67 76
7.750 2,274.67 410,000.00
RYE BROOK NY 10573 1 03/31/97 00
2818515 05 05/01/97 0
2818515 O 04/01/27
0
1573555 225/225 F 328,800.00 ZZ
360 328,573.72 1
2019 ELM SHADOW 7.875 2,384.03 80
7.625 2,384.03 411,000.00
SAN ANTONIO TX 78230 1 03/17/97 00
804014100 03 05/01/97 0
804014100 O 04/01/27
0
1573556 225/225 F 400,000.00 ZZ
360 399,724.72 1
641 BOCA MARINA COURT 7.875 2,900.28 57
7.625 2,900.28 710,000.00
BOCA RATON FL 33487 1 03/24/97 00
803932200 03 05/01/97 0
803932200 O 04/01/27
0
1573558 225/225 F 275,000.00 ZZ
360 274,805.91 1
15325 BALLANTYNE COUNTRY CLUB 7.750 1,970.13 59
DRIVE 7.500 1,970.13 473,000.00
CHARLOTTE NC 28277 1 03/25/97 00
8414550 03 05/01/97 0
8414550 O 04/01/27
0
1573562 225/225 F 229,400.00 ZZ
360 229,261.03 1
2909 VISTA CREEK DRIVE 8.500 1,763.89 90
8.250 1,763.89 255,000.00
SAN JOSE CA 95133 1 03/12/97 14
804174200 05 05/01/97 25
804174200 O 04/01/27
0
1573566 225/225 F 299,150.00 ZZ
360 298,927.98 1
1409 ECHO BLUFF 7.500 2,091.71 95
7.250 2,091.71 314,900.00
1
FLOWER MOUND TX 75028 1 03/20/97 04
803875000 05 05/01/97 30
803875000 O 04/01/27
0
1573569 225/225 F 335,000.00 ZZ
360 334,338.12 1
39W214 WASHBURN DRIVE 8.125 2,487.37 80
7.875 2,487.37 420,000.00
GENEVA IL 60134 1 01/31/97 00
803255200 05 03/01/97 0
803255200 O 02/01/27
0
1573570 225/225 F 324,000.00 ZZ
360 323,326.65 1
4540 WEST CRAMER STREET 7.875 2,349.23 90
7.625 2,349.23 360,000.00
SEATTLE WA 98199 1 01/22/97 14
803156900 05 03/01/97 25
803156900 O 02/01/27
0
1573577 696/G01 F 337,500.00 ZZ
360 337,500.00 1
1901 N. TAYLOR STREET 7.750 2,417.89 75
7.500 2,417.89 450,000.00
ARLINGTON VA 22207 2 04/14/97 00
0430206870 05 06/01/97 0
2289796 O 05/01/27
0
1573604 661/661 F 80,000.00 ZZ
360 79,952.77 1
4308 21ST AVENUE 8.625 622.23 71
8.375 622.23 114,000.00
MISSOULA MT 59803 5 03/19/97 00
2756138 05 05/01/97 0
2756138 O 04/01/27
0
1573617 661/661 F 276,500.00 ZZ
360 276,172.33 1
711 SOUTH BEL AIRE DRIVE 8.625 2,150.59 80
8.375 2,150.59 348,900.00
BURBANK CA 91501 1 02/20/97 00
2842565 05 04/01/97 0
2842565 O 03/01/27
0
1
1573632 025/025 F 231,200.00 ZZ
360 231,059.94 1
5880 NEWBURY STREET 8.500 1,777.73 80
8.250 1,777.73 289,000.00
WARRENTON VA 20187 1 03/21/97 00
13648 03 05/01/97 0
13648 O 04/01/27
0
1573633 025/025 F 247,990.77 ZZ
337 247,485.93 1
417 GREENRIDGE COURT 8.875 2,001.14 78
8.625 2,001.14 320,000.00
DEBARY FL 32713 2 02/07/97 00
540585 03 03/01/97 0
540585 O 03/01/25
0
1573685 E22/G01 F 90,500.00 ZZ
360 90,447.94 1
8846 CROWN 8.750 711.96 67
8.500 711.96 136,000.00
LIVONIA MI 48150 5 03/31/97 00
0410364632 05 05/01/97 0
410364632 O 04/01/27
0
1573697 E22/G01 F 62,000.00 ZZ
360 62,000.00 1
18801 EAST 30TH TERRACE 8.375 471.24 69
8.125 471.24 89,900.00
INDEPENDENCE MO 64057 1 04/15/97 00
0410317630 05 06/01/97 0
410317630 O 05/01/27
0
1573703 E22/G01 F 140,000.00 ZZ
360 140,000.00 1
8231 NW 165TH TERRACE 8.500 1,076.48 70
8.250 1,076.48 200,000.00
MIAMI FL 33016 1 04/16/97 00
0410378392 03 06/01/97 0
410378392 O 05/01/27
0
1573731 F02/G01 F 300,000.00 ZZ
360 299,798.71 1
1
20075 NORTHEAST SUNNYCREST ROA 8.000 2,201.29 80
7.750 2,201.29 375,000.00
NEWBERG OR 97132 1 02/26/97 00
0430215624 05 05/01/97 0
600867579 O 04/01/27
0
1573733 A83/G01 F 405,000.00 ZZ
360 404,454.69 1
8716 RIO GRANDE BLVD NW 8.000 2,971.75 78
7.750 2,971.75 525,000.00
ALBUQUERQUE NM 87114 1 03/05/97 00
0430215236 05 04/01/97 0
156364 O 03/01/27
0
1573738 A83/G01 F 354,000.00 ZZ
360 353,791.00 1
5413 BRYANT ROAD 8.625 2,753.38 80
8.375 2,753.38 442,500.00
SHINGLE SPRINGS CA 95682 1 03/25/97 00
0430220335 03 05/01/97 0
157564 O 04/01/27
0
1573741 A83/G01 F 150,000.00 ZZ
360 149,909.13 1
RT 1 ALLEN ROAD 8.500 1,153.37 66
8.250 1,153.37 230,000.00
TAHLEQUAH OK 74464 1 03/26/97 00
0430215152 05 05/01/97 0
155181 O 04/01/27
0
1573747 025/025 F 224,000.00 ZZ
360 223,563.48 1
3823 OAK RIDGE CIRCLE 8.375 1,702.56 61
8.125 1,702.56 367,221.00
FT LAUDERDALE FL 33331 1 02/19/97 00
FM00102765 03 04/01/97 0
FM00102765 O 03/01/27
0
1573748 025/025 F 288,000.00 ZZ
360 287,825.53 1
11548 WILLOW GARDENS DRIVE 8.500 2,214.47 80
8.250 2,214.47 363,870.00
WINDERMERE FL 34786 4 03/18/97 00
UNKNOWN 05 05/01/97 0
1
UNKNOWN O 04/01/27
0
1573765 025/025 F 260,000.00 T
360 259,829.93 1
907 TURTLE COURT #12 8.125 1,930.49 80
7.875 1,930.49 325,000.00
NAPLES FL 34108 1 03/24/97 00
339250 01 05/01/97 0
339250 O 04/01/27
0
1573768 025/025 F 272,000.00 ZZ
360 271,808.02 1
130 SPENCE CREEK LANE 7.750 1,948.65 79
7.500 1,948.65 345,000.00
MURFREESBORO TN 37128 2 02/27/97 00
131711 05 05/01/97 0
131711 O 04/01/27
0
1573773 025/025 F 238,650.00 ZZ
360 238,481.56 1
5038 WINDING HILLS LANE 7.750 1,709.72 80
7.500 1,709.72 298,331.00
WOODSTOCK GA 30189 1 03/28/97 00
137697 03 05/01/97 0
137697 O 04/01/27
0
1573793 664/G01 F 221,500.00 ZZ
360 221,500.00 1
9070 ROSADA WAY 8.375 1,683.57 78
8.125 1,683.57 287,000.00
LAS VEGAS NV 89129 1 04/10/97 00
0430213009 05 06/01/97 0
2156651 O 05/01/27
0
1573799 637/G01 F 243,900.00 ZZ
360 243,900.00 1
LOT 103A OLD FARM ROAD 8.625 1,897.03 90
8.375 1,897.03 271,000.00
LEOMINSTER MA 01453 4 04/11/97 10
0430209874 05 06/01/97 25
9399742 O 05/01/27
0
1
1573813 A83/G01 F 396,100.00 ZZ
360 395,847.42 1
1102 SHIPWATCH DRIVE 8.250 2,975.77 80
8.000 2,975.77 495,165.00
JACKSONVILLE FL 32225 4 03/11/97 00
0430215160 05 05/01/97 0
133887 O 04/01/27
0
1573817 A83/G01 F 250,300.00 ZZ
360 250,136.26 1
2600 PRESTON RIDGE LANE 8.125 1,858.48 90
7.875 1,858.48 278,150.00
DACULA GA 30211 4 03/24/97 04
0430215285 05 05/01/97 25
150005 O 04/01/27
0
1573836 439/439 F 525,000.00 ZZ
360 524,241.42 1
2606 DOMENICO LANE 7.650 3,724.96 73
7.400 3,724.96 719,178.00
KATY TX 77450 1 02/24/97 00
1867898 03 04/01/97 0
1867898 O 03/01/27
0
1573837 439/439 F 67,500.00 ZZ
360 67,412.72 1
368 SW 27TH AVENUE 8.200 504.74 75
7.950 504.74 90,000.00
DELRAY BEACH FL 33445 1 02/28/97 00
1887633 09 04/01/97 0
1887633 O 03/01/27
0
1573838 439/439 F 236,000.00 ZZ
360 235,840.03 1
600 PASQUAL AVENUE 7.950 1,723.47 80
7.700 1,723.47 295,000.00
SAN GABRIEL CA 91775 2 03/03/97 00
1888243 05 05/01/97 0
1888243 O 04/01/27
0
1573839 439/439 F 124,400.00 ZZ
360 124,237.51 1
607 SOUTH LEE AVENUE 8.150 925.85 75
7.900 925.85 165,900.00
1
FULLERTON CA 92833 1 02/05/97 00
1889777 05 04/01/97 0
1889777 O 03/01/27
0
1573840 439/439 F 170,000.00 ZZ
360 169,773.40 1
1401 LONDONDERRY PLACE 8.050 1,253.34 30
7.800 1,253.34 584,000.00
LOS ANGELES CA 90069 5 02/04/97 00
1890331 05 04/01/97 0
1890331 O 03/01/27
0
1573841 439/439 F 58,000.00 ZZ
360 57,743.25 1
21385 MARINA COVE CIRCLE E 14 8.150 431.67 25
7.900 431.67 235,000.00
AVENTURA FL 33180 5 03/03/97 00
1890778 01 05/01/97 0
1890778 O 04/01/27
0
1573843 439/439 F 42,000.00 ZZ
360 41,974.29 1
4430 SW 32ND DRIVE 8.450 321.46 60
8.200 321.46 70,000.00
HOLLYWOOD FL 33023 5 02/25/97 00
1892584 05 05/01/97 0
1892584 O 04/01/27
0
1573844 439/439 F 25,000.00 ZZ
360 24,963.51 1
2910 JOANNA DRIVE 7.600 176.52 36
7.350 176.52 71,000.00
DALLAS TX 75234 2 02/19/97 00
1892594 05 04/01/97 0
1892594 O 03/01/27
0
1573845 439/439 F 650,000.00 ZZ
360 648,198.62 1
2913 VIA VICTORIA 7.700 4,634.25 78
7.450 4,634.25 833,333.00
PALOS VERDES ES CA 90274 1 02/19/97 00
1892981 05 04/01/97 0
1892981 O 03/01/27
0
1
1573846 439/439 F 225,000.00 ZZ
360 224,678.13 1
275 PLANTATION ROAD 7.700 1,604.17 69
7.450 1,604.17 330,000.00
HOUSTON TX 77024 1 02/28/97 00
1893400 03 04/01/97 0
1893400 O 03/01/27
0
1573847 439/439 F 265,000.00 ZZ
360 264,653.89 1
1186 ROMNEY DRIVE 8.150 1,972.26 52
7.900 1,972.26 510,000.00
PASADENA CA 91105 5 02/20/97 00
1894107 05 04/01/97 0
1894107 O 03/01/27
0
1573848 439/439 F 75,000.00 ZZ
360 74,951.68 1
407 PETALUMA AVENUE 8.200 560.82 28
7.950 560.82 275,000.00
SONOMA CA 95476 1 03/21/97 00
1894285 05 05/01/97 0
1894285 O 04/01/27
0
1573849 439/439 F 38,800.00 ZZ
360 38,774.75 1
1520 SW 63RD AVENUE 8.150 288.77 55
7.900 288.77 71,000.00
POMPANO BEACH FL 33068 2 03/10/97 00
1894694 05 05/01/97 0
1894694 O 04/01/27
0
1573851 439/439 F 300,000.00 ZZ
360 299,347.97 1
528 CANYON DRIVE 7.500 2,097.65 66
7.250 2,097.65 460,000.00
SOLANA BEACH CA 92075 1 02/26/97 00
1896099 05 04/01/97 0
1896099 O 03/01/27
0
1573866 A83/G01 F 321,000.00 ZZ
360 321,000.00 1
1
5663 CHAMBERTIN DRIVE 8.125 2,383.42 67
7.875 2,383.42 483,000.00
SAN JOSE CA 95118 5 04/02/97 00
0430220327 05 06/01/97 0
158074 O 05/01/27
0
1573885 A83/G01 F 225,000.00 ZZ
360 224,860.14 1
1600 GULF BOULEVARD #1111 8.375 1,710.17 90
8.125 1,710.17 250,000.00
CLEARWATER FL 34630 1 03/25/97 04
0430220368 06 05/01/97 25
155790 O 04/01/27
0
1573893 664/G01 F 288,150.00 ZZ
360 288,150.00 1
6515 127TH LANE 8.375 2,190.15 95
8.125 2,190.15 303,325.00
KIRKLAND WA 98033 1 04/16/97 10
0430211292 03 06/01/97 30
2261816 O 05/01/27
0
1573895 A83/G01 F 280,000.00 ZZ
360 280,000.00 1
2205 CARLOS STREET 8.625 2,177.81 74
8.375 2,177.81 380,000.00
MOSS BEACH CA 94038 1 03/31/97 00
0430220350 05 06/01/97 0
157563 O 05/01/27
0
1573954 253/253 F 74,000.00 ZZ
360 74,000.00 1
6035 LYTHAM DR 8.250 555.94 55
8.000 555.94 135,000.00
DALLAS TX 75252 1 04/10/97 00
327421 03 06/01/97 0
327421 O 05/01/27
0
1573958 225/225 F 300,000.00 ZZ
360 299,798.71 1
260 HILLSIDE AVENUE 8.000 2,201.29 57
7.750 2,201.29 535,000.00
CHATHAM NJ 07923 2 03/24/97 00
2818884 05 05/01/97 0
1
2818884 O 04/01/27
0
1574002 696/G01 F 240,000.00 ZZ
360 240,000.00 1
3915 47TH STREET NW 8.500 1,845.39 80
8.250 1,845.39 300,000.00
WASHINGTON DC 20016 1 04/18/97 00
0430209171 05 06/01/97 0
2279813 O 05/01/27
0
1574016 696/G01 F 164,400.00 BB
360 164,400.00 1
312 LOUNSBURY COURT N.E. 8.875 1,308.04 80
8.625 1,308.04 205,500.00
LEESBURG VA 20176 1 04/18/97 00
0430208991 05 06/01/97 0
2409750 O 05/01/27
0
1574024 696/G01 F 140,000.00 BB
360 140,000.00 1
44005 FLORENCE TERRACE 8.875 1,113.90 80
8.625 1,113.90 175,000.00
ASHBURN VA 20147 1 04/17/97 00
0430209361 09 06/01/97 0
2359612 O 05/01/27
0
1574042 387/387 F 290,000.00 ZZ
360 290,000.00 1
639 SANTA CAMELIA DRIVE 8.500 2,229.85 67
8.250 2,229.85 435,000.00
SOLANA BEACH CA 92075 5 04/01/97 00
1093053 03 06/01/97 0
1093053 O 05/01/27
0
1574050 E22/G01 F 93,750.00 ZZ
360 93,750.00 1
101 NW 190 AVENUE 8.875 745.92 75
8.625 745.92 125,000.00
PEMBROKE PINES FL 33029 1 04/17/97 00
0410377360 03 06/01/97 0
410377360 O 05/01/27
0
1
1574056 069/G01 F 580,200.00 ZZ
360 580,200.00 1
3211 EAST MANDERVILLE PLACE 8.875 4,616.34 56
8.625 4,616.34 1,050,000.00
ORANGE CA 92667 2 04/07/97 00
0430210922 03 06/01/97 0
2362159648 O 05/01/27
0
1574057 069/G01 F 151,850.00 ZZ
360 151,850.00 1
2238 ALANHURST DRIVE 9.000 1,221.82 75
8.750 1,221.82 202,490.00
HENDERSON NV 89012 1 04/15/97 00
0430209429 03 06/01/97 0
2352177178 O 05/01/27
0
1574067 E22/G01 F 279,200.00 ZZ
360 279,200.00 1
6731 LUPTON DRIVE 8.375 2,122.12 80
8.125 2,122.12 349,000.00
DALLAS TX 75230 1 04/15/97 00
0410390876 05 06/01/97 0
410390876 O 05/01/27
0
1574104 E22/G01 F 144,000.00 ZZ
360 144,000.00 1
1106 STONEY HILL DRIVE 8.875 1,145.73 80
8.625 1,145.73 180,000.00
HOUSTON TX 77077 1 04/17/97 00
0410320014 03 06/01/97 0
410320014 O 05/01/27
0
1574115 562/G01 F 233,500.00 ZZ
360 233,500.00 1
103 HOLBROOKE ROAD 7.750 1,672.83 90
7.500 1,672.83 259,500.00
WHITE PLAINS NY 10605 1 04/15/97 04
0430209247 05 06/01/97 25
534313 O 05/01/27
0
1574143 181/181 F 255,000.00 ZZ
360 254,837.40 1
3330 SUGAR VIEW ROAD 8.250 1,915.73 61
8.000 1,915.73 420,000.00
1
MEADOW VISTA CA 95722 2 03/07/97 00
5597552 05 05/01/97 0
5597552 O 04/01/27
0
1574153 181/181 F 296,000.00 ZZ
360 295,796.29 1
242 BUNTING LANE 7.875 2,146.21 70
7.625 2,146.21 425,000.00
BLOOMINGDALE IL 60108 2 03/28/97 00
5593824 05 05/01/97 0
5593824 O 04/01/27
0
1574158 450/450 F 425,250.00 T
360 425,250.00 1
5707 STARFISH COURT 8.125 3,157.47 75
7.875 3,157.47 567,000.00
BYRON CA 94514 1 04/09/97 00
4320644 03 06/01/97 0
4320644 O 05/01/27
0
1574161 450/450 F 416,000.00 ZZ
360 416,000.00 1
868 CAMINO FLORES 8.375 3,161.90 80
8.125 3,161.90 520,000.00
THOUSAND OAKS CA 91360 2 04/04/97 00
4189718 05 06/01/97 0
4189718 O 05/01/27
0
1574164 144/144 F 410,000.00 T
360 410,000.00 1
121 PHEASANT DRIVE 8.375 3,116.30 69
8.125 3,116.30 598,000.00
BRIDGEHAMPTON NY 11932 5 04/09/97 00
160608679 05 06/01/97 0
160608679 O 05/01/27
0
1574174 369/G01 F 235,950.00 ZZ
360 235,791.68 1
4748 PEARSON'S DRIVE 8.000 1,731.32 89
7.750 1,731.32 267,000.00
WOODBRIDGE VA 22193 1 04/04/97 12
0430214536 03 05/01/97 25
0060626520 O 04/01/27
0
1
1574196 638/G01 F 264,000.00 ZZ
360 264,000.00 1
236 JOHNSON STREET 8.750 2,076.89 80
8.500 2,076.89 330,000.00
NORTH ANDOVER MA 01845 1 04/17/97 00
0430214411 05 06/01/97 0
8608997 O 05/01/27
0
1574204 696/G01 F 134,400.00 ZZ
360 134,400.00 1
5769 DEVON LANE 7.500 939.74 80
7.250 939.74 168,000.00
BURKE VA 22015 1 04/18/97 00
0430208504 09 06/01/97 0
2419614 O 05/01/27
0
1574337 573/G01 F 230,000.00 ZZ
360 230,000.00 1
6254 SW BURLINGAME AVENUE 7.750 1,647.75 66
7.500 1,647.75 350,000.00
PORTLAND OR 97201 1 04/16/97 00
0430213041 05 06/01/97 0
115720 O 05/01/27
0
1574388 696/G01 F 388,000.00 ZZ
360 388,000.00 1
2933 ROKEBY ROAD 8.125 2,880.89 60
7.875 2,880.89 650,000.00
DELAPLANE VA 20144 2 04/18/97 00
0430211037 05 06/01/97 0
5011000 O 05/01/27
0
1574393 F02/G01 F 225,850.00 ZZ
360 225,701.72 1
46403 INVERNESS ROAD 8.125 1,676.93 77
7.875 1,676.93 294,000.00
CANTON TWP MI 48188 2 03/10/97 00
0430215889 03 05/01/97 0
600876273 O 04/01/27
0
1574398 439/G01 F 346,200.00 ZZ
360 345,606.13 1
1
19 CHAPARRAL COURT 7.800 2,492.20 80
7.550 2,492.20 432,805.00
LAS FLORES CA 92688 1 02/19/97 00
0430216580 05 04/01/97 0
1882377 O 03/01/27
0
1574399 439/G01 F 320,000.00 ZZ
360 319,555.86 1
59 EAST LANE 7.850 2,314.68 80
7.600 2,314.68 400,000.00
STAMFORD CT 06905 1 02/28/97 00
0430216614 05 04/01/97 0
1882464 O 03/01/27
0
1574400 439/G01 F 360,000.00 ZZ
360 359,062.77 1
5856 ANDERSON ROAD 8.200 2,691.92 70
7.950 2,691.92 520,000.00
FORESTVILLE CA 95436 2 11/26/96 00
0430216655 05 02/01/97 0
1884385 O 01/01/27
0
1574401 439/G01 F 84,300.00 ZZ
360 84,179.41 1
4105 DAKOTA PLACE 7.700 601.03 75
7.450 601.03 112,500.00
PALM BEACH GARD FL 33418 1 02/27/97 00
0430216739 03 04/01/97 0
1884893 O 03/01/27
0
1574402 439/G01 F 95,000.00 ZZ
360 94,875.92 1
11108 COUNTRY RIVER DRIVE 8.150 707.04 62
7.900 707.04 155,000.00
PARRISH FL 34219 1 02/28/97 00
0430216770 05 04/01/97 0
1885275 O 03/01/27
0
1574404 439/G01 F 244,500.00 ZZ
360 243,989.31 1
3870 SOUTH EL POMAR ROAD 7.850 1,768.56 75
7.600 1,768.56 326,000.00
TEMPLETON CA 93465 1 12/30/96 00
0430216788 05 03/01/97 0
1
1885631 O 02/01/27
0
1574405 439/G01 F 274,600.00 ZZ
360 274,230.27 1
648 KATHLEEN PLACE 8.000 2,014.92 75
7.750 2,014.92 366,250.00
WESTBURY NY 11590 1 02/07/97 00
0430216812 05 04/01/97 0
1885643 O 03/01/27
0
1574406 439/G01 F 324,000.00 ZZ
360 323,773.61 1
245 CLIFTON AVENUE 7.800 2,332.39 80
7.550 2,332.39 405,000.00
SAN CARLOS CA 94070 1 03/07/97 00
0430216853 05 05/01/97 0
1886527 O 04/01/27
0
1574407 439/G01 F 216,000.00 ZZ
360 215,539.66 1
1315 MARIAN LANE 7.750 1,547.46 48
7.500 1,547.46 455,000.00
NEWPORT BEACH CA 92660 1 12/31/96 00
0430216689 05 03/01/97 0
1886588 O 02/01/27
0
1574408 439/G01 F 500,000.00 ZZ
360 499,277.54 1
3905 MCFARLIN BOULEVARD 7.650 3,547.58 80
7.400 3,547.58 625,000.00
UNIVERSITY PARK TX 75205 1 02/28/97 00
0430219105 05 04/01/97 0
1887002 O 03/01/27
0
1574409 439/G01 F 44,000.00 ZZ
360 43,948.65 1
7200 RADICE COURT #704 8.700 344.58 60
8.450 344.58 74,000.00
LAUDERHILL FL 33319 1 02/27/97 00
0430216705 08 04/01/97 0
1887079 O 03/01/27
0
1
1574411 439/G01 F 113,000.00 ZZ
360 112,759.18 1
2732 AUBURN STREET NO.4 7.750 809.55 59
7.500 809.55 193,000.00
LOS ANGELES CA 90039 1 01/09/97 00
0430216747 01 03/01/97 0
1888588 O 02/01/27
0
1574412 439/G01 F 221,600.00 ZZ
360 221,322.13 1
3900 CALLE VALLE VISTA 8.350 1,680.42 89
8.100 1,680.42 250,000.00
NEWBURY PARK CA 91320 2 01/27/97 10
0430216762 03 04/01/97 25
1888671 O 03/01/27
0
1574413 439/G01 F 243,000.00 ZZ
360 242,694.31 1
307 WINDING ROAD WEST 8.350 1,842.69 75
8.100 1,842.69 325,000.00
ARDSLEY NY 10502 1 02/25/97 00
0430216796 05 04/01/97 0
1888936 O 03/01/27
0
1574414 439/G01 F 115,000.00 ZZ
360 114,857.26 1
5877 BARTRAM STREET 8.400 876.12 70
8.150 876.12 166,000.00
BOCA RATON FL 33433 1 01/29/97 00
0430216804 01 04/01/97 0
1889197 O 03/01/27
0
1574415 439/G01 F 248,700.00 ZZ
360 248,361.72 1
7942 WINCHESTER CIRCLE 7.950 1,816.22 80
7.700 1,816.22 311,000.00
GOLETA CA 93117 1 02/14/97 00
0430216820 03 04/01/97 0
1889504 O 03/01/27
0
1574416 439/G01 F 220,000.00 ZZ
360 219,712.66 1
25 NEW YORK AVENUE 8.150 1,637.35 65
7.900 1,637.35 340,000.00
1
WHITE PLAINS NY 10606 1 02/19/97 00
0430216861 05 04/01/97 0
1889567 O 03/01/27
0
1574417 439/G01 F 352,000.00 ZZ
360 351,763.81 1
3465 OAK HILL CT 8.000 2,582.86 80
7.750 2,582.86 440,000.00
MORGAN HILL CA 95037 2 02/24/97 00
0430219121 05 05/01/97 0
1889763 O 04/01/27
0
1574418 439/G01 F 141,000.00 T
360 140,832.04 1
3205 BARTON ROAD 8.600 1,094.18 75
8.350 1,094.18 188,000.00
POMPANO BEACH FL 33062 5 02/10/97 00
0430216895 05 04/01/97 0
1889832 O 03/01/27
0
1574419 439/G01 F 367,400.00 ZZ
360 366,895.20 1
287 VINEYARD ROAD 7.900 2,670.29 70
7.650 2,670.29 525,000.00
HUNTINGTON BAY NY 11743 1 02/27/97 00
0430216960 05 04/01/97 0
1889913 O 03/01/27
0
1574420 439/G01 F 214,000.00 ZZ
360 213,726.12 1
3425 SUNSET LANE 8.250 1,607.72 55
8.000 1,607.72 390,000.00
OXNARD CA 93035 2 02/06/97 00
0430216994 05 04/01/97 0
1889937 O 03/01/27
0
1574421 439/G01 F 157,500.00 ZZ
360 157,397.49 1
7947 REPRESA CIRCLE 8.150 1,172.20 75
7.900 1,172.20 210,000.00
CARLSBAD CA 92009 1 03/05/97 00
0430217018 03 05/01/97 0
1889984 O 04/01/27
0
1
1574422 439/G01 F 250,000.00 ZZ
360 249,635.13 1
3923 MARQUETTE STREET 7.600 1,765.19 66
7.350 1,765.19 382,500.00
HOUSTON TX 77005 1 02/27/97 00
0430217034 05 04/01/97 0
1890093 O 03/01/27
0
1574423 439/G01 F 400,000.00 ZZ
360 399,455.94 1
3 KINGS HEATH 7.950 2,921.13 66
7.700 2,921.13 615,000.00
SAN ANTONIO TX 78257 1 02/07/97 00
0430217042 03 04/01/97 0
1890145 O 03/01/27
0
1574424 439/G01 F 362,800.00 ZZ
360 362,296.48 1
2435 STANLEY 7.850 2,624.26 80
7.600 2,624.26 453,500.00
TUSTIN CA 92780 1 02/07/97 00
0430217059 03 04/01/97 0
1890147 O 03/01/27
0
1574425 439/G01 F 217,500.00 ZZ
360 217,227.27 1
2894 EAST ORANGE GROVE 8.350 1,649.33 75
BOULEVARD 8.100 1,649.33 290,000.00
PASADENA CA 91107 5 02/17/97 00
0430216937 05 04/01/97 0
1890573 O 03/01/27
0
1574426 439/G01 F 69,000.00 ZZ
360 68,914.36 1
14581 SOUTH MACLAY STREET 8.400 525.67 60
8.150 525.67 115,000.00
SAN FERNANDO CA 91340 5 01/29/97 00
0430216945 05 04/01/97 0
1890669 O 03/01/27
0
1574428 439/G01 F 74,900.00 ZZ
360 74,807.98 1
1
4118 LOS ALTOS COURT 8.450 573.27 55
8.200 573.27 137,400.00
NAPLES FL 34109 1 02/13/97 00
0430216952 09 04/01/97 0
1891048 O 03/01/27
0
1574429 439/G01 F 308,200.00 ZZ
360 307,797.46 1
831 GALLOWAY STREET 8.150 2,293.78 75
7.900 2,293.78 411,000.00
LOS ANGELES CA 90272 1 01/29/97 00
0430216986 05 04/01/97 0
1891050 O 03/01/27
0
1574430 439/G01 F 305,000.00 ZZ
360 304,589.32 1
11582 VISTA MAR 8.000 2,237.99 50
7.750 2,237.99 610,000.00
SANTA ANA CA 92705 5 02/06/97 00
0430217174 05 04/01/97 0
1891181 O 03/01/27
0
1574431 439/G01 F 110,200.00 ZZ
360 110,058.97 1
934 HAWTHORNE AVENUE 8.250 827.90 75
8.000 827.90 147,000.00
CARLSBAD CA 92009 1 02/10/97 00
0430217182 01 04/01/97 0
1891184 O 03/01/27
0
1574432 439/G01 F 385,000.00 ZZ
360 384,730.99 1
1215 FIFTH AVENUE 7.800 2,771.51 50
7.550 2,771.51 785,000.00
NEW YORK NY 10029 1 03/04/97 00
0430217216 14 05/01/97 0
1891204 O 04/01/27
0
1574433 439/G01 F 101,200.00 ZZ
360 101,138.06 1
3611 AVENUE R 8.450 774.56 75
8.200 774.56 134,933.00
BROOKLYN NY 11234 1 03/06/97 00
0430217240 07 05/01/97 0
1
1891232 O 04/01/27
0
1574434 439/G01 F 150,000.00 ZZ
360 149,793.90 1
639 11TH AVENUE 7.900 1,090.21 42
7.650 1,090.21 365,000.00
SAN FRANCISCO CA 94118 5 02/10/97 00
0430217075 05 04/01/97 0
1891337 O 03/01/27
0
1574435 439/G01 F 246,400.00 ZZ
360 246,064.85 1
5043 COLLIS AVENUE 7.950 1,799.42 80
7.700 1,799.42 308,000.00
SOUTH PASADENA CA 91030 2 02/21/97 00
0430217083 05 04/01/97 0
1891454 O 03/01/27
0
1574436 439/G01 F 264,000.00 ZZ
360 263,626.14 1
1106 MELTON PLACE 7.750 1,891.33 80
7.500 1,891.33 330,000.00
PACIFIC GROVE CA 93950 1 02/20/97 00
0430217091 05 04/01/97 0
1891470 O 03/01/27
0
1574437 439/G01 F 81,000.00 ZZ
360 80,085.01 1
425 SANIBELLE CIRCLE #130 8.050 597.18 75
7.800 597.18 108,900.00
CHULA VISTA CA 91910 1 02/13/97 00
0430217109 01 04/01/97 0
1891501 O 03/01/27
0
1574439 439/G01 F 410,000.00 ZZ
360 409,430.43 1
5838 ANTIGUA COURT 8.100 3,037.07 80
7.850 3,037.07 512,500.00
SAN JOSE CA 95120 1 03/05/97 00
0430217117 05 05/01/97 0
1891550 O 04/01/27
0
1
1574440 439/G01 F 39,000.00 ZZ
360 38,950.08 1
12097 BASIN STREET WEST 8.250 293.00 67
8.000 293.00 59,000.00
WELLINGTON FL 33414 1 02/07/97 00
0430217166 09 04/01/97 0
1891620 O 03/01/27
0
1574441 439/G01 F 63,000.00 ZZ
360 62,706.35 1
8835 CLEARY BOULEVARD 8.350 477.74 75
8.100 477.74 84,000.00
PLANTATION FL 33324 1 02/28/97 00
0430217190 09 04/01/97 0
1891691 O 03/01/27
0
1574443 439/G01 F 256,000.00 ZZ
360 255,662.22 1
826 NORTH RED ROBIN STREET 8.100 1,896.32 80
7.850 1,896.32 320,000.00
ORANGE CA 92869 2 02/21/97 00
0430217208 05 04/01/97 0
1891850 O 03/01/27
0
1574444 439/G01 F 320,000.00 ZZ
360 318,565.25 1
1279 JOURNEYS END DRIVE 8.000 2,348.05 77
7.750 2,348.05 415,584.00
LA CANADA-FLINT CA 91011 1 02/10/97 00
0430217224 05 04/01/97 0
1891980 O 03/01/27
0
1574445 439/G01 F 62,000.00 ZZ
360 61,922.25 1
4831 NW 10TH TERRACE 8.350 470.16 65
8.100 470.16 96,000.00
FORT LAUDERDALE FL 33309 5 02/21/97 00
0430217257 05 04/01/97 0
1891988 O 03/01/27
0
1574447 439/G01 F 125,000.00 ZZ
360 124,857.11 1
3202 DOW STREET 8.800 987.85 59
8.550 987.85 215,000.00
1
POMPANO BEACH FL 33062 5 02/12/97 00
0430217265 05 04/01/97 0
1892109 O 03/01/27
0
1574448 439/G01 F 31,000.00 ZZ
360 30,960.72 1
3145 EAST ORLANDO ROAD 8.300 233.99 7
8.050 233.99 500,000.00
PASADENA CA 91107 5 02/20/97 00
0430217315 05 04/01/97 0
1892119 O 03/01/27
0
1574449 439/G01 F 88,000.00 ZZ
360 87,873.82 1
1260 MEADOWS BLVD 8.100 651.86 46
7.850 651.86 191,304.00
FORT LAUDERDALE FL 33327 1 02/21/97 00
0430219212 03 04/01/97 0
1892136 O 03/01/27
0
1574450 439/G01 F 25,000.00 ZZ
360 24,968.97 1
2035 MILL TERRACE 8.400 190.46 43
8.150 190.46 59,000.00
SARASOTA FL 34231 5 02/06/97 00
0430217349 05 04/01/97 0
1892146 O 03/01/27
0
1574451 439/G01 F 287,200.00 ZZ
360 287,011.17 1
1027 SOUTH REXFORD LANE 8.100 2,127.43 80
7.850 2,127.43 359,000.00
ANAHEIM CA 92808 1 03/06/97 00
0430219246 05 05/01/97 0
1892185 O 04/01/27
0
1574452 439/G01 F 223,900.00 ZZ
360 223,604.58 1
3983 SUNSETRIDGE ROAD 8.100 1,658.54 80
7.850 1,658.54 279,900.00
MOORPARK CA 93021 1 02/12/97 00
0430217356 03 04/01/97 0
1892193 O 03/01/27
0
1
1574454 439/G01 F 117,500.00 ZZ
360 117,325.66 1
24468 SUNLIGHT LANE 8.100 870.38 70
7.850 870.38 167,990.00
LAGUNA NIGUEL CA 92677 1 02/25/97 00
0430217364 05 04/01/97 0
1892726 O 03/01/27
0
1574455 439/G01 F 30,000.00 ZZ
360 29,964.61 1
405 N OCEAN BLVD #809 8.650 233.88 52
8.400 233.88 58,500.00
POMPANO BEACH FL 33062 1 02/07/97 00
0430217646 06 04/01/97 0
1892838 O 03/01/27
0
1574456 439/G01 F 263,000.00 ZZ
360 262,627.54 1
1260 ORANGE GROVE AVENUE 7.750 1,884.17 78
7.500 1,884.17 338,000.00
SOUTH PASADENA CA 91030 1 02/18/97 00
0430217802 05 04/01/97 0
1892868 O 03/01/27
0
1574457 439/G01 F 51,700.00 T
360 51,635.82 1
19029 US HIGHWAY 19 NORTH #D 8.400 393.88 75
8.150 393.88 68,933.00
CLEARWATER FL 34624 5 02/18/97 00
0430217828 01 04/01/97 0
1892932 O 03/01/27
0
1574458 439/G01 F 228,000.00 ZZ
360 227,714.11 1
9061 KELLOGG LANE 8.350 1,728.95 80
8.100 1,728.95 285,000.00
VENICE FL 34293 1 02/28/97 00
0430217844 05 04/01/97 0
1892984 O 03/01/27
0
1574459 439/G01 F 70,000.00 ZZ
360 69,913.12 1
1
3530 MYSTIC POINTE DRIVE 313 8.400 533.29 60
8.150 533.29 117,250.00
N MIAMI BEACH FL 33180 1 02/27/97 00
0430217851 06 04/01/97 0
1892994 O 03/01/27
0
1574460 439/G01 F 292,000.00 ZZ
360 291,398.79 1
2 FOREST KNOLL ROAD 7.900 2,122.28 80
7.650 2,122.28 365,000.00
MONTEREY CA 93940 1 02/21/97 00
0430217869 05 04/01/97 0
1893015 O 03/01/27
0
1574461 439/G01 F 277,000.00 ZZ
360 276,357.78 1
1853 LATE HORIZON PLACE 8.000 2,032.53 75
7.750 2,032.53 374,000.00
WALNUT CREEK CA 94595 2 02/06/97 00
0430217877 03 04/01/97 0
1893024 O 03/01/27
0
1574462 439/G01 F 252,800.00 ZZ
360 252,486.25 1
318 KAREN WAY 8.400 1,925.93 80
8.150 1,925.93 316,000.00
TIBURON CA 94920 1 02/20/97 00
0430217919 05 04/01/97 0
1893053 O 03/01/27
0
1574463 439/G01 F 100,000.00 ZZ
360 99,874.61 1
2830 ORTEGA STREET 8.350 758.31 36
8.100 758.31 285,000.00
SAN FRANCISCO CA 94122 1 02/10/97 00
0430217927 07 04/01/97 0
1893066 O 03/01/27
0
1574465 439/G01 F 87,000.00 ZZ
360 86,889.78 1
4220 NE 22ND AVE 8.300 656.67 58
8.050 656.67 150,000.00
LIGHTHOUSE POIN FL 33064 2 02/24/97 00
0430217943 05 04/01/97 0
1
1893161 O 03/01/27
0
1574466 439/G01 F 102,000.00 ZZ
360 101,865.41 1
6153 FIDLER AVE 8.100 755.57 66
7.850 755.57 154,545.00
LAKEWOOD CA 90712 2 02/17/97 00
0430218248 05 04/01/97 0
1893337 O 03/01/27
0
1574467 439/G01 F 349,500.00 ZZ
360 349,263.10 1
30817 VIA RIVERA 7.950 2,552.34 70
7.700 2,552.34 500,000.00
RANCHO PALOS VE CA 90275 1 03/03/97 00
0430218255 05 05/01/97 0
1893392 O 04/01/27
0
1574468 439/G01 F 108,000.00 ZZ
360 107,928.26 1
46 CAMBRIDGE DRIVE 8.050 796.24 53
7.800 796.24 205,000.00
HICKSVILLE NY 11765 5 03/06/97 00
0430219113 05 05/01/97 0
1893471 O 04/01/27
0
1574469 439/G01 F 401,600.00 ZZ
360 400,445.53 1
851 MARANTA AVENUE 7.850 2,904.92 80
7.600 2,904.92 502,000.00
SUNNYVALE CA 94087 1 02/17/97 00
0430218388 05 04/01/97 0
1893604 O 03/01/27
0
1574470 439/G01 F 26,000.00 ZZ
360 25,865.60 1
233 NE 14TH AVENUE UNIT #207 8.150 193.51 56
7.900 193.51 46,500.00
HALLANDALE FL 33009 1 02/18/97 00
0430219139 08 04/01/97 0
1893651 O 03/01/27
0
1
1574471 439/G01 F 312,000.00 ZZ
360 311,592.50 1
25 BLUE HAVEN COURT 8.150 2,322.06 80
7.900 2,322.06 390,000.00
DANVILLE CA 94526 1 02/25/97 00
0430218396 05 04/01/97 0
1893812 O 03/01/27
0
1574472 439/G01 F 70,000.00 ZZ
360 69,954.44 1
8591 NW 12TH STREET 8.150 520.98 62
7.900 520.98 114,000.00
PEMBROKE PINES FL 33024 2 02/27/97 00
0430218412 05 05/01/97 0
1893837 O 04/01/27
0
1574473 439/G01 F 120,000.00 ZZ
360 119,840.05 1
145 PENNOCK TRACE DRIVE 8.050 884.71 71
7.800 884.71 170,000.00
JUPITER FL 33458 1 02/28/97 00
0430218438 03 04/01/97 0
1893860 O 03/01/27
0
1574475 439/G01 F 364,000.00 ZZ
360 363,504.91 1
666 HAWTHORNE AVENUE 7.950 2,658.23 80
7.700 2,658.23 455,000.00
PALO ALTO CA 94301 1 02/21/97 00
0430219287 05 04/01/97 0
1893931 O 03/01/27
0
1574476 439/G01 F 240,000.00 ZZ
360 239,838.96 1
10820 GASCOIGNE DRIVE 8.000 1,761.04 80
7.750 1,761.04 300,000.00
CUPERTINO CA 95014 1 02/26/97 00
0430218446 05 05/01/97 0
1894055 O 04/01/27
0
1574477 439/G01 F 224,600.00 ZZ
360 224,315.48 1
11238 SKYVIEW LANE 8.300 1,695.25 95
8.050 1,695.25 236,421.00
1
RANCHO CUCAMONG CA 91737 1 02/24/97 10
0430218453 05 04/01/97 30
1894078 O 03/01/27
0
1574478 439/G01 F 439,200.00 ZZ
360 438,571.73 1
4040 MOUNT VERNON DRIVE 7.700 3,131.33 80
7.450 3,131.33 549,000.00
LOS ANGELES CA 90008 1 02/13/97 00
0430219196 05 04/01/97 0
1894112 O 03/01/27
0
1574479 439/G01 F 405,000.00 ZZ
360 404,725.48 1
2657 KIRSTEN LEE DRIVE 7.950 2,957.65 75
7.700 2,957.65 540,000.00
WESTLAKE VILLAG CA 91361 1 03/04/97 00
0430218461 05 05/01/97 0
1894130 O 04/01/27
0
1574480 439/G01 F 111,600.00 ZZ
360 111,448.20 1
10910 SW 61ST AVE 7.950 815.00 55
7.700 815.00 203,000.00
PORTLAND OR 97219 2 02/20/97 00
0430218487 05 04/01/97 0
1894302 O 03/01/27
0
1574481 439/G01 F 174,700.00 ZZ
360 174,530.18 2
141-09 71ST AVENUE 8.450 1,337.11 75
8.200 1,337.11 233,000.00
FLUSHING NY 11367 1 03/04/97 00
0430218495 07 05/01/97 0
1894315 O 04/01/27
0
1574482 439/G01 F 120,000.00 ZZ
360 119,916.99 1
19 TURTLE POND LANE 7.850 868.01 35
7.600 868.01 345,000.00
BEDFORD NY 10506 2 03/07/97 00
0430218529 05 05/01/97 0
1894598 O 04/01/27
0
1
1574483 439/G01 F 87,700.00 ZZ
360 87,642.92 1
714 SOUTH ROAD 8.150 652.71 65
7.900 652.71 135,000.00
BOYNTON BEACH FL 33435 5 02/25/97 00
0430218560 05 05/01/97 0
1894610 O 04/01/27
0
1574484 439/G01 F 275,000.00 ZZ
360 274,807.85 1
3420 MYERSLY COURT 7.800 1,979.65 67
7.550 1,979.65 415,000.00
SAN JOSE CA 95148 1 03/05/97 00
0430218586 05 05/01/97 0
1894709 O 04/01/27
0
1574485 439/G01 F 415,000.00 ZZ
360 414,707.09 1
203 GRANELLI AVENUE 7.750 2,973.12 75
7.500 2,973.12 560,000.00
HALF MOON BAY CA 94011 1 02/27/97 00
0430218479 05 05/01/97 0
1894770 O 04/01/27
0
1574486 439/G01 F 234,000.00 ZZ
360 233,661.89 1
255 BOWEN AVENUE 7.650 1,660.27 80
7.400 1,660.27 292,500.00
APTOS CA 95003 1 02/25/97 00
0430218503 05 04/01/97 0
1894829 O 03/01/27
0
1574487 439/G01 F 34,000.00 ZZ
360 33,977.19 1
14851 SW 104 STREET 8.000 249.48 63
# 11-23 7.750 249.48 53,968.00
MIAMI FL 33196 1 03/10/97 00
0430218552 01 05/01/97 0
1894845 O 04/01/27
0
1574488 439/G01 F 25,000.00 ZZ
360 24,966.32 1
1
81 WESTECUNK DRIVE 8.000 183.45 46
7.750 183.45 55,000.00
ROYAL PALM BEAC FL 33411 1 02/28/97 00
0430218594 09 04/01/97 0
1894881 O 03/01/27
0
1574489 439/G01 F 460,000.00 ZZ
360 459,688.20 1
4610 AZALIA DRIVE 7.950 3,359.30 80
7.700 3,359.30 575,000.00
TARZANA CA 91356 1 03/11/97 00
0430218610 05 05/01/97 0
1894906 O 04/01/27
0
1574490 439/G01 F 236,000.00 ZZ
360 235,665.78 1
10014 CLYBOURN AVENUE 7.750 1,690.74 80
7.500 1,690.74 295,000.00
SUNLAND CA 91040 1 02/26/97 00
0430218644 05 04/01/97 0
1894927 O 03/01/27
0
1574491 439/G01 F 750,000.00 ZZ
360 749,506.89 1
2233 CALLE TIARA 8.100 5,555.61 70
7.850 5,555.61 1,075,000.00
LA JOLLA CA 92037 2 03/03/97 00
0430218669 05 05/01/97 0
1894937 O 04/01/27
0
1574492 439/G01 F 30,700.00 T
360 30,661.11 1
2600 KANNER HIGHWAY 8.300 231.72 75
8.050 231.72 41,000.00
STUART FL 34997 5 02/28/97 00
0430218701 01 04/01/97 0
1894946 O 03/01/27
0
1574493 439/G01 F 445,000.00 ZZ
360 444,363.44 1
25400 LOMA ROBLES 7.700 3,172.68 61
7.450 3,172.68 729,508.00
CARMEL CA 93923 2 02/20/97 00
0430218719 05 04/01/97 0
1
1894988 O 03/01/27
0
1574494 439/G01 F 250,000.00 ZZ
360 249,807.66 1
1929 NE 31ST AVENUE 7.900 1,817.02 61
7.650 1,817.02 415,000.00
FORT LAUDERDALE FL 33305 1 03/12/97 00
0430218693 05 05/01/97 0
1895013 O 04/01/27
0
1574495 439/G01 F 468,000.00 ZZ
360 467,673.00 1
2 LINDA RAE WAY 7.800 3,369.00 80
7.550 3,369.00 585,000.00
ARCADIA CA 91006 1 03/05/97 00
0430218727 05 05/01/97 0
1895458 O 04/01/27
0
1574496 439/G01 F 350,000.00 ZZ
360 349,459.79 1
6793 ELWOOD ROAD 7.800 2,519.55 73
7.550 2,519.55 480,000.00
SAN JOSE CA 95120 1 02/25/97 00
0430218735 05 04/01/97 0
1895467 O 03/01/27
0
1574497 439/G01 F 62,000.00 ZZ
360 61,960.46 1
111-42 122ND STREET 8.250 465.79 50
8.000 465.79 124,000.00
QUEENS NY 11420 1 03/13/97 00
0430218750 05 05/01/97 0
1895764 O 04/01/27
0
1574498 439/G01 F 329,000.00 ZZ
360 328,481.47 1
1848 BELLOMY STREET 8.050 2,425.57 66
7.800 2,425.57 500,000.00
SANTA CLARA CA 95050 1 03/05/97 00
0430218768 05 05/01/97 0
1896000 O 04/01/27
0
1
1574499 439/G01 F 25,000.00 ZZ
360 24,983.72 1
276 SAN VICENTE CIRCLE 8.150 186.07 17
7.900 186.07 147,058.00
NEWBURY PARK CA 91320 1 03/06/97 00
0430218859 01 05/01/97 0
1896053 O 04/01/27
0
1574500 439/G01 F 36,700.00 ZZ
360 36,675.87 1
9960-4 PINEAPPLE TREE DRIVE 8.100 271.86 75
UNIT #202 7.850 271.86 49,000.00
BOYNTON BEACH FL 33436 1 03/12/97 00
0430218867 01 05/01/97 0
1896342 O 04/01/27
0
1574501 439/G01 F 460,000.00 ZZ
360 459,688.20 1
122 CIRCLE RIDGE DRIVE 7.950 3,359.30 80
7.700 3,359.30 575,000.00
BURRIDGE IL 60521 1 03/07/97 00
0430219188 05 05/01/97 0
1896389 O 04/01/27
0
1574502 439/G01 F 395,000.00 ZZ
360 394,734.95 1
27 HILLCREST MEADOWS 8.000 2,898.38 62
7.750 2,898.38 645,000.00
ROLLING HILLS E CA 90274 1 03/11/97 00
0430218875 01 05/01/97 0
1896513 O 04/01/27
0
1574503 439/G01 F 42,700.00 ZZ
360 42,673.04 1
194 SE NORFOLK BOULEVARD 8.300 322.30 75
8.050 322.30 57,000.00
STUART FL 34994 1 03/10/97 00
0430218883 07 05/01/97 0
1896811 O 04/01/27
0
1574504 439/G01 F 380,000.00 ZZ
360 379,737.15 1
72421 BARBARA DRIVE 7.850 2,748.68 80
7.600 2,748.68 475,000.00
1
RANCHO MIRAGE CA 92270 1 03/12/97 00
0430218891 05 05/01/97 0
1896954 O 04/01/27
0
1574505 439/G01 F 252,000.00 ZZ
360 251,829.18 1
12830 ROCK CREST LANE 7.950 1,840.32 80
7.700 1,840.32 315,000.00
POMONA CA 91709 1 03/12/97 00
0430218909 05 05/01/97 0
1897031 O 04/01/27
0
1574506 439/G01 F 250,000.00 ZZ
360 249,835.63 1
4305 LARCHMONT AVENUE 8.100 1,851.87 34
7.850 1,851.87 750,000.00
DALLAS TX 75205 1 03/06/97 00
0430218917 05 05/01/97 0
1897054 O 04/01/27
0
1574560 181/181 F 350,000.00 ZZ
360 350,000.00 1
205 18TH STREET 8.500 2,691.20 75
8.250 2,691.20 470,000.00
HUNTINGTON BEAC CA 92648 1 04/14/97 00
5611008 05 06/01/97 0
5611008 O 05/01/27
0
1574563 180/G01 F 59,600.00 ZZ
360 59,600.00 1
711 DELTA DRIVE 8.500 458.27 80
8.250 458.27 74,500.00
EULESS TX 76039 1 04/14/97 00
0430219352 05 06/01/97 0
4656385 O 05/01/27
0
1575412 195/G01 F 375,000.00 ZZ
360 375,000.00 1
17 CATLIN ROAD A-2 8.250 2,817.26 32
8.000 2,817.26 1,181,500.00
BROOKLINE MA 02146 1 04/25/97 00
0430210856 01 06/01/97 0
53227 O 05/01/27
0
1
1575413 696/G01 F 191,000.00 ZZ
360 191,000.00 1
1307 S MONROE STREET 8.500 1,468.62 77
8.250 1,468.62 250,000.00
ARLINGTON VA 22204 2 04/17/97 00
0430210930 05 06/01/97 0
2289875 O 05/01/27
0
1575422 562/G01 F 137,000.00 ZZ
360 137,000.00 1
674 VAN EMBURGH AVENUE 8.375 1,041.30 53
8.125 1,041.30 260,000.00
WASHINGTON TOWN NJ 07675 1 04/24/97 00
0430215756 05 06/01/97 0
535799 O 05/01/27
0
1575424 225/225 F 214,600.00 ZZ
360 214,456.02 1
1400 EVERGREEN COURT 8.000 1,574.65 69
7.750 1,574.65 314,000.00
SALEM VA 24153 5 03/26/97 00
8370702 05 05/01/97 0
8370702 O 04/01/27
0
1575453 225/225 F 223,250.00 ZZ
360 223,250.00 1
21891 TANGLEWOOD DRIVE 8.375 1,696.87 95
8.125 1,696.87 235,000.00
CASTRO VALLEY CA 94546 1 04/07/97 14
604446000 05 06/01/97 30
604446000 O 05/01/27
0
1575458 181/181 F 241,800.00 ZZ
360 241,800.00 1
31938 WATERGATE COURT 8.500 1,859.23 72
8.250 1,859.23 336,000.00
WESTLAKE VILLAG CA 91361 2 04/03/97 00
5609267 03 06/01/97 0
5609267 O 05/01/27
0
1575465 181/181 F 142,600.00 ZZ
360 142,513.61 1
1
300 AMBERIDGE TRAIL 8.500 1,096.47 74
8.250 1,096.47 193,000.00
ATLANTA GA 30328 2 03/28/97 00
5616841 05 05/01/97 0
5616841 O 04/01/27
0
1575467 181/181 F 75,000.00 ZZ
360 74,952.18 1
6872 REDANSA DRIVE UNIT 5B 8.250 563.45 58
8.000 563.45 130,000.00
ROCKFORD IL 61108 1 04/01/97 00
216880 01 05/01/97 0
216880 O 04/01/27
0
1575489 696/G01 F 137,600.00 ZZ
360 137,600.00 1
9204 SAYBROOK AVENUE 8.125 1,021.68 80
7.875 1,021.68 172,000.00
SILVER SPRING MD 20901 1 04/21/97 00
0430211151 05 06/01/97 0
3265009 O 05/01/27
0
1575552 956/G01 F 187,200.00 ZZ
360 187,200.00 1
2454 STOKES STREET 8.500 1,439.41 80
8.250 1,439.41 234,000.00
SAN JOSE CA 95128 1 04/17/97 00
0430220087 05 06/01/97 0
1702131 O 05/01/27
0
1575556 956/G01 F 238,400.00 ZZ
360 238,400.00 1
880 CARINA LANE 8.500 1,833.09 80
8.250 1,833.09 298,000.00
FOSTER CITY CA 94404 1 04/22/97 00
0430220301 03 06/01/97 0
2703250 O 05/01/27
0
1575667 B75/G01 F 190,000.00 ZZ
360 189,878.84 1
8304 FROSTY COURT 8.250 1,427.41 80
8.000 1,427.41 237,500.00
LORTON VA 22079 1 03/28/97 00
0430216531 03 05/01/97 0
1
2912046 O 04/01/27
0
1575670 076/076 F 412,000.00 ZZ
360 411,743.92 1
53 BRACKETT ROAD 8.375 3,131.50 80
8.125 3,131.50 515,000.00
NEWTON MA 02158 1 03/28/97 00
1253003 05 05/01/97 0
1253003 O 04/01/27
0
1575672 076/076 F 380,000.00 ZZ
360 379,751.43 3
172 NEWTON STREET 8.125 2,821.49 80
7.875 2,821.49 475,000.00
5OSTON MA 02118 1 03/14/97 00
1258423 05 05/01/97 0
1258423 O 04/01/27
0
1575673 076/076 F 330,000.00 ZZ
360 330,000.00 1
65 BAYBERRY ROAD 8.125 2,450.25 66
7.875 2,450.25 507,000.00
CANTON MA 02021 2 03/28/97 00
1267283 05 06/01/97 0
1267283 O 05/01/27
0
1575676 076/076 F 242,000.00 ZZ
360 241,833.46 1
7025 REDCOAT DRIVE 7.875 1,754.67 79
7.625 1,754.67 309,460.00
FLOURTOWN PA 19031 1 03/13/97 00
5636432 03 05/01/97 0
5636432 O 04/01/27
0
1575677 076/076 F 251,200.00 ZZ
360 250,773.10 1
2714 E. BONNEVILLE TERRACE 7.750 1,799.63 80
7.500 1,799.63 314,000.00
OGDEN UT 84403 1 02/06/97 00
5827212 05 04/01/97 0
5827212 O 03/01/27
0
1
1575689 076/076 F 262,200.00 ZZ
360 262,024.06 1
5824 FARR OAK DRIVE 8.000 1,923.94 90
7.750 1,923.94 291,341.00
PLANO TX 75093 1 03/20/97 01
6844662 03 05/01/97 25
6844662 O 04/01/27
0
1575690 076/076 F 231,750.00 ZZ
360 231,598.40 1
2434 SPYGLASS HILL COURT 8.125 1,720.74 90
7.875 1,720.74 257,500.00
ABILENE TX 79606 1 03/06/97 04
6850312 05 05/01/97 25
6850312 O 04/01/27
0
1575693 076/076 F 298,650.00 ZZ
360 298,459.56 1
10 HANOVER DRIVE 8.250 2,243.66 63
8.000 2,243.66 475,000.00
MIDLAND TX 79705 2 03/05/97 00
6870932 05 05/01/97 0
6870932 O 04/01/27
0
1575694 076/076 F 360,000.00 ZZ
360 359,752.25 1
1507 KAHLER COURT 7.875 2,610.25 80
7.625 2,610.25 450,000.00
SAN JOSE CA 95132 1 02/24/97 00
6873682 05 05/01/97 0
6873682 O 04/01/27
0
1575695 076/076 F 292,000.00 ZZ
360 291,799.05 1
9 STANTON COURT 7.875 2,117.20 80
7.625 2,117.20 365,000.00
ORINDA CA 94563 1 03/25/97 00
6915452 05 05/01/97 0
6915452 O 04/01/27
0
1575697 076/076 F 236,950.00 ZZ
360 236,786.92 1
7640 WOLF BROOK DRIVE 7.875 1,718.06 70
7.625 1,718.06 338,500.00
1
DUNWOODY GA 30350 1 03/11/97 00
6993272 05 05/01/97 0
6993272 O 04/01/27
0
1575700 076/076 F 300,000.00 ZZ
360 300,000.00 1
637 FREDERICK AVENUE 7.875 2,175.21 60
7.625 2,175.21 500,000.00
SANTA CLARA CA 95050 5 04/08/97 00
6999092 05 06/01/97 0
6999092 O 05/01/27
0
1575701 076/076 F 274,000.00 ZZ
350 273,802.16 1
1196 PONTE VEDRA BLVD. 8.000 2,024.51 73
7.750 2,024.51 380,000.00
PONTE VEDRA BEA FL 32082 1 03/31/97 00
7021703 05 05/01/97 0
7021703 O 06/01/26
0
1575707 076/076 F 253,000.00 ZZ
360 252,838.67 1
6116 PAT AVENUE 8.250 1,900.71 78
8.000 1,900.71 325,000.00
LOS ANGELES CA 91367 2 03/06/97 00
7071092 05 05/01/97 0
7071092 O 04/01/27
0
1575708 076/076 F 241,000.00 ZZ
360 240,829.90 1
1278 CAMINO HERMOSA 7.750 1,726.56 67
7.500 1,726.56 360,000.00
CORRALES NM 87048 2 03/05/97 00
7071662 05 05/01/97 0
7071662 O 04/01/27
0
1575709 076/076 F 388,000.00 ZZ
360 385,515.78 1
236 VIA EBOLI 8.125 2,880.89 58
7.875 2,880.89 675,000.00
NEWPORT BEACH CA 92663 2 02/10/97 00
7073350 03 04/01/97 0
7073350 O 03/01/27
0
1
1575710 076/076 F 265,000.00 ZZ
360 264,441.81 1
8828 MARLAMOOR LANE 7.875 1,921.43 90
7.625 1,921.43 294,650.00
WEST PALM BEACH FL 33412 1 02/28/97 12
7074666 03 04/01/97 25
7074666 O 03/01/27
0
1575711 076/076 F 299,250.00 ZZ
360 299,044.05 1
2322 WEST 28TH AVENUE 7.875 2,169.78 95
7.625 2,169.78 315,000.00
EUGENE OR 97405 1 03/06/97 11
7075438 05 05/01/97 30
7075438 O 04/01/27
0
1575712 076/076 F 300,000.00 ZZ
360 299,777.36 1
3931 EXECUTIVE DRIVE 7.500 2,097.64 75
7.250 2,097.64 400,000.00
PALM HARBOR FL 34685 1 03/15/97 00
7076115 03 05/01/97 0
7076115 O 04/01/27
0
1575713 076/076 F 240,500.00 ZZ
360 240,365.17 1
4155 PEPPER AVENUE 8.875 1,913.53 86
8.625 1,913.53 280,000.00
YORBA LINDA CA 92686 2 03/12/97 01
7076260 05 05/01/97 25
7076260 O 04/01/27
0
1575715 076/076 F 250,000.00 ZZ
360 249,382.99 1
14901 WESTSIDE HWY SW 7.875 1,812.68 77
7.625 1,812.68 325,000.00
VASHON WA 98070 2 02/24/97 00
7076960 05 04/01/97 0
7076960 O 03/01/27
0
1575716 076/076 F 289,000.00 ZZ
360 288,542.14 1
1
28701 JAEGER DRIVE 9.000 2,325.36 79
8.750 2,325.36 366,000.00
LAGUNA NIGUEL CA 92677 2 03/10/97 00
7077399 03 05/01/97 0
7077399 O 04/01/27
0
1575718 076/076 F 333,750.00 ZZ
360 333,542.55 1
1 KRAUSCHE ROAD 8.375 2,536.75 75
8.125 2,536.75 445,000.00
WARREN NJ 07059 2 03/06/97 00
7077915 05 05/01/97 0
7077915 O 04/01/27
0
1575719 076/076 F 280,000.00 ZZ
360 279,812.12 1
1164 ALAMEDA ROAD 8.000 2,054.55 70
7.750 2,054.55 400,000.00
BIG BEAR CITY CA 92314 1 03/18/97 00
7078094 05 05/01/97 0
7078094 O 04/01/27
0
1575720 076/076 F 294,000.00 ZZ
360 293,633.24 1
1664 CAMBRIA PLACE 8.375 2,234.62 80
8.125 2,234.62 370,000.00
ESCONDIDO CA 92029 2 02/20/97 00
7078179 05 04/01/97 0
7078179 O 03/01/27
0
1575721 076/076 F 296,000.00 ZZ
360 295,580.81 1
3543 SPRING BOULEVARD 7.750 2,120.59 80
7.500 2,120.59 370,000.00
EUGENE OR 97405 1 02/25/97 00
7078447 05 04/01/97 0
7078447 O 03/01/27
0
1575722 076/076 F 454,000.00 ZZ
360 453,388.73 1
61N RIVER ROAD 8.000 3,331.29 80
7.750 3,331.29 568,000.00
STUART FL 34996 1 02/28/97 00
7078595 05 04/01/97 0
1
7078595 O 03/01/27
0
1575723 076/076 F 380,000.00 T
360 379,475.26 1
13-B MARINA VILLAGE 7.875 2,755.26 80
7.625 2,755.26 475,000.00
KEY LARGO FL 33037 1 02/28/97 00
7078666 01 04/01/97 0
7078666 O 03/01/27
0
1575724 076/076 F 345,000.00 ZZ
360 344,045.50 1
23009 CASS AVENUE 7.875 2,501.49 54
7.625 2,501.49 640,000.00
WOODLAND HILLS CA 91364 1 02/21/97 00
7078801 05 04/01/97 0
7078801 O 03/01/27
0
1575725 076/076 F 348,800.00 ZZ
360 348,583.19 1
2178 VIZCAYA CIRCLE 8.375 2,651.14 80
8.125 2,651.14 436,000.00
SAN JOSE CA 95124 1 03/13/97 00
7078885 03 05/01/97 0
7078885 O 04/01/27
0
1575727 076/076 F 320,000.00 ZZ
360 319,790.67 1
928 TYLER STREET 8.125 2,376.00 75
7.875 2,376.00 428,000.00
HOLLYWOOD FL 33019 2 03/14/97 00
7079063 05 05/01/97 0
7079063 O 04/01/27
0
1575728 076/076 F 311,100.00 ZZ
360 310,891.25 1
26 LEDGEWOOD DRIVE 8.000 2,282.75 90
7.750 2,282.75 345,700.00
LAS FLORES AREA CA 92688 1 03/28/97 19
7079264 03 05/01/97 25
7079264 O 04/01/27
0
1
1575729 076/076 F 287,900.00 ZZ
360 287,696.79 1
3545 MOUND VIEW AVENUE 7.750 2,062.56 90
7.500 2,062.56 320,000.00
LOS ANGELES CA 91604 1 03/06/97 11
7079518 05 05/01/97 25
7079518 O 04/01/27
0
1575730 076/076 F 246,000.00 ZZ
360 245,715.89 1
256 EAST 20TH STREET 8.750 1,935.29 71
8.500 1,935.29 350,000.00
COSTA MESA CA 92627 2 02/21/97 00
7079954 05 04/01/97 0
7079954 O 03/01/27
0
1575731 076/076 F 500,000.00 ZZ
360 499,437.30 1
1204 LYNNMERE DRIVE 8.875 3,978.23 80
8.625 3,978.23 625,000.00
THOUSAND OAKS CA 91360 2 02/28/97 00
7079956 03 04/01/97 0
7079956 O 03/01/27
0
1575734 076/076 F 340,000.00 ZZ
360 339,777.58 1
2315 PRICE WAY 8.125 2,524.50 80
7.875 2,524.50 425,000.00
SAN JOSE CA 95124 1 03/13/97 00
7080087 05 05/01/97 0
7080087 O 04/01/27
0
1575736 076/076 F 285,700.00 ZZ
360 285,498.36 1
3460 CORTE CLARITA 7.750 2,046.79 80
7.500 2,046.79 357,187.00
CARLSBAD CA 92009 1 03/03/97 00
7080176 03 05/01/97 0
7080176 O 04/01/27
0
1575737 076/076 F 393,400.00 ZZ
360 393,122.34 1
27122 WOODBLUFF ROAD 7.750 2,818.37 80
7.500 2,818.37 495,000.00
1
LAGUNA HILLS CA 92653 2 03/04/97 00
7080187 03 05/01/97 0
7080187 O 04/01/27
0
1575738 076/076 F 295,000.00 ZZ
360 294,816.63 1
1501 SOUTH CREST DRIVE 8.375 2,242.22 76
8.125 2,242.22 390,000.00
LOS ANGELES CA 90035 2 03/07/97 00
7080190 05 05/01/97 0
7080190 O 04/01/27
0
1575739 076/076 F 275,000.00 ZZ
360 274,815.47 1
12809 RAVEN RIDGE ROAD 8.000 2,017.86 65
7.750 2,017.86 425,000.00
RALEIGH NC 27614 2 03/24/97 00
7080239 05 05/01/97 0
7080239 O 04/01/27
0
1575740 076/076 F 310,000.00 ZZ
360 309,641.98 1
3642 RIDGELAND COURT 8.750 2,438.78 89
8.500 2,438.78 350,000.00
WEST BLOOMFIELD MI 48323 1 02/28/97 04
7080282 05 04/01/97 25
7080282 O 03/01/27
0
1575741 076/076 F 245,000.00 ZZ
360 244,847.72 1
1580 WELBURN AVENUE 8.375 1,862.18 70
8.125 1,862.18 350,000.00
GILROY CA 95020 2 03/19/97 00
7080339 05 05/01/97 0
7080339 O 04/01/27
0
1575742 076/076 F 247,500.00 ZZ
360 247,353.88 1
12 CLUBWAY CIRCLE 8.625 1,925.03 90
8.375 1,925.03 275,000.00
YONKERS NY 10705 1 03/13/97 01
7080350 03 05/01/97 25
7080350 O 04/01/27
0
1
1575743 076/076 F 340,000.00 T
360 339,771.87 1
7941 S E DOCK STREET 8.000 2,494.80 80
7.750 2,494.80 430,000.00
HOBE SOUND FL 33455 1 03/24/97 00
7080377 03 05/01/97 0
7080377 O 04/01/27
0
1575745 076/076 F 444,000.00 ZZ
360 443,371.22 1
2460 CANYON CREEK ROAD 7.750 3,180.88 80
7.500 3,180.88 555,000.00
ESCONDIDO CA 92025 2 02/27/97 00
7080485 05 04/01/97 0
7080485 O 03/01/27
0
1575746 076/076 F 370,000.00 ZZ
360 369,764.06 1
7530 WATERFORD DRIVE 8.250 2,779.69 73
8.000 2,779.69 510,000.00
CUPERTINO CA 95014 2 03/10/97 00
7080500 05 05/01/97 0
7080500 O 04/01/27
0
1575747 076/076 F 396,000.00 ZZ
240 395,348.32 1
1423 WINSOME DRIVE 8.250 3,374.18 80
8.000 3,374.18 495,000.00
ESCONDIDO CA 92029 2 03/10/97 00
7080501 05 05/01/97 0
7080501 O 04/01/17
0
1575748 076/076 F 378,000.00 ZZ
360 377,491.03 1
2576 VIA TEJON 8.000 2,773.64 78
7.750 2,773.64 485,000.00
PALOS VERDES ES CA 90274 2 02/24/97 00
7080502 05 04/01/97 0
7080502 O 03/01/27
0
1575749 076/076 F 245,000.00 ZZ
360 244,851.58 1
1
3866 OAKHILLS DR 8.500 1,883.84 68
8.250 1,883.84 365,000.00
BLOOMFIELD TWP MI 48301 2 03/24/97 00
7080584 05 05/01/97 0
7080584 O 04/01/27
0
1575751 076/076 F 348,000.00 ZZ
360 347,772.35 1
1004 HILLCROFT ROAD 8.125 2,583.90 80
7.875 2,583.90 435,000.00
GLENDALE CA 91207 2 03/20/97 00
7080765 05 05/01/97 0
7080765 O 04/01/27
0
1575752 076/076 F 375,000.00 T
360 374,748.38 1
662 MOURNING DOVE DRIVE 8.000 2,751.62 78
7.750 2,751.62 485,000.00
SARASOTA FL 34236 1 03/17/97 00
7080879 03 05/01/97 0
7080879 O 04/01/27
0
1575753 076/076 F 268,000.00 ZZ
360 267,829.10 1
3715 SOUTH DOLPHIN STREET 8.250 2,013.40 80
8.000 2,013.40 335,000.00
SAN PEDRO AREA CA 90731 2 03/13/97 00
7080903 05 05/01/97 0
7080903 O 04/01/27
0
1575754 076/076 F 325,000.00 ZZ
360 324,787.40 1
5161 OXFORD DRIVE 8.125 2,413.12 55
7.875 2,413.12 600,000.00
SARASOTA FL 34242 1 03/11/97 00
7080945 05 05/01/97 0
7080945 O 04/01/27
0
1575757 076/076 F 260,000.00 ZZ
360 259,821.07 1
1880 YATES AVENUE 7.875 1,885.18 67
7.625 1,885.18 392,500.00
PENSACOLA FL 32503 1 03/26/97 00
7081262 05 05/01/97 0
1
7081262 O 04/01/27
0
1575758 076/076 F 232,500.00 T
360 232,347.91 1
1641 CUTTER LANE 8.125 1,726.31 65
7.875 1,726.31 360,000.00
PARK CITY UT 84098 2 03/18/97 00
7081400 05 05/01/97 0
7081400 O 04/01/27
0
1575759 076/076 F 335,000.00 ZZ
360 334,812.18 1
27202 WOODBLUFF ROAD 8.875 2,665.42 70
8.625 2,665.42 480,000.00
LAGUNA HILLS CA 92653 2 03/06/97 00
7081424 03 05/01/97 0
7081424 O 04/01/27
0
1575760 076/076 F 289,500.00 ZZ
360 289,341.86 1
5945 VISTA DEL MAR 9.000 2,329.39 79
8.750 2,329.39 370,000.00
YORBA LINDA CA 92687 2 03/25/97 00
7081435 03 05/01/97 0
7081435 O 04/01/27
0
1575762 076/076 F 300,000.00 ZZ
360 299,798.70 1
143 VISTA DEL MONTE 8.000 2,201.30 50
7.750 2,201.30 608,750.00
LOS GATOS CA 95032 1 03/10/97 00
7081848 05 05/01/97 0
7081848 O 04/01/27
0
1575763 076/076 F 545,000.00 ZZ
360 544,643.49 1
941 TERRACE DRIVE 8.125 4,046.61 73
7.875 4,046.61 750,000.00
LOS ALTOS CA 94024 2 03/28/97 00
7081851 05 05/01/97 0
7081851 O 04/01/27
0
1
1575764 076/076 F 234,000.00 T
360 233,838.97 1
600 PONTE VEDRA BOULEVARD #307 7.875 1,696.66 80
7.625 1,696.66 292,500.00
PONTE VEDRA BEA FL 32082 1 03/20/97 00
7081946 01 05/01/97 0
7081946 O 04/01/27
0
1575766 076/076 F 236,500.00 ZZ
360 236,370.81 1
17982 CALLE LOS ARBOLES 9.000 1,902.94 88
8.750 1,902.94 270,000.00
ROWLAND HEIGHTS CA 91748 2 03/19/97 14
7082413 05 05/01/97 25
7082413 O 04/01/27
0
1575767 076/076 F 250,000.00 ZZ
360 249,823.55 1
2891 RICKENBACKER TRAIL 7.750 1,791.03 74
7.500 1,791.03 340,000.00
DAYTONA BEACH FL 32124 1 03/21/97 00
7082700 03 05/01/97 0
7082700 O 04/01/27
0
1575768 076/076 F 241,000.00 ZZ
360 240,853.99 1
543 NORTH STANFORD AVENUE 8.500 1,853.09 76
8.250 1,853.09 320,000.00
FULLERTON CA 92831 2 03/11/97 00
7082705 05 05/01/97 0
7082705 O 04/01/27
0
1575769 076/076 F 281,000.00 ZZ
360 280,820.82 1
760 PINECONE DRIVE 8.250 2,111.06 75
8.000 2,111.06 379,000.00
SCOTTS VALLEY CA 95066 5 03/12/97 00
7082790 05 05/01/97 0
7082790 O 04/01/27
0
1575771 076/076 F 500,000.00 ZZ
360 499,655.90 1
6706 LAS COLINAS 7.875 3,625.35 49
7.625 3,625.35 1,030,000.00
1
RANCHO SANTA FE CA 92067 1 03/11/97 00
7083023 05 05/01/97 0
7083023 O 04/01/27
0
1575772 076/076 F 261,000.00 ZZ
360 260,841.88 1
1529 VANESSA CIRCLE 8.500 2,006.87 90
8.250 2,006.87 290,000.00
ENCINITAS CA 92024 2 03/21/97 10
7083039 05 05/01/97 25
7083039 O 04/01/27
0
1575773 076/076 F 248,350.00 ZZ
360 248,187.54 1
12551 FOSTER ROAD 8.125 1,844.00 90
7.875 1,844.00 276,000.00
LOS ALAMITOS AR CA 90720 1 03/24/97 19
7083160 05 05/01/97 25
7083160 O 04/01/27
0
1575774 076/076 F 225,000.00 ZZ
360 224,845.15 1
1415 VANESSA CIRCLE 7.875 1,631.41 90
7.625 1,631.41 250,000.00
ENCINITAS CA 92024 1 03/12/97 11
7083253 05 05/01/97 25
7083253 O 04/01/27
0
1575777 076/076 F 266,400.00 ZZ
360 266,400.00 1
1102 SUSAN WAY 7.875 1,931.59 80
7.625 1,931.59 333,000.00
SUNNYVALE CA 94087 1 04/01/97 00
7083306 05 06/01/97 0
7083306 O 05/01/27
0
1575778 076/076 F 275,000.00 ZZ
360 274,829.07 1
203 SOUTH 17TH STREET 8.375 2,090.20 75
8.125 2,090.20 371,000.00
SAN JOSE CA 95112 5 03/17/97 00
7083331 05 05/01/97 0
7083331 O 04/01/27
0
1
1575779 076/076 F 256,450.00 ZZ
360 256,302.45 1
66 SNYDER WAY 8.750 2,017.50 90
8.500 2,017.50 285,000.00
FREMONT CA 94536 1 03/26/97 14
7083621 05 05/01/97 25
7083621 O 04/01/27
0
1575781 076/076 F 300,000.00 ZZ
360 299,798.70 1
1761 CURTIS AVENUE 8.000 2,201.30 64
7.750 2,201.30 469,000.00
MANHATTAN BEACH CA 90266 1 03/19/97 00
7083999 05 05/01/97 0
7083999 O 04/01/27
0
1575782 076/076 F 264,500.00 ZZ
360 264,322.52 1
703 SANTA PAULA 8.000 1,940.81 78
7.750 1,940.81 340,000.00
SOLANA BEACH CA 92075 2 03/25/97 00
7084031 05 05/01/97 0
7084031 O 04/01/27
0
1575784 076/076 F 248,000.00 ZZ
360 247,849.76 1
4942 SOUTHCREST AVENUE 8.500 1,906.91 80
8.250 1,906.91 310,000.00
SAN DIEGO CA 92110 1 03/26/97 00
7084066 05 05/01/97 0
7084066 O 04/01/27
0
1575785 076/076 F 300,000.00 ZZ
360 299,808.70 1
316 30TH AVENUE 8.250 2,253.80 80
8.000 2,253.80 375,000.00
SAN MATEO CA 94403 1 03/26/97 00
7084086 05 05/01/97 0
7084086 O 04/01/27
0
1575788 076/076 F 340,000.00 ZZ
360 340,000.00 1
1
3387 GREYSTONE DRIVE 8.000 2,494.80 80
7.750 2,494.80 425,000.00
JAMUL CA 91935 1 04/09/97 00
7085135 03 06/01/97 0
7085135 O 05/01/27
0
1575789 076/076 F 278,400.00 ZZ
360 278,231.34 1
3320 DICKENS STREET 8.500 2,140.66 79
8.250 2,140.66 355,000.00
SAN DIEGO CA 92106 1 03/20/97 00
7085166 05 05/01/97 0
7085166 O 04/01/27
0
1575790 076/076 F 293,000.00 ZZ
360 292,808.33 1
17316 CLEECO PLACE 8.125 2,175.52 90
7.875 2,175.52 327,000.00
POWAY CA 92064 2 03/28/97 11
7085343 03 05/01/97 25
7085343 O 04/01/27
0
1575793 076/076 F 256,000.00 ZZ
360 255,663.93 1
10401 SOUTH COUNTY ROAD 1210 8.125 1,900.80 78
7.875 1,900.80 330,000.00
MIDLAND TX 79706 2 02/25/97 00
8003452 05 04/01/97 0
8003452 O 03/01/27
0
1575794 076/076 F 460,000.00 ZZ
360 459,714.09 1
27552 SAN BLAS 8.375 3,496.33 57
8.125 3,496.33 810,000.00
MISSION VIEJO CA 92692 2 03/03/97 00
8004592 03 05/01/97 0
8004592 O 04/01/27
0
1575795 076/076 F 290,000.00 ZZ
360 289,665.09 1
34052 BEDFORD LANE 8.750 2,281.43 65
8.500 2,281.43 450,000.00
DANA POINT CA 92629 5 02/19/97 00
8004932 03 04/01/97 0
1
8004932 O 03/01/27
0
1575796 076/076 F 280,000.00 ZZ
360 279,623.00 1
1725 SKYLINE DRIVE 8.000 2,054.54 79
7.750 2,054.54 356,000.00
FULLERTON CA 92831 1 02/06/97 00
8005012 05 04/01/97 0
8005012 O 03/01/27
0
1575797 076/076 F 400,000.00 ZZ
360 399,757.67 1
69-16 110 STREET 8.500 3,075.66 67
8.250 3,075.66 600,000.00
FOREST HILLS NY 11375 1 03/07/97 00
8005142 05 05/01/97 0
8005142 O 04/01/27
0
1575798 076/076 F 251,100.00 ZZ
360 250,939.88 1
1201 CEDAR CREST DRIVE 8.250 1,886.43 89
8.000 1,886.43 285,000.00
ABILENE TX 79601 1 03/07/97 19
8005582 05 05/01/97 25
8005582 O 04/01/27
0
1575799 076/076 F 245,200.00 ZZ
360 244,861.41 1
▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ 7.875 1,777.87 80
7.625 1,777.87 306,500.00
LOOMIS CA 93650 2 02/21/97 00
8009192 03 04/01/97 0
8009192 O 03/01/27
0
1575800 076/076 F 240,000.00 ZZ
360 239,850.83 1
1514 ▇▇▇▇▇▇▇▇▇ DRIVE 8.375 1,824.17 54
8.125 1,824.17 445,000.00
SAN JOSE CA 95125 1 03/11/97 00
8009942 05 05/01/97 0
8009942 O 04/01/27
0
1
1575804 076/076 F 250,000.00 ZZ
360 249,640.63 1
58 POPPY LANE 7.875 1,812.67 56
7.625 1,812.67 450,000.00
BERKELEY CA 94708 1 02/28/97 00
8025432 05 05/01/97 0
8025432 O 04/01/27
0
1575805 076/076 F 280,000.00 ZZ
360 279,807.31 1
▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇ 7.875 2,030.19 74
7.625 2,030.19 380,000.00
IRVINE CA 92612 1 03/06/97 00
8031142 03 05/01/97 0
8031142 O 04/01/27
0
1575806 076/076 F 236,000.00 ZZ
360 235,860.67 1
981 HAWTHORNE COURT 8.625 1,835.58 90
8.375 1,835.58 265,000.00
SAN MARCOS CA 92069 2 03/31/97 12
8032062 05 05/01/97 25
8032062 O 04/01/27
0
1575807 076/076 F 310,500.00 ZZ
360 310,081.93 1
818 DELAWARE STREET 8.000 2,278.34 90
7.750 2,278.34 345,000.00
HUNTINGTON BEAC CA 92648 1 02/14/97 01
8033152 05 04/01/97 25
8033152 O 03/01/27
0
1575808 076/076 F 340,000.00 ZZ
360 339,760.03 1
▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ 7.750 2,435.80 58
7.500 2,435.80 590,000.00
SAN JOSE CA 95120 1 03/13/97 00
8033882 05 05/01/97 0
8033882 O 04/01/27
0
1575809 076/076 F 486,000.00 ZZ
360 485,656.99 1
727 ▇▇▇▇▇▇▇ STREET 7.750 3,481.76 63
7.500 3,481.76 775,000.00
1
PALO ALTO CA 94301 2 02/28/97 00
8034702 05 05/01/97 0
8034702 O 04/01/27
0
1575810 076/076 F 270,000.00 ZZ
360 269,823.38 1
S58 W22820 GLENGARRY RD 8.125 2,004.74 69
7.875 2,004.74 393,000.00
WAUKESHA WI 53188 2 03/20/97 00
8036822 05 05/01/97 0
8036822 O 04/01/27
0
1575812 076/076 F 285,000.00 ZZ
360 284,822.85 1
6 MAIDSTONE 8.375 2,166.21 75
8.125 2,166.21 380,000.00
COTO DE CAZA CA 92679 2 03/04/97 00
8039182 03 05/01/97 0
8039182 O 04/01/27
0
1575816 076/076 F 350,000.00 ZZ
360 349,759.13 1
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ 7.875 2,537.75 69
7.625 2,537.75 508,000.00
MIAMI FL 33176 2 03/17/97 00
8044872 03 05/01/97 0
8044872 O 04/01/27
0
1575817 076/076 F 268,400.00 ZZ
360 268,019.91 1
4108 TWIN LEAF COURT 7.750 1,922.85 78
7.500 1,922.85 348,400.00
MARIETTA GA 30062 1 02/19/97 00
8047972 03 04/01/97 0
8047972 O 03/01/27
0
1575818 076/076 F 460,000.00 ZZ
360 459,691.35 1
31 TRUMBULL COURT 8.000 3,375.32 80
7.750 3,375.32 575,000.00
NOVATO CA 94947 1 03/01/97 00
8050162 05 05/01/97 0
8050162 O 04/01/27
0
1
1575819 076/076 F 300,000.00 T
360 299,793.54 1
1211 VIRGINIA WAY 7.875 2,175.21 75
7.625 2,175.21 400,000.00
SAN DIEGO CA 92037 1 03/04/97 00
8050342 03 05/01/97 0
8050342 O 04/01/27
0
1575820 076/076 F 415,200.00 ZZ
360 414,935.24 1
8663 NOTTINGHAM PLACE 8.250 3,119.26 80
8.000 3,119.26 519,000.00
LA JOLLA CA 92037 1 03/20/97 00
8051202 05 05/01/97 0
8051202 O 04/01/27
0
1575821 076/076 F 249,000.00 ZZ
360 248,828.64 1
5321 THREE SISTERS CIRCLE 7.875 1,805.42 76
7.625 1,805.42 328,000.00
EVERGREEN CO 80439 2 03/07/97 00
8051802 05 05/01/97 0
8051802 O 04/01/27
0
1575824 076/076 F 262,400.00 ZZ
360 262,214.80 1
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ 7.750 1,879.87 80
7.500 1,879.87 328,000.00
NOVATO CA 94947 1 03/06/97 00
8056932 05 05/01/97 0
8056932 O 04/01/27
0
1575825 076/076 F 335,000.00 ZZ
360 334,769.46 1
205 BELLAIRE DRIVE 7.875 2,428.98 79
7.625 2,428.98 425,000.00
NEW ORLEANS LA 70124 2 02/26/97 00
8057002 05 05/01/97 0
8057002 O 04/01/27
0
1575826 076/076 F 400,000.00 ZZ
360 399,738.34 1
1
471 MONTORI COURT 8.125 2,969.99 77
7.875 2,969.99 520,000.00
PLEASANTON CA 94566 2 03/13/97 00
8057692 03 05/01/97 0
8057692 O 04/01/27
0
1575828 076/076 F 292,000.00 ZZ
360 291,799.04 1
1709 ▇▇▇▇▇▇ ROAD 7.875 2,117.21 80
7.625 2,117.21 365,000.00
DURHAM NC 27705 1 03/17/97 00
8060662 05 05/01/97 0
8060662 O 04/01/27
0
1575831 076/076 F 435,600.00 ZZ
360 435,300.22 1
41 SUNKIST LANE 7.875 3,158.41 52
7.625 3,158.41 845,000.00
LOS ALTOS CA 94022 2 03/10/97 00
8064832 05 05/01/97 0
8064832 O 04/01/27
0
1575832 076/076 F 308,350.00 ZZ
360 308,137.80 1
11529 ▇▇▇▇▇ CREEK ROAD 7.875 2,235.75 85
7.625 2,235.75 362,772.00
SAN DIEGO CA 92131 1 03/13/97 12
8065022 05 05/01/97 12
8065022 O 04/01/27
0
1575834 076/076 F 525,000.00 ZZ
360 524,629.45 1
555 HILARY DRIVE 7.750 3,761.17 78
7.500 3,761.17 675,000.00
TIBURON CA 94920 1 03/06/97 00
8065772 05 05/01/97 0
8065772 O 04/01/27
0
1575835 076/076 F 246,700.00 ZZ
360 246,530.22 1
1834 BRENTWOOD ROAD 7.875 1,788.75 75
7.625 1,788.75 329,000.00
OAKLAND CA 94602 1 03/12/97 00
8065912 05 05/01/97 0
1
8065912 O 04/01/27
0
1575836 076/076 F 300,000.00 ZZ
360 299,798.71 1
7 ▇▇▇▇▇▇▇▇ DRIVE 8.000 2,201.29 77
7.750 2,201.29 392,000.00
MORAGA CA 94556 2 03/14/97 00
8066362 05 05/01/97 0
8066362 O 04/01/27
0
1575847 076/076 F 720,000.00 ZZ
360 719,574.91 1
216 FAIRACRES ROAD 8.625 5,600.09 72
8.375 5,600.09 1,000,000.00
OMAHA NE 68132 2 03/27/97 00
8072282 05 05/01/97 0
8072282 O 04/01/27
0
1575852 076/076 F 310,000.00 ZZ
360 309,802.32 1
▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ 8.250 2,328.93 76
8.000 2,328.93 410,000.00
SEATTLE WA 98119 2 03/14/97 00
8076492 05 05/01/97 0
8076492 O 04/01/27
0
1575853 076/076 F 215,910.00 ZZ
360 215,768.76 1
▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ 8.125 1,603.13 90
7.875 1,603.13 239,900.00
RIVERTON UT 84065 1 03/13/97 10
8077082 05 05/01/97 25
8077082 O 04/01/27
0
1575858 076/076 F 250,000.00 ZZ
360 249,832.26 1
10013 FOREST GLADE DRIVE 8.000 1,834.41 74
7.750 1,834.41 340,000.00
OKLAHOMA CITY OK 73151 2 03/11/97 00
8078702 03 05/01/97 0
8078702 O 04/01/27
0
1
1575861 076/076 F 450,000.00 ZZ
360 449,657.58 1
7 ▇▇▇▇▇ COURT 7.375 3,108.04 80
7.125 3,108.04 565,535.00
BRIDGEWATER NJ 08836 1 03/26/97 00
8081392 05 05/01/97 0
8081392 O 04/01/27
0
1575864 076/076 F 250,000.00 ZZ
360 249,832.26 1
2221 ▇▇▇▇ ▇▇▇▇▇ EAST 8.000 1,834.41 62
7.750 1,834.41 408,000.00
SEATTLE WA 98112 2 03/14/97 00
8083232 05 05/01/97 0
8083232 O 04/01/27
0
1575867 076/076 F 500,000.00 ZZ
360 499,655.90 1
▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ 7.875 3,625.35 77
7.625 3,625.35 650,000.00
HOUSTON TX 77019 1 03/27/97 00
8086642 03 05/01/97 0
8086642 O 04/01/27
0
1575869 076/076 F 220,900.00 ZZ
360 220,766.18 1
518 ▇▇▇▇▇▇▇ AVENUE 8.500 1,698.53 90
UNIT PH2 (CP2) 8.250 1,698.53 245,500.00
WEEHAWKIN NJ 07087 1 03/31/97 11
8088782 01 05/01/97 25
8088782 O 04/01/27
0
1575877 076/076 F 499,000.00 ZZ
360 498,665.18 1
40 AVIGNON COURT 8.000 3,661.49 68
7.750 3,661.49 740,000.00
LITTLE ROCK AR 72211 2 04/01/97 00
8097992 05 05/01/97 0
8097992 O 04/01/27
0
1575878 076/076 F 650,000.00 ZZ
360 649,671.76 1
118 NORTH ELM DRIVE 9.375 5,406.37 73
9.125 5,406.37 900,000.00
1
BEVERLY HILLS CA 90210 2 03/28/97 00
8098502 05 05/01/97 0
8098502 O 04/01/27
0
1575880 076/076 F 216,000.00 ZZ
360 215,865.74 1
780 BORDENRAE COURT 8.375 1,641.76 80
8.125 1,641.76 270,000.00
SAN JOSE CA 95117 2 03/06/97 00
8100092 05 05/01/97 0
8100092 O 04/01/27
0
1575881 076/076 F 312,000.00 ZZ
360 311,790.65 1
14311 ECHO BLUFF 8.000 2,289.35 78
7.750 2,289.35 400,000.00
AUSTIN TX 78737 2 03/06/97 00
8100772 05 05/01/97 0
8100772 O 04/01/27
0
1575882 076/076 F 332,180.00 ZZ
360 331,951.39 1
2536 AZURE COAST DRIVE 7.875 2,408.54 90
7.625 2,408.54 369,500.00
LA JOLLA CA 92037 1 03/21/97 10
8101672 05 05/01/97 25
8101672 O 04/01/27
0
1575883 076/076 F 432,000.00 ZZ
360 431,717.41 1
▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ 8.125 3,207.59 80
7.875 3,207.59 540,000.00
LAFAYETTE CA 94549 1 03/21/97 00
8101732 05 05/01/97 0
8101732 O 04/01/27
0
1575884 076/076 F 266,850.00 ZZ
360 266,679.84 1
5475 FERN DRIVE 8.250 2,004.75 90
8.000 2,004.75 296,500.00
SAN JOSE CA 95124 1 03/07/97 11
8101832 03 05/01/97 25
8101832 O 04/01/27
0
1
1575885 076/076 F 325,000.00 ZZ
360 325,000.00 1
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ 8.000 2,384.73 68
7.750 2,384.73 480,000.00
ST HELENA CA 94574 1 03/28/97 00
8102602 03 06/01/97 0
8102602 O 05/01/27
0
1575886 076/076 F 265,800.00 ZZ
360 265,800.00 1
6432 JERSEY CIRCLE 8.250 1,996.87 80
8.000 1,996.87 332,500.00
HUNTINGTON BEAC CA 92647 1 03/27/97 00
8102892 05 06/01/97 0
8102892 O 05/01/27
0
1575887 076/076 F 230,000.00 ZZ
360 229,853.34 1
8101 ROCKFIELD COURT 8.250 1,727.91 68
8.000 1,727.91 340,000.00
FAIR OAKS CA 95628 2 03/14/97 00
8104622 05 05/01/97 0
8104622 O 04/01/27
0
1575888 076/076 F 303,200.00 ZZ
360 303,001.67 1
▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇ 8.125 2,251.25 80
7.875 2,251.25 379,000.00
EDMOND OK 73003 1 03/11/97 00
8105982 05 05/01/97 0
8105982 O 04/01/27
0
1575891 076/076 F 245,000.00 ZZ
360 244,839.73 1
#1 VICTORIAN COURT 8.125 1,819.12 75
7.875 1,819.12 330,000.00
SAINT ▇▇▇▇▇▇ MO 64507 2 03/27/97 00
8107392 05 05/01/97 0
8107392 O 04/01/27
0
1575893 076/076 F 440,000.00 ZZ
360 439,704.76 1
1
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ 8.000 3,228.57 77
7.750 3,228.57 575,000.00
ENCINITAS CA 92024 2 03/21/97 00
8108162 05 05/01/97 0
8108162 O 04/01/27
0
1575894 076/076 F 225,000.00 ZZ
360 224,852.82 1
1755 NORTH ▇▇▇▇▇▇ DRIVE 8.125 1,670.62 75
7.875 1,670.62 300,000.00
BREA CA 92821 1 03/07/97 00
8108432 03 05/01/97 0
8108432 O 04/01/27
0
1575897 076/076 F 247,000.00 ZZ
360 246,850.36 1
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ 8.500 1,899.22 95
8.250 1,899.22 260,000.00
YORBA LINDA CA 92887 1 03/17/97 01
8111932 05 05/01/97 30
8111932 O 04/01/27
0
1575898 076/076 F 396,000.00 ZZ
360 395,740.96 1
55 E DORCHESTER DRIVE 8.125 2,940.29 90
7.875 2,940.29 440,000.00
SALT LAKE CITY UT 84103 1 04/02/97 04
8113722 05 05/01/97 25
8113722 O 04/01/27
0
1575899 076/076 F 310,550.00 ZZ
360 310,346.86 1
412 ANTELOE RIDGE WAY 8.125 2,305.82 90
7.875 2,305.82 345,061.00
DANVILLE CA 94506 1 03/25/97 04
8113762 03 05/01/97 25
8113762 O 04/01/27
0
1575901 076/076 F 263,000.00 ZZ
360 262,819.00 1
1925 EAST 21ST 7.875 1,906.94 80
7.625 1,906.94 329,000.00
BROOKLYN NY 11229 1 03/31/97 00
8115452 05 05/01/97 0
1
8115452 O 04/01/27
0
1575902 076/076 F 395,000.00 ZZ
360 395,000.00 1
1 SAN ▇▇▇▇▇▇ WAY 7.875 2,864.03 61
7.625 2,864.03 650,000.00
CORONA DEL MAR CA 92625 1 04/03/97 00
8118912 03 06/01/97 0
8118912 O 05/01/27
0
1575903 076/076 F 362,400.00 ZZ
360 362,150.60 1
1363 SELO DRIVE 7.875 2,627.65 80
7.625 2,627.65 453,000.00
SUNNYVALE CA 94087 1 03/19/97 00
8119762 05 05/01/97 0
8119762 O 04/01/27
0
1575904 076/076 F 302,700.00 ZZ
360 302,506.97 1
N ▇▇▇▇ ▇▇▇▇▇▇ ▇▇ 8.250 2,274.09 64
8.000 2,274.09 475,000.00
PRESCOTT WI 54021 2 03/21/97 00
8124932 05 05/01/97 0
8124932 O 04/01/27
0
1575905 076/076 F 242,000.00 ZZ
360 242,000.00 1
▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ 8.000 1,775.71 79
7.750 1,775.71 310,000.00
SAN JOSE CA 95136 2 04/01/97 00
8125512 05 06/01/97 0
8125512 O 05/01/27
0
1575906 076/076 F 262,000.00 ZZ
360 262,000.00 1
1402 GLACIER DRIVE 8.000 1,922.46 80
7.750 1,922.46 327,500.00
SAN JOSE CA 95118 2 04/04/97 00
8126942 05 06/01/97 0
8126942 O 05/01/27
0
1
1575907 076/076 F 393,550.00 ZZ
360 393,305.39 1
1348 E LOS ARBOLES DRIVE 8.375 2,991.26 74
8.125 2,991.26 535,000.00
TEMPE AZ 85284 2 04/02/97 00
8128192 05 05/01/97 0
8128192 O 04/01/27
0
1575908 076/076 F 322,000.00 ZZ
360 321,778.41 1
730 MORNINGHOME ROAD 7.875 2,334.72 80
7.625 2,334.72 403,500.00
DANVILLE CA 94526 1 03/14/97 00
8130102 05 05/01/97 0
8130102 O 04/01/27
0
1575909 076/076 F 234,500.00 ZZ
360 234,500.00 1
781 ▇▇▇▇▇▇▇ COURT 8.375 1,782.37 70
8.125 1,782.37 335,000.00
SAN JOSE CA 95126 1 03/28/97 00
8130432 05 06/01/97 0
8130432 O 05/01/27
0
1575910 076/076 F 631,200.00 ZZ
360 630,797.50 1
4502 ROCKBRIDGE HOLLOW 8.250 4,742.00 80
8.000 4,742.00 789,000.00
TALLAHASSEE FL 32312 1 03/27/97 00
8131722 05 05/01/97 0
8131722 O 04/01/27
0
1575911 076/076 F 234,500.00 ZZ
360 234,500.00 1
178 GRAND VIEW AVENUE #1 8.375 1,782.37 79
8.125 1,782.37 300,000.00
SAN FRANCISCO CA 94114 2 04/17/97 00
8135552 01 06/01/97 0
8135552 O 05/01/27
0
1575912 076/076 F 287,000.00 T
360 286,816.99 1
LOT 44 STAR CREEK DRIVE 8.250 2,156.14 77
8.000 2,156.14 374,500.00
1
BLUE RIDGE GA 30513 2 04/01/97 00
8136102 05 05/01/97 0
8136102 O 04/01/27
0
1575913 076/076 F 378,000.00 ZZ
360 377,746.36 1
1415 FALLS CREST DRIVE 8.000 2,773.64 80
7.750 2,773.64 473,000.00
FALLSTON MD 21047 1 03/27/97 00
8136122 05 05/01/97 0
8136122 O 04/01/27
0
1575914 076/076 F 250,000.00 ZZ
360 249,832.26 1
10811 MONTEREY FOREST COVE 8.000 1,834.41 70
7.750 1,834.41 359,692.00
▇▇▇▇ TN 38028 1 03/24/97 00
8139122 05 05/01/97 0
8139122 O 04/01/27
0
1575915 076/076 F 600,000.00 ZZ
360 599,627.07 1
▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ 8.375 4,560.43 80
8.125 4,560.43 750,000.00
SOUTH LAKE TAHO CA 96150 1 03/31/97 00
8146092 03 05/01/97 0
8146092 O 04/01/27
0
1575917 076/076 F 286,100.00 ZZ
360 286,100.00 1
2685 NARCISSUS DRIVE 8.125 2,124.28 90
7.875 2,124.28 318,000.00
SAN DIEGO CA 92106 1 04/10/97 12
8152752 05 06/01/97 25
8152752 O 05/01/27
0
1575918 076/076 F 258,750.00 ZZ
360 258,750.00 1
381 ▇▇▇▇▇ AVENUE 8.125 1,921.21 90
7.875 1,921.21 287,500.00
SANTA CLARA CA 95051 1 04/08/97 12
8154922 05 06/01/97 25
8154922 O 05/01/27
0
1
1575919 076/076 F 264,750.00 ZZ
360 264,750.00 1
▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ 8.250 1,988.98 89
8.000 1,988.98 297,500.00
POWAY CA 92064 1 04/04/97 10
8162142 05 06/01/97 25
8162142 O 05/01/27
0
1575932 287/287 F 256,000.00 ZZ
360 255,860.88 1
8 S 191 ROUTE 47 9.025 2,064.45 79
8.775 2,064.45 325,000.00
SUGAR GROVE IL 60554 2 03/24/97 00
8753154 05 05/01/97 0
8753154 O 04/01/27
0
1575950 E22/G01 F 49,000.00 ZZ
360 49,000.00 1
1540 N.E. ▇▇▇▇ ▇▇▇▇▇▇ 8.500 376.77 70
8.250 376.77 70,000.00
POMPANO BEACH FL 33064 2 04/14/97 00
0410381032 05 06/01/97 0
410381032 O 05/01/27
0
1575955 E22/G01 F 75,950.00 ZZ
360 75,950.00 1
1906 OAK HOLLOW DRIVE 8.500 583.99 70
8.250 583.99 108,550.00
ROUND ROCK TX 78664 1 04/18/97 00
0410313852 05 06/01/97 0
410313852 O 05/01/27
0
1575983 E22/G01 F 132,000.00 ZZ
360 132,000.00 1
6324 PENNYROYAL WAY 8.500 1,014.97 80
8.250 1,014.97 165,000.00
CARMICHAEL CA 95608 2 04/15/97 00
0410373047 05 06/01/97 0
410373047 O 05/01/27
0
1575989 685/G01 F 254,000.00 ZZ
360 254,000.00 1
1
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇ 8.000 1,863.76 73
7.750 1,863.76 350,000.00
FRUIT HEIGHTS UT 84037 2 04/10/97 00
0430211565 05 06/01/97 0
107432 O 05/01/27
0
1575997 E22/G01 F 243,750.00 ZZ
360 243,750.00 1
▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ 8.750 1,917.58 75
8.500 1,917.58 325,000.00
MIAMI FL 33158 1 04/21/97 00
0410384184 05 06/01/97 0
410384184 O 05/01/27
0
1575999 E22/G01 F 248,900.00 ZZ
360 248,900.00 1
▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ 8.375 1,891.82 75
8.125 1,891.82 331,900.00
HOUSTON TX 77005 1 04/21/97 00
0410316723 05 06/01/97 0
410316723 O 05/01/27
0
1576002 E22/G01 F 84,000.00 ZZ
360 84,000.00 1
4507 GREEN ACRES ▇▇▇▇▇ 8.625 653.34 80
8.375 653.34 105,000.00
SAN ANTONIO TX 78249 1 04/21/97 00
0410370795 05 06/01/97 0
410370795 O 05/01/27
0
1576022 E22/G01 F 130,000.00 ZZ
360 130,000.00 1
432 WILSHIRE 8.875 1,034.34 58
8.625 1,034.34 225,000.00
BLOOMFIELD TOWN MI 48302 5 04/11/97 00
0410390371 05 06/01/97 0
410390371 O 05/01/27
0
1576042 E22/G01 F 36,800.00 ZZ
360 36,800.00 1
2506 ▇▇▇▇▇▇▇ AVENUE 8.500 282.96 70
8.250 282.96 52,700.00
MELBOURNE FL 32935 1 04/24/97 00
0410377618 05 06/01/97 0
1
410377618 O 05/01/27
0
1576054 E22/G01 F 58,500.00 ZZ
360 58,500.00 1
436 CANARY LANE 8.875 465.45 59
8.625 465.45 100,500.00
ST ▇▇▇▇▇▇▇ MO 63301 2 04/09/97 00
0410364558 05 06/01/97 0
410364558 O 05/01/27
0
1576059 696/G01 F 207,900.00 ZZ
360 207,900.00 1
▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇ 7.750 1,489.42 80
7.500 1,489.42 259,900.00
HERNDON VA 20170 1 04/24/97 00
0430213082 03 06/01/97 0
2239524 O 05/01/27
0
1576106 E22/G01 F 202,500.00 ZZ
360 202,500.00 1
▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ 8.750 1,593.07 75
8.500 1,593.07 270,000.00
INDEPENDENCE TW NJ 07840 5 04/17/97 00
0410322895 05 06/01/97 0
410347983 O 05/01/27
0
1576107 E22/G01 F 123,750.00 ZZ
360 123,750.00 1
RT. 2, BOX 54 8.750 973.54 75
8.500 973.54 165,000.00
▇▇▇▇▇▇▇ OK 73080 5 04/21/97 00
0410322895 05 06/01/97 0
410322895 O 05/01/27
0
1576118 E22/G01 F 270,950.00 BB
360 270,950.00 1
2890 OPAL COURT 8.875 2,155.80 80
8.625 2,155.80 338,707.00
SIMI VALLEY CA 93063 1 04/22/97 00
0410299846 05 06/01/97 0
410299846 O 05/01/27
0
1
1576135 995/G01 F 164,000.00 ZZ
360 164,000.00 1
52 CEDARCLIFF DRIVE 8.875 1,304.86 75
8.625 1,304.86 219,000.00
WAYNE NJ 07470 1 04/18/97 00
0430214452 05 06/01/97 0
GM10031483 O 05/01/27
0
1576155 195/G01 F 185,000.00 T
360 185,000.00 1
100 GREEN DUNES DRIVE 8.750 1,455.40 65
8.500 1,455.40 285,000.00
WEST HYANNISPOR MA 02672 1 04/25/97 00
0430215178 05 06/01/97 0
53430 O 05/01/27
0
1576156 995/G01 F 300,000.00 ZZ
360 300,000.00 1
10 OAKWOOD COURT 8.750 2,360.10 66
8.500 2,360.10 457,000.00
CEDAR GROVE NJ 07009 1 04/18/97 00
0430215681 01 06/01/97 0
GM10031433 O 05/01/27
0
1576271 696/G01 F 172,450.00 ZZ
360 172,450.00 1
9524 BRIDGEWATER COURT EAST 8.125 1,280.44 80
7.875 1,280.44 215,605.00
FREDERICK MD 21701 1 04/17/97 00
0430214502 03 06/01/97 0
3194956 O 05/01/27
0
1576310 450/450 F 268,400.00 ZZ
360 268,400.00 1
▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ 8.750 2,111.50 75
8.500 2,111.50 357,930.00
LOS ANGELES CA 91401 1 04/11/97 00
4189916 05 06/01/97 0
4189916 O 05/01/27
0
1576371 776/G01 F 436,000.00 ZZ
360 436,000.00 1
▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ 8.500 3,352.46 80
8.250 3,352.46 545,000.00
1
CENTRAL POINT OR 97502 1 04/17/97 00
0430216838 05 06/01/97 0
5044292 O 05/01/27
0
1576397 568/G01 F 400,000.00 ZZ
360 400,000.00 1
1891 PAGO COURT 8.500 3,075.65 73
8.250 3,075.65 550,000.00
LAS VEGAS NV 89117 2 04/22/97 00
0430216333 05 06/01/97 0
808485 O 05/01/27
0
1576465 E22/G01 F 124,350.00 ZZ
360 124,350.00 1
▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ 8.375 945.15 78
8.125 945.15 160,000.00
PLANO TX 75024 1 04/23/97 00
0410313746 03 06/01/97 0
410313746 O 05/01/27
0
1576466 E22/G01 F 185,500.00 ZZ
360 185,500.00 1
28901 BIRHCREST WAY 8.500 1,426.33 70
8.250 1,426.33 265,000.00
FARMINGTON HILL MI 48331 1 04/22/97 00
0410363246 05 06/01/97 0
410363246 O 05/01/27
0
1576488 E22/G01 F 186,000.00 T
360 186,000.00 1
132 RING NECK 8.750 1,463.26 70
8.500 1,463.26 266,000.00
EAGLE CO 81631 1 04/18/97 00
0410315352 05 06/01/97 0
410315352 O 05/01/27
0
1576522 369/G01 F 310,000.00 ZZ
360 310,000.00 1
642 WEST 850 SOUTH 8.500 2,383.64 73
8.250 2,383.64 430,000.00
OREM UT 84058 5 04/08/97 00
0430219816 05 06/01/97 0
60500881 O 05/01/27
0
1
1576524 696/G01 F 84,000.00 ZZ
360 84,000.00 1
▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ 8.000 616.36 80
7.750 616.36 105,000.00
ARLINGTON VA 22204 1 04/24/97 00
0430213686 07 06/01/97 0
2379827 O 05/01/27
0
1576525 369/G01 F 292,000.00 ZZ
360 291,813.80 1
6330 MIDSUMMER LANE 8.250 2,193.70 80
8.000 2,193.70 365,000.00
ROANOKE VA 24018 1 03/28/97 00
0430220152 05 05/01/97 0
60410768 O 04/01/27
0
1576609 E22/G01 F 108,450.00 ZZ
360 108,450.00 1
23539 KING DRIVE 8.500 833.89 74
8.250 833.89 147,000.00
CLINTON TOWNSHI MI 48035 1 04/22/97 00
0410365126 05 06/01/97 0
410365126 O 05/01/27
0
1576617 181/181 F 307,500.00 ZZ
360 307,500.00 1
1933 WEST SCHOOL STREET 8.125 2,283.18 79
7.875 2,283.18 390,000.00
CHICAGO IL 60657 5 04/11/97 00
5612403 05 06/01/97 0
5612403 O 05/01/27
0
1576624 E22/G01 F 600,000.00 ZZ
360 600,000.00 1
5 ▇▇▇▇▇▇▇▇ COURT 7.875 4,350.42 62
7.625 4,350.42 975,000.00
OLD BROOKVILLE NY 11545 5 04/18/97 00
0410392559 05 06/01/97 0
410392559 O 05/01/27
0
1576632 E22/G01 F 500,000.00 ZZ
360 500,000.00 1
1
385 HIGHCROFT LANE 8.750 3,933.50 65
8.500 3,933.50 779,909.00
WAYZATA MN 55391 1 04/25/97 00
0410204705 05 06/01/97 0
410204705 O 05/01/27
0
1576634 E22/G01 F 74,050.00 ZZ
360 74,050.00 1
1808 SUMMER RAIN DRIVE 8.500 569.38 70
8.250 569.38 105,800.00
CEDAR PARK TX 78613 1 04/25/97 00
0410313878 05 06/01/97 0
410313878 O 05/01/27
0
1576678 956/G01 F 184,000.00 ZZ
360 184,000.00 1
7221 SLEEPY CREEK DRIVE 8.375 1,398.53 80
8.125 1,398.53 230,000.00
SAN JOSE CA 95120 2 04/18/97 00
0430220384 03 06/01/97 0
1704157 O 05/01/27
0
1576681 E61/G01 F 216,000.00 ZZ
360 216,000.00 1
1748 LEDGEWOOD DRIVE 8.375 1,641.76 80
8.125 1,641.76 270,000.00
SAN JOSE CA 95124 1 04/23/97 00
0430220533 05 06/01/97 0
14780 O 05/01/27
0
1576683 696/G01 F 256,000.00 ZZ
360 256,000.00 1
▇▇▇▇ ▇ ▇▇▇▇▇ ▇▇▇▇ 7.875 1,856.18 80
7.625 1,856.18 320,000.00
ARLINGTON VA 22207 1 04/25/97 00
0430216432 09 06/01/97 0
2239884 O 05/01/27
0
1576694 624/G01 F 240,000.00 ZZ
360 240,000.00 1
▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ 8.250 1,803.04 80
8.000 1,803.04 300,000.00
TACOMA WA 98407 1 04/22/97 00
0430219006 05 06/01/97 0
1
851000170186 O 05/01/27
0
1576710 661/661 F 43,000.00 ZZ
360 43,000.00 1
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ 9.125 349.86 76
UNIT E 8.875 349.86 57,000.00
FORT ▇▇▇▇▇ FL 33908 5 04/01/97 00
2863181 01 06/01/97 0
2863181 O 05/01/27
0
1576712 661/661 F 247,500.00 ZZ
360 247,342.18 1
5227 BRAESVALLEY DRIVE 8.250 1,859.38 90
8.000 1,859.38 275,000.00
HOUSTON TX 77096 1 03/25/97 21
2836864 03 05/01/97 25
2836864 O 04/01/27
0
1576714 661/661 F 261,000.00 ZZ
360 260,853.68 1
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ 8.875 2,076.63 78
8.625 2,076.63 337,000.00
MIAMI FL 33175 2 03/25/97 00
2842144 05 05/01/97 0
2842144 O 04/01/27
0
1576769 025/025 F 430,000.00 ZZ
351 429,691.79 1
▇▇▇▇ ▇▇ ▇▇▇▇ ▇▇▇▇▇▇ 8.000 3,174.88 69
7.750 3,174.88 625,000.00
LIGHTHOUSE POIN FL 33064 1 03/14/97 00
UNKNOWN 05 05/01/97 0
UNKNOWN O 07/01/26
0
1576770 025/025 F 348,000.00 ZZ
360 348,000.00 1
▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ 8.125 2,583.89 80
7.875 2,583.89 435,000.00
CHATTANOOGA TN 37421 1 04/14/97 00
793623 05 06/01/97 0
793623 O 05/01/27
0
1
1576800 399/399 F 240,000.00 ZZ
360 240,000.00 1
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇ 8.625 1,866.70 74
8.375 1,866.70 325,000.00
GILROY CA 95020 5 04/10/97 00
6663751 05 06/01/97 0
6663751 O 05/01/27
0
1576851 E22/G01 F 284,750.00 ZZ
360 284,750.00 1
640 FORD LANE 8.500 2,189.48 85
8.250 2,189.48 335,000.00
BARTLETT IL 60103 1 04/28/97 04
0410210744 05 06/01/97 12
410210744 O 05/01/27
0
1576861 E22/G01 F 252,000.00 ZZ
360 252,000.00 1
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ 8.250 1,893.19 80
8.000 1,893.19 315,000.00
GARLAND TX 75044 1 04/25/97 00
0410369201 05 06/01/97 0
410369201 O 05/01/27
0
1576865 E22/G01 F 224,000.00 ZZ
360 224,000.00 1
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ 8.750 1,762.21 80
8.500 1,762.21 280,000.00
ROCKVILLE MD 20852 1 04/25/97 00
0410392484 05 06/01/97 0
410392484 O 05/01/27
0
1576900 696/G01 F 171,200.00 ZZ
360 171,200.00 1
7601 WARBLER LANE 8.750 1,346.83 80
8.500 1,346.83 214,000.00
DERWOOD MD 20855 1 04/25/97 00
0430215509 05 06/01/97 0
3275050 O 05/01/27
0
1576905 450/450 F 300,000.00 ZZ
360 300,000.00 1
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ DR 7.875 2,175.21 54
7.625 2,175.21 562,000.00
1
OAKLAND TWP MI 48306 1 04/28/97 00
4170882 05 06/01/97 0
4170882 O 05/01/27
0
1576939 661/661 F 277,000.00 ZZ
360 277,000.00 1
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ 8.375 2,105.40 73
8.125 2,105.40 380,000.00
MISSOULA MT 59801 1 04/14/97 00
2807105 05 06/01/97 0
2807105 O 05/01/27
0
1576949 661/661 F 53,000.00 ZZ
360 52,968.71 1
5500 ▇▇▇ BOULEVARD 8.625 412.23 73
8.375 412.23 73,000.00
COCOA FL 32927 1 03/14/97 00
2840619 05 05/01/97 0
2840619 O 04/01/27
0
1576950 661/661 F 35,000.00 ZZ
360 35,000.00 1
▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ 8.875 278.47 43
8.625 278.47 83,000.00
GARDEN CITY MI 48135 5 03/31/97 00
2844355 05 06/01/97 0
2844355 O 05/01/27
0
1576980 975/G01 F 318,000.00 ZZ
360 318,000.00 1
▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ 8.625 2,473.37 90
8.375 2,473.37 355,000.00
TEMPLE CITY CA 91780 1 04/25/97 01
0430220442 05 06/01/97 25
970792 O 05/01/27
0
1576993 F02/G01 F 355,000.00 ZZ
360 354,800.98 1
153 SOUTH FAIRWAY DRIVE 8.875 2,824.54 90
8.625 2,824.54 395,000.00
NORTH SALT LAKE UT 84054 1 03/17/97 14
0430217414 05 05/01/97 25
600929185 O 04/01/27
0
1
1576999 F02/G01 F 228,000.00 ZZ
360 227,847.02 1
▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ 8.000 1,672.98 80
UNIT 4207 7.750 1,672.98 285,000.00
CHICAGO IL 60611 1 03/26/97 00
0430219204 06 05/01/97 0
600868536 O 04/01/27
0
1577001 593/593 F 235,000.00 ZZ
360 202,442.77 1
▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ 8.500 1,806.95 80
8.250 1,806.95 295,000.00
MURRAY UT 84107 1 05/29/96 00
5609201 05 07/01/96 0
5609201 O 06/01/26
0
1577006 593/593 F 240,000.00 ZZ
360 238,619.27 1
▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ 8.375 1,824.18 80
8.125 1,824.18 300,000.00
POCATELLO ID 83201 1 07/03/96 00
6150858 05 09/01/96 0
6150858 O 08/01/26
0
1577008 593/593 F 228,000.00 ZZ
360 226,721.01 1
▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ 8.500 1,753.13 80
8.250 1,753.13 285,000.00
BOISE ID 83702 1 07/24/96 00
6011563 05 09/01/96 0
6011563 O 08/01/26
0
1577011 593/593 F 282,000.00 ZZ
360 280,236.11 1
3001 ARABIAN DRIVE 8.500 2,168.34 74
8.250 2,168.34 385,000.00
PARK CITY UT 84060 1 06/27/96 00
6625719 05 08/01/96 0
6625719 O 07/01/26
0
1577014 593/593 F 300,000.00 ZZ
360 298,123.46 1
1
▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇ 8.500 2,306.75 64
8.250 2,306.75 470,000.00
PARK CITY UT 84098 2 06/27/96 00
6589691 05 08/01/96 0
6589691 O 07/01/26
0
1577016 593/593 F 216,000.00 ZZ
360 214,644.60 1
714 EAST HAMPTON COURT 8.500 1,660.86 80
8.250 1,660.86 270,000.00
ALPINE UT 84004 1 06/18/96 00
6668248 05 08/01/96 0
6668248 O 07/01/26
0
1577020 593/593 F 250,000.00 ZZ
360 248,396.30 1
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ 8.375 1,900.19 69
8.125 1,900.19 365,000.00
SALT LAKE CITY UT 84103 1 06/19/96 00
6586994 05 08/01/96 0
6586994 O 07/01/26
0
1577021 593/593 F 355,000.00 ZZ
360 352,496.67 1
1251 SOUTH 1040 EAST 8.375 2,698.26 44
8.125 2,698.26 811,000.00
OREM UT 84058 4 08/02/96 00
6660500 05 10/01/96 0
6660500 O 09/01/26
0
1577023 461/G01 F 468,000.00 ZZ
360 468,000.00 1
▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ 8.000 3,434.02 80
7.750 3,434.02 585,000.00
MONROVIA CA 91016 1 04/15/97 00
0430215939 03 06/01/97 0
21593207 O 05/01/27
0
1577050 B57/G01 F 188,000.00 ZZ
360 188,000.00 1
▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇, ▇▇. A 8.375 1,428.94 80
8.125 1,428.94 235,000.00
MALIBU CA 90265 1 04/25/97 00
0430220020 01 06/01/97 0
1
9710648 O 05/01/27
0
1577052 696/G01 F 259,200.00 ZZ
360 259,200.00 1
1413 ▇▇▇▇▇ ROAD 8.625 2,016.03 80
8.375 2,016.03 324,000.00
MCLEAN VA 22101 1 04/28/97 00
0430217471 05 06/01/97 0
2389695 O 05/01/27
0
1577055 461/G01 F 255,000.00 ZZ
360 255,000.00 1
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ 8.750 2,006.09 58
8.500 2,006.09 440,000.00
PALO ALTO CA 94306 2 04/17/97 00
0430215988 05 06/01/97 0
21121496 O 05/01/27
0
1577056 696/G01 F 287,200.00 ZZ
360 287,200.00 1
▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇ 8.625 2,233.81 80
8.375 2,233.81 359,000.00
WASHINGTON DC 20015 1 04/25/97 00
0430217307 05 06/01/97 0
3125156 O 05/01/27
0
1577059 696/G01 F 287,900.00 ZZ
360 287,900.00 1
1809 GOLD MINE ROAD 8.375 2,188.25 80
8.125 2,188.25 359,900.00
BROOKEVILLE MD 20833 1 04/29/97 00
0430217778 05 06/01/97 0
6090848 O 05/01/27
0
1577064 461/G01 F 223,700.00 ZZ
360 223,700.00 1
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ 8.250 1,680.59 80
8.000 1,680.59 279,625.00
SANTA MARIA CA 93455 1 04/09/97 00
0430216028 05 06/01/97 0
21114525 O 05/01/27
0
1
1577074 461/G01 F 300,000.00 ZZ
360 300,000.00 1
28362 VIA MONDANO 8.000 2,201.30 78
7.750 2,201.30 387,374.00
SAN ▇▇▇▇ CAPIST CA 92675 1 04/12/97 00
0430217141 05 06/01/97 0
21118989 O 05/01/27
0
1577077 461/G01 F 287,100.00 ZZ
360 287,100.00 1
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ 8.250 2,156.89 90
8.000 2,156.89 319,000.00
LOS ALAMITOS AR CA 90720 1 04/11/97 10
0430216085 05 06/01/97 25
21120605 O 05/01/27
0
1577105 696/G01 F 138,400.00 ZZ
360 138,400.00 1
4099 CHAMPIONSHIP COURT 8.125 1,027.62 80
7.875 1,027.62 173,000.00
ANNANDALE VA 22003 1 04/25/97 00
0430216267 09 06/01/97 0
2289802 O 05/01/27
0
1577212 975/G01 F 272,900.00 ZZ
360 272,900.00 1
18809 ▇▇▇▇▇▇▇▇ PLACE 8.375 2,074.24 75
8.125 2,074.24 365,000.00
ROWLAND HEIGHTS CA 91748 1 04/23/97 00
0430220061 03 06/01/97 0
970381 O 05/01/27
0
1577217 147/G01 F 223,600.00 BB
360 223,079.73 1
6703 KETCH WAY 8.750 1,759.07 80
8.500 1,759.07 279,500.00
CARLSBAD CA 92009 1 12/19/96 00
0430219923 03 02/01/97 0
655202 O 01/01/27
0
1577224 593/593 F 224,700.00 ZZ
360 223,611.57 1
2075 EAST TROLLEY COURT 8.625 1,747.70 85
8.375 1,747.70 264,357.00
1
BOISE ID 83712 1 08/29/96 04
6011621 03 10/01/96 12
6011621 O 09/01/26
0
1577237 420/G01 F 160,000.00 ZZ
360 160,000.00 1
▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇ 8.250 1,202.03 80
8.000 1,202.03 200,000.00
FAIRFIELD CA 94533 2 04/14/97 00
0430221309 05 06/01/97 0
352369 O 05/01/27
0
1577240 147/G01 F 356,800.00 ZZ
360 356,800.00 1
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ 8.125 2,649.23 80
7.875 2,649.23 446,000.00
WALNUT CREEK CA 94598 1 03/31/97 00
0430220079 05 06/01/97 0
857425 O 05/01/27
0
1577244 147/G01 F 192,850.00 ZZ
360 192,850.00 1
14843 LITTLE CREEK COURT 8.375 1,465.80 80
8.125 1,465.80 241,122.00
CHINO HILLS CA 91709 1 04/03/97 00
0430219824 05 06/01/97 0
646642 O 05/01/27
0
1577246 147/G01 F 232,000.00 ZZ
360 232,000.00 1
74 ROCKROSE 8.625 1,804.48 80
8.375 1,804.48 292,000.00
ALISO VIEJO CA 92656 1 04/08/97 00
0430221176 03 06/01/97 0
624166 O 05/01/27
0
1577254 696/G01 F 280,000.00 ZZ
360 280,000.00 1
▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ 7.625 1,981.82 80
7.375 1,981.82 350,000.00
ALEXANDRIA VA 22311 1 04/29/97 00
0430216622 03 06/01/97 0
2179661 O 05/01/27
0
1
1577272 696/G01 F 275,100.00 ZZ
360 275,100.00 1
802 ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ 8.625 2,139.70 80
8.375 2,139.70 343,900.00
SILVER SPRING MD 20905 1 04/30/97 00
0430216846 03 06/01/97 0
3195186 O 05/01/27
0
1577377 181/181 F 332,100.00 ZZ
360 331,871.45 1
500 BAYHILL RIDGE CIRCLE 7.875 2,407.96 90
7.625 2,407.96 369,000.00
BIRMINGHAM AL 35244 1 03/14/97 11
5614864 05 05/01/97 25
5614864 O 04/01/27
0
1577546 E22/G01 F 138,450.00 ZZ
360 138,450.00 1
15805 S.W. ▇▇▇▇ ▇▇▇▇▇▇ 8.500 1,064.56 54
8.250 1,064.56 261,000.00
MIAMI FL 33157 5 04/24/97 00
0410383988 05 06/01/97 0
410383988 O 05/01/27
0
1577597 E22/G01 F 196,800.00 ZZ
360 196,800.00 1
21450 VIA ESPANA 8.375 1,495.82 80
8.125 1,495.82 246,000.00
YORBA LINDA CA 92686 1 04/29/97 00
0410300776 03 06/01/97 0
410300776 O 05/01/27
0
1577603 E22/G01 F 142,100.00 ZZ
360 142,100.00 1
217 NORTH ELSPETH WAY 8.250 1,067.55 75
8.000 1,067.55 189,500.00
COVINA CA 91722 1 04/24/97 00
0410386353 05 06/01/97 0
410386353 O 05/01/27
0
1577645 E26/G01 F 137,600.00 ZZ
360 137,600.00 1
1
▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ 7.750 985.79 80
7.500 985.79 172,000.00
CENTER VALLEY PA 18034 1 04/29/97 00
0430219717 05 06/01/97 0
60700160 O 05/01/27
0
1577978 181/181 F 220,000.00 ZZ
360 220,000.00 1
20909 RUBLES MILL COURT 8.750 1,730.74 75
8.500 1,730.74 293,500.00
ASHBURN VA 20147 2 04/04/97 00
5604095 05 06/01/97 0
5604095 O 05/01/27
0
1578042 E82/G01 F 800,000.00 ZZ
360 800,000.00 1
21 ENCINA DRIVE 8.500 6,151.31 79
8.250 6,151.31 1,020,000.00
CARMEL VALLEY CA 93924 1 04/18/97 00
0400031258 05 06/01/97 0
400031258 O 05/01/27
0
TOTAL NUMBER OF LOANS : 1,054
TOTAL ORIGINAL BALANCE : 264,159,396.62
TOTAL PRINCIPAL BALANCE : 263,833,388.18
TOTAL ORIGINAL P+I : 1,973,326.36
TOTAL CURRENT P+I : 1,973,326.36
***************************
* END OF REPORT *
***************************
RUN ON : 05/23/97 RFC DISCLOSURE SYSTEM RFFSDFIX-01
AT : 06.28.54 FIXED PASSTHRU REPORT AMORTIZED BALANCE
SERIES : RFMSI I 1997-S7 30 YEAR CUTOFF : 05/01/97
POOL : 0004246
:
:
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
-----------------------------------------------------------------------------
1402538 .2500
87,485.02 .0800
9.3750 .0000
9.1250 .0000
9.0450 .0000
7.5000 1.5450
1509999 .2500
363,667.07 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1533322 .2500
210,979.64 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1539535 .2500
129,919.20 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1539842 .2500
151,498.28 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1539904 .2500
108,000.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1
1542575 .2500
86,046.49 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1543642 .2500
261,235.22 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.5000 .9200
1544529 .2500
223,720.57 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1545084 .2500
159,795.24 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1545687 .2500
348,951.82 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1547139 .2500
153,803.43 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1548008 .2500
295,195.02 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1549778 .2500
149,718.34 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1
1550045 .2500
191,760.49 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1552719 .2500
194,513.20 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1554136 .2500
270,874.90 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.5000 1.0450
1554514 .2500
250,872.30 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1554671 .2500
436,981.54 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.5000 .7950
1554836 .2500
494,316.46 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1554885 .2500
116,402.44 .0300
8.8750 .0000
8.6250 .0000
8.5950 .0000
7.5000 1.0950
1555086 .2500
251,847.33 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1
1555138 .2500
973,752.27 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1555382 .2500
34,979.86 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1555607 .2500
344,927.72 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1555609 .2500
96,928.94 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1556169 .2500
126,745.70 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1556370 .2500
214,000.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1556659 .2500
321,799.86 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1557038 .2500
114,800.04 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1
1557095 .2500
272,000.00 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1557433 .2500
227,715.57 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1557478 .2500
709,535.56 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1557726 .2500
106,375.14 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1557742 .2500
95,321.90 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.5000 .7950
1557787 .2500
157,622.82 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1558348 .2500
117,149.02 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1558618 .2500
94,794.22 .0300
8.8750 .0000
8.6250 .0000
8.5950 .0000
7.5000 1.0950
1
1558648 .2500
51,074.59 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1558790 .2500
275,000.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1559208 .2500
230,112.58 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1559351 .2500
157,404.58 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1560261 .2500
447,683.80 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1560348 .2500
184,896.28 .0300
8.8750 .0000
8.6250 .0000
8.5950 .0000
7.5000 1.0950
1560448 .2500
287,000.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1560997 .2500
227,247.39 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.5000 1.0450
1
1561004 .2500
318,066.89 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1561058 .2500
216,000.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1561066 .2500
275,867.10 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1561068 .2500
220,085.97 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1561105 .2500
260,706.26 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.5000 1.0450
1561188 .2500
104,934.73 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1561386 .2500
239,243.61 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1561498 .2500
244,839.73 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1
1561523 .2500
42,750.00 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1561544 .2500
369,751.74 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1561714 .2500
102,097.05 .0300
9.2500 .0000
9.0000 .0000
8.9700 .0000
7.5000 1.4700
1561998 .2500
229,560.84 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1562014 .2500
99,937.84 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1562141 .2500
235,010.59 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1562208 .2500
243,663.06 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1562254 .2500
182,586.43 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1
1562258 .2500
74,906.43 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1562279 .2500
174,703.49 .0300
8.8750 .0000
8.6250 .0000
8.5950 .0000
7.5000 1.0950
1562319 .2500
119,403.48 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1562474 .2500
301,418.28 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1562486 .2500
138,758.31 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1562573 .2500
54,538.54 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.5000 1.0450
1562576 .2500
90,130.43 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1562577 .2500
85,842.59 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1
1562580 .2500
26,431.69 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1562583 .2500
269,304.18 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1562584 .2500
194,643.06 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1562588 .2500
281,765.43 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1562592 .2500
249,506.05 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1562599 .2500
87,339.85 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1562604 .2500
349,595.77 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.5000 .9200
1562606 .2500
162,519.28 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1
1562609 .2500
156,215.18 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.5000 .9200
1562619 .2500
227,094.13 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.5000 .7950
1562636 .2500
386,983.91 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1562640 .2500
327,399.65 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1562899 .2500
145,904.49 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1562933 .2500
179,885.22 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1563304 .2500
216,768.37 .0800
8.7800 .0000
8.5300 .0000
8.4500 .0000
7.5000 .9500
1563355 .2500
236,344.82 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1
1563439 .2500
155,728.76 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1563726 .2500
258,511.39 .0300
8.1000 .0000
7.8500 .0000
7.8200 .0000
7.5000 .3200
1563732 .2500
398,798.06 .0300
8.4000 .0000
8.1500 .0000
8.1200 .0000
7.5000 .6200
1563786 .2500
266,485.69 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1563941 .2500
101,000.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1564247 .2500
147,240.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1564387 .2500
700,000.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1564492 .2500
262,284.49 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1
1564508 .2500
114,930.33 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1564805 .2500
174,797.89 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.5000 .9200
1564807 .2500
249,051.22 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1565360 .2500
278,000.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1565426 .2500
255,388.89 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1565629 .2500
275,613.46 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1565690 .2500
151,805.59 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1565691 .2500
259,475.91 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1
1565866 .2500
99,761.29 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.5000 .7950
1566102 .2500
105,532.66 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1566166 .2500
92,942.19 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1566204 .2500
264,831.02 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1566518 .2500
228,750.00 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.2950 .0000
1566520 .2500
206,250.00 .0300
8.8750 .0000
8.6250 .0000
8.5950 .0000
7.5000 1.0950
1566546 .2500
144,607.73 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1566646 .2500
449,698.05 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1
1566659 .2500
187,930.08 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1566728 .2500
519,000.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1566731 .2500
150,249.11 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1566735 .2500
199,200.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1566795 .2500
532,000.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1566846 .2500
97,935.89 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1566994 .2500
130,000.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1567014 .2500
300,000.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1
1567016 .2500
540,000.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.5000 .9200
1567049 .2500
206,400.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1567103 .2500
115,650.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1567105 .2500
154,622.81 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1567124 .2500
65,958.98 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1567288 .2500
76,500.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1567323 .2500
260,000.00 .0300
8.8750 .0000
8.6250 .0000
8.5950 .0000
7.5000 1.0950
1567392 .2500
226,042.51 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1
1567414 .2500
264,669.41 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1567454 .2500
285,652.24 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1567514 .2500
217,299.52 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1567515 .2500
284,827.34 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1567574 .2500
311,790.65 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1567600 .2500
126,800.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1567671 .2500
69,500.00 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1567717 .2500
187,600.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1
1567905 .2500
238,500.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1567910 .2500
143,200.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1567918 .2500
359,515.29 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1567998 .2500
577,631.42 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1568033 .2500
299,803.76 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1568071 .2500
288,615.84 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1568114 .2500
262,340.97 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1568148 .2500
264,847.53 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.5000 .9200
1
1568169 .2500
225,060.03 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1568171 .2500
310,801.69 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1568172 .2500
442,695.13 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1568242 .2500
131,915.83 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1568367 .2500
268,625.06 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1568374 .2500
256,163.28 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1568376 .2500
223,864.90 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1568401 .2500
291,918.43 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1
1568403 .2500
491,025.06 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.5000 .7950
1568404 .2500
236,896.44 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1568405 .2500
272,941.23 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1568406 .2500
275,824.00 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1568408 .2500
279,816.83 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1568412 .2500
255,628.24 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.2950 .0000
1568416 .2500
319,590.48 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1568417 .2500
289,175.45 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1
1568418 .2500
296,629.49 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1568419 .2500
349,771.04 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1568425 .2500
343,337.08 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1568426 .2500
232,636.34 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1568428 .2500
289,578.86 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.2950 .0000
1568429 .2500
392,271.12 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1568430 .2500
695,544.71 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1568431 .2500
231,487.74 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1
1568456 .2500
287,495.66 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1568457 .2500
269,586.58 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1568466 .2500
164,000.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1568509 .2500
107,802.32 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1568588 .2500
181,874.75 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1568672 .2500
510,962.24 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1568678 .2500
268,000.00 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1568900 .2500
238,347.92 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1
1568920 .2500
302,216.81 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1568934 .2500
226,594.48 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1569012 .2500
71,229.68 .0800
7.8500 .0000
7.6000 .0000
7.5200 .0000
7.5000 .0200
1569013 .2500
171,668.70 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1569014 .2500
69,769.08 .0800
8.1500 .0000
7.9000 .0000
7.8200 .0000
7.5000 .3200
1569018 .2500
97,717.78 .0800
7.7000 .0000
7.4500 .0000
7.3700 .0000
7.3700 .0000
1569024 .2500
63,794.42 .0800
7.1500 .0000
6.9000 .0000
6.8200 .0000
6.8200 .0000
1569025 .2500
123,784.41 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.5000 .9200
1
1569029 .2500
404,179.30 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1569032 .2500
149,722.62 .0800
8.4500 .0000
8.2000 .0000
8.1200 .0000
7.5000 .6200
1569034 .2500
69,913.12 .0800
8.4000 .0000
8.1500 .0000
8.0700 .0000
7.5000 .5700
1569035 .2500
109,854.85 .0800
8.1000 .0000
7.8500 .0000
7.7700 .0000
7.5000 .2700
1569036 .2500
258,936.38 .0800
8.0500 .0000
7.8000 .0000
7.7200 .0000
7.5000 .2200
1569037 .2500
99,874.61 .0800
8.3500 .0000
8.1000 .0000
8.0200 .0000
7.5000 .5200
1569038 .2500
62,920.99 .0800
8.3500 .0000
8.1000 .0000
8.0200 .0000
7.5000 .5200
1569099 .2500
59,958.07 .0300
7.8000 .0000
7.5500 .0000
7.5200 .0000
7.5000 .0200
1
1569100 .2500
294,795.95 .0300
7.8500 .0000
7.6000 .0000
7.5700 .0000
7.5000 .0700
1569133 .2500
74,947.59 .0300
7.8000 .0000
7.5500 .0000
7.5200 .0000
7.5000 .0200
1569144 .2500
299,818.25 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1569178 .2500
236,084.93 .0300
7.8000 .0000
7.5500 .0000
7.5200 .0000
7.5000 .0200
1569183 .2500
239,732.38 .0300
7.8000 .0000
7.5500 .0000
7.5200 .0000
7.5000 .0200
1569188 .2500
139,915.19 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1569191 .4000
99,935.57 .0800
8.2000 .0000
7.8000 .0000
7.7200 .0000
7.5000 .2200
1569192 .2500
24,983.05 .0300
7.9500 .0000
7.7000 .0000
7.6700 .0000
7.5000 .1700
1
1569195 .2500
59,961.46 .0300
8.2150 .0000
7.9650 .0000
7.9350 .0000
7.5000 .4350
1569196 .2500
99,932.21 .0300
7.9500 .0000
7.7000 .0000
7.6700 .0000
7.5000 .1700
1569197 .2500
82,442.35 .0300
7.8000 .0000
7.5500 .0000
7.5200 .0000
7.5000 .0200
1569202 .2500
59,462.05 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1569203 .2500
74,953.38 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1569204 .2500
99,936.55 .0300
8.2750 .0000
8.0250 .0000
7.9950 .0000
7.5000 .4950
1569205 .2500
99,930.12 .0300
7.8000 .0000
7.5500 .0000
7.5200 .0000
7.5000 .0200
1569206 .2500
39,971.91 .0300
7.7750 .0000
7.5250 .0000
7.4950 .0000
7.4950 .0000
1
1569207 .2500
84,697.31 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1569208 .2500
206,125.05 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1569210 .2500
159,900.55 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1569211 .2500
170,893.71 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1569212 .2500
62,163.27 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1569221 .2500
258,576.38 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1569223 .2500
142,757.97 .0300
8.2000 .0000
7.9500 .0000
7.9200 .0000
7.5000 .4200
1569224 .2500
65,960.01 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1
1569251 .2500
113,571.79 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1569256 .2500
61,963.40 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1569263 .2500
321,400.11 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1569271 .2500
123,918.88 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1569273 .2500
97,882.59 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1569281 .2500
383,755.13 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1569325 .2500
280,829.77 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1569336 .2500
57,960.68 .0300
7.9500 .0000
7.7000 .0000
7.6700 .0000
7.5000 .1700
1
1569337 .2500
84,944.67 .0300
8.1500 .0000
7.9000 .0000
7.8700 .0000
7.5000 .3700
1569338 .2500
119,918.66 .0300
7.9500 .0000
7.7000 .0000
7.6700 .0000
7.5000 .1700
1569340 .2500
79,945.77 .0300
7.9500 .0000
7.7000 .0000
7.6700 .0000
7.5000 .1700
1569341 .2500
59,961.26 .0300
8.1900 .0000
7.9400 .0000
7.9100 .0000
7.5000 .4100
1569342 .2500
89,941.12 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1569344 .2500
54,962.72 .0300
7.9500 .0000
7.7000 .0000
7.6700 .0000
7.5000 .1700
1569348 .2500
65,157.43 .0300
8.1350 .0000
7.8850 .0000
7.8550 .0000
7.5000 .3550
1569353 .2500
79,951.53 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1
1569354 .2500
88,947.45 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1569355 .2500
127,412.25 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1569356 .2500
103,435.66 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1569357 .2500
53,465.88 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1569358 .2500
142,403.40 .0300
7.9500 .0000
7.7000 .0000
7.6700 .0000
7.5000 .1700
1569362 .2500
149,899.35 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1569363 .2500
127,911.91 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1569364 .2500
98,933.57 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1
1569365 .2500
64,960.62 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1569367 .2500
29,981.35 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1569382 .2500
44,967.75 .0300
7.6750 .0000
7.4250 .0000
7.3950 .0000
7.3950 .0000
1569383 .2500
52,461.42 .0300
7.5500 .0000
7.3000 .0000
7.2700 .0000
7.2700 .0000
1569384 .2500
56,965.46 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1569390 .2500
115,500.00 .0300
8.2900 .0000
8.0400 .0000
8.0100 .0000
7.5000 .5100
1569392 .2500
78,600.00 .0300
8.2650 .0000
8.0150 .0000
7.9850 .0000
7.5000 .4850
1569435 .2500
348,254.03 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1
1569476 .2500
282,819.55 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1569551 .2500
89,949.54 .0300
8.8750 .0000
8.6250 .0000
8.5950 .0000
7.5000 1.0950
1569555 .2500
82,451.29 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1569599 .2500
232,662.56 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1569648 .2500
511,344.78 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1569652 .2500
342,164.36 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1569656 .2500
318,750.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1569659 .2500
362,864.30 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.2950 .0000
1
1569661 .2500
231,064.42 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1569664 .2500
83,853.95 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.5000 .9200
1569674 .2500
264,560.65 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1569677 .2500
387,325.41 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.5000 .9200
1569682 .2500
99,872.02 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1569683 .2500
293,630.96 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1569684 .2500
363,000.00 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1569743 .2500
94,865.45 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1
1569752 .2500
67,130.01 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1569759 .2500
302,768.10 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1569875 .2500
224,697.03 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1569879 .2500
649,616.24 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1569926 .2500
193,463.36 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1569951 .2500
89,946.86 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.5000 .7950
1569968 .2500
75,000.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1569973 .2500
244,827.08 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1
1570176 .2500
69,961.76 .0300
9.0000 .0000
8.7500 .0000
8.7200 .0000
7.5000 1.2200
1570187 .2500
247,829.33 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1570242 .2500
415,699.62 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1570243 .2500
400,510.59 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1570244 .2500
243,840.39 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1570245 .2500
372,959.76 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1570248 .2500
271,665.92 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1570258 .2500
239,843.00 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1
1570260 .2500
223,853.47 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1570264 .2500
318,175.27 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1570266 .2500
231,136.74 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1570269 .2500
253,434.10 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1570272 .2500
119,200.00 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1570276 .2500
253,092.58 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1570284 .2500
251,089.78 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1570288 .2500
183,650.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1
1570296 .2500
174,893.98 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1570301 .2500
182,136.71 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1570348 .2500
179,807.69 .0300
9.1250 .0000
8.8750 .0000
8.8450 .0000
7.5000 1.3450
1570350 .2500
159,637.21 .0300
8.8750 .0000
8.6250 .0000
8.5950 .0000
7.5000 1.0950
1570353 .2500
79,867.91 .0300
9.0000 .0000
8.7500 .0000
8.7200 .0000
7.5000 1.2200
1570366 .2500
135,913.27 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1570420 .2500
74,955.72 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1570444 .2500
89,548.45 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1
1570446 .2500
154,400.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1570450 .2500
125,925.61 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1570476 .2500
209,892.95 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.5000 1.0450
1570477 .2500
243,795.72 .0800
9.1250 .0000
8.8750 .0000
8.7950 .0000
7.5000 1.2950
1570478 .2500
181,466.50 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.5000 .9200
1570479 .2500
310,977.77 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.5000 1.1700
1570480 .2500
253,135.77 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.5000 1.1700
1570482 .2500
467,669.69 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1
1570483 .2500
219,688.44 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1570484 .2500
230,845.00 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1570485 .2500
474,376.46 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1570486 .2500
316,802.97 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1570487 .2500
359,502.87 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1570488 .2500
282,586.40 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1570489 .2500
219,324.17 .0800
7.3750 .0000
7.1250 .0000
7.0450 .0000
7.0450 .0000
1570490 .2500
283,347.70 .0800
7.3750 .0000
7.1250 .0000
7.0450 .0000
7.0450 .0000
1
1570491 .2500
227,526.17 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1570492 .2500
290,598.14 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1570493 .2500
274,620.24 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1570494 .2500
311,091.08 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1570495 .2500
242,672.81 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1570496 .2500
399,488.11 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1570497 .2500
215,815.06 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1570498 .2500
238,240.03 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1
1570499 .2500
249,830.75 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1570500 .2500
236,269.66 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.5000 .7950
1570501 .2500
319,801.09 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1570502 .2500
311,569.15 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1570503 .2500
331,771.51 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1570505 .2500
399,080.42 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.2950 .0000
1570506 .2500
225,449.63 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1570507 .2500
254,712.38 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1
1570509 .2500
255,965.74 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1570510 .2500
337,009.89 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.2950 .0000
1570511 .2500
223,845.84 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1570512 .2500
290,108.86 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1570513 .2500
227,693.00 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1570514 .2500
349,916.12 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1570515 .2500
431,722.16 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.2950 .0000
1570516 .2500
519,383.77 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.5000 .7950
1
1570517 .2500
235,412.13 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1570518 .2500
251,830.91 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1570519 .2500
232,444.45 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1570520 .2500
268,832.80 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1570521 .2500
259,829.92 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1570522 .2500
289,810.29 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1570523 .2500
327,774.27 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1570524 .2500
318,551.87 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1
1570525 .2500
455,601.77 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1570526 .2500
424,742.53 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1570527 .2500
217,853.72 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1570528 .2500
261,824.20 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1570529 .2500
296,923.90 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.5000 1.0450
1570530 .2500
304,589.30 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1570531 .2500
329,784.12 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1570532 .2500
252,617.02 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.2950 .0000
1
1570533 .2500
233,035.81 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1570534 .2500
252,468.14 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1570535 .2500
343,774.97 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1570536 .2500
449,690.31 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1570537 .2500
287,512.36 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1570538 .2500
382,696.97 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1570539 .2500
269,832.18 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1570540 .2500
474,081.69 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1
1570541 .2500
222,861.38 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1570542 .2500
240,542.54 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1570543 .2500
247,021.08 .0800
7.6250 .0000
7.3750 .0000
7.2950 .0000
7.2950 .0000
1570544 .2500
323,304.02 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1570546 .2500
311,403.68 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1570547 .2500
311,685.34 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1570548 .2500
244,639.86 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1570576 .2500
252,000.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1
1570592 .2500
114,928.51 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1570694 .2500
247,338.10 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1570700 .2500
247,837.77 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1570704 .2500
250,538.83 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1570708 .2500
200,868.52 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1570709 .2500
315,787.97 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1570712 .2500
254,556.78 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1570713 .2500
299,818.25 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1
1570714 .2500
535,666.84 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1570715 .2500
323,793.39 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1570717 .2500
278,826.58 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1570718 .2500
259,834.21 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1570725 .2500
649,563.86 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1570726 .2500
229,837.67 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1570727 .2500
281,810.78 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1570729 .2500
349,782.46 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1
1570732 .2500
455,201.40 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.5000 .9200
1570733 .2500
229,342.05 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1570734 .2500
415,331.75 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1570755 .2500
275,767.79 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1570757 .2500
354,994.51 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1570776 .2500
241,576.55 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1570831 .2500
108,684.12 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1570877 .2500
318,639.23 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.1700 .0000
1
1570878 .2500
272,516.91 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1570879 .2500
321,778.40 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1570880 .2500
289,356.25 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1570881 .2500
214,766.42 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1570883 .2500
224,000.00 .0300
7.6250 .0000
7.3750 .0000
7.3450 .0000
7.3450 .0000
1570893 .2500
228,500.00 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1570894 .2500
110,400.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1570904 .2500
212,909.52 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1
1570905 .2500
255,000.00 .0300
7.7300 .0000
7.4800 .0000
7.4500 .0000
7.4500 .0000
1570912 .2500
215,951.29 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1570913 .2500
185,000.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1570917 .2500
399,717.68 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1570953 .2500
224,456.78 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1570954 .2500
339,766.01 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1570955 .2500
329,772.90 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1570956 .2500
549,591.81 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.1700 .0000
1
1570957 .2500
319,779.77 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1570958 .2500
228,846.34 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1571040 .2500
303,411.30 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1571059 .2500
359,758.44 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1571062 .2500
221,201.48 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1571065 .2500
294,807.03 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1571069 .2500
259,667.28 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1571071 .2500
235,833.44 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1
1571078 .2500
261,400.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1571079 .2500
221,251.44 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1571082 .2500
239,055.08 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1571084 .2500
359,752.25 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1571088 .2500
539,646.76 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1571089 .2500
249,015.05 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.1700 .0000
1571090 .2500
178,365.15 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1571097 .2500
256,686.22 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1
1571103 .2500
234,834.14 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1571107 .2500
519,642.14 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1571108 .2500
299,793.54 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1571112 .2500
313,783.91 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1571126 .2500
267,829.11 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1571128 .2500
649,595.99 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1571135 .2500
479,186.34 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1571421 .2500
399,724.72 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1
1571425 .2500
498,574.65 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1571428 .2500
322,676.44 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1571482 .2500
605,860.15 .0300
8.8750 .0000
8.6250 .0000
8.5950 .0000
7.5000 1.0950
1571491 .2500
89,600.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1571503 .2500
271,812.81 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1571544 .2500
329,784.12 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1571550 .2500
349,740.24 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
1571558 .2500
331,598.99 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1
1571565 .2500
288,056.59 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1571607 .2500
75,100.00 .0300
8.8750 .0000
8.6250 .0000
8.5950 .0000
7.5000 1.0950
1571608 .2500
223,708.27 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1571627 .2500
360,000.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1571634 .2500
327,301.59 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1571638 .2500
191,080.54 .0800
8.3500 .0000
8.1000 .0000
8.0200 .0000
7.5000 .5200
1571654 .2500
93,540.31 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1571715 .2500
165,000.00 .0300
8.0750 .0000
7.8250 .0000
7.7950 .0000
7.5000 .2950
1
1571718 .2500
39,975.76 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1571741 .2500
429,696.51 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1571750 .2500
267,029.61 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1571754 .2500
260,000.00 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1571755 .2500
388,732.29 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1571771 .2500
146,908.63 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1571773 .2500
243,848.34 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1571781 .2500
573,315.90 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1
1571803 .2500
265,000.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1572093 .2500
224,526.46 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1572100 .2500
250,000.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1572101 .2500
89,948.22 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1572121 .2500
255,832.54 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1572124 .2500
280,820.82 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1572128 .2500
303,790.78 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1572137 .2500
298,794.23 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1
1572139 .2500
479,677.93 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1572143 .2500
60,000.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1572158 .2500
46,900.00 .0300
9.0000 .0000
8.7500 .0000
8.7200 .0000
7.5000 1.2200
1572221 .2500
171,000.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1572227 .2500
224,849.03 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1572241 .2500
117,600.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1572246 .2500
196,400.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1572247 .2500
84,443.29 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1
1572253 .2500
256,352.42 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1572260 .2500
288,321.02 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1572265 .2500
98,333.97 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1572275 .2500
317,775.56 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1572287 .2500
249,895.79 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1572293 .2500
93,600.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1572298 .2500
292,331.71 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.5000 .9200
1572301 .2500
263,822.86 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1
1572309 .2500
246,138.89 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1572310 .2500
280,000.00 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
1572312 .2500
328,400.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.5000 .7950
1572315 .2500
274,329.38 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1572326 .2500
247,333.93 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1572513 .2500
74,752.30 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1572541 .2500
448,000.00 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1572546 .2500
349,759.13 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1
1572547 .2500
237,832.01 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1572548 .2500
273,321.09 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1572549 .2500
263,822.86 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1572550 .2500
299,827.39 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.5000 .9200
1572557 .2500
95,200.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1572571 .2500
101,936.61 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1572578 .2500
300,000.00 .0300
9.0000 .0000
8.7500 .0000
8.7200 .0000
7.5000 1.2200
1572662 .2500
349,740.24 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
1
1572668 .2500
200,250.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1572670 .2500
260,225.27 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1572687 .2500
277,209.09 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1572709 .2500
234,384.45 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1572720 .2500
239,643.14 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1572728 .2500
279,812.12 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1572734 .2500
245,485.17 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1572764 .2500
240,853.99 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1
1572918 .2500
225,944.40 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1572923 .2500
281,810.78 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1572924 .2500
251,751.27 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.5000 .7950
1572925 .2500
363,729.86 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.1700 .0000
1572928 .2500
605,917.12 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.5000 .7950
1572931 .2500
242,037.49 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1572933 .2500
449,720.30 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1572935 .2500
138,750.00 .0300
8.8750 .0000
8.6250 .0000
8.5950 .0000
7.5000 1.0950
1
1572942 .2500
127,736.32 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1572946 .2500
100,000.00 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1572947 .2500
231,553.12 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1572948 .2500
233,554.74 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1572951 .2500
255,564.08 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1572952 .2500
157,500.00 .0300
8.8750 .0000
8.6250 .0000
8.5950 .0000
7.5000 1.0950
1572953 .2500
231,280.19 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1572957 .2500
374,468.94 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1
1572960 .2500
225,823.71 .0800
7.2500 .0000
7.0000 .0000
6.9200 .0000
6.9200 .0000
1572962 .2500
232,335.90 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1572965 .2500
283,663.45 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.5000 .7950
1572968 .2500
324,792.76 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1572970 .2500
494,316.46 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1572973 .2500
483,658.39 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1572975 .2500
271,812.81 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1572981 .2500
347,312.45 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1
1572984 .2500
383,201.98 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1572986 .2500
471,019.10 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1572991 .2500
162,375.47 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1573001 .2500
127,918.37 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1573002 .2500
367,746.74 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1573022 .2500
291,804.08 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1573032 .2500
228,354.30 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1573040 .2500
71,855.54 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1
1573041 .2500
323,552.60 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1573042 .2500
219,597.33 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1573043 .2500
289,896.28 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1573049 .2500
343,763.26 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1573050 .2500
229,582.54 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1573053 .2500
272,459.40 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1573054 .2500
463,680.68 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1573055 .2500
314,293.46 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.1700 .0000
1
1573056 .2500
363,767.88 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1573057 .2500
294,582.23 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1573059 .2500
499,655.90 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1573060 .2500
97,874.58 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1573061 .2500
409,433.84 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1573062 .2500
225,144.95 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1573064 .2500
319,414.31 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1573066 .2500
234,107.60 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1
1573067 .2500
317,838.10 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1573069 .2500
255,663.93 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1573070 .2500
298,387.39 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1573071 .2500
84,891.22 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1573074 .2500
255,193.26 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1573075 .2500
358,779.80 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1573076 .2500
231,671.45 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1573077 .2500
158,991.01 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1
1573078 .2500
282,305.58 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1573079 .2500
275,694.47 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1573083 .2500
251,997.49 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1573084 .2500
252,646.25 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1573085 .2500
407,193.28 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1573086 .2500
118,935.53 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1573088 .2500
115,835.73 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1573089 .2500
250,327.61 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1
1573091 .2500
255,467.98 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1573093 .2500
468,624.08 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1573095 .2500
175,890.60 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1573096 .2500
287,801.80 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1573099 .2500
256,344.61 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1573100 .2500
566,100.17 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1573102 .2500
603,604.90 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1573209 .2500
135,811.11 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1
1573217 .2500
220,800.00 .0300
9.1250 .0000
8.8750 .0000
8.8450 .0000
7.5000 1.3450
1573236 .2500
117,600.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1573237 .2500
410,000.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1573257 .2500
128,375.00 .0300
8.3150 .0000
8.0650 .0000
8.0350 .0000
7.5000 .5350
1573258 .2500
84,000.00 .0300
7.9500 .0000
7.7000 .0000
7.6700 .0000
7.5000 .1700
1573259 .2500
30,000.00 .0300
7.9500 .0000
7.7000 .0000
7.6700 .0000
7.5000 .1700
1573260 .2500
321,700.00 .0300
8.2650 .0000
8.0150 .0000
7.9850 .0000
7.5000 .4850
1573261 .2500
78,000.00 .0300
8.2650 .0000
8.0150 .0000
7.9850 .0000
7.5000 .4850
1
1573263 .2500
149,625.00 .0300
8.2650 .0000
8.0150 .0000
7.9850 .0000
7.5000 .4850
1573264 .2500
103,500.00 .0300
8.1500 .0000
7.9000 .0000
7.8700 .0000
7.5000 .3700
1573265 .2500
129,750.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1573266 .2500
292,327.30 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1573267 .2500
89,000.00 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1573274 .2500
65,000.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1573275 .2500
113,750.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1573277 .2500
87,750.00 .0300
8.1000 .0000
7.8500 .0000
7.8200 .0000
7.5000 .3200
1
1573280 .2500
97,300.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1573290 .2500
336,600.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1573295 .2500
124,000.00 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1573297 .2500
72,000.00 .0300
8.1000 .0000
7.8500 .0000
7.8200 .0000
7.5000 .3200
1573298 .2500
262,500.00 .0300
8.1500 .0000
7.9000 .0000
7.8700 .0000
7.5000 .3700
1573299 .2500
142,000.00 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1573303 .2500
67,500.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1573308 .2500
80,250.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1
1573314 .2500
153,750.00 .0300
8.1000 .0000
7.8500 .0000
7.8200 .0000
7.5000 .3200
1573315 .2500
90,000.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1573316 .2500
85,000.00 .0300
7.8000 .0000
7.5500 .0000
7.5200 .0000
7.5000 .0200
1573317 .2500
80,000.00 .0300
7.9500 .0000
7.7000 .0000
7.6700 .0000
7.5000 .1700
1573319 .2500
180,000.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1573320 .2500
168,000.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1573321 .2500
50,000.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1573323 .2500
200,000.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1
1573335 .2500
134,000.00 .0300
7.9750 .0000
7.7250 .0000
7.6950 .0000
7.5000 .1950
1573336 .2500
75,000.00 .0300
8.2000 .0000
7.9500 .0000
7.9200 .0000
7.5000 .4200
1573337 .2500
72,000.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1573340 .2500
67,950.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1573384 .2500
220,000.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1573427 .2500
280,000.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1573482 .2500
79,000.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1573487 .2500
399,738.35 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1
1573490 .2500
449,690.31 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1573495 .2500
274,815.48 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1573496 .2500
311,790.65 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1573503 .2500
224,863.69 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1573504 .2500
479,669.66 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1573507 .2500
287,796.73 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1573509 .2500
214,307.02 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1573511 .2500
246,838.43 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1
1573513 .2500
228,461.51 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1573516 .2500
257,244.06 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1573518 .2500
299,808.70 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1573541 .2500
423,736.46 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1573543 .2500
228,815.94 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1573544 .2500
322,278.07 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1573545 .2500
349,776.81 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1573549 .2500
247,833.59 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1
1573552 .2500
309,792.00 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1573555 .2500
328,573.72 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1573556 .2500
399,724.72 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1573558 .2500
274,805.91 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1573562 .2500
229,261.03 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1573566 .2500
298,927.98 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.1700 .0000
1573569 .2500
334,338.12 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1573570 .2500
323,326.65 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1
1573577 .2500
337,500.00 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1573604 .2500
79,952.77 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.5000 .7950
1573617 .2500
276,172.33 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.5000 .7950
1573632 .2500
231,059.94 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1573633 .2500
247,485.93 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.5000 1.0450
1573685 .2500
90,447.94 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1573697 .2500
62,000.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1573703 .2500
140,000.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1
1573731 .2500
299,798.71 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1573733 .2500
404,454.69 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1573738 .2500
353,791.00 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1573741 .2500
149,909.13 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1573747 .2500
223,563.48 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1573748 .2500
287,825.53 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1573765 .2500
259,829.93 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1573768 .2500
271,808.02 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1
1573773 .2500
238,481.56 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1573793 .2500
221,500.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1573799 .2500
243,900.00 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1573813 .2500
395,847.42 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1573817 .2500
250,136.26 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1573836 .2500
524,241.42 .0800
7.6500 .0000
7.4000 .0000
7.3200 .0000
7.3200 .0000
1573837 .2500
67,412.72 .0800
8.2000 .0000
7.9500 .0000
7.8700 .0000
7.5000 .3700
1573838 .2500
235,840.03 .0800
7.9500 .0000
7.7000 .0000
7.6200 .0000
7.5000 .1200
1
1573839 .2500
124,237.51 .0800
8.1500 .0000
7.9000 .0000
7.8200 .0000
7.5000 .3200
1573840 .2500
169,773.40 .0800
8.0500 .0000
7.8000 .0000
7.7200 .0000
7.5000 .2200
1573841 .2500
57,743.25 .0800
8.1500 .0000
7.9000 .0000
7.8200 .0000
7.5000 .3200
1573843 .2500
41,974.29 .0800
8.4500 .0000
8.2000 .0000
8.1200 .0000
7.5000 .6200
1573844 .2500
24,963.51 .0800
7.6000 .0000
7.3500 .0000
7.2700 .0000
7.2700 .0000
1573845 .2500
648,198.62 .0800
7.7000 .0000
7.4500 .0000
7.3700 .0000
7.3700 .0000
1573846 .2500
224,678.13 .0800
7.7000 .0000
7.4500 .0000
7.3700 .0000
7.3700 .0000
1573847 .2500
264,653.89 .0800
8.1500 .0000
7.9000 .0000
7.8200 .0000
7.5000 .3200
1
1573848 .2500
74,951.68 .0800
8.2000 .0000
7.9500 .0000
7.8700 .0000
7.5000 .3700
1573849 .2500
38,774.75 .0800
8.1500 .0000
7.9000 .0000
7.8200 .0000
7.5000 .3200
1573851 .2500
299,347.97 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.1700 .0000
1573866 .2500
321,000.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1573885 .2500
224,860.14 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1573893 .2500
288,150.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1573895 .2500
280,000.00 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1573954 .2500
74,000.00 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1
1573958 .2500
299,798.71 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1574002 .2500
240,000.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1574016 .2500
164,400.00 .0300
8.8750 .0000
8.6250 .0000
8.5950 .0000
7.5000 1.0950
1574024 .2500
140,000.00 .0300
8.8750 .0000
8.6250 .0000
8.5950 .0000
7.5000 1.0950
1574042 .2500
290,000.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1574050 .2500
93,750.00 .0300
8.8750 .0000
8.6250 .0000
8.5950 .0000
7.5000 1.0950
1574056 .2500
580,200.00 .0300
8.8750 .0000
8.6250 .0000
8.5950 .0000
7.5000 1.0950
1574057 .2500
151,850.00 .0300
9.0000 .0000
8.7500 .0000
8.7200 .0000
7.5000 1.2200
1
1574067 .2500
279,200.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1574104 .2500
144,000.00 .0300
8.8750 .0000
8.6250 .0000
8.5950 .0000
7.5000 1.0950
1574115 .2500
233,500.00 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1574143 .2500
254,837.40 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1574153 .2500
295,796.29 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1574158 .2500
425,250.00 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1574161 .2500
416,000.00 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1574164 .2500
410,000.00 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1
1574174 .2500
235,791.68 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1574196 .2500
264,000.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1574204 .2500
134,400.00 .0300
7.5000 .0000
7.2500 .0000
7.2200 .0000
7.2200 .0000
1574337 .2500
230,000.00 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1574388 .2500
388,000.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1574393 .2500
225,701.72 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1574398 .2500
345,606.13 .0300
7.8000 .0000
7.5500 .0000
7.5200 .0000
7.5000 .0200
1574399 .2500
319,555.86 .0300
7.8500 .0000
7.6000 .0000
7.5700 .0000
7.5000 .0700
1
1574400 .2500
359,062.77 .0300
8.2000 .0000
7.9500 .0000
7.9200 .0000
7.5000 .4200
1574401 .2500
84,179.41 .0300
7.7000 .0000
7.4500 .0000
7.4200 .0000
7.4200 .0000
1574402 .2500
94,875.92 .0300
8.1500 .0000
7.9000 .0000
7.8700 .0000
7.5000 .3700
1574404 .2500
243,989.31 .0300
7.8500 .0000
7.6000 .0000
7.5700 .0000
7.5000 .0700
1574405 .2500
274,230.27 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1574406 .2500
323,773.61 .0300
7.8000 .0000
7.5500 .0000
7.5200 .0000
7.5000 .0200
1574407 .2500
215,539.66 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1574408 .2500
499,277.54 .0300
7.6500 .0000
7.4000 .0000
7.3700 .0000
7.3700 .0000
1
1574409 .2500
43,948.65 .0300
8.7000 .0000
8.4500 .0000
8.4200 .0000
7.5000 .9200
1574411 .2500
112,759.18 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1574412 .2500
221,322.13 .0300
8.3500 .0000
8.1000 .0000
8.0700 .0000
7.5000 .5700
1574413 .2500
242,694.31 .0300
8.3500 .0000
8.1000 .0000
8.0700 .0000
7.5000 .5700
1574414 .2500
114,857.26 .0300
8.4000 .0000
8.1500 .0000
8.1200 .0000
7.5000 .6200
1574415 .2500
248,361.72 .0300
7.9500 .0000
7.7000 .0000
7.6700 .0000
7.5000 .1700
1574416 .2500
219,712.66 .0300
8.1500 .0000
7.9000 .0000
7.8700 .0000
7.5000 .3700
1574417 .2500
351,763.81 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1
1574418 .2500
140,832.04 .0300
8.6000 .0000
8.3500 .0000
8.3200 .0000
7.5000 .8200
1574419 .2500
366,895.20 .0300
7.9000 .0000
7.6500 .0000
7.6200 .0000
7.5000 .1200
1574420 .2500
213,726.12 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1574421 .2500
157,397.49 .0300
8.1500 .0000
7.9000 .0000
7.8700 .0000
7.5000 .3700
1574422 .2500
249,635.13 .0300
7.6000 .0000
7.3500 .0000
7.3200 .0000
7.3200 .0000
1574423 .2500
399,455.94 .0300
7.9500 .0000
7.7000 .0000
7.6700 .0000
7.5000 .1700
1574424 .2500
362,296.48 .0300
7.8500 .0000
7.6000 .0000
7.5700 .0000
7.5000 .0700
1574425 .2500
217,227.27 .0300
8.3500 .0000
8.1000 .0000
8.0700 .0000
7.5000 .5700
1
1574426 .2500
68,914.36 .0300
8.4000 .0000
8.1500 .0000
8.1200 .0000
7.5000 .6200
1574428 .2500
74,807.98 .0300
8.4500 .0000
8.2000 .0000
8.1700 .0000
7.5000 .6700
1574429 .2500
307,797.46 .0300
8.1500 .0000
7.9000 .0000
7.8700 .0000
7.5000 .3700
1574430 .2500
304,589.32 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1574431 .2500
110,058.97 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1574432 .2500
384,730.99 .0300
7.8000 .0000
7.5500 .0000
7.5200 .0000
7.5000 .0200
1574433 .2500
101,138.06 .0300
8.4500 .0000
8.2000 .0000
8.1700 .0000
7.5000 .6700
1574434 .2500
149,793.90 .0300
7.9000 .0000
7.6500 .0000
7.6200 .0000
7.5000 .1200
1
1574435 .2500
246,064.85 .0300
7.9500 .0000
7.7000 .0000
7.6700 .0000
7.5000 .1700
1574436 .2500
263,626.14 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1574437 .2500
80,085.01 .0300
8.0500 .0000
7.8000 .0000
7.7700 .0000
7.5000 .2700
1574439 .2500
409,430.43 .0300
8.1000 .0000
7.8500 .0000
7.8200 .0000
7.5000 .3200
1574440 .2500
38,950.08 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1574441 .2500
62,706.35 .0300
8.3500 .0000
8.1000 .0000
8.0700 .0000
7.5000 .5700
1574443 .2500
255,662.22 .0300
8.1000 .0000
7.8500 .0000
7.8200 .0000
7.5000 .3200
1574444 .2500
318,565.25 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1
1574445 .2500
61,922.25 .0300
8.3500 .0000
8.1000 .0000
8.0700 .0000
7.5000 .5700
1574447 .2500
124,857.11 .0300
8.8000 .0000
8.5500 .0000
8.5200 .0000
7.5000 1.0200
1574448 .2500
30,960.72 .0300
8.3000 .0000
8.0500 .0000
8.0200 .0000
7.5000 .5200
1574449 .2500
87,873.82 .0300
8.1000 .0000
7.8500 .0000
7.8200 .0000
7.5000 .3200
1574450 .2500
24,968.97 .0300
8.4000 .0000
8.1500 .0000
8.1200 .0000
7.5000 .6200
1574451 .2500
287,011.17 .0300
8.1000 .0000
7.8500 .0000
7.8200 .0000
7.5000 .3200
1574452 .2500
223,604.58 .0300
8.1000 .0000
7.8500 .0000
7.8200 .0000
7.5000 .3200
1574454 .2500
117,325.66 .0300
8.1000 .0000
7.8500 .0000
7.8200 .0000
7.5000 .3200
1
1574455 .2500
29,964.61 .0300
8.6500 .0000
8.4000 .0000
8.3700 .0000
7.5000 .8700
1574456 .2500
262,627.54 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1574457 .2500
51,635.82 .0300
8.4000 .0000
8.1500 .0000
8.1200 .0000
7.5000 .6200
1574458 .2500
227,714.11 .0300
8.3500 .0000
8.1000 .0000
8.0700 .0000
7.5000 .5700
1574459 .2500
69,913.12 .0300
8.4000 .0000
8.1500 .0000
8.1200 .0000
7.5000 .6200
1574460 .2500
291,398.79 .0300
7.9000 .0000
7.6500 .0000
7.6200 .0000
7.5000 .1200
1574461 .2500
276,357.78 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1574462 .2500
252,486.25 .0300
8.4000 .0000
8.1500 .0000
8.1200 .0000
7.5000 .6200
1
1574463 .2500
99,874.61 .0300
8.3500 .0000
8.1000 .0000
8.0700 .0000
7.5000 .5700
1574465 .2500
86,889.78 .0300
8.3000 .0000
8.0500 .0000
8.0200 .0000
7.5000 .5200
1574466 .2500
101,865.41 .0300
8.1000 .0000
7.8500 .0000
7.8200 .0000
7.5000 .3200
1574467 .2500
349,263.10 .0300
7.9500 .0000
7.7000 .0000
7.6700 .0000
7.5000 .1700
1574468 .2500
107,928.26 .0300
8.0500 .0000
7.8000 .0000
7.7700 .0000
7.5000 .2700
1574469 .2500
400,445.53 .0300
7.8500 .0000
7.6000 .0000
7.5700 .0000
7.5000 .0700
1574470 .2500
25,865.60 .0300
8.1500 .0000
7.9000 .0000
7.8700 .0000
7.5000 .3700
1574471 .2500
311,592.50 .0300
8.1500 .0000
7.9000 .0000
7.8700 .0000
7.5000 .3700
1
1574472 .2500
69,954.44 .0300
8.1500 .0000
7.9000 .0000
7.8700 .0000
7.5000 .3700
1574473 .2500
119,840.05 .0300
8.0500 .0000
7.8000 .0000
7.7700 .0000
7.5000 .2700
1574475 .2500
363,504.91 .0300
7.9500 .0000
7.7000 .0000
7.6700 .0000
7.5000 .1700
1574476 .2500
239,838.96 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1574477 .2500
224,315.48 .0300
8.3000 .0000
8.0500 .0000
8.0200 .0000
7.5000 .5200
1574478 .2500
438,571.73 .0300
7.7000 .0000
7.4500 .0000
7.4200 .0000
7.4200 .0000
1574479 .2500
404,725.48 .0300
7.9500 .0000
7.7000 .0000
7.6700 .0000
7.5000 .1700
1574480 .2500
111,448.20 .0300
7.9500 .0000
7.7000 .0000
7.6700 .0000
7.5000 .1700
1
1574481 .2500
174,530.18 .0300
8.4500 .0000
8.2000 .0000
8.1700 .0000
7.5000 .6700
1574482 .2500
119,916.99 .0300
7.8500 .0000
7.6000 .0000
7.5700 .0000
7.5000 .0700
1574483 .2500
87,642.92 .0300
8.1500 .0000
7.9000 .0000
7.8700 .0000
7.5000 .3700
1574484 .2500
274,807.85 .0300
7.8000 .0000
7.5500 .0000
7.5200 .0000
7.5000 .0200
1574485 .2500
414,707.09 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1574486 .2500
233,661.89 .0300
7.6500 .0000
7.4000 .0000
7.3700 .0000
7.3700 .0000
1574487 .2500
33,977.19 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1574488 .2500
24,966.32 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1
1574489 .2500
459,688.20 .0300
7.9500 .0000
7.7000 .0000
7.6700 .0000
7.5000 .1700
1574490 .2500
235,665.78 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1574491 .2500
749,506.89 .0300
8.1000 .0000
7.8500 .0000
7.8200 .0000
7.5000 .3200
1574492 .2500
30,661.11 .0300
8.3000 .0000
8.0500 .0000
8.0200 .0000
7.5000 .5200
1574493 .2500
444,363.44 .0300
7.7000 .0000
7.4500 .0000
7.4200 .0000
7.4200 .0000
1574494 .2500
249,807.66 .0300
7.9000 .0000
7.6500 .0000
7.6200 .0000
7.5000 .1200
1574495 .2500
467,673.00 .0300
7.8000 .0000
7.5500 .0000
7.5200 .0000
7.5000 .0200
1574496 .2500
349,459.79 .0300
7.8000 .0000
7.5500 .0000
7.5200 .0000
7.5000 .0200
1
1574497 .2500
61,960.46 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1574498 .2500
328,481.47 .0300
8.0500 .0000
7.8000 .0000
7.7700 .0000
7.5000 .2700
1574499 .2500
24,983.72 .0300
8.1500 .0000
7.9000 .0000
7.8700 .0000
7.5000 .3700
1574500 .2500
36,675.87 .0300
8.1000 .0000
7.8500 .0000
7.8200 .0000
7.5000 .3200
1574501 .2500
459,688.20 .0300
7.9500 .0000
7.7000 .0000
7.6700 .0000
7.5000 .1700
1574502 .2500
394,734.95 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1574503 .2500
42,673.04 .0300
8.3000 .0000
8.0500 .0000
8.0200 .0000
7.5000 .5200
1574504 .2500
379,737.15 .0300
7.8500 .0000
7.6000 .0000
7.5700 .0000
7.5000 .0700
1
1574505 .2500
251,829.18 .0300
7.9500 .0000
7.7000 .0000
7.6700 .0000
7.5000 .1700
1574506 .2500
249,835.63 .0300
8.1000 .0000
7.8500 .0000
7.8200 .0000
7.5000 .3200
1574560 .2500
350,000.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1574563 .2500
59,600.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1575412 .2500
375,000.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1575413 .2500
191,000.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1575422 .2500
137,000.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1575424 .2500
214,456.02 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1
1575453 .2500
223,250.00 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1575458 .2500
241,800.00 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1575465 .2500
142,513.61 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1575467 .2500
74,952.18 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1575489 .2500
137,600.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1575552 .2500
187,200.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1575556 .2500
238,400.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1575667 .2500
189,878.84 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1
1575670 .2500
411,743.92 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1575672 .2500
379,751.43 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1575673 .2500
330,000.00 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1575676 .2500
241,833.46 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1575677 .2500
250,773.10 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1575689 .2500
262,024.06 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1575690 .2500
231,598.40 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1575693 .2500
298,459.56 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1
1575694 .2500
359,752.25 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1575695 .2500
291,799.05 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1575697 .2500
236,786.92 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1575700 .2500
300,000.00 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1575701 .2500
273,802.16 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1575707 .2500
252,838.67 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1575708 .2500
240,829.90 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1575709 .2500
385,515.78 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1
1575710 .2500
264,441.81 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1575711 .2500
299,044.05 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1575712 .2500
299,777.36 .0800
7.5000 .0000
7.2500 .0000
7.1700 .0000
7.1700 .0000
1575713 .2500
240,365.17 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.5000 1.0450
1575715 .2500
249,382.99 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1575716 .2500
288,542.14 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.5000 1.1700
1575718 .2500
333,542.55 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1575719 .2500
279,812.12 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1
1575720 .2500
293,633.24 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1575721 .2500
295,580.81 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1575722 .2500
453,388.73 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1575723 .2500
379,475.26 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1575724 .2500
344,045.50 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1575725 .2500
348,583.19 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1575727 .2500
319,790.67 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1575728 .2500
310,891.25 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1
1575729 .2500
287,696.79 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1575730 .2500
245,715.89 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.5000 .9200
1575731 .2500
499,437.30 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.5000 1.0450
1575734 .2500
339,777.58 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1575736 .2500
285,498.36 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1575737 .2500
393,122.34 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1575738 .2500
294,816.63 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1575739 .2500
274,815.47 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1
1575740 .2500
309,641.98 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.5000 .9200
1575741 .2500
244,847.72 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1575742 .2500
247,353.88 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.5000 .7950
1575743 .2500
339,771.87 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1575745 .2500
443,371.22 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1575746 .2500
369,764.06 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1575747 .2500
395,348.32 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1575748 .2500
377,491.03 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1
1575749 .2500
244,851.58 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1575751 .2500
347,772.35 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1575752 .2500
374,748.38 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1575753 .2500
267,829.10 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1575754 .2500
324,787.40 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1575757 .2500
259,821.07 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1575758 .2500
232,347.91 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1575759 .2500
334,812.18 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.5000 1.0450
1
1575760 .2500
289,341.86 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.5000 1.1700
1575762 .2500
299,798.70 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1575763 .2500
544,643.49 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1575764 .2500
233,838.97 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1575766 .2500
236,370.81 .0800
9.0000 .0000
8.7500 .0000
8.6700 .0000
7.5000 1.1700
1575767 .2500
249,823.55 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1575768 .2500
240,853.99 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1575769 .2500
280,820.82 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1
1575771 .2500
499,655.90 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1575772 .2500
260,841.88 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1575773 .2500
248,187.54 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1575774 .2500
224,845.15 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1575777 .2500
266,400.00 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1575778 .2500
274,829.07 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1575779 .2500
256,302.45 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.5000 .9200
1575781 .2500
299,798.70 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1
1575782 .2500
264,322.52 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1575784 .2500
247,849.76 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1575785 .2500
299,808.70 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1575788 .2500
340,000.00 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1575789 .2500
278,231.34 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1575790 .2500
292,808.33 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1575793 .2500
255,663.93 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1575794 .2500
459,714.09 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1
1575795 .2500
289,665.09 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.5000 .9200
1575796 .2500
279,623.00 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1575797 .2500
399,757.67 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1575798 .2500
250,939.88 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1575799 .2500
244,861.41 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1575800 .2500
239,850.83 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1575804 .2500
249,640.63 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1575805 .2500
279,807.31 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1
1575806 .2500
235,860.67 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.5000 .7950
1575807 .2500
310,081.93 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1575808 .2500
339,760.03 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1575809 .2500
485,656.99 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1575810 .2500
269,823.38 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1575812 .2500
284,822.85 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1575816 .2500
349,759.13 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1575817 .2500
268,019.91 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1
1575818 .2500
459,691.35 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1575819 .2500
299,793.54 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1575820 .2500
414,935.24 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1575821 .2500
248,828.64 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1575824 .2500
262,214.80 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1575825 .2500
334,769.46 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1575826 .2500
399,738.34 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1575828 .2500
291,799.04 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1
1575831 .2500
435,300.22 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1575832 .2500
308,137.80 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1575834 .2500
524,629.45 .0800
7.7500 .0000
7.5000 .0000
7.4200 .0000
7.4200 .0000
1575835 .2500
246,530.22 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1575836 .2500
299,798.71 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1575847 .2500
719,574.91 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.5000 .7950
1575852 .2500
309,802.32 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1575853 .2500
215,768.76 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1
1575858 .2500
249,832.26 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1575861 .2500
449,657.58 .0800
7.3750 .0000
7.1250 .0000
7.0450 .0000
7.0450 .0000
1575864 .2500
249,832.26 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1575867 .2500
499,655.90 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1575869 .2500
220,766.18 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1575877 .2500
498,665.18 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1575878 .2500
649,671.76 .0800
9.3750 .0000
9.1250 .0000
9.0450 .0000
7.5000 1.5450
1575880 .2500
215,865.74 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1
1575881 .2500
311,790.65 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1575882 .2500
331,951.39 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1575883 .2500
431,717.41 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1575884 .2500
266,679.84 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1575885 .2500
325,000.00 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1575886 .2500
265,800.00 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1575887 .2500
229,853.34 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1575888 .2500
303,001.67 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1
1575891 .2500
244,839.73 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1575893 .2500
439,704.76 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1575894 .2500
224,852.82 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1575897 .2500
246,850.36 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1575898 .2500
395,740.96 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1575899 .2500
310,346.86 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1575901 .2500
262,819.00 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1575902 .2500
395,000.00 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1
1575903 .2500
362,150.60 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1575904 .2500
302,506.97 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1575905 .2500
242,000.00 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1575906 .2500
262,000.00 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1575907 .2500
393,305.39 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1575908 .2500
321,778.41 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1575909 .2500
234,500.00 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1575910 .2500
630,797.50 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1
1575911 .2500
234,500.00 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1575912 .2500
286,816.99 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1575913 .2500
377,746.36 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1575914 .2500
249,832.26 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1575915 .2500
599,627.07 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1575917 .2500
286,100.00 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1575918 .2500
258,750.00 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1575919 .2500
264,750.00 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1
1575932 .2500
255,860.88 .0800
9.0250 .0000
8.7750 .0000
8.6950 .0000
7.5000 1.1950
1575950 .2500
49,000.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1575955 .2500
75,950.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1575983 .2500
132,000.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1575989 .2500
254,000.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1575997 .2500
243,750.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1575999 .2500
248,900.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1576002 .2500
84,000.00 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1
1576022 .2500
130,000.00 .0300
8.8750 .0000
8.6250 .0000
8.5950 .0000
7.5000 1.0950
1576042 .2500
36,800.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1576054 .2500
58,500.00 .0300
8.8750 .0000
8.6250 .0000
8.5950 .0000
7.5000 1.0950
1576059 .2500
207,900.00 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1576106 .2500
202,500.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1576107 .2500
123,750.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1576118 .2500
270,950.00 .0300
8.8750 .0000
8.6250 .0000
8.5950 .0000
7.5000 1.0950
1576135 .2500
164,000.00 .0300
8.8750 .0000
8.6250 .0000
8.5950 .0000
7.5000 1.0950
1
1576155 .2500
185,000.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1576156 .2500
300,000.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1576271 .2500
172,450.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1576310 .2500
268,400.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.5000 .9200
1576371 .2500
436,000.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1576397 .2500
400,000.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1576465 .2500
124,350.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1576466 .2500
185,500.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1
1576488 .2500
186,000.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1576522 .2500
310,000.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1576524 .2500
84,000.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1576525 .2500
291,813.80 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1576609 .2500
108,450.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1576617 .2500
307,500.00 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1576624 .2500
600,000.00 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1576632 .2500
500,000.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1
1576634 .2500
74,050.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1576678 .2500
184,000.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1576681 .2500
216,000.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1576683 .2500
256,000.00 .0300
7.8750 .0000
7.6250 .0000
7.5950 .0000
7.5000 .0950
1576694 .2500
240,000.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1576710 .2500
43,000.00 .0800
9.1250 .0000
8.8750 .0000
8.7950 .0000
7.5000 1.2950
1576712 .2500
247,342.18 .0800
8.2500 .0000
8.0000 .0000
7.9200 .0000
7.5000 .4200
1576714 .2500
260,853.68 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.5000 1.0450
1
1576769 .2500
429,691.79 .0800
8.0000 .0000
7.7500 .0000
7.6700 .0000
7.5000 .1700
1576770 .2500
348,000.00 .0800
8.1250 .0000
7.8750 .0000
7.7950 .0000
7.5000 .2950
1576800 .2500
240,000.00 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.5000 .7950
1576851 .2500
284,750.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1576861 .2500
252,000.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1576865 .2500
224,000.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1576900 .2500
171,200.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1576905 .2500
300,000.00 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1
1576939 .2500
277,000.00 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1576949 .2500
52,968.71 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.5000 .7950
1576950 .2500
35,000.00 .0800
8.8750 .0000
8.6250 .0000
8.5450 .0000
7.5000 1.0450
1576980 .2500
318,000.00 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1576993 .2500
354,800.98 .0300
8.8750 .0000
8.6250 .0000
8.5950 .0000
7.5000 1.0950
1576999 .2500
227,847.02 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1577001 .2500
202,442.77 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1577006 .2500
238,619.27 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1
1577008 .2500
226,721.01 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1577011 .2500
280,236.11 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1577014 .2500
298,123.46 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1577016 .2500
214,644.60 .0800
8.5000 .0000
8.2500 .0000
8.1700 .0000
7.5000 .6700
1577020 .2500
248,396.30 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1577021 .2500
352,496.67 .0800
8.3750 .0000
8.1250 .0000
8.0450 .0000
7.5000 .5450
1577023 .2500
468,000.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1577050 .2500
188,000.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1
1577052 .2500
259,200.00 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1577055 .2500
255,000.00 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1577056 .2500
287,200.00 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1577059 .2500
287,900.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1577064 .2500
223,700.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1577074 .2500
300,000.00 .0300
8.0000 .0000
7.7500 .0000
7.7200 .0000
7.5000 .2200
1577077 .2500
287,100.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1577105 .2500
138,400.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1
1577212 .2500
272,900.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1577217 .2500
223,079.73 .0300
8.7500 .0000
8.5000 .0000
8.4700 .0000
7.5000 .9700
1577224 .2500
223,611.57 .0800
8.6250 .0000
8.3750 .0000
8.2950 .0000
7.5000 .7950
1577237 .2500
160,000.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1577240 .2500
356,800.00 .0300
8.1250 .0000
7.8750 .0000
7.8450 .0000
7.5000 .3450
1577244 .2500
192,850.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1577246 .2500
232,000.00 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1577254 .2500
280,000.00 .0300
7.6250 .0000
7.3750 .0000
7.3450 .0000
7.3450 .0000
1
1577272 .2500
275,100.00 .0300
8.6250 .0000
8.3750 .0000
8.3450 .0000
7.5000 .8450
1577377 .2500
331,871.45 .0800
7.8750 .0000
7.6250 .0000
7.5450 .0000
7.5000 .0450
1577546 .2500
138,450.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
1577597 .2500
196,800.00 .0300
8.3750 .0000
8.1250 .0000
8.0950 .0000
7.5000 .5950
1577603 .2500
142,100.00 .0300
8.2500 .0000
8.0000 .0000
7.9700 .0000
7.5000 .4700
1577645 .2500
137,600.00 .0300
7.7500 .0000
7.5000 .0000
7.4700 .0000
7.4700 .0000
1577978 .2500
220,000.00 .0800
8.7500 .0000
8.5000 .0000
8.4200 .0000
7.5000 .9200
1
1578042 .2500
800,000.00 .0300
8.5000 .0000
8.2500 .0000
8.2200 .0000
7.5000 .7200
TOTAL NUMBER OF LOANS: 1054
TOTAL BALANCE........: 263,833,388.18
RUN ON : 05/23/97 RFC DISCLOSURE SYSTEM RFFSDFIX-01
AT : 06.28.54 INITIAL SECURITY FEES AMORTIZED BALANCE
SERIES : RFMSI I 1997-S7 30YR FIXED SUMMARY REPORT CUTOFF : 05/01/97
POOL : 0004246
:
:
POOL STATUS: F
WEIGHTED AVERAGES FROM TO
-----------------------------------------------------------------------------
CURR NOTE RATE 8.1795 7.1500 9.3750
RFC NET RATE 7.9294 6.9000 9.1250
NET MTG RATE(INVSTR RATE) 7.8685 6.8200 9.0450
POST STRIP RATE 7.4844 6.8200 7.5000
SUB SERV FEE .2501 .2500 .4000
MSTR SERV FEE .0609 .0300 .0800
ALL EXP .0000 .0000 .0000
MISC EXP .0000 .0000 .0000
SPREAD .0000 .0000 .0000
STRIP .3842 .0000 1.5450
TOTAL NUMBER OF LOANS: 1054
TOTAL BALANCE........: 263,833,388.18
***************************
* END OF REPORT *
***************************
NY1-208988.4
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.
NY1-208988.4
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
NY1-208988.4
G-2
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.
NY1-208988.4
G-3
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
NY1-208988.4
G-4
enforced in accordance with, applicable federal laws and the laws
of the State of Minnesota.
NY1-208988.4
G-5
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:
NY1-208988.4
G-6
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
NY1-208988.4
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 1997-S7,
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 Certificates, and (iii) is
acquiring the Class R Certificates for its own account or for the account of
another Owner from which it has received an affidavit and agreement in
substantially the same form as this affidavit and agreement. (For this purpose,
a "disqualified organization" means the United States, any state or political
subdivision thereof, any agency or instrumentality of any of the foregoing
(other than an instrumentality all of the activities of which are subject to tax
and, except for the Federal Home Loan Mortgage Corporation, a majority of whose
board of directors is not selected by any such governmental entity) or any
foreign government, international organization or any agency or instrumentality
of such foreign government or organization, any rural electric or telephone
cooperative, or any organization (other than certain farmers' cooperatives) that
is generally exempt from federal income tax unless such organization is subject
to the tax on unrelated business taxable income).
3. That the Owner is aware (i) of the tax that would be
imposed on transfers of Class R Certificates to disqualified organizations under
the Code, that applies to all transfers of Class R Certificates after March 31,
1988; (ii) that such tax would be on the transferor, or, 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
NY1-208988.4
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 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 Certificates unless the transferee, or the
transferee's agent, delivers to it an affidavit and agreement, among other
things, in substantially the same form as this affidavit and agreement. The
Owner expressly agrees that it will not consummate any such transfer if it knows
or believes that any of the representations contained in such affidavit and
agreement are false.
7. That the Owner has reviewed the restrictions set forth on
the face of the Class R Certificates and the provisions of Section 5.02(f) of
the Pooling and Servicing Agreement under which the Class R Certificates were
issued (in particular, clause (iii)(A) and (iii)(B) of Section 5.02(f) which
authorize the Trustee to deliver payments to a person other than the Owner and
negotiate a mandatory sale by the Trustee in the event the Owner holds such
Certificates in violation of Section 5.02(f)). The Owner expressly agrees to be
bound by and to comply with such restrictions and provisions.
8. That the Owner consents to any additional restrictions or
arrangements that shall be deemed necessary upon advice of counsel to constitute
a reasonable arrangement to ensure that the Class R Certificates will only be
owned, directly or indirectly, by an Owner that is not a disqualified
organization.
NY1-208988.4
I-1-2
9. The Owner's Taxpayer Identification Number is
--------------.
10. This affidavit and agreement relates only to the Class R
Certificates held by the Owner and not to any other holder of the Class R
Certificates. The Owner understands that the liabilities described herein relate
only to the Class R Certificates.
11. That no purpose of the Owner relating to the transfer of
any of the Class R Certificates by the Owner is or will be to impede the
assessment or collection of any tax.
12. That the Owner has no present knowledge or expectation
that it will be unable to pay any United States taxes owed by it so long as any
of the Certificates remain outstanding. In this regard, the Owner hereby
represents to and for the benefit of the person from whom it acquired the Class
R Certificate that the Owner intends to pay taxes associated with holding such
Class R Certificate as they become due, fully understanding that it may incur
tax liabilities in excess of any cash flows generated by the Class R
Certificate.
13. That the Owner has no present knowledge or expectation
that it will become insolvent or subject to a bankruptcy proceeding for so long
as any of the Class R Certificates remain outstanding.
14. The 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.
NY1-208988.4
I-1-3
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__.
NY1-208988.4
I-1-4
EXHIBIT I-2
FORM OF TRANSFEROR CERTIFICATE
__________________, 19__
Residential Funding Mortgage
Securities I, Inc.
▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇
▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
The First National Bank of Chicago
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attention: Residential Funding Corporation Series 1997-S7
Re: Mortgage Pass-Through Certificates,
Series 1997-S7, Class R
Ladies and Gentlemen:
This letter is delivered to you in connection with the
transfer by _______________________________ (the "Seller") to
_______________________________ (the "Purchaser") of $_____________ Initial
Certificate Principal Balance of Mortgage Pass-Through Certificates, Series
1997-S7, Class R (the "Certificates"), pursuant to Section 5.02 of the Pooling
and Servicing Agreement (the "Pooling and Servicing Agreement"), dated as of May
1, 1997 among Residential Funding Mortgage Securities I, Inc., as seller (the
"Company"), Residential Funding Corporation, as master servicer, and The First
National Bank of Chicago, as trustee (the "Trustee"). All terms used herein and
not otherwise defined shall have the meanings set forth in the Pooling and
Servicing Agreement. The Seller hereby certifies, represents and warrants to,
and covenants with, the Company and the Trustee that:
1. No purpose of the Seller relating to the transfer
of the Certificate by the Seller to the Purchaser is or will be
to impede the assessment or collection of any tax.
2. The Seller understands that the Purchaser has delivered to
the Trustee and the Master Servicer a transfer affidavit and agreement in the
form attached to the Pooling and Servicing Agreement as Exhibit I-1. The Seller
does not know or believe that any representation contained therein is false.
3. The Seller has at the time of the transfer
conducted a reasonable investigation of the financial condition
NY1-208988.4
of the Purchaser as contemplated by Treasury Regulations Section
1.860E-1(c)(4)(i) and, as a result of that investigation, the Seller has
determined that the Purchaser has historically paid its debts as they become due
and has found no significant evidence to indicate that the Purchaser will not
continue to pay its debts as they become due in the future. The Seller
understands that the transfer of a Class R Certificate may not be respected for
United States income tax purposes (and the Seller may continue to be liable for
United States income taxes associated therewith) unless the Seller has conducted
such an investigation.
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:
NY1-208988.4
I-2-2
EXHIBIT J
FORM OF INVESTOR REPRESENTATION LETTER
______________, 19__
Residential Funding Mortgage
Securities I, Inc.
▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇
▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
The First National Bank of Chicago
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attention: Residential Funding Corporation Series 1997-S7
Re: Mortgage Pass-Through Certificates,
Series 1997-S7, [Class B-]
Ladies and Gentlemen:
_________________________ (the "Purchaser") intends to
purchase from ___________________________ (the "Seller") $_____________ Initial
Certificate Principal Balance of Mortgage Pass-Through Certificates, Series
1997-S7, Class __ (the "Certificates"), issued pursuant to the Pooling and
Servicing Agreement (the "Pooling and Servicing Agreement"), dated as of May 1,
1997 among Residential Funding Mortgage Securities I, Inc., as seller (the
"Company"), Residential Funding Corporation, as master servicer, and The First
National Bank of Chicago, as trustee (the "Trustee"). All terms used herein and
not otherwise defined shall have the meanings set forth in the Pooling and
Servicing Agreement. The Purchaser hereby certifies, represents and warrants to,
and covenants with, the Company and the Trustee that:
1. The Purchaser understands that (a) the Certificates
have not been and will not be registered or qualified under
the Securities Act of 1933, as amended (the "Act") or any
state securities law, (b) the Company is not required to so
register or qualify the Certificates, (c) the Certificates may
be resold only if registered and qualified pursuant to the
provisions of the Act or any state securities law, or if an
exemption from such registration and qualification is
available, (d) the Pooling and Servicing Agreement contains
restrictions regarding the transfer of the Certificates and
(e) the Certificates will bear a legend to the foregoing
effect.
2. The Purchaser is acquiring the Certificates
for its own account for investment only and not with a
view to or for sale in connection with any distribution
NY1-208988.4
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
NY1-208988.4
J-2
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
(a) is not an employee benefit or other
plan subject to the prohibited transaction provisions of the
Employee Retirement Income Security Act of 1974, as amended
("ERISA"), or Section 4975 of the Internal Revenue Code of
1986, as amended (the "Code") (a "Plan"), or any other person
(including an investment manager, a named fiduciary or a
trustee of any Plan) acting, directly or indirectly, on behalf
of or purchasing any Certificate with "plan assets" of any
Plan; or
(b) is an insurance company, the source of
funds to be used by it to purchase the Certificates is an
"insurance company general account" (within the meaning of
Department of Labor Prohibited Transaction Class Exemption
("PTCE") 95-60), and the purchase is being made in reliance
upon the availability of the exemptive relief afforded under
Section III of PTCE 95-60.]
Very truly yours,
By:
Name:
Title:
NY1-208988.4
J-3
EXHIBIT K
FORM OF TRANSFEROR REPRESENTATION LETTER
, 19
Residential Funding Mortgage
Securities I, Inc.
▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇
▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
The First National Bank of Chicago
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attention: Residential Funding Corporation Series 1997-S7
Re: Mortgage Pass-Through Certificates,
Series 1997-S7, [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 1997-S7, Class (the "Certificates"), issued pursuant to the
Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"), dated
as of May 1, 1997 among Residential Funding Mortgage Securities I, Inc., as
seller (the "Company"), Residential Funding Corporation, as master servicer, and
The First National Bank of Chicago, as trustee (the "Trustee"). The Seller
hereby certifies, represents and warrants to, and covenants with, the Company
and the Trustee that:
Neither the Seller nor anyone acting on its behalf has (a)
offered, pledged, sold, disposed of or otherwise transferred any Certificate,
any interest in any Certificate or any other similar security to any person in
any manner, (b) has solicited any offer to buy or to accept a pledge,
disposition or other transfer of any Certificate, any interest in any
Certificate or any other similar security from any person in any manner, (c) has
otherwise approached or negotiated with respect to any Certificate, any interest
in any Certificate or any other similar security with any person in any manner,
(d) has made any general solicitation by means of general advertising or in any
other manner, or (e) has taken any other action, that (as to any of (a) through
(e) above) would constitute a distribution of the Certificates under the
Securities Act of 1933 (the "Act"), that would render the disposition of any
Certificate a violation of
NY1-208988.4
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:
NY1-208988.4
K-2
EXHIBIT L
[FORM OF RULE 144A INVESTMENT REPRESENTATION]
Description of Rule 144A Securities, including
numbers:
==============================================
==============================================
The undersigned seller, as registered holder (the "Seller"),
intends to transfer the Rule 144A Securities described above to the undersigned
buyer (the "Buyer").
1. In connection with such transfer and in accordance with the
agreements pursuant to which the Rule 144A Securities were issued, the Seller
hereby certifies the following facts: Neither the Seller nor anyone acting on
its behalf has offered, transferred, pledged, sold or otherwise disposed of the
Rule 144A Securities, any interest in the Rule 144A Securities or any other
similar security to, or solicited any offer to buy or accept a transfer, pledge
or other disposition of the Rule 144A Securities, any interest in the Rule 144A
Securities or any other similar security from, or otherwise approached or
negotiated with respect to the Rule 144A Securities, any interest in the Rule
144A Securities or any other similar security with, any person in any manner, or
made any general solicitation by means of general advertising or in any other
manner, or taken any other action, that would constitute a distribution of the
Rule 144A Securities under the Securities Act of 1933, as amended (the "1933
Act"), or that would render the disposition of the Rule 144A Securities a
violation of Section 5 of the 1933 Act or require registration pursuant thereto,
and that the Seller has not offered the Rule 144A Securities to any person other
than the Buyer or another "qualified institutional buyer" as defined in Rule
144A under the 1933 Act.
2. The Buyer warrants and represents to, and covenants with,
the Seller, the Trustee and the Master Servicer (as defined in the Pooling and
Servicing Agreement (the "Agreement"), dated as of May 1, 1997 among Residential
Funding Corporation as Master Servicer, Residential Funding Mortgage Securities
I, Inc. as depositor pursuant to Section 5.02 of the Agreement and The First
National Bank of Chicago, as trustee, as follows:
a. The Buyer understands that the Rule 144A Securities
have not been registered under the 1933 Act or the securities laws of
any state.
b. The Buyer considers itself a substantial,
sophisticated institutional investor having such knowledge
and experience in financial and business matters that it is
NY1-208988.4
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
a. is not an employee benefit or other plan subject to
the prohibited transaction provisions of the Employee Retirement Income
Security Act of 1974, as amended ("ERISA"), or Section 4975 of the
Internal Revenue Code of 1986, as amended (the "Code") (a "Plan"), or
any other person (including an investment manager, a named fiduciary or
a trustee of any Plan) acting, directly or indirectly, on behalf of or
purchasing any Certificate with "plan assets" of any Plan; or
NY1-208988.4
L-2
b. is an insurance company, the source of funds to be
used by it to purchase the Certificates is an "insurance company
general account" (within the meaning of Department of Labor Prohibited
Transaction Class Exemption ("PTCE") 95-60), and the purchase is being
made in reliance upon the availability of the exemptive relief afforded
under Section III of PTCE 95-60.]
4. This document may be executed in one or more counterparts
and by the different parties hereto on separate counterparts, each of which,
when so executed, shall be deemed to be an original; such counterparts,
together, shall constitute one and the same document.
IN WITNESS WHEREOF, each of the parties has executed this
document as of the date set forth below.
Print Name of Seller Print Name of Buyer
By: By:
Name: Name:
Title: Title:
Taxpayer Identification: Taxpayer Identification:
No. No.
Date: Date:
NY1-208988.4
L-3
ANNEX 1 TO EXHIBIT L
QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
[For Buyers Other Than Registered Investment Companies]
The undersigned hereby certifies as follows in connection with the
Rule 144A Investment Representation to which this Certification is attached:
1. As indicated below, the undersigned is the President,
Chief Financial Officer, Senior Vice President or other executive
officer of the Buyer.
2. In connection with purchases by the Buyer, the Buyer is a
"qualified institutional buyer" as that term is defined in Rule 144A under the
Securities Act of 1933 ("Rule 144A") because (i) the Buyer owned and/or invested
on a discretionary basis $______________________ in securities (except for the
excluded securities referred to below) as of the end of the Buyer's most recent
fiscal year (such amount being calculated in accordance with Rule 144A) and (ii)
the Buyer satisfies the criteria in the category marked below.
___ Corporation, etc. The Buyer is a corporation (other than a bank,
savings and loan association or similar institution), Massachusetts
or similar business trust, partnership, or charitable organization
described in Section 501(c)(3) of the Internal Revenue Code.
___ Bank. The Buyer (a) is a national bank or banking
----
institution organized under the laws of any State,
territory or the District of Columbia, the business of
which is substantially confined to banking and is
supervised by the State or territorial banking commission
or similar official or is a foreign bank or equivalent
institution, and (b) has an audited net worth of at least
$25,000,000 as demonstrated in its latest annual
financial statements, a copy of which is attached hereto.
----------------------------------
NY1-208988.4
L-4
___ 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.
NY1-208988.4
L-5
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
NY1-208988.4
L-6
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:
NY1-208988.4
L-7
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,
NY1-208988.4
L-8
(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:
NY1-208988.4
L-9
EXHIBIT M
[TEXT OF AMENDMENT TO POOLING AND SERVICING
AGREEMENT PURSUANT TO SECTION 12.01(E) FOR A
LIMITED GUARANTY]
ARTICLE XII
Subordinate Certificate Loss Coverage; Limited Guaranty
Section 12.01. Subordinate Certificate Loss Coverage; Limited
Guaranty. (a) Subject to subsection (c) below, prior to the later of the third
Business Day prior to each Distribution Date or the related Determination Date,
the Master Servicer shall determine whether it or any Subservicer will be
entitled to any reimbursement pursuant to Section 4.02(a) on such Distribution
Date for Advances or Subservicer Advances previously made, (which will not be
Advances or Subservicer Advances that were made with respect to delinquencies
which were subsequently determined to be Excess Special Hazard Losses, Excess
Fraud Losses, Excess Bankruptcy Losses or Extraordinary Losses) and, if so, the
Master Servicer shall demand payment from Residential Funding of an amount equal
to the amount of any Advances or Subservicer Advances reimbursed pursuant to
Section 4.02(a), to the extent such Advances or Subservicer Advances have not
been included in the amount of the Realized Loss in the related Mortgage Loan,
and shall distribute the same to the Class B Certificateholders in the same
manner as if such amount were to be distributed pursuant to Section 4.02(a).
(b) Subject to subsection (c) below, prior to the later of the
third Business Day prior to each Distribution Date or the related Determination
Date, the Master Servicer shall determine whether any Realized Losses (other
than Excess Special Hazard Losses, Excess Bankruptcy Losses, Excess Fraud Losses
and Extraordinary Losses) will be allocated to the Class B Certificates on such
Distribution Date pursuant to Section 4.05, and, if so, the Master Servicer
shall demand payment from Residential Funding of the amount of such Realized
Loss and shall distribute the same to the Class B Certificateholders in the same
manner as if such amount were to be distributed pursuant to Section 4.02(a);
provided, however, that the amount of such demand in respect of any Distribution
Date shall in no event be greater than the sum of (i) the additional amount of
Accrued Certificate Interest that would have been paid for the Class B
Certificateholders on such Distribution Date had such Realized Loss or Losses
not occurred plus (ii) the amount of the reduction in the Certificate Principal
Balances of the Class B Certificates on such Distribution Date due to such
Realized Loss or Losses. Notwithstanding such payment, such Realized Losses
shall be deemed to have been borne by the Certificateholders for purposes of
Section 4.05. Excess Special Hazard Losses, Excess Fraud Losses, Excess
Bankruptcy Losses and Extraordinary Losses
NY1-208988.4
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
(subject to the provisions of Section 10.01(f) as if the Company was substituted
for the Master Servicer solely for the purposes of such provision) an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
obtaining such substitute corporate guaranty, irrevocable letter of credit,
surety bond, insurance policy or similar instrument or reserve fund will not
cause either (a) any federal tax to be imposed on the Trust Fund, including
without limitation, any federal tax imposed on "prohibited transactions" under
Section
NY1-208988.4
M-2
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) the Trust Fund to fail to qualify as a
REMIC at any time that any Certificate is outstanding, and (ii) no such
substitution shall be made unless (A) the substitute Limited Guaranty or
Subordinate Certificate Loss Obligation is for an initial amount not less than
the then current Amount Available and contains provisions that are in all
material respects equivalent to the original Limited Guaranty or Subordinate
Certificate Loss Obligation (including that no portion of the fees,
reimbursements or other obligations under any such instrument will be borne by
the Trust Fund), (B) the long term debt obligations of any obligor of any
substitute Limited Guaranty or Subordinate Certificate Loss Obligation (if not
supported by the Limited Guaranty) shall be rated at least the lesser of (a) the
rating of the long term debt obligations of General Motors Acceptance
Corporation as of the date of issuance of the Limited Guaranty and (b) the
rating of the long term debt obligations of General Motors Acceptance
Corporation at the date of such substitution and (C) the Company obtains written
confirmation from each nationally recognized credit rating agency that rated the
Class B Certificates at the request of the Company that such substitution shall
not lower the rating on the Class B Certificates below the lesser of (a) the
then-current rating assigned to the Class B Certificates by such rating agency
and (b) the original rating assigned to the Class B Certificates by such rating
agency. Any replacement of the Limited Guaranty or Subordinate Certificate Loss
Obligation pursuant to this Section shall be accompanied by a written Opinion of
Counsel to the substitute guarantor or obligor, addressed to the Master Servicer
and the Trustee, that such substitute instrument constitutes a legal, valid and
binding obligation of the substitute guarantor or obligor, enforceable in
accordance with its terms, and concerning such other matters as the Master
Servicer and the Trustee shall reasonably request. Neither the Company, the
Master Servicer nor the Trustee shall be obligated to substitute for or replace
the Limited Guaranty or Subordinate Certificate Loss Obligation under any
circumstance.
Section 12.02. Amendments Relating to the Limited Guaranty.
Notwithstanding Sections 12.01 or 12.01: (i) the provisions of this Article XII
may be amended, superseded or deleted, (ii) the Limited Guaranty or Subordinate
Certificate Loss Obligation may be amended, reduced or canceled, and (iii) any
other provision of this Agreement which is related or incidental to the matters
described in this Article XII may be amended in any manner; in each case by
written instrument executed or consented to by the Company and Residential
Funding but without the consent of any Certificateholder and without the consent
of the Master Servicer or the Trustee being required unless any such amendment
would impose any additional obligation on, or otherwise adversely affect the
interests of, the Master Servicer or the Trustee, as applicable; provided that
the Company shall also obtain a letter from each nationally recognized credit
rating agency that rated the Class B Certificates at the request
NY1-208988.4
M-3
of the Company to the effect that such amendment, reduction, deletion or
cancellation will not lower the rating on the Class B Certificates below the
lesser of (a) the then-current rating assigned to the Class B Certificates by
such rating agency and (b) the original rating assigned to the Class B
Certificates by such rating agency, unless (A) the Holder of 100% of the Class B
Certificates is Residential Funding or an Affiliate of Residential Funding, or
(B) such amendment, reduction, deletion or cancellation is made in accordance
with Section 12.01(e) and, provided further that the Company obtains (subject to
the provisions of Section 10.01(f) as if the Company was substituted for the
Master Servicer solely for the purposes of such provision), in the case of a
material amendment or supersession (but not a reduction, cancellation or
deletion of the Limited Guaranty or the Subordinate Certificate Loss
Obligation), an Opinion of Counsel (which need not be an opinion of Independent
counsel) to the effect that any such amendment or supersession will not cause
either (a) any federal tax to be imposed on the Trust Fund, including without
limitation, any federal tax imposed on "prohibited transactions" under Section
860F(a)(1) of the Code or on "contributions after the startup date" under
Section 860G(d)(1) of the Code or (b) the Trust Fund 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.
NY1-208988.4
M-4
EXHIBIT N
[FORM OF LIMITED GUARANTY]
LIMITED GUARANTY
RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.
Mortgage Pass-Through Certificates
Series 1997-S7
, 199__
The First National Bank of Chicago
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attention: Residential Funding Corporation Series 1997-S7
Ladies and Gentlemen:
WHEREAS, Residential Funding Corporation, a Delaware
corporation ("Residential Funding"), an indirect wholly-owned subsidiary of
General Motors Acceptance Corporation, a New York corporation ("GMAC"), plans to
incur certain obligations as described under Section 12.01 of the Pooling and
Servicing Agreement dated as of May 1, 1997 (the "Servicing Agreement"), among
Residential Funding Mortgage Securities I, Inc. (the "Company"), Residential
Funding and The First National Bank of Chicago (the "Trustee") as amended by
Amendment No. ___ thereto, dated as of ________, with respect to the Mortgage
Pass-Through Certificates, Series 1997-S7 (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 ▇▇▇▇▇▇ 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
NY1-208988.4
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
NY1-208988.4
N-2
the Trustee to rely on the covenants and agreements set forth
herein.
7. Definitions. Capitalized terms used but not
otherwise defined herein shall have the meaning given them in the
Servicing Agreement.
8. Counterparts. This Limited Guaranty may be
executed in any number of counterparts, each of which shall be
deemed to be an original and such counterparts shall constitute
but one and the same instrument.
IN WITNESS WHEREOF, GMAC has caused this Limited Guaranty to
be executed and delivered by its respective officers thereunto duly authorized
as of the day and year first above written.
GENERAL MOTORS ACCEPTANCE
CORPORATION
By:
Name:
Title:
Acknowledged by:
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
By:
Name:
Title:
RESIDENTIAL FUNDING MORTGAGE
SECURITIES I, INC.
By:
Name:
Title:
NY1-208988.4
N-3
EXHIBIT O
FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN
__________________, 19____
Residential Funding Mortgage
Securities I, Inc.
▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇
▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
The First National Bank of Chicago
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attention: Residential Funding Corporation Series 1997-S7
Re: Mortgage Pass-Through Certificates,
Series 1997-S7 Assignment of Mortgage Loan
Ladies and Gentlemen:
This letter is delivered to you in connection with the
assignment by _________________ (the "Trustee") to _______________________ (the
"Lender") of _______________ (the "Mortgage Loan") pursuant to Section 3.13(d)
of the Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"),
dated as of May 1, 1997 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
NY1-208988.4
(iv) such assignment is at the request of the borrower
under the related Mortgage Loan.
Very truly yours,
(Lender)
By:
Name:
Title:
NY1-208988.4
O-2
EXHIBIT P
SCHEDULE OF DISCOUNT FRACTIONS
Schedule of Discount Fractions
PRINCIPAL NET MORTGAGE DISCOUNT PO
LOAN # BALANCE RATE FRACTION BALANCE
1569024 63,794.42 6.820 9.0666666667% 5,784.03
1572960 225,823.71 6.920 7.7333333333% 17,463.70
1569222 234,818.48 7.020 6.4000000000% 15,028.38
1562273 499,619.54 7.045 6.0666666667% 30,310.25
1569651 259,402.82 7.045 6.0666666667% 15,737.10
1570489 219,324.17 7.045 6.0666666667% 13,305.67
1570490 283,347.70 7.045 6.0666666667% 17,189.76
1573546 249,659.89 7.045 6.0666666667% 15,146.03
1575844 399,695.62 7.045 6.0666666667% 24,248.20
1575861 449,657.58 7.045 6.0666666667% 27,279.23
1570877 318,639.23 7.170 4.4000000000% 14,020.13
1570956 549,591.81 7.170 4.4000000000% 24,182.04
1571089 249,015.05 7.170 4.4000000000% 10,956.66
1572925 363,729.86 7.170 4.4000000000% 16,004.11
1573055 314,293.46 7.170 4.4000000000% 13,828.91
1573566 298,927.98 7.170 4.4000000000% 13,152.83
1573851 299,347.97 7.170 4.4000000000% 13,171.31
1575712 299,777.36 7.170 4.4000000000% 13,190.20
1571550 349,740.24 7.220 3.7333333333% 13,056.97
1572310 280,000.00 7.220 3.7333333333% 10,453.33
1572662 349,740.24 7.220 3.7333333333% 13,056.97
1574204 134,400.00 7.220 3.7333333333% 5,017.60
1576269 215,900.00 7.220 3.7333333333% 8,060.27
1569383 52,461.42 7.270 3.0666666667% 1,608.82
1573844 24,963.51 7.270 3.0666666667% 765.55
1566518 228,750.00 7.295 2.7333333333% 6,252.50
1568412 255,628.24 7.295 2.7333333333% 6,987.17
1568428 289,578.86 7.295 2.7333333333% 7,915.16
1569659 362,864.30 7.295 2.7333333333% 9,918.29
1570505 399,080.42 7.295 2.7333333333% 10,908.20
1570510 337,009.89 7.295 2.7333333333% 9,211.60
1570515 431,722.16 7.295 2.7333333333% 11,800.41
1570532 252,617.02 7.295 2.7333333333% 6,904.87
1570543 247,021.08 7.295 2.7333333333% 6,751.91
1572941 272,802.42 7.295 2.7333333333% 7,456.60
1573039 230,823.35 7.295 2.7333333333% 6,309.17
1575744 226,918.82 7.295 2.7333333333% 6,202.45
1573836 524,241.42 7.320 2.4000000000% 12,581.79
1574422 249,635.13 7.320 2.4000000000% 5,991.24
1570883 224,000.00 7.345 2.0666666667% 4,629.33
1573551 288,500.00 7.345 2.0666666667% 5,962.33
1576141 144,000.00 7.345 2.0666666667% 2,976.00
1577057 298,000.00 7.345 2.0666666667% 6,158.67
1577254 280,000.00 7.345 2.0666666667% 5,786.67
1569018 97,717.78 7.370 1.7333333333% 1,693.77
1573845 648,198.62 7.370 1.7333333333% 11,235.44
1573846 224,678.13 7.370 1.7333333333% 3,894.42
1574408 499,277.54 7.370 1.7333333333% 8,654.14
1574486 233,661.89 7.370 1.7333333333% 4,050.14
1569382 44,967.75 7.395 1.4000000000% 629.55
1560261 447,683.80 7.420 1.0666666667% 4,775.29
1563355 236,344.82 7.420 1.0666666667% 2,521.01
1569435 348,254.03 7.420 1.0666666667% 3,714.71
1569973 244,827.08 7.420 1.0666666667% 2,611.49
1570264 318,175.27 7.420 1.0666666667% 3,393.87
1570266 231,136.74 7.420 1.0666666667% 2,465.46
1570482 467,669.69 7.420 1.0666666667% 4,988.48
1570483 219,688.44 7.420 1.0666666667% 2,343.34
1570488 282,586.40 7.420 1.0666666667% 3,014.25
1570726 229,837.67 7.420 1.0666666667% 2,451.60
1570734 415,331.75 7.420 1.0666666667% 4,430.21
1570917 399,717.68 7.420 1.0666666667% 4,263.66
1571103 234,834.14 7.420 1.0666666667% 2,504.90
1571425 498,574.65 7.420 1.0666666667% 5,318.13
1571741 429,696.51 7.420 1.0666666667% 4,583.43
1572275 317,775.56 7.420 1.0666666667% 3,389.61
1572547 237,832.01 7.420 1.0666666667% 2,536.87
1572957 374,468.94 7.420 1.0666666667% 3,994.34
1572962 232,335.90 7.420 1.0666666667% 2,478.25
1572973 483,658.39 7.420 1.0666666667% 5,159.02
1573057 294,582.23 7.420 1.0666666667% 3,142.21
1573076 231,671.45 7.420 1.0666666667% 2,471.16
1573088 115,835.73 7.420 1.0666666667% 1,235.58
1573100 566,100.17 7.420 1.0666666667% 6,038.40
1573507 287,796.73 7.420 1.0666666667% 3,069.83
1573558 274,805.91 7.420 1.0666666667% 2,931.26
1573768 271,808.02 7.420 1.0666666667% 2,899.29
1573773 238,481.56 7.420 1.0666666667% 2,543.80
1574401 84,179.41 7.420 1.0666666667% 897.91
1574478 438,571.73 7.420 1.0666666667% 4,678.10
1574493 444,363.44 7.420 1.0666666667% 4,739.88
1575677 250,773.10 7.420 1.0666666667% 2,674.91
1575708 240,829.90 7.420 1.0666666667% 2,568.85
1575721 295,580.81 7.420 1.0666666667% 3,152.86
1575729 287,696.79 7.420 1.0666666667% 3,068.77
1575736 285,498.36 7.420 1.0666666667% 3,045.32
1575737 393,122.34 7.420 1.0666666667% 4,193.30
1575767 249,823.55 7.420 1.0666666667% 2,664.78
1575817 268,019.91 7.420 1.0666666667% 2,858.88
1575827 247,824.97 7.420 1.0666666667% 2,643.47
1570905 255,000.00 7.450 0.6666666667% 1,700.00
1568456 287,495.66 7.470 0.4000000000% 1,149.98
1569684 363,000.00 7.470 0.4000000000% 1,452.00
1569743 94,865.45 7.470 0.4000000000% 379.46
1569926 193,463.36 7.470 0.4000000000% 773.85
1570272 119,200.00 7.470 0.4000000000% 476.80
1571071 235,833.44 7.470 0.4000000000% 943.33
1572667 283,000.12 7.470 0.4000000000% 1,132.00
1572709 234,384.45 7.470 0.4000000000% 937.54
1573267 89,000.00 7.470 0.4000000000% 356.00
1573338 440,000.00 7.470 0.4000000000% 1,760.00
1573577 337,500.00 7.470 0.4000000000% 1,350.00
1574115 233,500.00 7.470 0.4000000000% 934.00
1574337 230,000.00 7.470 0.4000000000% 920.00
1574407 215,539.66 7.470 0.4000000000% 862.16
1574411 112,759.18 7.470 0.4000000000% 451.04
1574436 263,626.14 7.470 0.4000000000% 1,054.50
1574456 262,627.54 7.470 0.4000000000% 1,050.51
1574485 414,707.09 7.470 0.4000000000% 1,658.83
1574490 235,665.78 7.470 0.4000000000% 942.66
1576059 207,900.00 7.470 0.4000000000% 831.60
1577080 202,450.00 7.470 0.4000000000% 809.80
1577645 137,600.00 7.470 0.4000000000% 550.40
1569206 39,971.91 7.495 0.0666666667% 26.65
$32,184,252.24 2.1061216029% $677,839.49
NY1-208988.4
P-1
EXHIBIT Q
FORM OF REQUEST FOR EXCHANGE
[DATE]
The First National Bank of Chicago
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Re: Residential Funding Mortgage Securities I,
Inc., Mortgage Pass-Through Certificates,
Series 1997-S7
Residential Funding Corporation, as the Holder of a ___%
Percentage Interest of the of Class A-7[-1] Certificates, hereby requests the
Trustee to exchange the above-referenced Certificates for the Subclasses
referred to below:
1. Class A-7-_ Certificates, corresponding to the
following Uncertificated REMIC Regular Interests:
[List numbers corresponding to the related loans
and Pool Strip Rates from the Mortgage Loan
Schedule]. The Initial Subclass Notional Amount
and the Initial Pass-Through Rate on the Class A-
7-_ Certificates will be $__________ and ____%,
respectively.
[2. Repeat as appropriate.]
The Subclasses requested above will represent in the aggregate
all of the Uncertificated REMIC Regular Interests represented by the Class
A-7[-1] Certificates surrendered for exchange.
All capitalized terms used but not defined herein shall have
the meanings set forth in the Pooling and Servicing Agreement, dated as of May
1, 1997, among Residential Funding Mortgage Securities I, Inc., Residential
Funding Corporation and The First National Bank of Chicago, as trustee.
RESIDENTIAL FUNDING CORPORATION
By:______________________________
Name:
Title:
NY1-208988.4
Q-1