1980-075 CRA - Laserfiche WebLink

Home Browse Search

$2,500.00, promptly on the next business day following the date of receipt to the Trustee, together with a written statement setting forth the exact amount of any such proceeds to be credited to the pr inci pa 1 amount of a Mortgage Loan, prov i ded that, if the Servi cer or its parent does not have a Standard & Poor's Corporation rating of "BBB" or better, then the Servicer shall be required to deposit all Revenues daily with the Trustee, unless the Servicer shall agree to deposit all Revenues daily into an account insured to the extent of $100,000 by the Federal Deposit Insurance Corporation or by the Federal Savings and Loan Insurance Corporation and the Servicer shall further agree that at no time shall Revenues in such account exceed $100,000. (I) The proceeds of Mortgage Insuran ce or foreclosure or sale of the mortgaged Residence or liquidation of a Mortgage Loan or the net proceeds of Hazard Insurance or Special Hazard Insurance paid to the Trustee shall be deposited in the Revenue Fund, except that for the period terminating three (3) years from the Issue Date of the 80nds, such proceeds may be deposited in the Mortgage Loan Purchase Account established for the Bonds, (J) Upon receipt of an Officer's Certificate from the Agency requesting such action, the Trustee, on behalf of the Agency, may at any time sell, assign or otherwise dispose of one or more Mortgage Loans: (1) To provide funds to purchase one or more Mortgage Loans which will provide an increased return to the Agency, provided that no such sale, assignment or disposal shall be made without the Agency first obtaining an Opinion of Counsel to the effect that any such increased return will not cause the Bonds to be arbitrage bonds pursuant to Section 103(c) of the Internal Revenue Code of 1954, as arœnded; and, provided further, that the Agency sh all first del iver an appropr ia te Certifi ca te of Pledged Revenues to the Trustee; and (2) If, after giving effect thereto, funds available in all Funds and Accounts (other than the Operating Fund and the Redemption Fund) will permit the defeasance of all Outstanding Bonds pursuant to Article XIV, as demonstrated by an Accountant's Certificate del ivered to the Trustee prior to any such sale, assignrœnt or disposition. (K) As of every April 1 and October 1, commencing October 1, 1980, or such later dates as shall be acceptable to the Trustee, the Agency will furnish the Trustee with an Asset Coverage Test Certificate. The Trustee shall be entitled to rely on Asset Coverage Test Certificates for the purpose of making redemptions of Bonds and releasing amounts in the Asset Accumulation Fund to the Agency for any lawful purpose, free of the lien of this Resolution. (L) Nothing in this Resolution shall be construed to prohibit the Trus tee from caus ing aqua 1 ified Mortgage Lender to repurchase a Mortgage Loan in accordance with the applicable Mortgage Loan Purchase Agreement. The proceeds of any such repurchase shall be depos ited by the Trustee in the Mortgage Loan Purchase Account. 43 . . . . . .