1980-075 CRA - Laserfiche WebLink

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'8 8 8 . . 8 ""F'.",,-,',,: amount in the Debt Service Reserve Fund at the Debt Service Reserve Requirement. . .,' (G) Upon the delivery of the Bonds, there shall be transferred by the Trustee (together with any other moneys as provided in a Supplemental Resolution) to the Operating Fund, the arrount, if any, specified in the Officer's Certificate delivered to the Trustee prior to the delivery of the Bonds. (H) Upon the delivery of the Bonds, there shall be transferred by the Trustee for deposit into the Mortgage Loan Purchase Account established for such Bonds the amount of Bond Proceeds remain ing after mak ing the above transfers. Except as may be otherwise provided in the Supplemental Resolution, amounts in the Mortgage Loan Purchase Account shall be expended and applied only to payments in the following order of priority: (1) For the purchase of Mortgage Loans in accor'CIance with Article VIII. Except as otherwise provided in this Resolution for transfers to other Funds and Accounts, moneys in the Mortgage Loan Purchase Account shall be used solely for the purchase of Mortgage Loans. Prior to the purchase of any Mortgage Loan, the Trustee shall review the documents delivered to it under Section 801(C) to determine if they conform on their face to the requirements set forth in Section B01(B) and in Section 8Ol(C). So long as the Trustee shall have no actual knowledge to the contrary, the Trus tee shall not be ob 1 i ga ted to determine whether (i) such Mortgage Loan conforms to any other criterion of eligibility, whether set forth in this Resolution, the Mortgage Loan Purchase Agreement, the Mortgage Loan Purchase Agreement Supplement, or elsewhere, (ii) the issuer of any policy of insurance is reputable or qualified to issue such policy, or (iii) any policy of Hazard Insurance is sufficient in form or arrount; (2) For deposit in the Principal Account, in such amounts, if any, as may be necessary to meet the Principal Installments of the Bonds, but only during the period which terminates three (3) years from the Issue Date of the Bonds or such other date as may be directed in the Supplemental Resolution; and (3) If, by March 1, 1982, the'Trustee has been unable to assure itself that it is able to invest moneys in the Mortgage Loan Purchase Account at an investment rate equal to or in excess of the then average coupon interest rate of the 80nds, such moneys shall be deposited no later than March 1, 1982, in the Redemption Fund to be applied as provided in Article IV. Subject to the provisions of the immediately succeeding subsection (4), so long as the Trustee is thereafter able to continue to invest moneys in the Mortgage Loan Purchase Account at the required interest rate, then moneys therein may be appl ied to the purchase of Mortgage Loans pursuant to the following subparagraph (4); 30